UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORMN-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, 2020
Date of reporting period: January 31, 2020
ITEM 1. | REPORTS TO STOCKHOLDERS. |
JAN 01.31.20
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 |
+ | AB MULTI-MANAGER SELECT 2060 FUND |
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 recent12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.
The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT 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,
Robert M. Keith
President and Chief Executive Officer, AB Mutual Funds
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 1 |
SEMI-ANNUAL REPORT
March 16, 2020
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, 2020.
At a meeting held on November4-6, 2019, the Funds’ Board of Directors approved the liquidation and termination of each Fund. The Funds have suspended sales of their shares to direct investors pending the completion of the liquidation and the payment of one or more liquidating distributions to each Fund’s shareholders. In the case of sales to certain retirement plans and sales made through retail omnibus platforms, however, the Funds will continue to offer their shares although without an initial sales charge. The Funds expect to make their liquidating distribution or distributions on or shortly after June 26, 2020. Shareholders may redeem shares of the Funds, and may exchange shares of the Funds for shares of the same class of other AB mutual funds, until June 23, 2020.
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, 2020(unaudited)
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND | ||||||||
Class A Shares | 3.41% | 7.92% | ||||||
Class C Shares | 3.20% | 7.23% | ||||||
Advisor Class Shares1 | 3.51% | 8.14% | ||||||
Class R Shares1 | 3.35% | 7.75% | ||||||
Class K Shares1 | 3.48% | 7.97% | ||||||
Class I Shares1 | 3.63% | 8.22% | ||||||
Class Z Shares1 | 3.53% | 8.23% | ||||||
S&P Target Date Retirement Income Index | 4.62% | 10.36% |
1 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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, 2020(unaudited)
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2010 FUND | ||||||||
Class A Shares | 3.91% | 8.93% | ||||||
Class C Shares | 3.64% | 8.36% | ||||||
Advisor Class Shares1 | 4.03% | 9.31% | ||||||
Class R Shares1 | 3.86% | 8.78% | ||||||
Class K Shares1 | 3.94% | 9.09% | ||||||
Class I Shares1 | 4.03% | 9.30% | ||||||
Class Z Shares1 | 4.20% | 9.48% | ||||||
S&P Target Date 2010 Index | 4.76% | 10.70% |
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2015 FUND | ||||||||
Class A Shares | 3.91% | 9.17% | ||||||
Class C Shares | 3.77% | 8.64% | ||||||
Advisor Class Shares1 | 4.09% | 9.50% | ||||||
Class R Shares1 | 3.79% | 8.96% | ||||||
Class K Shares1 | 4.01% | 9.19% | ||||||
Class I Shares1 | 4.17% | 9.58% | ||||||
Class Z Shares1 | 4.08% | 9.40% | ||||||
S&P Target Date 2015 Index | 4.94% | 11.05% |
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2020 FUND | ||||||||
Class A Shares | 4.08% | 9.61% | ||||||
Class C Shares | 3.91% | 9.06% | ||||||
Advisor Class Shares1 | 4.29% | 9.94% | ||||||
Class R Shares1 | 4.03% | 9.49% | ||||||
Class K Shares1 | 4.12% | 9.67% | ||||||
Class I Shares1 | 4.24% | 9.97% | ||||||
Class Z Shares1 | 4.30% | 9.97% | ||||||
S&P Target Date 2020 Index | 5.14% | 11.52% |
1 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 3 |
NAV RETURNS AS OF JANUARY 31, 2020(unaudited)
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2025 FUND | ||||||||
Class A Shares | 4.59% | 10.35% | ||||||
Class C Shares | 4.38% | 9.75% | ||||||
Advisor Class Shares1 | 4.78% | 10.65% | ||||||
Class R Shares1 | 4.55% | 10.18% | ||||||
Class K Shares1 | 4.64% | 10.43% | ||||||
Class I Shares1 | 4.69% | 10.57% | ||||||
Class Z Shares1 | 4.63% | 10.53% | ||||||
S&P Target Date 2025 Index | 5.49% | 12.26% |
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2030 FUND | ||||||||
Class A Shares | 4.71% | 10.75% | ||||||
Class C Shares | 4.55% | 10.15% | ||||||
Advisor Class Shares1 | 4.92% | 11.08% | ||||||
Class R Shares1 | 4.73% | 10.53% | ||||||
Class K Shares1 | 4.77% | 10.74% | ||||||
Class I Shares1 | 4.98% | 11.06% | ||||||
Class Z Shares1 | 4.94% | 11.14% | ||||||
S&P Target Date 2030 Index | 5.82% | 13.01% |
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2035 FUND | ||||||||
Class A Shares | 5.21% | 11.85% | ||||||
Class C Shares | 5.00% | 11.21% | ||||||
Advisor Class Shares1 | 5.39% | 12.23% | ||||||
Class R Shares1 | 5.03% | 11.57% | ||||||
Class K Shares1 | 5.12% | 11.82% | ||||||
Class I Shares1 | 5.28% | 12.12% | ||||||
Class Z Shares1 | 5.38% | 12.12% | ||||||
S&P Target Date 2035 Index | 6.14% | 13.67% |
1 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
4 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NAV RETURNS AS OF JANUARY 31, 2020(unaudited)
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2040 FUND | ||||||||
Class A Shares | 5.51% | 12.57% | ||||||
Class C Shares | 5.26% | 11.88% | ||||||
Advisor Class Shares1 | 5.65% | 12.91% | ||||||
Class R Shares1 | 5.28% | 12.24% | ||||||
Class K Shares1 | 5.52% | 12.55% | ||||||
Class I Shares1 | 5.54% | 12.85% | ||||||
Class Z Shares1 | 5.59% | 12.85% | ||||||
S&P Target Date 2040 Index | 6.31% | 14.10% |
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2045 FUND | ||||||||
Class A Shares | 5.72% | 12.95% | ||||||
Class C Shares | 5.53% | 12.36% | ||||||
Advisor Class Shares1 | 5.89% | 13.28% | ||||||
Class R Shares1 | 5.67% | 12.83% | ||||||
Class K Shares1 | 5.73% | 12.97% | ||||||
Class I Shares1 | 5.87% | 13.27% | ||||||
Class Z Shares1 | 5.88% | 13.26% | ||||||
S&P Target Date 2045 Index | 6.45% | 14.35% |
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2050 FUND | ||||||||
Class A Shares | 5.88% | 13.21% | ||||||
Class C Shares | 5.61% | 12.52% | ||||||
Advisor Class Shares1 | 6.00% | 13.53% | ||||||
Class R Shares1 | 5.76% | 12.95% | ||||||
Class K Shares1 | 5.97% | 13.24% | ||||||
Class I Shares1 | 6.03% | 13.54% | ||||||
Class Z Shares1 | 6.03% | 13.51% | ||||||
S&P Target Date 2050 Index | 6.48% | 14.41% |
1 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 5 |
NAV RETURNS AS OF JANUARY 31, 2020(unaudited)
6 Months | 12 Months | |||||||
AB MULTI-MANAGER SELECT 2055 FUND | ||||||||
Class A Shares | 5.90% | 13.24% | ||||||
Class C Shares | 5.63% | 12.63% | ||||||
Advisor Class Shares1 | 5.95% | 13.49% | ||||||
Class R Shares1 | 5.81% | 13.01% | ||||||
Class K Shares1 | 5.95% | 13.33% | ||||||
Class I Shares1 | 5.99% | 13.58% | ||||||
Class Z Shares1 | 6.00% | 13.59% | ||||||
S&P Target Date 2055 Index | 6.52% | 14.48% | ||||||
6 Months | Since Inception2 | |||||||
AB MULTI-MANAGER SELECT 2060 FUND | ||||||||
Class A Shares | 6.13% | 13.88% | ||||||
Class C Shares | 5.92% | 13.23% | ||||||
Advisor Class Shares1 | 6.29% | 14.15% | ||||||
Class R Shares1 | 6.01% | 13.54% | ||||||
Class K Shares1 | 6.14% | 13.88% | ||||||
Class I Shares1 | 6.23% | 14.10% | ||||||
Class Z Shares1 | 6.33% | 14.20% | ||||||
S&P Target Date 2060+ Index | 6.59% | 14.61% |
1 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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 | Inception date: 2/1/2019. |
INVESTMENT RESULTS
The preceding tables show the Funds’ performance compared to their benchmarks, the Standard & Poor’s (“S&P”) Target Date Index Series, for thesix- and12-month periods ended January 31, 2020.
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; Select 2055 Fund, the S&P Target Date 2055 Index; and Select 2060 Fund, the S&P Target Date 2060+ Index.
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For thesix-month period, all share classes of all vintages underperformed their respective benchmarks, before sales charges.
Relative to the respective benchmarks, strategic asset allocation detracted from returns for the 2035 through Retirement Allocation vintages but contributed for all other vintages. Overweights to real assets and real bonds, as well as an underweight to US large-caps, detracted. An overweight to defensive equities and underweights to small- andmid-cap equities and short-duration bonds contributed. Underlying Portfolio selection detracted for all but the 2010 vintage. Notable detractors included Boston Partners Long/Short Fund (equity diversifier), AQR Style Premia Alternative Fund (fixed-income diversifier) and AB Relative Value Fund (equities). Notable contributors included AB All Market Real Return Portfolio (inflation-sensitive), MFS Institutional International Equity Fund (equities) and AB High Income Fund (fixed-income). Tactical asset allocation, employed through the Adviser’s dynamic asset allocation (“DAA”) process, detracted as a result of being, on average, underweight to core bonds andnon-USlarge-cap equities, and overweight to emerging-market equities and short-duration bonds.
For the12-month period, all share classes of all vintages underperformed their respective benchmarks, before sales charges.
Strategic asset allocation contributed to returns for all but two vintages (2010 and Retirement Allocation). An underweight to US large-caps and overweights to real assets and equity diversifiers detracted from performance. An overweight to defensive equities and underweights to core and short-duration bonds contributed. Underlying Portfolio selection detracted for all vintages. Notable detractors included Boston Partners Long/Short Research Fund (equity diversifier), AQR Style Premia Alternative Fund (fixed-income diversifier) and AQR Equity Market Neutral Fund (equity diversifier). Notable contributors included MFS Institutional International Equity Fund (equities), AB All Market Real Return Portfolio (inflation-sensitive) and T. Rowe Price Emerging Markets Stock Fund (equities). Tactical asset allocation, employed through the Adviser’s DAA process, detracted. During the period, DAA caused the Funds to be, on average, overweight emerging-market equities and defensive equities, and underweightnon-US large-caps, real assets and US large-caps. The primary detractors from DAA were the underweight in growth assets and overweight in defensive assets early in the period, when the market sharply rebounded after the fourth quarter of 2018.
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; T. Rowe Price Associates, Inc.; or Massachusetts Financial Services Company make any representations regarding the advisability of investing in the Funds.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 7 |
MARKET REVIEW AND INVESTMENT STRATEGY
US, international and emerging-market equities rallied during thesix-month period ended January 31, 2020. While equity markets experienced periods of heightened volatility and global economic weakness persisted, a potential resolution to theUS-China trade dispute, supportive monetary policy from global central banks and improving economic data balanced the overall outlook for investors throughout much of the period. Although low unemployment and relatively strong consumer spending continued to support the US economic expansion, the US Federal Reserve (the “Fed”) continued to ease monetary policy and reduced rates twice to combat global economic headwinds. Dovish monetary policy from other central banks supported capital markets as global growth continued to slow, helping to staunch volatility. Later in the period, equity markets pulled back briefly as tensions between the US and Iran flared following the US assassination of Iranian Major General Qasem Soleimani. The much-anticipatedphase-oneUS-China trade accord, indications of stabilizing global growth and strong corporate earnings sparked a rally that sent global markets higher; however, volatility returned, and markets retreated broadly on fears surrounding the outbreak of a novel coronavirus in China. For the most part, growth stocks continued to outperform value over the entire period, andlarge-cap stocks outperformed theirsmall-cap peers.
Growing turmoil from the spread of the coronavirus, and the potential for an enduring and significant adverse impact on global economies, have driven a sharp increase in volatility across markets and a strong flight to quality after the end of the period. The Adviser will continue to monitor the evolving situation and its impact on client portfolios closely.
Global fixed-income markets advanced over thesix-month period. Long-dated developed-market treasuries were strong performers, given their interest-rate sensitivity and despite yields trending higher since September, before rapidly falling in January. Investment-grade, high-yield and emerging-market sovereign debt all posted solid returns. The Fed, in addition to lowering rates, increased its balance sheet (i.e., purchased assets) later in the period to manage liquidity in the repurchase-agreement market, effectively capping short-term rates. The European Central Bank reduced rates to a record low in September and announced the resumption of quantitative easing (i.e., purchasing government securities to encourage lending and investment). The Bank of Japan issued guidance for the continuation of low rates, and the Japanese government implemented a significant fiscal stimulus program in December.
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
(continued on next page)
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(“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 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
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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 USlarge-cap, USmid-cap, USsmall-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 May 31, 2007, except the S&P Target Date 2050 Index, which was May 31, 2011, the S&P Target Date 2055 Index, which was May 31, 2012, and the S&P Target Date 2060+ Index, which was May 29, 2015. 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, including public health crises (including the occurrence of a contagious disease or illness), 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 ornon-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.
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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 and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.
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 innon-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 more difficult to trade due to adverse market, economic, political, regulatory or other factors.
Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Funds’ investments or reduce their returns.
Capitalization Risk: Investments in small- andmid-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 difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. Derivatives, especiallyover-the-counter derivatives, are also subject to counterparty risk.
Leverage Risk:Borrowing money or other leverage may make an Underlying Portfolio’s investments more volatile because leverage tends to
12 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
DISCLOSURES AND RISKS(continued)
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 recentmonth-end by visiting www.abfunds.com. The Select 2060 Fund has been in operation only for a short period of time, and therefore has a very limited historical performance period. This limited performance period is unlikely to be representative of the performance the Fund will achieve over a longer period.
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% maximumfront-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.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 13 |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 7.92% | 3.32% | ||||||
5 Years | 3.72% | 2.83% | ||||||
Since Inception1 | 3.89% | 3.02% | ||||||
CLASS C SHARES | ||||||||
1 Year | 7.23% | 6.23% | ||||||
5 Years | 2.96% | 2.96% | ||||||
Since Inception1 | 3.12% | 3.12% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 8.14% | 8.14% | ||||||
5 Years | 3.96% | 3.96% | ||||||
Since Inception1 | 4.12% | 4.12% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 7.75% | 7.75% | ||||||
5 Years | 3.46% | 3.46% | ||||||
Since Inception1 | 3.62% | 3.62% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 7.97% | 7.97% | ||||||
5 Years | 3.70% | 3.70% | ||||||
Since Inception1 | 3.87% | 3.87% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 8.22% | 8.22% | ||||||
5 Years | 3.95% | 3.95% | ||||||
Since Inception1 | 4.12% | 4.12% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 8.23% | 8.23% | ||||||
5 Years | 3.97% | 3.97% | ||||||
Since Inception1 | 4.13% | 4.13% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 4.51%, 4.53%, 4.30%, 3.27%, 3.26%, 2.96% and 2.70% 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 0.47%, 0.47%, 0.22%, 0.47%, 0.47%, 0.22% and 0.22% 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
14 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 15 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 6.34% | |||
5 Years | 2.90% | |||
Since Inception1 | 3.09% | |||
CLASS C SHARES | ||||
1 Year | 9.38% | |||
5 Years | 3.02% | |||
Since Inception1 | 3.19% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 11.45% | |||
5 Years | 4.04% | |||
Since Inception1 | 4.21% | |||
CLASS R SHARES2 | ||||
1 Year | 10.77% | |||
5 Years | 3.50% | |||
Since Inception1 | 3.68% | |||
CLASS K SHARES2 | ||||
1 Year | 11.10% | |||
5 Years | 3.78% | |||
Since Inception1 | 3.96% | |||
CLASS I SHARES2 | ||||
1 Year | 11.40% | |||
5 Years | 4.01% | |||
Since Inception1 | 4.19% | |||
CLASS Z SHARES2 | ||||
1 Year | 11.38% | |||
5 Years | 4.03% | |||
Since Inception1 | 4.21% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
16 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2010 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 8.93% | 4.28% | ||||||
5 Years | 4.62% | 3.71% | ||||||
Since Inception1 | 4.78% | 3.90% | ||||||
CLASS C SHARES | ||||||||
1 Year | 8.36% | 7.36% | ||||||
5 Years | 3.85% | 3.85% | ||||||
Since Inception1 | 4.02% | 4.02% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 9.31% | 9.31% | ||||||
5 Years | 4.88% | 4.88% | ||||||
Since Inception1 | 5.05% | 5.05% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 8.78% | 8.78% | ||||||
5 Years | 4.37% | 4.37% | ||||||
Since Inception1 | 4.54% | 4.54% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 9.09% | 9.09% | ||||||
5 Years | 4.59% | 4.59% | ||||||
Since Inception1 | 4.76% | 4.76% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 9.30% | 9.30% | ||||||
5 Years | 4.87% | 4.87% | ||||||
Since Inception1 | 5.04% | 5.04% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 9.48% | 9.48% | ||||||
5 Years | 4.90% | 4.90% | ||||||
Since Inception1 | 5.07% | 5.07% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 3.16%, 3.14%, 2.88%, 2.72%, 2.65%, 2.27% 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 0.43%, 0.43%, 0.18%, 0.43%, 0.43%, 0.18% and 0.18% 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 17 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2010 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
18 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2010 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 8.31% | |||
5 Years | 3.73% | |||
Since Inception1 | 4.01% | |||
CLASS C SHARES | ||||
1 Year | 11.38% | |||
5 Years | 3.86% | |||
Since Inception1 | 4.12% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 13.31% | |||
5 Years | 4.89% | |||
Since Inception1 | 5.16% | |||
CLASS R SHARES2 | ||||
1 Year | 12.86% | |||
5 Years | 4.37% | |||
Since Inception1 | 4.64% | |||
CLASS K SHARES2 | ||||
1 Year | 13.08% | |||
5 Years | 4.59% | |||
Since Inception1 | 4.86% | |||
CLASS I SHARES2 | ||||
1 Year | 13.42% | |||
5 Years | 4.87% | |||
Since Inception1 | 5.14% | |||
CLASS Z SHARES2 | ||||
1 Year | 13.49% | |||
5 Years | 4.90% | |||
Since Inception1 | 5.17% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 19 |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2015 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 9.17% | 4.50% | ||||||
5 Years | 5.03% | 4.11% | ||||||
Since Inception1 | 5.18% | 4.30% | ||||||
CLASS C SHARES | ||||||||
1 Year | 8.64% | 7.64% | ||||||
5 Years | 4.27% | 4.27% | ||||||
Since Inception1 | 4.43% | 4.43% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 9.50% | 9.50% | ||||||
5 Years | 5.31% | 5.31% | ||||||
Since Inception1 | 5.46% | 5.46% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 8.96% | 8.96% | ||||||
5 Years | 4.75% | 4.75% | ||||||
Since Inception1 | 4.92% | 4.92% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 9.19% | 9.19% | ||||||
5 Years | 5.03% | 5.03% | ||||||
Since Inception1 | 5.19% | 5.19% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 9.58% | 9.58% | ||||||
5 Years | 5.29% | 5.29% | ||||||
Since Inception1 | 5.45% | 5.45% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 9.40% | 9.40% | ||||||
5 Years | 5.27% | 5.27% | ||||||
Since Inception1 | 5.42% | 5.42% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.64%, 1.64%, 1.41%, 1.82%, 1.75%, 1.41% and 1.36% 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%, 0.39%, 0.14%, 0.39%, 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
20 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2015 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 21 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2015 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 9.47% | |||
5 Years | 4.15% | |||
Since Inception1 | 4.47% | |||
CLASS C SHARES | ||||
1 Year | 12.59% | |||
5 Years | 4.29% | |||
Since Inception1 | 4.59% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 14.53% | |||
5 Years | 5.33% | |||
Since Inception1 | 5.63% | |||
CLASS R SHARES2 | ||||
1 Year | 14.01% | |||
5 Years | 4.79% | |||
Since Inception1 | 5.10% | |||
CLASS K SHARES2 | ||||
1 Year | 14.25% | |||
5 Years | 5.05% | |||
Since Inception1 | 5.36% | |||
CLASS I SHARES2 | ||||
1 Year | 14.56% | |||
5 Years | 5.31% | |||
Since Inception1 | 5.62% | |||
CLASS Z SHARES2 | ||||
1 Year | 14.51% | |||
5 Years | 5.29% | |||
Since Inception1 | 5.60% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
22 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2020 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 9.61% | 4.96% | ||||||
5 Years | 5.49% | 4.57% | ||||||
Since Inception1 | 5.63% | 4.75% | ||||||
CLASS C SHARES | ||||||||
1 Year | 9.06% | 8.06% | ||||||
5 Years | 4.72% | 4.72% | ||||||
Since Inception1 | 4.87% | 4.87% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 9.94% | 9.94% | ||||||
5 Years | 5.77% | 5.77% | ||||||
Since Inception1 | 5.91% | 5.91% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 9.49% | 9.49% | ||||||
5 Years | 5.23% | 5.23% | ||||||
Since Inception1 | 5.37% | 5.37% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 9.67% | 9.67% | ||||||
5 Years | 5.50% | 5.50% | ||||||
Since Inception1 | 5.64% | 5.64% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 9.97% | 9.97% | ||||||
5 Years | 5.73% | 5.73% | ||||||
Since Inception1 | 5.86% | 5.86% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 9.97% | 9.97% | ||||||
5 Years | 5.77% | 5.77% | ||||||
Since Inception1 | 5.91% | 5.91% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.33%, 1.34%, 1.09%, 1.47%, 1.43%, 1.11% and 1.01% 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%, 0.39%, 0.14%, 0.39%, 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 23 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2020 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
24 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2020 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 10.55% | |||
5 Years | 4.57% | |||
Since Inception1 | 4.96% | |||
CLASS C SHARES | ||||
1 Year | 13.80% | |||
5 Years | 4.71% | |||
Since Inception1 | 5.09% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 15.79% | |||
5 Years | 5.77% | |||
Since Inception1 | 6.15% | |||
CLASS R SHARES2 | ||||
1 Year | 15.24% | |||
5 Years | 5.24% | |||
Since Inception1 | 5.61% | |||
CLASS K SHARES2 | ||||
1 Year | 15.51% | |||
5 Years | 5.51% | |||
Since Inception1 | 5.88% | |||
CLASS I SHARES2 | ||||
1 Year | 15.79% | |||
5 Years | 5.74% | |||
Since Inception1 | 6.10% | |||
CLASS Z SHARES2 | ||||
1 Year | 15.74% | |||
5 Years | 5.77% | |||
Since Inception1 | 6.13% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 25 |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2025 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 10.35% | 5.66% | ||||||
5 Years | 6.15% | 5.22% | ||||||
Since Inception1 | 6.28% | 5.39% | ||||||
CLASS C SHARES | ||||||||
1 Year | 9.75% | 8.75% | ||||||
5 Years | 5.43% | 5.43% | ||||||
Since Inception1 | 5.55% | 5.55% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 10.65% | 10.65% | ||||||
5 Years | 6.44% | 6.44% | ||||||
Since Inception1 | 6.56% | 6.56% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 10.18% | 10.18% | ||||||
5 Years | 5.91% | 5.91% | ||||||
Since Inception1 | 6.03% | 6.03% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 10.43% | 10.43% | ||||||
5 Years | 6.17% | 6.17% | ||||||
Since Inception1 | 6.30% | 6.30% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 10.57% | 10.57% | ||||||
5 Years | 6.41% | 6.41% | ||||||
Since Inception1 | 6.54% | 6.54% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 10.53% | 10.53% | ||||||
5 Years | 6.42% | 6.42% | ||||||
Since Inception1 | 6.55% | 6.55% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.23%, 1.24%, 0.98%, 1.37%, 1.33%, 1.00% and 0.90% 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%, 0.38%, 0.13%, 0.38%, 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
26 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2025 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 27 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2025 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 12.13% | |||
5 Years | 5.21% | |||
Since Inception1 | 5.65% | |||
CLASS C SHARES | ||||
1 Year | 15.43% | |||
5 Years | 5.40% | |||
Since Inception1 | 5.82% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 17.47% | |||
5 Years | 6.43% | |||
Since Inception1 | 6.85% | |||
CLASS R SHARES2 | ||||
1 Year | 16.94% | |||
5 Years | 5.90% | |||
Since Inception1 | 6.31% | |||
CLASS K SHARES2 | ||||
1 Year | 17.16% | |||
5 Years | 6.18% | |||
Since Inception1 | 6.59% | |||
CLASS I SHARES2 | ||||
1 Year | 17.42% | |||
5 Years | 6.42% | |||
Since Inception1 | 6.83% | |||
CLASS Z SHARES2 | ||||
1 Year | 17.40% | |||
5 Years | 6.43% | |||
Since Inception1 | 6.84% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
28 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2030 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 10.75% | 6.04% | ||||||
5 Years | 6.85% | 5.93% | ||||||
Since Inception1 | 6.94% | 6.05% | ||||||
CLASS C SHARES | ||||||||
1 Year | 10.15% | 9.15% | ||||||
5 Years | 6.14% | 6.14% | ||||||
Since Inception1 | 6.23% | 6.23% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 11.08% | 11.08% | ||||||
5 Years | 7.14% | 7.14% | ||||||
Since Inception1 | 7.24% | 7.24% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 10.53% | 10.53% | ||||||
5 Years | 6.59% | 6.59% | ||||||
Since Inception1 | 6.69% | 6.69% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 10.74% | 10.74% | ||||||
5 Years | 6.86% | 6.86% | ||||||
Since Inception1 | 6.95% | 6.95% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 11.06% | 11.06% | ||||||
5 Years | 7.14% | 7.14% | ||||||
Since Inception1 | 7.23% | 7.23% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 11.14% | 11.14% | ||||||
5 Years | 7.15% | 7.15% | ||||||
Since Inception1 | 7.24% | 7.24% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.23%, 1.24%, 0.98%, 1.40%, 1.33%, 1.01% and 0.92% 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%, 0.39%, 0.14%, 0.39%, 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 29 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2030 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
30 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2030 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 13.65% | |||
5 Years | 5.93% | |||
Since Inception1 | 6.42% | |||
CLASS C SHARES | ||||
1 Year | 16.87% | |||
5 Years | 6.11% | |||
Since Inception1 | 6.58% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 19.00% | |||
5 Years | 7.16% | |||
Since Inception1 | 7.63% | |||
CLASS R SHARES2 | ||||
1 Year | 18.41% | |||
5 Years | 6.58% | |||
Since Inception1 | 7.06% | |||
CLASS K SHARES2 | ||||
1 Year | 18.60% | |||
5 Years | 6.85% | |||
Since Inception1 | 7.33% | |||
CLASS I SHARES2 | ||||
1 Year | 19.05% | |||
5 Years | 7.13% | |||
Since Inception1 | 7.61% | |||
CLASS Z SHARES2 | ||||
1 Year | 19.05% | |||
5 Years | 7.14% | |||
Since Inception1 | 7.62% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 31 |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2035 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 11.85% | 7.08% | ||||||
5 Years | 7.53% | 6.60% | ||||||
Since Inception1 | 7.60% | 6.70% | ||||||
CLASS C SHARES | ||||||||
1 Year | 11.21% | 10.21% | ||||||
5 Years | 6.75% | 6.75% | ||||||
Since Inception1 | 6.82% | 6.82% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 12.23% | 12.23% | ||||||
5 Years | 7.79% | 7.79% | ||||||
Since Inception1 | 7.88% | 7.88% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 11.57% | 11.57% | ||||||
5 Years | 7.25% | 7.25% | ||||||
Since Inception1 | 7.32% | 7.32% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 11.82% | 11.82% | ||||||
5 Years | 7.53% | 7.53% | ||||||
Since Inception1 | 7.59% | 7.59% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 12.12% | 12.12% | ||||||
5 Years | 7.78% | 7.78% | ||||||
Since Inception1 | 7.84% | 7.84% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 12.12% | 12.12% | ||||||
5 Years | 7.80% | 7.80% | ||||||
Since Inception1 | 7.86% | 7.86% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.25%, 1.27%, 1.01%, 1.37%, 1.32%, 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 0.40%, 0.40%, 0.15%, 0.40%, 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
32 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2035 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 33 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2035 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 15.65% | |||
5 Years | 6.57% | |||
Since Inception1 | 7.12% | |||
CLASS C SHARES | ||||
1 Year | 18.98% | |||
5 Years | 6.70% | |||
Since Inception1 | 7.24% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 21.09% | |||
5 Years | 7.77% | |||
Since Inception1 | 8.31% | |||
CLASS R SHARES2 | ||||
1 Year | 20.55% | |||
5 Years | 7.22% | |||
Since Inception1 | 7.77% | |||
CLASS K SHARES2 | ||||
1 Year | 20.66% | |||
5 Years | 7.50% | |||
Since Inception1 | 8.03% | |||
CLASS I SHARES2 | ||||
1 Year | 21.09% | |||
5 Years | 7.77% | |||
Since Inception1 | 8.30% | |||
CLASS Z SHARES2 | ||||
1 Year | 21.11% | |||
5 Years | 7.78% | |||
Since Inception1 | 8.30% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
34 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2040 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 12.57% | 7.80% | ||||||
5 Years | 7.89% | 6.95% | ||||||
Since Inception1 | 7.91% | 7.01% | ||||||
CLASS C SHARES | ||||||||
1 Year | 11.88% | 10.88% | ||||||
5 Years | 7.15% | 7.15% | ||||||
Since Inception1 | 7.16% | 7.16% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 12.91% | 12.91% | ||||||
5 Years | 8.17% | 8.17% | ||||||
Since Inception1 | 8.18% | 8.18% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 12.24% | 12.24% | ||||||
5 Years | 7.63% | 7.63% | ||||||
Since Inception1 | 7.66% | 7.66% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 12.55% | 12.55% | ||||||
5 Years | 7.91% | 7.91% | ||||||
Since Inception1 | 7.93% | 7.93% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 12.85% | 12.85% | ||||||
5 Years | 8.15% | 8.15% | ||||||
Since Inception1 | 8.17% | 8.17% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 12.85% | 12.85% | ||||||
5 Years | 8.18% | 8.18% | ||||||
Since Inception1 | 8.19% | 8.19% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.38%, 1.39%, 1.14%, 1.49%, 1.43%, 1.11% and 1.02% 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%, 0.41%, 0.16%, 0.41%, 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 35 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2040 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
36 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2040 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 17.20% | |||
5 Years | 6.91% | |||
Since Inception1 | 7.50% | |||
CLASS C SHARES | ||||
1 Year | 20.64% | |||
5 Years | 7.08% | |||
Since Inception1 | 7.66% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 22.63% | |||
5 Years | 8.11% | |||
Since Inception1 | 8.68% | |||
CLASS R SHARES2 | ||||
1 Year | 22.10% | |||
5 Years | 7.60% | |||
Since Inception1 | 8.17% | |||
CLASS K SHARES2 | ||||
1 Year | 22.40% | |||
5 Years | 7.86% | |||
Since Inception1 | 8.43% | |||
CLASS I SHARES2 | ||||
1 Year | 22.69% | |||
5 Years | 8.09% | |||
Since Inception1 | 8.67% | |||
CLASS Z SHARES2 | ||||
1 Year | 22.64% | |||
5 Years | 8.12% | |||
Since Inception1 | 8.70% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 37 |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2045 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 12.95% | 8.15% | ||||||
5 Years | 8.01% | 7.08% | ||||||
Since Inception1 | 8.07% | 7.17% | ||||||
CLASS C SHARES | ||||||||
1 Year | 12.36% | 11.36% | ||||||
5 Years | 7.26% | 7.26% | ||||||
Since Inception1 | 7.31% | 7.31% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 13.28% | 13.28% | ||||||
5 Years | 8.29% | 8.29% | ||||||
Since Inception1 | 8.35% | 8.35% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 12.83% | 12.83% | ||||||
5 Years | 7.77% | 7.77% | ||||||
Since Inception1 | 7.82% | 7.82% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 12.97% | 12.97% | ||||||
5 Years | 8.02% | 8.02% | ||||||
Since Inception1 | 8.09% | 8.09% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 13.27% | 13.27% | ||||||
5 Years | 8.27% | 8.27% | ||||||
Since Inception1 | 8.33% | 8.33% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 13.26% | 13.26% | ||||||
5 Years | 8.28% | 8.28% | ||||||
Since Inception1 | 8.34% | 8.34% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.45%, 1.47%, 1.23%, 1.55%, 1.47%, 1.15% and 1.07% 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 0.42%, 0.42%, 0.17%, 0.42%, 0.42%, 0.17% and 0.17% 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
38 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2045 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 39 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2045 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 17.92% | |||
5 Years | 7.09% | |||
Since Inception1 | 7.67% | |||
CLASS C SHARES | ||||
1 Year | 21.32% | |||
5 Years | 7.22% | |||
Since Inception1 | 7.80% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 23.37% | |||
5 Years | 8.29% | |||
Since Inception1 | 8.86% | |||
CLASS R SHARES2 | ||||
1 Year | 22.80% | |||
5 Years | 7.74% | |||
Since Inception1 | 8.31% | |||
CLASS K SHARES2 | ||||
1 Year | 23.04% | |||
5 Years | 8.03% | |||
Since Inception1 | 8.60% | |||
CLASS I SHARES2 | ||||
1 Year | 23.41% | |||
5 Years | 8.27% | |||
Since Inception1 | 8.85% | |||
CLASS Z SHARES2 | ||||
1 Year | 23.40% | |||
5 Years | 8.27% | |||
Since Inception1 | 8.85% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
40 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2050 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 13.21% | 8.40% | ||||||
5 Years | 8.07% | 7.14% | ||||||
Since Inception1 | 8.14% | 7.24% | ||||||
CLASS C SHARES | ||||||||
1 Year | 12.52% | 11.52% | ||||||
5 Years | 7.27% | 7.27% | ||||||
Since Inception1 | 7.35% | 7.35% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 13.53% | 13.53% | ||||||
5 Years | 8.31% | 8.31% | ||||||
Since Inception1 | 8.40% | 8.40% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 12.95% | 12.95% | ||||||
5 Years | 7.80% | 7.80% | ||||||
Since Inception1 | 7.88% | 7.88% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 13.24% | 13.24% | ||||||
5 Years | 8.06% | 8.06% | ||||||
Since Inception1 | 8.14% | 8.14% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 13.54% | 13.54% | ||||||
5 Years | 8.32% | 8.32% | ||||||
Since Inception1 | 8.41% | 8.41% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 13.51% | 13.51% | ||||||
5 Years | 8.32% | 8.32% | ||||||
Since Inception1 | 8.41% | 8.41% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 2.04%, 2.09%, 1.79%, 2.01%, 1.95%, 1.64% and 1.56% 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%, 0.41%, 0.16%, 0.41%, 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 41 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2050 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
42 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2050 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 18.19% | |||
5 Years | 7.13% | |||
Since Inception1 | 7.73% | |||
CLASS C SHARES | ||||
1 Year | 21.72% | |||
5 Years | 7.28% | |||
Since Inception1 | 7.85% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 23.70% | |||
5 Years | 8.33% | |||
Since Inception1 | 8.91% | |||
CLASS R SHARES2 | ||||
1 Year | 23.18% | |||
5 Years | 7.80% | |||
Since Inception1 | 8.39% | |||
CLASS K SHARES2 | ||||
1 Year | 23.46% | |||
5 Years | 8.04% | |||
Since Inception1 | 8.63% | |||
CLASS I SHARES2 | ||||
1 Year | 23.77% | |||
5 Years | 8.33% | |||
Since Inception1 | 8.92% | |||
CLASS Z SHARES2 | ||||
1 Year | 23.77% | |||
5 Years | 8.32% | |||
Since Inception1 | 8.91% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 43 |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2055 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
1 Year | 13.24% | 8.46% | ||||||
5 Years | 7.92% | 6.99% | ||||||
Since Inception1 | 8.02% | 7.12% | ||||||
CLASS C SHARES | ||||||||
1 Year | 12.63% | 11.63% | ||||||
5 Years | 7.17% | 7.17% | ||||||
Since Inception1 | 7.26% | 7.26% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
1 Year | 13.49% | 13.49% | ||||||
5 Years | 8.19% | 8.19% | ||||||
Since Inception1 | 8.28% | 8.28% | ||||||
CLASS R SHARES2 | ||||||||
1 Year | 13.01% | 13.01% | ||||||
5 Years | 7.66% | 7.66% | ||||||
Since Inception1 | 7.77% | 7.77% | ||||||
CLASS K SHARES2 | ||||||||
1 Year | 13.33% | 13.33% | ||||||
5 Years | 7.93% | 7.93% | ||||||
Since Inception1 | 8.03% | 8.03% | ||||||
CLASS I SHARES2 | ||||||||
1 Year | 13.58% | 13.58% | ||||||
5 Years | 8.19% | 8.19% | ||||||
Since Inception1 | 8.29% | 8.29% | ||||||
CLASS Z SHARES2 | ||||||||
1 Year | 13.59% | 13.59% | ||||||
5 Years | 8.20% | 8.20% | ||||||
Since Inception1 | 8.30% | 8.30% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.94%, 1.98%, 1.70%, 1.89%, 1.84%, 1.53% and 1.43% 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%, 0.41%, 0.16%, 0.41%, 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, 2020 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the
(footnotes continued on next page)
44 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2055 FUND
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.
1 | Inception date: 12/15/2014. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 45 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2055 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
1 Year | 18.29% | |||
5 Years | 7.01% | |||
Since Inception1 | 7.61% | |||
CLASS C SHARES | ||||
1 Year | 21.74% | |||
5 Years | 7.18% | |||
Since Inception1 | 7.75% | |||
ADVISOR CLASS SHARES2 | ||||
1 Year | 23.80% | |||
5 Years | 8.21% | |||
Since Inception1 | 8.79% | |||
CLASS R SHARES2 | ||||
1 Year | 23.24% | |||
5 Years | 7.69% | |||
Since Inception1 | 8.27% | |||
CLASS K SHARES2 | ||||
1 Year | 23.54% | |||
5 Years | 7.95% | |||
Since Inception1 | 8.54% | |||
CLASS I SHARES2 | ||||
1 Year | 23.80% | |||
5 Years | 8.21% | |||
Since Inception1 | 8.80% | |||
CLASS Z SHARES2 | ||||
1 Year | 23.84% | |||
5 Years | 8.22% | |||
Since Inception1 | 8.81% |
1 | Inception date: 12/15/2014. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
46 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
HISTORICAL PERFORMANCE
AB MULTI-MANAGER SELECT 2060 FUND
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable sales charges) | |||||||
CLASS A SHARES | ||||||||
Since Inception1 | 13.88% | 9.07% | ||||||
CLASS C SHARES | ||||||||
Since Inception1 | 13.23% | 12.23% | ||||||
ADVISOR CLASS SHARES2 | ||||||||
Since Inception1 | 14.15% | 14.15% | ||||||
CLASS R SHARES2 | ||||||||
Since Inception1 | 13.54% | 13.54% | ||||||
CLASS K SHARES2 | ||||||||
Since Inception1 | 13.88% | 13.88% | ||||||
CLASS I SHARES2 | ||||||||
Since Inception1 | 14.10% | 14.10% | ||||||
CLASS Z SHARES2 | ||||||||
Since Inception1 | 14.20% | 14.20% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 145.62%, 150.17%, 152.89%, 152.56%, 135.39%, 152.25% and 53.05% 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%, 0.38%, 0.13%, 0.38%, 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 February 1, 2021 and may be extended by the Adviser for additionalone-year terms. Any fees waived and expenses borne by the Adviser 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.
1 | Inception date: 2/1/2019. |
2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 47 |
HISTORICAL PERFORMANCE(continued)
AB MULTI-MANAGER SELECT 2060 FUND
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable sales charges) | ||||
CLASS A SHARES | ||||
Since Inception1 | 11.00% | |||
CLASS C SHARES | ||||
Since Inception1 | 14.24% | |||
ADVISOR CLASS SHARES2 | ||||
Since Inception1 | 16.17% | |||
CLASS R SHARES2 | ||||
Since Inception1 | 15.66% | |||
CLASS K SHARES2 | ||||
Since Inception1 | 15.91% | |||
CLASS I SHARES2 | ||||
Since Inception1 | 16.12% | |||
CLASS Z SHARES2 | ||||
Since Inception1 | 16.13% |
1 | Inception date: 2/1/2019. |
2 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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. |
48 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
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.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 49 |
EXPENSE EXAMPLE(continued)
(unaudited)
AB Multi-Manager Select Retirement Allocation Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,034.10 | $ | 2.35 | 0.46 | % | $ | 4.45 | 0.87 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.82 | $ | 2.34 | 0.46 | % | $ | 4.42 | 0.87 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,032.00 | $ | 4.49 | 0.88 | % | $ | 6.59 | 1.29 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.71 | $ | 4.47 | 0.88 | % | $ | 6.55 | 1.29 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,035.10 | $ | 1.07 | 0.21 | % | $ | 3.17 | 0.62 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.08 | $ | 1.07 | 0.21 | % | $ | 3.15 | 0.62 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,033.50 | $ | 3.07 | 0.60 | % | $ | 5.16 | 1.01 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.12 | $ | 3.05 | 0.60 | % | $ | 5.13 | 1.01 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,034.80 | $ | 2.35 | 0.46 | % | $ | 4.45 | 0.87 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.82 | $ | 2.34 | 0.46 | % | $ | 4.42 | 0.87 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,036.30 | $ | 1.13 | 0.22 | % | $ | 3.22 | 0.63 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.03 | $ | 1.12 | 0.22 | % | $ | 3.20 | 0.63 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,035.30 | $ | 1.07 | 0.21 | % | $ | 3.17 | 0.62 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.08 | $ | 1.07 | 0.21 | % | $ | 3.15 | 0.62 | % |
AB Multi-Manager Select 2010 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,039.10 | $ | 2.15 | 0.42 | % | $ | 4.61 | 0.90 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.03 | $ | 2.14 | 0.42 | % | $ | 4.57 | 0.90 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,036.40 | $ | 4.61 | 0.90 | % | $ | 7.06 | 1.38 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.61 | $ | 4.57 | 0.90 | % | $ | 7.00 | 1.38 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,040.30 | $ | 0.87 | 0.17 | % | $ | 3.33 | 0.65 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.28 | $ | 0.87 | 0.17 | % | $ | 3.30 | 0.65 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,038.60 | $ | 2.82 | 0.55 | % | $ | 5.28 | 1.03 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.37 | $ | 2.80 | 0.55 | % | $ | 5.24 | 1.03 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,039.40 | $ | 2.15 | 0.42 | % | $ | 4.61 | 0.90 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.03 | $ | 2.14 | 0.42 | % | $ | 4.57 | 0.90 | % |
50 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
EXPENSE EXAMPLE(continued)
(unaudited)
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,040.30 | $ | 0.82 | 0.16 | % | $ | 3.28 | 0.64 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.33 | $ | 0.81 | 0.16 | % | $ | 3.25 | 0.64 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,042.00 | $ | 0.87 | 0.17 | % | $ | 3.34 | 0.65 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.28 | $ | 0.87 | 0.17 | % | $ | 3.30 | 0.65 | % |
AB Multi-Manager Select 2015 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,039.10 | $ | 1.95 | 0.38 | % | $ | 4.51 | 0.88 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.23 | $ | 1.93 | 0.38 | % | $ | 4.47 | 0.88 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,037.70 | $ | 4.30 | 0.84 | % | $ | 6.86 | 1.34 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.91 | $ | 4.27 | 0.84 | % | $ | 6.80 | 1.34 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,040.90 | $ | 0.62 | 0.12 | % | $ | 3.18 | 0.62 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.53 | $ | 0.61 | 0.12 | % | $ | 3.16 | 0.62 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,037.90 | $ | 2.66 | 0.52 | % | $ | 5.23 | 1.02 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.52 | $ | 2.64 | 0.52 | % | $ | 5.18 | 1.02 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,040.10 | $ | 1.95 | 0.38 | % | $ | 4.51 | 0.88 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.23 | $ | 1.93 | 0.38 | % | $ | 4.47 | 0.88 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,041.70 | $ | 0.67 | 0.13 | % | $ | 3.23 | 0.63 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.48 | $ | 0.66 | 0.13 | % | $ | 3.20 | 0.63 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,040.80 | $ | 0.67 | 0.13 | % | $ | 3.23 | 0.63 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.48 | $ | 0.66 | 0.13 | % | $ | 3.20 | 0.63 | % |
AB Multi-Manager Select 2020 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,040.80 | $ | 1.95 | 0.38 | % | $ | 4.57 | 0.89 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.23 | $ | 1.93 | 0.38 | % | $ | 4.52 | 0.89 | % |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 51 |
EXPENSE EXAMPLE(continued)
(unaudited)
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,039.10 | $ | 4.15 | 0.81 | % | $ | 6.77 | 1.32 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.06 | $ | 4.12 | 0.81 | % | $ | 6.70 | 1.32 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,042.90 | $ | 0.67 | 0.13 | % | $ | 3.29 | 0.64 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.48 | $ | 0.66 | 0.13 | % | $ | 3.25 | 0.64 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,040.30 | $ | 2.67 | 0.52 | % | $ | 5.28 | 1.03 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.52 | $ | 2.64 | 0.52 | % | $ | 5.23 | 1.03 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,041.20 | $ | 1.95 | 0.38 | % | $ | 4.57 | 0.89 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.23 | $ | 1.93 | 0.38 | % | $ | 4.52 | 0.89 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,042.40 | $ | 0.67 | 0.13 | % | $ | 3.29 | 0.64 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.48 | $ | 0.66 | 0.13 | % | $ | 3.25 | 0.64 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,043.00 | $ | 0.72 | 0.14 | % | $ | 3.34 | 0.65 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.30 | 0.65 | % |
AB Multi-Manager Select 2025 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,045.90 | $ | 1.90 | 0.37 | % | $ | 4.58 | 0.89 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.28 | $ | 1.88 | 0.37 | % | $ | 4.52 | 0.89 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,043.80 | $ | 4.16 | 0.81 | % | $ | 6.83 | 1.33 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.06 | $ | 4.12 | 0.81 | % | $ | 6.75 | 1.33 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.80 | $ | 0.62 | 0.12 | % | $ | 3.29 | 0.64 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.53 | $ | 0.61 | 0.12 | % | $ | 3.25 | 0.64 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,045.50 | $ | 2.62 | 0.51 | % | $ | 5.30 | 1.03 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.57 | $ | 2.59 | 0.51 | % | $ | 5.23 | 1.03 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,046.40 | $ | 1.90 | 0.37 | % | $ | 4.58 | 0.89 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.28 | $ | 1.88 | 0.37 | % | $ | 4.52 | 0.89 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,046.90 | $ | 0.62 | 0.12 | % | $ | 3.29 | 0.64 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.53 | $ | 0.61 | 0.12 | % | $ | 3.25 | 0.64 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,046.30 | $ | 0.62 | 0.12 | % | $ | 3.29 | 0.64 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.53 | $ | 0.61 | 0.12 | % | $ | 3.25 | 0.64 | % |
52 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
EXPENSE EXAMPLE(continued)
(unaudited)
AB Multi-Manager Select 2030 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.10 | $ | 1.96 | 0.38 | % | $ | 4.43 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.23 | $ | 1.93 | 0.38 | % | $ | 4.37 | 0.86 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,045.50 | $ | 4.22 | 0.82 | % | $ | 6.68 | 1.30 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.01 | $ | 4.17 | 0.82 | % | $ | 6.60 | 1.30 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,049.20 | $ | 0.67 | 0.13 | % | $ | 3.14 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.48 | $ | 0.66 | 0.13 | % | $ | 3.10 | 0.61 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.30 | $ | 2.68 | 0.52 | % | $ | 5.15 | 1.00 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.52 | $ | 2.64 | 0.52 | % | $ | 5.08 | 1.00 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,047.70 | $ | 1.96 | 0.38 | % | $ | 4.43 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.23 | $ | 1.93 | 0.38 | % | $ | 4.37 | 0.86 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,049.80 | $ | 0.67 | 0.13 | % | $ | 3.14 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.48 | $ | 0.66 | 0.13 | % | $ | 3.10 | 0.61 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,049.40 | $ | 0.72 | 0.14 | % | $ | 3.19 | 0.62 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.15 | 0.62 | % |
AB Multi-Manager Select 2035 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,052.10 | $ | 2.01 | 0.39 | % | $ | 4.49 | 0.87 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.18 | $ | 1.98 | 0.39 | % | $ | 4.42 | 0.87 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,050.00 | $ | 4.17 | 0.81 | % | $ | 6.65 | 1.29 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.06 | $ | 4.12 | 0.81 | % | $ | 6.55 | 1.29 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,053.90 | $ | 0.72 | 0.14 | % | $ | 3.20 | 0.62 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.15 | 0.62 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,050.30 | $ | 2.68 | 0.52 | % | $ | 5.15 | 1.00 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.52 | $ | 2.64 | 0.52 | % | $ | 5.08 | 1.00 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,051.20 | $ | 2.01 | 0.39 | % | $ | 4.49 | 0.87 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.18 | $ | 1.98 | 0.39 | % | $ | 4.42 | 0.87 | % |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 53 |
EXPENSE EXAMPLE(continued)
(unaudited)
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,052.80 | $ | 0.72 | 0.14 | % | $ | 3.20 | 0.62 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.15 | 0.62 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,053.80 | $ | 0.72 | 0.14 | % | $ | 3.20 | 0.62 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.15 | 0.62 | % |
AB Multi-Manager Select 2040 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.10 | $ | 2.07 | 0.40 | % | $ | 4.39 | 0.85 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.13 | $ | 2.03 | 0.40 | % | $ | 4.32 | 0.85 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,052.60 | $ | 4.23 | 0.82 | % | $ | 6.55 | 1.27 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.01 | $ | 4.17 | 0.82 | % | $ | 6.44 | 1.27 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,056.50 | $ | 0.72 | 0.14 | % | $ | 3.05 | 0.59 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.00 | 0.59 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,052.80 | $ | 2.73 | 0.53 | % | $ | 5.06 | 0.98 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.47 | $ | 2.69 | 0.53 | % | $ | 4.98 | 0.98 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.20 | $ | 2.07 | 0.40 | % | $ | 4.39 | 0.85 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.13 | $ | 2.03 | 0.40 | % | $ | 4.32 | 0.85 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.40 | $ | 0.77 | 0.15 | % | $ | 3.10 | 0.60 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.38 | $ | 0.76 | 0.15 | % | $ | 3.05 | 0.60 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.90 | $ | 0.78 | 0.15 | % | $ | 3.10 | 0.60 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.38 | $ | 0.76 | 0.15 | % | $ | 3.05 | 0.60 | % |
AB Multi-Manager Select 2045 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,057.20 | $ | 2.12 | 0.41 | % | $ | 4.45 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.08 | $ | 2.08 | 0.41 | % | $ | 4.37 | 0.86 | % |
54 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
EXPENSE EXAMPLE(continued)
(unaudited)
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,055.30 | $ | 4.24 | 0.82 | % | $ | 6.56 | 1.27 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.01 | $ | 4.17 | 0.82 | % | $ | 6.44 | 1.27 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.90 | $ | 0.78 | 0.15 | % | $ | 3.11 | 0.60 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.38 | $ | 0.76 | 0.15 | % | $ | 3.05 | 0.60 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,056.70 | $ | 2.79 | 0.54 | % | $ | 5.12 | 0.99 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.42 | $ | 2.75 | 0.54 | % | $ | 5.03 | 0.99 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,057.30 | $ | 2.12 | 0.41 | % | $ | 4.45 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.08 | $ | 2.08 | 0.41 | % | $ | 4.37 | 0.86 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.70 | $ | 0.83 | 0.16 | % | $ | 3.16 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.33 | $ | 0.81 | 0.16 | % | $ | 3.10 | 0.61 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.80 | $ | 0.83 | 0.16 | % | $ | 3.16 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.33 | $ | 0.81 | 0.16 | % | $ | 3.10 | 0.61 | % |
AB Multi-Manager Select 2050 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.80 | $ | 2.07 | 0.40 | % | $ | 4.45 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.13 | $ | 2.03 | 0.40 | % | $ | 4.37 | 0.86 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,056.10 | $ | 4.13 | 0.80 | % | $ | 6.51 | 1.26 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.11 | $ | 4.06 | 0.80 | % | $ | 6.39 | 1.26 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,060.00 | $ | 0.72 | 0.14 | % | $ | 3.11 | 0.60 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.05 | 0.60 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,057.60 | $ | 2.74 | 0.53 | % | $ | 5.12 | 0.99 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.47 | $ | 2.69 | 0.53 | % | $ | 5.03 | 0.99 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,059.70 | $ | 2.07 | 0.40 | % | $ | 4.45 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.13 | $ | 2.03 | 0.40 | % | $ | 4.37 | 0.86 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,060.30 | $ | 0.78 | 0.15 | % | $ | 3.16 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.38 | $ | 0.76 | 0.15 | % | $ | 3.10 | 0.61 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,060.30 | $ | 0.78 | 0.15 | % | $ | 3.16 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.38 | $ | 0.76 | 0.15 | % | $ | 3.10 | 0.61 | % |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 55 |
EXPENSE EXAMPLE(continued)
(unaudited)
AB Multi-Manager Select 2055 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,059.00 | $ | 2.07 | 0.40 | % | $ | 4.45 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.13 | $ | 2.03 | 0.40 | % | $ | 4.37 | 0.86 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,056.30 | $ | 4.14 | 0.80 | % | $ | 6.51 | 1.26 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.11 | $ | 4.06 | 0.80 | % | $ | 6.39 | 1.26 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,059.50 | $ | 0.72 | 0.14 | % | $ | 3.11 | 0.60 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.10 | 0.60 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,058.10 | $ | 2.74 | 0.53 | % | $ | 5.12 | 0.99 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.47 | $ | 2.69 | 0.53 | % | $ | 5.03 | 0.99 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,059.50 | $ | 2.07 | 0.40 | % | $ | 4.45 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.13 | $ | 2.03 | 0.40 | % | $ | 4.37 | 0.86 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,059.90 | $ | 0.78 | 0.15 | % | $ | 3.16 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.38 | $ | 0.76 | 0.15 | % | $ | 3.10 | 0.61 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,060.00 | $ | 0.78 | 0.15 | % | $ | 3.16 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.38 | $ | 0.76 | 0.15 | % | $ | 3.10 | 0.61 | % |
AB Multi-Manager Select 2060 Fund
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,061.30 | $ | 1.97 | 0.38 | % | $ | 4.40 | 0.85 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.23 | $ | 1.93 | 0.38 | % | $ | 4.32 | 0.85 | % | ||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,059.20 | $ | 4.09 | 0.79 | % | $ | 6.52 | 1.26 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.17 | $ | 4.01 | 0.79 | % | $ | 6.39 | 1.26 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,062.90 | $ | 0.73 | 0.14 | % | $ | 3.16 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.10 | 0.61 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,060.10 | $ | 2.59 | 0.50 | % | $ | 5.02 | 0.97 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,022.62 | $ | 2.54 | 0.50 | % | $ | 4.93 | 0.97 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,061.40 | $ | 2.02 | 0.39 | % | $ | 4.46 | 0.86 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,023.18 | $ | 1.98 | 0.39 | % | $ | 4.37 | 0.86 | % |
56 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
EXPENSE EXAMPLE(continued)
(unaudited)
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,062.30 | $ | 0.73 | 0.14 | % | $ | 3.16 | 0.61 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.43 | $ | 0.71 | 0.14 | % | $ | 3.10 | 0.61 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,063.30 | $ | 0.67 | 0.13 | % | $ | 3.11 | 0.60 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,024.48 | $ | 0.66 | 0.13 | % | $ | 3.05 | 0.60 | % |
* | Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect theone-half year period). |
** | Assumes 5% annual return before expenses. |
+ | In connection with the Funds’ investments in affiliated/unaffiliated underlying portfolios, the Funds 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 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 184/366 (to reflect theone-half year period). |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 57 |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $8,862
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments (excluding security lending collateral), based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
58 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2010 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $18,779
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments (excluding security lending collateral), based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 59 |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2015 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $42,303
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments (excluding security lending collateral), based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
60 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2020 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $102,366
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments, based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 61 |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2025 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $156,142
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments, based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
62 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2030 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $137,814
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments, based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 63 |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2035 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $135,842
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments, based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
64 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2040 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $85,251
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments (excluding security lending collateral), based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 65 |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2045 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $79,198
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments, based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
66 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2050 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $35,454
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments, based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 67 |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2055 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $43,367
1 | All data are as of January 31, 2020. The Fund’s portfolio breakdown is expressed as a percentage of total investments, based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time. |
68 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO SUMMARY
AB MULTI-MANAGER SELECT 2060 FUND
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($thousand): $1,191
1 | All data are as of January 31, 2020. 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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 69 |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 99.6% | ||||||||
Funds and Investment Trusts – 99.6%(a) | ||||||||
AB All Market Real Return Portfolio – Class Z(b) | 30,967 | $ | 259,501 | |||||
AB Bond Inflation Strategy Portfolio – Class Z(b) | 57,017 | 627,192 | ||||||
AB Global Bond Fund, Inc. – Class Z(b) | 114,383 | 987,125 | ||||||
AB Global Real Estate Investment Fund II – Class I(b) | 15,232 | 176,541 | ||||||
AB High Income Fund, Inc. – Class Z(b) | 21,522 | 179,281 | ||||||
AB Relative Value Fund – Class Z(b) | 15,529 | 85,873 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(b) | 4,639 | 87,172 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(b) | 59,584 | 441,515 | ||||||
AQR International Defensive Style Fund – Class R6 | 19,602 | 261,488 | ||||||
Baird Short Term Bond Fund | 72,741 | 714,319 | ||||||
BlackRock Total Return Bond Fund – Class K | 44,326 | 537,236 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 11,376 | 175,298 | ||||||
DFA Commodity Strategy Portfolio | 33,526 | 172,660 | ||||||
iShares Core S&P 500 ETF | 2,088 | 674,925 | ||||||
MFS Institutional International Equity Fund | 3,176 | 86,914 | ||||||
PIMCO Real Return Fund | 39,161 | 449,567 | ||||||
Schwab US Dividend Equity ETF | 12,116 | 689,400 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 1,282 | 86,217 | ||||||
Vanguard FTSE Developed Markets ETF(c) | 5,049 | 215,794 | ||||||
Vanguard FTSE Emerging Markets ETF(c) | 1,001 | 42,052 | ||||||
Vanguard Short-Term Bond ETF(c) | 14,850 | 1,207,750 | ||||||
Vanguard Total Bond Market ETF | 7,873 | 673,299 | ||||||
|
| |||||||
Total Investment Companies | 8,831,119 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.2% | ||||||||
Investment Companies – 0.2% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(d) | 17,872 | 17,872 | ||||||
|
| |||||||
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% | 8,848,991 | |||||||
|
| |||||||
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 12.2% | ||||||||
Investment Companies – 12.2% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(d) | 1,079,000 | 1,079,000 | ||||||
|
|
70 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS(continued)
AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND
U.S. $ Value | ||||||||
| ||||||||
Total Investments – 112.0% | $ | 9,927,991 | ||||||
Other assets less liabilities – (12.0)% | (1,065,902 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 8,862,089 | ||||||
|
|
(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) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(d) | The rate shown represents the7-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 | 71 |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT 2010 FUND
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 99.8% | ||||||||
Funds and Investment Trusts – 99.8%(a) | ||||||||
AB All Market Real Return Portfolio – Class Z(b) | 66,271 | $ | 555,350 | |||||
AB Bond Inflation Strategy Portfolio – Class Z(b) | 155,179 | 1,706,973 | ||||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 15,921 | 185,954 | ||||||
AB Global Bond Fund, Inc. – Class Z(b) | 285,613 | 2,464,840 | ||||||
AB Global Real Estate Investment Fund II – Class I(b) | 32,469 | 376,318 | ||||||
AB High Income Fund, Inc. – Class Z(b) | 68,983 | 574,628 | ||||||
AB Relative Value Fund – Class Z(b) | 33,455 | 185,005 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(b) | 9,807 | 184,282 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(b) | 76,492 | 566,805 | ||||||
AQR International Defensive Style Fund – Class R6 | 41,945 | 559,549 | ||||||
AQR Style Premia Alternative Fund – Class R6 | 47,207 | 380,489 | ||||||
Baird Short Term Bond Fund | 77,633 | 762,352 | ||||||
BlackRock Total Return Bond Fund – Class K | 93,767 | 1,136,460 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 24,213 | 373,117 | ||||||
DFA Commodity Strategy Portfolio | 71,759 | 369,561 | ||||||
iShares Core S&P 500 ETF | 6,772 | 2,188,981 | ||||||
MFS Institutional International Equity Fund | 13,517 | 369,948 | ||||||
PIMCO Real Return Fund | 82,806 | 950,615 | ||||||
Schwab US Dividend Equity ETF(d) | 29,110 | 1,656,359 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 4,068 | 182,072 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 2,729 | 183,562 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 10,782 | 460,823 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 2,153 | 90,448 | ||||||
Vanguard Short-Term Bond ETF(d) | 11,637 | 946,437 | ||||||
Vanguard Total Bond Market ETF | 15,526 | 1,327,784 | ||||||
|
| |||||||
Total Investment Companies | 18,738,712 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||
Investment Companies – 0.1% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 27,147 | 27,147 | ||||||
|
| |||||||
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% | 18,765,859 | |||||||
|
| |||||||
72 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS(continued)
AB MULTI-MANAGER SELECT 2010 FUND
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.6% | ||||||||
Investment Companies – 1.6% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 291,525 | $ | 291,525 | |||||
|
| |||||||
Total Investments – 101.5% | 19,057,384 | |||||||
Other assets less liabilities – (1.5)% | (278,696 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 18,778,688 | ||||||
|
|
(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) | Non-income producing security. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-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 | 73 |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT 2015 FUND
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 99.8% | ||||||||
Funds and Investment Trusts – 99.8%(a) | ||||||||
AB All Market Real Return Portfolio – Class Z(b) | 198,472 | $ | 1,663,195 | |||||
AB Bond Inflation Strategy Portfolio – Class Z(b) | 351,765 | 3,869,419 | ||||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 35,554 | 415,271 | ||||||
AB Global Bond Fund, Inc. – Class Z(b) | 548,989 | 4,737,778 | ||||||
AB Global Real Estate Investment Fund II – Class I(b) | 73,147 | 847,770 | ||||||
AB High Income Fund, Inc. – Class Z(b) | 206,695 | 1,721,766 | ||||||
AB Relative Value Fund – Class Z(b) | 150,350 | 831,437 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(b) | 21,998 | 413,335 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(b) | 171,691 | 1,272,228 | ||||||
AQR International Defensive Style Fund – Class R6 | 125,514 | 1,674,355 | ||||||
AQR Style Premia Alternative Fund – Class R6 | 105,959 | 854,029 | ||||||
Baird Short Term Bond Fund | 43,844 | 430,548 | ||||||
BlackRock Total Return Bond Fund – Class K | 212,615 | 2,576,894 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 54,448 | 839,039 | ||||||
DFA Commodity Strategy Portfolio | 241,647 | 1,244,485 | ||||||
iShares Core S&P 500 ETF | 17,805 | 5,755,288 | ||||||
MFS Institutional International Equity Fund | 30,503 | 834,874 | ||||||
PIMCO Real Return Fund | 225,413 | 2,587,744 | ||||||
Schwab US Dividend Equity ETF | 58,135 | 3,307,882 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 18,113 | 810,723 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 6,158 | 414,176 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 24,222 | 1,035,248 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 4,832 | 202,992 | ||||||
Vanguard Short-Term Bond ETF(d) | 15,840 | 1,288,267 | ||||||
Vanguard Total Bond Market ETF | 30,221 | 2,584,500 | ||||||
|
| |||||||
Total Investment Companies | 42,213,243 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.2% | ||||||||
Investment Companies – 0.2% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 71,270 | 71,270 | ||||||
|
| |||||||
Total Investments Before Security Lending Collateral for Securities Loaned – 100.0% | 42,284,513 | |||||||
|
| |||||||
74 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS(continued)
AB MULTI-MANAGER SELECT 2015 FUND
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3% | ||||||||
Investment Companies – 0.3% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 152,222 | $ | 152,222 | |||||
|
| |||||||
Total Investments – 100.3% | 42,436,735 | |||||||
Other assets less liabilities – (0.3)% | (133,299 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 42,303,436 | ||||||
|
|
(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) | Non-income producing security. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-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 2020 FUND
January 31, 2020(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) | 482,577 | $ | 4,043,999 | |||||
AB Bond Inflation Strategy Portfolio – Class Z(b) | 752,213 | 8,274,337 | ||||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 87,035 | 1,016,569 | ||||||
AB Global Bond Fund, Inc. – Class Z(b) | 1,078,216 | 9,305,002 | ||||||
AB Global Real Estate Investment Fund II – Class I(b) | 177,297 | 2,054,867 | ||||||
AB High Income Fund, Inc. – Class Z(b) | 626,933 | 5,222,356 | ||||||
AB Relative Value Fund – Class Z(b) | 549,266 | 3,037,443 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(b) | 107,203 | 2,014,352 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(b) | 418,475 | 3,100,898 | ||||||
AQR International Defensive Style Fund – Class R6 | 305,404 | 4,074,095 | ||||||
AQR Style Premia Alternative Fund – Class R6 | 257,730 | 2,077,307 | ||||||
BlackRock Total Return Bond Fund – Class K | 340,324 | 4,124,727 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 198,880 | 3,064,735 | ||||||
DFA Commodity Strategy Portfolio | 587,784 | 3,027,086 | ||||||
iShares Core S&P 500 ETF | 49,597 | 16,031,734 | ||||||
MFS Institutional International Equity Fund | 73,847 | 2,021,194 | ||||||
PIMCO Real Return Fund | 631,620 | 7,250,995 | ||||||
Schwab US Dividend Equity ETF | 141,378 | 8,044,408 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 44,106 | 1,974,193 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 14,989 | 1,008,144 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 106,030 | 4,531,722 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 11,739 | 493,156 | ||||||
Vanguard Total Bond Market ETF | 72,448 | 6,195,753 | ||||||
|
| |||||||
Total Investment Companies | 101,989,072 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||
Investment Companies – 0.4% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 435,948 | 435,948 | ||||||
|
| |||||||
Total Investments – 100.1% | 102,425,020 | |||||||
Other assets less liabilities – (0.1)% | (59,256 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 102,365,764 | ||||||
|
|
76 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
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) | Non-income producing security. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-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 2025 FUND
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 99.6% | ||||||||
Funds and Investment Trusts – 99.6%(a) | ||||||||
AB All Market Real Return Portfolio – Class Z(b) | 553,097 | $ | 4,634,953 | |||||
AB Bond Inflation Strategy Portfolio – Class Z(b) | 717,045 | 7,887,496 | ||||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 265,860 | 3,105,243 | ||||||
AB Global Bond Fund, Inc. – Class Z(b) | 1,463,629 | 12,631,121 | ||||||
AB Global Real Estate Investment Fund II – Class I(b) | 406,282 | 4,708,814 | ||||||
AB High Income Fund, Inc. – Class Z(b) | 1,520,788 | 12,668,166 | ||||||
AB Relative Value Fund – Class Z(b) | 1,117,163 | 6,177,912 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(b) | 163,759 | 3,077,029 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(b) | 214,159 | 1,586,920 | ||||||
AQR International Defensive Style Fund – Class R6 | 464,704 | 6,199,152 | ||||||
AQR Style Premia Alternative Fund – Class R6 | 393,287 | 3,169,896 | ||||||
BlackRock Total Return Bond Fund – Class K | 394,947 | 4,786,757 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 505,826 | 7,794,776 | ||||||
DFA Commodity Strategy Portfolio | 898,268 | 4,626,080 | ||||||
iShares Core S&P 500 ETF | 94,497 | 30,545,210 | ||||||
MFS Institutional International Equity Fund | 112,810 | 3,087,621 | ||||||
PIMCO Real Return Fund | 551,071 | 6,326,291 | ||||||
Schwab US Dividend Equity ETF(d) | 216,041 | 12,292,733 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 67,459 | 3,019,453 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 22,927 | 1,542,036 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 234,045 | 10,003,083 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 17,935 | 753,449 | ||||||
Vanguard Total Bond Market ETF | 56,198 | 4,806,053 | ||||||
|
| |||||||
Total Investment Companies | 155,430,244 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.0% | ||||||||
Investment Companies – 0.0% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 9,701 | 9,701 | ||||||
|
| |||||||
Total Investments – 99.6% | 155,439,945 | |||||||
Other assets less liabilities – 0.4% | 701,590 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 156,141,535 | ||||||
|
|
78 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS(continued)
AB MULTI-MANAGER SELECT 2025 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) | Non-income producing security. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-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 2030 FUND
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 99.6% | ||||||||
Funds and Investment Trusts – 99.6%(a) | ||||||||
AB All Market Real Return Portfolio – Class Z(b) | 326,729 | $ | 2,737,990 | |||||
AB Bond Inflation Strategy Portfolio – Class Z(b) | 128,689 | 1,415,576 | ||||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 235,153 | 2,746,585 | ||||||
AB Global Bond Fund, Inc. – Class Z(b) | 808,059 | 6,973,549 | ||||||
AB Global Real Estate Investment Fund II – Class I(b) | 360,031 | 4,172,755 | ||||||
AB High Income Fund, Inc. – Class Z(b) | 1,343,697 | 11,192,995 | ||||||
AB Relative Value Fund – Class Z(b) | 989,855 | 5,473,897 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(b) | 217,647 | 4,089,590 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(b) | 188,806 | 1,399,056 | ||||||
AQR International Defensive Style Fund – Class R6 | 414,083 | 5,523,876 | ||||||
AQR Style Premia Alternative Fund – Class R6 | 173,341 | 1,397,128 | ||||||
BlackRock Total Return Bond Fund – Class K | 233,337 | 2,828,047 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 537,871 | 8,288,596 | ||||||
DFA Commodity Strategy Portfolio | 1,060,938 | 5,463,830 | ||||||
Franklin Growth Fund – Class R6 | 12,047 | 1,377,549 | ||||||
iShares Core S&P 500 ETF | 91,945 | 29,720,302 | ||||||
MFS Institutional International Equity Fund | 99,939 | 2,735,328 | ||||||
PIMCO Real Return Fund | 365,167 | 4,192,117 | ||||||
Schwab US Dividend Equity ETF | 191,438 | 10,892,822 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 59,766 | 2,675,120 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 20,330 | 1,367,389 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 303,114 | 12,955,092 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 47,691 | 2,003,499 | ||||||
Vanguard Total Bond Market ETF | 65,237 | 5,579,068 | ||||||
|
| |||||||
Total Investments – 99.6% | 137,201,756 | |||||||
Other assets less liabilities – 0.4% | 612,090 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 137,813,846 | ||||||
|
|
(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) | Non-income producing security. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
Glossary:
ETF – Exchange Traded Fund
FTSE – Financial Times Stock Exchange
See notes to financial statements.
80 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT 2035 FUND
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 99.8% | ||||||||
Funds and Investment Trusts – 99.8%(a) | ||||||||
AB All Market Real Return Portfolio – Class Z(b) | 321,858 | $ | 2,697,169 | |||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 348,759 | 4,073,510 | ||||||
AB Global Bond Fund, Inc. – Class Z(b) | 647,949 | 5,591,804 | ||||||
AB Global Real Estate Investment Fund II – Class I(b) | 355,403 | 4,119,119 | ||||||
AB High Income Fund, Inc. – Class Z(b) | 1,340,430 | 11,165,783 | ||||||
AB Relative Value Fund – Class Z(b) | 1,221,023 | 6,752,255 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(b) | 214,795 | 4,036,006 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(b) | 186,064 | 1,378,736 | ||||||
AQR International Defensive Style Fund – Class R6 | 407,743 | 5,439,288 | ||||||
AQR Style Premia Alternative Fund – Class R6 | 172,236 | 1,388,220 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 530,321 | 8,172,255 | ||||||
DFA Commodity Strategy Portfolio | 785,461 | 4,045,124 | ||||||
Franklin Growth Fund – Class R6 | 23,876 | 2,730,232 | ||||||
iShares Core S&P 500 ETF | 104,140 | 33,662,214 | ||||||
MFS Institutional International Equity Fund | 148,494 | 4,064,272 | ||||||
Schwab US Dividend Equity ETF | 165,196 | 9,399,652 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 88,447 | 3,958,869 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 40,047 | 2,693,542 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 362,115 | 15,476,795 | ||||||
Vanguard FTSE Emerging Markets ETF | 47,063 | 1,977,117 | ||||||
Vanguard Total Bond Market ETF | 32,726 | 2,798,727 | ||||||
|
| |||||||
Total Investment Companies | 135,620,689 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.2% | ||||||||
Investment Companies – 0.2% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 207,467 | 207,467 | ||||||
|
| |||||||
Total Investments – 100.0% | 135,828,156 | |||||||
Other assets less liabilities – 0.0% | 14,199 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 135,842,355 | ||||||
|
|
(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. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 81 |
PORTFOLIO OF INVESTMENTS(continued)
AB MULTI-MANAGER SELECT 2035 FUND
(b) | Affiliated investments. |
(c) | Non-income producing security. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-day yield as of period end. |
Glossary:
ETF – Exchange Traded Fund
FTSE – Financial Times Stock Exchange
See notes to financial statements.
82 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT 2040 FUND
January 31, 2020(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) | 101,645 | $ | 851,788 | |||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 219,871 | 2,568,099 | ||||||
AB Global Bond Fund, Inc. – Class Z(b) | 101,959 | 879,908 | ||||||
AB Global Real Estate Investment Fund II – Class I(b) | 223,983 | 2,595,964 | ||||||
AB High Income Fund, Inc. – Class Z(b) | 422,406 | 3,518,641 | ||||||
AB Relative Value Fund – Class Z(b) | 1,077,470 | 5,958,408 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(b) | 180,515 | 3,391,875 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(b) | 117,271 | 868,975 | ||||||
AQR International Defensive Style Fund – Class R6 | 193,359 | 2,579,408 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 334,485 | 5,154,407 | ||||||
DFA Commodity Strategy Portfolio | 494,982 | 2,549,159 | ||||||
Franklin Growth Fund – Class R6 | 14,999 | 1,715,197 | ||||||
iShares Core S&P 500 ETF | 68,284 | 22,072,120 | ||||||
MFS Institutional International Equity Fund | 155,597 | 4,258,702 | ||||||
MFS Value Fund – Class R5 | 39,260 | 1,716,429 | ||||||
Schwab US Dividend Equity ETF(d) | 89,298 | 5,081,056 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 55,708 | 2,493,470 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 25,322 | 1,703,161 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 267,909 | 11,450,431 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 49,431 | 2,076,596 | ||||||
Vanguard Total Bond Market ETF | 20,625 | 1,763,850 | ||||||
|
| |||||||
Total Investment Companies | 85,247,644 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||
Investment Companies – 0.4% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 292,185 | 292,185 | ||||||
|
| |||||||
Total Investments Before Security Lending Collateral for Securities Loaned – 100.3% | 85,539,829 | |||||||
|
| |||||||
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 83 |
PORTFOLIO OF INVESTMENTS(continued)
AB MULTI-MANAGER SELECT 2040 FUND
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.1% | ||||||||
Investment Companies – 0.1% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(b)(e) | 112,575 | $ | 112,575 | |||||
|
| |||||||
Total Investments – 100.5% | 85,652,404 | |||||||
Other assets less liabilities – (0.5)% | (401,321 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 85,251,083 | ||||||
|
|
(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) | Non-income producing security. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-day yield as of period end. |
Glossary:
ETF – Exchange Traded Fund
FTSE – Financial Times Stock Exchange
See notes to financial statements.
84 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT 2045 FUND
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 99.6% | ||||||||
Funds and Investment Trusts – 99.6%(a) | ||||||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 203,781 | $ | 2,380,162 | |||||
AB Global Bond Fund, Inc. – Class Z(c) | 188,975 | 1,630,854 | ||||||
AB Global Real Estate Investment Fund II – Class I(c) | 207,577 | 2,405,821 | ||||||
AB Relative Value Fund – Class Z(c) | 998,896 | 5,523,895 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(c) | 166,988 | 3,137,712 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(c) | 108,801 | 806,219 | ||||||
AQR International Defensive Style Fund – Class R6 | 119,189 | 1,589,985 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 310,118 | 4,778,911 | ||||||
DFA Commodity Strategy Portfolio | 305,894 | 1,575,352 | ||||||
Franklin Growth Fund – Class R6 | 27,909 | 3,191,401 | ||||||
iShares Core S&P 500 ETF | 68,227 | 22,053,695 | ||||||
MFS Institutional International Equity Fund | 201,820 | 5,523,812 | ||||||
MFS Value Fund – Class R5 | 36,302 | 1,587,099 | ||||||
Schwab US Dividend Equity ETF | 55,202 | 3,140,994 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 51,717 | 2,314,859 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 35,121 | 2,362,223 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 266,789 | 11,402,562 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 64,163 | 2,695,488 | ||||||
Vanguard Total Bond Market ETF | 9,567 | 818,170 | ||||||
|
| |||||||
Total Investment Companies | 78,919,214 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||
Investment Companies – 0.4% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(c)(e) | 277,228 | 277,228 | ||||||
|
| |||||||
Total Investments – 100.0% | 79,196,442 | |||||||
Other assets less liabilities – 0.0% | 1,729 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 79,198,171 | ||||||
|
|
(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) | Non-income producing security. |
(c) | Affiliated investments. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-day yield as of period end. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 85 |
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. |
86 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT 2050 FUND
January 31, 2020(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)(c) | 91,453 | $ | 1,068,169 | |||||
AB Global Bond Fund, Inc. – Class Z(c) | 84,976 | 733,341 | ||||||
AB Global Real Estate Investment Fund II – Class I(c) | 93,432 | 1,082,875 | ||||||
AB Relative Value Fund – Class Z(c) | 449,271 | 2,484,470 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(c) | 75,113 | 1,411,377 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(c) | 48,914 | 362,449 | ||||||
AQR International Defensive Style Fund – Class R6 | 26,753 | 356,879 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 139,443 | 2,148,820 | ||||||
DFA Commodity Strategy Portfolio | 137,604 | 708,662 | ||||||
Franklin Growth Fund – Class R6 | 15,650 | 1,789,612 | ||||||
iShares Core S&P 500 ETF | 32,900 | 10,634,596 | ||||||
MFS Institutional International Equity Fund | 103,754 | 2,839,749 | ||||||
MFS Value Fund – Class R5 | 16,309 | 713,035 | ||||||
Schwab US Dividend Equity ETF | 6,208 | 353,235 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 23,242 | 1,040,301 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 15,774 | 1,060,977 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 128,263 | 5,481,961 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 28,859 | 1,212,367 | ||||||
|
| |||||||
Total Investment Companies | 35,482,875 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.3% | ||||||||
Investment Companies – 0.3% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(c)(e) | 107,880 | 107,880 | ||||||
|
| |||||||
Total Investments – 100.4% | 35,590,755 | |||||||
Other assets less liabilities – (0.4)% | (136,458 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 35,454,297 | ||||||
|
|
(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) | Non-income producing security. |
(c) | Affiliated investments. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-day yield as of period end. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 87 |
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.
88 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT 2055 FUND
January 31, 2020(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)(c) | 111,812 | $ | 1,305,963 | |||||
AB Global Bond Fund, Inc. – Class Z(c) | 103,690 | 894,845 | ||||||
AB Global Real Estate Investment Fund II – Class I(c) | 113,877 | 1,319,836 | ||||||
AB Relative Value Fund – Class Z(c) | 547,853 | 3,029,625 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(c) | 91,761 | 1,724,182 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(c) | 59,976 | 444,421 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 170,060 | 2,620,628 | ||||||
DFA Commodity Strategy Portfolio | 167,807 | 864,209 | ||||||
Franklin Growth Fund – Class R6 | 19,117 | 2,186,086 | ||||||
iShares Core S&P 500 ETF | 41,472 | 13,405,409 | ||||||
MFS Institutional International Equity Fund | 142,238 | 3,893,041 | ||||||
MFS Value Fund – Class R5 | 19,939 | 871,722 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 28,373 | 1,269,966 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 19,247 | 1,294,581 | ||||||
Vanguard FTSE Developed Markets ETF | 156,449 | 6,686,630 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 35,195 | 1,478,542 | ||||||
|
| |||||||
Total Investment Companies | 43,289,686 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||
Investment Companies – 0.4% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(c)(e) | 144,278 | 144,278 | ||||||
|
| |||||||
Total Investments – 100.2% | 43,433,964 | |||||||
Other assets less liabilities – (0.2)% | (67,220 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 43,366,744 | ||||||
|
|
(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) | Non-income producing security. |
(c) | Affiliated investments. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-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 | 89 |
PORTFOLIO OF INVESTMENTS
AB MULTI-MANAGER SELECT 2060 FUND
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 102.0% | ||||||||
Funds and Investment Trusts – 102.0%(a) | ||||||||
AB Discovery Growth Fund, Inc. – Class Z(b)(c) | 3,159 | $ | 36,893 | |||||
AB Global Bond Fund, Inc. – Class Z(c) | 2,873 | 24,797 | ||||||
AB Global Real Estate Investment Fund II – Class I(c) | 3,167 | 36,705 | ||||||
AB Relative Value Fund – Class Z(c) | 15,308 | 84,651 | ||||||
AB Trust – AB Discovery Value Fund – Class Z(c) | 2,580 | 48,474 | ||||||
AB Unconstrained Bond Fund, Inc. – Class Z(c) | 1,690 | 12,522 | ||||||
Boston Partners Long/Short Research Fund – Class INS | 4,803 | 74,009 | ||||||
DFA Commodity Strategy Portfolio | 4,680 | 24,100 | ||||||
Franklin Growth Fund – Class R6 | 544 | 62,225 | ||||||
iShares Core S&P 500 ETF | 1,160 | 374,958 | ||||||
MFS Institutional International Equity Fund | 4,026 | 110,199 | ||||||
MFS Value Fund – Class R5 | 556 | 24,326 | ||||||
T. Rowe Price Emerging Markets Stock Fund – Class I | 796 | 35,651 | ||||||
T. Rowe Price International Funds – International Discovery Fund – Class I | 537 | 36,109 | ||||||
Vanguard FTSE Developed Markets ETF(d) | 4,375 | 186,987 | ||||||
Vanguard FTSE Emerging Markets ETF(d) | 983 | 41,296 | ||||||
|
| |||||||
Total Investment Companies | 1,213,902 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 0.7% | ||||||||
Investment Companies – 0.7% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 1.50%(a)(c)(e) | 8,833 | 8,833 | ||||||
|
| |||||||
Total Investments – 102.7% | 1,222,735 | |||||||
Other assets less liabilities – (2.7)% | (31,984 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 1,190,751 | ||||||
|
|
(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) | Non-income producing security. |
(c) | Affiliated investments. |
(d) | Represents entire or partial securities out on loan. See Note E for securities lending information. |
(e) | The rate shown represents the7-day yield as of period end. |
Glossary:
ETF – Exchange Traded Fund
FTSE – Financial Times Stock Exchange
See notes to financial statements.
90 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF ASSETS & LIABILITIES
January 31, 2020(unaudited)
AB Multi-Manager Select Retirement Allocation Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $5,779,122) | $ | 5,986,919 | (a) | |
Affiliated issuers (cost $3,960,555—including investment of cash collateral for securities loaned of $1,079,000) | 3,941,072 | |||
Receivable due from Adviser | 29,790 | |||
Receivable for capital stock sold | 9,597 | |||
Affiliated dividends receivable | 3,234 | |||
Unaffiliated dividends receivable | 2,131 | |||
|
| |||
Total assets | 9,972,743 | |||
|
| |||
Liabilities | ||||
Payable for collateral received on securities loaned | 1,079,000 | |||
Payable for capital stock redeemed | 14,096 | |||
Payable for investments purchased | 2,718 | |||
Distribution fee payable | 2,025 | |||
Directors’ fees payable | 2,003 | |||
Transfer Agent fee payable | 1,100 | |||
Accrued expenses | 9,712 | |||
|
| |||
Total liabilities | 1,110,654 | |||
|
| |||
Net Assets | $ | 8,862,089 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 86 | ||
Additional paid-in capital | 8,658,776 | |||
Distributable earnings | 203,227 | |||
|
| |||
$ | 8,862,089 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 281,101 | 24,810 | $ | 11.33 | * | ||||||
| ||||||||||||
C | $ | 103,875 | 9,485 | $ | 10.95 | |||||||
| ||||||||||||
Advisor | $ | 306,603 | 27,149 | $ | 11.29 | |||||||
| ||||||||||||
R | $ | 418,478 | 41,238 | $ | 10.15 | |||||||
| ||||||||||||
K | $ | 7,727,236 | 757,639 | $ | 10.20 | |||||||
| ||||||||||||
I | $ | 11,852 | 1,136.77 | $ | 10.43 | |||||||
| ||||||||||||
Z | $ | 12,944 | 1,271 | $ | 10.18 | |||||||
|
(a) | Includes securities on loan with a value of $1,126,738 (see Note E). |
* | The maximum offering price per share for Class A shares was $11.83 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 2010 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $11,525,778) | $ | 11,938,557 | (a) | |
Affiliated issuers (cost $7,116,484—including investment of cash collateral for securities loaned of $291,525) | 7,118,827 | |||
Receivable due from Adviser | 30,386 | |||
Affiliated dividends receivable | 8,572 | |||
Unaffiliated dividends receivable | 4,236 | |||
Receivable for capital stock sold | 3,548 | |||
|
| |||
Total assets | 19,104,126 | |||
|
| |||
Liabilities | ||||
Payable for collateral received on securities loaned | 291,525 | |||
Payable for investments purchased | 7,327 | |||
Payable for capital stock redeemed | 5,289 | |||
Distribution fee payable | 3,981 | |||
Directors’ fees payable | 2,003 | |||
Transfer Agent fee payable | 1,662 | |||
Accrued expenses | 13,651 | |||
|
| |||
Total liabilities | 325,438 | |||
|
| |||
Net Assets | $ | 18,778,688 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 180 | ||
Additional paid-in capital | 18,208,383 | |||
Distributable earnings | 570,125 | |||
|
| |||
$ | 18,778,688 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 689,536 | 62,118 | $ | 11.10 | * | ||||||
| ||||||||||||
C | $ | 39,055 | 3,484 | $ | 11.21 | |||||||
| ||||||||||||
Advisor | $ | 856,624 | 77,604 | $ | 11.04 | |||||||
| ||||||||||||
R | $ | 394,703 | 37,964 | $ | 10.40 | |||||||
| ||||||||||||
K | $ | 16,410,258 | 1,584,713 | $ | 10.36 | |||||||
| ||||||||||||
I | $ | 12,646 | 1,223.53 | $ | 10.34 | |||||||
| ||||||||||||
Z | $ | 375,866 | 36,401 | $ | 10.33 | |||||||
|
(a) | Includes securities on loan with a value of $831,719 (see Note E). |
* | The maximum offering price per share for Class A shares was $11.59 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 2015 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $25,406,020) | $ | 26,441,044 | (a) | |
Affiliated issuers (cost $16,084,283—including investment of cash collateral for securities loaned of $152,222) | 15,995,691 | |||
Receivable due from Adviser | 30,401 | |||
Affiliated dividends receivable | 20,824 | |||
Receivable for capital stock sold | 10,421 | |||
Unaffiliated dividends receivable | 10,303 | |||
|
| |||
Total assets | 42,508,684 | |||
|
| |||
Liabilities | ||||
Payable for collateral received on securities loaned | 152,222 | |||
Payable for investments purchased | 17,852 | |||
Payable for capital stock redeemed | 10,996 | |||
Distribution fee payable | 8,320 | |||
Directors’ fees payable | 2,003 | |||
Transfer Agent fee payable | 1,882 | |||
Accrued expenses | 11,973 | |||
|
| |||
Total liabilities | 205,248 | |||
|
| |||
Net Assets | $ | 42,303,436 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 410 | ||
Additional paid-in capital | 40,949,151 | |||
Distributable earnings | 1,353,875 | |||
|
| |||
$ | 42,303,436 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 1,161,274 | 110,129 | $ | 10.54 | * | ||||||
| ||||||||||||
C | $ | 338,441 | 32,088 | $ | 10.55 | |||||||
| ||||||||||||
Advisor | $ | 1,961,114 | 183,652 | $ | 10.68 | |||||||
| ||||||||||||
R | $ | 174,409 | 16,941 | $ | 10.29 | |||||||
| ||||||||||||
K | $ | 33,337,008 | 3,235,961 | $ | 10.30 | |||||||
| ||||||||||||
I | $ | 4,812,729 | 468,306 | $ | 10.28 | |||||||
| ||||||||||||
Z | $ | 518,461 | 50,706 | $ | 10.22 | |||||||
|
(a) | Includes securities on loan with a value of $1,387,400 (see Note E). |
* | 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 | 93 |
STATEMENT OF ASSETS & LIABILITIES(continued)
AB Multi-Manager Select 2020 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $60,939,354) | $ | 63,919,249 | (a) | |
Affiliated issuers (cost $39,042,811) | 38,505,771 | |||
Affiliated dividends receivable | 51,641 | |||
Receivable for capital stock sold | 33,492 | |||
Receivable due from Adviser | 28,863 | |||
Unaffiliated dividends receivable | 19,947 | |||
|
| |||
Total assets | 102,558,963 | |||
|
| |||
Liabilities | ||||
Payable for capital stock redeemed | 99,703 | |||
Payable for investments purchased | 44,352 | |||
Distribution fee payable | 22,462 | |||
Legal fee payable | 10,385 | |||
Transfer Agent fee payable | 4,808 | |||
Directors’ fees payable | 2,003 | |||
Accrued expenses | 9,486 | |||
|
| |||
Total liabilities | 193,199 | |||
|
| |||
Net Assets | $ | 102,365,764 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 982 | ||
Additional paid-in capital | 99,045,828 | |||
Distributable earnings | 3,318,954 | |||
|
| |||
$ | 102,365,764 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 3,880,826 | 364,948 | $ | 10.63 | * | ||||||
| ||||||||||||
C | $ | 725,276 | 68,612 | $ | 10.57 | |||||||
| ||||||||||||
Advisor | $ | 1,859,907 | 174,570 | $ | 10.65 | |||||||
| ||||||||||||
R | $ | 6,044,802 | 583,393 | $ | 10.36 | |||||||
| ||||||||||||
K | $ | 86,791,439 | 8,337,706 | $ | 10.41 | |||||||
| ||||||||||||
I | $ | 171,947 | 16,099 | $ | 10.68 | |||||||
| ||||||||||||
Z | $ | 2,891,567 | 279,138 | $ | 10.36 | |||||||
|
(a) | Includes securities on loan with a value of $5,024,878 (see Note E). |
* | The maximum offering price per share for Class A shares was $11.10 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 2025 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $93,720,147) | $ | 98,952,590 | (a) | |
Affiliated issuers (cost $57,157,615) | 56,487,355 | |||
Receivable for investments sold | 624,335 | |||
Affiliated dividends receivable | 106,333 | |||
Receivable for capital stock sold | 75,467 | |||
Receivable due from Adviser | 41,204 | |||
Unaffiliated dividends receivable | 20,764 | |||
|
| |||
Total assets | 156,308,048 | |||
|
| |||
Liabilities | ||||
Payable for investments purchased | 90,981 | |||
Distribution fee payable | 33,291 | |||
Transfer Agent out of pocket fee payable | 15,390 | |||
Legal fee payable | 10,286 | |||
Transfer Agent fee payable | 7,194 | |||
Payable for capital stock redeemed | 6,997 | |||
Directors’ fees payable | 2,003 | |||
Accrued expenses | 371 | |||
|
| |||
Total liabilities | 166,513 | |||
|
| |||
Net Assets | $ | 156,141,535 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 1,469 | ||
Additional paid-in capital | 149,535,639 | |||
Distributable earnings | 6,604,427 | |||
|
| |||
$ | 156,141,535 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 4,288,834 | 394,629 | $ | 10.87 | * | ||||||
| ||||||||||||
C | $ | 530,480 | 48,958 | $ | 10.84 | |||||||
| ||||||||||||
Advisor | $ | 4,050,778 | 372,389 | $ | 10.88 | |||||||
| ||||||||||||
R | $ | 8,503,480 | 807,140 | $ | 10.54 | |||||||
| ||||||||||||
K | $ | 131,180,445 | 12,345,195 | $ | 10.63 | |||||||
| ||||||||||||
I | $ | 1,621,348 | 152,483 | $ | 10.63 | |||||||
| ||||||||||||
Z | $ | 5,966,170 | 564,411 | $ | 10.57 | |||||||
|
(a) | Includes securities on loan with a value of $10,806,946 (see Note E). |
* | The maximum offering price per share for Class A shares was $11.35 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 2030 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $91,731,013) | $ | 96,999,763 | (a) | |
Affiliated issuers (cost $40,885,181) | 40,201,993 | |||
Receivable for investments sold | 650,000 | |||
Receivable for capital stock sold | 202,820 | |||
Affiliated dividends receivable | 84,972 | |||
Receivable due from Adviser | 23,725 | |||
Unaffiliated dividends receivable | 12,910 | |||
|
| |||
Total assets | 138,176,183 | |||
|
| |||
Liabilities | ||||
Due to custodian | 189,058 | |||
Payable for investments purchased | 72,924 | |||
Payable for capital stock redeemed | 29,814 | |||
Distribution fee payable | 28,781 | |||
Transfer Agent out of pocket fee payable | 21,884 | |||
Transfer Agent fee payable | 6,289 | |||
Directors’ fees payable | 2,003 | |||
Accrued expenses | 11,584 | |||
|
| |||
Total liabilities | 362,337 | |||
|
| |||
Net Assets | $ | 137,813,846 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 1,263 | ||
Additional paid-in capital | 131,779,705 | |||
Distributable earnings | 6,032,878 | |||
|
| |||
$ | 137,813,846 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 6,508,689 | 584,121 | $ | 11.14 | * | ||||||
| ||||||||||||
C | $ | 1,455,983 | 131,913 | $ | 11.04 | |||||||
| ||||||||||||
Advisor | $ | 4,029,434 | 361,315 | $ | 11.15 | |||||||
| ||||||||||||
R | $ | 3,251,680 | 299,974 | $ | 10.84 | |||||||
| ||||||||||||
K | $ | 113,673,683 | 10,438,080 | $ | 10.89 | |||||||
| ||||||||||||
I | $ | 1,427,589 | 130,902 | $ | 10.91 | |||||||
| ||||||||||||
Z | $ | 7,466,788 | 687,823 | $ | 10.86 | |||||||
|
(a) | Includes securities on loan with a value of $4,484,847 (see Note E). |
* | The maximum offering price per share for Class A shares was $11.63 which reflects a sales charge of 4.25%. |
See notes to financial statements.
96 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF ASSETS & LIABILITIES(continued)
AB Multi-Manager Select 2035 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $89,448,002) | $ | 95,806,307 | (a) | |
Affiliated issuers (cost $40,411,856) | 40,021,849 | |||
Receivable for capital stock sold | 102,941 | |||
Affiliated dividends receivable | 81,526 | |||
Receivable due from Adviser | 29,578 | |||
Unaffiliated dividends receivable | 1,188 | |||
|
| |||
Total assets | 136,043,389 | |||
|
| |||
Liabilities | ||||
Payable for investments purchased | 69,887 | |||
Payable for capital stock redeemed | 51,655 | |||
Distribution fee payable | 29,403 | |||
Transfer Agent out of pocket fee payable | 24,705 | |||
Legal fee payable | 10,329 | |||
Transfer Agent fee payable | 6,426 | |||
Directors’ fees payable | 2,003 | |||
Accrued expenses | 6,626 | |||
|
| |||
Total liabilities | 201,034 | |||
|
| |||
Net Assets | $ | 135,842,355 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 1,213 | ||
Additional paid-in capital | 127,540,650 | |||
Distributable earnings | 8,300,492 | |||
|
| |||
$ | 135,842,355 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 5,543,917 | 483,494 | $ | 11.47 | * | ||||||
| ||||||||||||
C | $ | 1,209,902 | 106,600 | $ | 11.35 | |||||||
| ||||||||||||
Advisor | $ | 4,054,626 | 352,408 | $ | 11.51 | |||||||
| ||||||||||||
R | $ | 3,595,609 | 323,804 | $ | 11.10 | |||||||
| ||||||||||||
K | $ | 115,501,911 | 10,329,516 | $ | 11.18 | |||||||
| ||||||||||||
I | $ | 1,486,378 | 131,367 | $ | 11.31 | |||||||
| ||||||||||||
Z | $ | 4,450,012 | 399,490 | $ | 11.14 | |||||||
|
(a) | Includes securities on loan with a value of $9,509,650 (see Note E). |
* | The maximum offering price per share for Class A shares was $11.98 which reflects a sales charge of 4.25%. |
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 97 |
STATEMENT OF ASSETS & LIABILITIES(continued)
AB Multi-Manager Select 2040 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $59,960,284) | $ | 64,613,986 | (a) | |
Affiliated issuers (cost $21,468,783—including investment of cash collateral for securities loaned of $112,575) | 21,038,418 | |||
Receivable for capital stock sold | 60,674 | |||
Receivable due from Adviser | 24,662 | |||
Affiliated dividends receivable | 24,048 | |||
Unaffiliated dividends receivable | 542 | |||
|
| |||
Total assets | 85,762,330 | |||
|
| |||
Liabilities | ||||
Payable for capital stock redeemed | 328,334 | |||
Payable for collateral received on securities loaned | 112,575 | |||
Payable for investments purchased | 20,491 | |||
Distribution fee payable | 18,117 | |||
Transfer Agent fee payable | 4,053 | |||
Directors’ fees payable | 1,897 | |||
Accrued expenses | 25,780 | |||
|
| |||
Total liabilities | 511,247 | |||
|
| |||
Net Assets | $ | 85,251,083 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 767 | ||
Additional paid-in capital | 79,348,732 | |||
Distributable earnings | 5,901,584 | |||
|
| |||
$ | 85,251,083 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 3,641,346 | 319,550 | $ | 11.40 | * | ||||||
| ||||||||||||
C | $ | 787,570 | 69,947 | $ | 11.26 | |||||||
| ||||||||||||
Advisor | $ | 2,211,049 | 193,343 | $ | 11.44 | |||||||
| ||||||||||||
R | $ | 2,475,799 | 224,388 | $ | 11.03 | |||||||
| ||||||||||||
K | $ | 70,539,586 | 6,357,241 | $ | 11.10 | |||||||
| ||||||||||||
I | $ | 877,134 | 78,732 | $ | 11.14 | |||||||
| ||||||||||||
Z | $ | 4,718,599 | 427,122 | $ | 11.05 | |||||||
|
(a) | Includes securities on loan with a value of $13,635,137 (see Note E). |
* | The maximum offering price per share for Class A shares was $11.91 which reflects a sales charge of 4.25%. |
See notes to financial statements.
98 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF ASSETS & LIABILITIES(continued)
AB Multi-Manager Select 2045 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $58,053,888) | $ | 63,034,551 | (a) | |
Affiliated issuers (cost $16,529,863) | 16,161,891 | |||
Receivable for capital stock sold | 43,077 | |||
Receivable due from Adviser | 22,259 | |||
Affiliated dividends receivable | 1,123 | |||
Unaffiliated dividends receivable | 271 | |||
Other assets | 21,654 | |||
|
| |||
Total assets | 79,284,826 | |||
|
| |||
Liabilities | ||||
Distribution fee payable | 16,876 | |||
Payable for capital stock redeemed | 15,536 | |||
Transfer Agent out of pocket fee payable | 15,422 | |||
Legal fee payable | 10,435 | |||
Audit and tax fee payable | 7,512 | |||
Custody fee payable | 6,073 | |||
Printing fee payable | 4,575 | |||
Transfer Agent fee payable | 3,612 | |||
Directors’ fees payable | 1,897 | |||
Payable for investments purchased | 865 | |||
Accrued expenses | 3,852 | |||
|
| |||
Total liabilities | 86,655 | |||
|
| |||
Net Assets | $ | 79,198,171 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 696 | ||
Additional paid-in capital | 73,393,486 | |||
Distributable earnings | 5,803,989 | |||
|
| |||
$ | 79,198,171 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 2,487,626 | 212,359 | $ | 11.71 | * | ||||||
| ||||||||||||
C | $ | 226,271 | 19,331 | $ | 11.71 | |||||||
| ||||||||||||
Advisor | $ | 2,440,077 | 206,853 | $ | 11.80 | |||||||
| ||||||||||||
R | $ | 904,388 | 79,914 | $ | 11.32 | |||||||
| ||||||||||||
K | $ | 68,697,613 | 6,050,106 | $ | 11.35 | |||||||
| ||||||||||||
I | $ | 461,755 | 40,347 | $ | 11.44 | |||||||
| ||||||||||||
Z | $ | 3,980,441 | 352,209 | $ | 11.30 | |||||||
|
(a) | Includes securities on loan with a value of $14,098,049 (see Note E). |
* | The maximum offering price per share for Class A shares was $12.23 which reflects a sales charge of 4.25%. |
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 99 |
STATEMENT OF ASSETS & LIABILITIES(continued)
AB Multi-Manager Select 2050 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $26,148,887) | $ | 28,340,194 | (a) | |
Affiliated issuers (cost $7,456,273) | 7,250,561 | |||
Receivable for capital stock sold | 34,326 | |||
Receivable due from Adviser | 23,626 | |||
Affiliated dividends receivable | 485 | |||
Unaffiliated dividends receivable | 80 | |||
|
| |||
Total assets | 35,649,272 | |||
|
| |||
Liabilities | ||||
Payable for capital stock redeemed | 166,823 | |||
Distribution fee payable | 7,472 | |||
Directors’ fees payable | 1,626 | |||
Transfer Agent fee payable | 1,615 | |||
Payable for investments purchased | 389 | |||
Accrued expenses | 17,050 | |||
|
| |||
Total liabilities | 194,975 | |||
|
| |||
Net Assets | $ | 35,454,297 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 306 | ||
Additional paid-in capital | 32,845,818 | |||
Distributable earnings | 2,608,173 | |||
|
| |||
$ | 35,454,297 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 1,528,123 | 124,752 | $ | 12.25 | * | ||||||
| ||||||||||||
C | $ | 89,351 | 7,370 | $ | 12.12 | |||||||
| ||||||||||||
Advisor | $ | 1,189,551 | 96,596 | $ | 12.31 | |||||||
| ||||||||||||
R | $ | 1,002,955 | 87,404 | $ | 11.47 | |||||||
| ||||||||||||
K | $ | 29,092,706 | 2,524,157 | $ | 11.53 | |||||||
| ||||||||||||
I | $ | 412,974 | 35,003 | $ | 11.80 | |||||||
| ||||||||||||
Z | $ | 2,138,637 | 186,038 | $ | 11.50 | |||||||
|
(a) | Includes securities on loan with a value of $6,694,327 (see Note E). |
* | The maximum offering price per share for Class A shares was $12.79 which reflects a sales charge of 4.25%. |
See notes to financial statements.
100 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF ASSETS & LIABILITIES(continued)
AB Multi-Manager Select 2055 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $31,876,107) | $ | 34,570,814 | (a) | |
Affiliated issuers (cost $9,077,300) | 8,863,150 | |||
Receivable for capital stock sold | 52,199 | |||
Receivable due from Adviser | 23,474 | |||
Affiliated dividends receivable | 785 | |||
Unaffiliated dividends receivable | 15 | |||
|
| |||
Total assets | 43,510,437 | |||
|
| |||
Liabilities | ||||
Payable for capital stock redeemed | 108,481 | |||
Distribution fee payable | 9,549 | |||
Legal fee payable | 9,221 | |||
Transfer Agent out of pocket fee payable | 8,021 | |||
Transfer Agent fee payable | 2,713 | |||
Directors’ fees payable | 1,995 | |||
Payable for investments purchased | 473 | |||
Accrued expenses | 3,240 | |||
|
| |||
Total liabilities | 143,693 | |||
|
| |||
Net Assets | $ | 43,366,744 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 374 | ||
Additional paid-in capital | 40,237,089 | |||
Distributable earnings | 3,129,281 | |||
|
| |||
$ | 43,366,744 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 1,796,533 | 148,336 | $ | 12.11 | * | ||||||
| ||||||||||||
C | $ | 109,406 | 9,111 | $ | 12.01 | |||||||
| ||||||||||||
Advisor | $ | 1,045,693 | 84,998 | $ | 12.30 | |||||||
| ||||||||||||
R | $ | 712,463 | 61,986 | $ | 11.49 | |||||||
| ||||||||||||
K | $ | 37,632,878 | 3,256,695 | $ | 11.56 | |||||||
| ||||||||||||
I | $ | 326,590 | 27,906 | $ | 11.70 | |||||||
| ||||||||||||
Z | $ | 1,743,181 | 151,176 | $ | 11.53 | |||||||
|
(a) | Includes securities on loan with a value of $1,478,542 (see Note E). |
* | The maximum offering price per share for Class A shares was $12.65 which reflects a sales charge of 4.25%. |
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 101 |
STATEMENT OF ASSETS & LIABILITIES(continued)
AB Multi-Manager Select 2060 Fund | ||||
Assets | ||||
Investments in Underlying Portfolios, at value | ||||
Unaffiliated issuers (cost $950,404) | $ | 969,860 | (a) | |
Affiliated issuers (cost $255,463) | 252,875 | |||
Deferred offering expense | 485 | |||
Affiliated dividends receivable | 19 | |||
Unaffiliated dividends receivable | 5 | |||
|
| |||
Total assets | 1,223,244 | |||
|
| |||
Liabilities | ||||
Advisory fee payable | 9,377 | |||
Audit and tax fee payable | 7,512 | |||
Legal fee payable | 6,947 | |||
Printing fee payable | 2,433 | |||
Directors’ fees payable | 2,170 | |||
Distribution fee payable | 185 | |||
Transfer Agent fee payable | 121 | |||
Payable for investments purchased | 13 | |||
Accrued expenses | 3,735 | |||
|
| |||
Total liabilities | 32,493 | |||
|
| |||
Net Assets | $ | 1,190,751 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 11 | ||
Additional paid-in capital | 1,156,840 | |||
Distributable earnings | 33,900 | |||
|
| |||
$ | 1,190,751 | |||
|
|
Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Shares Outstanding | Net Asset Value | |||||||||
| ||||||||||||
A | $ | 33,635 | 2,972 | $ | 11.32 | * | ||||||
| ||||||||||||
C | $ | 16,376 | 1,451 | $ | 11.29 | |||||||
| ||||||||||||
Advisor | $ | 215,234 | 19,002 | $ | 11.33 | |||||||
| ||||||||||||
R | $ | 26,178 | 2,332.15 | $ | 11.22 | |||||||
| ||||||||||||
K | $ | 537,485 | 47,873 | $ | 11.23 | |||||||
| ||||||||||||
I | $ | 11,275 | 1,002 | $ | 11.25 | |||||||
| ||||||||||||
Z | $ | 350,568 | 31,146 | $ | 11.26 | |||||||
|
(a) | Includes securities on loan with a value of $228,283 (see Note E). |
* | The maximum offering price per share for Class A shares was $11.82 which reflects a sales charge of 4.25%. |
See notes to financial statements.
102 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF OPERATIONS
Six Months Ended January 31, 2020(unaudited)
AB Multi-Manager Select Retirement Allocation Fund | ||||||||
Investment Income | ||||||||
Dividends | ||||||||
Income distributions from unaffiliated Underlying Portfolios | $ | 88,365 | ||||||
Income distributions from affiliated Underlying Portfolios | 82,457 | |||||||
Securities lending income | 174 | $ | 170,996 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 7,426 | |||||||
Distribution fee – Class A | 394 | |||||||
Distribution fee – Class C | 352 | |||||||
Distribution fee – Class R | 796 | |||||||
Distribution fee – Class K | 10,651 | |||||||
Transfer agency – Class A | 2,649 | |||||||
Transfer agency – Class C | 913 | |||||||
Transfer agency – Advisor Class | 4,247 | |||||||
Transfer agency – Class R | 536 | |||||||
Transfer agency – Class K | 8,521 | |||||||
Transfer agency – Class I | 7 | |||||||
Transfer agency – Class Z | 1 | |||||||
Registration fees | 61,554 | |||||||
Custodian | 32,710 | |||||||
Legal | 18,237 | |||||||
Directors’ fees | 11,949 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 2,250 | |||||||
Miscellaneous | 4,556 | |||||||
|
| |||||||
Total expenses | 177,049 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (154,256 | ) | ||||||
|
| |||||||
Net expenses | 22,793 | |||||||
|
| |||||||
Net investment income | 148,203 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 31,114 | |||||||
Unaffiliated Underlying Portfolios | 149,096 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 14,601 | |||||||
Unaffiliated Underlying Portfolios | 2,644 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (47,260 | ) | ||||||
Unaffiliated Underlying Portfolios | 23,550 | |||||||
|
| |||||||
Net gain on investment transactions | 173,745 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 321,948 | ||||||
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 103 |
STATEMENT OF OPERATIONS(continued)
AB Multi-Manager Select 2010 Fund | ||||||||
Investment Income | ||||||||
Dividends | ||||||||
Income distributions from unaffiliated Underlying Portfolios | $ | 167,676 | ||||||
Income distributions from affiliated Underlying Portfolios | 163,766 | |||||||
Securities lending income | 16 | $ | 331,458 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 14,368 | |||||||
Distribution fee – Class A | 873 | |||||||
Distribution fee – Class C | 187 | |||||||
Distribution fee – Class R | 771 | |||||||
Distribution fee – Class K | 20,605 | |||||||
Transfer agency – Class A | 2,163 | |||||||
Transfer agency – Class C | 165 | |||||||
Transfer agency – Advisor Class | 3,836 | |||||||
Transfer agency – Class R | 519 | |||||||
Transfer agency – Class K | 16,484 | |||||||
Transfer agency – Class I | 16 | |||||||
Transfer agency – Class Z | 25 | |||||||
Registration fees | 61,592 | |||||||
Custodian | 32,602 | |||||||
Legal | 18,267 | |||||||
Directors’ fees | 11,949 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 1,616 | |||||||
Miscellaneous | 4,614 | |||||||
|
| |||||||
Total expenses | 199,952 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (161,480 | ) | ||||||
|
| |||||||
Net expenses | 38,472 | |||||||
|
| |||||||
Net investment income | 292,986 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 43,383 | |||||||
Unaffiliated Underlying Portfolios | 322,883 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 39,241 | |||||||
Unaffiliated Underlying Portfolios | 6,802 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (26,498 | ) | ||||||
Unaffiliated Underlying Portfolios | 43,982 | |||||||
|
| |||||||
Net gain on investment transactions | 429,793 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 722,779 | ||||||
|
|
See notes to financial statements.
104 | 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 | $ | 405,800 | ||||||
Income distributions from affiliated Underlying Portfolios | 401,578 | |||||||
Securities lending income | 105 | $ | 807,483 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 35,030 | |||||||
Distribution fee – Class A | 1,495 | |||||||
Distribution fee – Class C | 1,718 | |||||||
Distribution fee – Class R | 713 | |||||||
Distribution fee – Class K | 44,832 | |||||||
Transfer agency – Class A | 649 | |||||||
Transfer agency – Class C | 268 | |||||||
Transfer agency – Advisor Class | 1,918 | |||||||
Transfer agency – Class R | 476 | |||||||
Transfer agency – Class K | 35,865 | |||||||
Transfer agency – Class I | 2,874 | |||||||
Transfer agency – Class Z | 31 | |||||||
Registration fees | 60,522 | |||||||
Custodian | 33,223 | |||||||
Legal | 18,273 | |||||||
Directors’ fees | 11,949 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 2,350 | |||||||
Miscellaneous | 4,979 | |||||||
|
| |||||||
Total expenses | 266,465 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (187,919 | ) | ||||||
|
| |||||||
Net expenses | 78,546 | |||||||
|
| |||||||
Net investment income | 728,937 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 103,032 | |||||||
Unaffiliated Underlying Portfolios | 879,391 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 94,969 | |||||||
Unaffiliated Underlying Portfolios | 16,047 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (125,146 | ) | ||||||
Unaffiliated Underlying Portfolios | 129,820 | |||||||
|
| |||||||
Net gain on investment transactions | 1,098,113 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 1,827,050 | ||||||
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 105 |
STATEMENT OF OPERATIONS(continued)
AB Multi-Manager Select 2020 Fund | ||||||||
Investment Income | ||||||||
Dividends | ||||||||
Income distributions from unaffiliated Underlying Portfolios | $ | 939,673 | ||||||
Income distributions from affiliated Underlying Portfolios | 903,148 | |||||||
Securities lending income | 473 | $ | 1,843,294 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 79,123 | |||||||
Distribution fee – Class A | 5,299 | |||||||
Distribution fee – Class C | 3,434 | |||||||
Distribution fee – Class R | �� | 11,514 | ||||||
Distribution fee – Class K | 110,113 | |||||||
Transfer agency – Class A | 2,482 | |||||||
Transfer agency – Class C | 618 | |||||||
Transfer agency – Advisor Class | 2,135 | |||||||
Transfer agency – Class R | 7,765 | |||||||
Transfer agency – Class K | 88,091 | |||||||
Transfer agency – Class I | 103 | |||||||
Transfer agency – Class Z | 229 | |||||||
Registration fees | 56,409 | |||||||
Custodian | 34,266 | |||||||
Legal | 17,538 | |||||||
Directors’ fees | 11,949 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 4,316 | |||||||
Miscellaneous | 5,635 | |||||||
|
| |||||||
Total expenses | 450,319 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (249,349 | ) | ||||||
|
| |||||||
Net expenses | 200,970 | |||||||
|
| |||||||
Net investment income | 1,642,324 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 241,894 | |||||||
Unaffiliated Underlying Portfolios | 1,852,714 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 284,170 | |||||||
Unaffiliated Underlying Portfolios | 47,358 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (388,799 | ) | ||||||
Unaffiliated Underlying Portfolios | 556,973 | |||||||
|
| |||||||
Net gain on investment transactions | 2,594,310 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 4,236,634 | ||||||
|
|
See notes to financial statements.
106 | 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 | $ | 1,470,374 | ||||||
Income distributions from affiliated Underlying Portfolios | 1,326,107 | |||||||
Securities lending income | 825 | $ | 2,797,306 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 119,029 | |||||||
Distribution fee – Class A | 5,747 | |||||||
Distribution fee – Class C | 2,139 | |||||||
Distribution fee – Class R | 16,352 | |||||||
Distribution fee – Class K | 166,183 | |||||||
Transfer agency – Class A | 2,650 | |||||||
Transfer agency – Class C | 382 | |||||||
Transfer agency – Advisor Class | 3,527 | |||||||
Transfer agency – Class R | 11,032 | |||||||
Transfer agency – Class K | 132,947 | |||||||
Transfer agency – Class I | 938 | |||||||
Transfer agency – Class Z | 439 | |||||||
Registration fees | 66,044 | |||||||
Custodian | 35,298 | |||||||
Legal | 17,550 | |||||||
Directors’ fees | 11,949 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 5,354 | |||||||
Miscellaneous | 5,749 | |||||||
|
| |||||||
Total expenses | 612,609 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (324,258 | ) | ||||||
|
| |||||||
Net expenses | 288,351 | |||||||
|
| |||||||
Net investment income | 2,508,955 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 455,594 | |||||||
Unaffiliated Underlying Portfolios | 2,122,165 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 632,494 | |||||||
Unaffiliated Underlying Portfolios | 102,233 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (554,897 | ) | ||||||
Unaffiliated Underlying Portfolios | 1,777,288 | |||||||
|
| |||||||
Net gain on investment transactions | 4,534,877 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 7,043,832 | ||||||
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 107 |
STATEMENT OF OPERATIONS(continued)
AB Multi-Manager Select 2030 Fund | ||||||||
Investment Income | ||||||||
Dividends | ||||||||
Income distributions from unaffiliated Underlying Portfolios | $ | 1,412,509 | ||||||
Income distributions from affiliated Underlying Portfolios | 1,056,533 | |||||||
Securities lending income | 1,719 | $ | 2,470,761 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 106,927 | |||||||
Distribution fee – Class A | 9,257 | |||||||
Distribution fee – Class C | 5,785 | |||||||
Distribution fee – Class R | 6,120 | |||||||
Distribution fee – Class K | 145,034 | |||||||
Transfer agency – Class A | 3,700 | |||||||
Transfer agency – Class C | 876 | |||||||
Transfer agency – Advisor Class | 3,615 | |||||||
Transfer agency – Class R | 4,143 | |||||||
Transfer agency – Class K | 113,936 | |||||||
Transfer agency – Class I | 828 | |||||||
Transfer agency – Class Z | 555 | |||||||
Registration fees | 54,424 | |||||||
Custodian | 35,204 | |||||||
Legal | 17,547 | |||||||
Directors’ fees | 11,949 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 6,651 | |||||||
Miscellaneous | 6,017 | |||||||
|
| |||||||
Total expenses | 541,868 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (280,289 | ) | ||||||
|
| |||||||
Net expenses | 261,579 | |||||||
|
| |||||||
Net investment income | 2,209,182 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 171,939 | |||||||
Unaffiliated Underlying Portfolios | 2,040,457 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 636,833 | |||||||
Unaffiliated Underlying Portfolios | 176,677 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (343,662 | ) | ||||||
Unaffiliated Underlying Portfolios | 1,814,081 | |||||||
|
| |||||||
Net gain on investment transactions | 4,496,325 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 6,705,507 | ||||||
|
|
See notes to financial statements.
108 | 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 | $ | 1,464,499 | ||||||
Income distributions from affiliated Underlying Portfolios | 948,303 | |||||||
Securities lending income | 1,964 | $ | 2,414,766 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 104,351 | |||||||
Distribution fee – Class A | 7,149 | |||||||
Distribution fee – Class C | 4,765 | |||||||
Distribution fee – Class R | 6,814 | |||||||
Distribution fee – Class K | 147,841 | |||||||
Transfer agency – Class A | 3,852 | |||||||
Transfer agency – Class C | 983 | |||||||
Transfer agency – Advisor Class | 3,654 | |||||||
Transfer agency – Class R | 4,612 | |||||||
Transfer agency – Class K | 118,273 | |||||||
Transfer agency – Class I | 880 | |||||||
Transfer agency – Class Z | 324 | |||||||
Registration fees | 58,788 | |||||||
Custodian | 35,278 | |||||||
Legal | 17,551 | |||||||
Directors’ fees | 11,949 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 6,107 | |||||||
Miscellaneous | 5,735 | |||||||
|
| |||||||
Total expenses | 548,206 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (286,233 | ) | ||||||
|
| |||||||
Net expenses | 261,973 | |||||||
|
| |||||||
Net investment income | 2,152,793 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 147,083 | |||||||
Unaffiliated Underlying Portfolios | 2,141,547 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 715,604 | |||||||
Unaffiliated Underlying Portfolios | 259,905 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (450,881 | ) | ||||||
Unaffiliated Underlying Portfolios | 2,217,622 | |||||||
|
| |||||||
Net gain on investment transactions | 5,030,880 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 7,183,673 | ||||||
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 109 |
STATEMENT OF OPERATIONS(continued)
AB Multi-Manager Select 2040 Fund | ||||||||
Investment Income | ||||||||
Dividends | ||||||||
Income distributions from unaffiliated Underlying Portfolios | $ | 983,163 | ||||||
Income distributions from affiliated Underlying Portfolios | 429,946 | |||||||
Securities lending income | 1,145 | $ | 1,414,254 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 66,120 | |||||||
Distribution fee – Class A | 4,741 | |||||||
Distribution fee – Class C | 3,104 | |||||||
Distribution fee – Class R | 5,114 | |||||||
Distribution fee – Class K | 90,225 | |||||||
Transfer agency – Class A | 3,334 | |||||||
Transfer agency – Class C | 826 | |||||||
Transfer agency – Advisor Class | 3,232 | |||||||
Transfer agency – Class R | 3,444 | |||||||
Transfer agency – Class K | 72,180 | |||||||
Transfer agency – Class I | 464 | |||||||
Transfer agency – Class Z | 402 | |||||||
Registration fees | 55,246 | |||||||
Custodian | 34,364 | |||||||
Legal | 17,540 | |||||||
Directors’ fees | 11,843 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 5,703 | |||||||
Miscellaneous | 5,022 | |||||||
|
| |||||||
Total expenses | 392,204 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (224,275 | ) | ||||||
|
| |||||||
Net expenses | 167,929 | |||||||
|
| |||||||
Net investment income | 1,246,325 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 125,181 | |||||||
Unaffiliated Underlying Portfolios | 1,177,256 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 529,828 | |||||||
Unaffiliated Underlying Portfolios | 201,205 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (409,343 | ) | ||||||
Unaffiliated Underlying Portfolios | 1,815,739 | |||||||
|
| |||||||
Net gain on investment transactions | 3,439,866 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 4,686,191 | ||||||
|
|
See notes to financial statements.
110 | 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 | $ | 923,514 | ||||||
Income distributions from affiliated Underlying Portfolios | 309,983 | |||||||
Securities lending income | 1,384 | $ | 1,234,881 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 59,421 | |||||||
Distribution fee – Class A | 3,178 | |||||||
Distribution fee – Class C | 762 | |||||||
Distribution fee – Class R | 1,629 | |||||||
Distribution fee – Class K | 85,019 | |||||||
Transfer agency – Class A | 2,605 | |||||||
Transfer agency – Class C | 256 | |||||||
Transfer agency – Advisor Class | 4,261 | |||||||
Transfer agency – Class R | 1,118 | |||||||
Transfer agency – Class K | 68,015 | |||||||
Transfer agency – Class I | 272 | |||||||
Transfer agency – Class Z | 297 | |||||||
Registration fees | 54,875 | |||||||
Custodian | 34,094 | |||||||
Legal | 17,532 | |||||||
Directors’ fees | 11,843 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 4,736 | |||||||
Miscellaneous | 5,177 | |||||||
|
| |||||||
Total expenses | 364,390 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (211,385 | ) | ||||||
|
| |||||||
Net expenses | 153,005 | |||||||
|
| |||||||
Net investment income | 1,081,876 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 64,614 | |||||||
Unaffiliated Underlying Portfolios | 1,137,333 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 486,512 | |||||||
Unaffiliated Underlying Portfolios | 280,793 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (354,973 | ) | ||||||
Unaffiliated Underlying Portfolios | 1,792,507 | |||||||
|
| |||||||
Net gain on investment transactions | 3,406,786 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 4,488,662 | ||||||
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 111 |
STATEMENT OF OPERATIONS(continued)
AB Multi-Manager Select 2050 Fund | ||||||||
Investment Income | ||||||||
Dividends | ||||||||
Income distributions from unaffiliated Underlying Portfolios | $ | 417,073 | ||||||
Income distributions from affiliated Underlying Portfolios | 140,988 | |||||||
Securities lending income | 538 | $ | 558,599 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 27,546 | |||||||
Distribution fee – Class A | 1,876 | |||||||
Distribution fee – Class C | 294 | |||||||
Distribution fee – Class R | 2,088 | |||||||
Distribution fee – Class K | 36,542 | |||||||
Transfer agency – Class A | 2,027 | |||||||
Transfer agency – Class C | 138 | |||||||
Transfer agency – Advisor Class | 3,440 | |||||||
Transfer agency – Class R | 1,422 | |||||||
Transfer agency – Class K | 27,867 | |||||||
Transfer agency – Class I | 253 | |||||||
Transfer agency – Class Z | 165 | |||||||
Registration fees | 57,279 | |||||||
Custodian | 33,285 | |||||||
Legal | 18,271 | |||||||
Directors’ fees | 11,572 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 3,058 | |||||||
Miscellaneous | 4,869 | |||||||
|
| |||||||
Total expenses | 241,292 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (173,291 | ) | ||||||
|
| |||||||
Net expenses | 68,001 | |||||||
|
| |||||||
Net investment income | 490,598 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 48,164 | |||||||
Unaffiliated Underlying Portfolios | 564,750 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 220,850 | |||||||
Unaffiliated Underlying Portfolios | 152,931 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (166,841 | ) | ||||||
Unaffiliated Underlying Portfolios | 833,826 | |||||||
|
| |||||||
Net gain on investment transactions | 1,653,680 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 2,144,278 | ||||||
|
|
See notes to financial statements.
112 | 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 | $ | 503,245 | ||||||
Income distributions from affiliated Underlying Portfolios | 172,190 | |||||||
Securities lending income | 683 | $ | 676,118 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 32,964 | |||||||
Distribution fee – Class A | 2,187 | |||||||
Distribution fee – Class C | 340 | |||||||
Distribution fee – Class R | 1,438 | |||||||
Distribution fee – Class K | 47,185 | |||||||
Transfer agency – Class A | 2,957 | |||||||
Transfer agency – Class C | 195 | |||||||
Transfer agency – Advisor Class | 3,275 | |||||||
Transfer agency – Class R | 987 | |||||||
Transfer agency – Class K | 33,108 | |||||||
Transfer agency – Class I | 187 | |||||||
Transfer agency – Class Z | 119 | |||||||
Registration fees | 58,511 | |||||||
Custodian | 33,265 | |||||||
Legal | 18,300 | |||||||
Directors’ fees | 11,941 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 6,853 | |||||||
Miscellaneous | 4,600 | |||||||
|
| |||||||
Total expenses | 267,712 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (184,042 | ) | ||||||
|
| |||||||
Net expenses | 83,670 | |||||||
|
| |||||||
Net investment income | 592,448 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 40,539 | |||||||
Unaffiliated Underlying Portfolios | 588,275 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 268,272 | |||||||
Unaffiliated Underlying Portfolios | 188,172 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (196,585 | ) | ||||||
Unaffiliated Underlying Portfolios | 1,087,421 | |||||||
|
| |||||||
Net gain on investment transactions | 1,976,094 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 2,568,542 | ||||||
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 113 |
STATEMENT OF OPERATIONS(continued)
AB Multi-Manager Select 2060 Fund | ||||||||
Investment Income | ||||||||
Dividends | ||||||||
Income distributions from unaffiliated Underlying Portfolios | $ | 7,491 | ||||||
Income distributions from affiliated Underlying Portfolios | 3,009 | |||||||
Securities lending income | 4 | $ | 10,504 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 506 | |||||||
Distribution fee – Class A | 40 | |||||||
Distribution fee – Class C | 53 | |||||||
Distribution fee – Class R | 41 | |||||||
Distribution fee – Class K | 175 | |||||||
Transfer agency – Class A | 151 | |||||||
Transfer agency – Class C | 75 | |||||||
Transfer agency – Advisor Class | 998 | |||||||
Amortization of offering expenses | 86,879 | |||||||
Registration fees | 48,416 | |||||||
Custodian | 32,656 | |||||||
Legal | 18,124 | |||||||
Directors’ fees | 11,956 | |||||||
Audit and tax | 9,300 | |||||||
Printing | 2,178 | |||||||
Miscellaneous | 4,058 | |||||||
|
| |||||||
Total expenses | 215,606 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Note B) | (214,844 | ) | ||||||
|
| |||||||
Net expenses | 762 | |||||||
|
| |||||||
Net investment income | 9,742 | |||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on: | ||||||||
Affiliated Underlying Portfolios | 934 | |||||||
Unaffiliated Underlying Portfolios | 10,804 | |||||||
Net realized gain distributions from: | ||||||||
Affiliated Underlying Portfolios | 4,458 | |||||||
Unaffiliated Underlying Portfolios | 3,067 | |||||||
Net change in unrealized appreciation/depreciation in: | ||||||||
Affiliated Underlying Portfolios | (5,610 | ) | ||||||
Unaffiliated Underlying Portfolios | 7,452 | |||||||
|
| |||||||
Net gain on investment transactions | 21,105 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 30,847 | ||||||
|
|
See notes to financial statements.
114 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF CHANGES IN NET ASSETS
AB Multi-Manager Select Retirement Allocation Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 148,203 | $ | 259,667 | ||||
Net realized gain on Underlying Portfolios | 180,210 | 5,891 | ||||||
Net realized gain distributions from Underlying Portfolios | 17,245 | 33,301 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | (23,710 | ) | 160,096 | |||||
|
|
|
| |||||
Net increase in net assets from operations | 321,948 | 458,955 | ||||||
Distributions to Shareholders | ||||||||
Class A | (7,705 | ) | (13,892 | ) | ||||
Class C | (2,835 | ) | (3,558 | ) | ||||
Advisor Class | (10,007 | ) | (23,186 | ) | ||||
Class R | (19,368 | ) | (19,635 | ) | ||||
Class K | (392,295 | ) | (539,149 | ) | ||||
Class I | (614 | ) | (617 | ) | ||||
Class Z | (673 | ) | (16,519 | ) | ||||
Capital Stock Transactions | ||||||||
Net decrease | (1,913,871 | ) | (2,098,524 | ) | ||||
|
|
|
| |||||
Total decrease | (2,025,420 | ) | (2,256,125 | ) | ||||
Net Assets | ||||||||
Beginning of period | 10,887,509 | 13,143,634 | ||||||
|
|
|
| |||||
End of period | $ | 8,862,089 | $ | 10,887,509 | ||||
|
|
|
|
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 2010 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase in Net Assets from Operations | ||||||||
Net investment income | $ | 292,986 | $ | 381,595 | ||||
Net realized gain on Underlying Portfolios | 366,266 | 74,917 | ||||||
Net realized gain distributions from Underlying Portfolios | 46,043 | 61,556 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 17,484 | 137,991 | ||||||
|
|
|
| |||||
Net increase in net assets from operations | 722,779 | 656,059 | ||||||
Distributions to Shareholders | ||||||||
Class A | (23,440 | ) | (18,944 | ) | ||||
Class C | (777 | ) | (1,772 | ) | ||||
Advisor Class | (31,135 | ) | (71,554 | ) | ||||
Class R | (14,983 | ) | (18,725 | ) | ||||
Class K | (644,501 | ) | (823,756 | ) | ||||
Class I | (550 | ) | (3,785 | ) | ||||
Class Z | (16,390 | ) | (659 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 273,683 | 430,943 | ||||||
|
|
|
| |||||
Total increase | 264,686 | 147,807 | ||||||
Net Assets | ||||||||
Beginning of period | 18,514,002 | 18,366,195 | ||||||
|
|
|
| |||||
End of period | $ | 18,778,688 | $ | 18,514,002 | ||||
|
|
|
|
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 2015 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 728,937 | $ | 1,022,200 | ||||
Net realized gain on Underlying Portfolios | 982,423 | 355,446 | ||||||
Net realized gain distributions from Underlying Portfolios | 111,016 | 228,744 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 4,674 | (131,184 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 1,827,050 | 1,475,206 | ||||||
Distributions to Shareholders | ||||||||
Class A | (48,803 | ) | (74,508 | ) | ||||
Class C | (10,301 | ) | (30,225 | ) | ||||
Advisor Class | (83,619 | ) | (277,429 | ) | ||||
Class R | (17,629 | ) | (16,919 | ) | ||||
Class K | (1,482,989 | ) | (2,243,216 | ) | ||||
Class I | (216,319 | ) | (295,355 | ) | ||||
Class Z | (23,705 | ) | (905 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase (decrease) | (4,340,302 | ) | 4,336,937 | |||||
|
|
|
| |||||
Total increase (decrease) | (4,396,617 | ) | 2,873,586 | |||||
Net Assets | ||||||||
Beginning of period | 46,700,053 | 43,826,467 | ||||||
|
|
|
| |||||
End of period | $ | 42,303,436 | $ | 46,700,053 | ||||
|
|
|
|
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 2020 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 1,642,324 | $ | 2,188,041 | ||||
Net realized gain on Underlying Portfolios | 2,094,608 | 686,490 | ||||||
Net realized gain distributions from Underlying Portfolios | 331,528 | 676,610 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 168,174 | (369,286 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 4,236,634 | 3,181,855 | ||||||
Distributions to Shareholders | ||||||||
Class A | (183,243 | ) | (320,758 | ) | ||||
Class C | (35,660 | ) | (81,254 | ) | ||||
Advisor Class | (86,629 | ) | (305,786 | ) | ||||
Class R | (269,382 | ) | (375,808 | ) | ||||
Class K | (4,090,827 | ) | (6,395,585 | ) | ||||
Class I | (8,484 | ) | (13,871 | ) | ||||
Class Z | (168,474 | ) | (50,867 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 1,057,313 | 4,851,481 | ||||||
|
|
|
| |||||
Total increase | 451,248 | 489,407 | ||||||
Net Assets | ||||||||
Beginning of period | 101,914,516 | 101,425,109 | ||||||
|
|
|
| |||||
End of period | $ | 102,365,764 | $ | 101,914,516 | ||||
|
|
|
|
See notes to financial statements.
118 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF CHANGES IN NET ASSETS(continued)
AB Multi-Manager Select 2025 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 2,508,955 | $ | 3,451,389 | ||||
Net realized gain on Underlying Portfolios | 2,577,759 | 2,197,522 | ||||||
Net realized gain distributions from Underlying Portfolios | 734,727 | 1,560,096 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 1,222,391 | (2,895,898 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 7,043,832 | 4,313,109 | ||||||
Distributions to Shareholders | ||||||||
Class A | (218,921 | ) | (389,255 | ) | ||||
Class C | (22,643 | ) | (42,179 | ) | ||||
Advisor Class | (205,240 | ) | (592,431 | ) | ||||
Class R | (408,591 | ) | (770,191 | ) | ||||
Class K | (6,658,745 | ) | (11,038,212 | ) | ||||
Class I | (83,655 | ) | (112,662 | ) | ||||
Class Z | (314,368 | ) | (73,963 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 4,297,130 | 8,747,965 | ||||||
|
|
|
| |||||
Total increase | 3,428,799 | 42,181 | ||||||
Net Assets | ||||||||
Beginning of period | 152,712,736 | 152,670,555 | ||||||
|
|
|
| |||||
End of period | $ | 156,141,535 | $ | 152,712,736 | ||||
|
|
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 119 |
STATEMENT OF CHANGES IN NET ASSETS(continued)
AB Multi-Manager Select 2030 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 2,209,182 | $ | 2,818,462 | ||||
Net realized gain on Underlying Portfolios | 2,212,396 | 1,513,813 | ||||||
Net realized gain distributions from Underlying Portfolios | 813,510 | 1,670,913 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 1,470,419 | (2,872,294 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 6,705,507 | 3,130,894 | ||||||
Distributions to Shareholders | ||||||||
Class A | (336,161 | ) | (447,256 | ) | ||||
Class C | (64,925 | ) | (116,127 | ) | ||||
Advisor Class | (234,435 | ) | (551,741 | ) | ||||
Class R | (154,520 | ) | (260,958 | ) | ||||
Class K | (5,739,310 | ) | (8,418,874 | ) | ||||
Class I | (74,048 | ) | (157,959 | ) | ||||
Class Z | (397,365 | ) | (13,357 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 3,093,938 | 16,755,314 | ||||||
|
|
|
| |||||
Total increase | 2,798,681 | 9,919,936 | ||||||
Net Assets | ||||||||
Beginning of period | 135,015,165 | 125,095,229 | ||||||
|
|
|
| |||||
End of period | $ | 137,813,846 | $ | 135,015,165 | ||||
|
|
|
|
See notes to financial statements.
120 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF CHANGES IN NET ASSETS(continued)
AB Multi-Manager Select 2035 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 2,152,793 | $ | 2,521,894 | ||||
Net realized gain on Underlying Portfolios | 2,288,630 | 1,820,182 | ||||||
Net realized gain distributions from Underlying Portfolios | 975,509 | 1,786,095 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 1,766,741 | (2,580,146 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 7,183,673 | 3,548,025 | ||||||
Distributions to Shareholders | ||||||||
Class A | (277,686 | ) | (420,513 | ) | ||||
Class C | (58,759 | ) | (73,973 | ) | ||||
Advisor Class | (203,320 | ) | (400,035 | ) | ||||
Class R | (172,707 | ) | (250,575 | ) | ||||
Class K | (5,982,658 | ) | (8,708,694 | ) | ||||
Class I | (75,909 | ) | (106,377 | ) | ||||
Class Z | (232,640 | ) | (3,931 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 5,702,480 | 16,192,416 | ||||||
|
|
|
| |||||
Total increase | 5,882,474 | 9,776,343 | ||||||
Net Assets | ||||||||
Beginning of period | 129,959,881 | 120,183,538 | ||||||
|
|
|
| |||||
End of period | $ | 135,842,355 | $ | 129,959,881 | ||||
|
|
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 121 |
STATEMENT OF CHANGES IN NET ASSETS(continued)
AB Multi-Manager Select 2040 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 1,246,325 | $ | 1,426,624 | ||||
Net realized gain on Underlying Portfolios | 1,302,437 | 1,133,633 | ||||||
Net realized gain distributions from Underlying Portfolios | 731,033 | 1,320,648 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 1,406,396 | (1,897,927 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 4,686,191 | 1,982,978 | ||||||
Distributions to Shareholders | ||||||||
Class A | (171,513 | ) | (383,451 | ) | ||||
Class C | (38,083 | ) | (75,024 | ) | ||||
Advisor Class | (105,776 | ) | (361,392 | ) | ||||
Class R | (123,733 | ) | (235,648 | ) | ||||
Class K | (3,523,730 | ) | (6,062,552 | ) | ||||
Class I | (44,177 | ) | (80,254 | ) | ||||
Class Z | (245,194 | ) | (100,593 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase (decrease) | (135,393 | ) | 16,231,088 | |||||
|
|
|
| |||||
Total increase | 298,592 | 10,915,152 | ||||||
Net Assets | ||||||||
Beginning of period | 84,952,491 | 74,037,339 | ||||||
|
|
|
| |||||
End of period | $ | 85,251,083 | $ | 84,952,491 | ||||
|
|
|
|
See notes to financial statements.
122 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF CHANGES IN NET ASSETS(continued)
AB Multi-Manager Select 2045 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 1,081,876 | $ | 1,175,367 | ||||
Net realized gain on Underlying Portfolios | 1,201,947 | 651,687 | ||||||
Net realized gain distributions from Underlying Portfolios | 767,305 | 1,167,174 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 1,437,534 | (1,375,508 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 4,488,662 | 1,618,720 | ||||||
Distributions to Shareholders | ||||||||
Class A | (109,034 | ) | (284,104 | ) | ||||
Class C | (8,541 | ) | (23,143 | ) | ||||
Advisor Class | (106,905 | ) | (355,593 | ) | ||||
Class R | (39,463 | ) | (62,437 | ) | ||||
Class K | (3,189,117 | ) | (5,366,230 | ) | ||||
Class I | (21,509 | ) | (49,632 | ) | ||||
Class Z | (186,489 | ) | (47,179 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 4,594,095 | 12,743,258 | ||||||
|
|
|
| |||||
Total increase | 5,421,699 | 8,173,660 | ||||||
Net Assets | ||||||||
Beginning of period | 73,776,472 | 65,602,812 | ||||||
|
|
|
| |||||
End of period | $ | 79,198,171 | $ | 73,776,472 | ||||
|
|
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 123 |
STATEMENT OF CHANGES IN NET ASSETS(continued)
AB Multi-Manager Select 2050 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 490,598 | $ | 519,467 | ||||
Net realized gain on Underlying Portfolios | 612,914 | 185,216 | ||||||
Net realized gain distributions from Underlying Portfolios | 373,781 | 523,680 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 666,985 | (458,900 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 2,144,278 | 769,463 | ||||||
Distributions to Shareholders | ||||||||
Class A | (62,918 | ) | (92,300 | ) | ||||
Class C | (3,298 | ) | (4,739 | ) | ||||
Advisor Class | (45,786 | ) | (204,347 | ) | ||||
Class R | (47,612 | ) | (73,016 | ) | ||||
Class K | (1,322,925 | ) | (1,892,867 | ) | ||||
Class I | (18,391 | ) | (28,033 | ) | ||||
Class Z | (102,748 | ) | (9,493 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 278,975 | 8,960,120 | ||||||
|
|
|
| |||||
Total increase | 819,575 | 7,424,788 | ||||||
Net Assets | ||||||||
Beginning of period | 34,634,722 | 27,209,934 | ||||||
|
|
|
| |||||
End of period | $ | 35,454,297 | $ | 34,634,722 | ||||
|
|
|
|
See notes to financial statements.
124 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
STATEMENT OF CHANGES IN NET ASSETS(continued)
AB Multi-Manager Select 2055 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income | $ | 592,448 | $ | 606,295 | ||||
Net realized gain on Underlying Portfolios | 628,814 | 107,428 | ||||||
Net realized gain distributions from Underlying Portfolios | 456,444 | 616,372 | ||||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 890,836 | (540,463 | ) | |||||
|
|
|
| |||||
Net increase in net assets from operations | 2,568,542 | 789,632 | ||||||
Distributions to Shareholders | ||||||||
Class A | (68,592 | ) | (121,957 | ) | ||||
Class C | (3,394 | ) | (7,710 | ) | ||||
Advisor Class | (39,610 | ) | (138,726 | ) | ||||
Class R | (31,644 | ) | (41,502 | ) | ||||
Class K | (1,589,055 | ) | (2,466,122 | ) | ||||
Class I | (13,551 | ) | (18,942 | ) | ||||
Class Z | (76,030 | ) | (16,714 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 2,230,718 | 9,400,230 | ||||||
|
|
|
| |||||
Total increase | 2,977,384 | 7,378,189 | ||||||
Net Assets | ||||||||
Beginning of period | 40,389,360 | 33,011,171 | ||||||
|
|
|
| |||||
End of period | $ | 43,366,744 | $ | 40,389,360 | ||||
| �� |
|
|
See notes to financial statements.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 125 |
STATEMENT OF CHANGES IN NET ASSETS(continued)
AB Multi-Manager Select 2060 Fund | ||||||||
Six Months Ended January 31, 2020 (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||
Increase in Net Assets from Operations | ||||||||
Net investment income | $ | 9,742 | $ | 1,714 | ||||
Net realized gain on Underlying Portfolios | 11,738 | 1,590 | ||||||
Net realized gain distributions from Underlying Portfolios | 7,525 | – 0 | – | |||||
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios | 1,842 | 15,026 | ||||||
|
|
|
| |||||
Net increase in net assets from operations | 30,847 | 18,330 | ||||||
Distributions to Shareholders | ||||||||
Class A | (203 | ) | – 0 | – | ||||
Class C | (49 | ) | – 0 | – | ||||
Advisor Class | (1,647 | ) | – 0 | – | ||||
Class R | (314 | ) | – 0 | – | ||||
Class K | (7,454 | ) | – 0 | – | ||||
Class I | (163 | ) | – 0 | – | ||||
Class Z | (5,586 | ) | – 0 | – | ||||
Capital Stock Transactions | ||||||||
Net increase | 817,640 | 339,350 | ||||||
|
|
|
| |||||
Total increase | 833,071 | 357,680 | ||||||
Net Assets | ||||||||
Beginning of period | 357,680 | – 0 | – | |||||
|
|
|
| |||||
End of period | $ | 1,190,751 | $ | 357,680 | ||||
|
|
|
|
(a) | Commencement of operations. |
See notes to financial statements.
126 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS
January 31, 2020(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, AB Multi-Manager Select 2055 Fund and AB Multi-Manager Select 2060 Fund (the “Funds”), each a diversified portfolio. AB Multi-Manager Select 2060 Fund commenced operations on February 1, 2019. 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. As of November 12, 2019, the Funds suspended sales of their shares to direct investors. In the case of sales of certain retirement plans and sales made through retail omnibus platforms, however, the Funds will continue to offer their shares until the planned liquidation and termination of the Funds on or about June 26, 2020 without an initial sales charge or contingent deferred sales change. Prior to November 12, 2019, Class A shares were 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 have been subject to a contingent deferred sales charge of 1%. Prior to November 12, 2019, Class C shares were 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 were sold without an initial or contingent deferred sales charge. Advisor Class, Class I and Class Z shares were sold without an initial or contingent deferred sales charge and were 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
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 127 |
NOTES TO FINANCIAL STATEMENTS(continued)
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 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) |
128 | 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, 2020:
Investments in Underlying Portfolios: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
AB Multi-Manager Select Retirement Allocation Fund | ||||||||||||||||
Investment Companies | $ | 8,831,119 | $ | – 0 | – | $ | – 0 | – | $ | 8,831,119 | ||||||
Short-Term Investments | 17,872 | – 0 | – | – 0 | – | 17,872 | ||||||||||
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 1,079,000 | – 0 | – | – 0 | – | 1,079,000 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 9,927,991 | $ | – 0 | – | $ | – 0 | – | $ | 9,927,991 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2010 Fund | ||||||||||||||||
Investment Companies | $ | 18,738,712 | $ | – 0 | – | $ | – 0 | – | $ | 18,738,712 | ||||||
Short-Term Investments | 27,147 | – 0 | – | – 0 | – | 27,147 | ||||||||||
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 291,525 | – 0 | – | – 0 | – | 291,525 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 19,057,384 | $ | – 0 | – | $ | – 0 | – | $ | 19,057,384 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2015 Fund | ||||||||||||||||
Investment Companies | $ | 42,213,243 | $ | – 0 | – | $ | – 0 | – | $ | 42,213,243 | ||||||
Short-Term Investments | 71,270 | – 0 | – | – 0 | – | 71,270 | ||||||||||
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 152,222 | – 0 | – | – 0 | – | 152,222 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 42,436,735 | $ | – 0 | – | $ | – 0 | – | $ | 42,436,735 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2020 Fund | ||||||||||||||||
Investment Companies | $ | 101,989,072 | $ | – 0 | – | $ | – 0 | – | $ | 101,989,072 | ||||||
Short-Term Investments | 435,948 | – 0 | – | – 0 | – | 435,948 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 102,425,020 | $ | – 0 | – | $ | – 0 | – | $ | 102,425,020 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2025 Fund | ||||||||||||||||
Investment Companies | $ | 155,430,244 | $ | – 0 | – | $ | – 0 | – | $ | 155,430,244 | ||||||
Short-Term Investments | 9,701 | – 0 | – | – 0 | – | 9,701 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 155,439,945 | $ | – 0 | – | $ | – 0 | – | $ | 155,439,945 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2030 Fund | ||||||||||||||||
Investment Companies | $ | 137,201,756 | $ | – 0 | – | $ | – 0 | – | $ | 137,201,756 | ||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 137,201,756 | $ | – 0 | – | $ | – 0 | – | $ | 137,201,756 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2035 Fund | ||||||||||||||||
Investment Companies | $ | 135,620,689 | $ | – 0 | – | $ | – 0 | – | $ | 135,620,689 | ||||||
Short-Term Investments | 207,467 | – 0 | – | – 0 | – | 207,467 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 135,828,156 | $ | – 0 | – | $ | – 0 | – | $ | 135,828,156 | ||||||
|
|
|
|
|
|
|
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 129 |
NOTES TO FINANCIAL STATEMENTS(continued)
Investments in Underlying Portfolios: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
AB Multi-Manager Select 2040 Fund | ||||||||||||||||
Investment Companies | $ | 85,247,644 | $ | – 0 | – | $ | – 0 | – | $ | 85,247,644 | ||||||
Short-Term Investments | 292,185 | – 0 | – | – 0 | – | 292,185 | ||||||||||
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 112,575 | – 0 | – | – 0 | – | 112,575 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 85,652,404 | $ | – 0 | – | $ | – 0 | – | $ | 85,652,404 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2045 Fund | ||||||||||||||||
Investment Companies | $ | 78,919,214 | $ | – 0 | – | $ | – 0 | – | $ | 78,919,214 | ||||||
Short-Term Investments | 277,228 | – 0 | – | – 0 | – | 277,228 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 79,196,442 | $ | – 0 | – | $ | – 0 | – | $ | 79,196,442 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2050 Fund | ||||||||||||||||
Investment Companies | $ | 35,482,875 | $ | – 0 | – | $ | – 0 | – | $ | 35,482,875 | ||||||
Short-Term Investments | 107,880 | – 0 | – | – 0 | – | 107,880 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 35,590,755 | $ | – 0 | – | $ | – 0 | – | $ | 35,590,755 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2055 Fund | ||||||||||||||||
Investment Companies | $ | 43,289,686 | $ | – 0 | – | $ | – 0 | – | $ | 43,289,686 | ||||||
Short-Term Investments | 144,278 | – 0 | – | – 0 | – | 144,278 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 43,433,964 | $ | – 0 | – | $ | – 0 | – | $ | 43,433,964 | ||||||
|
|
|
|
|
|
|
| |||||||||
AB Multi-Manager Select 2060 Fund | ||||||||||||||||
Investment Companies | $ | 1,213,902 | $ | – 0 | – | $ | – 0 | – | $ | 1,213,902 | ||||||
Short-Term Investments | 8,833 | – 0 | – | – 0 | – | 8,833 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,222,735 | $ | – 0 | – | $ | – 0 | – | $ | 1,222,735 | ||||||
|
|
|
|
|
|
|
|
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.
130 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
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 or 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.
7. Offering Expenses
Offering expenses of $169,898 for AB Multi-Manager Select 2060 Fund were deferred and amortized on a straight line basis over a one year period starting from February 1, 2019 (commencement of operations).
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 acquired fund
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 131 |
NOTES TO FINANCIAL STATEMENTS(continued)
fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) as follows:
Effective November 30, 2019 | ||||||||||||||||||||||||||||
Multi-Manager Select Fund | Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | |||||||||||||||||||||
Retirement Allocation Fund | 0.47 | % | 0.47 | % | 0.22 | % | 0.47 | % | 0.47 | % | 0.22 | % | 0.22 | % | ||||||||||||||
2010 Fund | 0.43 | % | 0.43 | % | 0.18 | % | 0.43 | % | 0.43 | % | 0.18 | % | 0.18 | % | ||||||||||||||
2015 Fund | 0.39 | % | 0.39 | % | 0.14 | % | 0.39 | % | 0.39 | % | 0.14 | % | 0.14 | % | ||||||||||||||
2020 Fund | 0.39 | % | 0.39 | % | 0.14 | % | 0.39 | % | 0.39 | % | 0.14 | % | 0.14 | % | ||||||||||||||
2025 Fund | 0.38 | % | 0.38 | % | 0.13 | % | 0.38 | % | 0.38 | % | 0.13 | % | 0.13 | % | ||||||||||||||
2030 Fund | 0.39 | % | 0.39 | % | 0.14 | % | 0.39 | % | 0.39 | % | 0.14 | % | 0.14 | % | ||||||||||||||
2035 Fund | 0.40 | % | 0.40 | % | 0.15 | % | 0.40 | % | 0.40 | % | 0.15 | % | 0.15 | % | ||||||||||||||
2040 Fund | 0.41 | % | 0.41 | % | 0.16 | % | 0.41 | % | 0.41 | % | 0.41 | % | 0.16 | % | ||||||||||||||
2045 Fund | 0.42 | % | 0.42 | % | 0.17 | % | 0.42 | % | 0.42 | % | 0.17 | % | 0.17 | % | ||||||||||||||
2050 Fund | 0.41 | % | 0.41 | % | 0.16 | % | 0.41 | % | 0.41 | % | 0.16 | % | 0.16 | % | ||||||||||||||
2055 Fund | 0.41 | % | 0.41 | % | 0.16 | % | 0.41 | % | 0.41 | % | 0.16 | % | 0.16 | % | ||||||||||||||
2060 Fund | 0.38 | % | 0.38 | % | 0.13 | % | 0.38 | % | 0.38 | % | 0.13 | % | 0.13 | % |
November 12, 2019 to November 29, 2019 | ||||||||
Multi-Manager Select Fund | Class C | Class R | ||||||
Retirement Allocation Fund | 0.46 | % | 0.46 | % | ||||
2010 Fund | 0.41 | % | 0.41 | % | ||||
2015 Fund | 0.37 | % | 0.37 | % | ||||
2020 Fund | 0.38 | % | 0.38 | % | ||||
2025 Fund | 0.37 | % | 0.37 | % | ||||
2030 Fund | 0.38 | % | 0.38 | % | ||||
2035 Fund | 0.38 | % | 0.38 | % | ||||
2040 Fund | 0.39 | % | 0.39 | % | ||||
2045 Fund | 0.40 | % | 0.40 | % | ||||
2050 Fund | 0.39 | % | 0.39 | % | ||||
2055 Fund | 0.39 | % | 0.39 | % | ||||
2060 Fund* | 0.39 | % | 0.39 | % |
November 30, 2018 to November 29, 2019 | ||||||||||||||||||||
Multi-Manager Select Fund | Class A | Advisor Class | Class K | Class I | Class Z | |||||||||||||||
Retirement Allocation Fund | 0.46 | % | 0.21 | % | 0.46 | % | 0.21 | % | 0.21 | % | ||||||||||
2010 Fund | 0.41 | % | 0.16 | % | 0.41 | % | 0.16 | % | 0.16 | % | ||||||||||
2015 Fund | 0.37 | % | 0.12 | % | 0.37 | % | 0.12 | % | 0.12 | % | ||||||||||
2020 Fund | 0.38 | % | 0.13 | % | 0.38 | % | 0.13 | % | 0.13 | % | ||||||||||
2025 Fund | 0.37 | % | 0.12 | % | 0.37 | % | 0.12 | % | 0.12 | % | ||||||||||
2030 Fund | 0.38 | % | 0.13 | % | 0.38 | % | 0.13 | % | 0.13 | % | ||||||||||
2035 Fund | 0.38 | % | 0.13 | % | 0.38 | % | 0.13 | % | 0.13 | % | ||||||||||
2040 Fund | 0.39 | % | 0.14 | % | 0.39 | % | 0.14 | % | 0.14 | % |
132 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
November 30, 2018 to November 29, 2019 | ||||||||||||||||||||
Multi-Manager Select Fund | Class A | Advisor Class | Class K | Class I | Class Z | |||||||||||||||
2045 Fund | 0.40 | % | 0.15 | % | 0.40 | % | 0.15 | % | 0.15 | % | ||||||||||
2050 Fund | 0.39 | % | 0.14 | % | 0.39 | % | 0.14 | % | 0.14 | % | ||||||||||
2055 Fund | 0.39 | % | 0.14 | % | 0.39 | % | 0.14 | % | 0.14 | % | ||||||||||
2060 Fund* | 0.39 | % | 0.14 | % | 0.39 | % | 0.14 | % | 0.14 | % |
* | Commenced operations on February 1, 2019. |
November 30, 2018 to November 11, 2019 | ||||||||
Multi-Manager Select Fund | Class C | Class R | ||||||
Retirement Allocation Fund | 1.21 | % | 0.71 | % | ||||
2010 Fund | 1.16 | % | 0.66 | % | ||||
2015 Fund | 1.12 | % | 0.62 | % | ||||
2020 Fund | 1.13 | % | 0.63 | % | ||||
2025 Fund | 1.12 | % | 0.62 | % | ||||
2030 Fund | 1.13 | % | 0.63 | % | ||||
2035 Fund | 1.13 | % | 0.63 | % | ||||
2040 Fund | 1.14 | % | 0.64 | % | ||||
2045 Fund | 1.15 | % | 0.65 | % | ||||
2050 Fund | 1.14 | % | 0.64 | % | ||||
2055 Fund | 1.14 | % | 0.64 | % | ||||
2060 Fund* | 1.14 | % | 0.64 | % |
* | Commenced operations on February 1, 2019. |
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 | % |
The currently effective Expense Caps may not be terminated by the Adviser before November 30, 2020. With respect to AB Multi-Manager Select 2060 Fund, the current effective Expense Caps may not be terminated by the
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 133 |
NOTES TO FINANCIAL STATEMENTS(continued)
Adviser before February 1, 2021. For the six months ended January 31, 2020, such waivers and reimbursement amounted to:
Multi-Manager Select Fund | Amount | Multi-Manager Select Fund | Amount | |||||||
Retirement Allocation Fund | $ | 154,204 | 2035 Fund | $ | 285,827 | |||||
2010 Fund | 161,410 | 2040 Fund | 224,037 | |||||||
2015 Fund | 187,789 | 2045 Fund | 211,141 | |||||||
2020 Fund | 249,099 | 2050 Fund | 173,191 | |||||||
2025 Fund | 323,828 | 2055 Fund | 183,914 | |||||||
2030 Fund | 279,948 | 2060 Fund | 214,844 |
With respect to AB Multi-Manager Select 2060 Fund, any fees waived and expenses borne by the Adviser through January 31, 2021 are subject to repayment by the Fund 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 six months ended January 31, 2020 and the period ended July 31, 2019, such waivers that were subject to repayment amounted to $214,844 and $198,286, respectively.
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.
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 networking services. For the six months ended January 31, 2020, such compensation retained by ABIS was as follows:
Multi-Manager Select Fund | Amount | Multi-Manager Select Fund | Amount | |||||||
Retirement Allocation Fund | $ | 8,970 | 2035 Fund | $ | 32,618 | |||||
2010 Fund | 9,000 | 2040 Fund | 20,530 | |||||||
2015 Fund | 10,219 | 2045 Fund | 18,530 | |||||||
2020 Fund | 25,322 | 2050 Fund | 9,054 | |||||||
2025 Fund | 37,723 | 2055 Fund | 11,761 | |||||||
2030 Fund | 32,316 | 2060 Fund | – 0 | – |
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
134 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
sales charges imposed upon redemptions by shareholders of Class A and Class C shares for each Fund for the six months ended January 31, 2020 as follows:
Front-End Sales Charges | Contingent Deferred Sales Charges | |||||||||||
Multi-Manager Select Fund | Class A | Class A | Class C | |||||||||
Retirement Allocation Fund | $ | – 0 | – | $ | 7 | $ | – 0 | – | ||||
2010 Fund | – 0 | – | – 0 | – | – 0 | – | ||||||
2015 Fund | 147 | – 0 | – | – 0 | – | |||||||
2020 Fund | 15 | 65 | – 0 | – | ||||||||
2025 Fund | 41 | 38 | – 0 | – | ||||||||
2030 Fund | 118 | 56 | – 0 | – | ||||||||
2035 Fund | 49 | 69 | 139 | |||||||||
2040 Fund | 52 | 201 | 7 | |||||||||
2045 Fund | 46 | 53 | – 0 | – | ||||||||
2050 Fund | 28 | 10 | 29 | |||||||||
2055 Fund | 127 | 45 | – 0 | – | ||||||||
2060 Fund | 1 | – 0 | – | – 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. 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, 2020. 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 Fund’s 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, 2020, such waivers amounted to:
Multi-Manager Select Fund | Amount | Multi-Manager Select Fund | Amount | |||||||
Retirement Allocation Fund | $ | 18 | 2035 Fund | $ | 361 | |||||
2010 Fund | 39 | 2040 Fund | 199 | |||||||
2015 Fund | 77 | 2045 Fund | 206 | |||||||
2020 Fund | 221 | 2050 Fund | 94 | |||||||
2025 Fund | 364 | 2055 Fund | 126 | |||||||
2030 Fund | 306 | 2060 Fund | – 0 | – |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 135 |
NOTES TO FINANCIAL STATEMENTS(continued)
A summary of the Funds’ transactions in AB mutual funds for the six months ended January 31, 2020 is as follows:
MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 13 | $ | 1,532 | $ | 1,527 | $ | – 0 | – | $ | – 0 | – | $ | 18 | $ | 0 | * | $ | – 0 | – | ||||||||||||
AB All Market Real Return Portfolio | 326 | 13 | 77 | (7 | ) | 4 | 259 | 6 | – 0 | – | ||||||||||||||||||||||
AB Bond Inflation Strategy | 769 | 25 | 179 | 4 | 8 | 627 | 9 | – 0 | – | |||||||||||||||||||||||
AB Trust – AB Discovery Value Fund | – 0 | – | 104 | 13 | 0 | * | (4 | ) | 87 | 1 | 3 | |||||||||||||||||||||
AB Global Bond Fund, Inc. | 1,543 | 399 | 960 | 43 | (38 | ) | 987 | 27 | – 0 | – | ||||||||||||||||||||||
AB Global Real Estate Investment Fund II | 214 | 18 | 58 | 3 | 0 | * | 177 | 9 | 6 | |||||||||||||||||||||||
AB High Income Fund, Inc. | 225 | 6 | 53 | (5 | ) | 6 | 179 | 7 | – 0 | – | ||||||||||||||||||||||
AB Relative Value Fund | 221 | 9 | 145 | 3 | (2 | ) | 86 | 3 | 6 | |||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | 437 | 128 | 92 | (10 | ) | (21 | ) | 442 | 20 | – 0 | – | |||||||||||||||||||||
Government Money Market Portfolio** | – 0 | – | 6,420 | 5,341 | – 0 | – | – 0 | – | 1,079 | 0 | * | – 0 | – | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 31 | $ | (47 | ) | $ | 3,941 | $ | 82 | $ | 15 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Amount is less than $500. |
** | Investments of cash collateral for securities lending transactions (see Note E). |
MULTI-MANAGER SELECT 2010 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 105 | $ | 3,327 | $ | 3,405 | $ | – 0 | – | $ | – 0 | – | $ | 27 | $ | 1 | $ | – 0 | – | |||||||||||||
AB All Market Real Return Portfolio | 544 | 64 | 48 | (1 | ) | (4 | ) | 555 | 12 | – 0 | – |
136 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2010 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Bond Inflation Strategy | $ | 1,662 | $ | 158 | $ | 141 | $ | 2 | $ | 26 | $ | 1,707 | $ | 22 | $ | – 0 | – | |||||||||||||||
AB Discovery Growth Fund, Inc. | – 0 | – | 199 | 26 | 2 | 11 | 186 | – 0 | – | 11 | ||||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 174 | 28 | 13 | (2 | ) | (3 | ) | 184 | 2 | 6 | ||||||||||||||||||||||
AB Global Bond Fund, Inc. | 2,940 | 795 | 1,280 | 49 | (39 | ) | 2,465 | 61 | – 0 | – | ||||||||||||||||||||||
AB Global Real Estate Investment Fund II | 367 | 30 | 25 | 3 | 1 | 376 | 17 | 11 | ||||||||||||||||||||||||
AB High Income Fund, Inc. | 567 | 47 | 43 | (1 | ) | 5 | 575 | 19 | – 0 | – | ||||||||||||||||||||||
AB Relative Value Fund | 371 | 26 | 215 | (7 | ) | 10 | 185 | 6 | 11 | |||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | 370 | 254 | 22 | (2 | ) | (33 | ) | 567 | 24 | – 0 | – | |||||||||||||||||||||
Government Money Market Portfolio* | – 0 | – | 5,027 | 4,735 | – 0 | – | – 0 | – | 292 | 0 | ** | – 0 | – | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 43 | $ | (26 | ) | $ | 7,119 | $ | 164 | $ | 39 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
** | Amount is less than $500. |
MULTI-MANAGER SELECT 2015 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 94 | $ | 6,314 | $ | 6,337 | $ | – 0 | – | $ | – 0 | – | $ | 71 | $ | 1 | $ | – 0 | – | |||||||||||||
AB All Market Real Return Portfolio | 1,856 | 82 | 263 | (15 | ) | 3 | 1,663 | 40 | – 0 | – | ||||||||||||||||||||||
AB Bond Inflation Strategy | 4,235 | 308 | 742 | 14 | 55 | 3,870 | 54 | – 0 | – | |||||||||||||||||||||||
AB Discovery Growth Fund, Inc. | 459 | 76 | 103 | (3 | ) | (14 | ) | 415 | – 0 | – | 28 |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 137 |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2015 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Trust – AB Discovery Value Fund | $ | 481 | $ | 23 | $ | 77 | $ | (16 | ) | $ | 2 | $ | 413 | $ | 5 | $ | 14 | |||||||||||||||
AB Global Bond Fund, Inc. | 6,238 | 1,848 | 3,363 | 132 | (117 | ) | 4,738 | 128 | – 0 | – | ||||||||||||||||||||||
AB Global Real Estate Investment Fund II | 933 | 77 | 175 | 16 | (3 | ) | 848 | 39 | 25 | |||||||||||||||||||||||
AB High Income Fund, Inc. | 1,896 | 113 | 302 | (3 | ) | 18 | 1,722 | 63 | – 0 | – | ||||||||||||||||||||||
AB Relative Value Fund | 932 | 58 | 152 | (5 | ) | (1 | ) | 832 | 14 | 28 | ||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | 939 | 591 | 173 | (17 | ) | (68 | ) | 1,272 | 58 | – 0 | – | |||||||||||||||||||||
Government Money Market Portfolio* | 8 | 7,490 | 7,346 | – 0 | – | – 0 | – | 152 | 0 | ** | – 0 | – | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 103 | $ | (125 | ) | $ | 15,996 | $ | 402 | $ | 95 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
** | Amount is less than $500. |
MULTI-MANAGER SELECT 2020 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 2,006 | $ | 14,677 | $ | 16,247 | $ | – 0 | – | $ | – 0 | – | $ | 436 | $ | 4 | $ | – 0 | – | |||||||||||||
AB All Market Real Return Portfolio | 4,062 | 340 | 323 | (15 | ) | (20 | ) | 4,044 | 91 | – 0 | – | |||||||||||||||||||||
AB Bond Inflation Strategy | 7,173 | 1,807 | 843 | 7 | 130 | 8,274 | 95 | – 0 | – | |||||||||||||||||||||||
AB Discovery Growth Fund, Inc. | 1,037 | 111 | 90 | (2 | ) | (39 | ) | 1,017 | – 0 | – | 63 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 2,043 | 171 | 131 | (26 | ) | (43 | ) | 2,014 | 23 | 67 |
138 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2020 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Global Bond Fund, Inc. | $ | 11,550 | $ | 4,283 | $ | 6,552 | $ | 282 | $ | (258 | ) | $ | 9,305 | $ | 240 | $ | – 0 | – | ||||||||||||||
AB Global Real Estate Investment Fund II | 1,992 | 268 | 226 | 21 | 0 | * | 2,055 | 91 | 59 | |||||||||||||||||||||||
AB High Income Fund, Inc. | 5,154 | 507 | 483 | (5 | ) | 50 | 5,223 | 178 | – 0 | – | ||||||||||||||||||||||
AB Relative Value Fund | 3,011 | 359 | 301 | (8 | ) | (24 | ) | 3,037 | 47 | 95 | ||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | 2,045 | 1,384 | 131 | (12 | ) | (185 | ) | 3,101 | 134 | – 0 | – | |||||||||||||||||||||
Government Money Market Portfolio** | – 0 | – | 24,422 | 24,422 | – 0 | – | – 0 | – | – 0 | – | 0 | * | – 0 | – | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 242 | $ | (389 | ) | $ | 38,506 | $ | 903 | $ | 284 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Amount is less than $500. |
** | Investments of cash collateral for securities lending transactions (see Note E). |
MULTI-MANAGER SELECT 2025 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 203 | $ | 26,351 | $ | 26,544 | $ | – 0 | – | $ | – 0 | – | $ | 10 | $ | 6 | $ | – 0 | – | |||||||||||||
AB All Market Real Return Portfolio | 4,623 | 260 | 206 | (10 | ) | (32 | ) | 4,635 | 101 | – 0 | – | |||||||||||||||||||||
AB Bond Inflation Strategy | 6,188 | 2,327 | 755 | 7 | 120 | 7,887 | 81 | – 0 | – | |||||||||||||||||||||||
AB Discovery Growth Fund, Inc. | 3,053 | 595 | 429 | (21 | ) | (93 | ) | 3,105 | – 0 | – | 202 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 3,114 | 183 | 108 | (24 | ) | (88 | ) | 3,077 | 35 | 103 |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 139 |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2025 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Global Bond Fund, Inc. | $ | 15,917 | $ | 8,269 | $ | 11,601 | $ | 495 | $ | (449 | ) | $ | 12,631 | $ | 323 | $ | – 0 | – | ||||||||||||||
AB Global Real Estate Investment Fund II | 4,559 | 603 | 501 | 23 | 25 | 4,709 | 206 | 133 | ||||||||||||||||||||||||
AB High Income Fund, Inc. | 10,880 | 3,061 | 1,392 | (11 | ) | 130 | 12,668 | 412 | – 0 | – | ||||||||||||||||||||||
AB Relative Value Fund | 6,115 | 745 | 613 | (3 | ) | (66 | ) | 6,178 | 95 | 194 | ||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | 1,524 | 165 | – 0 | – | – 0 | – | (102 | ) | 1,587 | 66 | – 0 | – | ||||||||||||||||||||
Government Money Market Portfolio* | – 0 | – | 35,702 | 35,702 | – 0 | – | – 0 | – | – 0 | – | 1 | – 0 | – | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 456 | $ | (555 | ) | $ | 56,487 | $ | 1,326 | $ | 632 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
MULTI-MANAGER SELECT 2030 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 478 | $ | 25,480 | $ | 25,958 | $ | – 0 | – | $ | – 0 | – | $ | – 0 | – | $ | 6 | $ | – 0 | – | ||||||||||||
AB All Market Real Return Portfolio | 2,705 | 196 | 141 | (10 | ) | (12 | ) | 2,738 | 60 | – 0 | – | |||||||||||||||||||||
AB Bond Inflation Strategy | 1,372 | 80 | 60 | 1 | 22 | 1,415 | 18 | – 0 | – | |||||||||||||||||||||||
AB Discovery Growth Fund, Inc. | 2,712 | 469 | 338 | (6 | ) | (91 | ) | 2,746 | – 0 | – | 171 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 4,090 | 488 | 358 | 23 | (153 | ) | 4,090 | 46 | 134 |
140 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2030 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Global Bond Fund, Inc. | $ | 9,834 | $ | 5,549 | $ | 8,409 | $ | 298 | $ | (298 | ) | $ | 6,974 | $ | 191 | $ | – 0 | – | ||||||||||||||
AB Global Real Estate Investment Fund II | 4,066 | 589 | 528 | 37 | 9 | 4,173 | 183 | 118 | ||||||||||||||||||||||||
AB High Income Fund, Inc. | 10,969 | 1,426 | 1,300 | (27 | ) | 125 | 11,193 | 386 | – 0 | – | ||||||||||||||||||||||
AB Relative Value Fund | 8,208 | 1,051 | 3,787 | (144 | ) | 146 | 5,474 | 105 | 214 | |||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | 1,323 | 168 | – 0 | – | – 0 | – | (92 | ) | 1,399 | 61 | – 0 | – | ||||||||||||||||||||
Government Money Market Portfolio* | – 0 | – | 20,223 | 20,223 | – 0 | – | – 0 | – | – 0 | – | 1 | – 0 | – | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 172 | $ | (344 | ) | $ | 40,202 | $ | 1,057 | $ | 637 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
MULTI-MANAGER SELECT 2035 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 13 | $ | 24,038 | $ | 23,844 | $ | – 0 | – | $ | – 0 | – | $ | 207 | $ | 7 | $ | – 0 | – | |||||||||||||
AB All Market Real Return Portfolio | 2,685 | 272 | 235 | (20 | ) | (5 | ) | 2,697 | 60 | – 0 | – | |||||||||||||||||||||
AB Discovery Growth Fund, Inc. | 3,926 | 771 | 487 | (7 | ) | (129 | ) | 4,074 | – 0 | – | 251 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 3,962 | 634 | 433 | 32 | (159 | ) | 4,036 | 46 | 134 | |||||||||||||||||||||||
AB Global Bond Fund, Inc. | 8,293 | 5,056 | 7,749 | 240 | (248 | ) | 5,592 | 155 | – 0 | – | ||||||||||||||||||||||
AB Global Real Estate Investment Fund II | 3,937 | 571 | 426 | 25 | 12 | 4,119 | 183 | 118 |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 141 |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2035 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB High Income Fund, Inc. | $ | 9,326 | $ | 2,814 | $ | 1,063 | $ | (16 | ) | $ | 105 | $ | 11,166 | $ | 338 | $ | – 0 | – | ||||||||||||||
AB Relative Value Fund | 7,861 | 1,136 | 2,190 | (105 | ) | 50 | 6,752 | 104 | 213 | |||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | – 0 | – | 1,490 | 32 | (2 | ) | (77 | ) | 1,379 | 55 | – 0 | – | ||||||||||||||||||||
Government Money Market Portfolio* | – 0 | – | 33,696 | 33,696 | – 0 | – | – 0 | – | – 0 | – | 0 | ** | – 0 | – | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 147 | $ | (451 | ) | $ | 40,022 | $ | 948 | $ | 716 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
** | Amount is less than $500. |
MULTI-MANAGER SELECT 2040 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 99 | $ | 14,703 | $ | 14,510 | $ | – 0 | – | $ | – 0 | – | $ | 292 | $ | 4 | $ | – 0 | – | |||||||||||||
AB All Market Real Return Portfolio | 833 | 54 | 29 | (1 | ) | (5 | ) | 852 | 18 | – 0 | – | |||||||||||||||||||||
AB Discovery Growth Fund, Inc. | 2,661 | 393 | 391 | (4 | ) | (91 | ) | 2,568 | – 0 | – | 158 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 3,438 | 308 | 234 | 3 | (123 | ) | 3,392 | 38 | 112 | |||||||||||||||||||||||
AB Global Bond Fund, Inc. | 3,666 | 2,207 | 4,996 | 98 | (95 | ) | 880 | 41 | – 0 | – | ||||||||||||||||||||||
AB Global Real Estate Investment Fund II | 2,584 | 399 | 411 | 25 | (1 | ) | 2,596 | 115 | 74 | |||||||||||||||||||||||
AB High Income Fund, Inc. | 1,738 | 2,100 | 347 | (5 | ) | 32 | 3,518 | 86 | – 0 | – | ||||||||||||||||||||||
AB Relative Value Fund | 6,092 | 677 | 745 | 10 | (76 | ) | 5,958 | 91 | 186 |
142 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2040 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | $ | – 0 | – | $ | 944 | $ | 24 | $ | (1 | ) | $ | (50 | ) | $ | 869 | $ | 37 | $ | – 0 | – | ||||||||||||
Government Money Market Portfolio* | – 0 | – | 19,576 | 19,463 | – 0 | – | – 0 | – | 113 | 0 | ** | – 0 | – | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 125 | $ | (409 | ) | $ | 21,038 | $ | 430 | $ | 530 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
** | Amount is less than $500. |
MULTI-MANAGER SELECT 2045 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 40 | $ | 12,846 | $ | 12,609 | $ | – 0 | – | $ | – 0 | – | $ | 277 | $ | 4 | $ | – 0 | – | |||||||||||||
AB Discovery Growth Fund, Inc. | 2,290 | 534 | 361 | (12 | ) | (71 | ) | 2,380 | – 0 | – | 148 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 3,016 | 537 | 309 | 1 | (107 | ) | 3,138 | 35 | 102 | |||||||||||||||||||||||
AB Global Bond Fund, Inc. | 3,215 | 2,895 | 4,466 | 53 | (66 | ) | 1,631 | 51 | – 0 | – | ||||||||||||||||||||||
AB Global Real Estate Investment Fund II | 2,217 | 404 | 238 | 17 | 6 | 2,406 | 104 | 67 | ||||||||||||||||||||||||
AB Relative Value Fund | 5,292 | 791 | 495 | 7 | (71 | ) | 5,524 | 83 | 170 | |||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | – 0 | – | 862 | 9 | (1 | ) | (46 | ) | 806 | 33 | – 0 | – | ||||||||||||||||||||
Government Money Market Portfolio* | – 0 | – | 15,696 | 15,696 | – 0 | – | – 0 | – | – 0 | – | 0 | ** | – 0 | – | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 65 | $ | (355 | ) | $ | 16,162 | $ | 310 | $ | 487 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
** | Amount is less than $500. |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 143 |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2050 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 104 | $ | 5,979 | $ | 5,975 | $ | – 0 | – | $ | – 0 | – | $ | 108 | $ | 2 | $ | – 0 | – | |||||||||||||
AB Discovery Growth Fund, Inc. | 1,080 | 255 | 233 | (4 | ) | (30 | ) | 1,068 | – 0 | – | 67 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 1,432 | 229 | 205 | 13 | (58 | ) | 1,411 | 15 | 46 | |||||||||||||||||||||||
AB Global Bond Fund, Inc. | 1,543 | 1,330 | 2,134 | 22 | (28 | ) | 733 | 24 | – 0 | – | ||||||||||||||||||||||
AB Global Real Estate Investment Fund II | 1,056 | 209 | 193 | 14 | (3 | ) | 1,083 | 47 | 31 | |||||||||||||||||||||||
AB Relative Value Fund | 2,485 | 379 | 355 | 3 | (27 | ) | 2,485 | 38 | 77 | |||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | – 0 | – | 407 | 23 | 0 | * | (21 | ) | 363 | 15 | – 0 | – | ||||||||||||||||||||
Government Money Market Portfolio** | – 0 | – | 4,043 | 4,043 | – 0 | – | – 0 | – | – 0 | – | 0 | * | – 0 | – | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 48 | $ | (167 | ) | $ | 7,251 | $ | 141 | $ | 221 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Amount is less than $500. |
** | Investments of cash collateral for securities lending transactions (see Note E). |
MULTI-MANAGER SELECT 2055 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 440 | $ | 7,430 | $ | 7,726 | $ | – 0 | – | $ | – 0 | – | $ | 144 | $ | 2 | $ | – 0 | – | |||||||||||||
AB Discovery Growth Fund, Inc. | 1,284 | 340 | 274 | (7 | ) | (37 | ) | 1,306 | – 0 | – | 80 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 1,665 | 276 | 161 | 16 | (72 | ) | 1,724 | 19 | 56 | |||||||||||||||||||||||
AB Global Bond Fund, Inc. | 1,800 | 1,628 | 2,526 | 25 | (32 | ) | 895 | 29 | – 0 | – |
144 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2055 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Global Real Estate Investment Fund II | $ | 1,218 | $ | 261 | $ | 170 | $ | 11 | $ | 0 | * | $ | 1,320 | $ | 58 | $ | 37 | |||||||||||||||
AB Relative Value Fund | 2,918 | 551 | 405 | (4 | ) | (30 | ) | 3,030 | 46 | 95 | ||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | – 0 | – | 470 | – 0 | – | – 0 | – | (26 | ) | 444 | 18 | – 0 | – | |||||||||||||||||||
Government Money Market Portfolio* | – 0 | – | 2,097 | 2,097 | – 0 | – | – 0 | – | – 0 | – | 0 | ** | – 0 | – | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 41 | $ | (197 | ) | $ | 8,863 | $ | 172 | $ | 268 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
** | Amount is less than $500. |
MULTI-MANAGER SELECT 2060 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
Government Money Market Portfolio | $ | 3 | $ | 661 | $ | 655 | $ | – 0 | – | $ | – 0 | – | $ | 9 | $ | – 0 | – | $ | – 0 | – | ||||||||||||
AB Discovery Growth Fund, Inc. | 12 | 28 | 3 | 0 | * | 0 | * | 37 | – 0 | – | 1 | |||||||||||||||||||||
AB Trust – AB Discovery Value Fund | 16 | 36 | 2 | 0 | * | (2 | ) | 48 | 0 | * | 1 | |||||||||||||||||||||
AB Global Bond Fund, Inc. | 17 | 42 | 34 | 0 | * | 0 | * | 25 | 0 | * | – 0 | – | ||||||||||||||||||||
AB Global Real Estate Investment Fund II | 11 | 28 | 2 | 0 | * | 0 | * | 37 | 1 | 1 | ||||||||||||||||||||||
AB Relative Value Fund | 27 | 66 | 6 | 1 | (3 | ) | 85 | 1 | 1 |
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 145 |
NOTES TO FINANCIAL STATEMENTS(continued)
MULTI-MANAGER SELECT 2060 FUND | ||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr./ (Depr.) (000) | Market Value 1/31/20 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Unconstrained Bond Fund, Inc. | $ | – 0 | – | $ | 13 | $ | – 0 | – | $ | – 0 | – | $ | (1 | ) | $ | 12 | $ | 1 | $ | – 0 | – | |||||||||||
Government Money Market Portfolio** | – 0 | – | 175 | 175 | – 0 | – | – 0 | – | – 0 | – | 0 | * | – 0 | – | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total | $ | 1 | $ | (6 | ) | $ | 253 | $ | 3 | $ | 4 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
* | Amount is less than $500. |
** | Investments of cash collateral for securities lending transactions (see Note E). |
During the second quarter of 2018, 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, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.3% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns 10.1% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.
The latest transaction under the Plan, which occurred on November 13, 2019, resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and was deemed an “assignment” causing a termination of the Funds’ investment advisory agreement. In order to ensure that investment advisory services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved a new investment advisory agreement with the Adviser, and shareholders of the Funds subsequently approved the new investment advisory agreement. This agreement became effective on November 13, 2019.
146 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
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, Class C, Class R and Class K shares. Prior to November 12, 2019, the Funds paid distribution and servicing fees of the Distributor at an annual rate of 1% and .50% of each Fund’s average daily net assets attributable to Class C and Class R shares, respectively. 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 | $ | 512 | $ | 1,508 | $ | 1,935 | ||||||
2010 Fund | 88 | 3,105 | 5,466 | |||||||||
2015 Fund | 4,437 | 2,773 | 11,128 | |||||||||
2020 Fund | 5,484 | 25,429 | 23,289 | |||||||||
2025 Fund | 4,837 | 35,500 | 35,191 | |||||||||
2030 Fund | 286 | 18,418 | 53,572 | |||||||||
2035 Fund | 3,218 | 16,684 | 29,472 | |||||||||
2040 Fund | 379 | 12,721 | 17,104 | |||||||||
2045 Fund | 433 | 13,521 | 23,206 | |||||||||
2050 Fund | 281 | 4,654 | 6,257 | |||||||||
2055 Fund | 264 | 2,703 | 13,073 | |||||||||
2060 Fund | 110 | 42 | 29 |
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.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 147 |
NOTES TO FINANCIAL STATEMENTS(continued)
NOTE D
Investment Transactions
Purchases and sales of investment securities (excluding short-term investments) for the six months ended January 31, 2020, were as follows:
Multi-Manager Select Fund | Purchases | Sales | ||||||
Retirement Allocation Fund | $ | 3,279,822 | $ | 5,548,053 | ||||
2010 Fund | 7,207,411 | 7,289,744 | ||||||
2015 Fund | 15,277,985 | 20,698,727 | ||||||
2020 Fund | 36,891,411 | 38,750,114 | ||||||
2025 Fund | 58,885,571 | 60,362,796 | ||||||
2030 Fund | 57,110,191 | 58,849,829 | ||||||
2035 Fund | 47,811,090 | 47,140,873 | ||||||
2040 Fund | 27,484,787 | 31,021,743 | ||||||
2045 Fund | 24,918,190 | 23,646,659 | ||||||
2050 Fund | 11,110,602 | 12,422,362 | ||||||
2055 Fund | 13,611,976 | 13,393,213 | ||||||
2060 Fund | 1,007,163 | 192,575 |
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 Appreciation | ||||||||||
Appreciation | (Depreciation) | |||||||||||
AB Multi-Manager Select Retirement Allocation Fund | $ | 280,345 | $ | (92,031 | ) | $ | 188,314 | |||||
AB Multi-Manager Select 2010 Fund | 715,698 | (300,576 | ) | 415,122 | ||||||||
AB Multi-Manager Select 2015 Fund | 1,717,109 | (770,677 | ) | 946,432 | ||||||||
AB Multi-Manager Select 2020 Fund | 4,418,435 | (1,975,580 | ) | 2,442,855 | ||||||||
AB Multi-Manager Select 2025 Fund | 7,370,342 | (2,808,159 | ) | 4,562,183 | ||||||||
AB Multi-Manager Select 2030 Fund | 6,594,089 | (2,008,527 | ) | 4,585,562 | ||||||||
AB Multi-Manager Select 2035 Fund | 7,607,834 | (1,639,536 | ) | 5,968,298 | ||||||||
AB Multi-Manager Select 2040 Fund | 5,263,352 | (1,040,015 | ) | 4,223,337 | ||||||||
AB Multi-Manager Select 2045 Fund | 5,477,016 | (864,325 | ) | 4,612,691 | ||||||||
AB Multi-Manager Select 2050 Fund | 2,401,030 | (415,435 | ) | 1,985,595 | ||||||||
AB Multi-Manager Select 2055 Fund | 2,960,660 | (480,103 | ) | 2,480,557 | ||||||||
AB Multi-Manager Select 2060 Fund | 25,146 | (8,278 | ) | 16,868 |
148 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
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 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
Securities Lending
The Funds may enter into securities lending transactions. Under the Funds’ securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Funds cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Funds 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 Funds in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Funds receive non-cash collateral, the Funds will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Funds 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 Funds amounts equal to any income or other distributions from the securities. The Funds will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 149 |
NOTES TO FINANCIAL STATEMENTS(continued)
Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Funds, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Funds earn net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Funds in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Funds’ share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Funds as an acquired fund fee and expense. When the Funds lend securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.
A summary of the Funds transactions surrounding securities lending for the six months ended January 31, 2020 is as follows:
Multi-Manager Select Fund | Market Value of Securities on Loan* | Cash Collateral* | Market Value of Non-Cash Collateral* | Income from Borrowers | Government Money Market Portfolio | |||||||||||||||||||
Income Earned | Advisory Fee Waived | |||||||||||||||||||||||
Retirement Allocation Fund | $ | 1,126,738 | $ | 1,079,000 | $ | 72,116 | $ | 174 | $ | 161 | $ | 34 | ||||||||||||
2010 Fund | 831,719 | 291,525 | 578,502 | 16 | 154 | 31 | ||||||||||||||||||
2015 Fund | 1,387,400 | 152,222 | 1,299,409 | 105 | 232 | 53 | ||||||||||||||||||
2020 Fund | 5,024,878 | – 0 | – | 5,277,322 | 473 | 342 | 29 | |||||||||||||||||
2025 Fund | 10,806,946 | – 0 | – | 11,353,439 | 825 | 780 | 66 | |||||||||||||||||
2030 Fund | 4,484,847 | – 0 | – | 4,697,709 | 1,719 | 507 | 35 | |||||||||||||||||
2035 Fund | 9,509,650 | – 0 | – | 9,999,313 | 1,964 | 453 | 45 | |||||||||||||||||
2040 Fund | 13,635,137 | 112,575 | 14,197,054 | 1,145 | 295 | 39 | ||||||||||||||||||
2045 Fund | 14,098,049 | – 0 | – | 14,789,583 | 1,384 | 142 | 38 | |||||||||||||||||
2050 Fund | 6,694,327 | – 0 | – | 7,000,761 | 538 | 22 | 6 | |||||||||||||||||
2055 Fund | 1,478,542 | – 0 | – | 1,535,809 | 683 | 7 | 2 | |||||||||||||||||
2060 Fund | 228,283 | – 0 | – | 239,511 | 4 | 2 | 0 | ** |
* | As of January 31, 2020. |
** | Amount is less than $.50. |
150 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
NOTE F
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, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 939 | 11,631 | $ | 10,767 | $ | 129,234 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 679 | 1,329 | 7,705 | 13,892 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (7,376 | ) | (27,283 | ) | (84,094 | ) | (299,890 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (5,758 | ) | (14,323 | ) | $ | (65,622 | ) | $ | (156,764 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | – 0 | – | 614 | $ | – 0 | – | $ | 6,500 | ||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 231 | 320 | 2,535 | 3,253 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (218 | ) | (3,587 | ) | (2,400 | ) | (38,226 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 13 | (2,653 | ) | $ | 135 | $ | (28,473 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 1,379 | 57,716 | $ | 15,643 | $ | 638,823 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 857 | 2,182 | 9,693 | 22,673 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (27,145 | ) | (14,141 | ) | (310,382 | ) | (153,091 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (24,909 | ) | 45,757 | $ | (285,046 | ) | $ | 508,405 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 4,775 | 3,527 | $ | 48,840 | $ | 35,698 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1,857 | 1,999 | 18,865 | 19,129 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (3,367 | ) | (6,082 | ) | (34,248 | ) | (62,682 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 3,265 | (556 | ) | $ | 33,457 | $ | (7,855 | ) | ||||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 151 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select Retirement Allocation Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 36,785 | 303,849 | $ | 383,797 | $ | 3,096,075 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 38,422 | 56,103 | 392,295 | 539,149 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (229,456 | ) | (496,653 | ) | (2,373,619 | ) | (5,072,751 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (154,249 | ) | (136,701 | ) | $ | (1,597,527 | ) | $ | (1,437,527 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 29 | 0 | (a) | $ | 300 | $ | 0 | (b) | ||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | – 0 | – | 0 | (a) | 4 | 4 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | – 0 | – | (51 | ) | 0 | (549 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 29 | (51 | ) | $ | 304 | $ | (545 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 297 | 200 | $ | 3,092 | $ | 2,042 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 12 | 1,661 | 119 | 15,941 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (268 | ) | (96,725 | ) | (2,783 | ) | (993,748 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 41 | (94,864 | ) | $ | 428 | $ | (975,765 | ) | ||||||||||||||||
|
(a) | Amount is less than one share. |
(b) | Amount is less than $.50. |
AB Multi-Manager Select 2010 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 340 | 37,237 | $ | 3,806 | $ | 397,229 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1,756 | 1,211 | 19,545 | 12,271 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,376 | ) | (13,887 | ) | (15,334 | ) | (150,520 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 720 | 24,561 | $ | 8,017 | $ | 258,980 | ||||||||||||||||||
|
152 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2010 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 69 | 175 | $ | 777 | $ | 1,771 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,881 | ) | (5,729 | ) | (21,106 | ) | (62,928 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (1,812 | ) | (5,554 | ) | $ | (20,329 | ) | $ | (61,157 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 9,218 | 62,768 | $ | 102,463 | $ | 693,715 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 2,525 | 7,127 | 27,950 | 71,553 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (56,170 | ) | (17,961 | ) | (630,554 | ) | (188,764 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (44,427 | ) | 51,934 | $ | (500,141 | ) | $ | 576,504 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 1,626 | 3,154 | $ | 17,083 | $ | 32,337 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1,436 | 1,960 | 14,981 | 18,723 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (2,562 | ) | (2,875 | ) | (26,806 | ) | (30,231 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 500 | 2,239 | $ | 5,258 | $ | 20,829 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 112,165 | 193,404 | $ | 1,175,007 | $ | 1,969,480 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 62,091 | 86,620 | 644,500 | 823,755 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (130,573 | ) | (304,493 | ) | (1,377,475 | ) | (3,136,488 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 43,683 | (24,469 | ) | $ | 442,032 | $ | (343,253 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 318 | 1,661 | $ | 3,379 | $ | 16,963 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 5 | 326 | 56 | 3,093 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (3,211 | ) | (4,052 | ) | (33,779 | ) | (41,610 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (2,888 | ) | (2,065 | ) | $ | (30,344 | ) | $ | (21,554 | ) | ||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 153 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2010 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 55,987 | 57 | $ | 586,318 | $ | 597 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1,537 | 1 | 15,903 | 7 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (22,214 | ) | (1 | ) | (233,031 | ) | (10 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 35,310 | 57 | $ | 369,190 | $ | 594 | ||||||||||||||||||
|
AB Multi-Manager Select 2015 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 6,729 | 16,605 | $ | 71,086 | $ | 175,614 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 3,443 | 7,315 | 36,503 | 70,366 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 18,808 | 2,380 | 203,319 | 25,738 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (28,771 | ) | (72,502 | ) | (310,745 | ) | (755,923 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 209 | (46,202 | ) | $ | 163 | $ | (484,205 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 220 | 272 | $ | 2,334 | $ | 2,810 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 516 | 2,247 | 5,473 | 21,524 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (19,037 | ) | (2,400 | ) | (203,319 | ) | (25,738 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (603 | ) | (2,521 | ) | (6,266 | ) | (25,805 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (18,904 | ) | (2,402 | ) | $ | (201,778 | ) | $ | (27,209 | ) | ||||||||||||||
|
154 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2015 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 7,725 | 515,881 | $ | 83,460 | $ | 5,636,376 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 7,742 | 28,439 | 83,146 | 276,714 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (253,753 | ) | (128,733 | ) | (2,784,445 | ) | (1,403,773 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (238,286 | ) | 415,587 | $ | (2,617,839 | ) | $ | 4,509,317 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 10,072 | 4,302 | $ | 104,699 | $ | 43,720 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1,702 | 1,798 | 17,630 | 16,918 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (25,517 | ) | (1,965 | ) | (264,540 | ) | (20,528 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (13,743 | ) | 4,135 | $ | (142,211 | ) | $ | 40,110 | ||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 100,765 | 375,252 | $ | 1,052,211 | $ | 3,832,620 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 143,146 | 238,640 | 1,482,989 | 2,243,216 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (434,085 | ) | (1,028,677 | ) | (4,521,072 | ) | (10,460,497 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (190,174 | ) | (414,785 | ) | $ | (1,985,872 | ) | $ | (4,384,661 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 1,046 | 866,874 | $ | 10,902 | $ | 9,249,307 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 20,889 | 31,370 | 215,786 | 294,574 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,192 | ) | (465,121 | ) | (12,426 | ) | (4,975,798 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 20,743 | 433,123 | $ | 214,262 | $ | 4,568,083 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 51,477 | 12,094 | $ | 540,900 | $ | 115,803 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 2,257 | 19 | 23,199 | 176 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (16,240 | ) | (47 | ) | (171,126 | ) | (477 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 37,494 | 12,066 | $ | 392,973 | $ | 115,502 | ||||||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 155 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2020 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 7,322 | 95,797 | $ | 79,098 | $ | 997,790 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 15,284 | 30,012 | 163,848 | 290,217 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 25,757 | – 0 | – | 270,198 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (72,425 | ) | (190,144 | ) | (785,166 | ) | (1,988,882 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (24,062 | ) | (64,335 | ) | $ | (272,022 | ) | $ | (700,875 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 5,154 | 3,039 | $ | 54,618 | $ | 31,920 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 3,345 | 8,473 | 35,660 | 81,253 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (26,080 | ) | – 0 | – | (270,198 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (33,378 | ) | (6,571 | ) | (358,780 | ) | (69,992 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (50,959 | ) | 4,941 | $ | (538,700 | ) | $ | 43,181 | ||||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 25,318 | 418,835 | $ | 273,628 | $ | 4,598,535 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 8,066 | 31,622 | 86,629 | 305,784 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (258,777 | ) | (70,602 | ) | (2,857,462 | ) | (735,954 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (225,393 | ) | 379,855 | $ | (2,497,205 | ) | $ | 4,168,365 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 11,316 | 261,070 | $ | 119,021 | $ | 2,732,602 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 25,778 | 39,852 | 269,382 | 375,807 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (975 | ) | (16,259 | ) | (10,146 | ) | (171,260 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 36,119 | 284,663 | $ | 378,257 | $ | 2,937,149 | ||||||||||||||||||
|
156 | 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, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 426,932 | 1,353,682 | $ | 4,489,439 | $ | 13,972,957 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 389,603 | 675,352 | 4,090,827 | 6,395,584 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (643,964 | ) | (2,205,144 | ) | (6,782,896 | ) | (22,730,169 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 172,571 | (176,110 | ) | $ | 1,797,370 | $ | (2,361,628 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 1,361 | 58,635 | $ | 14,797 | $ | 657,635 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 733 | 1,333 | 7,888 | 12,947 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,099 | ) | (49,265 | ) | (11,874 | ) | (552,666 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 995 | 10,703 | $ | 10,811 | $ | 117,916 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 379,287 | 62,824 | $ | 4,034,426 | $ | 677,628 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 16,083 | 5,297 | 167,905 | 50,000 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (190,915 | ) | (7,674 | ) | (2,023,529 | ) | (80,255 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 204,455 | 60,447 | $ | 2,178,802 | $ | 647,373 | ||||||||||||||||||
|
AB Multi-Manager Select 2025 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 9,306 | 169,339 | $ | 102,357 | $ | 1,834,651 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 19,122 | 38,436 | 209,962 | 375,907 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 10,674 | 2,525 | 119,215 | 27,490 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (72,185 | ) | (258,817 | ) | (798,551 | ) | (2,766,677 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (33,083 | ) | (48,517 | ) | $ | (367,017 | ) | $ | (528,629 | ) | ||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 157 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2025 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 1,311 | 22,812 | $ | 14,260 | $ | 243,013 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 2,030 | 4,278 | 22,222 | 41,666 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (10,779 | ) | (2,543 | ) | (119,215 | ) | (27,490 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (3,523 | ) | (26,828 | ) | (38,883 | ) | (283,248 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (10,961 | ) | (2,281 | ) | $ | (121,616 | ) | $ | (26,059 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 24,442 | 673,993 | $ | 271,476 | $ | 7,610,318 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 18,002 | 59,442 | 197,840 | 581,338 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (304,263 | ) | (189,808 | ) | (3,427,022 | ) | (2,047,085 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (261,819 | ) | 543,627 | $ | (2,957,706 | ) | $ | 6,144,571 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 78,028 | 668,328 | $ | 822,289 | $ | 7,198,108 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 38,366 | 81,158 | 408,591 | 770,190 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (42,816 | ) | (248,920 | ) | (457,693 | ) | (2,490,056 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 73,578 | 500,566 | $ | 773,187 | $ | 5,478,242 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 628,077 | 1,950,814 | $ | 6,805,217 | $ | 20,852,844 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 619,995 | 1,153,418 | 6,658,745 | 11,038,211 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,156,337 | ) | (3,328,816 | ) | (12,369,922 | ) | (35,145,508 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 91,735 | (224,584 | ) | $ | 1,094,040 | $ | (3,254,453 | ) | ||||||||||||||||
|
158 | 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, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 13,307 | 122,105 | $ | 143,355 | $ | 1,373,436 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 7,728 | 11,652 | 83,007 | 111,627 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (4,622 | ) | (70,506 | ) | (49,505 | ) | (797,500 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 16,413 | 63,251 | $ | 176,857 | $ | 687,563 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 699,462 | 81,704 | $ | 7,526,021 | $ | 892,246 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 29,377 | 7,650 | 313,750 | 72,984 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (193,828 | ) | (69,696 | ) | (2,140,386 | ) | (718,500 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 535,011 | 19,658 | $ | 5,699,385 | $ | 246,730 | ||||||||||||||||||
|
AB Multi-Manager Select 2030 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 17,539 | 221,479 | $ | 198,911 | $ | 2,339,101 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 29,340 | 44,646 | 331,541 | 443,329 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 7,011 | – 0 | – | 79,488 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (146,633 | ) | (194,618 | ) | (1,679,416 | ) | (2,162,481 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (92,743 | ) | 71,507 | $ | (1,069,476 | ) | $ | 619,949 | ||||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 159 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2030 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 3,696 | 56,812 | $ | 41,345 | $ | 623,344 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 5,568 | 11,626 | 62,361 | 114,287 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (7,092 | ) | – 0 | – | (79,488 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (36,435 | ) | (5,525 | ) | (402,426 | ) | (61,925 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (34,263 | ) | 62,913 | $ | (378,208 | ) | $ | 675,706 | ||||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 41,311 | 631,441 | $ | 466,213 | $ | 7,320,727 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 20,424 | 55,049 | 230,994 | 546,637 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (426,724 | ) | (48,632 | ) | (4,930,887 | ) | (556,686 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (364,989 | ) | 637,858 | $ | (4,233,680 | ) | $ | 7,310,678 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 21,929 | 182,119 | $ | 240,155 | $ | 1,991,213 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 14,047 | 26,986 | 154,520 | 260,957 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (7,833 | ) | (94,379 | ) | (84,815 | ) | (994,568 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 28,143 | 114,726 | $ | 309,860 | $ | 1,257,602 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 636,482 | 2,396,014 | $ | 7,022,813 | $ | 26,001,547 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 519,395 | 867,031 | 5,739,310 | 8,418,873 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,043,156 | ) | (2,575,088 | ) | (11,571,929 | ) | (27,412,745 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 112,721 | 687,957 | $ | 1,190,194 | $ | 7,007,675 | ||||||||||||||||||
|
160 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2030 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 16,475 | 96,945 | $ | 182,969 | $ | 1,103,904 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 6,635 | 16,133 | 73,382 | 156,975 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (8,776 | ) | (150,725 | ) | (97,478 | ) | (1,665,945 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 14,334 | (37,647 | ) | $ | 158,873 | $ | (405,066 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 633,394 | 26,469 | $ | 6,916,808 | $ | 278,566 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 36,033 | 1,281 | 396,726 | 12,421 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (17,809 | ) | (210 | ) | (197,159 | ) | (2,217 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 651,618 | 27,540 | $ | 7,116,375 | $ | 288,770 | ||||||||||||||||||
|
AB Multi-Manager Select 2035 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 19,133 | 143,939 | $ | 221,819 | $ | 1,663,627 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 23,699 | 41,585 | 276,328 | 418,344 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 211 | 1,770 | 2,399 | 20,903 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (43,171 | ) | (151,366 | ) | (505,596 | ) | (1,726,604 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (128 | ) | 35,928 | $ | (5,050 | ) | $ | 376,270 | ||||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 161 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2035 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 2,505 | 74,964 | $ | 28,608 | $ | 835,924 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 4,584 | 7,427 | 52,894 | 73,972 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (214 | ) | (1,789 | ) | (2,399 | ) | (20,903 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (28,805 | ) | (7,761 | ) | (331,191 | ) | (87,335 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (21,930 | ) | 72,841 | $ | (252,088 | ) | $ | 801,658 | ||||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 43,513 | 539,619 | $ | 498,625 | $ | 6,382,572 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 17,393 | 39,686 | 203,320 | 400,033 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (202,134 | ) | (122,842 | ) | (2,416,087 | ) | (1,420,514 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (141,228 | ) | 456,463 | $ | (1,714,142 | ) | $ | 5,362,091 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 9,064 | 223,515 | $ | 101,615 | $ | 2,490,017 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 15,297 | 25,700 | 172,707 | 250,573 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (3,554 | ) | (50,491 | ) | (39,541 | ) | (538,525 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 20,807 | 198,724 | $ | 234,781 | $ | 2,202,065 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 765,367 | 2,641,832 | $ | 8,560,687 | $ | 29,081,383 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 526,179 | 887,737 | 5,982,658 | 8,708,694 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (887,296 | ) | (2,998,211 | ) | (10,078,550 | ) | (33,049,580 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 404,250 | 531,358 | $ | 4,464,795 | $ | 4,740,497 | ||||||||||||||||||
|
162 | 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, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 11,237 | 109,106 | $ | 128,471 | $ | 1,279,837 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 6,542 | 10,606 | 75,229 | 105,321 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (6,944 | ) | (23,191 | ) | (81,479 | ) | (263,911 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 10,835 | 96,521 | $ | 122,221 | $ | 1,121,247 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 287,583 | 175,914 | $ | 3,257,095 | $ | 1,940,963 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 20,493 | 299 | 231,985 | 2,931 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (55,994 | ) | (31,834 | ) | (637,117 | ) | (355,306 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 252,082 | 144,379 | $ | 2,851,963 | $ | 1,588,588 | ||||||||||||||||||
|
AB Multi-Manager Select 2040 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 24,721 | 92,587 | $ | 283,864 | $ | 1,034,617 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 14,397 | 38,011 | 167,292 | 374,784 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 1,211 | – 0 | – | 14,051 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (78,839 | ) | (102,449 | ) | (893,140 | ) | (1,157,796 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (38,510 | ) | 28,149 | $ | (427,933 | ) | $ | 251,605 | ||||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 163 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2040 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 1,668 | 30,234 | $ | 18,713 | $ | 329,261 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 2,685 | 7,554 | 30,826 | 73,654 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (1,226 | ) | – 0 | – | (14,051 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (18,233 | ) | (555 | ) | (207,191 | ) | (6,159 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (15,106 | ) | 37,233 | $ | (171,703 | ) | $ | 396,756 | ||||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 23,674 | 344,722 | $ | 271,940 | $ | 4,104,621 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 9,023 | 35,134 | 105,201 | 347,126 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (216,907 | ) | (45,939 | ) | (2,570,112 | ) | (517,169 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (184,210 | ) | 333,917 | $ | (2,192,971 | ) | $ | 3,934,578 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 12,141 | 121,927 | $ | 134,595 | $ | 1,362,721 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 10,998 | 24,649 | 123,733 | 235,647 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (50,333 | ) | (4,311 | ) | (547,922 | ) | (48,599 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (27,194 | ) | 142,265 | $ | (289,594 | ) | $ | 1,549,769 | ||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 536,931 | 1,720,805 | $ | 6,032,070 | $ | 18,722,761 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 311,284 | 630,859 | 3,523,730 | 6,062,552 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (760,644 | ) | (1,593,078 | ) | (8,573,838 | ) | (17,370,427 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 87,571 | 758,586 | $ | 981,962 | $ | 7,414,886 | ||||||||||||||||||
|
164 | 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, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 18,598 | 47,521 | $ | 210,648 | $ | 552,020 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 3,830 | 8,184 | 43,520 | 78,971 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (5,435 | ) | (24,369 | ) | (58,934 | ) | (269,502 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 16,993 | 31,336 | $ | 195,234 | $ | 361,489 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 195,582 | 221,344 | $ | 2,186,469 | $ | 2,432,442 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 21,776 | 10,489 | 245,194 | 100,591 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (59,215 | ) | (19,261 | ) | (662,051 | ) | (211,028 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 158,143 | 212,572 | $ | 1,769,612 | $ | 2,322,005 | ||||||||||||||||||
|
AB Multi-Manager Select 2045 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 34,762 | 77,055 | $ | 405,750 | $ | 904,485 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 9,122 | 27,547 | 108,915 | 276,296 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 700 | – 0 | – | 8,350 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (31,596 | ) | (164,166 | ) | (379,950 | ) | (1,892,737 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 12,988 | (59,564 | ) | $ | 143,065 | $ | (711,956 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 951 | 4,083 | $ | 11,049 | $ | 47,213 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 690 | 2,307 | 8,228 | 23,142 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (701 | ) | – 0 | – | (8,350 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (958 | ) | (8,507 | ) | (11,045 | ) | (93,543 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net decrease | (18 | ) | (2,117 | ) | $ | (118 | ) | $ | (23,188 | ) | ||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 165 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2045 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 30,532 | 426,498 | $ | 359,301 | $ | 5,115,227 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 8,848 | 35,160 | 106,359 | 354,414 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (228,962 | ) | (69,272 | ) | (2,782,722 | ) | (795,731 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (189,582 | ) | 392,386 | $ | (2,317,062 | ) | $ | 4,673,910 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 16,759 | 50,360 | $ | 187,886 | $ | 568,812 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 3,420 | 6,424 | 39,463 | 62,436 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (2,813 | ) | (23,113 | ) | (32,396 | ) | (250,099 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 17,366 | 33,671 | $ | 194,953 | $ | 381,149 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 575,311 | 1,607,540 | $ | 6,607,151 | $ | 17,697,419 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 275,398 | 550,948 | 3,189,117 | 5,366,229 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (466,267 | ) | (1,470,221 | ) | (5,367,322 | ) | (16,215,378 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 384,442 | 688,267 | $ | 4,428,946 | $ | 6,848,270 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 2,521 | 22,068 | $ | 28,957 | $ | 264,061 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1,791 | 4,925 | 20,885 | 48,368 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (8,499 | ) | (8,069 | ) | (94,608 | ) | (89,435 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (4,187 | ) | 18,924 | $ | (44,766 | ) | $ | 222,994 | ||||||||||||||||
| ||||||||||||||||||||||||
�� | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 227,325 | 126,558 | $ | 2,595,759 | $ | 1,387,484 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 16,189 | 4,858 | 186,488 | 47,177 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (51,256 | ) | (7,428 | ) | (593,170 | ) | (82,582 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 192,258 | 123,988 | $ | 2,189,077 | $ | 1,352,079 | ||||||||||||||||||
|
166 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2050 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 12,898 | 44,985 | $ | 158,290 | $ | 551,371 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 5,037 | 8,841 | 62,918 | 92,213 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (8,252 | ) | (28,264 | ) | (103,908 | ) | (337,055 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 9,683 | 25,562 | $ | 117,300 | $ | 306,529 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 562 | 1,397 | $ | 6,799 | $ | 16,482 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 230 | 382 | 2,842 | 3,947 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (667 | ) | (312 | ) | (8,056 | ) | (3,620 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 125 | 1,467 | $ | 1,585 | $ | 16,809 | ||||||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 25,708 | 280,321 | $ | 313,744 | $ | 3,501,203 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 3,608 | 19,481 | 45,280 | 203,380 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (196,827 | ) | (55,671 | ) | (2,482,245 | ) | (662,610 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (167,511 | ) | 244,131 | $ | (2,123,221 | ) | $ | 3,041,973 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 16,053 | 50,348 | $ | 183,948 | $ | 566,125 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 4,062 | 7,435 | 47,530 | 72,866 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (30,449 | ) | (5,843 | ) | (341,731 | ) | (61,884 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (10,334 | ) | 51,940 | $ | (110,253 | ) | $ | 577,107 | ||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 322,082 | 864,194 | $ | 3,723,566 | $ | 9,661,313 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 112,589 | 192,169 | 1,322,925 | 1,892,865 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (328,102 | ) | (700,309 | ) | (3,820,020 | ) | (7,815,030 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 106,569 | 356,054 | $ | 1,226,471 | $ | 3,739,148 | ||||||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 167 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2050 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 4,494 | 33,028 | $ | 53,208 | $ | 396,372 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1,479 | 2,679 | 17,770 | 26,982 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (6,072 | ) | (3,682 | ) | (73,226 | ) | (42,965 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (99 | ) | 32,025 | $ | (2,248 | ) | $ | 380,389 | ||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 120,259 | 95,745 | $ | 1,391,333 | $ | 1,070,888 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 8,716 | 864 | 102,148 | 8,497 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (27,680 | ) | (16,096 | ) | (324,140 | ) | (181,220 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 101,295 | 80,513 | $ | 1,169,341 | $ | 898,165 | ||||||||||||||||||
|
AB Multi-Manager Select 2055 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 16,228 | 57,976 | $ | 194,695 | $ | 693,880 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 5,129 | 10,874 | 63,343 | 111,783 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (6,429 | ) | (48,402 | ) | (79,868 | ) | (569,512 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 14,928 | 20,448 | $ | 178,170 | $ | 236,151 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 1,952 | 2,818 | $ | 23,198 | $ | 32,487 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 277 | 756 | 3,394 | 7,708 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,951 | ) | (2,999 | ) | (23,031 | ) | (33,774 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 278 | 575 | $ | 3,561 | $ | 6,421 | ||||||||||||||||||
|
168 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2055 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 29,891 | 173,297 | $ | 364,471 | $ | 2,117,602 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 3,158 | 13,339 | 39,610 | 138,725 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (140,612 | ) | (41,610 | ) | (1,767,937 | ) | (499,317 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (107,563 | ) | 145,026 | $ | (1,363,856 | ) | $ | 1,757,010 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 13,327 | 37,478 | $ | 153,341 | $ | 419,909 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 2,658 | 4,134 | 31,149 | 40,518 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (12,109 | ) | (7,705 | ) | (140,077 | ) | (86,840 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 3,876 | 33,907 | $ | 44,413 | $ | 373,587 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 377,302 | 1,120,964 | $ | 4,355,159 | $ | 12,583,134 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 134,894 | 250,622 | 1,589,055 | 2,466,121 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (323,050 | ) | (794,610 | ) | (3,801,673 | ) | (8,727,973 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 189,146 | 576,976 | $ | 2,142,541 | $ | 6,321,282 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 6,337 | 22,736 | $ | 74,282 | $ | 265,255 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1,087 | 1,792 | 12,967 | 17,852 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (4,388 | ) | (6,678 | ) | (52,085 | ) | (77,752 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 3,036 | 17,850 | $ | 35,164 | $ | 205,355 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 122,282 | 43,904 | $ | 1,411,966 | $ | 494,479 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 6,423 | 1,595 | 75,464 | 15,677 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (25,823 | ) | (871 | ) | (296,705 | ) | (9,732 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 102,882 | 44,628 | $ | 1,190,725 | $ | 500,424 | ||||||||||||||||||
|
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 169 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2060 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | February 1, 2019(a) to July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 126 | 2,838 | $ | 1,412 | $ | 29,386 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 12 | – 0 | – | 134 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 4 | – 0 | – | 43 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (8 | ) | – 0 | – | (87 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 134 | 2,838 | $ | 1,502 | $ | 29,386 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | – 0 | – | 1,454 | $ | – 0 | – | $ | 14,776 | ||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 1 | – 0 | – | 15 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (4 | ) | – 0 | – | (43 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | 4 | (4 | ) | 42 | (42 | ) | ||||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 1 | 1,450 | $ | 14 | $ | 14,734 | ||||||||||||||||||
| ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | – 0 | – | 19,002 | $ | – 0 | – | $ | 190,021 | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | – 0 | – | 19,002 | $ | – 0 | – | $ | 190,021 | ||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 1,316 | 1,002 | $ | 14,212 | $ | 10,021 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 16 | – 0 | – | 177 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (2 | ) | – 0 | – | (21 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 1,330 | 1,002 | $ | 14,368 | $ | 10,021 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 46,551 | 2,057 | $ | 537,580 | $ | 21,124 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 637 | – 0 | – | 7,292 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,372 | ) | – 0 | – | (15,759 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 45,816 | 2,057 | $ | 529,113 | $ | 21,124 | ||||||||||||||||||
|
170 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2060 Fund | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | February 1, 2019(a) to July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | – 0 | – | 1,002 | $ | – 0 | – | $ | 10,020 | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | – 0 | – | 1,002 | $ | – 0 | – | $ | 10,020 | ||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 31,248 | 5,969 | $ | 341,729 | $ | 64,044 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of dividends and distributions | 472 | – 0 | – | 5,423 | – 0 | – | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (6,543 | ) | – 0 | – | (74,509 | ) | – 0 | – | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 25,177 | 5,969 | $ | 272,643 | $ | 64,044 | ||||||||||||||||||
|
(a) | Commencement of operations. |
At January 31, 2020, 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 59%, 32%, 37%, 37%, 46%, 33%, 30%, 36%, 32%, 31% and 25%, respectively, in aggregate of the Funds’ outstanding shares. At January 31, 2020, the Adviser owns approximately 24% of the 2060 Fund’s outstanding shares. Significant transactions by such shareholder, if any, may impact the Funds’ performance.
NOTE G
Risks Involved in Investing in the Funds
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, including public health crises (including the occurrence of a contagious disease or illness), 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 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.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 171 |
NOTES TO FINANCIAL STATEMENTS(continued)
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.
Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in 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 and negative perceptions of the junk bond market generally, may be more difficult to trade than other types of securities.
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-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 more difficult to trade due to adverse market, economic, political, regulatory or other factors.
Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the 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.
172 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
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.
LIBOR Risk—A Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 173 |
NOTES TO FINANCIAL STATEMENTS(continued)
Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting a Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.
Indemnification Risk—In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnifications. The Funds’ 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.
Management Risk—The Funds are subject to management risk because they are actively managed investment funds. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Funds ,but there is no guarantee that its techniques will produce the intended results.
NOTE H
Distributions to Shareholders
The tax character of distributions to be paid for the year ending July 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended July 31, 2019 and July 31, 2018 were as follows:
AB Multi-Manager Select Retirement Allocation Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 271,224 | $ | 212,992 | ||||
Long-term capital gains | 345,332 | 101,190 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 616,556 | $ | 314,182 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2010 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 440,802 | $ | 428,455 | ||||
Long-term capital gains | 498,393 | 311,521 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 939,195 | $ | 739,976 | ||||
|
|
|
| |||||
174 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2015 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 1,254,660 | $ | 1,138,025 | ||||
Long-term capital gains | 1,683,897 | 1,323,533 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 2,938,557 | $ | 2,461,558 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2020 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 2,464,443 | $ | 2,389,324 | ||||
Long-term capital gains | 5,079,486 | 2,395,125 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 7,543,929 | $ | 4,784,449 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2025 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 4,293,699 | $ | 3,611,483 | ||||
Long-term capital gains | 8,725,194 | 2,769,830 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 13,018,893 | $ | 6,381,313 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2030 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 3,247,912 | $ | 3,134,156 | ||||
Long-term capital gains | 6,718,360 | 2,755,521 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 9,966,272 | $ | 5,889,677 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2035 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 2,826,085 | $ | 2,971,917 | ||||
Long-term capital gains | 7,138,013 | 2,400,714 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 9,964,098 | $ | 5,372,631 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2040 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 1,787,413 | $ | 1,624,988 | ||||
Long-term capital gains | 5,511,501 | 1,879,850 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 7,298,914 | $ | 3,504,838 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2045 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 1,628,686 | $ | 1,277,598 | ||||
Long-term capital gains | 4,559,632 | 1,571,007 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 6,188,318 | $ | 2,848,605 | ||||
|
|
|
| |||||
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 175 |
NOTES TO FINANCIAL STATEMENTS(continued)
AB Multi-Manager Select 2050 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 696,498 | $ | 465,229 | ||||
Long-term capital gains | 1,608,297 | 813,122 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 2,304,795 | $ | 1,278,351 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2055 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 842,692 | $ | 525,465 | ||||
Long-term capital gains | 1,968,981 | 741,835 | ||||||
|
|
|
| |||||
Total distributions paid | $ | 2,811,673 | $ | 1,267,300 | ||||
|
|
|
| |||||
AB Multi-Manager Select 2060 Fund | 2019 | 2018 | ||||||
Distributions paid from: | ||||||||
Ordinary income | $ | – 0 | – | $ | – 0 | – | ||
Long-term capital gains | – 0 | – | – 0 | – | ||||
|
|
|
| |||||
Total distributions paid | $ | – 0 | – | $ | – 0 | – | ||
|
|
|
|
As of July 31, 2019, 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/ | Total Accumulated Earnings/ (Deficit) | ||||||||||||
Retirement Allocation Fund | $ | 125,716 | $ | 80,377 | $ | 108,681 | $ | 314,774 | ||||||||
2010 Fund | 141,235 | 92,637 | 345,254 | 579,126 | ||||||||||||
2015 Fund | 243,205 | 423,738 | 743,251 | 1,410,194 | ||||||||||||
2020 Fund | 655,742 | 1,405,030 | 1,864,245 | 3,925,017 | ||||||||||||
2025 Fund | 1,168,998 | 3,598,173 | 2,705,586 | 7,472,757 | ||||||||||||
2030 Fund | 816,229 | 3,245,393 | 2,266,512 | 6,328,134 | ||||||||||||
2035 Fund | 686,398 | 3,857,628 | 3,576,471 | 8,120,497 | ||||||||||||
2040 Fund | 441,569 | 2,523,203 | 2,502,827 | 5,467,599 | ||||||||||||
2045 Fund | 262,541 | 1,967,148 | 2,746,696 | 4,976,385 | ||||||||||||
2050 Fund | 134,043 | 799,013 | 1,134,517 | 2,067,573 | ||||||||||||
2055 Fund | 174,513 | 890,375 | 1,317,727 | 2,382,615 | ||||||||||||
2060 Fund* | 3,464 | – 0 | – | 15,005 | 18,469 |
* | Commenced operations on February 1, 2019. |
(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 for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of July 31, 2019, the Funds did not have any capital loss carryforwards.
176 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
NOTE I
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, 2020.
NOTE J
Subsequent Events
At a meeting held on November 4-6, 2019, the Board approved the liquidation and termination of each Fund. The Funds expect to make their liquidating distributions on or shortly after June 26, 2020.
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 other material events that would require disclosure in the Funds’ financial statements through this date.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 177 |
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 (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.26 | $ 11.17 | $ 10.97 | $ 10.44 | $ 10.18 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .24 | .23 | .20 | .23 | .11 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .22 | .18 | .08 | .33 | .06 | .07 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .39 | .42 | .31 | .53 | .29 | .18 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.12 | ) | (.03 | ) | – 0 | – | – 0 | – | (.02 | ) | – 0 | – | ||||||||||||
Distributions from net realized gain on investment transactions | (.20 | ) | (.30 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.32 | ) | (.33 | ) | (.11 | ) | – 0 | – | (.03 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.33 | $ 11.26 | $ 11.17 | $ 10.97 | $ 10.44 | $ 10.18 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.41 | % | 4.01 | % | 2.80 | % | 5.08 | % | 2.82 | % | 1.80 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $281 | $344 | $502 | $309 | $442 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .46 | %^ | .46 | % | .44 | % | .42 | % | .41 | % | .39 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 4.92 | %^ | 4.07 | % | 5.19 | % | 6.32 | % | 8.37 | % | 45.18 | %^ | ||||||||||||
Net investment income(c) | 2.91 | %^ | 2.15 | % | 2.07 | % | 1.89 | % | 2.28 | % | 1.79 | %^ | ||||||||||||
Portfolio turnover rate | 34 | % | 58 | % | 98 | % | 60 | % | 102 | % | 12 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .41 | %^ | .44 | % | .46 | % | .50 | % | .48 | % | .50 | %^ |
See footnote summary on page 261.
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 Retirement Allocation Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.90 | $ 10.88 | $ 10.76 | $ 10.32 | $ 10.13 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .15 | .15 | .13 | .14 | .12 | .06 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .20 | .17 | .10 | .30 | .08 | .07 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .35 | .32 | .23 | .44 | .20 | .13 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.10 | ) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Distributions from net realized gain on investment transactions | (.20 | ) | (.30 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.30 | ) | (.30 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.95 | $ 10.90 | $ 10.88 | $ 10.76 | $ 10.32 | $ 10.13 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.20 | % | 3.19 | % | 2.11 | % | 4.26 | % | 1.94 | % | 1.30 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $104 | $103 | $132 | $186 | $126 | $45 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .88 | %^ | 1.21 | % | 1.19 | % | 1.17 | % | 1.16 | % | 1.14 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 5.39 | %^ | 4.84 | % | 6.06 | % | 7.21 | % | 11.03 | % | 43.43 | %^ | ||||||||||||
Net investment income(c) | 2.60 | %^ | 1.39 | % | 1.23 | % | 1.34 | % | 1.19 | % | .96 | %^ | ||||||||||||
Portfolio turnover rate | 34 | % | 58 | % | 98 | % | 60 | % | 102 | % | 12 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .41 | %^ | .44 | % | .46 | % | .50 | % | .48 | % | .50 | %^ |
See footnote summary on page 261.
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 Retirement Allocation Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.21 | $ 11.29 | $ 11.05 | $ 10.49 | $ 10.20 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .18 | .26 | .26 | .24 | .20 | .13 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .21 | .17 | .09 | .32 | .10 | .07 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .39 | .43 | .35 | .56 | .30 | .20 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.11 | ) | (.21 | ) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Distributions from net realized gain on investment transactions | (.20 | ) | (.30 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.31 | ) | (.51 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.29 | $ 11.21 | $ 11.29 | $ 11.05 | $ 10.49 | $ 10.20 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.51 | % | 4.20 | % | 3.15 | % | 5.34 | % | 2.91 | % | 2.00 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $307 | $583 | $71 | $25 | $22 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .21 | %^ | .21 | % | .19 | % | .17 | % | .16 | % | .14 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 4.57 | %^ | 3.86 | % | 4.99 | % | 6.16 | % | 9.14 | % | 44.95 | %^ | ||||||||||||
Net investment income(c) | 3.06 | %^ | 2.39 | % | 2.32 | % | 2.22 | % | 1.98 | % | 2.05 | %^ | ||||||||||||
Portfolio turnover rate | 34 | % | 58 | % | 98 | % | 60 | % | 102 | % | 12 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .41 | %^ | .44 | % | .46 | % | .50 | % | .48 | % | .50 | %^ |
See footnote summary on page 261.
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 Retirement Allocation Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.30 | $ 10.44 | $ 10.49 | $ 10.16 | $ 10.02 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .15 | .19 | .21 | .22 | .14 | .10 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .20 | .17 | .06 | .27 | .09 | .06 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .35 | .36 | .27 | .49 | .23 | .16 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.30 | ) | (.20 | ) | (.21 | ) | (.16 | ) | (.08 | ) | (.14 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.20 | ) | (.30 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.50 | ) | (.50 | ) | (.32 | ) | (.16 | ) | (.09 | ) | (.14 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.15 | $ 10.30 | $ 10.44 | $ 10.49 | $ 10.16 | $ 10.02 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.35 | % | 3.78 | % | 2.53 | % | 4.88 | % | 2.36 | % | 1.62 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $418 | $391 | $402 | $17 | $33 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .60 | %^ | .71 | % | .69 | % | .67 | % | .66 | % | .64 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 3.66 | %^ | 3.08 | % | 3.22 | % | 3.59 | % | 5.08 | % | 30.60 | %^ | ||||||||||||
Net investment income(c) | 2.88 | %^ | 1.86 | % | 2.01 | % | 2.20 | % | 1.42 | % | 1.56 | %^ | ||||||||||||
Portfolio turnover rate | 34 | % | 58 | % | 98 | % | 60 | % | 102 | % | 12 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .41 | %^ | .44 | % | .46 | % | .50 | % | .48 | % | .50 | %^ |
See footnote summary on page 261.
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 Retirement Allocation Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.35 | $ 10.50 | $ 10.51 | $ 10.19 | $ 10.04 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .21 | .22 | .20 | .22 | .09 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .20 | .16 | .07 | .31 | .04 | .09 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .36 | .37 | .29 | .51 | .26 | .18 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.31 | ) | (.22 | ) | (.19 | ) | (.19 | ) | (.10 | ) | (.14 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.20 | ) | (.30 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.51 | ) | (.52 | ) | (.30 | ) | (.19 | ) | (.11 | ) | (.14 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.20 | $ 10.35 | $ 10.50 | $ 10.51 | $ 10.19 | $ 10.04 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.48 | % | 3.95 | % | 2.77 | % | 5.15 | % | 2.65 | % | 1.84 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $7,727 | $9,442 | $11,013 | $7,869 | $8,303 | $671 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .46 | %^ | .46 | % | .44 | % | .42 | % | .41 | % | .39 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 3.44 | %^ | 2.82 | % | 2.92 | % | 3.37 | % | 4.40 | % | 21.09 | %^ | ||||||||||||
Net investment income(c) | 3.00 | %^ | 2.09 | % | 2.10 | % | 2.00 | % | 2.26 | % | 1.45 | %^ | ||||||||||||
Portfolio turnover rate | 34 | % | 58 | % | 98 | % | 60 | % | 102 | % | 12 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .41 | %^ | .44 | % | .46 | % | .50 | % | .48 | % | .50 | %^ |
See footnote summary on page 261.
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 Retirement Allocation Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.60 | $ 10.75 | $ 10.54 | $ 10.23 | $ 10.05 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .18 | .25 | .15 | .22 | .27 | .13 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .20 | .16 | .17 | .31 | .02 | .06 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .38 | .41 | .32 | .53 | .29 | .19 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.35 | ) | (.26 | ) | – 0 | – | (.22 | ) | (.10 | ) | (.14 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.20 | ) | (.30 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.55 | ) | (.56 | ) | (.11 | ) | (.22 | ) | (.11 | ) | (.14 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.43 | $ 10.60 | $ 10.75 | $ 10.54 | $ 10.23 | $ 10.05 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.63 | % | 4.18 | % | 3.02 | % | 5.35 | % | 2.98 | % | 1.95 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $12 | $12 | $12 | $1,057 | $668 | $959 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .22 | %^ | .21 | % | .17 | % | .17 | % | .15 | % | .14 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | �� | 3.14 | %^ | 2.52 | % | 2.52 | % | 3.06 | % | 7.57 | % | 30.07 | %^ | |||||||||||
Net investment income(c) | 3.27 | %^ | 2.37 | % | 1.25 | % | 2.20 | % | 2.71 | % | 2.06 | %^ | ||||||||||||
Portfolio turnover rate | 34 | % | 58 | % | 98 | % | 60 | % | 102 | % | 12 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .41 | %^ | .44 | % | .46 | % | .50 | % | .48 | % | .50 | %^ |
See footnote summary on page 261.
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 Retirement Allocation Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.36 | $ 10.53 | $ 10.53 | $ 10.22 | $ 10.05 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .19 | .23 | .22 | .13 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .20 | .17 | .15 | .31 | .06 | .06 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .37 | .40 | .34 | .54 | .28 | .19 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.35 | ) | (.27 | ) | (.23 | ) | (.23 | ) | (.10 | ) | (.14 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.20 | ) | (.30 | ) | (.11 | ) | – 0 | – | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.55 | ) | (.57 | ) | (.34 | ) | (.23 | ) | (.11 | ) | (.14 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.18 | $ 10.36 | $ 10.53 | $ 10.53 | $ 10.22 | $ 10.05 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.53 | % | 4.22 | % | 3.20 | % | 5.41 | % | 2.88 | % | 1.95 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $13 | $13 | $1,012 | $11 | $10 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .21 | %^ | .20 | % | .18 | % | .17 | % | .16 | % | .14 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 3.03 | %^ | 2.26 | % | 5.12 | % | 2.95 | % | 7.38 | % | 30.15 | %^ | ||||||||||||
Net investment income(c) | 3.27 | %^ | 2.21 | % | 2.65 | % | 2.27 | % | 2.27 | % | 2.07 | %^ | ||||||||||||
Portfolio turnover rate | 34 | % | 58 | % | 98 | % | 60 | % | 102 | % | 12 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .41 | %^ | .44 | % | .46 | % | .50 | % | .48 | % | .50 | %^ |
See footnote summary on page 261.
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 2010 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.05 | $ 11.19 | $ 11.11 | $ 10.47 | $ 10.23 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .18 | .23 | .26 | .21 | .24 | .16 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .25 | .16 | .22 | .47 | .09 | .10 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .43 | .39 | .48 | .68 | .33 | .26 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.20 | ) | (.19 | ) | (.13 | ) | (.01 | ) | (.08 | ) | (.03 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.18 | ) | (.34 | ) | (.27 | ) | (.03 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.38 | ) | (.53 | ) | (.40 | ) | (.04 | ) | (.09 | ) | (.03 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.10 | $ 11.05 | $ 11.19 | $ 11.11 | $ 10.47 | $ 10.23 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.91 | % | 3.88 | % | 4.31 | % | 6.56 | % | 3.24 | % | 2.58 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $690 | $678 | $412 | $376 | $629 | $16 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .42 | %^ | .40 | % | .39 | % | .40 | % | .40 | % | .38 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 2.48 | %^ | 2.64 | % | 2.90 | % | 3.42 | % | 4.07 | % | 46.32 | %^ | ||||||||||||
Net investment income(c) | 3.08 | %^ | 2.09 | % | 2.32 | % | 1.95 | % | 2.47 | % | 2.53 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 46 | % | 85 | % | 49 | % | 116 | % | 15 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .52 | % | .53 | % | .56 | % | .55 | % | .61 | %^ |
See footnote summary on page 261.
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 2010 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.03 | $ 11.05 | $ 10.96 | $ 10.39 | $ 10.18 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .13 | .14 | .17 | .12 | .21 | .12 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .27 | .18 | .21 | .48 | .03 | .08 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .40 | .32 | .38 | .60 | .24 | .20 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.04 | ) | – 0 | – | (.02 | ) | – 0 | – | (.02 | ) | (.02 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.18 | ) | (.34 | ) | (.27 | ) | (.03 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.22 | ) | (.34 | ) | (.29 | ) | (.03 | ) | (.03 | ) | (.02 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.21 | $ 11.03 | $ 11.05 | $ 10.96 | $ 10.39 | $ 10.18 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.64 | % | 3.18 | % | 3.50 | % | 5.81 | % | 2.41 | % | 2.04 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $39 | $58 | $120 | $142 | $106 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .90 | %^ | 1.15 | % | 1.14 | % | 1.15 | % | 1.15 | % | 1.13 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 2.97 | %^ | 3.37 | % | 3.67 | % | 4.32 | % | 5.48 | % | 47.09 | %^ | ||||||||||||
Net investment income(c) | 2.29 | %^ | 1.31 | % | 1.55 | % | 1.15 | % | 2.10 | % | 1.84 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 46 | % | 85 | % | 49 | % | 116 | % | 15 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .52 | % | .53 | % | .56 | % | .55 | % | .61 | %^ |
See footnote summary on page 261.
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 2010 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.97 | $ 11.14 | $ 11.04 | $ 10.52 | $ 10.24 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .18 | .26 | .28 | .24 | .25 | .18 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .26 | .15 | .23 | .46 | .10 | .09 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .44 | .41 | .51 | .70 | .35 | .27 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.19 | ) | (.24 | ) | (.14 | ) | (.15 | ) | (.06 | ) | (.03 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.18 | ) | (.34 | ) | (.27 | ) | (.03 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.37 | ) | (.58 | ) | (.41 | ) | (.18 | ) | (.07 | ) | (.03 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.04 | $ 10.97 | $ 11.14 | $ 11.04 | $ 10.52 | $ 10.24 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.03 | % | 4.17 | % | 4.67 | % | 6.81 | % | 3.50 | % | 2.70 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $857 | $1,339 | $781 | $778 | $717 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .17 | %^ | .15 | % | .14 | % | .15 | % | .15 | % | .13 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 2.20 | %^ | 2.36 | % | 2.75 | % | 3.26 | % | 3.56 | % | 46.11 | %^ | ||||||||||||
Net investment income(c) | 3.11 | %^ | 2.42 | % | 2.55 | % | 2.28 | % | 2.54 | % | 2.81 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 46 | % | 85 | % | 49 | % | 116 | % | 15 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .52 | % | .53 | % | .56 | % | .55 | % | .61 | %^ |
See footnote summary on page 261.
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 2010 Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.40 | $ 10.62 | $ 10.63 | $ 10.22 | $ 10.04 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .19 | .22 | .18 | .21 | .15 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .24 | .15 | .21 | .45 | .08 | .09 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .40 | .34 | .43 | .63 | .29 | .24 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.22 | ) | (.22 | ) | (.17 | ) | (.19 | ) | (.10 | ) | (.20 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.18 | ) | (.34 | ) | (.27 | ) | (.03 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.40 | ) | (.56 | ) | (.44 | ) | (.22 | ) | (.11 | ) | (.20 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.40 | $ 10.40 | $ 10.62 | $ 10.63 | $ 10.22 | $ 10.04 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.86 | % | 3.64 | % | 4.06 | % | 6.28 | % | 2.99 | % | 2.43 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $395 | $390 | $374 | $389 | $622 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .55 | %^ | .65 | % | .64 | % | .65 | % | .65 | % | .63 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 2.26 | %^ | 2.45 | % | 2.48 | % | 2.82 | % | 3.59 | % | 30.49 | %^ | ||||||||||||
Net investment income(c) | 2.94 | %^ | 1.89 | % | 2.08 | % | 1.80 | % | 2.12 | % | 2.31 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 46 | % | 85 | % | 49 | % | 116 | % | 15 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .52 | % | .53 | % | .56 | % | .55 | % | .61 | %^ |
See footnote summary on page 261.
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 2010 Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.38 | $ 10.61 | $ 10.65 | $ 10.24 | $ 10.05 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .22 | .25 | .21 | .23 | .10 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .25 | .14 | .21 | .44 | .08 | .15 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .41 | .36 | .46 | .65 | .31 | .25 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.25 | ) | (.25 | ) | (.23 | ) | (.21 | ) | (.11 | ) | (.20 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.18 | ) | (.34 | ) | (.27 | ) | (.03 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.43 | ) | (.59 | ) | (.50 | ) | (.24 | ) | (.12 | ) | (.20 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.36 | $ 10.38 | $ 10.61 | $ 10.65 | $ 10.24 | $ 10.05 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.94 | % | 3.90 | % | 4.32 | % | 6.52 | % | 3.16 | % | 2.54 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $16,409 | $15,995 | $16,603 | $11,448 | $13,222 | $597 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .42 | %^ | .40 | % | .39 | % | .40 | % | .40 | % | .38 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 2.06 | %^ | 2.13 | % | 2.19 | % | 2.54 | % | 2.84 | % | 23.54 | %^ | ||||||||||||
Net investment income(c) | 3.05 | %^ | 2.14 | % | 2.31 | % | 2.04 | % | 2.39 | % | 1.72 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 46 | % | 85 | % | 49 | % | 116 | % | 15 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .52 | % | .53 | % | .56 | % | .55 | % | .61 | %^ |
See footnote summary on page 261.
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 2010 Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.37 | $ 10.61 | $ 10.66 | $ 10.28 | $ 10.07 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .25 | .27 | .20 | .31 | .18 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .25 | .14 | .21 | .49 | .02 | .09 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .42 | .39 | .48 | .69 | .33 | .27 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.29 | ) | (.26 | ) | (.28 | ) | (.11 | ) | (.20 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.18 | ) | (.34 | ) | (.27 | ) | (.03 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.45 | ) | (.63 | ) | (.53 | ) | (.31 | ) | (.12 | ) | (.20 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.34 | $ 10.37 | $ 10.61 | $ 10.66 | $ 10.28 | $ 10.07 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.03 | % | 4.22 | % | 4.53 | % | 6.88 | % | 3.38 | % | 2.76 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $13 | $43 | $65 | $55 | $14 | $966 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .16 | %^ | .15 | % | .14 | % | .15 | % | .13 | % | .13 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.70 | %^ | 1.75 | % | 1.72 | % | 2.34 | % | 10.46 | % | 29.96 | %^ | ||||||||||||
Net investment income(c) | 3.18 | %^ | 2.42 | % | 2.52 | % | 1.98 | % | 3.17 | % | 2.82 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 46 | % | 85 | % | 49 | % | 116 | % | 15 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .52 | % | .53 | % | .56 | % | .55 | % | .61 | %^ |
See footnote summary on page 261.
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 2010 Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.37 | $ 10.62 | $ 10.68 | $ 10.28 | $ 10.07 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .21 | .25 | .27 | .24 | .23 | .18 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .23 | .14 | .21 | .45 | .10 | .09 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .44 | .39 | .48 | .69 | .33 | .27 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.30 | ) | (.30 | ) | (.27 | ) | (.26 | ) | (.11 | ) | (.20 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.18 | ) | (.34 | ) | (.27 | ) | (.03 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.48 | ) | (.64 | ) | (.54 | ) | (.29 | ) | (.12 | ) | (.20 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.33 | $ 10.37 | $ 10.62 | $ 10.68 | $ 10.28 | $ 10.07 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.20 | % | 4.20 | % | 4.51 | % | 6.90 | % | 3.38 | % | 2.76 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $376 | $11 | $11 | $11 | $11 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .17 | %^ | .15 | % | .14 | % | .15 | % | .15 | % | .13 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.67 | %^ | 1.70 | % | 1.68 | % | 2.15 | % | 6.29 | % | 30.01 | %^ | ||||||||||||
Net investment income(c) | 3.89 | %^ | 2.42 | % | 2.57 | % | 2.30 | % | 2.39 | % | 2.82 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 46 | % | 85 | % | 49 | % | 116 | % | 15 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .52 | % | .53 | % | .56 | % | .55 | % | .61 | %^ |
See footnote summary on page 261.
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 2015 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.58 | $ 10.91 | $ 11.01 | $ 10.46 | $ 10.26 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .27 | .20 | .24 | .10 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .25 | .09 | .28 | .59 | .09 | .20 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .42 | .32 | .55 | .79 | .33 | .30 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.22 | ) | (.26 | ) | (.18 | ) | (.13 | ) | (.04 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.22 | ) | (.43 | ) | (.39 | ) | (.06 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.46 | ) | (.65 | ) | (.65 | ) | (.24 | ) | (.13 | ) | (.04 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.54 | $ 10.58 | $ 10.91 | $ 11.01 | $ 10.46 | $ 10.26 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.91 | % | 3.56 | % | 5.02 | % | 7.72 | % | 3.33 | % | 2.99 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,161 | $1,162 | $1,703 | $2,224 | $3,613 | $168 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .38 | %^ | .36 | % | .37 | % | .40 | % | .40 | % | .42 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.11 | %^ | 1.07 | % | 1.16 | % | 1.16 | % | 1.31 | % | 26.98 | %^ | ||||||||||||
Net investment income(c) | 3.12 | %^ | 2.15 | % | 2.43 | % | 1.90 | % | 2.47 | % | 1.50 | %^ | ||||||||||||
Portfolio turnover rate | 33 | % | 61 | % | 93 | % | 38 | % | 83 | % | 18 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .50 | %^ | .57 | % | .57 | % | .59 | % | .60 | % | .59 | %^ |
See footnote summary on page 261.
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 2015 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.48 | $ 10.82 | $ 10.92 | $ 10.40 | $ 10.21 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .12 | .15 | .18 | .14 | .15 | .06 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .28 | .10 | .27 | .57 | .11 | .19 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .40 | .25 | .45 | .71 | .26 | .25 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.11 | ) | (.16 | ) | (.16 | ) | (.13 | ) | (.07 | ) | (.04 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.22 | ) | (.43 | ) | (.39 | ) | (.06 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.33 | ) | (.59 | ) | (.55 | ) | (.19 | ) | (.07 | ) | (.04 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.55 | $ 10.48 | $ 10.82 | $ 10.92 | $ 10.40 | $ 10.21 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.77 | % | 2.81 | % | 4.15 | % | 6.92 | % | 2.63 | % | 2.45 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $338 | $534 | $578 | $737 | $717 | $374 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .84 | %^ | 1.11 | % | 1.12 | % | 1.15 | % | 1.16 | % | 1.17 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.57 | %^ | 1.82 | % | 1.91 | % | 1.93 | % | 2.52 | % | 19.67 | %^ | ||||||||||||
Net investment income(c) | 2.18 | %^ | 1.40 | % | 1.68 | % | 1.31 | % | 1.55 | % | .90 | %^ | ||||||||||||
Portfolio turnover rate | 33 | % | 61 | % | 93 | % | 38 | % | 83 | % | 18 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .50 | %^ | .57 | % | .57 | % | .59 | % | .60 | % | .59 | %^ |
See footnote summary on page 261.
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 2015 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.71 | $ 11.06 | $ 11.16 | $ 10.63 | $ 10.27 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .26 | .30 | .25 | .27 | .12 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .28 | .10 | .28 | .58 | .11 | .19 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .44 | .36 | .58 | .83 | .38 | .31 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.25 | ) | (.28 | ) | (.29 | ) | (.24 | ) | (.02 | ) | (.04 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.22 | ) | (.43 | ) | (.39 | ) | (.06 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.47 | ) | (.71 | ) | (.68 | ) | (.30 | ) | (.02 | ) | (.04 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.68 | $ 10.71 | $ 11.06 | $ 11.16 | $ 10.63 | $ 10.27 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.09 | % | 3.91 | % | 5.21 | % | 7.98 | % | 3.68 | % | 3.11 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,961 | $4,518 | $70 | $78 | $70 | $61 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .12 | %^ | .11 | % | .12 | % | .15 | % | .16 | % | .17 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .84 | %^ | .84 | % | .91 | % | .94 | % | 1.58 | % | 26.67 | %^ | ||||||||||||
Net investment income(c) | 2.89 | %^ | 2.47 | % | 2.67 | % | 2.30 | % | 2.68 | % | 1.82 | %^ | ||||||||||||
Portfolio turnover rate | 33 | % | 61 | % | 93 | % | 38 | % | 83 | % | 18 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .50 | %^ | .57 | % | .57 | % | .59 | % | .60 | % | .59 | %^ |
See footnote summary on page 261.
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 2015 Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.33 | $ 10.66 | $ 10.77 | $ 10.25 | $ 10.07 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .18 | .19 | .24 | .19 | .21 | .11 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .21 | .11 | .27 | .55 | .10 | .17 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .39 | .30 | .51 | .74 | .31 | .28 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.21 | ) | (.20 | ) | (.23 | ) | (.16 | ) | (.13 | ) | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.22 | ) | (.43 | ) | (.39 | ) | (.06 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.43 | ) | (.63 | ) | (.62 | ) | (.22 | ) | (.13 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.29 | $ 10.33 | $ 10.66 | $ 10.77 | $ 10.25 | $ 10.07 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.79 | % | 3.35 | % | 4.73 | % | 7.40 | % | 3.10 | % | 2.84 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $174 | $317 | $283 | $399 | $375 | $247 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .52 | %^ | .61 | % | .62 | % | .65 | % | .66 | % | .67 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.39 | %^ | 1.50 | % | 1.53 | % | 1.51 | % | 1.95 | % | 15.95 | %^ | ||||||||||||
Net investment income(c) | 3.34 | %^ | 1.89 | % | 2.24 | % | 1.81 | % | 2.15 | % | 1.74 | %^ | ||||||||||||
Portfolio turnover rate | 33 | % | 61 | % | 93 | % | 38 | % | 83 | % | 18 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .50 | %^ | .57 | % | .57 | % | .59 | % | .60 | % | .59 | %^ |
See footnote summary on page 261.
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 2015 Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.33 | $ 10.68 | $ 10.79 | $ 10.28 | $ 10.09 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .22 | .26 | .21 | .24 | .08 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .25 | .09 | .28 | .56 | .09 | .22 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .42 | .31 | .54 | .77 | .33 | .30 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.23 | ) | (.23 | ) | (.26 | ) | (.20 | ) | (.14 | ) | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.22 | ) | (.43 | ) | (.39 | ) | (.06 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.45 | ) | (.66 | ) | (.65 | ) | (.26 | ) | (.14 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.30 | $ 10.33 | $ 10.68 | $ 10.79 | $ 10.28 | $ 10.09 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.01 | % | 3.53 | % | 4.98 | % | 7.68 | % | 3.35 | % | 3.06 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $33,337 | $35,408 | $41,025 | $38,086 | $41,604 | $3,780 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .38 | %^ | .36 | % | .37 | % | .40 | % | .41 | % | .42 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.20 | %^ | 1.18 | % | 1.23 | % | 1.22 | % | 1.37 | % | 10.55 | %^ | ||||||||||||
Net investment income(c) | 3.11 | %^ | 2.15 | % | 2.40 | % | 2.07 | % | 2.48 | % | 1.30 | %^ | ||||||||||||
Portfolio turnover rate | 33 | % | 61 | % | 93 | % | 38 | % | 83 | % | 18 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .50 | %^ | .57 | % | .57 | % | .59 | % | .60 | % | .59 | %^ |
See footnote summary on page 261.
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 2015 Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.33 | $ 10.71 | $ 10.81 | $ 10.31 | $ 10.10 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .18 | .24 | .25 | .25 | .30 | .18 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .25 | .09 | .31 | .55 | .06 | .14 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .43 | .33 | .56 | .80 | .36 | .32 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.26 | ) | (.28 | ) | (.27 | ) | (.24 | ) | (.15 | ) | (.22 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.22 | ) | (.43 | ) | (.39 | ) | (.06 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.48 | ) | (.71 | ) | (.66 | ) | (.30 | ) | (.15 | ) | (.22 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.28 | $ 10.33 | $ 10.71 | $ 10.81 | $ 10.31 | $ 10.10 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.17 | % | 3.74 | % | 5.25 | % | 7.96 | % | 3.60 | % | 3.17 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $4,813 | $4,625 | $155 | $534 | $541 | $969 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .13 | %^ | .11 | % | .12 | % | .15 | % | .16 | % | .17 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .88 | %^ | .84 | % | .87 | % | .89 | % | 1.74 | % | 25.68 | %^ | ||||||||||||
Net investment income(c) | 3.37 | %^ | 2.42 | % | 2.28 | % | 2.43 | % | 3.06 | % | 2.91 | %^ | ||||||||||||
Portfolio turnover rate | 33 | % | 61 | % | 93 | % | 38 | % | 83 | % | 18 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .50 | %^ | .57 | % | .57 | % | .59 | % | .60 | % | .59 | %^ |
See footnote summary on page 261.
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 2015 Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.29 | $ 10.67 | $ 10.81 | $ 10.31 | $ 10.10 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .25 | .19 | .29 | .24 | .24 | .18 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .17 | .14 | .26 | .56 | .11 | .14 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .42 | .33 | .55 | .80 | .35 | .32 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.28 | ) | (.30 | ) | (.24 | ) | (.14 | ) | (.22 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.22 | ) | (.43 | ) | (.39 | ) | (.06 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.49 | ) | (.71 | ) | (.69 | ) | (.30 | ) | (.14 | ) | (.22 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.22 | $ 10.29 | $ 10.67 | $ 10.81 | $ 10.31 | $ 10.10 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.08 | % | 3.77 | % | 5.14 | % | 8.02 | % | 3.60 | % | 3.17 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $519 | $136 | $12 | $11 | $11 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .13 | %^ | .12 | % | .11 | % | .15 | % | .16 | % | .17 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .81 | %^ | .79 | % | .81 | % | .80 | % | 1.47 | % | 25.70 | %^ | ||||||||||||
Net investment income(c) | 4.74 | %^ | 1.89 | % | 2.68 | % | 2.33 | % | 2.49 | % | 2.91 | %^ | ||||||||||||
Portfolio turnover rate | 33 | % | 61 | % | 93 | % | 38 | % | 83 | % | 18 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .50 | %^ | .57 | % | .57 | % | .59 | % | .60 | % | .59 | %^ |
See footnote summary on page 261.
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 2020 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.70 | $ 11.22 | $ 11.15 | $ 10.46 | $ 10.28 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .27 | .21 | .23 | .12 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .27 | .05 | .37 | .71 | .09 | .24 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .44 | .28 | .64 | .92 | .32 | .36 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.25 | ) | (.25 | ) | (.18 | ) | (.13 | ) | (.08 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.27 | ) | (.55 | ) | (.32 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.51 | ) | (.80 | ) | (.57 | ) | (.23 | ) | (.14 | ) | (.08 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.63 | $ 10.70 | $ 11.22 | $ 11.15 | $ 10.46 | $ 10.28 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.08 | % | 3.30 | % | 5.74 | % | 8.98 | % | 3.19 | % | 3.58 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $3,881 | $4,162 | $5,086 | $5,239 | $8,339 | $521 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .38 | %^ | .38 | % | .39 | % | .44 | % | .45 | % | .46 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .78 | %^ | .78 | % | .81 | % | .82 | % | 1.00 | % | 9.77 | %^ | ||||||||||||
Net investment income(c) | 3.02 | %^ | 2.18 | % | 2.38 | % | 1.94 | % | 2.37 | % | 2.00 | %^ | ||||||||||||
Portfolio turnover rate | 36 | % | 53 | % | 84 | % | 46 | % | 81 | % | 100 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .51 | %^ | .55 | % | .57 | % | .61 | % | .62 | % | .62 | %^ |
See footnote summary on page 261.
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 2020 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.57 | $ 11.09 | $ 11.02 | $ 10.36 | $ 10.23 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .14 | .15 | .19 | .13 | .15 | .06 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .28 | .05 | .36 | .70 | .09 | .24 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .42 | .20 | .55 | .83 | .24 | .30 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.15 | ) | (.17 | ) | (.16 | ) | (.12 | ) | (.10 | ) | (.07 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.27 | ) | (.55 | ) | (.32 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.42 | ) | (.72 | ) | (.48 | ) | (.17 | ) | (.11 | ) | (.07 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.57 | $ 10.57 | $ 11.09 | $ 11.02 | $ 10.36 | $ 10.23 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 3.91 | % | 2.51 | % | 4.97 | % | 8.17 | % | 2.38 | % | 3.04 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $725 | $1,264 | $1,271 | $1,584 | $1,286 | $370 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .81 | %^ | 1.13 | % | 1.14 | % | 1.19 | % | 1.20 | % | 1.21 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.21 | %^ | 1.54 | % | 1.56 | % | 1.57 | % | 1.82 | % | 12.82 | %^ | ||||||||||||
Net investment income(c) | 2.64 | %^ | 1.39 | % | 1.66 | % | 1.23 | % | 1.57 | % | .95 | %^ | ||||||||||||
Portfolio turnover rate | 36 | % | 53 | % | 84 | % | 46 | % | 81 | % | 100 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .51 | %^ | .55 | % | .57 | % | .61 | % | .62 | % | .62 | %^ |
See footnote summary on page 261.
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 2020 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.71 | $ 11.24 | $ 11.17 | $ 10.50 | $ 10.30 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .15 | .26 | .30 | .25 | .29 | .18 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .31 | .05 | .37 | .70 | .05 | .20 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .46 | .31 | .67 | .95 | .34 | .38 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.25 | ) | (.29 | ) | (.28 | ) | (.23 | ) | (.13 | ) | (.08 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.27 | ) | (.55 | ) | (.32 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.52 | ) | (.84 | ) | (.60 | ) | (.28 | ) | (.14 | ) | (.08 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.65 | $ 10.71 | $ 11.24 | $ 11.17 | $ 10.50 | $ 10.30 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.29 | % | 3.59 | % | 6.02 | % | 9.23 | % | 3.36 | % | 3.80 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,860 | $4,285 | $226 | $220 | $179 | $15 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .13 | %^ | .13 | % | .14 | % | .19 | % | .20 | % | .21 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .53 | %^ | .54 | % | .56 | % | .57 | % | .69 | % | 25.25 | %^ | ||||||||||||
Net investment income(c) | 2.80 | %^ | 2.42 | % | 2.67 | % | 2.32 | % | 2.96 | % | 2.74 | %^ | ||||||||||||
Portfolio turnover rate | 36 | % | 53 | % | 84 | % | 46 | % | 81 | % | 100 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .51 | %^ | .55 | % | .57 | % | .61 | % | .62 | % | .62 | %^ |
See footnote summary on page 261.
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 2020 Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.42 | $ 10.97 | $ 10.92 | $ 10.23 | $ 10.09 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .21 | .24 | .19 | .22 | .12 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .26 | .04 | .36 | .69 | .06 | .22 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .42 | .25 | .60 | .88 | .28 | .34 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.21 | ) | (.25 | ) | (.23 | ) | (.14 | ) | (.13 | ) | (.25 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.27 | ) | (.55 | ) | (.32 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.48 | ) | (.80 | ) | (.55 | ) | (.19 | ) | (.14 | ) | (.25 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.36 | $ 10.42 | $ 10.97 | $ 10.92 | $ 10.23 | $ 10.09 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.03 | % | 3.02 | % | 5.48 | % | 8.78 | % | 2.84 | % | 3.43 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $6,045 | $5,702 | $2,881 | $2,052 | $2,328 | $296 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .52 | %^ | .63 | % | .64 | % | .69 | % | .70 | % | .71 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.06 | %^ | 1.17 | % | 1.22 | % | 1.17 | % | 1.36 | % | 8.32 | %^ | ||||||||||||
Net investment income(c) | 2.98 | %^ | 2.02 | % | 2.20 | % | 1.79 | % | 2.25 | % | 1.93 | %^ | ||||||||||||
Portfolio turnover rate | 36 | % | 53 | % | 84 | % | 46 | % | 81 | % | 100 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .51 | %^ | .55 | % | .57 | % | .61 | % | .62 | % | .62 | %^ |
See footnote summary on page 261.
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 2020 Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.48 | $ 11.00 | $ 10.94 | $ 10.27 | $ 10.11 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .22 | .27 | .21 | .23 | .10 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .27 | .06 | .35 | .70 | .07 | .26 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .44 | .28 | .62 | .91 | .30 | .36 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.25 | ) | (.24 | ) | (.19 | ) | (.13 | ) | (.25 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.27 | ) | (.55 | ) | (.32 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.51 | ) | (.80 | ) | (.56 | ) | (.24 | ) | (.14 | ) | (.25 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.41 | $ 10.48 | $ 11.00 | $ 10.94 | $ 10.27 | $ 10.11 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.12 | % | 3.29 | % | 5.74 | % | 9.07 | % | 3.08 | % | 3.65 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $86,791 | $85,559 | $91,754 | $82,263 | $72,587 | $6,854 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .38 | %^ | .38 | % | .39 | % | .44 | % | .45 | % | .46 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .86 | %^ | .88 | % | .91 | % | .90 | % | 1.04 | % | 5.40 | %^ | ||||||||||||
Net investment income(c) | 3.11 | %^ | 2.14 | % | 2.41 | % | 2.02 | % | 2.40 | % | 1.68 | %^ | ||||||||||||
Portfolio turnover rate | 36 | % | 53 | % | 84 | % | 46 | % | 81 | % | 100 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .51 | %^ | .55 | % | .57 | % | .61 | % | .62 | % | .62 | %^ |
See footnote summary on page 261.
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 2020 Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.76 | $ 11.29 | $ 10.96 | $ 10.30 | $ 10.12 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .19 | .25 | .12 | .24 | .28 | .19 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .27 | .06 | .53 | .69 | .05 | .18 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .46 | .31 | .65 | .93 | .33 | .37 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.29 | ) | – 0 | – | (.22 | ) | (.14 | ) | (.25 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.27 | ) | (.55 | ) | (.32 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.54 | ) | (.84 | ) | (.32 | ) | (.27 | ) | (.15 | ) | (.25 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.68 | $ 10.76 | $ 11.29 | $ 10.96 | $ 10.30 | $ 10.12 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.24 | % | 3.54 | % | 5.91 | % | 9.29 | % | 3.34 | % | 3.76 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $172 | $162 | $50 | $2,182 | $2,376 | $975 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .13 | %^ | .13 | % | .18 | % | .19 | % | .20 | % | .21 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .53 | %^ | .56 | % | .46 | % | .59 | % | .80 | % | 24.45 | %^ | ||||||||||||
Net investment income(c) | 3.38 | %^ | 2.41 | % | 1.03 | % | 2.33 | % | 2.89 | % | 2.98 | %^ | ||||||||||||
Portfolio turnover rate | 36 | % | 53 | % | 84 | % | 46 | % | 81 | % | 100 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .51 | %^ | .55 | % | .57 | % | .61 | % | .62 | % | .62 | %^ |
See footnote summary on page 261.
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 2020 Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.46 | $ 11.00 | $ 10.95 | $ 10.30 | $ 10.12 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .24 | .25 | .24 | .24 | .24 | .19 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .21 | .06 | .42 | .69 | .09 | .18 | + | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .45 | .31 | .66 | .93 | .33 | .37 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.28 | ) | (.30 | ) | (.29 | ) | (.23 | ) | (.14 | ) | (.25 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.27 | ) | (.55 | ) | (.32 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.55 | ) | (.85 | ) | (.61 | ) | (.28 | ) | (.15 | ) | (.25 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.36 | $ 10.46 | $ 11.00 | $ 10.95 | $ 10.30 | $ 10.12 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.30 | % | 3.61 | % | 6.05 | % | 9.27 | % | 3.32 | % | 3.76 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $2,892 | $781 | $157 | $11 | $11 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .14 | %^ | .13 | % | .12 | % | .19 | % | .20 | % | .21 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .44 | %^ | .46 | % | .49 | % | .49 | % | .97 | % | 24.49 | %^ | ||||||||||||
Net investment income(c) | 4.44 | %^ | 2.46 | % | 2.24 | % | 2.32 | % | 2.42 | % | 2.99 | %^ | ||||||||||||
Portfolio turnover rate | 36 | % | 53 | % | 84 | % | 46 | % | 81 | % | 100 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .51 | %^ | .55 | % | .57 | % | .61 | % | .62 | % | .62 | %^ |
See footnote summary on page 261.
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 2025 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.92 | $ 11.60 | $ 11.32 | $ 10.45 | $ 10.33 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .24 | .28 | .19 | .24 | .11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .34 | (.01 | )+ | .51 | .91 | .03 | .33 | + | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .51 | .23 | .79 | 1.10 | .27 | .44 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.25 | ) | (.25 | ) | (.26 | ) | (.15 | ) | (.15 | ) | (.11 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.31 | ) | (.66 | ) | (.25 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.56 | ) | (.91 | ) | (.51 | ) | (.23 | ) | (.15 | ) | (.11 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.87 | $ 10.92 | $ 11.60 | $ 11.32 | $ 10.45 | $ 10.33 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.59 | % | 2.87 | % | 6.99 | % | 10.74 | % | 2.65 | % | 4.43 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $4,289 | $4,671 | $5,525 | $4,804 | $8,857 | $174 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .37 | %^ | .37 | % | .39 | % | .43 | % | .44 | % | .45 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .71 | %^ | .69 | % | .72 | % | .75 | % | .83 | % | 13.53 | %^ | ||||||||||||
Net investment income(c) | 3.11 | %^ | 2.25 | % | 2.40 | % | 1.77 | % | 2.39 | % | 1.73 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 53 | % | 80 | % | 41 | % | 75 | % | 22 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .52 | %^ | .54 | % | .56 | % | .64 | % | .62 | % | .60 | %^ |
See footnote summary on page 261.
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 2025 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.83 | $ 11.48 | $ 11.19 | $ 10.38 | $ 10.29 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .14 | .15 | .19 | .15 | .14 | .05 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .34 | (.00 | )(d)+ | .51 | .86 | .06 | .35 | + | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .48 | .15 | .70 | 1.01 | .20 | .40 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.16 | ) | (.14 | ) | (.16 | ) | (.12 | ) | (.11 | ) | (.11 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.31 | ) | (.66 | ) | (.25 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.47 | ) | (.80 | ) | (.41 | ) | (.20 | ) | (.11 | ) | (.11 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.84 | $ 10.83 | $ 11.48 | $ 11.19 | $ 10.38 | $ 10.29 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.38 | % | 2.08 | % | 6.26 | % | 9.87 | % | 1.97 | % | 3.99 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $530 | $649 | $714 | $629 | $818 | $138 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .81 | %^ | 1.12 | % | 1.14 | % | 1.18 | % | 1.19 | % | 1.20 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.15 | %^ | 1.45 | % | 1.48 | % | 1.53 | % | 1.68 | % | 15.69 | %^ | ||||||||||||
Net investment income(c) | 2.47 | %^ | 1.41 | % | 1.68 | % | 1.40 | % | 1.38 | % | .72 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 53 | % | 80 | % | 41 | % | 75 | % | 22 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .52 | %^ | .54 | % | .56 | % | .64 | % | .62 | % | .60 | %^ |
See footnote summary on page 261.
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 2025 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.93 | $ 11.63 | $ 11.34 | $ 10.51 | $ 10.35 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .27 | .31 | .25 | .25 | .11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .36 | (.02 | )+ | .51 | .87 | .05 | .35 | + | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .53 | .25 | .82 | 1.12 | .30 | .46 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.29 | ) | (.28 | ) | (.21 | ) | (.14 | ) | (.11 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.31 | ) | (.66 | ) | (.25 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.58 | ) | (.95 | ) | (.53 | ) | (.29 | ) | (.14 | ) | (.11 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.88 | $ 10.93 | $ 11.63 | $ 11.34 | $ 10.51 | $ 10.35 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.78 | % | 3.07 | % | 7.31 | % | 10.95 | % | 2.97 | % | 4.65 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $4,051 | $6,935 | $1,053 | $861 | $708 | $534 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .12 | %^ | .12 | % | .14 | % | .18 | % | .19 | % | .20 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .45 | %^ | .44 | % | .47 | % | .52 | % | .79 | % | 13.26 | %^ | ||||||||||||
Net investment income(c) | 2.94 | %^ | 2.54 | % | 2.65 | % | 2.32 | % | 2.51 | % | 1.71 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 53 | % | 80 | % | 41 | % | 75 | % | 22 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .52 | %^ | .54 | % | .56 | % | .64 | % | .62 | % | .60 | %^ |
See footnote summary on page 261.
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 2025 Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.58 | $ 11.31 | $ 11.05 | $ 10.24 | $ 10.14 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .25 | .26 | .19 | .20 | .12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .33 | (.06 | )+ | .48 | .85 | .04 | .31 | + | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .49 | .19 | .74 | 1.04 | .24 | .43 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.22 | ) | (.26 | ) | (.23 | ) | (.15 | ) | (.14 | ) | (.29 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.31 | ) | (.66 | ) | (.25 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.53 | ) | (.92 | ) | (.48 | ) | (.23 | ) | (.14 | ) | (.29 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.54 | $ 10.58 | $ 11.31 | $ 11.05 | $ 10.24 | $ 10.14 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.55 | % | 2.60 | % | 6.76 | % | 10.35 | % | 2.44 | % | 4.28 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $8,504 | $7,763 | $2,636 | $2,852 | $2,802 | $482 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .51 | %^ | .62 | % | .65 | % | .68 | % | .69 | % | .70 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .99 | %^ | 1.08 | % | 1.11 | % | 1.03 | % | 1.01 | % | 7.14 | %^ | ||||||||||||
Net investment income(c) | 3.02 | %^ | 2.40 | % | 2.32 | % | 1.84 | % | 2.10 | % | 1.98 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 53 | % | 80 | % | 41 | % | 75 | % | 22 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .52 | %^ | .54 | % | .56 | % | .64 | % | .62 | % | .60 | %^ |
See footnote summary on page 261.
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 2025 Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.68 | $ 11.36 | $ 11.09 | $ 10.28 | $ 10.16 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .28 | .21 | .22 | .09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .33 | (.01 | )+ | .49 | .86 | .05 | .36 | + | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .50 | .22 | .77 | 1.07 | .27 | .45 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.24 | ) | (.25 | ) | (.18 | ) | (.15 | ) | (.29 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.31 | ) | (.66 | ) | (.25 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.55 | ) | (.90 | ) | (.50 | ) | (.26 | ) | (.15 | ) | (.29 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.63 | $ 10.68 | $ 11.36 | $ 11.09 | $ 10.28 | $ 10.16 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.64 | % | 2.86 | % | 7.01 | % | 10.66 | % | 2.71 | % | 4.50 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $131,181 | $130,923 | $141,801 | $120,243 | $106,535 | $10,497 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .37 | %^ | .37 | % | .40 | % | .43 | % | .44 | % | .45 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .79 | %^ | .79 | % | .81 | % | .81 | % | .92 | % | 5.97 | %^ | ||||||||||||
Net investment income(c) | 3.15 | %^ | 2.19 | % | 2.45 | % | 2.04 | % | 2.26 | % | 1.46 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 53 | % | 80 | % | 41 | % | 75 | % | 22 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .52 | %^ | .54 | % | .56 | % | .64 | % | .62 | % | .60 | %^ |
See footnote summary on page 261.
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 2025 Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.71 | $ 11.41 | $ 11.12 | $ 10.31 | $ 10.17 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .19 | .26 | .26 | .24 | .27 | .19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .32 | (.02 | )+ | .54 | .86 | .02 | .27 | + | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .51 | .24 | .80 | 1.10 | .29 | .46 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.28 | ) | (.28 | ) | (.26 | ) | (.21 | ) | (.15 | ) | (.29 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.31 | ) | (.66 | ) | (.25 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.59 | ) | (.94 | ) | (.51 | ) | (.29 | ) | (.15 | ) | (.29 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.63 | $ 10.71 | $ 11.41 | $ 11.12 | $ 10.31 | $ 10.17 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.69 | % | 3.07 | % | 7.27 | % | 10.98 | % | 2.96 | % | 4.62 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,621 | $1,458 | $831 | $3,217 | $2,421 | $984 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .12 | %^ | .12 | % | .15 | % | .18 | % | .19 | % | .20 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .46 | %^ | .46 | % | .45 | % | .49 | % | .65 | % | 22.66 | %^ | ||||||||||||
Net investment income(c) | 3.41 | %^ | 2.44 | % | 2.21 | % | 2.25 | % | 2.77 | % | 3.04 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 53 | % | 80 | % | 41 | % | 75 | % | 22 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .52 | %^ | .54 | % | .56 | % | .64 | % | .62 | % | .60 | %^ |
See footnote summary on page 261.
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 2025 Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.67 | $ 11.37 | $ 11.11 | $ 10.31 | $ 10.17 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .22 | .26 | .28 | .27 | .23 | .19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .28 | (.01 | )+ | .52 | .83 | .06 | .27 | + | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .50 | .25 | .80 | 1.10 | .29 | .46 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.29 | ) | (.29 | ) | (.29 | ) | (.22 | ) | (.15 | ) | (.29 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.31 | ) | (.66 | ) | (.25 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.60 | ) | (.95 | ) | (.54 | ) | (.30 | ) | (.15 | ) | (.29 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.57 | $ 10.67 | $ 11.37 | $ 11.11 | $ 10.31 | $ 10.17 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.63 | % | 3.18 | % | 7.30 | % | 10.97 | % | 2.95 | % | 4.62 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $5,966 | $314 | $111 | $38 | $11 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .12 | %^ | .12 | % | .14 | % | .18 | % | .19 | % | .20 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .36 | %^ | .36 | % | .39 | % | .41 | % | .78 | % | 22.69 | %^ | ||||||||||||
Net investment income(c) | 4.05 | %^ | 2.55 | % | 2.45 | % | 2.53 | % | 2.32 | % | 3.04 | %^ | ||||||||||||
Portfolio turnover rate | 38 | % | 53 | % | 80 | % | 41 | % | 75 | % | 22 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .52 | %^ | .54 | % | .56 | % | .64 | % | .62 | % | .60 | %^ |
See footnote summary on page 261.
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 2030 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.18 | $ 11.86 | $ 11.56 | $ 10.50 | $ 10.39 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .27 | .19 | .21 | .08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .36 | (.05 | )+ | .64 | 1.11 | .04 | .47 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .53 | .18 | .91 | 1.30 | .25 | .55 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.24 | ) | (.25 | ) | (.15 | ) | (.13 | ) | (.16 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.33 | ) | (.62 | ) | (.36 | ) | (.09 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.57 | ) | (.86 | ) | (.61 | ) | (.24 | ) | (.14 | ) | (.16 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.14 | $ 11.18 | $ 11.86 | $ 11.56 | $ 10.50 | $ 10.39 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.71 | % | 2.44 | % | 7.99 | % | 12.65 | % | 2.52 | % | 5.49 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $6,509 | $7,565 | $7,179 | $5,956 | $8,554 | $317 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .38 | %^ | .39 | % | .42 | % | .48 | % | .48 | % | .49 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .70 | %^ | .72 | % | .75 | % | .83 | % | .97 | % | 18.85 | %^ | ||||||||||||
Net investment income(c) | 2.97 | %^ | 2.08 | % | 2.27 | % | 1.75 | % | 2.14 | % | 1.18 | %^ | ||||||||||||
Portfolio turnover rate | 41 | % | 52 | % | 73 | % | 48 | % | 72 | % | 35 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .51 | % | .53 | % | .63 | % | .62 | % | .64 | %^ |
See footnote summary on page 261.
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 2030 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.02 | $ 11.74 | $ 11.43 | $ 10.42 | $ 10.35 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .15 | .16 | .16 | .13 | .12 | .12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .36 | (.06 | )+ | .65 | 1.08 | .07 | .38 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .51 | .10 | .81 | 1.21 | .19 | .50 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.16 | ) | (.20 | ) | (.14 | ) | (.11 | ) | (.11 | ) | (.15 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.33 | ) | (.62 | ) | (.36 | ) | (.09 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.49 | ) | (.82 | ) | (.50 | ) | (.20 | ) | (.12 | ) | (.15 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.04 | $ 11.02 | $ 11.74 | $ 11.43 | $ 10.42 | $ 10.35 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.55 | % | 1.72 | % | 7.10 | % | 11.86 | % | 1.86 | % | 5.04 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,456 | $1,831 | $1,212 | $951 | $911 | $20 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .82 | %^ | 1.13 | % | 1.18 | % | 1.23 | % | 1.23 | % | 1.24 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.14 | %^ | 1.48 | % | 1.51 | % | 1.59 | % | 1.83 | % | 25.83 | %^ | ||||||||||||
Net investment income(c) | 2.58 | %^ | 1.46 | % | 1.41 | % | 1.20 | % | 1.17 | % | 1.88 | %^ | ||||||||||||
Portfolio turnover rate | 41 | % | 52 | % | 73 | % | 48 | % | 72 | % | 35 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .51 | % | .53 | % | .63 | % | .62 | % | .64 | %^ |
See footnote summary on page 261.
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 2030 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.19 | $ 11.89 | $ 11.59 | $ 10.55 | $ 10.41 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .27 | .30 | .24 | .25 | .12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .40 | (.07 | )+ | .64 | 1.09 | .04 | .45 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .56 | .20 | .94 | 1.33 | .29 | .57 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.28 | ) | (.28 | ) | (.20 | ) | (.14 | ) | (.16 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.33 | ) | (.62 | ) | (.36 | ) | (.09 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.60 | ) | (.90 | ) | (.64 | ) | (.29 | ) | (.15 | ) | (.16 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.15 | $ 11.19 | $ 11.89 | $ 11.59 | $ 10.55 | $ 10.41 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.92 | % | 2.67 | % | 8.21 | % | 12.95 | % | 2.82 | % | 5.71 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $4,029 | $8,129 | $1,052 | $924 | $702 | $50 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .13 | %^ | .13 | % | .17 | % | .23 | % | .23 | % | .24 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .45 | %^ | .47 | % | .50 | % | .58 | % | .70 | % | 18.70 | %^ | ||||||||||||
Net investment income(c) | 2.79 | %^ | 2.50 | % | 2.56 | % | 2.25 | % | 2.54 | % | 1.82 | %^ | ||||||||||||
Portfolio turnover rate | 41 | % | 52 | % | 73 | % | 48 | % | 72 | % | 35 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .51 | % | .53 | % | .63 | % | .62 | % | .64 | %^ |
See footnote summary on page 261.
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 2030 Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.86 | $ 11.58 | $ 11.31 | $ 10.29 | $ 10.20 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .26 | .20 | .18 | .10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .35 | (.09 | )+ | .60 | 1.04 | .05 | .43 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .52 | .14 | .86 | 1.24 | .23 | .53 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.21 | ) | (.24 | ) | (.23 | ) | (.13 | ) | (.13 | ) | (.33 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.33 | ) | (.62 | ) | (.36 | ) | (.09 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.54 | ) | (.86 | ) | (.59 | ) | (.22 | ) | (.14 | ) | (.33 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.84 | $ 10.86 | $ 11.58 | $ 11.31 | $ 10.29 | $ 10.20 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.73 | % | 2.08 | % | 7.71 | % | 12.29 | % | 2.32 | % | 5.35 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $3,252 | $2,953 | $1,819 | $1,300 | $1,866 | $380 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .52 | %^ | .63 | % | .67 | % | .73 | % | .73 | % | .74 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .99 | %^ | 1.14 | % | 1.16 | % | 1.15 | % | 1.40 | % | 8.24 | %^ | ||||||||||||
Net investment income(c) | 3.00 | %^ | 2.20 | % | 2.22 | % | 1.89 | % | 1.89 | % | 1.70 | %^ | ||||||||||||
Portfolio turnover rate | 41 | % | 52 | % | 73 | % | 48 | % | 72 | % | 35 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .51 | % | .53 | % | .63 | % | .62 | % | .64 | %^ |
See footnote summary on page 261.
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 2030 Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.93 | $ 11.61 | $ 11.33 | $ 10.32 | $ 10.21 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .24 | .27 | .21 | .20 | .08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .36 | (.06 | )+ | .62 | 1.06 | .06 | .46 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .53 | .18 | .89 | 1.27 | .26 | .54 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.24 | ) | (.25 | ) | (.17 | ) | (.14 | ) | (.33 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.33 | ) | (.62 | ) | (.36 | ) | (.09 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.57 | ) | (.86 | ) | (.61 | ) | (.26 | ) | (.15 | ) | (.33 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.89 | $ 10.93 | $ 11.61 | $ 11.33 | $ 10.32 | $ 10.21 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.77 | % | 2.46 | % | 7.92 | % | 12.61 | % | 2.60 | % | 5.47 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $113,673 | $112,863 | $111,934 | $88,325 | $70,952 | $7,785 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .38 | %^ | .39 | % | .42 | % | .48 | % | .48 | % | .49 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .79 | %^ | .82 | % | .86 | % | .89 | % | 1.06 | % | 7.09 | %^ | ||||||||||||
Net investment income(c) | 3.10 | %^ | 2.18 | % | 2.34 | % | 1.94 | % | 2.08 | % | 1.28 | %^ | ||||||||||||
Portfolio turnover rate | 41 | % | 52 | % | 73 | % | 48 | % | 72 | % | 35 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .51 | % | .53 | % | .63 | % | .62 | % | .64 | %^ |
See footnote summary on page 261.
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 2030 Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.96 | $ 11.66 | $ 11.36 | $ 10.35 | $ 10.23 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .19 | .27 | .27 | .24 | .24 | .18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .36 | (.08 | )+ | .66 | 1.07 | .03 | .38 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .55 | .19 | .93 | 1.31 | .27 | .56 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.27 | ) | (.27 | ) | (.21 | ) | (.14 | ) | (.33 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.33 | ) | (.62 | ) | (.36 | ) | (.09 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.60 | ) | (.89 | ) | (.63 | ) | (.30 | ) | (.15 | ) | (.33 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.91 | $ 10.96 | $ 11.66 | $ 11.36 | $ 10.35 | $ 10.23 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.98 | % | 2.63 | % | 8.27 | % | 12.94 | % | 2.75 | % | 5.69 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,428 | $1,278 | $1,798 | $4,288 | $2,682 | $994 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .13 | %^ | .14 | % | .18 | % | .23 | % | .23 | % | .24 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .47 | %^ | .50 | % | .53 | % | .57 | % | .80 | % | 22.26 | %^ | ||||||||||||
Net investment income(c) | 3.37 | %^ | 2.51 | % | 2.28 | % | 2.26 | % | 2.42 | % | 2.90 | %^ | ||||||||||||
Portfolio turnover rate | 41 | % | 52 | % | 73 | % | 48 | % | 72 | % | 35 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .51 | % | .53 | % | .63 | % | .62 | % | .64 | %^ |
See footnote summary on page 261.
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 2030 Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.93 | $ 11.64 | $ 11.36 | $ 10.35 | $ 10.23 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .22 | .23 | .25 | .23 | .21 | .18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .33 | (.04 | )+ | .68 | 1.08 | .06 | .38 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .55 | .19 | .93 | 1.31 | .27 | .56 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.29 | ) | (.28 | ) | (.29 | ) | (.21 | ) | (.14 | ) | (.33 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.33 | ) | (.62 | ) | (.36 | ) | (.09 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.62 | ) | (.90 | ) | (.65 | ) | (.30 | ) | (.15 | ) | (.33 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 10.86 | $ 10.93 | $ 11.64 | $ 11.36 | $ 10.35 | $ 10.23 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 4.94 | % | 2.66 | % | 8.29 | % | 12.99 | % | 2.74 | % | 5.69 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $7,467 | $396 | $101 | $17 | $11 | $11 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .14 | %^ | .13 | % | .16 | % | .23 | % | .23 | % | .24 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .37 | %^ | .41 | % | .44 | % | .48 | % | .95 | % | 22.28 | %^ | ||||||||||||
Net investment income(c) | 3.91 | %^ | 2.16 | % | 2.19 | % | 2.19 | % | 2.11 | % | 2.88 | %^ | ||||||||||||
Portfolio turnover rate | 41 | % | 52 | % | 73 | % | 48 | % | 72 | % | 35 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .51 | % | .53 | % | .63 | % | .62 | % | .64 | %^ |
See footnote summary on page 261.
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 2035 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.45 | $ 12.20 | $ 11.76 | $ 10.47 | $ 10.44 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .18 | .23 | .26 | .17 | .18 | .07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .43 | (.06 | )+ | .80 | 1.31 | .00 | (d) | .56 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .61 | .17 | 1.06 | 1.48 | .18 | .63 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.22 | ) | (.25 | ) | (.11 | ) | (.15 | ) | (.19 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.35 | ) | (.70 | ) | (.37 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.59 | ) | (.92 | ) | (.62 | ) | (.19 | ) | (.15 | ) | (.19 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.47 | $ 11.45 | $ 12.20 | $ 11.76 | $ 10.47 | $ 10.44 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.21 | % | 2.46 | % | 9.07 | % | 14.39 | % | 1.79 | % | 6.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period | $5,543 | $5,539 | $5,463 | $4,670 | $7,259 | $288 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .39 | %^ | .39 | % | .42 | % | .48 | % | .49 | % | .49 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .74 | %^ | .76 | % | .81 | % | .91 | % | 1.13 | % | 14.64 | %^ | ||||||||||||
Net investment income(c) | 3.05 | %^ | 2.00 | % | 2.17 | % | 1.56 | % | 1.79 | % | 1.09 | %^ | ||||||||||||
Portfolio turnover rate | 35 | % | 54 | % | 71 | % | 38 | % | 74 | % | 17 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .49 | % | .53 | % | .65 | % | .62 | % | .63 | %^ |
See footnote summary on page 261.
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 2035 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.29 | $ 12.08 | $ 11.60 | $ 10.38 | $ 10.40 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .15 | .13 | .16 | .13 | .08 | .05 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .42 | (.04 | )+ | .79 | 1.25 | .02 | .54 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .57 | .09 | .95 | 1.38 | .10 | .59 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.16 | ) | (.18 | ) | (.10 | ) | (.08 | ) | (.12 | ) | (.19 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.35 | ) | (.70 | ) | (.37 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.51 | ) | (.88 | ) | (.47 | ) | (.16 | ) | (.12 | ) | (.19 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.35 | $ 11.29 | $ 12.08 | $ 11.60 | $ 10.38 | $ 10.40 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.00 | % | 1.68 | % | 8.22 | % | 13.53 | % | .98 | % | 5.90 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,210 | $1,452 | $673 | $604 | $959 | $65 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .81 | %^ | 1.13 | % | 1.18 | % | 1.23 | % | 1.24 | % | 1.24 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.17 | %^ | 1.53 | % | 1.57 | % | 1.68 | % | 2.00 | % | 19.46 | %^ | ||||||||||||
Net investment income(c) | 2.58 | %^ | 1.15 | % | 1.36 | % | 1.22 | % | .84 | % | .76 | %^ | ||||||||||||
Portfolio turnover rate | 35 | % | 54 | % | 71 | % | 38 | % | 74 | % | 17 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .49 | % | .53 | % | .65 | % | .62 | % | .63 | %^ |
See footnote summary on page 261.
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 2035 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.49 | $ 12.25 | $ 11.80 | $ 10.55 | $ 10.45 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .27 | .31 | .23 | .20 | .07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .46 | (.07 | )+ | .78 | 1.28 | .02 | .57 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .63 | .20 | 1.09 | 1.51 | .22 | .64 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.26 | ) | (.26 | ) | (.27 | ) | (.18 | ) | (.12 | ) | (.19 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.35 | ) | (.70 | ) | (.37 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.61 | ) | (.96 | ) | (.64 | ) | (.26 | ) | (.12 | ) | (.19 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.51 | $ 11.49 | $ 12.25 | $ 11.80 | $ 10.55 | $ 10.45 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.39 | % | 2.74 | % | 9.37 | % | 14.59 | % | 2.12 | % | 6.46 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $4,055 | $5,673 | $456 | $535 | $450 | $171 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .14 | %^ | .13 | % | .18 | % | .23 | % | .24 | % | .24 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .49 | %^ | .52 | % | .56 | % | .67 | % | .99 | % | 21.13 | %^ | ||||||||||||
Net investment income(c) | 2.86 | %^ | 2.38 | % | 2.57 | % | 2.07 | % | 2.03 | % | 1.16 | %^ | ||||||||||||
Portfolio turnover rate | 35 | % | 54 | % | 71 | % | 38 | % | 74 | % | 17 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .49 | % | .53 | % | .65 | % | .62 | % | .63 | %^ |
See footnote summary on page 261.
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 2035 Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.09 | $ 11.87 | $ 11.47 | $ 10.25 | $ 10.25 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .25 | .17 | .15 | .10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .40 | (.09 | )+ | .74 | 1.25 | .00 | (d) | .51 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .57 | .14 | .99 | 1.42 | .15 | .61 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.21 | ) | (.22 | ) | (.22 | ) | (.12 | ) | (.15 | ) | (.36 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.35 | ) | (.70 | ) | (.37 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.56 | ) | (.92 | ) | (.59 | ) | (.20 | ) | (.15 | ) | (.36 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.10 | $ 11.09 | $ 11.87 | $ 11.47 | $ 10.25 | $ 10.25 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.03 | % | 2.26 | % | 8.75 | % | 14.07 | % | 1.49 | % | 6.22 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $3,596 | $3,359 | $1,238 | $1,709 | $1,396 | $216 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .52 | %^ | .63 | % | .68 | % | .73 | % | .74 | % | .74 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.00 | %^ | 1.13 | % | 1.18 | % | 1.12 | % | 1.46 | % | 9.15 | %^ | ||||||||||||
Net investment income(c) | 2.95 | %^ | 2.08 | % | 2.08 | % | 1.60 | % | 1.57 | % | 1.62 | %^ | ||||||||||||
Portfolio turnover rate | 35 | % | 54 | % | 71 | % | 38 | % | 74 | % | 17 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .49 | % | .53 | % | .65 | % | .62 | % | .63 | %^ |
See footnote summary on page 261.
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 2035 Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.18 | $ 11.93 | $ 11.51 | $ 10.29 | $ 10.26 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .18 | .22 | .26 | .19 | .17 | .07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .40 | (.05 | )+ | .78 | 1.26 | .01 | .56 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .58 | .17 | 1.04 | 1.45 | .18 | .63 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.23 | ) | (.22 | ) | (.25 | ) | (.15 | ) | (.15 | ) | (.37 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.35 | ) | (.70 | ) | (.37 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.58 | ) | (.92 | ) | (.62 | ) | (.23 | ) | (.15 | ) | (.37 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.18 | $ 11.18 | $ 11.93 | $ 11.51 | $ 10.29 | $ 10.26 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.12 | % | 2.47 | % | 9.12 | % | 14.34 | % | 1.85 | % | 6.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $115,502 | $110,926 | $112,028 | $79,677 | $58,198 | $6,768 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .39 | %^ | .39 | % | .42 | % | .48 | % | .49 | % | .49 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .81 | %^ | .83 | % | .87 | % | .93 | % | 1.17 | % | 6.39 | %^ | ||||||||||||
Net investment income(c) | 3.09 | %^ | 2.00 | % | 2.20 | % | 1.77 | % | 1.72 | % | 1.16 | %^ | ||||||||||||
Portfolio turnover rate | 35 | % | 54 | % | 71 | % | 38 | % | 74 | % | 17 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .49 | % | .53 | % | .65 | % | .62 | % | .63 | %^ |
See footnote summary on page 261.
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 2035 Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.32 | $ 12.09 | $ 11.54 | $ 10.32 | $ 10.28 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .19 | .26 | .12 | .23 | .20 | .17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .42 | (.07 | )+ | .95 | 1.25 | .00 | (d) | .48 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .61 | .19 | 1.07 | 1.48 | .20 | .65 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.26 | ) | (.15 | ) | (.18 | ) | (.16 | ) | (.37 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.35 | ) | (.70 | ) | (.37 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.62 | ) | (.96 | ) | (.52 | ) | (.26 | ) | (.16 | ) | (.37 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.31 | $ 11.32 | $ 12.09 | $ 11.54 | $ 10.32 | $ 10.28 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.28 | % | 2.67 | % | 9.33 | % | 14.64 | % | 2.01 | % | 6.56 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,486 | $1,365 | $290 | $4,280 | $3,084 | $1,001 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .14 | %^ | .13 | % | .21 | % | .23 | % | .24 | % | .24 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .48 | %^ | .51 | % | .47 | % | .62 | % | .91 | % | 22.51 | %^ | ||||||||||||
Net investment income(c) | 3.29 | %^ | 2.37 | % | .99 | % | 2.14 | % | 2.10 | % | 2.65 | %^ | ||||||||||||
Portfolio turnover rate | 35 | % | 54 | % | 71 | % | 38 | % | 74 | % | 17 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .49 | % | .53 | % | .65 | % | .62 | % | .63 | %^ |
See footnote summary on page 261.
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 2035 Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.16 | $ 11.94 | $ 11.53 | $ 10.32 | $ 10.28 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .22 | .13 | .27 | .22 | .17 | .17 | ||||||||||||||||||
Net realized and unrealized gain on investment transactions | .39 | .05 | .80 | 1.26 | .03 | .48 | ||||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .61 | .18 | 1.07 | 1.48 | .20 | .65 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.28 | ) | (.26 | ) | (.29 | ) | (.19 | ) | (.16 | ) | (.37 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.35 | ) | (.70 | ) | (.37 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.63 | ) | (.96 | ) | (.66 | ) | (.27 | ) | (.16 | ) | (.37 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.14 | $ 11.16 | $ 11.94 | $ 11.53 | $ 10.32 | $ 10.28 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.38 | % | 2.67 | % | 9.37 | % | 14.62 | % | 2.00 | % | 6.56 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $4,450 | $1,646 | $36 | $24 | $11 | $12 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .14 | %^ | .13 | % | .17 | % | .23 | % | .24 | % | .24 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .38 | %^ | .45 | % | .45 | % | .52 | % | 1.16 | % | 22.53 | %^ | ||||||||||||
Net investment income(c) | 3.87 | %^ | 1.19 | % | 2.28 | % | 2.06 | % | 1.77 | % | 2.64 | %^ | ||||||||||||
Portfolio turnover rate | 35 | % | 54 | % | 71 | % | 38 | % | 74 | % | 17 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .48 | %^ | .49 | % | .53 | % | .65 | % | .62 | % | .63 | %^ |
See footnote summary on page 261.
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 2040 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.32 | $ 12.34 | $ 11.80 | $ 10.40 | $ 10.42 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .20 | .23 | .13 | .14 | .11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .47 | (.09 | )+ | .91 | 1.43 | (.01 | )(d) | .58 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .63 | .11 | 1.14 | 1.56 | .13 | .69 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.21 | ) | (.20 | ) | (.20 | ) | (.08 | ) | (.15 | ) | (.27 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.93 | ) | (.40 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.55 | ) | (1.13 | ) | (.60 | ) | (.16 | ) | (.15 | ) | (.27 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.40 | $ 11.32 | $ 12.34 | $ 11.80 | $ 10.40 | $ 10.42 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.51 | % | 2.23 | % | 9.81 | % | 15.22 | % | 1.28 | % | 6.92 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $3,640 | $4,054 | $4,072 | $4,051 | $6,816 | $77 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .40 | %^ | .40 | % | .45 | % | .52 | % | .52 | % | .53 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .89 | %^ | .91 | % | .97 | % | 1.03 | % | 1.18 | % | 23.89 | %^ | ||||||||||||
Net investment income(c) | 2.73 | %^ | 1.80 | % | 1.89 | % | 1.17 | % | 1.45 | % | 1.69 | %^ | ||||||||||||
Portfolio turnover rate | 32 | % | 49 | % | 85 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .47 | % | .53 | % | .66 | % | .63 | % | .64 | %^ |
See footnote summary on page 261.
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 2040 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.15 | $ 12.21 | $ 11.65 | $ 10.33 | $ 10.39 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .14 | .10 | .14 | .10 | .03 | .09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .46 | (.08 | ) | .90 | 1.37 | .01 | .56 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .60 | .02 | 1.04 | 1.47 | .04 | .65 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.15 | ) | (.15 | ) | (.08 | ) | (.07 | ) | (.10 | ) | (.26 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.93 | ) | (.40 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.49 | ) | (1.08 | ) | (.48 | ) | (.15 | ) | (.10 | ) | (.26 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.26 | $ 11.15 | $ 12.21 | $ 11.65 | $ 10.33 | $ 10.39 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.26 | % | 1.46 | % | 8.98 | % | 14.43 | % | .44 | % | 6.57 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $788 | $948 | $584 | $398 | $844 | $26 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .82 | %^ | 1.14 | % | 1.19 | % | 1.27 | % | 1.27 | % | 1.28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.32 | %^ | 1.67 | % | 1.73 | % | 1.81 | % | 2.03 | % | 30.19 | %^ | ||||||||||||
Net investment income(c) | 2.42 | %^ | .90 | % | 1.19 | % | .95 | % | .35 | % | 1.35 | %^ | ||||||||||||
Portfolio turnover rate | 32 | % | 49 | % | 85 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .47 | % | .53 | % | .66 | % | .63 | % | .64 | %^ |
See footnote summary on page 261.
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 2040 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.36 | $ 12.40 | $ 11.85 | $ 10.49 | $ 10.45 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .13 | .24 | .25 | .20 | .16 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .52 | (.11 | )+ | .93 | 1.40 | (.02 | )+ | .57 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .65 | .13 | 1.18 | 1.60 | .14 | .72 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.23 | ) | (.24 | ) | (.23 | ) | (.16 | ) | (.10 | ) | (.27 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.93 | ) | (.40 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.57 | ) | (1.17 | ) | (.63 | ) | (.24 | ) | (.10 | ) | (.27 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.44 | $ 11.36 | $ 12.40 | $ 11.85 | $ 10.49 | $ 10.45 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.65 | % | 2.43 | % | 10.10 | % | 15.54 | % | 1.40 | % | 7.24 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $2,211 | $4,291 | $541 | $459 | $268 | $15 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .14 | %^ | .14 | % | .19 | % | .27 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .64 | %^ | .67 | % | .72 | % | .81 | % | .89 | % | 29.08 | %^ | ||||||||||||
Net investment income(c) | 2.29 | %^ | 2.14 | % | 2.08 | % | 1.80 | % | 1.58 | % | 2.33 | %^ | ||||||||||||
Portfolio turnover rate | 32 | % | 49 | % | 85 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .47 | % | .53 | % | .66 | % | .63 | % | .64 | %^ |
See footnote summary on page 261.
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 2040 Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 10.97 | $ 12.02 | $ 11.49 | $ 10.18 | $ 10.24 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .15 | .19 | .22 | .14 | .13 | .11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .44 | (.11 | )+ | .87 | 1.36 | (.04 | )+ | .57 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .59 | .08 | 1.09 | 1.50 | .09 | .68 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.19 | ) | (.20 | ) | (.16 | ) | (.11 | ) | (.15 | ) | (.44 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.93 | ) | (.40 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.53 | ) | (1.13 | ) | (.56 | ) | (.19 | ) | (.15 | ) | (.44 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.03 | $ 10.97 | $ 12.02 | $ 11.49 | $ 10.18 | $ 10.24 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.28 | % | 2.02 | % | 9.62 | % | 14.92 | % | .92 | % | 6.91 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $2,476 | $2,759 | $1,314 | $1,508 | $1,224 | $36 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .53 | %^ | .64 | % | .70 | % | .77 | % | .77 | % | .78 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.11 | %^ | 1.27 | % | 1.32 | % | 1.28 | % | 1.45 | % | 14.63 | %^ | ||||||||||||
Net investment income(c) | 2.71 | %^ | 1.77 | % | 1.85 | % | 1.29 | % | 1.33 | % | 1.71 | %^ | ||||||||||||
Portfolio turnover rate | 32 | % | 49 | % | 85 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .47 | % | .53 | % | .66 | % | .63 | % | .64 | %^ |
See footnote summary on page 261.
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 2040 Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.04 | $ 12.06 | $ 11.55 | $ 10.22 | $ 10.25 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .20 | .22 | .17 | .13 | .06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .46 | (.10 | )+ | .90 | 1.37 | (.01 | )+ | .63 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .62 | .10 | 1.12 | 1.54 | .12 | .69 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.22 | ) | (.19 | ) | (.21 | ) | (.13 | ) | (.15 | ) | (.44 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.93 | ) | (.40 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.56 | ) | (1.12 | ) | (.61 | ) | (.21 | ) | (.15 | ) | (.44 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.10 | $ 11.04 | $ 12.06 | $ 11.55 | $ 10.22 | $ 10.25 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.52 | % | 2.21 | % | 9.77 | % | 15.30 | % | 1.23 | % | 7.03 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $70,540 | $69,247 | $66,476 | $53,902 | $46,834 | $8,623 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .40 | %^ | .40 | % | .44 | % | .52 | % | .52 | % | .53 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .92 | %^ | .96 | % | 1.03 | % | 1.06 | % | 1.30 | % | 5.69 | %^ | ||||||||||||
Net investment income(c) | 2.84 | %^ | 1.81 | % | 1.88 | % | 1.56 | % | 1.38 | % | 1.03 | %^ | ||||||||||||
Portfolio turnover rate | 32 | % | 49 | % | 85 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .47 | % | .53 | % | .66 | % | .63 | % | .64 | %^ |
See footnote summary on page 261.
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 2040 Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.11 | $ 12.15 | $ 11.57 | $ 10.25 | $ 10.27 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .19 | .24 | .12 | .19 | .19 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .44 | (.12 | )+ | 1.03 | 1.37 | (.05 | )+ | .56 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .63 | .12 | 1.15 | 1.56 | .14 | .71 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.26 | ) | (.23 | ) | (.17 | ) | (.16 | ) | (.16 | ) | (.44 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.93 | ) | (.40 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.60 | ) | (1.16 | ) | (.57 | ) | (.24 | ) | (.16 | ) | (.44 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.14 | $ 11.11 | $ 12.15 | $ 11.57 | $ 10.25 | $ 10.27 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.54 | % | 2.47 | % | 10.08 | % | 15.52 | % | 1.40 | % | 7.25 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $877 | $686 | $369 | $3,644 | $2,140 | $1,008 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .15 | %^ | .14 | % | .23 | % | .27 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .58 | %^ | .64 | % | .63 | % | .73 | % | 1.11 | % | 18.71 | %^ | ||||||||||||
Net investment income(c) | 3.27 | %^ | 2.22 | % | .98 | % | 1.75 | % | 2.00 | % | 2.44 | %^ | ||||||||||||
Portfolio turnover rate | 32 | % | 49 | % | 85 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .47 | % | .53 | % | .66 | % | .63 | % | .64 | %^ |
See footnote summary on page 261.
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 2040 Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.03 | $ 12.08 | $ 11.57 | $ 10.25 | $ 10.27 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .19 | .20 | .25 | .19 | .14 | .04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .44 | (.08 | )+ | .91 | 1.38 | .00 | (d) | .67 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .63 | .12 | 1.16 | 1.57 | .14 | .71 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.27 | ) | (.24 | ) | (.25 | ) | (.17 | ) | (.16 | ) | (.44 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.93 | ) | (.40 | ) | (.08 | ) | (.00 | )(d) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.61 | ) | (1.17 | ) | (.65 | ) | (.25 | ) | (.16 | ) | (.44 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.05 | $ 11.03 | $ 12.08 | $ 11.57 | $ 10.25 | $ 10.27 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.59 | % | 2.45 | % | 10.14 | % | 15.59 | % | 1.38 | % | 7.25 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $4,719 | $2,967 | $681 | $600 | $519 | $522 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .15 | %^ | .14 | % | .19 | % | .27 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .48 | %^ | .55 | % | .60 | % | .64 | % | 1.29 | % | 16.54 | %^ | ||||||||||||
Net investment income(c) | 3.32 | %^ | 1.87 | % | 2.10 | % | 1.79 | % | 1.46 | % | .68 | %^ | ||||||||||||
Portfolio turnover rate | 32 | % | 49 | % | 85 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .47 | % | .53 | % | .66 | % | .63 | % | .64 | %^ |
See footnote summary on page 261.
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 2045 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.56 | $ 12.56 | $ 11.92 | $ 10.43 | $ 10.51 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .20 | .21 | .13 | .15 | .12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .51 | (.10 | )+ | 1.00 | 1.49 | (.08 | )+ | .60 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .67 | .10 | 1.21 | 1.62 | .07 | .72 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.18 | ) | (.20 | ) | (.18 | ) | (.07 | ) | (.14 | ) | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.90 | ) | (.39 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.52 | ) | (1.10 | ) | (.57 | ) | (.13 | ) | (.15 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.71 | $ 11.56 | $ 12.56 | $ 11.92 | $ 10.43 | $ 10.51 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.72 | % | 2.18 | % | 10.29 | % | 15.71 | % | .76 | % | 7.21 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $2,488 | $2,305 | $3,253 | $3,016 | $5,107 | $111 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .41 | %^ | .40 | % | .44 | % | .50 | % | .52 | % | .54 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .95 | %^ | .99 | % | 1.10 | % | 1.26 | % | 1.50 | % | 28.43 | %^ | ||||||||||||
Net investment income(c) | 2.71 | %^ | 1.77 | % | 1.73 | % | 1.19 | % | 1.48 | % | 1.96 | %^ | ||||||||||||
Portfolio turnover rate | 30 | % | 48 | % | 77 | % | 39 | % | 67 | % | 14 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .46 | % | .52 | % | .66 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2045 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.51 | $ 12.49 | $ 11.87 | $ 10.43 | $ 10.47 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .14 | .12 | .12 | .09 | .04 | .01 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .50 | (.08 | )+ | .98 | 1.45 | (.05 | )+ | .66 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | .64 | .04 | 1.10 | 1.54 | (.01 | ) | .67 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.10 | ) | (.12 | ) | (.09 | ) | (.04 | ) | (.02 | ) | (.20 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.90 | ) | (.39 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.44 | ) | (1.02 | ) | (.48 | ) | (.10 | ) | (.03 | ) | (.20 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.71 | $ 11.51 | $ 12.49 | $ 11.87 | $ 10.43 | $ 10.47 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.53 | % | 1.48 | % | 9.35 | % | 14.91 | % | (.05 | )% | 6.76 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $226 | $222 | $268 | $275 | $289 | $84 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .82 | %^ | 1.15 | % | 1.19 | % | 1.25 | % | 1.27 | % | 1.29 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.38 | %^ | 1.76 | % | 1.86 | % | 2.04 | % | 2.74 | % | 27.00 | %^ | ||||||||||||
Net investment income(c) | 2.29 | %^ | 1.06 | % | 1.00 | % | .81 | % | .45 | % | .14 | %^ | ||||||||||||
Portfolio turnover rate | 30 | % | 48 | % | 77 | % | 39 | % | 67 | % | 14 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .46 | % | .52 | % | .66 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2045 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.64 | $ 12.66 | $ 12.01 | $ 10.54 | $ 10.53 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .13 | .23 | .24 | .18 | .18 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .57 | (.10 | )+ | 1.01 | 1.49 | (.09 | )+ | .59 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .70 | .13 | 1.25 | 1.67 | .09 | .74 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.20 | ) | (.25 | ) | (.21 | ) | (.14 | ) | (.07 | ) | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.90 | ) | (.39 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.54 | ) | (1.15 | ) | (.60 | ) | (.20 | ) | (.08 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.80 | $ 11.64 | $ 12.66 | $ 12.01 | $ 10.54 | $ 10.53 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.89 | % | 2.46 | % | 10.57 | % | 16.09 | % | .86 | % | 7.43 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $2,440 | $4,614 | $51 | $32 | $53 | $11 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .15 | %^ | .15 | % | .19 | % | .25 | % | .27 | % | .29 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .71 | %^ | .77 | % | .85 | % | 1.02 | % | 1.39 | % | 29.40 | %^ | ||||||||||||
Net investment income(c) | 2.17 | %^ | 2.03 | % | 1.94 | % | 1.63 | % | 1.81 | % | 2.35 | %^ | ||||||||||||
Portfolio turnover rate | 30 | % | 48 | % | 77 | % | 39 | % | 67 | % | 14 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .46 | % | .52 | % | .66 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2045 Fund | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.19 | $ 12.17 | $ 11.59 | $ 10.20 | $ 10.32 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .19 | .22 | .14 | .13 | .10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .48 | (.11 | )+ | .93 | 1.41 | (.09 | )+ | .60 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .64 | .08 | 1.15 | 1.55 | .04 | .70 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.17 | ) | (.16 | ) | (.18 | ) | (.10 | ) | (.15 | ) | (.38 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.90 | ) | (.39 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.51 | ) | (1.06 | ) | (.57 | ) | (.16 | ) | (.16 | ) | (.38 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.32 | $ 11.19 | $ 12.17 | $ 11.59 | $ 10.20 | $ 10.32 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.67 | % | 1.95 | % | 10.00 | % | 15.44 | % | .41 | % | 7.10 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $904 | $700 | $351 | $2,174 | $1,836 | $63 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .54 | %^ | .65 | % | .70 | % | .75 | % | .77 | % | .79 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.14 | %^ | 1.34 | % | 1.37 | % | 1.33 | % | 1.60 | % | 15.63 | %^ | ||||||||||||
Net investment income(c) | 2.68 | %^ | 1.74 | % | 1.79 | % | 1.28 | % | 1.33 | % | 1.53 | %^ | ||||||||||||
Portfolio turnover rate | 30 | % | 48 | % | 77 | % | 39 | % | 67 | % | 14 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .46 | % | .52 | % | .66 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2045 Fund | ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.23 | $ 12.24 | $ 11.65 | $ 10.24 | $ 10.34 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .19 | .21 | .16 | .13 | .06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .49 | (.09 | )+ | .97 | 1.44 | (.07 | )+ | .66 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .65 | .10 | 1.18 | 1.60 | .06 | .72 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.19 | ) | (.21 | ) | (.20 | ) | (.13 | ) | (.15 | ) | (.38 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.90 | ) | (.39 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.53 | ) | (1.11 | ) | (.59 | ) | (.19 | ) | (.16 | ) | (.38 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.35 | $ 11.23 | $ 12.24 | $ 11.65 | $ 10.24 | $ 10.34 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.73 | % | 2.16 | % | 10.24 | % | 15.88 | % | .62 | % | 7.32 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $68,698 | $63,637 | $60,923 | $44,736 | $34,012 | $6,077 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .41 | %^ | .40 | % | .44 | % | .50 | % | .52 | % | .54 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .95 | % ^ | 1.01 | % | 1.09 | % | 1.16 | % | 1.57 | % | 7.63 | %^ | ||||||||||||
Net investment income(c) | 2.74 | %^ | 1.69 | % | 1.76 | % | 1.47 | % | 1.32 | % | .93 | %^ | ||||||||||||
Portfolio turnover rate | 30 | % | 48 | % | 77 | % | 39 | % | 67 | % | 14 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | % ^ | .46 | % | .52 | % | .66 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2045 Fund | ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.33 | $ 12.36 | $ 11.67 | $ 10.27 | $ 10.34 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .10 | .18 | .17 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .51 | (.11 | )+ | 1.12 | 1.44 | (.08 | )+ | .57 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .68 | .12 | 1.22 | 1.62 | .09 | .72 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.23 | ) | (.25 | ) | (.14 | ) | (.16 | ) | (.15 | ) | (.38 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.90 | ) | (.39 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.57 | ) | (1.15 | ) | (.53 | ) | (.22 | ) | (.16 | ) | (.38 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.44 | $ 11.33 | $ 12.36 | $ 11.67 | $ 10.27 | $ 10.34 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.87 | % | 2.38 | % | 10.55 | % | 16.08 | % | .97 | % | 7.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $462 | $505 | $317 | $3,830 | $2,319 | $1,009 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .16 | %^ | .15 | % | .22 | % | .25 | % | .27 | % | .29 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .62 | %^ | .69 | % | .68 | % | .84 | % | 1.41 | % | 23.10 | %^ | ||||||||||||
Net investment income(c) | 2.90 | %^ | 2.02 | % | .76 | % | 1.66 | % | 1.79 | % | 2.36 | %^ | ||||||||||||
Portfolio turnover rate | 30 | % | 48 | % | 77 | % | 39 | % | 67 | % | 14 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .46 | % | .52 | % | .66 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2045 Fund | ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.21 | $ 12.25 | $ 11.66 | $ 10.27 | $ 10.34 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .20 | .18 | .24 | .19 | .14 | .06 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .47 | (.06 | )+ | .98 | 1.43 | (.05 | )+ | .66 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .67 | .12 | 1.22 | 1.62 | .09 | .72 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.26 | ) | (.24 | ) | (.17 | ) | (.15 | ) | (.38 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.34 | ) | (.90 | ) | (.39 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.58 | ) | (1.16 | ) | (.63 | ) | (.23 | ) | (.16 | ) | (.38 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.30 | $ 11.21 | $ 12.25 | $ 11.66 | $ 10.27 | $ 10.34 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.88 | % | 2.40 | % | 10.60 | % | 16.05 | % | .96 | % | 7.34 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $3,980 | $1,793 | $440 | $369 | $316 | $346 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .16 | %^ | .15 | % | .19 | % | .25 | % | .27 | % | .29 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .51 | %^ | .61 | % | .66 | % | .76 | % | 1.78 | % | 16.19 | %^ | ||||||||||||
Net investment income(c) | 3.41 | %^ | 1.59 | % | 1.99 | % | 1.74 | % | 1.41 | % | .96 | %^ | ||||||||||||
Portfolio turnover rate | 30 | % | 48 | % | 77 | % | 39 | % | 67 | % | 14 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .45 | %^ | .46 | % | .52 | % | .66 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2050 Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 12.05 | $ 12.80 | $ 12.13 | $ 10.49 | $ 10.49 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .20 | .21 | .14 | .11 | .09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .55 | (.07 | )+ | 1.02 | 1.55 | (.03 | )+ | .61 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .72 | .13 | 1.23 | 1.69 | .08 | .70 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.20 | ) | (.16 | ) | (.08 | ) | – 0 | – | (.07 | ) | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.32 | ) | (.72 | ) | (.48 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.52 | ) | (.88 | ) | (.56 | ) | (.05 | ) | (.08 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 12.25 | $ 12.05 | $ 12.80 | $ 12.13 | $ 10.49 | $ 10.49 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.88 | % | 2.07 | % | 10.25 | % | 16.19 | % | .80 | % | 7.06 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,528 | $1,386 | $1,145 | $1,035 | $1,206 | $66 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .40 | %^ | .40 | % | .44 | % | .51 | % | .52 | % | .53 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.42 | %^ | 1.58 | % | 2.39 | % | 3.04 | % | 4.64 | % | 36.42 | %^ | ||||||||||||
Net investment income(c) | 2.73 | %^ | 1.68 | % | 1.65 | % | 1.26 | % | 1.13 | % | 1.37 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 46 | % | 79 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2050 Fund | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.89 | $ 12.61 | $ 11.98 | $ 10.44 | $ 10.44 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .14 | .11 | .12 | .07 | .03 | .09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .54 | (.05 | )+ | .99 | 1.52 | (.02 | )+ | .56 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .68 | .06 | 1.11 | 1.59 | .01 | .65 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.13 | ) | (.06 | ) | – 0 | – | – 0 | – | – 0 | – | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.32 | ) | (.72 | ) | (.48 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.45 | ) | (.78 | ) | (.48 | ) | (.05 | ) | (.01 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 12.12 | $ 11.89 | $ 12.61 | $ 11.98 | $ 10.44 | $ 10.44 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.61 | % | 1.36 | % | 9.38 | % | 15.30 | % | .07 | % | 6.51 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $89 | $86 | $73 | $81 | $50 | $11 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .80 | %^ | 1.15 | % | 1.20 | % | 1.25 | % | 1.27 | % | 1.28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.85 | %^ | 2.38 | % | 3.20 | % | 3.89 | % | 5.86 | % | 41.11 | %^ | ||||||||||||
Net investment income(c) | 2.29 | %^ | .91 | % | .97 | % | .66 | % | .27 | % | 1.39 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 46 | % | 79 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
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 2050 Fund | ||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 12.07 | $ 12.86 | $ 12.21 | $ 10.60 | $ 10.50 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .12 | .23 | .23 | .18 | .14 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .61 | (.07 | )+ | 1.04 | 1.55 | (.03 | )+ | .56 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .73 | .16 | 1.27 | 1.73 | .11 | .71 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.17 | ) | (.23 | ) | (.14 | ) | (.07 | ) | – 0 | – | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.32 | ) | (.72 | ) | (.48 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.49 | ) | (.95 | ) | (.62 | ) | (.12 | ) | (.01 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 12.31 | $ 12.07 | $ 12.86 | $ 12.21 | $ 10.60 | $ 10.50 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 6.00 | % | 2.36 | % | 10.50 | % | 16.51 | % | 1.02 | % | 7.18 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,189 | $3,188 | $257 | $118 | $66 | $11 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .14 | %^ | .15 | % | .19 | % | .25 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.15 | %^ | 1.33 | % | 2.12 | % | 2.80 | % | 4.28 | % | 40.13 | %^ | ||||||||||||
Net investment income(c) | 1.87 | %^ | 1.97 | % | 1.84 | % | 1.58 | % | 1.44 | % | 2.38 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 46 | % | 79 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 243 |
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 (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.31 | $ 12.13 | $ 11.64 | $ 10.21 | $ 10.29 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .15 | .18 | .18 | .13 | .06 | .13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .51 | (.09 | )+ | .97 | 1.47 | .00 | (d) | .55 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .66 | .09 | 1.15 | 1.60 | .06 | .68 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.18 | ) | (.19 | ) | (.18 | ) | (.12 | ) | (.13 | ) | (.39 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.32 | ) | (.72 | ) | (.48 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.50 | ) | (.91 | ) | (.66 | ) | (.17 | ) | (.14 | ) | (.39 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.47 | $ 11.31 | $ 12.13 | $ 11.64 | $ 10.21 | $ 10.29 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.76 | % | 1.86 | % | 9.99 | % | 15.84 | % | .60 | % | 6.85 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,003 | $1,105 | $555 | $570 | $406 | $22 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .53 | %^ | .65 | % | .70 | % | .75 | % | .77 | % | .78 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.54 | %^ | 1.80 | % | 2.07 | % | 2.26 | % | 2.75 | % | 25.29 | %^ | ||||||||||||
Net investment income(c) | 2.57 | % ^ | 1.59 | % | 1.52 | % | 1.22 | % | .57 | % | 2.03 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 46 | % | 79 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
244 | 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 K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.37 | $ 12.17 | $ 11.68 | $ 10.23 | $ 10.30 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .19 | .21 | .16 | .12 | .07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .53 | (.08 | )+ | .97 | 1.47 | (.04 | )+ | .62 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .69 | .11 | 1.18 | 1.63 | .08 | .69 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.21 | ) | (.19 | ) | (.21 | ) | (.13 | ) | (.14 | ) | (.39 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.32 | ) | (.72 | ) | (.48 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.53 | ) | (.91 | ) | (.69 | ) | (.18 | ) | (.15 | ) | (.39 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.53 | $ 11.37 | $ 12.17 | $ 11.68 | $ 10.23 | $ 10.30 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.97 | % | 2.06 | % | 10.27 | % | 16.15 | % | .80 | % | 6.97 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $29,093 | $27,497 | $25,090 | $17,652 | $14,486 | $1,613 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .40 | %^ | .40 | % | .44 | % | .50 | % | .52 | % | .53 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.34 | %^ | 1.49 | % | 1.76 | % | 1.99 | % | 2.99 | % | 16.29 | %^ | ||||||||||||
Net investment income(c) | 2.71 | %^ | 1.66 | % | 1.75 | % | 1.50 | % | 1.28 | % | 1.09 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 46 | % | 79 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 245 |
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 (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.65 | $ 12.46 | $ 11.73 | $ 10.27 | $ 10.32 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .23 | .00 | (d) | .18 | .17 | .15 | |||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .54 | (.08 | )+ | 1.21 | 1.49 | (.07 | )+ | .56 | ||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .71 | .15 | 1.21 | 1.67 | .10 | .71 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.24 | ) | – 0 | – | (.16 | ) | (.14 | ) | (.39 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.32 | ) | (.72 | ) | (.48 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.56 | ) | (.96 | ) | (.48 | ) | (.21 | ) | (.15 | ) | (.39 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.80 | $ 11.65 | $ 12.46 | $ 11.73 | $ 10.27 | $ 10.32 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 6.03 | % | 2.36 | % | 10.46 | % | 16.51 | % | 1.05 | % | 7.19 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $413 | $409 | $38 | $2,389 | $1,421 | $1,007 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .15 | %^ | .15 | % | .22 | % | .25 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.02 | %^ | 1.18 | % | 1.19 | % | 1.66 | % | 3.58 | % | 27.24 | %^ | ||||||||||||
Net investment income(c) | 2.82 | %^ | 2.03 | % | .03 | % | 1.64 | % | 1.76 | % | 2.39 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 46 | % | 79 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
246 | 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 Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.38 | $ 12.20 | $ 11.72 | $ 10.27 | $ 10.32 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .20 | .13 | .21 | .19 | .13 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .50 | .01 | 1.01 | 1.47 | (.03 | )+ | .56 | |||||||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .70 | .14 | 1.22 | 1.66 | .10 | .71 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.26 | ) | (.24 | ) | (.26 | ) | (.16 | ) | (.14 | ) | (.39 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.32 | ) | (.72 | ) | (.48 | ) | (.05 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.58 | ) | (.96 | ) | (.74 | ) | (.21 | ) | (.15 | ) | (.39 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.50 | $ 11.38 | $ 12.20 | $ 11.72 | $ 10.27 | $ 10.32 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 6.03 | % | 2.36 | % | 10.53 | % | 16.47 | % | 1.04 | % | 7.19 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $2,139 | $964 | $52 | $12 | $11 | $11 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .15 | %^ | .14 | % | .18 | % | .25 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .92 | %^ | 1.10 | % | 1.34 | % | 1.58 | % | 4.05 | % | 27.28 | %^ | ||||||||||||
Net investment income(c) | 3.37 | %^ | 1.20 | % | 1.72 | % | 1.74 | % | 1.36 | % | 2.38 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 46 | % | 79 | % | 46 | % | 69 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .65 | % | .63 | %^ |
See footnote summary on page 261.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 247 |
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 (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.88 | $ 12.71 | $ 11.99 | $ 10.39 | $ 10.48 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .20 | .21 | .14 | .12 | .11 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .54 | (.09 | )+ | 1.02 | 1.52 | (.09 | )+ | .58 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .71 | .11 | 1.23 | 1.66 | .03 | .69 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.19 | ) | (.18 | ) | (.14 | ) | – 0 | – | (.11 | ) | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.29 | ) | (.76 | ) | (.37 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.48 | ) | (.94 | ) | (.51 | ) | (.06 | ) | (.12 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 12.11 | $ 11.88 | $ 12.71 | $ 11.99 | $ 10.39 | $ 10.48 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.90 | % | 2.00 | % | 10.37 | % | 16.08 | % | .35 | % | 6.96 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,797 | $1,585 | $1,435 | $1,094 | $931 | $25 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .40 | %^ | .40 | % | .45 | % | .51 | % | .52 | % | .53 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.39 | %^ | 1.48 | % | 1.82 | % | 2.73 | % | 4.64 | % | 22.61 | %^ | ||||||||||||
Net investment income(c) | 2.72 | %^ | 1.72 | % | 1.72 | % | 1.24 | % | 1.19 | % | 1.73 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 47 | % | 73 | % | 40 | % | 71 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .64 | % | .61 | %^ |
See footnote summary on page 261.
248 | 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 C | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.74 | $ 12.55 | $ 11.80 | $ 10.30 | $ 10.44 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .13 | .11 | .09 | .05 | .08 | .09 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .54 | (.07 | )+ | 1.03 | 1.51 | (.13 | )+ | .56 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | .67 | .04 | 1.12 | 1.56 | (.05 | ) | .65 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.11 | ) | (.09 | ) | – 0 | – | – 0 | – | (.08 | ) | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.29 | ) | (.76 | ) | (.37 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.40 | ) | (.85 | ) | (.37 | ) | (.06 | ) | (.09 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 12.01 | $ 11.74 | $ 12.55 | $ 11.80 | $ 10.30 | $ 10.44 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.63 | % | 1.31 | % | 9.54 | % | 15.25 | % | (.45 | )% | 6.51 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $109 | $104 | $103 | $192 | $71 | $11 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .80 | %^ | 1.15 | % | 1.21 | % | 1.26 | % | 1.27 | % | 1.28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.83 | %^ | 2.27 | % | 2.65 | % | 3.52 | % | 6.16 | % | 24.47 | %^ | ||||||||||||
Net investment income(c) | 2.18 | %^ | .95 | % | .74 | % | .48 | % | .81 | % | 1.39 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 47 | % | 73 | % | 40 | % | 71 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .64 | % | .61 | %^ |
See footnote summary on page 261.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 249 |
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 (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 12.04 | $ 12.88 | $ 12.12 | $ 10.51 | $ 10.50 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .12 | .22 | .25 | .19 | .14 | .04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .61 | (.08 | )+ | 1.03 | 1.52 | (.09 | )+ | .67 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .73 | .14 | 1.28 | 1.71 | .05 | .71 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.18 | ) | (.22 | ) | (.15 | ) | (.04 | ) | (.03 | ) | (.21 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.29 | ) | (.76 | ) | (.37 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.47 | ) | (.98 | ) | (.52 | ) | (.10 | ) | (.04 | ) | (.21 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 12.30 | $ 12.04 | $ 12.88 | $ 12.12 | $ 10.51 | $ 10.50 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.95 | % | 2.27 | % | 10.66 | % | 16.40 | % | .52 | % | 7.18 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,046 | $2,318 | $612 | $547 | $466 | $347 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .14 | %^ | .15 | % | .20 | % | .26 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.11 | %^ | 1.24 | % | 1.57 | % | 2.51 | % | 5.66 | % | 22.48 | %^ | ||||||||||||
Net investment income(c) | 2.01 | %^ | 1.90 | % | 1.97 | % | 1.72 | % | 1.37 | % | .69 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 47 | % | 73 | % | 40 | % | 71 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .64 | % | .61 | %^ |
See footnote summary on page 261.
250 | 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 R | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.30 | $ 12.18 | $ 11.58 | $ 10.17 | $ 10.29 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .15 | .17 | .21 | .07 | .07 | .12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .52 | (.10 | )+ | .94 | 1.52 | (.07 | )+ | .56 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .67 | .07 | 1.15 | 1.59 | .00 | .68 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.19 | ) | (.19 | ) | (.18 | ) | (.12 | ) | (.11 | ) | (.39 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.29 | ) | (.76 | ) | (.37 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.48 | ) | (.95 | ) | (.55 | ) | (.18 | ) | (.12 | ) | (.39 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.49 | $ 11.30 | $ 12.18 | $ 11.58 | $ 10.17 | $ 10.29 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.81 | % | 1.73 | % | 10.09 | % | 15.82 | % | .09 | % | 6.85 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $712 | $656 | $295 | $323 | $66 | $15 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .53 | %^ | .65 | % | .70 | % | .76 | % | .77 | % | .78 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.44 | %^ | 1.67 | % | 1.86 | % | 2.12 | % | 3.68 | % | 22.02 | %^ | ||||||||||||
Net investment income(c) | 2.64 | %^ | 1.53 | % | 1.74 | % | .68 | % | .69 | % | 1.86 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 47 | % | 73 | % | 40 | % | 71 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .64 | % | .61 | %^ |
See footnote summary on page 261.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 251 |
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 (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.37 | $ 12.22 | $ 11.60 | $ 10.18 | $ 10.29 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .16 | .19 | .21 | .15 | .12 | .07 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .53 | (.09 | )+ | .98 | 1.46 | (.08 | )+ | .61 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .69 | .10 | 1.19 | 1.61 | .04 | .68 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.21 | ) | (.19 | ) | (.20 | ) | (.13 | ) | (.14 | ) | (.39 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.29 | ) | (.76 | ) | (.37 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.50 | ) | (.95 | ) | (.57 | ) | (.19 | ) | �� | (.15 | ) | (.39 | ) | |||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.56 | $ 11.37 | $ 12.22 | $ 11.60 | $ 10.18 | $ 10.29 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.95 | % | 2.03 | % | 10.36 | % | 16.06 | % | .42 | % | 6.86 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $37,633 | $34,889 | $30,434 | $21,441 | $14,694 | $1,300 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .40 | %^ | .40 | % | .45 | % | .51 | % | .52 | % | .53 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | 1.22 | %^ | 1.38 | % | 1.57 | % | 1.93 | % | 3.08 | % | 16.63 | %^ | ||||||||||||
Net investment income(c) | 2.71 | %^ | 1.67 | % | 1.73 | % | 1.44 | % | 1.20 | % | 1.14 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 47 | % | 73 | % | 40 | % | 71 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .64 | % | .61 | %^ |
See footnote summary on page 261.
252 | 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 I | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.53 | $ 12.39 | $ 11.65 | $ 10.22 | $ 10.32 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .17 | .22 | .06 | .18 | .17 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .53 | (.09 | )+ | 1.16 | 1.47 | (.12 | )+ | .56 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .70 | .13 | 1.22 | 1.65 | .05 | .71 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.24 | ) | (.23 | ) | (.11 | ) | (.16 | ) | (.14 | ) | (.39 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.29 | ) | (.76 | ) | (.37 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.53 | ) | (.99 | ) | (.48 | ) | (.22 | ) | (.15 | ) | (.39 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.70 | $ 11.53 | $ 12.39 | $ 11.65 | $ 10.22 | $ 10.32 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 5.99 | % | 2.31 | % | 10.54 | % | 16.43 | % | .57 | % | 7.19 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $327 | $287 | $87 | $1,801 | $878 | $1,007 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .15 | %^ | .15 | % | .24 | % | .26 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .92 | %^ | 1.07 | % | 1.12 | % | 1.61 | % | 4.58 | % | 21.99 | %^ | ||||||||||||
Net investment income(c) | 2.88 | %^ | 1.95 | % | .49 | % | 1.63 | % | 1.80 | % | 2.39 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 47 | % | 73 | % | 40 | % | 71 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .64 | % | .61 | %^ |
See footnote summary on page 261.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 253 |
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 (unaudited) | Year Ended July 31, | December 15, July 31, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 11.38 | $ 12.25 | $ 11.64 | $ 10.22 | $ 10.32 | $ 10.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment income(b)(c) | .21 | .19 | .22 | .18 | .13 | .15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .48 | (.06 | )+ | 1.00 | 1.46 | (.08 | )+ | .56 | ||||||||||||||||
Contributions from Affiliates | – 0 | – | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (d) | ||||||||||||
|
| |||||||||||||||||||||||
Net increase in net asset value from operations | .69 | .13 | 1.22 | 1.64 | .05 | .71 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | (.25 | ) | (.24 | ) | (.24 | ) | (.16 | ) | (.14 | ) | (.39 | ) | ||||||||||||
Distributions from net realized gain on investment transactions | (.29 | ) | (.76 | ) | (.37 | ) | (.06 | ) | (.01 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (.54 | ) | (1.00 | ) | (.61 | ) | (.22 | ) | (.15 | ) | (.39 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 11.53 | $ 11.38 | $ 12.25 | $ 11.64 | $ 10.22 | $ 10.32 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(e) | 6.00 | % | 2.32 | % | 10.61 | % | 16.38 | % | .56 | % | 7.19 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $1,743 | $550 | $45 | $13 | $13 | $11 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(f)‡ | .15 | %^ | .15 | % | .18 | % | .26 | % | .27 | % | .28 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(f)‡ | .82 | %^ | .97 | % | 1.15 | % | 1.55 | % | 4.27 | % | 21.98 | %^ | ||||||||||||
Net investment income(c) | 3.51 | %^ | 1.73 | % | 1.82 | % | 1.69 | % | 1.36 | % | 2.38 | %^ | ||||||||||||
Portfolio turnover rate | 31 | % | 47 | % | 73 | % | 40 | % | 71 | % | 16 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .46 | %^ | .46 | % | .52 | % | .68 | % | .64 | % | .61 | %^ |
See footnote summary on page 261.
254 | 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 2060 Fund | ||||||||
Class A | ||||||||
Six Months (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||
|
| |||||||
Net asset value, beginning of period | $ 10.73 | $ 10.00 | ||||||
|
| |||||||
Income From Investment Operations | ||||||||
Net investment income(b)(c) | .16 | .06 | ||||||
Net realized and unrealized gain on investment transactions | .50 | .67 | ||||||
|
| |||||||
Net increase in net asset value from operations | .66 | .73 | ||||||
|
| |||||||
Less: Dividends and Distributions | ||||||||
Dividends from net investment income | (.04 | ) | – 0 | – | ||||
Distributions from net realized gain on investment transactions | (.03 | ) | – 0 | – | ||||
|
| |||||||
Total dividends and distributions | (.07 | ) | – 0 | – | ||||
|
| |||||||
Net asset value, end of period | $ 11.32 | $ 10.73 | ||||||
|
| |||||||
Total Return | ||||||||
Total investment return based on net asset value(e) | 6.13 | % | 7.30 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $34 | $30 | ||||||
Ratio to average net assets of: | ||||||||
Expenses, net of waivers/reimbursements(f)‡^ | .38 | %^ | .39 | %^ | ||||
Expenses, before waivers/reimbursements(f)‡^ | 79.67 | %^ | 143.64 | %^ | ||||
Net investment income(c)^ | 2.86 | %^ | 1.16 | %^ | ||||
Portfolio turnover rate | 27 | % | 18 | % | ||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||
portfolios | .47 | %^ | .49 | %^ |
See footnote summary on page 261.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 255 |
FINANCIAL HIGHLIGHTS(continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB Multi-Manager Select 2060 Fund | ||||||||
Class C | ||||||||
Six Months (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||
|
| |||||||
Net asset value, beginning of period | $ 10.69 | $ 10.00 | ||||||
|
| |||||||
Income From Investment Operations | ||||||||
Net investment income(b)(c) | .14 | .02 | ||||||
Net realized and unrealized gain on investment transactions | .49 | .67 | ||||||
|
| |||||||
Net increase in net asset value from operations | .63 | .69 | ||||||
|
| |||||||
Less: Distributions | ||||||||
Distributions from net realized gain on investment transactions | (.03 | ) | – 0 | – | ||||
|
| |||||||
Net asset value, end of period | $ 11.29 | $ 10.69 | ||||||
|
| |||||||
Total Return | ||||||||
Total investment return based on net asset value(e) | 5.92 | % | 6.90 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $16 | $15 | ||||||
Ratio to average net assets of: | ||||||||
Expenses, net of waivers/reimbursements(f)‡^ | .79 | %^ | 1.14 | %^ | ||||
Expenses, before waivers/reimbursements(f)‡^ | 80.57 | %^ | 148.94 | %^ | ||||
Net investment income(c)^ | 2.42 | %^ | .37 | %^ | ||||
Portfolio turnover rate | 27 | % | 18 | % | ||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||
portfolios | .47 | %^ | .49 | %^ |
See footnote summary on page 261.
256 | 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 2060 Fund | ||||||||
Advisor Class | ||||||||
Six Months (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||
|
| |||||||
Net asset value, beginning of period | $ 10.74 | $ 10.00 | ||||||
|
| |||||||
Income From Investment Operations | ||||||||
Net investment income(b)(c) | .17 | .07 | ||||||
Net realized and unrealized gain on investment transactions | .51 | .67 | ||||||
|
| |||||||
Net increase in net asset value from operations | .68 | .74 | ||||||
|
| |||||||
Less: Dividends and Distributions | ||||||||
Dividends from net investment income | (.06 | ) | – 0 | – | ||||
Distributions from net realized gain on investment transactions | (.03 | ) | – 0 | – | ||||
|
| |||||||
Total dividends and distributions | (.09 | ) | – 0 | – | ||||
|
| |||||||
Net asset value, end of period | $ 11.33 | $ 10.74 | ||||||
|
| |||||||
Total Return | ||||||||
Total investment return based on net asset value(e) | 6.29 | % | 7.40 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $215 | $205 | ||||||
Ratio to average net assets of: | ||||||||
Expenses, net of waivers/reimbursements(f)‡^ | .14 | %^ | .14 | %^ | ||||
Expenses, before waivers/reimbursements(f)‡^ | 79.92 | %^ | 150.91 | %^ | ||||
Net investment income(c)^ | 3.09 | %^ | 1.35 | %^ | ||||
Portfolio turnover rate | 27 | % | 18 | % | ||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||
portfolios | .47 | %^ | .49 | %^ |
See footnote summary on page 261.
abfunds.com | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | 257 |
FINANCIAL HIGHLIGHTS(continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB Multi-Manager Select 2060 Fund | ||||||||
Class R | ||||||||
Six Months (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||
|
| |||||||
Net asset value, beginning of period | $ 10.71 | $ 10.00 | ||||||
|
| |||||||
Income From Investment Operations | ||||||||
Net investment income(b)(c) | .18 | .04 | ||||||
Net realized and unrealized gain on investment transactions | .47 | .67 | ||||||
|
| |||||||
Net increase in net asset value from operations | .65 | .71 | ||||||
|
| |||||||
Less: Dividends and Distributions | ||||||||
Dividends from net investment income | (.11 | ) | – 0 | – | ||||
Distributions from net realized gain on investment transactions | (.03 | ) | – 0 | – | ||||
|
| |||||||
Total dividends and distributions | (.14 | ) | – 0 | – | ||||
|
| |||||||
Net asset value, end of period | $ 11.22 | $ 10.71 | ||||||
|
| |||||||
Total Return | ||||||||
Total investment return based on net asset value(e) | 6.01 | % | 7.10 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $26 | $11 | ||||||
Ratio to average net assets of: | ||||||||
Expenses, net of waivers/reimbursements(f)‡^ | .50 | %^ | .64 | %^ | ||||
Expenses, before waivers/reimbursements(f)‡^ | 72.94 | %^ | 150.82 | %^ | ||||
Net investment income(c)^ | 3.14 | %^ | .84 | %^ | ||||
Portfolio turnover rate | 27 | % | 18 | % | ||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||
portfolios | .47 | %^ | .49 | %^ |
See footnote summary on page 261.
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FINANCIAL HIGHLIGHTS(continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB Multi-Manager Select 2060 Fund | ||||||||
Class K | ||||||||
Six Months (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||
|
| |||||||
Net asset value, beginning of period | $ 10.73 | $ 10.00 | ||||||
|
| |||||||
Income From Investment Operations | ||||||||
Net investment income(b)(c) | .04 | .06 | ||||||
Net realized and unrealized gain on investment transactions | .62 | .67 | ||||||
|
| |||||||
Net increase in net asset value from operations | .66 | .73 | ||||||
|
| |||||||
Less: Dividends and Distributions | ||||||||
Dividends from net investment income | (.13 | ) | – 0 | – | ||||
Distributions from net realized gain on investment transactions | (.03 | ) | – 0 | – | ||||
|
| |||||||
Total dividends and distributions | (.16 | ) | – 0 | – | ||||
|
| |||||||
Net asset value, end of period | $ 11.23 | $ 10.73 | ||||||
|
| |||||||
Total Return | ||||||||
Total investment return based on net asset value(e) | 6.14 | % | 7.30 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $538 | $22 | ||||||
Ratio to average net assets of: | ||||||||
Expenses, net of waivers/reimbursements(f)‡^ | .39 | %^ | .39 | %^ | ||||
Expenses, before waivers/reimbursements(f)‡^ | 39.36 | %^ | 133.41 | %^ | ||||
Net investment income(c)^ | .61 | %^ | 1.21 | %^ | ||||
Portfolio turnover rate | 27 | % | 18 | % | ||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||
portfolios | .47 | %^ | .49 | %^ |
See footnote summary on page 261.
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FINANCIAL HIGHLIGHTS(continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB Multi-Manager Select 2060 Fund | ||||||||
Class I | ||||||||
Six Months (unaudited) |
2019(a) to July 31, 2019 | |||||||
|
| |||||||
Net asset value, beginning of period | $ 10.74 | $ 10.00 | ||||||
|
| |||||||
Income From Investment Operations | ||||||||
Net investment income(b)(c) | .17 | .07 | ||||||
Net realized and unrealized gain on investment transactions | .50 | .67 | ||||||
|
| |||||||
Net increase in net asset value from operations | .67 | .74 | ||||||
|
| |||||||
Less: Dividends and Distributions | ||||||||
Dividends from net investment income | (.13 | ) | – 0 | – | ||||
Distributions from net realized gain on investment transactions | (.03 | ) | – 0 | – | ||||
|
| |||||||
Total dividends and distributions | (.16 | ) | – 0 | – | ||||
|
| |||||||
Net asset value, end of period | $ 11.25 | $ 10.74 | ||||||
|
| |||||||
Total Return | ||||||||
Total investment return based on net asset value(e) | 6.23 | % | 7.40 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $11 | $11 | ||||||
Ratio to average net assets of: | ||||||||
Expenses, net of waivers/reimbursements(f)‡^ | .14 | %^ | .14 | %^ | ||||
Expenses, before waivers/reimbursements(f)‡^ | 79.06 | %^ | 150.26 | %^ | ||||
Net investment income(c)^ | 3.10 | %^ | 1.35 | %^ | ||||
Portfolio turnover rate | 27 | % | 18 | % | ||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||
portfolios | .47 | %^ | .49 | %^ |
See footnote summary on page 261.
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FINANCIAL HIGHLIGHTS(continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
AB Multi-Manager Select 2060 Fund | ||||||||
Class Z | ||||||||
Six Months (unaudited) | February 1, 2019(a) to July 31, 2019 | |||||||
|
| |||||||
Net asset value, beginning of period | $ 10.74 | $ 10.00 | ||||||
|
| |||||||
Income From Investment Operations | ||||||||
Net investment income(b)(c) | .23 | .05 | ||||||
Net realized and unrealized gain on investment transactions | .45 | .69 | ||||||
|
| |||||||
Net increase in net asset value from operations | .68 | .74 | ||||||
|
| |||||||
Less: Dividends and Distributions | ||||||||
Dividends from net investment income | (.13 | ) | – 0 | – | ||||
Distributions from net realized gain on investment transactions | (.03 | ) | – 0 | – | ||||
|
| |||||||
Total dividends and distributions | (.16 | ) | – 0 | – | ||||
|
| |||||||
Net asset value, end of period | $ 11.26 | $ 10.74 | ||||||
|
| |||||||
Total Return | ||||||||
Total investment return based on net asset value(e) | 6.33 | % | 7.40 | % | ||||
Ratios/Supplemental Data | ||||||||
Net assets, end of period (000’s omitted) | $351 | $64 | ||||||
Ratio to average net assets of: | ||||||||
Expenses, net of waivers/reimbursements(f)‡^ | .13 | %^ | .14 | %^ | ||||
Expenses, before waivers/reimbursements(f)‡^ | 59.79 | %^ | 51.07 | %^ | ||||
Net investment income(c)^ | 4.06 | %^ | 1.09 | %^ | ||||
Portfolio turnover rate | 27 | % | 18 | % | ||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||
portfolios | .47 | %^ | .49 | %^ |
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | Net of 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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BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Jorge A. Bermudez(1) 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 Emilie D. Wrapp,Secretary | Michael B. Reyes,Senior Analyst Phyllis J. Clarke,Controller Vincent S. Noto,Chief Compliance Officer |
Custodian and Accounting Agent State Street Bank and Trust Company
Principal Underwriter AllianceBernstein Investments, Inc.
Transfer Agent AllianceBernstein Investor Services, Inc. | Independent Registered Public Accounting Firm Ernst & Young LLP
Legal Counsel Seward & Kissel LLP |
1 | Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee. |
2 | The day-to-day management of, and investment decisions for, the Funds’ portfolios are made by the Adviser’s Multi-Asset Solutions Team. Messrs. Loewy and Nikolich are the investment professionals with the most significant responsibility for the day-to-day management of the Funds’ portfolios. |
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Information Regarding the Review and Approval of the Advisory Agreement andSub-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 theSub-Advisory Agreement (the“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 onJuly 30-31, 2019 (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 Contracts, the directors had requested from the Adviser and theSub-Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Contracts with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Analyst for each Fund. The directors also discussed the proposed continuances in private sessions with counsel.
The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Funds gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review
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extensive materials and information from the Adviser, including information on the investment performance of the Funds and the underlying funds advised by the Adviser in which the Funds invest. The directors also receive an annual presentation from theSub-Adviser addressing theSub-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 in respect of each Fund. The directors did not identify any particular information that wasall-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 theSub-Adviser, as provided in theSub-Advisory Agreement, including thesub-advisory fee payable by the Adviser to theSub-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 each Fund. The directors considered both the investment advisory services and the othernon-advisory services outlined with specificity in the Advisory Agreement that are provided to each Fund 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 theSub-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”) in accordance with its target asset mix. The Adviser is responsible for the
264 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
allocation of Fund assets among asset classes. TheSub-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 2017 and 2018 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 relationships 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 relationships 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 the1- and3-year periods ended May 31, 2019 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and in the case of each of AB Multi-Manager Select Retirement Allocation Fund, AB Multi-Manager Select 2010 Fund, AB Multi-Manager Select 2015 Fund and AB Multi-Manager Select 2055 Fund, their discussion with the Adviser of the reasons for these Funds’ underperformance in the periods reviewed, 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 and noted that it was above the median in the case of each of AB Multi-Manager Select 2020 Fund, AB Multi- Manager Select 2030 Fund, AB Multi-Manager Select 2040 Fund and AB Multi-Manager Select 2050 Fund.
The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to the Funds’. 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 and the schedule of fees charged by the Adviser to any offshore funds and for services to anysub-advised funds utilizing investment strategies similar to the Fund’s, 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 previously discussed these matters with an independent fee consultant.
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The Adviser reviewed with the directors the significantly greater scope of the services it provides to each Fund relative to institutional, offshore fund andsub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore orsub-advisory 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 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 andsub-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 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 for services provided that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the External Funds.
In connection with their review of each Fund’s advisory fee, the directors also considered the total expense ratio (excluding interest expense) 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 directors considered the Adviser’s expense cap for such Fund. 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. The directors noted that in the case of each of AB Multi-Manager Select 2010 Fund and AB Multi-Manager Select 2015 Fund, the Fund’s expense ratio was above its peer universe median. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the expense ratio for each such Fund and the other Funds was acceptable.
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Approval ofSub-Advisory Agreement
Nature, Extent and Quality of Services Provided and Performance
In determining to approve continuance of theSub-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 theSub-Adviser to continue to serve assub-adviser for each of the Funds. The directors also reviewed extensive materials concerning theSub-Adviser. The directors’ review of theSub-Adviser and the nature and quality of the services provided by it covered, among other things: (i) theSub-Adviser’s operations and principal business activities, services provided by theSub-Adviser and senior and professional personnel who perform services for the Funds, (ii) investment advisory services provided by theSub-Adviser to the Funds, and (iii) theSub-Adviser’s compliance structure and program.
Cost of Services Provided and Profitability
The directors considered the amount and competitiveness of thesub-advisory fee payable to theSub-Adviser, noting that such fee had been negotiated by the Adviser (which is not affiliated with theSub-Adviser) and that thesub-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 theSub-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 thesub-advisory fee schedule for the Funds contains a breakpoint that reduces the fee rate on assets above a specified level. Thesub-advisory fee schedule also provides for an annual minimum fee. The directors recognized that, because theSub-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 presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. 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 theSub-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 orsub-adviser and to the economies of scale that an adviser orsub-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
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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.
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Information Regarding the Review and Approval of the Advisory Agreement, New Advisory Agreements andSub-Advisory Agreement in Respect of AB Multi-Manager Select 2060 Fund
The disinterested directors (the “directors”) of AB Cap Fund, Inc. (the “Company”) unanimously approved the Company’s Advisory Agreement with the Adviser in respect of AB Multi-Manager Select 2060 Fund (the “Fund”) for an initialtwo-year period at a meeting held onNovember 6-8, 2018 (the “Meeting”), as well as new Advisory Agreements with the same terms (together with the Advisory Agreement, the “Advisory Agreements”) in connection with the plans of AXA S.A. to sell its remaining interest in 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), subject to market conditions, in one or more transactions that may be deemed to involve an “assignment” of one or more advisory agreements between the Adviser and the Company in respect of the Fund. The directors also approved theSub-Advisory Agreement between the Adviser and Morningstar Investment Management LLC (the“Sub-Adviser”) in respect of the Fund for an initialtwo-year period.
Prior to approval of the Advisory Agreements, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed Advisory Agreements 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 approval in private sessions with counsel.
The directors considered their knowledge of the nature and quality of the services to be provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the AB 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 proposed advisory fee. The directors did not identify any particular
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information that wasall-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 (i) between the Fund and the Adviser, as provided in the Advisory Agreements, including the proposed advisory fee, and (ii) between the Adviser and theSub-Adviser, as provided in theSub-Advisory Agreement, including thesub-advisory fee payable by the Adviser to theSub-Adviser, were fair and reasonable in light of the services to be performed, expenses to be 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 to be Provided
The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreements, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the AB Funds. The directors considered both the investment advisory services and the othernon-advisory services outlined with specificity in the Advisory Agreements that would be provided to the Fund by the Adviser. They also noted the professional experience and qualifications of the Adviser’s personnel who oversee theSub-Adviser, other members of the investment team and other senior personnel of the Adviser. The directors noted that the Advisory Agreements, unlike the advisory agreements for most of the other AB Funds, do not provide for reimbursement to the Adviser of the Adviser’s costs of providing administrative and accounting services for the Fund. These services will be covered by the advisory fee.
The directors noted that the Fund will invest 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 asset mix. The Adviser is responsible for the allocation of Fund assets among asset classes. TheSub-Adviser selects the Underlying Funds within each asset class for investment by the Fund 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 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 to be provided to the Fund under the Advisory Agreements.
Costs of Services to be Provided and Profitability
Because the Fund had not yet commenced operations, the directors were unable to consider historical information about the profitability of the Fund. However, the Adviser agreed to provide the directors with profitability information in connection with future proposed continuances of the Advisory Agreements. They also considered the costs to be borne by the
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Adviser in providing services to the Fund and that the Fund was unlikely to be profitable to the Adviser unless it achieves a material level of net assets.
Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their proposed relationships with the Fund and the underlying funds advised by the Adviser in which the Fund will 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 to be 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 to be paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees to be paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s future 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
Since the Fund had not yet commenced operations, no performance or other historical information for the Fund was available. Based on the Adviser’s written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.
Advisory Fees and Other Expenses
The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the “15(c) service provider”), concerning advisory fee rates payable by other funds in the same category as the Fund, based on the Fund’s projected net assets of $250 million. 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 considered the Fund’s proposed 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 to the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Analyst and noted the differences between the Fund’s proposed 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
272 | AB MULTI-MANAGER SELECT RETIREMENT FUNDS | abfunds.com |
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 will provide to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.
The directors noted that the Fund will invest in External Funds pursuant to a Fund of Funds Order from the SEC. The directors concluded that the proposed advisory fee for the Fund would be paid for services that would be in addition to, rather than duplicative of, the services provided under the advisory contracts of the External Funds.
In connection with their review of the Fund’s proposed advisory fee, the directors also considered the projected 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 directors also considered the Adviser’s proposed expense cap for the Fund for a one year period and 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 the projected 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 projected expense ratio was acceptable.
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Approval ofSub-Advisory Agreement
Nature, Extent and Quality of Services to be Provided and Performance
In determining to approve theSub-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 theSub-Adviser to serve assub-adviser for the Fund. The directors’ review of theSub-Adviser and the nature and quality of the services to be provided by it covered, among other things: (i) theSub-Adviser’s operations and principal business activities, services to be provided by theSub-Adviser and senior and professional personnel who will perform services for the Fund, (ii) investment advisory services to be provided by theSub-Adviser to the Fund, and (iii) theSub-Adviser’s compliance structure and program.
Cost of Services to be Provided and Profitability
The directors considered the amount and competitiveness of thesub-advisory fee payable to theSub-Adviser, noting that such fee had been negotiated by the Adviser (which is not affiliated with theSub-Adviser) and was payable by the Adviser out of the advisory fee paid to the Adviser by the Fund. They noted that theSub-Adviser had agreed to provide information about the profitability of its relationship with the Fund and collateral benefits from such relationship in connection with future continuances of theSub-Advisory Agreement.
Economies of Scale
The directors noted that the proposed advisory fee schedule for the Fund 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 proposedsub-advisory fee schedule for the Fund contains a breakpoint that reduces the fee rate on assets above a specified level. Thesub-advisory fee schedule also provides for an annual minimum fee. The directors recognized that, because theSub-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 Fund grows. The directors took into consideration presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also discussed economies of scale with their independent fee consultant. 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 theSub-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 orsub-adviser and to the economies of scale that an adviser orsub-adviser may realize in its overall
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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 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 Fund’s asset levels and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the advisory fee schedule in the future if circumstances warranted doing so.
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This page is not part of the Shareholder Report or the Financial Statements.
AB FAMILY OF FUNDS
US EQUITY
CORE
Core Opportunities Fund
FlexFee™ US Thematic Portfolio
Select US Equity Portfolio
GROWTH
Concentrated Growth Fund
Discovery Growth Fund
FlexFee™ Large Cap Growth Portfolio
Growth Fund
Large Cap Growth Fund
Small Cap Growth Portfolio
VALUE
Discovery Value Fund
Equity Income Fund
Relative Value Fund
Small Cap Value Portfolio
Value Fund
INTERNATIONAL/ GLOBAL EQUITY
CORE
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
GROWTH
Concentrated International Growth Portfolio
FlexFee™ Emerging Markets Growth Portfolio
Sustainable International Thematic Fund
INTERNATIONAL/ GLOBAL EQUITY(continued)
VALUE
All China Equity Portfolio
International Value Fund
FIXED INCOME
MUNICIPAL
High Income Municipal Portfolio
Intermediate California Municipal Portfolio
Intermediate Diversified Municipal Portfolio
Intermediate New York Municipal Portfolio
Municipal Bond Inflation Strategy
Tax-Aware Fixed Income Opportunities Portfolio1
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 Duration Portfolio
Limited Duration High Income Portfolio
Short Duration Income Portfolio
Short Duration Portfolio
Total Return Bond Portfolio1
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
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.
Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.
1 | Prior to July 12, 2019, Total Return Bond Portfolio was named Intermediate Bond Portfolio; prior to February 5, 2020, Tax-Aware Fixed Income Opportunities Portfolio was named Tax-Aware Fixed Income Portfolio. |
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NOTES
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NOTES
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NOTES
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NOTES
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AB MULTI-MANAGER SELECT RETIREMENT FUNDS
1345 Avenue of the Americas
New York, NY 10105
800 221 5672
MMSR-0152-0120
JAN 01.31.20
SEMI-ANNUAL REPORT
AB SMALL CAP GROWTH PORTFOLIO
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 |
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 recent12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.
The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT 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 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.
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,
Robert M. Keith
President and Chief Executive Officer, AB Mutual Funds
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 1 |
SEMI-ANNUAL REPORT
March 9, 2020
This report provides management’s discussion of fund performance for AB Small Cap Growth Portfolio for the semi-annual reporting period ended January 31, 2020.
The Fund’s investment objective is long-term growth of capital.
NAV RETURNS AS OF JANUARY 31, 2020(unaudited)
6 Months | 12 Months | |||||||
AB SMALL CAP GROWTH PORTFOLIO | ||||||||
Class A Shares | 2.20% | 19.96% | ||||||
Class C Shares | 1.78% | 19.03% | ||||||
Advisor Class Shares1 | 2.29% | 20.24% | ||||||
Class R Shares1 | 1.97% | 19.47% | ||||||
Class K Shares1 | 2.22% | 20.05% | ||||||
Class I Shares1 | 2.31% | 20.25% | ||||||
Class Z Shares1 | 2.36% | 20.38% | ||||||
Russell 2000 Growth Index | 4.55% | 13.91% |
1 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund. |
Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.
INVESTMENT RESULTS
The table above shows the Fund’s performance compared to its benchmark, the Russell 2000 Growth Index, for thesix- and12-month periods ended January 31, 2020.
All share classes of the Fund underperformed the benchmark for thesix-month period, but outperformed for the12-month period, before sales charges. For thesix-month period, security selection within the consumer discretionary and technology sectors detracted, relative to the benchmark, while selection in health care and financials contributed. An overweight to consumer staples and an underweight to real estate detracted, and underweights in communication services and materials contributed.
For the12-month period, security selection within health care contributed, while selection in materials detracted. An underweight to communication services and materials contributed, while cash balances held for transactional purposes were a drag on relative performance, as was an overweight to consumer staples.
The Fund did not utilize derivatives during either period.
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MARKET REVIEW AND INVESTMENT STRATEGY
US stocks rallied during thesix-month period ended January 31, 2020. While equity markets experienced periods of heightened volatility and global economic weakness persisted, a potential resolution to theUS-China trade dispute, supportive monetary policy from global central banks and improving economic data balanced the overall outlook for investors throughout much of the period. Although low unemployment and relatively strong consumer spending continued to support the US economic expansion, the US Federal Reserve continued to ease monetary policy and reduced rates twice to combat global economic headwinds. Dovish monetary policy from other central banks supported capital markets as global growth continued to slow, and helped to staunch volatility. The much-anticipatedphase-oneUS-China trade accord, indications of stabilizing global growth and strong corporate earnings sparked a rally that sent global markets higher; however, volatility returned, and markets retreated broadly on fears surrounding the outbreak of a novel coronavirus in China. For the most part, growth stocks continued to outperform value stocks over the entire period, andlarge-cap stocks outperformed theirsmall-cap peers.
Growing turmoil from the spread of the coronavirus, and the potential for an enduring and significant adverse impact on global economies, have driven a sharp increase in volatility across markets and a strong flight to quality. The Adviser will continue to monitor the evolving situation and its impact on client portfolios closely.
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, consumer discretionary and technology reflected the Fund’s largest overweights, while real estate and communication services were notable underweights, relative to the benchmark.
INVESTMENT POLICIES
The Fund invests primarily in a diversified portfolio of equity securities of issuers 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.
(continued on next page)
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 3 |
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. 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 ofsmall-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, including public health crises (including the occurrence of a contagious disease or illness), 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 it may invest to a significant extent in one or more particular market sectors, such as the information-technology or health-care sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.
Capitalization Risk: Investments in small- andmid-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 ofnon-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. Derivatives, especiallyover-the-counter derivatives, are also subject to counterparty risk.
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 recentmonth-end by visiting www.abfunds.com. Class B shares are no longer being offered. Effective November 7, 2019, all outstanding Class B shares were converted to Class A shares. Please see Note A for more information.
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% maximumfront-end sales charge for Class A shares and a 1%1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.
6 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
HISTORICAL PERFORMANCE
AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2020(unaudited)
NAV Returns | SEC Returns (reflects applicable | |||||||
CLASS A SHARES | ||||||||
1 Year | 19.96% | 14.86% | ||||||
5 Years | 14.51% | 13.52% | ||||||
10 Years | 16.69% | 16.19% | ||||||
CLASS C SHARES | ||||||||
1 Year | 19.03% | 18.03% | ||||||
5 Years | 13.65% | 13.65% | ||||||
10 Years | 15.81% | 15.81% | ||||||
ADVISOR CLASS SHARES1 | ||||||||
1 Year | 20.24% | 20.24% | ||||||
5 Years | 14.79% | 14.79% | ||||||
10 Years | 16.99% | 16.99% | ||||||
CLASS R SHARES1 | ||||||||
1 Year | 19.47% | 19.47% | ||||||
5 Years | 14.10% | 14.10% | ||||||
10 Years | 16.34% | 16.34% | ||||||
CLASS K SHARES1 | ||||||||
1 Year | 20.05% | 20.05% | ||||||
5 Years | 14.54% | 14.54% | ||||||
10 Years | 16.76% | 16.76% | ||||||
CLASS I SHARES1 | ||||||||
1 Year | 20.25% | 20.25% | ||||||
5 Years | 14.82% | 14.82% | ||||||
10 Years | 17.09% | 17.09% | ||||||
CLASS Z SHARES1 | ||||||||
1 Year | 20.38% | 20.38% | ||||||
Since Inception2 | 13.04% | 13.04% |
The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.17%, 1.92%, 0.92%, 1.55%, 1.10%, 0.91% and 0.83% for Class A, 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.
1 | 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 certainfee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund. |
2 | Inception date: 6/30/2015. |
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 7 |
HISTORICAL PERFORMANCE(continued)
SEC AVERAGE ANNUAL RETURNS
AS OF THE MOST RECENT CALENDARQUARTER-END
DECEMBER 31, 2019(unaudited)
SEC Returns (reflects applicable | ||||
CLASS A SHARES | ||||
1 Year | 30.00% | |||
5 Years | 12.76% | |||
10 Years | 15.61% | |||
CLASS C SHARES | ||||
1 Year | 33.75% | |||
5 Years | 12.89% | |||
10 Years | 15.23% | |||
ADVISOR CLASS SHARES1 | ||||
1 Year | 36.11% | |||
5 Years | 14.03% | |||
10 Years | 16.41% | |||
CLASS R SHARES1 | ||||
1 Year | 35.26% | |||
5 Years | 13.34% | |||
10 Years | 15.77% | |||
CLASS K SHARES1 | ||||
1 Year | 35.87% | |||
5 Years | 13.77% | |||
10 Years | 16.17% | |||
CLASS I SHARES1 | ||||
1 Year | 36.11% | |||
5 Years | 14.06% | |||
10 Years | 16.51% | |||
CLASS Z SHARES1 | ||||
1 Year | 36.27% | |||
Since Inception2 | 13.28% |
1 | Please note that these share classes are for investors purchasing shares through accounts established under certainfee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund. |
2 | Inception date: 6/30/2015. |
8 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
EXPENSE EXAMPLE
(unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,022.00 | $ | 5.79 | 1.14 | % | $ | 5.85 | 1.15 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,019.41 | $ | 5.79 | 1.14 | % | $ | 5.84 | 1.15 | % |
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 9 |
EXPENSE EXAMPLE(continued)
Beginning Account Value August 1, 2019 | Ending Account Value January 31, 2020 | Expenses Paid During Period* | Annualized Expense Ratio* | Total Expenses Paid During Period+ | Total Annualized Expense Ratio+ | |||||||||||||||||||
Class C | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,017.80 | $ | 9.59 | 1.89 | % | $ | 9.64 | 1.90 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,015.63 | $ | 9.58 | 1.89 | % | $ | 9.63 | 1.90 | % | ||||||||||||
Advisor Class | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,022.90 | $ | 4.58 | 0.90 | % | $ | 4.63 | 0.91 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.61 | $ | 4.57 | 0.90 | % | $ | 4.62 | 0.91 | % | ||||||||||||
Class R | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,019.70 | $ | 7.82 | 1.54 | % | $ | 7.87 | 1.55 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,017.39 | $ | 7.81 | 1.54 | % | $ | 7.86 | 1.55 | % | ||||||||||||
Class K | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,022.20 | $ | 5.49 | 1.08 | % | $ | 5.54 | 1.09 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,019.71 | $ | 5.48 | 1.08 | % | $ | 5.53 | 1.09 | % | ||||||||||||
Class I | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,023.10 | $ | 4.58 | 0.90 | % | $ | 4.63 | 0.91 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,020.61 | $ | 4.57 | 0.90 | % | $ | 4.62 | 0.91 | % | ||||||||||||
Class Z | ||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,023.60 | $ | 4.07 | 0.80 | % | $ | 4.12 | 0.81 | % | ||||||||||||
Hypothetical** | $ | 1,000 | $ | 1,021.11 | $ | 4.06 | 0.80 | % | $ | 4.12 | 0.81 | % |
* | Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect theone-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 184/366 (to reflect theone-half year period). |
10 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
PORTFOLIO SUMMARY
January 31, 2020(unaudited)
PORTFOLIO STATISTICS
Net Assets ($mil): $2,365.7
TEN LARGEST HOLDINGS2
Company | U.S. $ Value | Percent of Net Assets | ||||||
Teladoc Health, Inc. | $ | 50,050,067 | 2.1 | % | ||||
Axon Enterprise, Inc. | 42,463,640 | 1.8 | ||||||
Five9, Inc. | 41,002,159 | 1.7 | ||||||
LHC Group, Inc. | 40,442,710 | 1.7 | ||||||
Chegg, Inc. | 39,619,969 | 1.7 | ||||||
Freshpet, Inc. | 39,370,300 | 1.7 | ||||||
Mercury Systems, Inc. | 38,885,695 | 1.6 | ||||||
Strategic Education, Inc. | 37,305,602 | 1.6 | ||||||
Planet Fitness, Inc. | 37,155,240 | 1.6 | ||||||
Silicon Laboratories, Inc. | 37,093,543 | 1.6 | ||||||
$ | 403,388,925 | 17.1 | % |
1 | All data are as of January 31, 2020. 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 industrysub-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.
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 11 |
PORTFOLIO OF INVESTMENTS
January 31, 2020(unaudited)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
COMMON STOCKS – 96.0% | ||||||||
Health Care – 26.2% | ||||||||
Biotechnology – 10.8% | ||||||||
Aimmune Therapeutics, Inc.(a)(b) | 415,426 | $ | 12,898,977 | |||||
Allakos, Inc.(a)(b) | 139,482 | 10,070,600 | ||||||
Allogene Therapeutics, Inc.(a)(b) | 411,823 | 8,944,796 | ||||||
Arena Pharmaceuticals, Inc.(a)(b) | 248,190 | 11,339,801 | ||||||
Ascendis Pharma A/S (Sponsored ADR)(b) | 116,530 | 15,743,203 | ||||||
BeiGene Ltd. (Sponsored ADR)(a)(b) | 62,959 | 9,592,433 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.(a)(b) | 341,876 | 16,577,567 | ||||||
Blueprint Medicines Corp.(a)(b) | 244,709 | 15,526,786 | ||||||
Coherus Biosciences, Inc.(a)(b) | 571,160 | 10,303,726 | ||||||
Deciphera Pharmaceuticals, Inc.(b) | 285,763 | 17,897,337 | ||||||
Gossamer Bio, Inc.(a)(b) | 377,216 | 5,009,429 | ||||||
Invitae Corp.(a)(b) | 753,808 | 14,058,519 | ||||||
Iovance Biotherapeutics, Inc.(a)(b) | 767,180 | 16,678,493 | ||||||
Madrigal Pharmaceuticals, Inc.(a)(b) | 74,900 | 6,218,198 | ||||||
Neurocrine Biosciences, Inc.(b) | 161,780 | 16,190,942 | ||||||
NextCure, Inc.(b) | 264,541 | 11,309,128 | ||||||
Precision BioSciences, Inc.(b) | 222,742 | 1,801,983 | ||||||
PTC Therapeutics, Inc.(b) | 227,680 | 11,725,520 | ||||||
Turning Point Therapeutics, Inc. – Class I(a)(b) | 252,555 | 14,774,468 | ||||||
Ultragenyx Pharmaceutical, Inc.(a)(b) | 343,259 | 18,038,261 | ||||||
Y-mAbs Therapeutics, Inc.(b) | 368,005 | 12,140,485 | ||||||
|
| |||||||
256,840,652 | ||||||||
|
| |||||||
Health Care Equipment & Supplies – 6.1% | ||||||||
Insulet Corp.(a)(b) | 135,670 | 26,325,407 | ||||||
iRhythm Technologies, Inc.(a)(b) | 394,483 | 33,779,579 | ||||||
Penumbra, Inc.(a)(b) | 143,523 | 25,182,546 | ||||||
Silk Road Medical, Inc.(a)(b) | 670,793 | 31,218,706 | ||||||
Tactile Systems Technology, Inc.(a)(b) | 511,487 | 28,740,454 | ||||||
|
| |||||||
145,246,692 | ||||||||
|
| |||||||
Health Care Providers & Services – 3.6% | ||||||||
Guardant Health, Inc.(a)(b) | 305,239 | 23,210,374 | ||||||
HealthEquity, Inc.(a)(b) | 328,690 | 21,713,261 | ||||||
LHC Group, Inc.(a)(b) | 277,480 | 40,442,710 | ||||||
|
| |||||||
85,366,345 | ||||||||
|
| |||||||
Health Care Technology – 2.7% | ||||||||
Health Catalyst, Inc.(a)(b) | 413,084 | 13,487,193 | ||||||
Teladoc Health, Inc.(a)(b) | 492,086 | 50,050,067 | ||||||
|
| |||||||
63,537,260 | ||||||||
|
| |||||||
Life Sciences Tools & Services – 2.2% | ||||||||
10X Genomics, Inc.(a)(b) | 220,802 | 20,179,095 | ||||||
ICON PLC(b) | 183,634 | 30,964,365 | ||||||
|
| |||||||
51,143,460 | ||||||||
|
|
12 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
PORTFOLIO OF INVESTMENTS(continued)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
Pharmaceuticals – 0.8% | ||||||||
Aerie Pharmaceuticals, Inc.(a)(b) | 250,858 | $ | 5,137,572 | |||||
Axsome Therapeutics, Inc.(a)(b) | 54,380 | 4,721,271 | ||||||
Revance Therapeutics, Inc.(a)(b) | 413,818 | 9,257,109 | ||||||
|
| |||||||
19,115,952 | ||||||||
|
| |||||||
621,250,361 | ||||||||
|
| |||||||
Information Technology – 19.9% | ||||||||
Communications Equipment – 0.7% | ||||||||
Ciena Corp.(b) | 419,164 | 17,047,400 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components – 3.4% | ||||||||
Littelfuse, Inc.(a) | 129,160 | 22,849,696 | ||||||
Novanta, Inc.(a)(b) | 377,920 | 34,288,681 | ||||||
OSI Systems, Inc.(a)(b) | 286,690 | 24,810,153 | ||||||
|
| |||||||
81,948,530 | ||||||||
|
| |||||||
IT Services – 0.1% | ||||||||
International Money Express, Inc.(a)(b) | 228,430 | 2,416,789 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 5.7% | ||||||||
Cree, Inc.(a)(b) | 230,783 | 10,729,102 | ||||||
Inphi Corp.(b) | 373,610 | 28,379,415 | ||||||
Lattice Semiconductor Corp.(b) | 1,688,449 | 31,405,151 | ||||||
Monolithic Power Systems, Inc.(a) | 154,639 | 26,469,558 | ||||||
Silicon Laboratories, Inc.(b) | 377,312 | 37,093,543 | ||||||
|
| |||||||
134,076,769 | ||||||||
|
| |||||||
Software – 10.0% | ||||||||
Anaplan, Inc.(b) | 498,754 | 28,723,243 | ||||||
Aspen Technology, Inc.(b) | 221,362 | 26,337,651 | ||||||
Avalara, Inc.(b) | 319,456 | 27,198,484 | ||||||
Everbridge, Inc.(a)(b) | 380,432 | 34,482,357 | ||||||
Five9, Inc.(a)(b) | 571,618 | 41,002,159 | ||||||
HubSpot, Inc.(a)(b) | 123,776 | 22,396,029 | ||||||
Rapid7, Inc.(a)(b) | 519,630 | 30,855,629 | ||||||
Smartsheet, Inc. – Class A(b) | 512,902 | 24,865,489 | ||||||
|
| |||||||
235,861,041 | ||||||||
|
| |||||||
471,350,529 | ||||||||
|
| |||||||
Industrials – 19.9% | ||||||||
Aerospace & Defense – 4.2% | ||||||||
Axon Enterprise, Inc.(a)(b) | 552,840 | 42,463,640 | ||||||
Hexcel Corp.(a) | 245,949 | 18,254,335 | ||||||
Mercury Systems, Inc.(a)(b) | 506,654 | 38,885,695 | ||||||
|
| |||||||
99,603,670 | ||||||||
|
|
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 13 |
PORTFOLIO OF INVESTMENTS(continued)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
Building Products – 2.4% | ||||||||
Armstrong World Industries, Inc. | 230,162 | $ | 23,092,153 | |||||
Trex Co., Inc.(a)(b) | 347,640 | 34,152,154 | ||||||
|
| |||||||
57,244,307 | ||||||||
|
| |||||||
Commercial Services & Supplies – 1.6% | ||||||||
Tetra Tech, Inc. | 426,018 | 36,467,141 | ||||||
|
| |||||||
Industrial Conglomerates – 1.0% | ||||||||
Carlisle Cos., Inc. | 153,492 | 23,980,055 | ||||||
|
| |||||||
Machinery – 6.1% | ||||||||
Chart Industries, Inc.(a)(b) | 515,123 | 32,957,570 | ||||||
Gardner Denver Holdings, Inc.(a)(b) | 655,175 | 23,134,229 | ||||||
ITT, Inc. | 355,020 | 23,814,742 | ||||||
John Bean Technologies Corp.(a) | 119,293 | 13,478,916 | ||||||
Nordson Corp. | 161,450 | 27,262,447 | ||||||
RBC Bearings, Inc.(a)(b) | 154,428 | 24,015,098 | ||||||
|
| |||||||
144,663,002 | ||||||||
|
| |||||||
Road & Rail – 2.4% | ||||||||
Knight-Swift Transportation Holdings, Inc.(a) | 710,147 | 26,332,251 | ||||||
Saia, Inc.(a)(b) | 348,026 | 30,313,064 | ||||||
|
| |||||||
56,645,315 | ||||||||
|
| |||||||
Trading Companies & Distributors – 2.2% | ||||||||
H&E Equipment Services, Inc. | 710,133 | 19,251,706 | ||||||
SiteOne Landscape Supply, Inc.(a)(b) | 338,535 | 32,685,554 | ||||||
|
| |||||||
51,937,260 | ||||||||
|
| |||||||
470,540,750 | ||||||||
|
| |||||||
Consumer Discretionary – 15.7% | ||||||||
Distributors – 1.2% | ||||||||
Pool Corp. | 129,828 | 28,471,281 | ||||||
|
| |||||||
Diversified Consumer Services – 4.8% | ||||||||
Bright Horizons Family Solutions, Inc.(b) | 218,595 | 35,790,559 | ||||||
Chegg, Inc.(a)(b) | 960,950 | 39,619,969 | ||||||
Strategic Education, Inc.(a) | 229,870 | 37,305,602 | ||||||
|
| |||||||
112,716,130 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure – 3.8% | ||||||||
OneSpaWorld Holdings Ltd.(a) | 1,439,010 | 21,599,540 | ||||||
Planet Fitness, Inc.(b) | 459,899 | 37,155,240 | ||||||
Wingstop, Inc. | 332,354 | 30,832,481 | ||||||
|
| |||||||
89,587,261 | ||||||||
|
| |||||||
Household Durables – 1.4% | ||||||||
Lovesac Co. (The)(a)(b) | 755,555 | 8,575,549 | ||||||
Skyline Champion Corp.(b) | 873,852 | 25,123,245 | ||||||
|
| |||||||
33,698,794 | ||||||||
|
|
14 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
PORTFOLIO OF INVESTMENTS(continued)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
Internet & Direct Marketing Retail – 0.7% | ||||||||
RealReal, Inc. (The)(a)(b) | 1,162,975 | $ | 16,828,248 | |||||
|
| |||||||
Specialty Retail – 3.8% | ||||||||
Dynatrace, Inc.(a)(b) | 851,030 | 26,645,749 | ||||||
Five Below, Inc.(a)(b) | 237,732 | 26,916,017 | ||||||
Sleep Number Corp.(a)(b) | 694,156 | 35,811,508 | ||||||
|
| |||||||
89,373,274 | ||||||||
|
| |||||||
370,674,988 | ||||||||
|
| |||||||
Financials – 8.0% | ||||||||
Banks – 1.1% | ||||||||
Western Alliance Bancorp | 488,063 | 26,955,719 | ||||||
|
| |||||||
Capital Markets – 4.4% | ||||||||
Assetmark Financial Holdings, Inc.(a)(b) | 592,358 | 17,373,860 | ||||||
Hamilton Lane, Inc. – Class A(a) | 476,580 | 30,953,871 | ||||||
Houlihan Lokey, Inc.(a) | 581,117 | 30,130,917 | ||||||
Stifel Financial Corp. | 390,377 | 25,253,488 | ||||||
|
| |||||||
103,712,136 | ||||||||
|
| |||||||
Insurance – 2.5% | ||||||||
Palomar Holdings, Inc.(a)(b) | 492,886 | 26,344,757 | ||||||
Trupanion, Inc.(a)(b) | 988,931 | 31,566,677 | ||||||
|
| |||||||
57,911,434 | ||||||||
|
| |||||||
188,579,289 | ||||||||
|
| |||||||
Consumer Staples – 4.1% | ||||||||
Food & Staples Retailing – 2.4% | ||||||||
Chefs’ Warehouse, Inc. (The)(a)(b) | 866,033 | 31,523,601 | ||||||
Grocery Outlet Holding Corp.(a)(b) | 802,704 | 26,280,529 | ||||||
|
| |||||||
57,804,130 | ||||||||
|
| |||||||
Food Products – 1.7% | ||||||||
Freshpet, Inc.(b) | 626,118 | 39,370,300 | ||||||
|
| |||||||
97,174,430 | ||||||||
|
| |||||||
Materials – 1.7% | ||||||||
Chemicals – 0.9% | ||||||||
Ingevity Corp.(b) | 333,690 | 21,763,262 | ||||||
|
| |||||||
Containers & Packaging – 0.8% | ||||||||
Ranpak Holdings Corp.(a)(b) | 2,347,613 | 17,935,763 | ||||||
|
| |||||||
39,699,025 | ||||||||
|
| |||||||
Energy – 0.5% | ||||||||
Energy Equipment & Services – 0.5% | ||||||||
DMC Global, Inc.(a) | 301,800 | 12,624,294 | ||||||
|
| |||||||
Total Common Stocks | 2,271,893,666 | |||||||
|
| |||||||
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 15 |
PORTFOLIO OF INVESTMENTS(continued)
Company | Shares | U.S. $ Value | ||||||
| ||||||||
INVESTMENT COMPANIES – 1.5% | ||||||||
Funds and Investment Trusts – 1.5% | ||||||||
iShares Russell 2000 Growth ETF(a)(c) | 171,090 | $ | 36,269,369 | |||||
|
| |||||||
PREFERRED STOCKS – 0.1% | ||||||||
Consumer Discretionary – 0.1% | ||||||||
Household Durables – 0.1% | ||||||||
Honest Co., Inc. (The) – Series D | 29,639 | 876,703 | ||||||
Honest Co., Inc. (The) – Series E | 7,460 | 151,577 | ||||||
|
| |||||||
Total Preferred Stocks | 1,028,280 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 2.3% | ||||||||
Investment Companies – 2.3% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, | 52,858,985 | 52,858,985 | ||||||
|
| |||||||
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% | 2,362,050,300 | |||||||
|
| |||||||
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 4.0% | ||||||||
Investment Companies – 4.0% | ||||||||
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, | 95,522,951 | 95,522,951 | ||||||
|
| |||||||
Total Investments – 103.9% | 2,457,573,251 | |||||||
Other assets less liabilities – (3.9)% | (91,860,333 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 2,365,712,918 | ||||||
|
|
(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) | Illiquid security. |
(e) | Fair valued by the Adviser. |
16 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
PORTFOLIO OF INVESTMENTS(continued)
(f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(g) | Affiliated investments. |
(h) | The rate shown represents the7-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, 2020(unaudited)
Assets | ||||
Investments in securities, at value | ||||
Unaffiliated issuers (cost $1,790,758,929) | $ | 2,309,191,315 | (a) | |
Affiliated issuers (cost $148,381,936—including investment of cash collateral for securities loaned of $95,522,951) | 148,381,936 | |||
Receivable for capital stock sold | 14,937,759 | |||
Receivable for investment securities sold | 13,700,607 | |||
Unaffiliated dividends receivable | 336,943 | |||
Affiliated dividends receivable | 61,572 | |||
|
| |||
Total assets | 2,486,610,132 | |||
|
| |||
Liabilities | ||||
Payable for collateral received on securities loaned | 95,522,951 | |||
Payable for investment securities purchased | 18,523,717 | |||
Payable for capital stock redeemed | 4,863,702 | |||
Advisory fee payable | 1,613,621 | |||
Distribution fee payable | 203,485 | |||
Transfer Agent fee payable | 83,138 | |||
Administrative fee payable | 19,998 | |||
Directors’ fees payable | 1,882 | |||
Accrued expenses | 64,720 | |||
|
| |||
Total liabilities | 120,897,214 | |||
|
| |||
Net Assets | $ | 2,365,712,918 | ||
|
| |||
Composition of Net Assets | ||||
Capital stock, at par | $ | 4,160 | ||
Additionalpaid-in capital | 1,807,976,490 | |||
Distributable earnings | 557,732,268 | |||
|
| |||
$ | 2,365,712,918 | |||
|
|
Net Asset Value Per Share—27 billion shares of capital stock authorized, $.0001 par value
Class | Net Assets | Outstanding | Value | |||||||||
| ||||||||||||
A | $ | 639,369,671 | 11,962,981 | $ | 53.45 | * | ||||||
| ||||||||||||
C | $ | 32,933,920 | 1,125,238 | $ | 29.27 | |||||||
| ||||||||||||
Advisor | $ | 742,393,684 | 12,413,750 | $ | 59.80 | |||||||
| ||||||||||||
R | $ | 28,650,001 | 562,049 | $ | 50.97 | |||||||
| ||||||||||||
K | $ | 44,925,216 | 813,933 | $ | 55.20 | |||||||
| ||||||||||||
I | $ | 509,268,840 | 8,563,070 | $ | 59.47 | |||||||
| ||||||||||||
Z | $ | 368,171,586 | 6,157,056 | $ | 59.80 | |||||||
|
(a) | Includes securities on loan with a value of $651,242,421 (see Note E). |
* | The maximum offering price per share for Class A shares was $55.82 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, 2020(unaudited)
Investment Income | ||||||||
Dividends | ||||||||
Unaffiliated issuers | $ | 3,062,207 | ||||||
Affiliated issuers | 1,006,404 | |||||||
Securities lending income | 2,109,640 | $ | 6,178,251 | |||||
|
| |||||||
Expenses | ||||||||
Advisory fee (see Note B) | 8,220,346 | |||||||
Distribution fee—Class A | 785,285 | |||||||
Distribution fee—Class B | 2,722 | |||||||
Distribution fee—Class C | 161,451 | |||||||
Distribution fee—Class R | 72,162 | |||||||
Distribution fee—Class K | 54,290 | |||||||
Transfer agency—Class A | 355,441 | |||||||
Transfer agency—Class B | 462 | |||||||
Transfer agency—Class C | 18,447 | |||||||
Transfer agency—Advisor Class | 370,579 | |||||||
Transfer agency—Class R | 37,524 | |||||||
Transfer agency—Class K | 10,858 | |||||||
Transfer agency—Class I | 292,296 | |||||||
Transfer agency—Class Z | 31,701 | |||||||
Custodian | 108,914 | |||||||
Registration fees | 95,309 | |||||||
Printing | 55,415 | |||||||
Administrative | 40,050 | |||||||
Legal | 25,067 | |||||||
Audit and tax | 24,409 | |||||||
Directors’ fees | 11,828 | |||||||
Miscellaneous | 25,217 | |||||||
|
| |||||||
Total expenses | 10,799,773 | |||||||
Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (45,260 | ) | ||||||
|
| |||||||
Net expenses | 10,754,513 | |||||||
|
| |||||||
Net investment loss | (4,576,262 | ) | ||||||
|
| |||||||
Realized and Unrealized Gain (Loss) on Investment Transactions | ||||||||
Net realized gain on investment transactions | 87,535,611 | |||||||
Net change in unrealized appreciation/depreciation of investments | (25,560,603 | ) | ||||||
|
| |||||||
Net gain on investment transactions | 61,975,008 | |||||||
|
| |||||||
Net Increase in Net Assets from Operations | $ | 57,398,746 | ||||||
|
|
See notes to financial statements.
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 19 |
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment loss | $ | (4,576,262 | ) | $ | (9,094,857 | ) | ||
Net realized gain on investment transactions | 87,535,611 | 229,562,674 | ||||||
Net change in unrealized appreciation/depreciation of investments | (25,560,603 | ) | 8,300,240 | |||||
Contributions from Affiliates (see Note B) | – 0 | – | 338 | |||||
|
|
|
| |||||
Net increase in net assets from operations | 57,398,746 | 228,768,395 | ||||||
Distributions to Shareholders | ||||||||
Class A | (54,506,702 | ) | (80,062,548 | ) | ||||
Class B | – 0 | – | (239,237 | ) | ||||
Class C | (4,750,531 | ) | (6,641,292 | ) | ||||
Advisor Class | (51,655,000 | ) | (54,902,019 | ) | ||||
Class R | (2,543,762 | ) | (4,640,905 | ) | ||||
Class K | (3,580,213 | ) | (5,758,560 | ) | ||||
Class I | (37,610,032 | ) | (56,142,426 | ) | ||||
Class Z | (25,291,558 | ) | (26,247,240 | ) | ||||
Capital Stock Transactions | ||||||||
Net increase | 349,927,163 | 435,196,667 | ||||||
|
|
|
| |||||
Total increase | 227,388,111 | 429,330,835 | ||||||
Net Assets | ||||||||
Beginning of period | 2,138,324,807 | 1,708,993,972 | ||||||
|
|
|
| |||||
End of period | $ | 2,365,712,918 | $ | 2,138,324,807 | ||||
|
|
|
|
See notes to financial statements.
20 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
NOTES TO FINANCIAL STATEMENTS
January 31, 2020(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 anopen-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 C, Advisor Class, Class R, Class K, Class I, Class Z and Class T shares. Class B and Class T shares have not been issued. Effective August 2, 2019, sales of Class B shares were suspended. On November 7, 2019, all remaining outstanding Class B shares of the Fund were converted to Class A shares. Class A shares are sold with afront-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 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 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
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 21 |
NOTES TO FINANCIAL STATEMENTS(continued)
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 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.
22 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded innon-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.
2. Fair Value Measurements
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
• | Level 1—quoted prices in active markets for identical investments |
• | Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
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
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 23 |
NOTES TO FINANCIAL STATEMENTS(continued)
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, 2020:
Investments in | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
| |||||||||||||||
Common Stocks(a) | $ | 2,271,893,666 | $ | – 0 | – | $ | – 0 | – | $ | 2,271,893,666 | ||||||
Investment Companies | 36,269,369 | – 0 | – | – 0 | – | 36,269,369 | ||||||||||
Preferred Stocks | – 0 | – | – 0 | – | 1,028,280 | 1,028,280 | ||||||||||
Short-Term Investments | 52,858,985 | – 0 | – | – 0 | – | 52,858,985 | ||||||||||
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 95,522,951 | – 0 | – | – 0 | – | 95,522,951 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 2,456,544,971 | – 0 | – | 1,028,280 | 2,457,573,251 | |||||||||||
Other Financial Instruments(b) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 2,456,544,971 | $ | – 0 | – | $ | 1,028,280 | $ | 2,457,573,251 | |||||||
|
|
|
|
|
|
|
|
(a) | See Portfolio of Investments for sector classifications. |
(b) | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value. |
3. Currency Translation
Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.
Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses
24 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
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.
5. Investment Income and Investment Transactions
Dividend income is recorded on theex-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 apro-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.
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 25 |
NOTES TO FINANCIAL STATEMENTS(continued)
7. Dividends and Distributions
Dividends and distributions to shareholders, if any, are recorded on theex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.
NOTE B
Advisory Fee and Other Transactions with Affiliates
Under the terms of the investment advisory agreement, the 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.
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, 2020, the reimbursement for such services amounted to $40,050.
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 $326,271 for the six months ended January 31, 2020.
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 retainedfront-end sales charges of $9,585 from the sale of Class A shares and received $4,227 and $2,369 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended January 31, 2020.
The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of ..20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2020. In connection with the investment by the Fund in Government Money Market Portfolio, the
26 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
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, 2020, such waiver amounted to $24,703.
A summary of the Fund’s transactions in AB mutual funds for the six months ended January 31, 2020 is as follows:
Fund | Market Value 7/31/19 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 1/31/20 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 63,100 | $ | 291,846 | $ | 302,087 | $ | 52,859 | $ | 443 | ||||||||||
Government Money Market Portfolio* | 103,925 | 344,540 | 352,942 | 95,523 | 563 | |||||||||||||||
|
|
|
| |||||||||||||||||
Total | $ | 148,382 | $ | 1,006 | ||||||||||||||||
|
|
|
|
* | Investments of cash collateral for securities lending transactions (see Note E). |
During the year ended July 31, 2019, the Adviser reimbursed the Fund $338 for trading losses incurred due to a trade entry error.
During the second quarter of 2018, 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, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.3% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns 10.1% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.
The latest transaction under the Plan, which occurred on November 13, 2019, resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and was deemed an
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 27 |
NOTES TO FINANCIAL STATEMENTS(continued)
“assignment” causing a termination of the Fund’s investment advisory agreement. In order to ensure that investment advisory services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved a new investment advisory agreement with the Adviser, and shareholders of the Fund subsequently approved the new investment advisory agreement. This agreement became effective on November 13, 2019.
NOTE C
Distribution Services Agreement
The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule12b-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 Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares and .25% of the Fund’s average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class, Class I and Class Z shares. The fees are accrued daily and paid monthly. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. 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 $2,814,965, $747,867 and $805,694 for 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, 2020 were as follows:
Purchases | Sales | |||||||
Investment securities (excluding U.S. government securities) | $ | 763,877,790 | $ | 588,760,246 | ||||
U.S. government securities | – 0 | – | – 0 | – |
28 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:
Gross unrealized appreciation | $ | 578,624,780 | ||
Gross unrealized depreciation | (60,192,394 | ) | ||
|
| |||
Net unrealized appreciation | $ | 518,432,386 | ||
|
|
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, 2020.
2. Currency Transactions
The Fund may invest innon-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/ornon-cash collateral.Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The Fund cannot sell or repledge anynon-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 29 |
NOTES TO FINANCIAL STATEMENTS(continued)
Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receivesnon-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. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.
A summary of the Fund’s transactions surrounding securities lending for the six months ended January 31, 2020 is as follows:
Market Value on Loan* | Cash Collateral* | Market Value of Non-Cash Collateral* | Income from Borrowers | Government Money Market Portfolio | ||||||||||||||||
Income Earned | Advisory Fee Waived | |||||||||||||||||||
$ 651,242,421 | $ | 95,522,951 | $ | 584,644,484 | $ | 2,109,640 | $ | 563,311 | $ | 20,557 |
* | As of January 31, 2020. |
30 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
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, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 2,042,372 | 1,592,751 | $ | 108,060,014 | $ | 87,087,572 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of distributions | 649,009 | 1,670,051 | 33,618,677 | 75,569,788 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class B | 19,406 | 4,436 | 1,054,500 | 249,119 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted from Class C | 70,728 | 31,942 | 3,797,161 | 1,842,388 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,683,652 | ) | (2,112,216 | ) | (91,464,278 | ) | (114,040,755 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 1,097,863 | 1,186,964 | $ | 55,066,074 | $ | 50,708,112 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||
Shares sold | 497 | 2,415 | $ | 15,552 | $ | 80,843 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of distributions | – 0 | – | 8,922 | – 0 | – | 234,298 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (33,684 | ) | (7,268 | ) | (1,054,500 | ) | (249,119 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (607 | ) | (1,996 | ) | (19,184 | ) | (70,036 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | (33,794 | ) | 2,073 | $ | (1,058,132 | ) | $ | (4,014 | ) | |||||||||||||||
| ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 207,583 | 324,375 | $ | 6,415,831 | $ | 10,718,039 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of distributions | 157,671 | 230,940 | 4,477,861 | 6,179,959 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares converted to Class A | (122,588 | ) | (51,686 | ) | (3,797,161 | ) | (1,842,388 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (164,510 | ) | (248,926 | ) | (5,074,408 | ) | (7,997,678 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 78,156 | 254,703 | $ | 2,022,123 | $ | 7,057,932 | ||||||||||||||||||
|
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 31 |
NOTES TO FINANCIAL STATEMENTS(continued)
Shares | Amount | |||||||||||||||||||||||
Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | Six Months Ended January 31, 2020 (unaudited) | Year Ended July 31, 2019 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 3,607,210 | 5,781,988 | $ | 217,047,900 | $ | 334,871,693 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of distributions | 673,649 | 790,993 | 39,031,230 | 39,573,378 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,526,496 | ) | (3,236,233 | ) | (91,669,596 | ) | (187,236,438 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 2,754,363 | 3,336,748 | $ | 164,409,534 | $ | 187,208,633 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||
Shares sold | 72,902 | 169,942 | $ | 3,776,455 | $ | 9,004,263 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of distributions | 51,451 | 106,614 | 2,543,752 | 4,640,887 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (117,170 | ) | (287,784 | ) | (6,026,111 | ) | (14,919,893 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase (decrease) | 7,183 | (11,228 | ) | $ | 294,096 | $ | (1,274,743 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Class K | ||||||||||||||||||||||||
Shares sold | 159,746 | 217,644 | $ | 8,839,327 | $ | 12,263,351 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of distributions | 66,927 | 123,653 | 3,579,898 | 5,758,541 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (147,608 | ) | (290,043 | ) | (8,306,150 | ) | (16,421,496 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 79,065 | 51,254 | $ | 4,113,075 | $ | 1,600,396 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||
Shares sold | 1,286,135 | 2,238,780 | $ | 76,560,585 | $ | 135,022,914 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of distributions | 652,671 | 1,127,928 | 37,606,923 | 56,136,998 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (1,228,308 | ) | (2,385,674 | ) | (73,278,534 | ) | (144,537,169 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 710,498 | 981,034 | $ | 40,888,974 | $ | 46,622,743 | ||||||||||||||||||
| ||||||||||||||||||||||||
Class Z | ||||||||||||||||||||||||
Shares sold | 1,549,928 | 2,782,896 | $ | 92,727,208 | $ | 170,913,744 | ||||||||||||||||||
| ||||||||||||||||||||||||
Shares issued in reinvestment of distributions | 434,402 | 525,227 | 25,164,870 | 26,245,581 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Shares redeemed | (562,614 | ) | (915,203 | ) | (33,700,659 | ) | (53,881,717 | ) | ||||||||||||||||
| ||||||||||||||||||||||||
Net increase | 1,421,716 | 2,392,920 | $ | 84,191,419 | $ | 143,277,608 | ||||||||||||||||||
|
32 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
NOTE G
Risks Involved in Investing in the Fund
Market Risk—The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), 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 it may invest to a significant extent in one or more particular market sectors, such as the information technology or health care sector. To the extent it does so, market or economic factors affecting the relevant sectors could have a major effect on the value of the Fund’s investments.
Capitalization Risk—Investments in small- andmid-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-U.S.) Risk—Investments in securities ofnon-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.
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.
LIBOR Risk—The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 33 |
NOTES TO FINANCIAL STATEMENTS(continued)
for amending existing contracts or instruments to transition away from LIBOR remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.
Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.
Management Risk—The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results.
NOTE H
Joint Credit Facility
A number ofopen-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, 2020.
34 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
NOTES TO FINANCIAL STATEMENTS(continued)
NOTE I
Distributions to Shareholders
The tax character of distributions to be paid for the year ending July 31, 2020 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended July 31, 2019 and July 31, 2018 were as follows:
2019 | 2018 | |||||||
Distributions paid from: | ||||||||
Ordinary income | $ | 27,407,825 | $ | 12,920,367 | ||||
Net long-term capital gains | 207,226,402 | 106,237,440 | ||||||
|
|
|
| |||||
Total taxable distributions paid | $ | 234,634,227 | $ | 119,157,807 | ||||
|
|
|
|
As of July 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:
Undistributed capital gains | $ | 166,606,921 | ||
Other losses | (5,309,752 | )(a) | ||
Unrealized appreciation/(depreciation) | 518,974,152 | (b) | ||
|
| |||
Total accumulated earnings/(deficit) | $ | 680,271,321 | ||
|
|
(a) | As of July 31, 2019, the Fund had a qualified late-year ordinary loss deferral of $5,309,752. |
(b) | The differences between book-basis andtax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax treatment of passive foreign investment companies (PFICs) and the tax deferral of losses on wash sales. |
For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of July 31, 2019, the Fund did not have any capital loss carryforwards.
NOTE J
Subsequent Events
Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 35 |
FINANCIAL HIGHLIGHTS
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class A | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 57.21 | $ 60.30 | $ 49.25 | $ 41.28 | $ 48.82 | $ 48.62 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment loss(a) | (.16 | )(b) | (.36 | )(b) | (.44 | )(b) | (.38 | )(b)† | (.32 | )(b) | (.33 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.26 | 5.75 | 16.28 | 9.32 | (3.52 | ) | 6.07 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | .00 | (c) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Capital contributions | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (c) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | 1.10 | 5.39 | 15.84 | 8.94 | (3.84 | ) | 5.74 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less: Distributions | ||||||||||||||||||||||||
Distributions from net realized gain on investment transactions | (4.86 | ) | (8.48 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | (5.54 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 53.45 | $ 57.21 | $ 60.30 | $ 49.25 | $ 41.28 | $ 48.82 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(d)* | 2.20 | % | 12.63 | % | 33.99 | % | 22.05 | %†+ | (7.77 | )%+ | 13.24 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $639,369 | $621,553 | $583,619 | $465,188 | $293,237 | $378,062 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡ | 1.14 | %^ | 1.15 | % | 1.13 | % | 1.17 | % | 1.27 | % | 1.20 | % | ||||||||||||
Expenses, before waivers/reimbursements(e)‡ | 1.15 | %^ | 1.16 | % | 1.14 | % | 1.19 | % | 1.28 | % | 1.20 | % | ||||||||||||
Net investment loss | (.58 | )%(b)^ | (.65 | )%(b) | (.80 | )%(b) | (.85 | )%(b)† | (.80 | )%(b) | (.70 | )% | ||||||||||||
Portfolio turnover rate | 28 | % | 70 | % | 65 | % | 66 | % | 70 | % | 61 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .01 | %^ | .01 | % | .01 | % | .01 | % | .00 | % | .00 | % |
See footnote summary on page 43.
36 | 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 (unaudited) | Year Ended July 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 33.67 | $ 39.66 | $ 34.08 | $ 29.06 | $ 35.82 | $ 37.41 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment loss(a) | (.21 | )(b) | (.47 | )(b) | (.57 | )(b) | (.45 | )(b)† | (.45 | )(b) | (.52 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions | .67 | 2.96 | 10.94 | 6.44 | (2.61 | ) | 4.47 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | .00 | (c) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Capital contributions | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (c) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | .46 | 2.49 | 10.37 | 5.99 | (3.06 | ) | 3.95 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less: Distributions | ||||||||||||||||||||||||
Distributions from net realized gain on investment transactions | (4.86 | ) | (8.48 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | (5.54 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 29.27 | $ 33.67 | $ 39.66 | $ 34.08 | $ 29.06 | $ 35.82 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(d)* | 1.78 | % | 11.79 | % | 32.99 | % | 21.15 | %†+ | (8.46 | )%+ | 12.33 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $32,934 | $35,256 | $31,424 | $27,343 | $39,132 | $59,262 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡ | 1.89 | %^ | 1.91 | % | 1.88 | % | 1.93 | % | 2.02 | % | 1.95 | % | ||||||||||||
Expenses, before waivers/reimbursements(e)‡ | 1.90 | %^ | 1.91 | % | 1.89 | % | 1.95 | % | 2.03 | % | 1.95 | % | ||||||||||||
Net investment loss | (1.33 | )%(b)^ | (1.40 | )%(b) | (1.55 | )%(b) | (1.46 | )%(b)† | (1.54 | )%(b) | (1.45 | )% | ||||||||||||
Portfolio turnover rate | 28 | % | 70 | % | 65 | % | 66 | % | 70 | % | 61 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .01 | %^ | .01 | % | .01 | % | .01 | % | .00 | % | .00 | % |
See footnote summary on page 43.
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 37 |
FINANCIAL HIGHLIGHTS(continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Advisor Class | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 63.35 | $ 65.62 | $ 53.10 | $ 44.33 | $ 52.00 | $ 51.31 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment loss(a) | (.10 | )(b) | (.24 | )(b) | (.33 | )(b) | (.25 | )(b)† | (.23 | )(b) | (.22 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.41 | 6.46 | 17.64 | 9.99 | (3.74 | ) | 6.45 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | .00 | (c) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Capital contributions | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (c) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | 1.31 | 6.22 | 17.31 | 9.74 | (3.97 | ) | 6.23 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | – 0 | – | (.01 | ) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Distributions from net realized gain on investment transactions | (4.86 | ) | (8.48 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | (5.54 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (4.86 | ) | (8.49 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | (5.54 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 59.80 | $ 63.35 | $ 65.62 | $ 53.10 | $ 44.33 | $ 52.00 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(d)* | 2.29 | % | 12.93 | % | 34.30 | % | 22.34 | %†+ | (7.53 | )%+ | 13.51 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $742,394 | $611,919 | $414,913 | $309,330 | $269,857 | $491,170 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡ | .90 | %^ | .91 | % | .88 | % | .93 | % | 1.01 | % | .94 | % | ||||||||||||
Expenses, before waivers/reimbursements(e)‡ | .90 | %^ | .91 | % | .89 | % | .94 | % | 1.02 | % | .94 | % | ||||||||||||
Net investment loss | (.33 | )%(b)^ | (.41 | )%(b) | (.55 | )%(b) | (.52 | )%(b)† | (.54 | )%(b) | (.44 | )% | ||||||||||||
Portfolio turnover rate | 28 | % | 70 | % | 65 | % | 66 | % | 70 | % | 61 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .01 | %^ | .01 | % | .01 | % | .01 | % | .00 | % | .00 | % |
See footnote summary on page 43.
38 | 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 (unaudited) | Year Ended July 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 54.90 | $ 58.45 | $ 48.05 | $ 40.44 | $ 48.03 | $ 48.09 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment loss(a) | (.26 | )(b) | (.54 | )(b) | (.64 | )(b) | (.47 | )(b)† | (.43 | )(b) | (.49 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.19 | 5.47 | 15.83 | 9.05 | (3.46 | ) | 5.97 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | .00 | (c) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Capital contributions | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (c) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | .93 | 4.93 | 15.19 | 8.58 | (3.89 | ) | 5.48 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less: Distributions | ||||||||||||||||||||||||
Distributions from net realized gain on investment transactions | (4.86 | ) | (8.48 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | (5.54 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 50.97 | $ 54.90 | $ 58.45 | $ 48.05 | $ 40.44 | $ 48.03 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(d)* | 1.97 | % | 12.20 | % | 33.45 | % | 21.61 | %†+ | (8.01 | )%+ | 12.81 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $28,650 | $30,459 | $33,088 | $33,842 | $40,284 | $54,094 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡ | 1.54 | %^ | 1.53 | % | 1.53 | % | 1.51 | % | 1.56 | % | 1.54 | % | ||||||||||||
Expenses, before waivers/reimbursements(e)‡ | 1.54 | %^ | 1.54 | % | 1.55 | % | 1.53 | % | 1.56 | % | 1.54 | % | ||||||||||||
Net investment loss | (.97 | )%(b)^ | (1.03 | )%(b) | (1.20 | )%(b) | (1.08 | )%(b)† | (1.08 | )%(b) | (1.04 | )% | ||||||||||||
Portfolio turnover rate | 28 | % | 70 | % | 65 | % | 66 | % | 70 | % | 61 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .01 | %^ | .01 | % | .01 | % | .01 | % | .00 | % | .00 | % |
See footnote summary on page 43.
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 39 |
FINANCIAL HIGHLIGHTS(continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class K | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 58.90 | $ 61.77 | $ 50.33 | $ 42.18 | $ 49.77 | $ 49.48 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment loss(a) | (.15 | )(b) | (.33 | )(b) | (.42 | )(b) | (.30 | )(b)† | (.31 | )(b) | (.35 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.31 | 5.94 | 16.65 | 9.42 | (3.58 | ) | 6.18 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | .00 | (c) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Capital contributions | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (c) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | 1.16 | 5.61 | 16.23 | 9.12 | (3.89 | ) | 5.83 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less: Distributions | ||||||||||||||||||||||||
Distributions from net realized gain on investment transactions | (4.86 | ) | (8.48 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | (5.54 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 55.20 | $ 58.90 | $ 61.77 | $ 50.33 | $ 42.18 | $ 49.77 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(d)* | 2.22 | % | 12.71 | % | 34.04 | % | 22.00 | %†+ | (7.71 | )%+ | 13.16 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $44,925 | $43,284 | $42,228 | $40,370 | $69,770 | $87,627 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡ | 1.08 | %^ | 1.09 | % | 1.09 | % | 1.20 | % | 1.23 | % | 1.22 | % | ||||||||||||
Expenses, before waivers/reimbursements(e)‡ | 1.08 | %^ | 1.09 | % | 1.11 | % | 1.22 | % | 1.23 | % | 1.22 | % | ||||||||||||
Net investment loss | (.51 | )%(b)^ | (.59 | )%(b) | (.76 | )%(b) | (.67 | )%(b)† | (.76 | )%(b) | (.73 | )% | ||||||||||||
Portfolio turnover rate | 28 | % | 70 | % | 65 | % | 66 | % | 70 | % | 61 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .01 | %^ | .01 | % | .01 | % | .01 | % | .00 | % | .00 | % |
See footnote summary on page 43.
40 | 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 (unaudited) | Year Ended July 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 63.03 | $ 65.33 | $ 52.89 | $ 44.15 | $ 51.75 | $ 51.07 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment loss(a) | (.10 | )(b) | (.24 | )(b) | (.34 | )(b) | (.24 | )(b)† | (.19 | )(b) | (.20 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.40 | 6.43 | 17.57 | 9.95 | (3.71 | ) | 6.42 | |||||||||||||||||
Contributions from Affiliates | – 0 | – | .00 | (c) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Capital contributions | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (c) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | 1.30 | 6.19 | 17.23 | 9.71 | (3.90 | ) | 6.22 | |||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | – 0 | – | (.01 | ) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Distributions from net realized gain on investment transactions | (4.86 | ) | (8.48 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | (5.54 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (4.86 | ) | (8.49 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | (5.54 | ) | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 59.47 | $ 63.03 | $ 65.33 | $ 52.89 | $ 44.15 | $ 51.75 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(d)* | 2.31 | % | 12.93 | % | 34.29 | % | 22.36 | %†+ | (7.42 | )%+ | 13.57 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $509,269 | $494,931 | $448,949 | $319,437 | $301,866 | $462,296 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡ | .90 | %^ | .90 | % | .89 | % | .91 | % | .92 | % | .91 | % | ||||||||||||
Expenses, before waivers/reimbursements(e)‡ | .90 | %^ | .90 | % | .91 | % | .93 | % | .92 | % | .91 | % | ||||||||||||
Net investment loss | (.34 | )%(b)^ | (.40 | )%(b) | (.57 | )%(b) | (.51 | )%(b)† | (.45 | )%(b) | (.41 | )% | ||||||||||||
Portfolio turnover rate | 28 | % | 70 | % | 65 | % | 66 | % | 70 | % | 61 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .01 | %^ | .01 | % | .01 | % | .01 | % | .00 | % | .00 | % |
See footnote summary on page 43.
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 41 |
FINANCIAL HIGHLIGHTS(continued)
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class Z | ||||||||||||||||||||||||
Six Months (unaudited) | Year Ended July 31, | June 30, 2015 | ||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Net asset value, beginning of period | $ 63.31 | $ 65.54 | $ 53.00 | $ 44.20 | $ 51.75 | $ 52.05 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Income From Investment Operations | ||||||||||||||||||||||||
Net investment loss(a) | (.07 | )(b) | (.19 | )(b) | (.28 | )(b) | (.23 | )(b)† | (.16 | )(b) | (.05 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions | 1.42 | 6.46 | 17.61 | 10.00 | (3.69 | ) | (.25 | )(g) | ||||||||||||||||
Contributions from Affiliates | – 0 | – | .00 | (c) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Capital contributions | – 0 | – | – 0 | – | – 0 | – | – 0 | – | .00 | (c) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net increase (decrease) in net asset value from operations | 1.35 | 6.27 | 17.33 | 9.77 | (3.85 | ) | (.30 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||
Less: Dividends and Distributions | ||||||||||||||||||||||||
Dividends from net investment income | – 0 | – | (.02 | ) | – 0 | – | – 0 | – | – 0 | – | – 0 | – | ||||||||||||
Distributions from net realized gain on investment transactions | (4.86 | ) | (8.48 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Total dividends and distributions | (4.86 | ) | (8.50 | ) | (4.79 | ) | (.97 | ) | (3.70 | ) | – 0 | – | ||||||||||||
|
| |||||||||||||||||||||||
Net asset value, end of period | $ 59.80 | $ 63.31 | $ 65.54 | $ 53.00 | $ 44.20 | $ 51.75 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total Return | ||||||||||||||||||||||||
Total investment return based on net asset value(d)* | 2.36 | % | 13.03 | % | 34.42 | % | 22.47 | %†+ | (7.32 | ) %+ | (.58 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000’s omitted) | $368,172 | $299,807 | $153,533 | $98,090 | $93,108 | $10 | ||||||||||||||||||
Ratio to average net assets of: | ||||||||||||||||||||||||
Expenses, net of waivers/reimbursements(e)‡ | .80 | %^ | .81 | % | .80 | % | .82 | % | .85 | % | .71 | %^ | ||||||||||||
Expenses, before waivers/reimbursements(e)‡ | .81 | %^ | .82 | % | .81 | % | .83 | % | .85 | % | .71 | %^ | ||||||||||||
Net investment loss | (.24 | )%(b)^ | (.32 | )%(b) | (.48 | )%(b) | (.49 | )%(b)† | (.40 | )%(b) | (1.06 | )%^ | ||||||||||||
Portfolio turnover rate | 28 | % | 70 | % | 65 | % | 66 | % | 70 | % | 61 | % | ||||||||||||
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| |||||||||||||||||||||||
portfolios | .01 | %^ | .01 | % | .01 | % | .01 | % | .00 | % | .00 | % |
See footnote summary on page 43.
42 | 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) | Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized. |
(e) | In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended July 31, 2018 and July 31, 2017, such waiver amounted to .01% and .02%, respectively. |
(f) | Commencement of distributions. |
(g) | 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. |
† | 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 years ended July 31, 2019, July 31, 2018, July 31, 2017 and July 31, 2016 by .01%, .03%, .03% and .02%, 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. |
^ | Annualized. |
See notes to financial statements.
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 43 |
BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1),Chairman Jorge A. Bermudez(1) 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 Esteban Gomez(2),Vice President Samantha S. Lau(2),Vice President Heather Pavlak(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 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. |
2 | 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. Messrs. Aronow, Gomez and Tseng and Mses. Lau and Pavlak are the investment professionals with the most significant responsibility for theday-to-day management of the Fund’s portfolio. |
44 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
Information Regarding the Review and Approval of the Fund’s 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 May7-9, 2019 (the “Meeting”).
Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior 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 results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.
The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that wasall-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:
Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 45 |
dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s former Senior Officer/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 2017 and 2018 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 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 and the underlying fund advised by
46 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients);12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.
Investment Results
In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.
At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the1-,3-,5- and10-year periods ended February 28, 2019. 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 an investment strategy similar to the Fund’s. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior 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 for services to anysub-advised
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 47 |
funds pursuing an investment strategy similar to the Fund’s, 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 previously discussed these matters with an independent fee consultant. The directors also compared the advisory fee rate for the Fund with those for two other funds advised by the Adviser with a similar investment strategy.
The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund andsub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore orsub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also 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 andsub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.
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, in some cases pending purchases of underlying securities, that the advisory fee for the Fund is for services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.
In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the
48 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
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 directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also previously discussed economies of scale with an independent fee consultant. 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 | 49 |
This page is not part of the Shareholder Report or the Financial Statements.
AB FAMILY OF FUNDS
US EQUITY
CORE
Core Opportunities Fund
FlexFee™ US Thematic Portfolio
Select US Equity Portfolio
GROWTH
Concentrated Growth Fund
Discovery Growth Fund
FlexFee™ Large Cap Growth Portfolio
Growth Fund
Large Cap Growth Fund
Small Cap Growth Portfolio
VALUE
Discovery Value Fund
Equity Income Fund
Relative Value Fund
Small Cap Value Portfolio
Value Fund
INTERNATIONAL/ GLOBAL EQUITY
CORE
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
GROWTH
Concentrated International Growth Portfolio
FlexFee™ Emerging Markets Growth Portfolio
Sustainable International Thematic Fund
INTERNATIONAL/ GLOBAL EQUITY(continued)
VALUE
All China Equity Portfolio
International Value Fund
FIXED INCOME
MUNICIPAL
High Income Municipal Portfolio
Intermediate California Municipal Portfolio
Intermediate Diversified Municipal Portfolio
Intermediate New York Municipal Portfolio
Municipal Bond Inflation Strategy
Tax-Aware Fixed Income Opportunities Portfolio1
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 Duration Portfolio
Limited Duration High Income Portfolio
Short Duration Income Portfolio
Short Duration Portfolio
Total Return Bond Portfolio1
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
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.
Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.
1 | Prior to July 12, 2019, Total Return Bond Portfolio was named Intermediate Bond Portfolio; prior to February 5, 2020, Tax-Aware Fixed Income Opportunities Portfolio was named Tax-Aware Fixed Income Portfolio. |
50 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
NOTES
abfunds.com | AB SMALL CAP GROWTH PORTFOLIO | 51 |
NOTES
52 | AB SMALL CAP GROWTH PORTFOLIO | abfunds.com |
AB SMALL CAP GROWTH PORTFOLIO
1345 Avenue of the Americas
New York, NY 10105
800 221 5672
SCG-0152-0120
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. | INVESTMENTS. |
Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this FormN-CSR.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the registrant.
ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-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 Rule30a-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. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to the registrant.
ITEM 13. | EXHIBITS. |
The following exhibits are attached to this FormN-CSR:
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 27, 2020
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 27, 2020
By: | /s/ Joseph J. Mantineo | |
Joseph J. Mantineo | ||
Treasurer and Chief Financial Officer |
Date: March 27, 2020