UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-00126

AB RELATIVE VALUE FUND, INC.

(Exact name of registrant as specified in charter)

66 Hudson Boulevard East

New York, New York 10005

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

AllianceBernstein L.P.

66 Hudson Boulevard East

New York, New York 10005

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2026

Date of reporting period: April 30, 2026

ITEM 1. REPORTS TO STOCKHOLDERS.

Advisor Class: CBBYX

April 30, 2026

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Fund Information

AB Relative Value Fund

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Relative Value Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CBBYX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$34	0.65%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,861,287,118
# of Portfolio Holdings	76
Portfolio Turnover Rate	25%
Total Advisory Fees Paid (Net)	$4,633,043

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Berkshire Hathaway, Inc. - Class B	$72,863,834	3.9%
JPMorgan Chase & Co.	$64,367,825	3.5%
RTX Corp.	$60,952,617	3.3%
Alphabet, Inc. - Class C	$60,503,115	3.2%
Johnson & Johnson	$59,638,260	3.2%
Philip Morris International, Inc.	$52,312,003	2.8%
Cisco Systems, Inc.	$50,465,910	2.7%
Texas Instruments, Inc.	$46,648,037	2.5%
UnitedHealth Group, Inc.	$44,109,349	2.4%
Chevron Corp.	$42,371,812	2.3%
Total	$554,232,762	29.8%

Sector Breakdown (% of Net Assets)

Table Summary
Financials	17.0%
Industrials	16.5%
Health Care	13.9%
Information Technology	12.8%
Consumer Staples	8.4%
Energy	8.1%
Communication Services	7.8%
Consumer Discretionary	7.3%
Materials	2.0%
Real Estate	1.5%
Others	0.7%
Short-Term Investments	3.1%
Other assets less liabilities	0.9%
Total	100.0%

Advisor Class: CBBYX

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CBBYX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

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

RV-ADV-0154-0426

Advisor Class: CBBYX

Class A: CABDX

April 30, 2026

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Fund Information

AB Relative Value Fund

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Relative Value Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CABDX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$47	0.90%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,861,287,118
# of Portfolio Holdings	76
Portfolio Turnover Rate	25%
Total Advisory Fees Paid (Net)	$4,633,043

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Berkshire Hathaway, Inc. - Class B	$72,863,834	3.9%
JPMorgan Chase & Co.	$64,367,825	3.5%
RTX Corp.	$60,952,617	3.3%
Alphabet, Inc. - Class C	$60,503,115	3.2%
Johnson & Johnson	$59,638,260	3.2%
Philip Morris International, Inc.	$52,312,003	2.8%
Cisco Systems, Inc.	$50,465,910	2.7%
Texas Instruments, Inc.	$46,648,037	2.5%
UnitedHealth Group, Inc.	$44,109,349	2.4%
Chevron Corp.	$42,371,812	2.3%
Total	$554,232,762	29.8%

Sector Breakdown (% of Net Assets)

Table Summary
Financials	17.0%
Industrials	16.5%
Health Care	13.9%
Information Technology	12.8%
Consumer Staples	8.4%
Energy	8.1%
Communication Services	7.8%
Consumer Discretionary	7.3%
Materials	2.0%
Real Estate	1.5%
Others	0.7%
Short-Term Investments	3.1%
Other assets less liabilities	0.9%
Total	100.0%

Class A: CABDX

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CABDX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

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

RV-A-0154-0426

Class A: CABDX

Class C: CBBCX

April 30, 2026

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Fund Information

AB Relative Value Fund

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Relative Value Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CBBCX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$87	1.65%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,861,287,118
# of Portfolio Holdings	76
Portfolio Turnover Rate	25%
Total Advisory Fees Paid (Net)	$4,633,043

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Berkshire Hathaway, Inc. - Class B	$72,863,834	3.9%
JPMorgan Chase & Co.	$64,367,825	3.5%
RTX Corp.	$60,952,617	3.3%
Alphabet, Inc. - Class C	$60,503,115	3.2%
Johnson & Johnson	$59,638,260	3.2%
Philip Morris International, Inc.	$52,312,003	2.8%
Cisco Systems, Inc.	$50,465,910	2.7%
Texas Instruments, Inc.	$46,648,037	2.5%
UnitedHealth Group, Inc.	$44,109,349	2.4%
Chevron Corp.	$42,371,812	2.3%
Total	$554,232,762	29.8%

Sector Breakdown (% of Net Assets)

Table Summary
Financials	17.0%
Industrials	16.5%
Health Care	13.9%
Information Technology	12.8%
Consumer Staples	8.4%
Energy	8.1%
Communication Services	7.8%
Consumer Discretionary	7.3%
Materials	2.0%
Real Estate	1.5%
Others	0.7%
Short-Term Investments	3.1%
Other assets less liabilities	0.9%
Total	100.0%

Class C: CBBCX

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CBBCX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

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

RV-C-0154-0426

Class C: CBBCX

Class I: CBBIX

April 30, 2026

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Fund Information

AB Relative Value Fund

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Relative Value Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CBBIX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$34	0.65%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,861,287,118
# of Portfolio Holdings	76
Portfolio Turnover Rate	25%
Total Advisory Fees Paid (Net)	$4,633,043

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Berkshire Hathaway, Inc. - Class B	$72,863,834	3.9%
JPMorgan Chase & Co.	$64,367,825	3.5%
RTX Corp.	$60,952,617	3.3%
Alphabet, Inc. - Class C	$60,503,115	3.2%
Johnson & Johnson	$59,638,260	3.2%
Philip Morris International, Inc.	$52,312,003	2.8%
Cisco Systems, Inc.	$50,465,910	2.7%
Texas Instruments, Inc.	$46,648,037	2.5%
UnitedHealth Group, Inc.	$44,109,349	2.4%
Chevron Corp.	$42,371,812	2.3%
Total	$554,232,762	29.8%

Sector Breakdown (% of Net Assets)

Table Summary
Financials	17.0%
Industrials	16.5%
Health Care	13.9%
Information Technology	12.8%
Consumer Staples	8.4%
Energy	8.1%
Communication Services	7.8%
Consumer Discretionary	7.3%
Materials	2.0%
Real Estate	1.5%
Others	0.7%
Short-Term Investments	3.1%
Other assets less liabilities	0.9%
Total	100.0%

Class I: CBBIX

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CBBIX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

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

RV-I-0154-0426

Class I: CBBIX

Class Z: CBBZX

April 30, 2026

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Fund Information

AB Relative Value Fund

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the AB Relative Value Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CBBZX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z	$32	0.61%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Fund Statistics

Table Summary
Net Assets	$1,861,287,118
# of Portfolio Holdings	76
Portfolio Turnover Rate	25%
Total Advisory Fees Paid (Net)	$4,633,043

Graphical Representation of Holdings

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Berkshire Hathaway, Inc. - Class B	$72,863,834	3.9%
JPMorgan Chase & Co.	$64,367,825	3.5%
RTX Corp.	$60,952,617	3.3%
Alphabet, Inc. - Class C	$60,503,115	3.2%
Johnson & Johnson	$59,638,260	3.2%
Philip Morris International, Inc.	$52,312,003	2.8%
Cisco Systems, Inc.	$50,465,910	2.7%
Texas Instruments, Inc.	$46,648,037	2.5%
UnitedHealth Group, Inc.	$44,109,349	2.4%
Chevron Corp.	$42,371,812	2.3%
Total	$554,232,762	29.8%

Sector Breakdown (% of Net Assets)

Table Summary
Financials	17.0%
Industrials	16.5%
Health Care	13.9%
Information Technology	12.8%
Consumer Staples	8.4%
Energy	8.1%
Communication Services	7.8%
Consumer Discretionary	7.3%
Materials	2.0%
Real Estate	1.5%
Others	0.7%
Short-Term Investments	3.1%
Other assets less liabilities	0.9%
Total	100.0%

Class Z: CBBZX

Availability of Additional Information

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CBBZX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

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

Householding

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

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

RV-Z-0154-0426

Class Z: CBBZX

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 6. INVESTMENTS.

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

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

April 30, 2026

LOGO

SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

AB RELATIVE VALUE FUND

LOGO



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

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

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

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

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

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

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

PORTFOLIO OF INVESTMENTS

April 30, 2026 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 96.0%
Financials – 17.0%
Banks – 6.9%
Citigroup, Inc.		204,846	$	26,216,191
East West Bancorp, Inc.		125,730		15,901,073
JPMorgan Chase & Co.		205,497		64,367,825
Wells Fargo & Co.		269,328		22,146,842

				128,631,931

Capital Markets – 1.5%
Raymond James Financial, Inc.		118,490		18,759,337
S&P Global, Inc.		21,139		9,115,771

				27,875,108

Financial Services – 6.6%
Berkshire Hathaway, Inc. – Class B^(a)		153,851		72,863,834
Jack Henry & Associates, Inc.		138,690		21,323,587
Mastercard, Inc. – Class A		56,970		28,651,352

				122,838,773

Insurance – 2.0%
Axis Capital Holdings Ltd.		165,825		16,650,488
Progressive Corp. (The)		103,470		20,826,442

				37,476,930

				316,822,742

Industrials – 16.5%
Aerospace & Defense – 3.9%
Curtiss-Wright Corp.		15,705		11,310,741
RTX Corp.		346,184		60,952,617

				72,263,358

Building Products – 1.5%
Allegion PLC		78,513		10,793,967
Owens Corning		142,040		17,519,214

				28,313,181

Commercial Services & Supplies – 1.2%
Veralto Corp.		264,668		23,343,718


Electrical Equipment – 1.4%
Generac Holdings, Inc.^(a)		61,691		15,992,158
nVent Electric PLC		75,668		10,812,957

				26,805,115

Ground Transportation – 2.3%
CSX Corp.		135,240		6,143,953
JB Hunt Transport Services, Inc.		68,530		17,237,351
Landstar System, Inc.		101,830		18,743,848

				42,125,152

Machinery – 4.9%
Allison Transmission Holdings, Inc.		137,835		18,518,132
ITT, Inc.		115,560		24,769,130



ABFunds.com		AB Relative Value Fund 1

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

PACCAR, Inc.		236,244	$	28,065,787
Westinghouse Air Brake Technologies Corp.		75,548		20,389,650

				91,742,699

Professional Services – 0.5%
Paycom Software, Inc.^(b)		68,500		8,683,060


Trading Companies & Distributors – 0.8%
MSC Industrial Direct Co., Inc. – Class A		143,766		14,702,949

				307,979,232

Health Care – 13.9%
Biotechnology – 1.9%
Regeneron Pharmaceuticals, Inc.		30,623		21,652,299
United Therapeutics Corp.^(a)		23,418		13,379,874

				35,032,173

Health Care Equipment & Supplies – 1.2%
Align Technology, Inc.^(a)		59,430		10,460,274
ResMed, Inc.		56,530		12,086,679

				22,546,953

Health Care Providers & Services – 5.0%
Cencora, Inc.		41,839		12,886,830
HCA Healthcare, Inc.		31,226		13,566,136
Quest Diagnostics, Inc.		118,351		22,983,764
UnitedHealth Group, Inc.		119,060		44,109,349

				93,546,079

Life Sciences Tools & Services – 2.6%
Agilent Technologies, Inc.		230,830		26,672,406
Charles River Laboratories International, Inc.^(a)		123,780		20,667,547

				47,339,953

Pharmaceuticals – 3.2%
Johnson & Johnson		259,466		59,638,260

				258,103,418

Information Technology – 12.8%
Communications Equipment – 2.7%
Cisco Systems, Inc.		551,540		50,465,910


Electronic Equipment, Instruments & Components – 1.4%
Flex Ltd.^(a)		141,630		12,966,226
Zebra Technologies Corp. – Class A^(a)		60,661		13,725,158

				26,691,384

Semiconductors & Semiconductor Equipment – 7.6%
Intel Corp.^(a)		370,850		35,037,908
QUALCOMM, Inc.		106,550		19,134,249
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		100,198		39,684,420



2 AB Relative Value Fund		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Texas Instruments, Inc.		165,960	$	46,648,037

				140,504,614

Technology Hardware, Storage & Peripherals – 1.1%
NetApp, Inc.		178,770		19,802,353

				237,464,261

Consumer Staples – 8.4%
Beverages – 0.6%
Constellation Brands, Inc. – Class A		74,020		11,590,052


Consumer Staples Distribution & Retail – 5.0%
Casey’s General Stores, Inc.		15,598		12,823,896
Target Corp.		197,310		25,600,973
US Foods Holding Corp.^(a)		150,680		14,087,073
Walmart, Inc.		296,540		39,122,522

				91,634,464

Tobacco – 2.8%
Philip Morris International, Inc.		316,908		52,312,003

				155,536,519

Energy – 8.1%
Energy Equipment & Services – 1.6%
Cactus, Inc. – Class A^(b)		219,880		12,251,714
SLB Ltd.		299,490		17,034,991

				29,286,705

Oil, Gas & Consumable Fuels – 6.5%
APA Corp.		334,620		13,629,073
Chevron Corp.		219,191		42,371,812
ConocoPhillips		188,476		23,706,511
EOG Resources, Inc.		231,183		32,497,394
Phillips 66		50,445		9,037,222

				121,242,012

				150,528,717

Communication Services – 7.8%
Diversified Telecommunication Services – 1.2%
AT&T, Inc.		837,860		21,893,282


Entertainment – 1.2%
Walt Disney Co. (The)		220,550		22,882,062


Interactive Media & Services – 5.4%
Alphabet, Inc. – Class C		158,410		60,503,115
Meta Platforms, Inc. – Class A		65,550		40,110,701

				100,613,816

				145,389,160

Consumer Discretionary – 7.3%
Automobile Components – 0.5%
BorgWarner, Inc.		154,398		8,796,054



ABFunds.com		AB Relative Value Fund 3

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Distributors – 0.8%
Pool Corp.		68,240	$	14,556,957


Hotels, Restaurants & Leisure – 1.4%
Yum! Brands, Inc.		161,710		25,817,002


Specialty Retail – 4.6%
Dick’s Sporting Goods, Inc.^(b)		114,383		25,955,790
Lowe’s Cos., Inc.		161,170		38,485,784
Ross Stores, Inc.		95,001		21,640,278

				86,081,852

				135,251,865

Materials – 2.0%
Chemicals – 0.4%
CF Industries Holdings, Inc.		56,662		7,037,421


Metals & Mining – 1.6%
Freeport-McMoRan, Inc.		213,160		12,316,385
Steel Dynamics, Inc.		77,634		17,751,790

				30,068,175

				37,105,596

Real Estate – 1.5%
Real Estate Management & Development – 0.7%
Jones Lang LaSalle, Inc.^(a)		39,430		12,543,866


Specialized REITs – 0.8%
Public Storage		51,201		15,485,742

				28,029,608

Utilities – 0.7%
Electric Utilities – 0.7%
American Electric Power Co., Inc.		101,580		13,927,634


Total Common Stocks (cost $1,273,355,356)				1,786,138,752


SHORT-TERM INVESTMENTS – 3.1%
Investment Companies – 3.1%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.50%^(c)(d)(e) (cost $58,756,250)		58,756,250		58,756,250

Total Investments – 99.1% (cost $1,332,111,606)				1,844,895,002
Other assets less liabilities – 0.9%				16,392,116


Net Assets – 100.0%			$	1,861,287,118

(a)	Non-income producing security.

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

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



4 AB Relative Value Fund		ABFunds.com

PORTFOLIO OF INVESTMENTS (continued)

(d)	Affiliated investments.

(e)	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.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust



ABFunds.com		AB Relative Value Fund 5

STATEMENT OF ASSETS & LIABILITIES

April 30, 2026 (unaudited)


Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,273,355,356)	$	1,786,138,752	^(a)
Affiliated issuers (cost $58,756,250)		58,756,250
Receivable for investment securities sold		31,127,747
Foreign withholding tax reclaims		1,222,910
Unaffiliated dividends and interest receivable		825,670
Receivable for capital stock sold		226,819
Receivable due from Adviser		53,625

Total assets		1,878,351,773

Liabilities
Due to custodian		65,443
Payable for investment securities purchased		14,837,466
Advisory fee payable		822,628
Payable for capital stock redeemed		561,224
Distribution fee payable		291,293
Transfer Agent fee payable		81,672
Administrative fee payable		75,391
Directors’ fees payable		2,137
Accrued expenses and other liabilities		327,401

Total liabilities		17,064,655

Net Assets	$	1,861,287,118

Composition of Net Assets
Capital stock, at par	$	2,639,339
Additional paid-in capital		1,250,714,680
Distributable earnings		607,933,099

Net Assets	$	1,861,287,118

Net Asset Value Per Share—27 billion shares of capital stock authorized, $.01 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	1,389,256,581		197,836,957	$	7.02	*

C	$	15,821,556		2,239,611	$	7.06

Advisor	$	353,273,692		49,632,641	$	7.12

I	$	30,133,480		4,151,940	$	7.26

Z	$	72,801,809		10,072,751	$	7.23

(a)	Includes securities on loan with a value of $10,849,384 (see Note E).

*	The maximum offering price per share for Class A shares was $7.33 which reflects a sales charge of 4.25%.

See notes to financial statements.



6 AB Relative Value Fund		ABFunds.com

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2026 (unaudited)


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $35,462)	$	14,676,004
Affiliated Issuers		621,672
Interest		571
Securities lending income, net		14,042		$	15,312,289

Expenses
Advisory fee (see Note B)		4,943,486
Distribution fee — Class A		1,662,056
Distribution fee — Class C		82,584
Transfer agency — Class A		634,987
Transfer agency — Class C		8,118
Transfer agency — Advisor Class		167,192
Transfer agency — Class I		18,912
Transfer agency — Class Z		8,908
Custody and accounting		63,093
Printing		57,317
Registration fees		57,159
Administrative		45,134
Legal		29,912
Audit and tax		26,205
Directors’ fees		16,279
Miscellaneous		26,647

Total expenses		7,847,989
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(310,443	)

Net expenses					7,537,546

Net investment income					7,774,743

Realized and Unrealized Gain on Investment Transactions
Net realized gain on investment transactions					97,087,500
Net change in unrealized appreciation (depreciation) of investments					110,509,084

Net gain on investment transactions					207,596,584

Net Increase in Net Assets from Operations				$	215,371,327

See notes to financial statements.



ABFunds.com		AB Relative Value Fund 7

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31, 2025
Increase (Decrease) in Net Assets from Operations
Net investment income	$	7,774,743		$	19,655,873
Net realized gain on investment transactions		97,087,500			97,853,371
Net change in unrealized appreciation (depreciation) of investments . . . .		110,509,084			(24,244,426	)

Net increase in net assets from operations		215,371,327			93,264,818
Distributions to Shareholders
Class A		(76,090,395	)		(138,783,585	)
Class C		(848,272	)		(1,971,377	)
Advisor Class		(20,999,577	)		(41,005,090	)
Class I		(1,850,399	)		(3,777,047	)
Class Z		(3,976,777	)		(7,755,967	)
Capital Stock Transactions
Net decrease		(27,603,029	)		(78,310,292	)

Total increase (decrease)		84,002,878			(178,338,540	)
Net Assets
Beginning of period		1,777,284,240			1,955,622,780

End of period	$	1,861,287,118		$	1,777,284,240

See notes to financial statements.



8 AB Relative Value Fund		ABFunds.com

NOTES TO FINANCIAL STATEMENTS

April 30, 2026 (unaudited)

NOTE A

Significant Accounting Policies

AB Relative Value Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company. The Fund offers Class A, Class C, Advisor Class, Class I and Class Z shares. Class B, Class R, Class K, and Class T shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class, 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. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by



ABFunds.com		AB Relative Value Fund 9

NOTES TO FINANCIAL STATEMENTS (continued)

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 options are generally valued using market-based inputs, such as last traded prices, closing bid and ask prices, or settlement prices, as applicable; over-the-counter (“OTC”) options, including flexible exchange-traded options (“Flex Options”), are typically recorded at transaction price on the trade date and thereafter valued using models that consider the terms of the option and/or relevant market inputs, as applicable; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

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



10 AB Relative Value Fund		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.



ABFunds.com		AB Relative Value Fund 11

NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2026:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

1,786,138,752

– 0

–

– 0

–

1,786,138,752

Short-Term Investments

58,756,250

– 0

–

– 0

–

58,756,250

Total Investments in Securities

1,844,895,002

– 0

–

– 0

–

1,844,895,002

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

1,844,895,002

– 0

–

– 0

–

1,844,895,002

(a)	See Portfolio of Investments for sector classifications.

(b)

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

3. 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.

4. Investment Income and Investment Transactions

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

5. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in



12 AB Relative Value Fund		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. 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. Cash and Short-Term Investments

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

8. Segment Information

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to .90%, 1.65%,



ABFunds.com		AB Relative Value Fund 13

NOTES TO FINANCIAL STATEMENTS (continued)

.65%, .65% and .65% of the daily average net assets for the Class A, Class C, Advisor Class, Class I and Class Z shares, respectively. The Expense Caps will remain in effect until February 28, 2027 and then may be extended by the Adviser for additional one-year terms. For the six months ended April 30, 2026, such reimbursements/waivers amounted to $275,271.

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 April 30, 2026, the reimbursement for such services amounted to $45,134.

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 $262,034 for the six months ended April 30, 2026.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $3,651 from the sale of Class A shares and received $661 and $325 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2026.

During the year ended October 31, 2025, the Adviser reimbursed the Fund $130,614 for overpayment of prior years’ omnibus account services, sub-accounting services and related transfer agency expenses.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2026, such waiver amounted to $34,902.



14 AB Relative Value Fund		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2026 is as follows:


Fund	Market Value 10/31/25 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/26 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	32,450	$	251,341	$	225,034	$	58,756		$	622
AB Government Money Market Portfolio^*		10,678		7,162		17,840		– 0	–		– 0	–

							$	58,756		$	622

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

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. 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 $11,954,786 for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, and the share class is active, 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 April 30, 2026 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	440,297,311		$	631,518,170
U.S. government securities		– 0	–		– 0	–



ABFunds.com		AB Relative Value Fund 15

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	$	531,471,710
Gross unrealized depreciation		(18,688,314	)

Net unrealized appreciation	$	512,783,396

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 April 30, 2026.

2. Currency Transactions

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

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative



16 AB Relative Value Fund		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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

A summary of the Fund’s transactions surrounding securities lending for the six months ended April 30, 2026 is as follows:


Market Value of Securities on Loan*		Cash Collateral*			Market Value of Non-Cash Collateral*		Income from Borrowers		AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*			Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned			Advisory Fee Waived
$	10,849,384	$	– 0	–	$	11,146,898	$	14,042	$	– 0	–	$	270

*	As of April 30, 2026



ABFunds.com		AB Relative Value Fund 17

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 April 30, 2026 (unaudited)			Year Ended October 31, 2025			Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31, 2025

Class A
Shares sold		2,539,230			5,443,637		$	16,959,106		$	34,863,815

Shares issued in reinvestment of dividends and distributions		10,121,860			18,927,240			65,792,088			121,323,608

Shares converted from Class C		304,505			324,421			2,060,627			2,085,206

Shares redeemed		(12,489,633	)		(28,658,695	)		(83,654,913	)		(185,411,386	)

Net increase (decrease)		475,962			(3,963,397	)	$	1,156,908		$	(27,138,757	)


Class C
Shares sold		58,797			243,751		$	394,354		$	1,579,846

Shares issued in reinvestment of dividends and distributions		114,340			276,435			750,071			1,785,771

Shares converted to Class A		(302,379	)		(322,895	)		(2,060,627	)		(2,085,206	)

Shares redeemed		(305,145	)		(628,812	)		(2,037,929	)		(4,087,748	)

Net decrease		(434,387	)		(431,521	)	$	(2,954,131	)	$	(2,807,337	)


Advisor Class
Shares sold		5,253,043			10,441,009		$	35,884,151		$	68,124,753

Shares issued in reinvestment of dividends and distributions		2,610,251			5,259,196			17,175,449			34,132,180

Shares redeemed		(11,565,482	)		(20,618,900	)		(78,882,043	)		(134,031,842	)

Net decrease		(3,702,188	)		(4,918,695	)	$	(25,822,443	)	$	(31,774,909	)


Class I
Shares sold		191,815			670,879			1,334,062			4,504,539

Shares issued in reinvestment of dividends and distributions		275,767			571,414			1,850,399			3,777,046

Shares redeemed		(936,460	)		(2,072,978	)		(6,498,719	)		(13,794,982	)

Net decrease		(468,878	)		(830,685	)	$	(3,314,258	)	$	(5,513,397	)



18 AB Relative Value Fund		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)


	Shares						Amount
	Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31, 2025			Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31, 2025

Class Z
Shares sold		1,087,302			3,480,444		$	7,464,073		$	23,141,721

Shares issued in reinvestment of dividends and distributions		589,755			1,173,717			3,939,561			7,723,062

Shares redeemed		(1,173,487	)		(6,193,170	)		(8,072,739	)		(41,940,675	)

Net increase (decrease)		503,570			(1,539,009	)	$	3,330,895		$	(11,075,892	)

NOTE G

Risks Involved in Investing in the Fund

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

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

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

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 financials and industrials sectors. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

Capital Gain Risk—A substantial portion of the Fund’s net asset value is attributable to realized and/or net unrealized capital gains on portfolio securities. If the



ABFunds.com		AB Relative Value Fund 19

NOTES TO FINANCIAL STATEMENTS (continued)

Fund realizes capital gains in excess of realized capital losses in any fiscal year, it generally expects to make capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you even though they economically represent a return of a portion of your investment. You should consult your tax professional about your investment in the Fund.

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

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

NOTE H

Joint Credit Facility

A number of open-end mutual funds and ETFs managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum of the Facility amount is allocated among the participating funds. The portion of the commitment fee related to the ETFs is paid by the Adviser pursuant to the ETFs’ unitary fee structure. The Fund did not utilize the Facility during the six months ended April 30, 2026.

NOTE I

Distributions to Shareholders

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


	2025		2024
Distributions paid from:
Ordinary income	$	19,337,156	$	24,431,190
Net long-term capital gains		173,955,910		90,083,818

Total taxable distributions	$	193,293,066	$	114,515,008



20 AB Relative Value Fund		ABFunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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


Undistributed ordinary income	$	13,558,510
Undistributed capital gains		87,717,587
Unrealized appreciation (depreciation)		395,051,095	^(a)

Total accumulated earnings (deficit)	$	496,327,192

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

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

NOTE J

Subsequent Events

At a meeting held on May 5-7, 2026, the Fund’s Board of Directors approved a fiscal year end change for the Fund from October 31 to June 30, which will be effective for fiscal periods after the reporting period of this report.

Effective June 23, 2026, the revolving credit facility was increased from $325 million to $380 million.

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 Fund’s financial statements through this date.



ABFunds.com		AB Relative Value Fund 21

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class A
	Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2026 (unaudited)			2025			2024			2023			2022			2021


Net asset value, beginning of period		$ 6.61			$ 6.97			$ 5.83			$ 6.26			$ 7.11			$ 4.82

Income From Investment Operations

Net investment income^(a)(b)		.03			.06	^†		.07			.08			.07			.05

Net realized and unrealized gain (loss) on investment transactions		.77			.28			1.47			(.04	)		(.25	)		2.31

Net increase (decrease) in net asset value from operations		.80			.34			1.54			.04			(.18	)		2.36

Less: Dividends and Distributions

Dividends from net investment income		(.06	)		(.07	)		(.08	)		(.08	)		(.05	)		(.07	)

Distributions from net realized gain on investment transactions		(.33	)		(.63	)		(.32	)		(.39	)		(.62	)		– 0	–

Total dividends and distributions		(.39	)		(.70	)		(.40	)		(.47	)		(.67	)		(.07	)

Net asset value, end of period		$ 7.02			$ 6.61			$ 6.97			$ 5.83			$ 6.26			$ 7.11


Total Return

Total investment return based on net asset value^(c)*		12.58	%		5.14	%^†		27.74	%		.51	%		(2.80	)%		49.27	%

Ratios/Supplemental Data

Net assets, end of period (000,000’s omitted)		$1,389			$1,306			$1,404			$1,226			$1,330			$1,454

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		.90	%^(e)		.89	%		.89	%		.89	%		.90	%		.90	%

Expenses, before waiver/reimbursements^(d)‡		.93	%^(e)		.93	%		.93	%		.94	%		.94	%		.95	%

Net investment income^(b)		.81	%^(e)		.99	%^†		1.12	%		1.32	%		1.10	%		.79	%

Portfolio turnover rate		25	%		65	%		58	%		77	%		71	%		55	%

^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying

portfolios		.00	%^(e)		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 27.



22 AB Relative Value Fund		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class C
	Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2026 (unaudited)			2025			2024			2023			2022			2021


Net asset value, beginning of period		$ 6.62			$ 6.97			$ 5.82			$ 6.24			$ 7.10			$ 4.80

Income From Investment Operations

Net investment income^(a)(b)		.00	^(f)		.02	^†		.03			.03			.02			.00	^(f)

Net realized and unrealized gain (loss) on investment transactions		.77			.27			1.46			(.03	)		(.26	)		2.31

Net increase (decrease) in net asset value from operations		.77			.29			1.49			.00	^(f)		(.24	)		2.31

Less: Dividends and Distributions

Dividends from net investment income		– 0	–		(.01	)		(.02	)		(.03	)		– 0	–		(.01	)

Distributions from net realized gain on investment transactions		(.33	)		(.63	)		(.32	)		(.39	)		(.62	)		– 0	–

Total dividends and distributions		(.33	)		(.64	)		(.34	)		(.42	)		(.62	)		(.01	)

Net asset value, end of period		$ 7.06			$ 6.62			$ 6.97			$ 5.82			$ 6.24			$ 7.10


Total Return

Total investment return based on net asset value^(c)*		12.06	%		4.40	%^†		26.75	%		(.13	)%		(3.63	)%		48.30	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$15,822			$17,701			$21,653			$22,969			$27,116			$28,571

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		1.65	%^(e)		1.64	%		1.64	%		1.64	%		1.65	%		1.65	%

Expenses, before waiver/reimbursements^(d)‡		1.68	%^(e)		1.68	%		1.68	%		1.70	%		1.69	%		1.70	%

Net investment income^(b)		.06	%^(e)		.25	%^†		.39	%		.58	%		.35	%		.05	%

Portfolio turnover rate		25	%		65	%		58	%		77	%		71	%		55	%

^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying

portfolios		.00	%^(e)		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 27.



ABFunds.com		AB Relative Value Fund 23

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Advisor Class
	Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2026 (unaudited)			2025			2024			2023			2022			2021


Net asset value, beginning of period		$ 6.71			$ 7.06			$ 5.90			$ 6.33			$ 7.18			$ 4.87

Income From Investment Operations

Net investment income^(a)(b)		.04			.08	^†		.09			.10			.09			.07

Net realized and unrealized gain (loss) on investment transactions		.77			.28			1.48			(.05	)		(.25	)		2.32

Net increase (decrease) in net asset value from operations		.81			.36			1.57			.05			(.16	)		2.39

Less: Dividends and Distributions

Dividends from net investment income		(.07	)		(.08	)		(.09	)		(.09	)		(.07	)		(.08	)

Distributions from net realized gain on investment transactions		(.33	)		(.63	)		(.32	)		(.39	)		(.62	)		– 0	–

Total dividends and distributions		(.40	)		(.71	)		(.41	)		(.48	)		(.69	)		(.08	)

Net asset value, end of period		$ 7.12			$ 6.71			$ 7.06			$ 5.90			$ 6.33			$ 7.18


Total Return

Total investment return based on net asset value^(c)*		12.67	%		5.50	%^†		28.07	%		.78	%		(2.52	)%		49.53	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$353,274			$357,693			$411,422			$349,685			$431,114			$433,047

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		.65	%^(e)		.64	%		.64	%		.64	%		.65	%		.65	%

Expenses, before waiver/reimbursements^(d)‡		.68	%^(e)		.68	%		.68	%		.69	%		.69	%		.70	%

Net investment income^(b)		1.06	%^(e)		1.24	%^†		1.37	%		1.58	%		1.35	%		1.03	%

Portfolio turnover rate		25	%		65	%		58	%		77	%		71	%		55	%

^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying

portfolios		.00	%^(e)		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 27.



24 AB Relative Value Fund		ABFunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class I
	Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2026 (unaudited)			2025			2024			2023			2022			2021


Net asset value, beginning of period		$ 6.83			$ 7.18			$ 5.99			$ 6.42			$ 7.27			$ 4.93

Income From Investment Operations

Net investment income^(a)(b)		.04			.08			.09			.10			.09			.07

Net realized and unrealized gain (loss) on investment transactions		.79			.28			1.52			(.05	)		(.25	)		2.35

Net increase (decrease) in net asset value from operations		.83			.36			1.61			.05			(.16	)		2.42

Less: Dividends and Distributions

Dividends from net investment income		(.07	)		(.08	)		(.10	)		(.09	)		(.07	)		(.08	)

Distributions from net realized gain on investment transactions		(.33	)		(.63	)		(.32	)		(.39	)		(.62	)		– 0	–

Total dividends and distributions		(.40	)		(.71	)		(.42	)		(.48	)		(.69	)		(.08	)

Net asset value, end of period		$ 7.26			$ 6.83			$ 7.18			$ 5.99			$ 6.42			$ 7.27


Total Return

Total investment return based on net asset value^(c)*		12.74	%		5.40	%		28.16	%		.74	%		(2.49	)%		49.57	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$30,133			$31,561			$39,142			$31,837			$34,072			$44,916

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		.65	%^(e)		.64	%		.64	%		.64	%		.65	%		.65	%

Expenses, before waiver/reimbursements^(d)‡		.71	%^(e)		.71	%		.71	%		.68	%		.69	%		.70	%

Net investment income^(b)		1.06	%^(e)		1.24	%		1.36	%		1.57	%		1.33	%		1.03	%

Portfolio turnover rate		25	%		65	%		58	%		77	%		71	%		55	%

^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying

portfolios		.00	%^(e)		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 27.



ABFunds.com		AB Relative Value Fund 25

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class Z
	Six Months Ended April 30, 2026 (unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2026 (unaudited)			2025			2024			2023			2022			2021


Net asset value, beginning of period		$ 6.81			$ 7.16			$ 5.97			$ 6.40			$ 7.26			$ 4.92

Income From Investment Operations

Net investment income^(a)(b)		.04			.08			.09			.10			.09			.07

Net realized and unrealized gain (loss) on investment transactions		.79			.29			1.52			(.04	)		(.26	)		2.36

Net increase (decrease) in net asset value from operations		.83			.37			1.61			.06			(.17	)		2.43

Less: Dividends and Distributions

Dividends from net investment income		(.08	)		(.09	)		(.10	)		(.10	)		(.07	)		(.09	)

Distributions from net realized gain on investment transactions		(.33	)		(.63	)		(.32	)		(.39	)		(.62	)		– 0	–

Total dividends and distributions		(.41	)		(.72	)		(.42	)		(.49	)		(.69	)		(.09	)

Net asset value, end of period		$ 7.23			$ 6.81			$ 7.16			$ 5.97			$ 6.40			$ 7.26


Total Return

Total investment return based on net asset value^(c)*		12.68	%		5.46	%		28.31	%		.83	%⁺		(2.55	)%		49.78	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$72,802			$65,121			$79,506			$59,027			$52,894			$54,161

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(d)‡		.61	%^(e)		.61	%		.61	%		.61	%		.61	%		.61	%

Expenses, before waiver/reimbursements^(d)‡		.61	%^(e)		.62	%		.62	%		.62	%		.61	%		.61	%

Net investment income^(b)		1.09	%^(e)		1.26	%		1.39	%		1.59	%		1.39	%		1.08	%

Portfolio turnover rate		25	%		65	%		58	%		77	%		71	%		55	%

^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying

portfolios		.00	%^(e)		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 27.



26 AB Relative Value Fund		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)

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

(d)

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 October 31, 2025, October 31, 2024 and October 31, 2023, such waiver amounted to .01%, .01% and .01%, respectively.

(e)	Annualized.

(f)	Amount is less than $.005.

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the years ended October 31, 2025 and October 31, 2024 by .02% and .08%, respectively.

The net asset value and total investment 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 investment return for shareholder transactions may differ from financial statements.

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


	Net Investment Income Per Share			Net Investment Income Ratio			Total Return

Class A	$	.00	^(e)		.01	%		.01	%

Class C	$	.00	^(e)		.01	%		.01	%

Advisor Class	$	.00	^(e)		.01	%		.01	%

See notes to financial statements.



ABFunds.com		AB Relative Value Fund 27

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Relative Value Fund, Inc. (the “Fund”) unanimously approved the continuance of the Fund’s Advisory Agreement with the Adviser at a meeting held in-person on May 6-8, 2025 (the “Meeting”).

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

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

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to



28 AB Relative Value Fund		ABFunds.com

performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

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

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain



ABFunds.com		AB Relative Value Fund 29

classes of the Fund’s shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund’s profitability to the Adviser would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the most recent period, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser’s total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was lower than the median.

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



30 AB Relative Value Fund		ABFunds.com

Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single



ABFunds.com		AB Relative Value Fund 31

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.



32 AB Relative Value Fund		ABFunds.com

LOGO

AB RELATIVE VALUE FUND

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

RV-0152-0426 LOGO

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no disagreements with accountants during the reporting period.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

There were no shareholder meetings during the reporting period.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the registrant.

ITEM 19.

EXHIBITS.

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

19(b)(1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

19(b)(2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

19(c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes -Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Relative Value Fund, Inc.


By:		/s/ Onur Erzan
		Onur Erzan
		President

Date:		June 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Onur Erzan
		Onur Erzan
		President

Date:		June 26, 2026

By:		/s/ Stephen M. Woetzel
		Stephen M. Woetzel
		Treasurer and Chief Financial Officer

Date:		June 26, 2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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