Advisor Class

This semi-annual shareholder report contains important information about the International Small Cap Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026.

(800) 227 4618

What were the Portfolio 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	$56	1.08%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.08%

^[1]

290

21.00%

Sector Breakdown (% of Net Assets)

Country Breakdown (% of Net Assets)

Table Summary
Japan	23.0%
United Kingdom	10.4%
South Korea	8.0%
Taiwan	7.2%
Canada	6.0%
India	5.7%
China	3.0%
Australia	2.7%
Germany	2.6%
France	2.5%
South Africa	1.6%
Brazil	1.6%
Mexico	1.5%
Italy	1.3%
Others	19.0%
Short-Term Investments	4.8%
Other assets less liabilities	-0.9%
Total	100.0%

Table Summary
Industrials	22.8%
Financials	17.2%
Information Technology	13.4%
Consumer Discretionary	11.1%
Materials	8.9%
Real Estate	5.5%
Energy	5.4%
Consumer Staples	3.7%
Utilities	3.3%
Health Care	3.1%
Others	1.7%
Short-Term Investments	4.8%
Other assets less liabilities	-0.9%
Total	100.0%

Class Z

This semi-annual shareholder report contains important information about the International Small Cap Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026.

(800) 227 4618

What were the Portfolio 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	$56	1.08%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.08%

^[2]

290

21.00%

Sector Breakdown (% of Net Assets)

Country Breakdown (% of Net Assets)

Table Summary
Japan	23.0%
United Kingdom	10.4%
South Korea	8.0%
Taiwan	7.2%
Canada	6.0%
India	5.7%
China	3.0%
Australia	2.7%
Germany	2.6%
France	2.5%
South Africa	1.6%
Brazil	1.6%
Mexico	1.5%
Italy	1.3%
Others	19.0%
Short-Term Investments	4.8%
Other assets less liabilities	-0.9%
Total	100.0%

Table Summary
Industrials	22.8%
Financials	17.2%
Information Technology	13.4%
Consumer Discretionary	11.1%
Materials	8.9%
Real Estate	5.5%
Energy	5.4%
Consumer Staples	3.7%
Utilities	3.3%
Health Care	3.1%
Others	1.7%
Short-Term Investments	4.8%
Other assets less liabilities	-0.9%
Total	100.0%

SCB Class

This semi-annual shareholder report contains important information about the International Small Cap Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026.

(800) 227 4618

What were the Portfolio 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
SCB Class	$61	1.18%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

1.18%

^[3]

290

21.00%

Sector Breakdown (% of Net Assets)

Country Breakdown (% of Net Assets)

Table Summary
Japan	23.0%
United Kingdom	10.4%
South Korea	8.0%
Taiwan	7.2%
Canada	6.0%
India	5.7%
China	3.0%
Australia	2.7%
Germany	2.6%
France	2.5%
South Africa	1.6%
Brazil	1.6%
Mexico	1.5%
Italy	1.3%
Others	19.0%
Short-Term Investments	4.8%
Other assets less liabilities	-0.9%
Total	100.0%

Table Summary
Industrials	22.8%
Financials	17.2%
Information Technology	13.4%
Consumer Discretionary	11.1%
Materials	8.9%
Real Estate	5.5%
Energy	5.4%
Consumer Staples	3.7%
Utilities	3.3%
Health Care	3.1%
Others	1.7%
Short-Term Investments	4.8%
Other assets less liabilities	-0.9%
Total	100.0%

Advisor Class

This semi-annual shareholder report contains important information about the International Strategic Equities Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026.

(800) 227 4618

What were the Portfolio 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	$36	0.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

0.68%

^[4]

78

42.00%

Sector Breakdown (% of Net Assets)

Country Breakdown (% of Net Assets)

Table Summary
Japan	16.1%
United Kingdom	15.6%
Taiwan	10.1%
South Korea	8.2%
Netherlands	7.2%
China	5.1%
Italy	4.5%
Switzerland	3.2%
Spain	2.7%
Denmark	2.4%
Germany	2.2%
Canada	2.2%
France	2.2%
Brazil	2.0%
Others	14.6%
Short-Term Investments	1.1%
Other assets less liabilities	0.6%
Total	100.0%

Table Summary
Financials	26.1%
Industrials	19.6%
Information Technology	16.9%
Health Care	8.1%
Materials	6.2%
Energy	5.5%
Consumer Staples	5.0%
Communication Services	4.1%
Consumer Discretionary	4.1%
Utilities	1.6%
Others	1.1%
Short-Term Investments	1.1%
Other assets less liabilities	0.6%
Total	100.0%

Class Z

This semi-annual shareholder report contains important information about the International Strategic Equities Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026.

(800) 227 4618

What were the Portfolio 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	$37	0.70%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

0.70%

^[5]

78

42.00%

Sector Breakdown (% of Net Assets)

Country Breakdown (% of Net Assets)

Table Summary
Japan	16.1%
United Kingdom	15.6%
Taiwan	10.1%
South Korea	8.2%
Netherlands	7.2%
China	5.1%
Italy	4.5%
Switzerland	3.2%
Spain	2.7%
Denmark	2.4%
Germany	2.2%
Canada	2.2%
France	2.2%
Brazil	2.0%
Others	14.6%
Short-Term Investments	1.1%
Other assets less liabilities	0.6%
Total	100.0%

Table Summary
Financials	26.1%
Industrials	19.6%
Information Technology	16.9%
Health Care	8.1%
Materials	6.2%
Energy	5.5%
Consumer Staples	5.0%
Communication Services	4.1%
Consumer Discretionary	4.1%
Utilities	1.6%
Others	1.1%
Short-Term Investments	1.1%
Other assets less liabilities	0.6%
Total	100.0%

SCB Class

This semi-annual shareholder report contains important information about the International Strategic Equities Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026.

(800) 227 4618

What were the Portfolio 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
SCB Class	$41	0.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

0.78%

^[6]

78

42.00%

Sector Breakdown (% of Net Assets)

Country Breakdown (% of Net Assets)

Table Summary
Japan	16.1%
United Kingdom	15.6%
Taiwan	10.1%
South Korea	8.2%
Netherlands	7.2%
China	5.1%
Italy	4.5%
Switzerland	3.2%
Spain	2.7%
Denmark	2.4%
Germany	2.2%
Canada	2.2%
France	2.2%
Brazil	2.0%
Others	14.6%
Short-Term Investments	1.1%
Other assets less liabilities	0.6%
Total	100.0%

Table Summary
Financials	26.1%
Industrials	19.6%
Information Technology	16.9%
Health Care	8.1%
Materials	6.2%
Energy	5.5%
Consumer Staples	5.0%
Communication Services	4.1%
Consumer Discretionary	4.1%
Utilities	1.6%
Others	1.1%
Short-Term Investments	1.1%
Other assets less liabilities	0.6%
Total	100.0%

Advisor Class

This semi-annual shareholder report contains important information about the Small Cap Core Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026.

(800) 227 4618

What were the Portfolio 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	$44	0.88%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

0.88%

^[7]

257

30.00%

Additional Information [Text Block]

Sector Breakdown (% of Net Assets)

Table Summary
Industrials	18.8%
Health Care	17.8%
Financials	16.7%
Information Technology	14.2%
Consumer Discretionary	7.9%
Energy	6.6%
Real Estate	5.0%
Materials	4.6%
Utilities	3.1%
Communication Services	2.3%
Others	1.7%
Short-Term Investments	1.1%
Other assets less liabilities	0.2%
Total	100.0%

Fund Name

Small Cap Core Portfolio

Trading Symbol

SCRZX

Portfolio

Additional Information Website

https://www.abfunds.com/link/BWM/SCRZX-S

Expenses Paid, Amount

$ 44

AssetsNet

$ 713,809,765

Advisory Fees Paid, Amount

$ 2,954,265

Additional Fund Statistics [Text Block]

Key Portfolio Statistics

Table Summary
Net Assets	$713,809,765
# of Portfolio Holdings	257
Portfolio Turnover Rate	30%
Total Advisory Fees Paid (Net)	$2,954,265

Largest Holdings [Text Block]

10 Top Holdings

Table Summary
Company	U.S. $ Value	% of Net Assets
Nextpower, Inc. - Class A	$8,143,514	1.1%
Fabrinet	$7,269,989	1.0%
Bloom Energy Corp. - Class A	$6,964,186	1.0%
Bridgebio Pharma, Inc.	$6,150,882	0.9%
FormFactor, Inc.	$5,397,494	0.8%
UMB Financial Corp.	$5,358,653	0.8%
Magnolia Oil & Gas Corp. - Class A	$5,267,770	0.7%
SPX Technologies, Inc.	$5,176,647	0.7%
Credo Technology Group Holding Ltd.	$5,035,562	0.7%
ESCO Technologies, Inc.	$4,985,595	0.7%
Total	$59,750,292	8.4%

SCB Class

This semi-annual shareholder report contains important information about the Small Cap Core Portfolio (the “Portfolio”) for the period of October 1, 2025 to March 31, 2026.

(800) 227 4618

What were the Portfolio 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
SCB Class	$49	0.98%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

0.98%

^[9]

257

30.00%