AB FlexFee US Thematic Portfolio

<b>AB FlexFee^TM US Thematic Portfolio</b>

<b>INVESTMENT OBJECTIVE </b>

The Fund’s investment objective is long-term growth of capital.

<b>FEES AND EXPENSES OF THE FUND </b>

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.

<b>Shareholder Fees </b> (fees paid directly from your investment)

Shareholder Fees	AB FlexFee US Thematic Portfolio Advisor Class USD ($)
Shareholder Fees (fees paid directly from your investment)	none

<b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	AB FlexFee US Thematic Portfolio Advisor Class
Management Fees	0.38%	[1]
Distribution and/or Service (12b-1) Fees	none
Other Expenses: Transfer Agent	0.06%
Other Expenses	0.54%
Total Other Expenses	0.60%	[2]
Acquired Fund Fees and Expenses	0.01%
Total Annual Fund Operating Expenses	0.99%	[3]
Fee Waiver and/or Expense Reimbursement	(0.56%)	[4]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.43%

<b>Examples </b>

The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s operating expenses stay the same and that any fee waiver and/or expense limitation is in effect through the date indicated above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example	AB FlexFee US Thematic Portfolio Advisor Class USD ($)
After 1 Year	$ 44
After 3 Years	259
After 5 Years	492
After 10 Years	$ 1,162

<b>Portfolio Turnover </b>

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.

<b>PRINCIPAL STRATEGIES </b>

The Fund pursues opportunistic growth by investing primarily in a portfolio of U.S. companies. Under normal conditions, the Fund invests at least 80% of its net assets in equity securities of U.S. companies and related derivatives.

The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying the most attractive U.S. securities, fitting into broader themes, which are developments that have broad effects across industries and companies. Drawing on its fundamental research capabilities, the Adviser seeks to identify long-term secular growth trends (often resulting from innovation) that will affect multiple industries. The Adviser will assess the effects of these trends on entire industries and on individual companies. Through this process, the Adviser intends to identify key investment themes, which will be the focus of the Fund’s investments and which are expected to change over time based on the Adviser’s research.

In addition to this “top-down” thematic approach, the Adviser will also use a “bottom-up” analysis of individual companies that focuses on prospective earnings growth, valuation and quality of company management. The Adviser normally considers a universe of primarily U.S. mid- to large-capitalization companies for investment.

The Adviser expects that normally the Fund’s portfolio will emphasize investments in securities issued by U.S. companies, although it may invest in foreign securities.

<b>PRINCIPAL RISKS </b>

• Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as the Fund’s growth approach, may underperform the market generally.

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

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

• 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.

As with all investments, you may lose money by investing in the Fund.

<b>BAR CHART AND PERFORMANCE INFORMATION</b>

The bar chart and performance information provide an indication of the historical risk of an investment in the Fund by showing:

• how the Fund's performance changed from year to year over the life of the Fund; and

• how the Fund's average annual returns for one year and since inception compare to those of a broad-based securities market index.

You may obtain updated performance information on the website at www.abfunds.com (click on "Investments—Mutual Funds").

The Fund's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.

<b>Bar Chart</b>

The annual returns in the bar chart are for the Fund’s Advisor Class shares. Through March 31, 2019, the year-to-date unannualized return for the Fund’s shares was 16.15%.

Calendar Year (%)

During the period shown in the bar chart, the Fund’s:

Best Quarter was up 6.86%, 3rd quarter, 2018; and Worst Quarter was down -13.50%, 4th quarter, 2018.

<b>Performance Table<br/> Average Annual Total Returns<br/></b> (For the periods ended December 31, 2018)

Average Annual Total Returns - AB FlexFee US Thematic Portfolio		1 Year	Since Inception	[2]	Inception Date
Advisor Class	[1]	(4.15%)	4.39%		Jun. 28, 2017
Advisor Class | Return After Taxes on Distributions	[1]	(4.28%)	4.26%		Jun. 28, 2017
Advisor Class | Return After Taxes on Distributions and Sale of Fund Shares	[1]	(2.37%)	3.35%		Jun. 28, 2017
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)		(4.38%)	3.80%

[1] The management fee paid to AllianceBernstein L.P. (the “Adviser”) consists of a base fee at an annualized rate of 0.55% of the Fund’s average daily net assets and a positive or negative performance adjustment of up to an annualized rate of 0.50% based upon the Fund’s performance relative to the S&P 500 Index, resulting in a minimum total fee of 0.05% and a maximum total fee of 1.05%. The management fee in the table represents the fee rate paid by the Fund (prior to fee waivers) for the period over which the performance adjustment was determined (from June 28, 2017 through December 31, 2018).

[2] Other Expenses are based on expenses for the fiscal year ended December 31, 2018, excluding initial offering costs amortized during the fiscal year. (Offering costs are amortized for a one-year period following commencement of operations.) If such offering costs had been included, Other Expenses would have been 0.61%.

[3] Before Waiver

[4] The Adviser has contractually agreed to waive fees and/or to bear expenses of the Fund through April 30, 2020 to the extent necessary to prevent Total Other Expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB Mutual Funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 0.05% of average daily net assets (“expense limitation”). The expense limitation will remain in effect until April 30, 2020 and will continue thereafter from year to year unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period. Any fees waived and expenses borne by the Adviser through December 31, 2018 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 Total Other Expenses to exceed the expense limitation. In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”.

[1] After-tax Returns: – Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and – Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

[2] Inception date is 6/28/17.