AB Large Cap Growth Fund, Inc.

NAME, ADDRESS,* AGE
AND (YEAR FIRST
ELECTED**)

PRINCIPAL
OCCUPATION(S) DURING
PAST FIVE YEARS AND
OTHER INFORMATION

PORTFOLIOS
IN AB FUNDS
COMPLEX***
OVERSEEN BY
DIRECTOR

OTHER PUBLIC
COMPANY
DIRECTORSHIPS
CURRENTLY
HELD BY
DIRECTOR

INDEPENDENT DIRECTORS

Garry L. Moody,^#

Chair of the Board

74

(2008 – Growth Fund, Large Cap Growth, Discovery Growth, Small Cap Growth, Sustainable Global Thematic, Sustainable International Thematic, Large Cap Value, Discovery Value, Relative Value, International Value, Core Opportunities, Global Risk Allocation, Wealth Appreciation Strategy, All Market Total Return, Tax-Managed Wealth Appreciation Strategy) (2011 – Select US Equity, Emerging Markets Multi-Asset) (2012 – Select US Long/Short) (2014 – Concentrated Growth, Global Core Equity, International Growth, Small Cap Value)

(2018 – All China Equity) (2024 – Mid Cap Value)

Private Investor since prior to 2021. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax Department. He served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He has served as Chairman of the AB Funds and Chairman of the Independent Directors Committees of the AB Funds since January 2023; he has served as a director or trustee of the AB Funds since 2008, and served as Chairman of the Audit Committees of the AB Funds from 2008 to February 2023. He has served as a

As filed with the Securities and Exchange Commission on October 28, 2026

File Nos. 33-49530

811-06730

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


THE SECURITIES ACT OF 1933		☒
Pre-Effective Amendment No.
Post-Effective Amendment No. 67		☒

and/or

REGISTRATION STATEMENT

UNDER


THE INVESTMENT COMPANY ACT OF 1940		☒
Amendment No. 69		☒

AB LARGE CAP GROWTH FUND, INC.

(Exact Name of Registrant as Specified in Charter)

66 Hudson Boulevard East, 28th Floor, New York, New York 10001

(Address of Principal Executive Office) (Zip Code)

Registrant’s Telephone Number, including Area Code:

(800) 221-5672

Nancy E. Hay

AllianceBernstein L.P.

66 Hudson Boulevard East, 28th Floor

New York, New York 10001

(Name and address of agent for service)

Copies of Communications to:

Paul M. Miller

Seward & Kissel LLP

1901 L Street, N.W.

Suite 700

Washington, D.C. 20036

Approximate Date of Proposed Public Offering:

It is proposed that this filing will become effective (check appropriate box)

☐

immediately upon filing pursuant to paragraph (b)

☒

on October 30, 2026 pursuant to paragraph (b)

☐

60 days after filing pursuant to paragraph (a)

☐

on (date) pursuant to paragraph (a)

☐

75 days after filing pursuant to paragraph (a)(2)

☐

on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of beneficial interest.

PROSPECTUS | OCTOBER 30, 2026


Growth Funds (Shares Offered—Exchange Ticker Symbol)				Value Funds (Shares Offered—Exchange Ticker Symbol)

AB Growth Fund (Class A–AGRFX; Class C–AGRCX; Class I–AGFIX; Advisor Class–AGRYX)				AB Large Cap Value Fund (Class A–ABVAX; Class C–ABVCX; Advisor Class–ABVYX; Class I–ABVIX; Class Z–ABVZX)

AB Large Cap Growth Fund (Class A–APGAX; Class C–APGCX; Class I–ALLIX; Advisor Class–APGYX; Class Z–APGZX)				AB Discovery Value Fund (Class A–ABASX; Class C–ABCSX; Advisor Class–ABYSX; Class I–ABSIX; Class Z–ABSZX)

AB Concentrated Growth Fund (Class A–WPASX; Class C–WPCSX; Class I–WPSIX; Advisor Class–WPSGX; Class Z–WPSZX)				AB Relative Value Fund (Class A–CABDX; Class C–CBBCX; Advisor Class–CBBYX; Class I–CBBIX; Class Z–CBBZX)

AB Discovery Growth Fund (Class A–CHCLX; Class C–CHCCX; Class I–CHCIX; Advisor Class–CHCYX; Class Z–CHCZX)				AB International Value Fund (Class A–ABIAX; Class C–ABICX; Advisor Class–ABIYX; Class I–AIVIX)

AB Small Cap Growth Portfolio (Class A–QUASX; Class C–QUACX; Class I–QUAIX; Advisor Class–QUAYX; Class Z–QUAZX)				AB Core Opportunities Fund (Class A–ADGAX; Class C–ADGCX; Advisor Class–ADGYX; Class I–ADGIX; Class Z–ADGZX)

AB Select US Equity Portfolio (Class A–AUUAX; Class C–AUUCX; Advisor Class–AUUYX; Class I–AUUIX)				AB Global Risk Allocation Fund (Class A–CABNX; Class C–CBACX; Advisor Class–CBSYX; Class I–CABIX)

AB Select US Long/Short Portfolio (Class A–ASLAX; Class C–ASCLX; Advisor Class–ASYLX; Class I–ASILX)				AB Small Cap Value Portfolio (Class A–SCAVX; Class C–SCCVX; Advisor Class–SCYVX)

AB Sustainable Global Thematic Fund (Class A–ALTFX; Class C–ATECX; Class I–AGTIX; Advisor Class–ATEYX; Class Z–ATEZX)				AB All China Equity Portfolio (Class A–ACEAX; Advisor Class–ACEYX)

AB Sustainable International Thematic Fund (Class A–AWPAX; Class C–AWPCX; Class I–AWPIX; Advisor Class–AWPYX; Class Z–AWPZX)				AB Mid Cap Value Portfolio (Class Z–ABMVX)

AB Global Core Equity Portfolio (Class A–GCEAX; Class C–GCECX; Advisor Class–GCEYX)				Multi-Asset Funds (Shares Offered—Exchange Ticker Symbol)

AB International Growth Portfolio (formerly, AB Concentrated International Growth Portfolio) (Class A–CIAGX; Class C–CICGX; Advisor Class–CIGYX)				AB Wealth Appreciation Strategy (Class A–AWAAX; Class C–AWACX; Advisor Class–AWAYX)

				AB All Market Total Return Portfolio (Class A–ABWAX; Class C–ABWCX; Class I–ABWIX; Advisor Class–ABWYX)

				AB Tax‑Managed Wealth Appreciation Strategy (Class A–ATWAX; Class C–ATWCX; Advisor Class–ATWYX)

				AB Emerging Markets Multi-Asset Portfolio (Class A–ABAEX; Class C–ABCEX; Advisor Class–ABYEX; Class I–ABIEX)

The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Investment Products Offered

Are Not FDIC Insured

May Lose Value

Are Not Bank Guaranteed

TABLE OF CONTENTS


	Page

SUMMARY INFORMATION		4

GROWTH FUNDS		4

AB Growth Fund		4

AB Large Cap Growth Fund		8

AB Concentrated Growth Fund		12

AB Discovery Growth Fund		16

AB Small Cap Growth Portfolio		20

AB Select US Equity Portfolio		24

AB Select US Long/Short Portfolio		28

AB Sustainable Global Thematic Fund		32

AB Sustainable International Thematic Fund		37

AB Global Core Equity Portfolio		41

AB International Growth Portfolio (formerly, AB Concentrated International Growth Portfolio)		44

VALUE FUNDS		48

AB Large Cap Value Fund		48

AB Discovery Value Fund		52

AB Relative Value Fund		56

AB International Value Fund		60

AB Core Opportunities Fund		64

AB Global Risk Allocation Fund		68

AB Small Cap Value Portfolio		74

AB All China Equity Portfolio		78

AB Mid Cap Value Portfolio		82

MULTI-ASSET FUNDS		86

AB Wealth Appreciation Strategy		86

AB All Market Total Return Portfolio		90

AB Tax‑Managed Wealth Appreciation Strategy		96

AB Emerging Markets Multi-Asset Portfolio		100

ADDITIONAL INFORMATION ABOUT THE FUNDS’ STRATEGIES, RISKS AND INVESTMENTS		106

INVESTING IN THE FUNDS		129

How to Buy Shares		129

The Different Share Class Expenses		131

Sales Charge Reduction Programs for Class A Shares		132

CDSC Waivers and Other Programs		133

Choosing a Share Class		134

TABLE OF CONTENTS


	Page

Payments to Financial Advisors and Their Firms		134

How to Exchange Shares		136

How to Sell or Redeem Shares		136

Frequent Purchases and Redemptions of Fund Shares		137

How the Funds Value Their Shares		138

MANAGEMENT OF THE FUNDS		140

DIVIDENDS, DISTRIBUTIONS AND TAXES		146

GENERAL INFORMATION		148

GLOSSARY OF INVESTMENT TERMS		149

FINANCIAL HIGHLIGHTS		151

APPENDIX A—HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION		A-1

APPENDIX B—FINANCIAL INTERMEDIARY WAIVERS		B-1

SUMMARY INFORMATION

GROWTH FUNDS

AB Growth Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Funds—Sales Charge Reduction Programs for Class A Shares on page 132 of this Prospectus, in Appendix B—Financial Intermediary Waivers of this Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 199 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I
Management Fees		0.75%		0.75%		0.75%		0.75%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None

Other Expenses:
Transfer Agent		0.07%		0.07%		0.07%		0.12%
Other Expenses		0.03%		0.03%		0.03%		0.03%

Total Other Expenses		0.10%		0.10%		0.10%		0.15%

Total Annual Fund Operating Expenses		1.10%		1.85%		0.85%		0.90%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

Examples

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


	Class A		Class C			Advisor Class		Class I
After 1 Year	$	529	$	285	*	$	84	$	89

After 3 Years	$	757	$	579		$	268	$	284

After 5 Years	$	1,003	$	998		$	468	$	496

After 10 Years	$	1,706	$	1,970		$	1,046	$	1,105

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 44% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests primarily in domestic equity securities of companies selected by the Fund’s Adviser for their growth potential within various market sectors. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies meeting the Adviser’s growth criteria. For purposes of this policy, companies meeting the Adviser’s growth criteria are those companies with securities included in any one of the following indexes: the Russell 3000^® Growth Index, the MSCI ACWI IMI Growth, and the Morningstar Global All‑Cap Growth TME. When selecting securities, the Adviser seeks companies that have experienced management teams, strong market positions, and the potential to deliver greater-than-expected earnings growth rates.

In managing the Fund, the Adviser allocates investments among broad sector groups and selects specific investments based on the fundamental company research conducted by the Adviser’s internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and clear competitive advantages.

The Fund has the flexibility to invest across the capitalization spectrum. The Fund is designed for those seeking exposure to companies of various sizes, and typically has substantial investments in both large-capitalization companies and mid‑capitalization companies, and may also invest in small-capitalization companies.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value.

PRINCIPAL RISKS

•

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.

•

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.

•

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

•

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

•

Capital Gain Risk: As of the date of this Prospectus, 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 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.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index and an additional index that more closely reflects the types of securities in which the Fund invests.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

The annual returns in the bar chart are for the Fund’s Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through September 30, 2026, the year‑to‑date unannualized return for Class A shares was 5.88%.

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

Best Quarter was up 29.16%, 2nd quarter, 2020; and Worst Quarter was down ‑19.42%, 2nd quarter, 2022.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		6.18%		10.37%		15.18%

	Return After Taxes on Distributions		2.57%		7.81%		12.86%

	Return After Taxes on Distributions and Sale of Fund Shares		6.14%		7.94%		12.20%
Class C	Return Before Taxes		9.05%		10.48%		14.81%
Advisor Class	Return Before Taxes		11.16%		11.61%		15.97%
Class I	Return Before Taxes		11.07%		11.55%		16.01%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%
Russell 3000^® Growth Index (reflects no deduction for fees, expenses, or taxes)			18.15%		14.59%		17.59%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after‑tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
John H. Fogarty	Since 2013	Senior Vice President of the Adviser

Esteban Gomez	Since July 2026	Senior Vice President of the Adviser

Ryan Oden	Since 2024	Senior Vice President of the Adviser

Heather Pavlak	Since July 2026	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

For important information about the purchase and sale of Fund shares, tax information and financial intermediary compensation, please turn to ADDITIONAL INFORMATION ABOUT PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARIES, page 105 in this Prospectus.

AB Large Cap Growth Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A			Class C		Advisor Class		Class I			Class Z
Management Fees		0.47%			0.47%		0.47%		0.47%			0.47%

Distribution and/or Service (12b‑1) Fees		0.25%			1.00%		None		None			None

Other Expenses:
Transfer Agent		0.09%			0.09%		0.09%		0.12%			0.02%
Other Expenses(c)		0.01%			0.01%		0.01%		0.01%			0.01%

Total Other Expenses		0.10%			0.10%		0.10%		0.13%			0.03%

Total Annual Fund Operating Expenses		0.82%			1.57%		0.57%		0.60%			0.50%

Fee Waiver and/or Expense Reimbursement(d)		0.00%	(e)		(0.01)%		(0.01)%		0.00%	(e)		0.00%	(e)

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.82%			1.56%		0.56%		0.60%			0.50%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)	“Other Expenses” includes acquired fund fees and expenses totaling less than 0.01%.

(d)

(e)	Amount is less than 0.005%.

Examples

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


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	505	$	259	*	$	57	$	61	$	51


	Class A		Class C		Advisor Class		Class I		Class Z

After 3 Years	$	676	$	495	$	182	$	192	$	160

After 5 Years	$	861	$	854	$	317	$	335	$	280

After 10 Years	$	1,395	$	1,665	$	713	$	750	$	628

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in equity securities of a limited number of large, carefully selected, high-quality U.S. companies. The Fund invests primarily in the domestic equity securities of companies selected by the Fund’s Adviser for their growth potential within various market sectors. The Fund emphasizes investments in large, seasoned companies. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of large-capitalization companies meeting the Adviser’s growth criteria. For purposes of this policy, companies meeting the Adviser’s growth criteria are those companies with securities included in any one of the following indexes: the MSCI ACWI IMI Growth, the Russell 3000^® Growth Index, and the Morningstar Global All‑Cap Growth TME. Also, for purposes of this policy, large-capitalization companies are those companies falling within the market capitalization range of companies in the Russell 1000^® Growth Index. While the market capitalizations of companies in the Russell 1000^® Growth Index ranged from approximately $1.2 billion to $4.8 trillion as of June 30, 2026, the Fund normally invests in common stocks of companies with market capitalizations of at least $5 billion.

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

The investment team allocates the Fund’s investments among broad sector groups based on the fundamental company research conducted by the Adviser’s internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The investment team may vary the percentage allocations among market sectors and may change the market sectors in which the Fund invests as companies’ potential for growth within a sector matures and new trends for growth emerge.

The Adviser’s research focus is in companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.

The Fund may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

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.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 25.32%, 2nd quarter, 2020; and Worst Quarter was down ‑17.98%, 2nd quarter, 2022.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		8.17%		10.74%		15.18%

	Return After Taxes on Distributions		5.54%		9.27%		13.81%

	Return After Taxes on Distributions and Sale of Fund Shares		6.68%		8.36%		12.46%
Class C	Return Before Taxes		11.13%		10.87%		14.82%
Advisor Class	Return Before Taxes		13.26%		11.98%		15.97%
Class I	Return Before Taxes		13.17%		11.94%		15.95%
Class Z	Return Before Taxes		13.28%		12.05%		16.06%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%
Russell 1000^® Growth Index (reflects no deduction for fees, expenses, or taxes)			18.56%		15.32%		18.13%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
John H. Fogarty	Since 2012	Senior Vice President of the Adviser

Shri Singhvi	Since July 2026	Senior Vice President of the Adviser

Vinay Thapar*	Since 2018	Senior Vice President of the Adviser

*	Mr. Thapar is expected to retire from the Adviser effective March 31, 2028.

ADDITIONAL INFORMATION

AB Concentrated Growth Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A			Class C		Advisor Class			Class I		Class Z
Management Fees		0.65%			0.65%		0.65%			0.65%		0.65%

Distribution and/or Service (12b‑1) Fees		0.25%			1.00%		None			None		None

Other Expenses:
Transfer Agent		0.05%			0.05%		0.05%			0.12%		0.02%
Other Expenses(c)		0.07%			0.07%		0.07%			0.08%		0.07%

Total Other Expenses		0.12%			0.12%		0.12%			0.20%		0.09%

Total Annual Fund Operating Expenses		1.02%			1.77%		0.77%			0.85%		0.74%

Fee Waiver and/or Expense Reimbursement(d)		0.00%	(e)		(0.01)%		0.00%	(e)		(0.01)%		0.00%	(e)

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.02%			1.76%		0.77%			0.84%		0.74%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)	“Other Expenses” includes acquired fund fees and expenses totaling less than 0.01%.

(d)

(e)	Amount is less than 0.005%.

Examples

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


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	525	$	280	*	$	79	$	87	$	76

After 3 Years	$	736	$	557		$	246	$	271	$	237

After 5 Years	$	964	$	959		$	428	$	471	$	411

After 10 Years	$	1,620	$	1,886		$	954	$	1,049	$	918

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Adviser seeks to achieve the Fund’s investment objective of long-term growth of capital by investing primarily in common stocks of listed U.S. companies. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks of listed companies meeting the Adviser’s growth criteria. For purposes of this policy, companies meeting the Adviser’s growth criteria are those companies with securities included in any one of the following indexes: the MSCI ACWI IMI Growth, the Russell 3000^® Growth Index, and the Morningstar Global All‑Cap Growth TME.

The Adviser employs an appraisal method that attempts to measure each prospective company’s quality and growth rate by numerous factors. Such factors include: a company’s record and projections of profit and earnings growth, accuracy and availability of information with respect to the company, success and experience of management, accessibility of management to the Fund’s Adviser, product lines and competitive position both in the United States and abroad, lack of cyclicality, large market capitalization and liquidity of the company’s securities. The Adviser compares these results to the general stock markets to determine the relative attractiveness of each company at a given time. The Adviser weighs economic, political and market factors in making investment decisions; this appraisal technique attempts to measure each investment candidate not only against other stocks of the same industry group, but also against a broad spectrum of investments. While the Fund primarily invests in companies that have market capitalizations of $5 billion or more, it may invest in companies that have market capitalizations of $3 billion to $5 billion.

The Fund invests in a relatively small number of individual stocks. The Fund is considered to be “non‑diversified”, which means that the securities laws do not limit the percentage of its assets that it may invest in any one company (subject to certain limitations under the U.S. Internal Revenue Code of 1986, as amended).

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Capitalization Risk: Investments in mid‑capitalization companies may be more volatile and less liquid than investments in large-capitalization companies.

•

Non‑diversification Risk: The Fund may have more risk because it is “non‑diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s NAV.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 21.43%, 2nd quarter, 2020; and Worst Quarter was down ‑19.63%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		1.46%		5.77%		11.28%

	Return After Taxes on Distributions		-0.52%		4.21%		9.99%

	Return After Taxes on Distributions and Sale of Fund Shares		2.23%		4.45%		9.17%
Class C	Return Before Taxes		4.20%		5.89%		10.93%
Advisor Class	Return Before Taxes		6.23%		6.96%		12.05%
Class I	Return Before Taxes		6.12%		6.89%		12.01%
Class Z	Return Before Taxes		6.23%		6.98%		12.07%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGER

The following table lists the person responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Michael Walker	Since 2025	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Discovery Growth Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I		Class Z
Management Fees		0.61%		0.61%		0.61%		0.61%		0.61%

Distribution and/or Service (12b‑1) Fees		0.23%		1.00%		None		None		None

Other Expenses:
Transfer Agent		0.06%		0.06%		0.06%		0.12%		0.03%
Other Expenses		0.02%		0.02%		0.02%		0.02%		0.02%

Total Other Expenses		0.08%		0.08%		0.08%		0.14%		0.05%

Acquired Fund Fees and Expenses		0.01%		0.01%		0.01%		0.01%		0.01%

Total Annual Fund Operating Expenses		0.93%		1.70%		0.70%		0.76%		0.67%

Fee Waiver and/or Expense Reimbursement(c)		(0.01)%		(0.01)%		(0.01)%		(0.01)%		(0.01)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.92%		1.69%		0.69%		0.75%		0.66%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

Examples

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


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	515	$	272	*	$	70	$	77	$	67

After 3 Years	$	708	$	535		$	223	$	242	$	213

After 5 Years	$	917	$	922		$	389	$	421	$	372

After 10 Years	$	1,519	$	1,803		$	870	$	941	$	834

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall U.S. market. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small- and mid‑capitalization companies meeting the Adviser’s growth criteria. For purposes of this policy, companies meeting the Adviser’s growth criteria are those companies with securities included in any one of the following indexes: the MSCI ACWI IMI Growth, the Russell 3000^® Growth Index, and the Morningstar Global All‑Cap Growth TME. Also, for purposes of this policy, small- and mid‑capitalization companies are those companies falling within the lowest 25% of the total U.S. equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). As of June 30, 2026, there were approximately 3,109 companies within the lowest 25% of the total U.S. equity market capitalization (excluding companies with market capitalizations of less than $10 million) with market capitalizations ranging from $10 million to $69.7 billion. Because the Fund’s definition of small- and mid‑capitalization companies is dynamic, the limits on market capitalization will change with the markets.

The Fund may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Fund’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Fund may invest in foreign securities.

When selecting securities, the Adviser typically seeks companies that have strong, experienced management teams, strong market positions, and the potential to support greater than expected earnings growth rates. In making specific investment decisions for the Fund, the Adviser combines fundamental and quantitative analysis in its stock selection process.

The Fund invests principally in equity securities but may also invest in other types of securities. The Fund, at times, invests in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments. The Fund may also invest up to 20% of its total assets in rights and warrants.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards and swaps to manage risk and to seek to generate additional returns. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the industrials or information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 36.18%, 2nd quarter 2020; and Worst Quarter was down ‑24.14%, 2nd quarter, 2022.

Performance Table*

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A**	Return Before Taxes		2.18%		0.16%		10.28%

	Return After Taxes on Distributions		-0.46%		-1.14%		8.41%

	Return After Taxes on Distributions and Sale of Fund Shares		2.98%		0.08%		8.11%
Class C	Return Before Taxes		4.94%		0.23%		9.89%
Advisor Class	Return Before Taxes		6.88%		1.26%		11.01%
Class I	Return Before Taxes		6.78%		1.19%		10.97%
Class Z	Return Before Taxes		6.87%		1.28%		11.06%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%
Russell 2500^® Growth Index (reflects no deduction for fees, expenses, or taxes)			10.31%		2.98%		10.55%

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended July 31, 2025 by 0.07%.

**	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Esteban Gomez	Since 2019	Senior Vice President of the Adviser

Samantha S. Lau	Since 2008	Senior Vice President of the Adviser

Heather Pavlak	Since 2019	Senior Vice President of the Adviser

Wen‑Tse Tseng	Since 2008	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Small Cap Growth Portfolio

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A			Class C			Advisor Class			Class I			Class Z
Management Fees		0.73%			0.73%			0.73%			0.73%			0.73%

Distribution and/or service (12b‑1) Fees		0.25%			1.00%			None			None			None

Other Expenses
Transfer Agent		0.12%			0.12%			0.12%			0.12%			0.02%
Other Expenses		0.03%			0.03%			0.03%			0.03%			0.04%

Total Other Expenses		0.15%			0.15%			0.15%			0.15%			0.06%

Acquired Fund Fees and Expenses		0.01%			0.01%			0.01%			0.01%			0.01%

Total Annual Fund Operating Expenses		1.14%			1.89%			0.89%			0.89%			0.80%

Fee Waiver and/or Expense Reimbursement(c)		0.00%	(d)		0.00%	(d)		0.00%	(d)		0.00%	(d)		(0.01)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.14%			1.89%			0.89%			0.89%			0.79%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

(d)	Amount is less than 0.005%.

Examples

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


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	536	$	292	*	$	91	$	91	$	81

After 3 Years	$	772	$	594		$	284	$	284	$	254

After 5 Years	$	1,026	$	1,021		$	493	$	493	$	443

After 10 Years	$	1,752	$	2,016		$	1,096	$	1,096	$	989

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in a diversified portfolio of equity securities of issuers with relatively smaller capitalizations as compared to the overall U.S. market. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of smaller companies meeting the Adviser’s growth criteria. For purposes of this policy, companies meeting the Adviser’s growth criteria are those companies with securities included in any one of the following indexes: the MSCI ACWI IMI Growth, the Russell 3000^® Growth Index, and the Morningstar Global All‑Cap Growth TME. Also, for purposes of this policy, smaller companies are those falling within the lowest 20% of the total U.S. equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). As of June 30, 2026, there were approximately 3,050 smaller companies, and those smaller companies had market capitalizations ranging up to approximately $50.1 billion. Because the Fund’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.

The Fund invests primarily in equity securities but may also invest in other types of securities. The Fund, at times, invests in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments. The Fund may also invest up to 20% of its total assets in rights or warrants.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 36.99%, 2nd quarter, 2020; and Worst Quarter was down ‑22.77%, 2nd quarter, 2022.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		0.39%		-1.37%		10.70%

	Return After Taxes on Distributions		0.39%		-1.82%		9.20%

	Return After Taxes on Distributions and Sale of Fund Shares		0.23%		-1.06%		8.43%
Class C	Return Before Taxes		3.06%		-1.25%		10.35%
Advisor Class	Return Before Taxes		5.13%		-0.26%		11.46%
Class I	Return Before Taxes		5.01%		-0.26%		11.47%
Class Z	Return Before Taxes		5.09%		-0.17%		11.57%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%
Russell 2000^® Growth Index (reflects no deduction for fees, expenses, or taxes)			13.01%		3.18%		9.57%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Esteban Gomez	Since 2019	Senior Vice President of the Adviser

Samantha S. Lau	Since 2004	Senior Vice President of the Adviser

Heather Pavlak	Since 2019	Senior Vice President of the Adviser

Wen‑Tse Tseng	Since 2006	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Select US Equity Portfolio

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I
Management Fees		1.00%		1.00%		1.00%		1.00%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None

Other Expenses:
Transfer Agent		0.04%		0.04%		0.04%		0.02%
Other Expenses		0.15%		0.15%		0.15%		0.15%

Total Other Expenses		0.19%		0.19%		0.19%		0.17%

Acquired Fund Fees and Expenses		0.01%		0.01%		0.01%		0.01%

Total Annual Fund Operating Expenses		1.45%		2.20%		1.20%		1.18%

Fee Waiver and/or Expense Reimbursement(c)		(0.01)%		(0.01)%		(0.01)%		(0.01)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.44%		2.19%		1.19%		1.17%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

Examples

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


	Class A		Class C			Advisor Class		Class I
After 1 Year	$	565	$	322	*	$	121	$	119

After 3 Years	$	863	$	687		$	380	$	374

After 5 Years	$	1,183	$	1,179		$	659	$	648

After 10 Years	$	2,086	$	2,344		$	1,454	$	1,431

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 195% of the average value of its portfolio.

PRINCIPAL STRATEGIES

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies. For purposes of this policy, equity securities include common stock, preferred stock and derivatives related to common and preferred stocks.

The Adviser selects investments for the Fund through an intensive “bottom‑up” approach that places an emphasis on companies that are engaged in business activities with solid long-term growth potential and operating in industries with high barriers to entry, that have strong cash flows and other financial metrics, and that have transparent financial statements and business models. The Adviser also evaluates the quality of company management based on a series of criteria, including: (1) management’s focus on shareholder returns, such as through a demonstrated commitment to dividends and dividend growth, share buybacks or other shareholder-friendly corporate actions; (2) management’s employment of conservative accounting methodologies; (3) management incentives, such as direct equity ownership; and (4) management accessibility. The Adviser seeks to identify companies where events or catalysts may drive the company’s share price higher, such as earnings and/or revenue growth above consensus forecasts, potential market recognition of undervaluation or overstated market-risk discount, or the institution of shareholder-focused changes discussed in the preceding sentence. In light of this catalyst-focused approach, the Adviser expects to engage in active and frequent trading for the Fund.

The Adviser may reduce or eliminate the Fund’s holdings in a company’s securities for a number of reasons, including if its evaluation of the above factors changes adversely, if the anticipated events or catalysts do not occur or do not affect the price of the securities as expected, or if the anticipated events or catalysts do occur and cause the securities to be, in the Adviser’s view, overvalued or fully valued. At any given time the Fund may emphasize growth stocks over value stocks, or vice versa.

The Fund’s investments will be focused on securities of companies with large and medium market capitalizations, but it may also invest in securities of small-capitalization companies. The Fund may invest in non‑U.S. companies, but will limit its investments in such companies to no more than 10% of its net assets. The Fund may purchase securities in initial public offerings (“IPOs”) and expects to do so on a regular basis.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. 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 these companies may have additional risks because these companies may have limited product lines, markets or financial resources.

•

Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

•

IPO Risk: Securities purchased in an IPO may be subject to substantial price volatility due to one or more factors such as unseasoned trading in the securities, the lack of investor knowledge of the issuer, the lack of an operating history of the issuer, and the dependence of the issuer on key personnel, suppliers or a limited number of customers.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 17.40%, 2nd quarter, 2020; and Worst Quarter was down ‑19.59%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		13.46%		13.66%		13.58%

	Return After Taxes on Distributions		11.52%		10.94%		11.01%

	Return After Taxes on Distributions and Sale of Fund Shares		8.55%		9.96%		10.14%
Class C	Return Before Taxes		16.60%		13.80%		13.22%
Advisor Class	Return Before Taxes		18.76%		14.93%		14.35%
Class I	Return Before Taxes		18.77%		14.94%		14.37%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Matthew Blickman	Since January 2026	Senior Vice President of the Adviser

Kurt A. Feuerman	Since 2011	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Select US Long/Short Portfolio

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I
Management Fees		1.50%		1.50%		1.50%		1.50%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None

Other Expenses:
Transfer Agent		0.08%		0.08%		0.08%		0.02%
Interest Expense		0.05%		0.05%		0.05%		0.05%
Other Expenses		0.05%		0.05%		0.05%		0.05%

Total Other Expenses		0.18%		0.18%		0.18%		0.12%

Acquired Fund Fees and Expenses		0.10%		0.10%		0.10%		0.10%

Total Annual Fund Operating Expenses		2.03%		2.78%		1.78%		1.72%

Fee Waiver and/or Expense Reimbursement(c)		(0.09)%		(0.10)%		(0.09)%		(0.09)%

Total Annual Fund Operating Expenses Including Interest Expense After Fee Waiver and/or Expense Reimbursement(d)		1.94%		2.68%		1.69%		1.63%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

(d)	If interest expense were excluded, net expenses would be as follows:


Class A		Class C		Advisor Class		Class I
	1.89%		2.63%		1.64%		1.58%

Examples

stay the same and that any fee waiver and/or expense limitation is in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	Class A		Class C			Advisor Class		Class I
After 1 Year	$	614	$	371	*	$	172	$	166

After 3 Years	$	1,026	$	853		$	552	$	533

After 5 Years	$	1,464	$	1,460		$	956	$	925

After 10 Years	$	2,676	$	2,922		$	2,087	$	2,023

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 318% of the average value of its portfolio.

PRINCIPAL STRATEGIES

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies, short positions in such securities, and cash and U.S. cash equivalents.

The Adviser selects investments for the Fund’s long positions through an intensive “bottom‑up” approach that places an emphasis on companies that are engaged in business activities with solid long-term growth potential and high barriers to entry, that have strong cash flows and other financial metrics, and that have transparent financial statements and business models. The Adviser also evaluates the quality of company management based on a series of criteria, including: (1) management’s focus on shareholder returns, such as through a demonstrated commitment to dividends and dividend growth, share buybacks or other shareholder-friendly corporate actions; (2) management’s employment of conservative accounting methodologies; (3) management incentives, such as direct equity ownership; and (4) management accessibility. The Adviser seeks to identify companies where events or catalysts may drive the company’s share price higher, such as earnings and/or revenue growth above consensus forecasts, potential market recognition of undervaluation or overstated market-risk discount, or the institution of any of the shareholder-friendly practices discussed in the preceding sentence. In light of this catalyst-focused approach, the Adviser expects to engage in active and frequent trading for the Fund.

In determining securities to be sold short, the Adviser seeks companies facing near-term difficulties such as high valuations, quality of earnings issues, or weakness in demand due to economic factors or long-term issues such as changing technology or competitive concerns in their industries. The Fund may also sell securities of exchange-traded funds (“ETFs”) short, including to hedge its exposure to specific market sectors or if it believes a specific sector or asset will decline in value. When the Fund sells securities short, it sells a stock that it does not own (but has borrowed) at its current market price in anticipation that the price of the stock will decline. To complete, or close out, the short sale transaction, the Fund buys the same stock in the market at a later date and returns it to the lender.

The Adviser derives the ratio between long and short positions for the Fund based on its bottom‑up analysis supplemented with macro-economic and market analyses. Generally, the net long exposure of the Fund (long exposure minus short exposure) is expected to range between 30% and 70%. There may be circumstances where the Adviser’s research and market outlook lead the Fund’s net long exposure to fall above or below these thresholds. The Adviser seeks to minimize the variability of Fund returns through industry diversification as well as by managing long and short exposures and/or by holding a material level of cash and/or cash equivalents. For example, the Fund may hold long positions in equity securities with a value equal to 60% of its net assets and have short sale obligations equal to 15% of its net assets, resulting in 45% net long exposure. Assuming a 60% long exposure, 40% of Fund assets will be held in cash or cash equivalents, including cash and cash equivalents held to cover the Fund’s short sale obligations. During periods of excessive market risk, the Adviser may reduce the net long exposure of the Fund. The Fund may at times hold long and short positions that in the aggregate exceed the value of its net assets (i.e., so that the Fund is effectively leveraged).

The Fund’s investments will be focused on securities of companies with large and medium market capitalizations, but it may also take long and short positions in securities of small-capitalization companies. The Fund may invest in non‑U.S. companies, but currently intends to limit its investments in such companies to no more than 10% of its net assets. The Fund may purchase securities in initial public offerings (“IPOs”) and expects to do so on a regular basis.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps, as part of its investment strategies or for hedging or other risk management purposes. These transactions may be used, for example, as a means to take a short position in a security or sector without actually selling securities short.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Short Sale Risk: Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security. The amount of such loss is theoretically unlimited, as it will be based on the increase in value of the security sold short. In contrast, the risk of loss from a long position is limited to the Fund’s investment in the security, because the price of the security cannot fall below zero. The Fund may not always be able to close out a short position on favorable terms.

•

Leverage Risk: To the extent the Fund uses leveraging techniques, the value of its shares may be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments.

•

Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate is expected to greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 8.71%, 2nd quarter, 2020; and Worst Quarter was down ‑10.66%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		4.77%		7.66%		7.90%

	Return After Taxes on Distributions		1.36%		5.24%		5.88%

	Return After Taxes on Distributions and Sale of Fund Shares		4.48%		5.30%		5.60%
Class C	Return Before Taxes		7.74%		7.78%		7.56%
Advisor Class	Return Before Taxes		9.70%		8.85%		8.64%
Class I	Return Before Taxes		9.78%		8.90%		8.68%
S&P 500^® Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Matthew Blickman	Since January 2026	Senior Vice President of the Adviser

Kurt A. Feuerman	Since 2012	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Sustainable Global Thematic Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A			Class C		Advisor Class			Class I		Class Z
Management Fees		0.64%			0.64%		0.64%			0.64%		0.64%

Distribution and/or Service (12b‑1) Fees		0.25%			1.00%		None			None		None

Other Expenses:
Transfer Agent		0.09%			0.10%		0.09%			0.09%		0.02%
Other Expenses		0.05%			0.05%		0.05%			0.05%		0.06%

Total Other Expenses		0.14%			0.15%		0.14%			0.14%		0.08%

Acquired Fund Fees and Expenses		0.01%			0.01%		0.01%			0.01%		0.01%

Total Annual Fund Operating Expenses		1.04%			1.80%		0.79%			0.79%		0.73%

Fee Waiver and/or Expense Reimbursement(c)		0.00%	(d)		(0.01)%		0.00%	(d)		(0.01)%		(0.01)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.04%			1.79%		0.79%			0.78%		0.72%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

(d)	Amount is less than 0.005%.

Examples

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


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	527	$	282	*	$	81	$	80	$	74

After 3 Years	$	742	$	565		$	252	$	251	$	232

After 5 Years	$	975	$	974		$	439	$	438	$	405

After 10 Years	$	1,642	$	1,915		$	978	$	977	$	906

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund pursues opportunistic growth by investing in a global universe of companies whose business activities the Adviser believes position the company to benefit from certain sustainable investment themes that align with one or more of the United Nations Sustainable Development Goals (“SDGs”). These themes include the advancement of climate, health and empowerment. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of issuers located throughout the world that satisfy the Fund’s sustainability criteria. An issuer that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets such criteria, although many of the issuers in which the Fund invests will derive a much greater portion of their revenues from such activities.

The Adviser employs a combination of “top‑down” and “bottom‑up” investment processes with the goal of identifying, based on its internal research and analysis, securities of companies worldwide, that fit into sustainable investment themes. First, under the “top‑down” approach, the Adviser identifies the sustainable investment themes. In addition to this “top‑down” thematic approach, the Adviser then uses a “bottom‑up” analysis of individual companies, focusing on prospective earnings growth, valuation, and quality of company management and on evaluating a company’s exposure to environmental, social and corporate governance (“ESG”) factors. ESG factors, which can vary across companies and industries, may include environmental impact, corporate governance, ethical business practices, employee practices, product safety, supply chain management and community impact. Eligible investments include securities of issuers that the Adviser believes will maximize total return while also contributing to positive societal impact aligned with one or more SDGs. While the Adviser emphasizes company-specific positive selection criteria over broad-based negative screens in assessing a company’s exposure to ESG factors, the Fund will not invest in companies that derive revenue from direct involvement in adult entertainment, alcohol, cannabis, coal, controversial weapons, firearms, gambling, genetically modified organisms, military contracting, prisons, or tobacco. Activities deriving revenue and revenue thresholds may vary by sector.

The Adviser normally considers a large universe of mid‑ to large-capitalization companies worldwide for investment.

The Fund invests in securities issued by U.S. and non‑U.S. companies from multiple industry sectors in an attempt to maximize opportunity, which should also tend to reduce risk. The Fund invests in both developed and emerging market countries. Under normal market conditions, the Fund invests significantly (at least 40%—unless market conditions are not deemed favorable by the Adviser) in securities of non‑U.S. companies. In addition, the Fund invests, under normal circumstances, in the equity securities of companies located in at least three countries. The percentage of the Fund’s assets invested in securities of companies in a particular country or denominated in a particular currency varies in accordance with the Adviser’s assessment of the appreciation potential of such securities. The Fund may invest in any company and industry and in any type of equity security, listed and unlisted, with potential for capital appreciation. It invests in well-known, established companies as well as new, smaller or less-seasoned companies. Investments in new, smaller or less-seasoned companies may offer more reward but may also entail more risk than is generally true of larger, established companies. The Fund may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities, real estate investment trusts (“REITs”) and zero‑coupon bonds.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Fund, from time to time, invests in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Fund may enter into other derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Fund’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

•

Emerging Market Risk: Investments in emerging market countries may have more risk than investments in other foreign countries because the markets are less developed, less liquid and are subject to increased potential for market manipulation and increased economic, political, regulatory, or other uncertainties.

•

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

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

On November 1, 2016, the Fund implemented its current investment strategies (previously, the Fund’s investment strategies did not emphasize sustainable investment themes) and also changed its name from AB Global Thematic Growth Fund to AB Sustainable Global Thematic Fund. Accordingly, the performance shown below for the period prior to November 1, 2016 is based on the Fund’s prior investment strategies and may not be representative of the Fund’s performance under its current investment strategies.

Bar Chart

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

Best Quarter was up 27.20%, 2nd quarter, 2020; and Worst Quarter was down ‑17.81%, 2nd quarter, 2022.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		1.74%		2.18%		9.82%

	Return After Taxes on Distributions		-1.13%		0.68%		8.36%

	Return After Taxes on Distributions and Sale of Fund Shares		3.11%		1.67%		7.83%
Class C	Return Before Taxes		4.51%		2.30%		9.47%
Advisor Class	Return Before Taxes		6.52%		3.33%		10.57%
Class I	Return Before Taxes		6.47%		3.33%		10.64%
Class Z**	Return Before Taxes		6.55%		3.40%		10.65%
MSCI ACWI Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses, or other taxes)			22.34%		11.19%		11.72%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

**	Inception date for Class Z shares: 7/26/21. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of the Class Z shares.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Edward Bryan	Since February 2026	Senior Vice President of the Adviser

Lei Qiu	Since October 2026	Senior Vice President of the Adviser

Adam Yee	Since October 2026	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Sustainable International Thematic Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class			Class I		Class Z
Management Fees		0.65%		0.65%		0.65%			0.65%		0.65%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None			None		None

Other Expenses:
Transfer Agent		0.05%		0.06%		0.05%			0.11%		0.02%
Other Expenses		0.09%		0.09%		0.08%			0.09%		0.10%

Total Other Expenses		0.14%		0.15%		0.13%			0.20%		0.12%

Acquired Fund Fees and Expenses		0.01%		0.01%		0.01%			0.01%		0.01%

Total Annual Fund Operating Expenses		1.05%		1.81%		0.79%			0.86%		0.78%

Fee Waiver and/or Expense Reimbursement(c)		(0.01)%		(0.01)%		0.00%	(d)		(0.01)%		(0.01)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.04%		1.80%		0.79%			0.85%		0.77%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”. The agreement may only be terminated or changed with the consent of the Fund’s Board of Directors.

(d)	Amount is less than 0.005%.

Examples


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	527	$	283	*	$	81	$	87	$	79

After 3 Years	$	744	$	568		$	252	$	273	$	248

After 5 Years	$	979	$	979		$	439	$	476	$	432

After 10 Years	$	1,652	$	1,926		$	978	$	1,060	$	965

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 113% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests primarily in a focused international portfolio of equity securities of companies whose business activities the Adviser believes position the company to benefit from certain sustainable investment themes that align with one or more of the United Nations Sustainable Development Goals (“SDGs”). These themes include the advancement of climate, health and empowerment. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of issuers located outside of the United States that satisfy the Fund’s sustainability criteria. An issuer that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets such criteria, although many of the issuers in which the Fund invests will derive a much greater portion of their revenues from such activities.

The Adviser employs a combination of “top‑down” and “bottom‑up” investment processes with the goal of identifying, based on its internal research and analysis, securities of companies worldwide, that fit into sustainable investment themes. First, the Adviser identifies through its “top‑down” process the sustainable investment themes. In addition to this “top‑down” thematic approach, the Adviser then uses a “bottom‑up” analysis of individual companies, focusing on prospective earnings growth, valuation, and quality of company management and on evaluating a company’s exposure to environmental, social and corporate governance (“ESG”) factors. ESG factors, which can vary across companies and industries, may include environmental impact, corporate governance, ethical business practices, employee practices, product safety, supply chain management and community impact. Eligible investments include securities of issuers that the Adviser believes will maximize total return while also contributing to positive societal impact aligned with one or more SDGs. While the Adviser emphasizes company-specific positive selection criteria over broad-based negative screens in assessing a company’s exposure to ESG factors, the Fund will not invest in companies that derive revenue from direct involvement in adult entertainment, alcohol, cannabis, coal, controversial weapons, firearms, gambling, genetically modified organisms, military contracting, prisons, or tobacco. Activities deriving revenue and revenue thresholds may vary by sector.

The Adviser normally considers a large universe of mid‑ to large-capitalization companies worldwide for investment, but may invest in companies of any size. The Fund invests, under normal circumstances, in the equity securities of companies located in at least three countries (and normally substantially more) other than the United States. The Fund invests in securities of companies in both developed and emerging market countries, with the stock selection process determining the geographic distribution of the Fund’s investments. The Fund also invests in the equity securities of companies located in the United States with exposure to international markets. The Fund may sell securities that no longer meet the investment criteria described above.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Fund may, from time to time, invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Fund may enter into other derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Emerging Market Risk: Investments in emerging market countries may have more risks than investments in other foreign countries because the markets are less developed, less liquid and are subject to increased potential for market manipulation and increased economic, political, regulatory or other uncertainties.

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

On January 8, 2018, the Fund implemented its current investment strategies (previously, the Fund’s investment strategies did not emphasize sustainable investment themes) and also changed its name from AB International Growth Fund to AB Sustainable International Thematic Fund. Accordingly, the performance shown below for periods prior to January 8, 2018 is based on the Fund’s prior investment strategies and may not be representative of the Fund’s performance under its current investment strategies.

Bar Chart

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

Best Quarter was up 22.99%, 2nd quarter, 2020; and Worst Quarter was down ‑18.42%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		8.73%		-0.61%		5.11%

	Return After Taxes on Distributions		8.73%		-0.91%		4.55%

	Return After Taxes on Distributions and Sale of Fund Shares		5.17%		-0.46%		3.97%
Class C	Return Before Taxes		11.69%		-0.51%		4.76%
Advisor Class	Return Before Taxes		13.88%		0.51%		5.83%
Class I	Return Before Taxes		13.72%		0.45%		5.83%
Class Z**	Return Before Taxes		13.87%		0.53%		5.88%
MSCI ACWI ex‑US Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses, or other taxes)			32.39%		7.91%		8.41%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

**	Inception date for Class Z shares: 7/26/21. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of the Class Z shares.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Edward Bryan	Since February 2026	Senior Vice President of the Adviser

Lei Qiu	Since October 2026	Senior Vice President of the Adviser

Adam Yee	Since October 2026	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Global Core Equity Portfolio

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None
Exchange Fee	None	None	None

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


	Class A		Class C		Advisor Class
Management Fees		0.74%		0.74%		0.74%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None

Other Expenses:
Transfer Agent		0.01%		0.02%		0.01%
Other Expenses		0.04%		0.04%		0.04%

Total Other Expenses		0.05%		0.06%		0.05%

Total Annual Fund Operating Expenses		1.04%		1.80%		0.79%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

Examples


	Class A		Class C			Advisor Class
After 1 Year	$	527	$	283	*	$	81

After 3 Years	$	742	$	566		$	252

After 5 Years	$	975	$	975		$	439

After 10 Years	$	1,642	$	1,916		$	978

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests primarily in a portfolio of equity securities of issuers from markets around the world. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities, at least 40% of its net assets in securities of non‑U.S. companies, and invests in companies in at least three countries (including the United States).

The Fund is principally comprised of companies considered by the Adviser to offer good prospects for attractive returns relative to the general stock market. The Adviser seeks companies that are attractively valued and have the ability to generate high and sustainable returns on invested capital. In addition to returns on invested capital, other criteria that the Adviser considers include strong business fundamentals, capable management, prudent corporate governance, strong balance sheet, strong earnings power, high earnings quality, low downside risk, and substantial upside potential. In managing the Fund, the Adviser does not seek to have a bias towards any investment style, economic sector, country or company size. The Fund’s holdings of non‑U.S. companies frequently include companies located in emerging markets, and at times emerging market companies will make up a significant portion of the Fund.

Fluctuations in currency exchange rates can have a dramatic impact of the returns of equity securities. While the Adviser may hedge the foreign currency exposure resulting from the Fund’s security positions through the use of currency-related derivatives, it is not required to do so.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one year, five years and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 15.90%, 2nd quarter, 2020; and Worst Quarter was down ‑20.87%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		9.79%		6.25%		9.26%

	Return After Taxes on Distributions		7.12%		5.10%		8.33%

	Return After Taxes on Distributions and Sale of Fund Shares		7.17%		4.67%		7.35%
Class C	Return Before Taxes		12.83%		6.38%		8.91%
Advisor Class	Return Before Taxes		15.00%		7.45%		10.01%
MSCI ACWI Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deduction for fees, expenses, or other taxes)			22.34%		11.19%		11.72%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Rasmus Lee Hansen	Since December 2025	Vice President of the Adviser

Klaus Ingemann	Since 2014	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB International Growth Portfolio

(formerly, AB Concentrated International Growth Portfolio)

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Funds—Sales Charge Reduction Programs for Class A Shares on page 132 of this Prospectus, in Appendix B—Financial Intermediary Waivers of this Prospectus and in Purchase of Shares—Sales Charge Reduction Programs on page 199 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None
Exchange Fee	None	None	None

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


	Class A		Class C		Advisor Class
Management Fees		0.75%		0.75%		0.75%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None

Other Expenses:
Transfer Agent		0.03%		0.05%		0.03%
Other Expenses		0.55%		0.47%		0.52%

Total Other Expenses		0.58%		0.52%		0.55%

Total Annual Fund Operating Expenses		1.58%		2.27%		1.30%

Fee Waiver and/or Expense Reimbursement(c)		(0.43)%		(0.37)%		(0.40)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.15%		1.90%		0.90%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund until October 31, 2027 to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 1.15%, 1.90% and 0.90% of average daily net assets, respectively, for Class A, Class C and Advisor Class shares. In addition, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. Each of the agreements will remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

Examples

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


	Class A		Class C			Advisor Class
After 1 Year	$	537	$	293	*	$	92

After 3 Years	$	862	$	674		$	373

After 5 Years	$	1,210	$	1,181		$	675

After 10 Years	$	2,189	$	2,403		$	1,533

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in the equity securities of companies meeting the Adviser’s growth criteria. For purposes of this policy, companies meeting the Adviser’s growth criteria are those companies with securities included in any one of the following indexes: the MSCI ACWI IMI Growth and the Morningstar Global All‑Cap Growth TME. In addition, the Fund invests, under normal circumstances, primarily in equity securities of non‑U.S. companies, and in companies in at least three countries other than the United States.

In pursuing the Fund’s investment objective, the Adviser employs a bottom‑up research-driven approach to construct a portfolio of highly profitable companies with strong management teams and durable competitive strengths. The Adviser focuses on companies that it believes exhibit compelling structural growth and quality characteristics and aims to hold them for the long-term to harness the compounding effect of consistent high cash flows and earnings. Valuation is also emphasized to ensure sustained potential for growth over an extended period.

The Fund may invest in securities of companies of any market capitalization or industry. The Adviser’s research focuses on analyzing companies based on three primary characteristics: structural growth, quality and valuation. In evaluating companies’ structural growth prospects, the Adviser considers strength of business model, innovation potential, and exposure to secular market growth drivers. In assessing quality, the Adviser analyzes balance sheet strength, long-term competitive position and the presence of barriers to entry to defend pricing power over the long term. The Adviser applies its valuation criteria by evaluating each security’s estimated long-term potential value in comparison to its current market value. The Fund may invest in emerging market companies, and at times emerging market companies may make up a significant portion of the Fund. Emerging markets are countries considered to be developing countries by the international financial community and include, but are not limited to, those countries included in an emerging or frontier markets index by a recognized index provider, such as the MSCI Emerging Markets Index.

Currency fluctuations can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. While the Adviser may hedge the foreign currency exposure resulting from the Fund’s security positions through the use of currency-related derivatives, it is not required to do so.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Sector Risk: The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology 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.

•

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

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 23.39%, 2nd quarter, 2020; and Worst Quarter was down ‑20.32%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		6.02%		-4.97%		3.23%

	Return After Taxes on Distributions		5.96%		-5.04%		2.78%

	Return After Taxes on Distributions and Sale of Fund Shares		3.60%		-3.65%		2.44%
Class C	Return Before Taxes		8.78%		-4.87%		2.90%
Advisor Class	Return Before Taxes		11.00%		-3.91%		3.94%
MSCI ACWI ex‑US Index (Net)** (reflects no deduction for fees, expenses, or taxes)			32.39%		7.91%		8.41%
MSCI EAFE Index** (reflects no deduction for fees, expenses, or taxes)			31.89%		9.47%		8.72%
MSCI ACWI Ex‑US Growth Index*** (reflects no deduction for fees, expenses, or taxes)			25.65%		4.01%		7.92%

*	After‑tax Returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after‑tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

**	Effective January 9, 2026, the primary broad-based index used for comparison with the Fund’s performance changed from the MSCI EAFE Index to the MSCI ACWI Ex-US Index (Net) because the MSCI ACWI Ex-US Index (Net) more closely reflects the overall market in which the Fund may invest.

***

The MSCI ACWI Ex-US Growth Index provides more information about securities exhibiting overall growth style characteristics across certain developed and emerging markets countries. The MSCI ACWI Ex-US Growth Index, which more closely reflects the types of securities in which the Fund invests, is the Fund’s secondary benchmark.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Nicolas Goncalves	Since 2025	Vice President of the Adviser

Robert Hofmann	Since 2025	Senior Vice President of the Adviser

Marcus Morris-Eyton	Since 2025	Senior Vice President of the Adviser

Darina Valkova	Since 2025	Vice President of the Adviser

Shibo Wang	Since October 2026	Vice President of the Adviser

Thorsten Winkelmann	Since 2025	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

VALUE FUNDS

AB Large Cap Value Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I		Class Z
Management Fees		0.50%		0.50%		0.50%		0.50%		0.50%
Fee Waiver(c)		(0.02)%		(0.02)%		(0.02)%		(0.02)%		(0.02)%


Net Management Fees		0.48%		0.48%		0.48%		0.48%		0.48%
Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None		None

Other Expenses:
Transfer Agent		0.03%		0.04%		0.03%		0.12%		0.02%
Other Expenses(d)		0.10%		0.10%		0.10%		0.10%		0.10%

Total Other Expenses		0.13%		0.14%		0.13%		0.22%		0.12%

Total Annual Fund Operating Expenses		0.86%		1.62%		0.61%		0.70%		0.60%

Fee Waiver and/or Expense Reimbursement(e)		(0.01)%		(0.02)%		(0.01)%		(0.05)%		(0.01)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.85%		1.60%		0.60%		0.65%		0.59%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)	The Adviser has contractually agreed to waive 0.025% of its management fee from the Fund until October 31, 2027. This waiver agreement may be terminated or changed only with the consent of the Board of Trustees.

(d)	“Other Expenses” includes acquired fund fees and expenses totaling less than 0.01%.

(e)

Examples

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


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	508	$	263	*	$	61	$	66	$	60
After 3 Years	$	687	$	509		$	194	$	219	$	191
After 5 Years	$	881	$	879		$	339	$	385	$	334

After 10 Years	$	1,440	$	1,717		$	761	$	866	$	749

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests in a diversified portfolio of equity securities of large capitalization value companies. The Fund invests in companies that are determined by the Adviser to be undervalued using the fundamental value approach of the Adviser. The fundamental value approach seeks to identify a universe of securities that are considered to be undervalued because they are attractively priced relative to their future earnings power and dividend-paying capability.

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of large capitalization companies meeting the Adviser’s value criteria. For purposes of this policy, companies meeting the Adviser’s value criteria are those companies with securities included in the Russell 3000^® Value Index. Also, for purposes of this policy, large capitalization companies are those companies falling within the market capitalization range of companies in the Russell 1000^® Value Index. As of June 30, 2026, the market capitalization of companies in the Russell 1000^® Value Index ranged from approximately $607.5 million to $4.2 trillion. The Fund invests primarily in U.S. companies but also invests in non‑U.S. companies.

In selecting securities for the Fund’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power and dividend-paying capability are not fully reflected in the current market price of their securities.

The Adviser’s fundamental analysis depends heavily upon its internal research staff. The research staff of company and industry analysts covers a research universe that includes the majority of the capitalization of the Russell 1000^® Value Index. The Adviser typically projects a company’s financial performance over a full economic cycle, including a trough and a peak. The research staff focuses on the valuation implied by the current price, relative to the earnings the company will be generating five years from now, or “normalized” earnings, assuming average mid‑economic cycle growth for the fifth year.

The team will generally sell a security when it no longer meets appropriate valuation criteria, although sales may be delayed when positive return trends are favorable.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 17.23%, 4th quarter, 2020; and Worst Quarter was down ‑28.11%, 1st quarter, 2020.

Performance Table*

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A**	Return Before Taxes		11.78%		12.58%		8.86%

	Return After Taxes on Distributions		9.46%		10.09%		7.40%

	Return After Taxes on Distributions and Sale of Fund Shares		8.65%		9.56%		6.91%
Class C	Return Before Taxes		14.86%		12.71%		8.51%
Advisor Class	Return Before Taxes		17.05%		13.86%		9.61%
Class I	Return Before Taxes		16.97%		13.85%		9.63%
Class Z***	Return Before Taxes		16.99%		13.89%		9.64%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%
Russell 1000^® Value Index (reflects no deduction for fees, expenses, or taxes)			15.91%		11.33%		10.53%

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended November 30, 2025 by 0.06%.

**	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are estimates based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after‑tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and

–

Are not relevant to investors who hold fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

***	Inception date for Class Z shares: October 1, 2024. Performance information for periods prior to the inception of Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expenses of the Class Z shares.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGER

The following table lists the person responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Snezhana Otto	Since 2025	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Discovery Value Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I		Class Z
Management Fees		0.75%		0.75%		0.75%		0.75%		0.75%

Distribution and/or Service (12b-1) Fees		0.25%		1.00%		None		None		None

Other Expenses:
Transfer Agent		0.06%		0.06%		0.06%		0.12%		0.03%
Other Expenses(c)		0.03%		0.03%		0.03%		0.03%		0.03%

Total Other Expenses		0.09%		0.09%		0.09%		0.15%		0.06%

Total Annual Fund Operating Expenses		1.09%		1.84%		0.84%		0.90%		0.81%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)	“Other Expenses” includes acquired fund fees and expenses totaling less than 0.01%.

Examples


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	531	$	287	*	$	86	$	92	$	83

After 3 Years	$	757	$	579		$	268	$	287	$	259

After 5 Years	$	1,000	$	995		$	466	$	498	$	450

After 10 Years	$	1,697	$	1,962		$	1,037	$	1,108	$	1,002

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in a diversified portfolio of equity securities of small- to mid‑capitalization U.S. companies. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small- to mid‑capitalization companies meeting the Adviser’s value criteria. For purposes of this policy, companies meeting the Adviser’s value criteria are those companies with securities included in the Russell 3000^® Value Index. Also, for purposes of this policy, small- to mid‑capitalization companies are those companies falling within the market capitalization range of companies in the Russell 2500^® Value Index. As of June 30, 2026, the market capitalization of companies in the Russell 2500^® Value Index ranged from approximately $8.5 million to $30 billion. Because the Fund’s definition of small- to mid‑capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets.

The Fund invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Fund’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

In selecting securities for the Fund’s portfolio, the Adviser seeks companies with attractive valuation and compelling success factors (for example, momentum and return on equity). The Adviser then uses this information to calculate an expected return. Returns and rankings are updated on a daily basis. The rankings are used to determine prospective candidates for further fundamental research and, subsequently, possible addition to the portfolio. Typically, the Adviser’s fundamental research analysts focus their research on the most attractive 20% of the universe.

The Adviser typically projects a company’s financial performance over a full economic cycle, including a trough and a peak, within the context of forecasts for real economic growth, inflation and interest rate changes. The Adviser focuses on the valuation implied by the current price, relative to the earnings the company will be generating five years from now, or “normalized” earnings, assuming average mid‑economic cycle growth for the fifth year.

The Fund’s management team and other senior investment professionals work in close collaboration to weigh each investment opportunity identified by the research staff relative to the entire portfolio and determine the timing and position size for purchases and sales. Analysts remain responsible for monitoring new developments that would affect the securities they cover. The team will generally sell a security when it no longer meets appropriate valuation criteria, although sales may be delayed when positive return trends are favorable. Typically, growth in the size of a company’s market capitalization relative to other domestically traded companies will not cause the Fund to dispose of the security.

The Adviser seeks to manage overall portfolio volatility relative to the universe of companies that comprise the lowest 20% of the total U.S. market capitalization by favoring promising securities that offer the best balance between return and targeted risk. At times, the Fund may favor or disfavor a particular sector compared to that universe of companies. The Fund may invest significantly in companies involved in certain sectors that constitute a material portion of the universe of small- and mid‑capitalization companies, such as financial services and consumer services.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

The Fund may invest in securities issued by non‑U.S. companies.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. 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 may have limited product lines, markets or financial resources.

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 29.04%, 4th quarter, 2020; and Worst Quarter was down ‑36.61%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		-1.81%		7.30%		7.64%

	Return After Taxes on Distributions		-3.09%		5.04%		5.87%

	Return After Taxes on Distributions and Sale of Fund Shares		-0.11%		5.37%		5.81%
Class C	Return Before Taxes		0.80%		7.44%		7.29%
Advisor Class	Return Before Taxes		2.80%		8.52%		8.38%
Class I	Return Before Taxes		2.68%		8.46%		8.35%
Class Z	Return Before Taxes		2.78%		8.54%		8.43%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%
Russell 2500^® Value Index (reflects no deduction for fees, expenses, or taxes)			12.73%		10.02%		9.72%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
James W. MacGregor	Since 2005	Senior Vice President of the Adviser

Erik A. Turenchalk	Since 2020	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Relative Value Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I		Class Z
Management Fees		0.55%		0.55%		0.55%		0.55%		0.55%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None		None

Other Expenses:
Transfer Agent		0.09%		0.09%		0.09%		0.12%		0.02%
Other Expenses		0.04%		0.04%		0.04%		0.04%		0.04%

Total Other Expenses		0.13%		0.13%		0.13%		0.16%		0.06%

Acquired Fund Fees and Expenses		0.01%		0.01%		0.01%		0.01%		0.01%

Total Annual Fund Operating Expenses		0.94%		1.69%		0.69%		0.72%		0.62%

Fee Waiver and/or Expense Reimbursement(c)		(0.03)%		(0.03)%		(0.03)%		(0.06)%		0.00%	(d)

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.91%		1.66%		0.66%		0.66%		0.62%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB Funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 0.90%, 1.65%, 0.65%, 0.65% and 0.65% of average daily net assets, respectively, for Class A, Class C, Advisor Class, Class I and Class Z shares. In addition to that agreement, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”. Each of the agreements will remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

(d)	Amount is less than 0.005%.

Examples

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


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	514	$	269	*	$	67	$	67	$	63

After 3 Years	$	709	$	530		$	218	$	224	$	199

After 5 Years	$	920	$	915		$	381	$	395	$	346

After 10 Years	$	1,528	$	1,796		$	856	$	889	$	774

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in equity securities of U.S. companies that the Adviser believes are trading at attractive valuations that have strong or improving business models. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies meeting the Adviser’s value criteria. For purposes of this policy, companies meeting the Adviser’s value criteria are those companies with securities included in any one of the following indexes: the MSCI ACWI IMI Value, the Russell 3000^® Value Index, the MSCI ACWI IMI Value Weighted, and the Morningstar Global All‑Cap Value TME.

The Adviser monitors the fundamental performance of the Fund’s investments for signs of future financial success. The Adviser relies heavily upon the fundamental analysis and research of its dedicated investment team for the Fund in conducting research and making investment decisions. The team initially screens a primary research universe of largely U.S. companies for attractive security valuation and business model characteristics. Once appropriate candidates have been identified for further analysis, the team conducts fundamental research to better understand the company’s business model. In evaluating a company for potential inclusion in the Fund, the Adviser takes into account many factors that it believes bear on the company’s ability to perform in the future, including attractive free cash flow valuations, high levels of profitability, stable‑to‑improving balance sheets, and management teams that are good stewards of shareholder capital.

The Adviser recognizes that the perception of “value” is relative and often defined by the future economic performance of the company. As a result of how individual companies are valued in the market, the Fund may be attracted to investments in companies with different market capitalizations (i.e., large-, mid‑ or small-capitalization) or companies engaged in particular types of businesses, although the Fund does not intend to concentrate in any particular sectors or industries. At any period in time, the Fund’s portfolio emphasis upon particular industries or sectors will be a by‑product of the stock selection process rather than the result of assigned targets or ranges.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. 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 may have limited product lines, markets or financial resources.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual return for one, five and ten years compare to those of a broad-based securities market index and an additional index that more closely reflects the types of securities in which the Fund invests.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 18.13%, 4th quarter, 2020; and Worst Quarter was down ‑26.47%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		5.51%		10.08%		9.77%

	Return After Taxes on Distributions		4.09%		8.05%		7.73%

	Return After Taxes on Distributions and Sale of Fund Shares		4.29%		7.73%		7.43%
Class C	Return Before Taxes		8.28%		10.16%		9.42%
Advisor Class	Return Before Taxes		10.41%		11.29%		10.51%
Class I	Return Before Taxes		10.55%		11.30%		10.53%
Class Z	Return Before Taxes		10.46%		11.34%		10.57%
S&P 500 Index (reflects no deductions for fees, expenses, or taxes)			17.88%		14.42%		14.82%
Russell 1000^® Value Index (reflects no deductions for fees, expenses, or taxes)			15.91%		11.33%		10.53%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
John H. Fogarty	Since 2018	Senior Vice President of the Adviser

Christopher Kotowicz	Since 2023	Senior Vice President of the Adviser

Adam Yee	Since 2025	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB International Value Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I
Management Fees		0.75%		0.75%		0.75%		0.75%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None

Other Expenses:
Transfer Agent		0.17%		0.19%		0.17%		0.12%
Other Expenses(c)		0.44%		0.44%		0.45%		0.45%

Total Other Expenses		0.61%		0.63%		0.62%		0.57%

Total Annual Fund Operating Expenses		1.61%		2.38%		1.37%		1.32%

Fee Waiver and/or Expense Reimbursement(d)		(0.45)%		(0.47)%		(0.46)%		(0.41)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.16%		1.91%		0.91%		0.91%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)	“Other Expenses” includes acquired fund fees and expenses totaling less than 0.01%.

(d)

Examples


	Class A		Class C			Advisor Class		Class I
After 1 Year	$	538	$	294	*	$	93	$	93
After 3 Years	$	869	$	698		$	389	$	378
After 5 Years	$	1,223	$	1,228		$	706	$	684

After 10 Years	$	2,219	$	2,488		$	1,606	$	1,554

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and more than 40 developed and emerging market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging market countries worldwide. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies meeting the Adviser’s value criteria. For purposes of this policy, companies meeting the Adviser’s value criteria are those companies with securities included in any one of the following indexes: the MSCI ACWI IMI Value, the MSCI ACWI IMI Value Weighted, and the Morningstar Global All‑Cap Value TME. Under normal market conditions, the Fund invests significantly (at least 40% unless market conditions are not deemed favorable by the Adviser) in securities of non‑U.S. companies. In addition, the Fund invests, under normal circumstances, in equity securities of companies located in at least three countries.

The Fund invests in companies that are determined by the Adviser to be undervalued, using a fundamental value approach. In selecting securities for the Fund’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

The Adviser’s fundamental analysis depends heavily upon its large internal research staff. The research staff begins with a global research universe of international and emerging market companies. Teams within the research staff cover a given industry worldwide to better understand each company’s competitive position in a global context. The Adviser typically projects a company’s financial performance over a full economic cycle, including a trough and a peak, within the context of forecasts for real economic growth, inflation and interest rate changes. The Adviser focuses on the valuation implied by the current price, relative to the earnings the company will be generating five years from now, or “normalized” earnings, assuming average mid‑economic cycle growth for the fifth year.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser evaluates currency and equity positions separately and may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge a portion of its currency risk, the Fund may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Fund may enter into other derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

The Fund may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Fund seeks to invest than direct investments. The Fund may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multinational companies and “semi-governmental securities”, and enter into forward commitments.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 24.54%, 4th quarter, 2022; and Worst Quarter was down ‑30.64%, 1st quarter, 2020.

Performance Table*

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A**	Return Before Taxes		35.92%		10.09%		6.20%

	Return After Taxes on Distributions		34.95%		9.32%		5.82%

	Return After Taxes on Distributions and Sale of Fund Shares		21.77%		7.92%		5.01%
Class C	Return Before Taxes		39.94%		10.22%		5.86%
Advisor Class	Return Before Taxes		42.39%		11.34%		6.93%
Class I	Return Before Taxes		42.20%		11.31%		7.01%
MSCI EAFE Index (net) (reflects no deduction for fees, expenses, or taxes except the reinvestment of dividends net of U.S. withholding taxes)			31.22%		8.92%		8.18%

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended November 30, 2025 by 0.60%.

**	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Avi Lavi	Since 2012	Senior Vice President of the Adviser

Justin Moreau	Since 2022	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Core Opportunities Fund

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I and Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I			Class Z
Management Fees		0.55%		0.55%		0.55%		0.55%			0.55%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None			None

Other Expenses:
Transfer Agent		0.09%		0.10%		0.09%		0.02%			0.02%
Other Expenses(c)		0.31%		0.30%		0.31%		0.32%			0.33%

Total Other Expenses		0.40%		0.40%		0.40%		0.34%			0.35%

Total Annual Fund Operating Expenses		1.20%		1.95%		0.95%		0.89%			0.90%

Fee Waiver and/or Expense Reimbursement(d)		(0.05)%		(0.05)%		(0.05)%		0.00%	(e)		0.00%	(e)

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.15%		1.90%		0.90%		0.89%			0.90%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)	“Other Expenses” includes acquired fund fees and expenses totaling less than 0.01%.

(d)

The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB Funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 1.15%, 1.90%, 0.90%, 0.90% and 0.90% of average daily net assets, respectively, for Class A, Class C, Advisor Class, Class I and Class Z shares. In addition to that agreement, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. Each of the agreements will remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

(e)	Amount is less than 0.005%.

Examples

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


	Class A		Class C			Advisor Class		Class I		Class Z
After 1 Year	$	537	$	293	*	$	92	$	91	$	92

After 3 Years	$	785	$	607		$	298	$	284	$	287

After 5 Years	$	1,052	$	1,048		$	521	$	493	$	498

After 10 Years	$	1,814	$	2,076		$	1,162	$	1,096	$	1,108

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in the equity securities of U.S. companies that the Adviser believes are attractively valued and have enduring business models with strong fundamentals. The Adviser relies on a research-driven stock selection process that leverages both quantitative screening tools and fundamental research insights to make investment decisions. The team initially screens a primary research universe of largely U.S. companies for attractive security valuation and business models. Once appropriate candidates have been identified for further analysis, the team conducts fundamental research to better understand the economics of the company’s business model. In evaluating a company for potential inclusion in the Fund, the Adviser takes into account many factors that it believes bear on the company’s ability to perform in the future, including competitive advantages and fundamentals such as strong cash-flow generation, sustainable growth and strong balance sheets.

At different times, and as a result of how individual companies are valued in the market, the Fund may be attracted to investments in companies with different market capitalizations or companies engaged in particular types of business (e.g., banks and other financial institutions), although the Fund does not intend to concentrate in any particular industries or businesses. The Fund’s portfolio emphasis upon particular industries or sectors will be a by‑product of the stock selection process rather than the result of assigned targets or ranges. In managing the Fund, the Adviser will not seek to have a bias either towards the style of securities typically considered growth stocks or securities typically considered value stocks.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. 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 may have limited product lines, markets or financial resources.

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 18.58%, 2nd quarter, 2020; and Worst Quarter was down ‑19.63%, 1st quarter, 2020.

Performance Table*

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A**	Return Before Taxes		12.31%		11.76%		12.38%

	Return After Taxes on Distributions		8.71%		8.97%		9.83%

	Return After Taxes on Distributions and Sale of Fund Shares		9.88%		8.82%		9.44%
Class C	Return Before Taxes		15.38%		11.89%		12.03%
Advisor Class	Return Before Taxes		17.59%		13.02%		13.16%
Class I	Return Before Taxes		17.58%		13.04%		13.19%
Class Z	Return Before Taxes		17.60%		13.07%		13.24%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended November 30, 2025 by 0.09%.

**	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Luke Pryor	Since 2025	Senior Vice President of the Adviser

Shri Singhvi^*	Since 2025	Senior Vice President of the Adviser

*	Effective December 31, 2026, Mr. Singhvi will cease to serve as a portfolio manager of the Fund.

ADDITIONAL INFORMATION

AB Global Risk Allocation Fund

INVESTMENT OBJECTIVE

The Fund’s investment objective is total return consistent with reasonable risks through a combination of income and long-term growth of capital.

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I
Management Fees		0.60%		0.60%		0.60%		0.60%
Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None

Other Expenses:
Transfer Agent		0.14%		0.15%		0.14%		0.12%
Other Expenses		0.44%		0.44%		0.44%		0.43%

Total Other Expenses		0.58%		0.59%		0.58%		0.55%

Acquired Fund Fees and Expenses		0.07%		0.07%		0.07%		0.07%

Total Annual Fund Operating Expenses		1.50%		2.26%		1.25%		1.22%

Fee Waiver and/or Expense Reimbursement(c)		(0.05)%		(0.05)%		(0.05)%		(0.05)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.45%		2.21%		1.20%		1.17%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”. The agreement will remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, the agreement will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

Examples


	Class A		Class C			Advisor Class		Class I
After 1 Year	$	566	$	324	*	$	122	$	119
After 3 Years	$	874	$	702		$	392	$	382
After 5 Years	$	1,204	$	1,205		$	682	$	666

After 10 Years	$	2,135	$	2,400		$	1,507	$	1,473

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests dynamically in a number of global asset classes, including equity/credit, fixed-income, and inflation-sensitive instruments. In making decisions on the allocation of assets among asset classes, the Adviser will use a risk-balanced approach. This strategy attempts to provide investors with favorable long-term total return while minimizing exposure to material downside (“tail”) events. To execute this strategy, the Adviser assesses the volatility, tail loss and return potential of each asset. Fund assets are then allocated among asset classes so that no asset class dominates the expected tail loss of the Fund. This will generally result in the Fund having greater exposures to lower risk asset classes (such as fixed-income) than to higher risk asset classes. The Adviser will make frequent adjustments to the Fund’s asset class exposures based on its determinations of volatility, tail loss and return potential.

The asset classes in which the Fund may invest include:

•

equity/credit—equity securities of all types and corporate fixed-income securities (regardless of credit quality, but subject to the limitations on high-yield securities set forth below);

•

fixed-income—fixed-income securities of the U.S. and foreign governments and their agencies and instrumentalities; and

•

inflation-sensitive—global inflation-indexed securities (including Treasury Inflation Protected Securities) and commodity-related instruments and derivatives (including commodity futures).

The Fund’s investments within each asset class are generally index-based—typically, portfolios of individual securities, derivatives or exchange-traded funds (“ETFs”) intended to track the performance of segments within each particular asset class. The inflation-sensitive asset class consists of instruments, the prices of which are affected directly or indirectly by the level and change in the rate of inflation, such as commodity derivatives.

Equity securities will comprise no more than 75% of the Fund’s investments. The Fund may invest in fixed-income securities with a range of maturities from short- to long-term. The Fund may invest up to 20% of its assets in high-yield securities (securities rated below BBB‑ by S&P Global Ratings (“S&P”), Moody’s Ratings (“Moody’s”), or Fitch Ratings (“Fitch”), or the equivalent by any other nationally recognized statistical rating organization (“NRSRO”), which are commonly known as “junk bonds”). As an operating policy, the Fund will invest no more than 5% of its assets in securities rated CCC‑ or below.

The Fund’s investments will generally be global in nature, and will generally include investments in both developed and emerging markets. The Fund typically invests at least 40% of its assets in securities of non‑U.S. companies and/or foreign countries and their agencies and instrumentalities unless conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its assets in such foreign securities.

Derivatives, particularly futures contracts and swaps, often provide more efficient and economical exposure to market segments than direct investments, and the Fund’s exposure to certain types of assets may at times be achieved partially or substantially through investment in derivatives. Derivatives transactions may also be a quicker and more efficient way to alter the Fund’s exposure than buying and selling direct investments. In determining when and to what extent to enter into derivatives transactions, the Adviser considers factors such as the risk and returns of these investments relative to direct investments and the cost of such transactions.

Because derivatives transactions frequently require cash outlays that are only a small portion of the amount of exposure obtained through the derivative, a portion of the Fund’s assets may be held in cash or invested in cash equivalents to cover the Fund’s derivatives obligations, such as short-term U.S. Government and agency securities, repurchase agreements and money market funds. At times, a combination of direct securities investments and derivatives will be used to gain asset class exposure so that the Fund’s

aggregate exposure will substantially exceed its net assets (i.e., so that the Fund is effectively leveraged). In addition, the Fund may at times invest in shares of ETFs in lieu of making direct investments in securities.

While the Fund may seek to gain exposure to physical commodities traded in the commodities markets through investments in a variety of derivative instruments, the Adviser expects to seek exposure to commodities and commodities-related instruments and derivatives primarily through investments in AllianceBernstein Global Risk Allocation (Cayman) Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Global Risk Allocation Subsidiary”). The Global Risk Allocation Subsidiary is advised by the Adviser and has the same investment objective and substantially similar investment policies and restrictions as the Fund except that the Global Risk Allocation Subsidiary, unlike the Fund, may invest, without limitation, in commodities and commodities-related instruments. The Fund is subject to the risks associated with the commodities, derivatives and other instruments in which the Global Risk Allocation Subsidiary invests, to the extent of its investment in the Global Risk Allocation Subsidiary. The Fund limits its investment in the Global Risk Allocation Subsidiary to no more than 25% of its total assets. Investment in the Global Risk Allocation Subsidiary is expected to provide the Fund with commodity exposure within the limitations of federal tax requirements that apply to the Fund.

Currency exchange rate fluctuations can have a dramatic impact on returns. The Adviser may seek to hedge all or a portion of the Fund’s currency exposure resulting from Fund investments or decide not to hedge this exposure. The Adviser may also cause the Fund to take on currency exposure for purposes other than hedging, relying on its fundamental and quantitative research with the goal of increasing returns or managing risk. Currency-related investments may include currencies acquired on a spot (i.e., cash) basis and currency-related derivatives, including forward currency exchange contracts and options on currencies.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Allocation Risk: The allocation of investments among asset classes may have a significant adverse effect on the Fund’s net asset value, or NAV, when the asset classes in which the Fund has invested more heavily perform worse than the asset classes invested in less heavily.

•

Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

•

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

•

Commodity Risk: Investing in commodities and commodity-linked derivative instruments, either directly or through the Global Risk Allocation Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

•

Below Investment Grade Securities Risk: Investments in fixed-income securities with ratings below investment grade, commonly known as “junk bonds”, tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally and may be more difficult to trade or dispose of than other types of securities.

•

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

•

Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies are subject to market and management risk. In addition, shareholders of the Fund bear both their proportionate share of expenses in the Fund (including management fees) and, indirectly, the expenses of the investment companies in which the Fund invests (to the extent these expenses are not waived or reimbursed by the Adviser).

•

Subsidiary Risk: By investing in the Global Risk Allocation Subsidiary, the Fund is indirectly exposed to the risks associated with the Global Risk Allocation Subsidiary. The derivatives and other investments held by the Global Risk Allocation Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Global Risk Allocation Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Global Risk Allocation Subsidiary, and the Fund and the Global Risk Allocation Subsidiary are managed by the Adviser, making it unlikely the Global Risk Allocation Subsidiary will take actions contrary to the interests of the Fund or its shareholders. In addition, changes in federal tax laws applicable to the Fund or interpretations thereof could limit the Fund’s ability to gain exposure to commodities investments through investments in the Global Risk Allocation Subsidiary.

•

Leverage Risk: Because the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

•

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 10.97%, 2nd quarter, 2020; and Worst Quarter was down ‑14.97%, 1st quarter, 2020.

Performance Table*

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A**	Return Before Taxes		8.88%		4.60%		5.79%

	Return After Taxes on Distributions		5.58%		1.74%		3.82%

	Return After Taxes on Distributions and Sale of Fund Shares		5.75%		2.58%		3.85%
Class C	Return Before Taxes		11.91%		4.72%		5.45%
Advisor Class	Return Before Taxes		14.05%		5.78%		6.51%
Class I	Return Before Taxes		13.86%		5.78%		6.56%
MSCI World Index (reflects no deduction for fees, expenses, or taxes)			21.09%		12.15%		12.17%
Bloomberg Global Aggregate Bond Index*** (reflects no deduction for fees, expenses, or taxes)			8.17%		-2.15%		1.26%
60% MSCI World Index/40% Bloomberg Global Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)***			15.90%		6.35%		7.89%

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended November 30, 2025 by 0.06%.

**	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

***	The information for the Bloomberg Global Aggregate Bond Index and for the composite index is presented to show how the Fund’s performance compares with the returns of indices of securities similar to those in which the Fund invests.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Carl Jones	Since March 2026	Vice President of the Adviser

Daniel J. Loewy	Since 2016	Senior Vice President of the Adviser

Leon Zhu*	Since 2012	Senior Vice President of the Adviser

*	Mr. Zhu is expected to retire from the Adviser effective December 31, 2026.

ADDITIONAL INFORMATION

AB Small Cap Value Portfolio

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None
Exchange Fee	None	None	None

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


	Class A		Class C		Advisor Class
Management Fees		0.80%		0.80%		0.80%

Distribution and/or Service (12b-1) Fees		0.25%		1.00%		None

Other Expenses:
Transfer Agent		0.06%		0.06%		0.06%
Other Expenses(c)		0.08%		0.08%		0.08%

Total Other Expenses		0.14%		0.14%		0.14%

Total Annual Fund Operating Expenses		1.19%		1.94%		0.94%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)	“Other Expenses” includes acquired fund fees and expenses totaling less than 0.01%.

Examples

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


	Class A		Class C			Advisor Class
After 1 Year	$	541	$	297	*	$	96

After 3 Years	$	787	$	609		$	300

After 5 Years	$	1,052	$	1,047		$	520

After 10 Years	$	1,807	$	2,070		$	1,155

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in a portfolio of equity securities of small-capitalization U.S. companies. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization companies meeting the Adviser’s value criteria. For purposes of this policy, companies meeting the Adviser’s value criteria are those companies with securities in any one of the following indexes: the Russell 3000^® Value Index, the MSCI ACWI IMI Value, the MSCI ACWI IMI Value Weighted, and the Morningstar Global All‑Cap Value TME. Also, for purposes of this policy, small-capitalization companies are those companies falling within the market capitalization range of companies in the Russell 2000^® Value Index . As of June 30, 2026, the market capitalization of companies in the Russell 2000^® Value Index ranged from approximately $8.5 million to $13 billion.

The Fund invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Fund, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of the securities.

The Adviser seeks companies with attractive valuation and compelling quality factors (for example, momentum and return on equity). The Adviser then uses this information to calculate an expected return. Returns and rankings are updated on a daily basis. The rankings are used to determine prospective candidates for further fundamental research and, subsequently, possible addition to the Fund. Typically, the Adviser’s fundamental research analysts focus their research on the most attractive 20% of the companies in the small-capitalization universe as defined above.

The Adviser typically projects a company’s financial performance over a full economic cycle, including a trough and a peak, within the context of forecasts for real economic growth, inflation and interest rate changes. The Adviser focuses on the valuation implied by the current price, relative to the earnings the company is projected to generate five years from now, or “normalized” earnings, assuming average mid‑economic cycle growth for the fifth year.

The Adviser generally sells a security when it no longer meets appropriate valuation criteria, although sales may be delayed when return trends are favorable. Typically, growth in the size of a company’s market capitalization relative to other domestically traded companies will not cause the Adviser to dispose of the security.

The Adviser seeks to manage the overall portfolio volatility relative to the Russell 2000^® Value Index by favoring promising securities that offer the best balance between return and targeted risk.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. 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 may have limited product lines, markets or financial resources.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 34.82%, 4th quarter, 2020; and Worst Quarter was down ‑37.58%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		-4.47%		5.12%		6.63%

	Return After Taxes on Distributions		-5.46%		3.89%		5.61%

	Return After Taxes on Distributions and Sale of Fund Shares		-1.91%		3.72%		5.09%
Class C	Return Before Taxes		-1.94%		5.27%		6.30%
Advisor Class	Return Before Taxes		0.02%		6.31%		7.37%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		14.42%		14.82%
Russell 2000^® Value Index (reflects no deduction for fees, expenses, or taxes)			12.59%		8.88%		9.27%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
James W. MacGregor	Since 2014	Senior Vice President of the Adviser

Erik A. Turenchalk	Since 2020	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB All China Equity Portfolio

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Advisor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	None
Exchange Fee	None	None

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


	Class A		Advisor Class
Management Fees		0.95%		0.95%

Distribution and/or Service (12b‑1) Fees		0.25%		None

Other Expenses:
Transfer Agent		0.04%		0.04%
Other Expenses(b)		0.88%		0.88%

Total Other Expenses		0.92%		0.92%

Total Annual Fund Operating Expenses		2.12%		1.87%

Fee Waiver and/or Expense Reimbursement(c)		(0.62)%		(0.62)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.50%		1.25%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	“Other Expenses” includes acquired fund fees and expenses totaling less than 0.01%.

(c)

The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB Funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 1.50% and 1.25% of average daily net assets, respectively, for Class A and Advisor Class shares. In addition to that agreement, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. Each of the agreements will remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

Examples


	Class A		Advisor Class
After 1 Year	$	571	$	127

After 3 Years	$	1,004	$	528

After 5 Years	$	1,461	$	953

After 10 Years	$	2,726	$	2,140

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Adviser seeks to achieve the Fund’s investment objective by investing, under normal circumstances, at least 80% of the Fund’s net assets in a portfolio of equity securities of companies economically tied to the People’s Republic of China (“China”) (including Hong Kong). A company is considered to be economically tied to China if: (i) the company is domiciled or organized in China; (ii) the company has securities that are traded principally in China; or (iii) the company conducts a substantial part of its economic activities in China or is a U.S.-listed entity established by a company conducting a substantial part of its economic activities in China, which has been structured to provide investors with exposure to the company. Equity securities may include common stocks, preferred stocks, the equity securities of real estate investment trusts, or REITs, depositary receipts and derivative instruments related to equity securities. The Adviser expects to invest Fund assets both in shares of companies that trade on the Shanghai Stock Exchange or the Shenzhen Stock Exchange (“China A shares”) and shares of companies economically tied to China that trade in Hong Kong, such as China H shares, or outside of China.

The Adviser believes that, over time, securities that are undervalued by the market relative to their long-term earnings power can provide high returns. The Adviser utilizes fundamental analysis and its quantitative models to attempt to identify these securities for investment by the Fund, attempting to balance factors relating to valuation, company quality and investor sentiment, and will seek to build a portfolio that delivers attractive risk-adjusted returns.

The Adviser may, but frequently will not, hedge the foreign currency exposure resulting from the Fund’s security positions through the use of currency-related derivatives.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Foreign (Non‑U.S.) Risk: Investments in securities of non‑U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors. Investments in emerging market countries such as China may involve more risk than investments in developed countries because the markets in emerging market countries are less developed and less liquid and are subject to increased economic, political, regulatory, or other uncertainties. In addition, the value of the Fund’s investments may decline because of factors such as unfavorable or unsuccessful government actions and reduction in government or central bank support.

•

China/Single Country Risk: Investments in issuers located in a particular country or geographic region typically involve more risk than investments in U.S. issuers because of particular market factors affecting that country or region, including political instability, geopolitical risks or unpredictable economic conditions. Risks of the Fund’s investments in securities of companies economically tied to China may include the volatility of the Chinese stock market; the Chinese economy’s heavy dependence on exports, which may be affected adversely by trade barriers or disputes or may decrease, sometimes significantly, when the world economy weakens; and the continuing importance of the role of the Chinese Government, which may take legal or regulatory actions that affect the contractual arrangements of a company or economic and market practices, and cause the value of the securities of an issuer held by the Fund to decrease significantly. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the

economy of Asian countries and a commensurately negative impact on the Fund. In addition, the Fund’s investments in companies owned or controlled directly or indirectly by the central, provincial or municipal governments of the People’s Republic of China or by the People’s Liberation Army (the military arm of the Chinese Communist Party) involve risks that political changes, social instability, regulatory uncertainty, adverse diplomatic developments, asset expropriation or nationalization, economic sanctions, trade embargos, cancellation of investors’ interests, or confiscatory taxation could adversely affect the performance of such companies and therefore investments by the Fund in those companies. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion. Military conflict between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. While the Chinese economy has grown at a rapid rate in recent years, the rate of growth has been declining, and there can be no assurance that China’s economy will continue to grow in the future. Investments in China A shares are subject to various licenses and quotas that may restrict daily trading and to additional risks that could affect liquidity compared to investments in companies in developed markets. Investments in China H shares are subject to the risk that the performance of the Hong Kong stock market may have little to no correlation to the performance of the Chinese stock market, and the Hong Kong stock market may behave differently from the Chinese stock market. Risks of investments in companies based in Hong Kong include heavy reliance on the Chinese economy, plus regional Asian and global economies such as the U.S. economy, which makes these investments vulnerable to changes in these economies.

•

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments in equity securities denominated in foreign currencies or reduce the Fund’s returns. Emerging market currencies may be more volatile and less liquid, and subject to significantly greater risk of currency controls and convertibility restrictions, than currencies of developed countries.

•

Depositary Receipts Risk: Investing in depositary receipts involves risks that are similar to the risks of direct investments in foreign securities. For example, investing in depositary receipts may involve risks relating to political, economic or regulatory conditions in foreign countries. In addition, the issuers of the securities underlying certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts.

•

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently than domestic securities. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

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

•

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

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

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

Best Quarter was up 27.93%, 1st quarter, 2019; and Worst Quarter was down ‑23.81%, 3rd quarter, 2022.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		Since Inception**
Class A*	Return Before Taxes		27.76%		-3.68%		1.48%

	Return After Taxes on Distributions		25.78%		-4.16%		1.11%

	Return After Taxes on Distributions and Sale of Fund Shares		16.77%		-2.77%		1.14%
Advisor Class	Return Before Taxes		33.84%		-2.61%		2.32%
MSCI China All Shares Index (reflects no deduction for fees, expenses, or taxes)			28.94%		-2.45%		2.93%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

**	Inception date for all Classes is July 25, 2018.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Kate Huang	Since 2025	Vice President of the Adviser

John Lin	Since 2018	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Mid Cap Value Portfolio

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.

Shareholder Fees (fees paid directly from your investment)


	Class Z Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)		None
Exchange Fee		None

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


	Class Z
Management Fees		0.63%

Distribution and/or Service (12b‑1) Fees		None

Other Expenses:
Transfer Agent		0.02%
Other Expenses		13.54%

Total Other Expenses		13.56%

Total Annual Fund Operating Expenses		14.19%

Fee Waiver and/or Expense Reimbursement(a)		(13.52)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.67%

(a)

The Adviser has contractually agreed to waive fees and/or bear expenses of the Fund to the extent necessary to prevent Total Other Expenses (excluding transfer agent expenses, acquired fund fees and expenses other than the advisory fees of any AB Funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 0.02% of the average daily net assets for Class Z shares (“expense limitation”). Any fees waived and expenses borne by the Adviser may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s Total Other Expenses to exceed the expense limitation. In addition, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. The expense limitations and waiver agreement will each remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, the expense limitations and waiver agreement will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

Examples

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


	Class Z
After 1 Year	$	68

After 3 Years	$	2,763

After 5 Years	$	4,986

After 10 Years	$	8,983

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund invests primarily in a diversified portfolio of equity securities of mid‑capitalization U.S. companies. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of mid‑capitalization companies meeting the Adviser’s value criteria. For purposes of this policy, companies meeting the Adviser’s value criteria are those companies with securities included in any one of the following indexes: the MSCI ACWI IMI Value, the Russell 3000^® Value Index, the MSCI ACWI IMI Value Weighted, and the Morningstar Global All‑Cap Value TME. Also, for purposes of this policy, mid‑capitalization companies are those companies falling within the market capitalization range of companies in the Russell Midcap^® Index. As of June 30, 2026, the market capitalization of companies in the Russell Midcap^® Index ranged from approximately $607.5 million to $88.2 billion. Because the Fund’s definition of mid‑capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets.

In selecting securities for the Fund’s portfolio, the Adviser seeks companies with attractive valuation and compelling success factors. The Adviser then uses this information to calculate an expected return. Returns and rankings are updated on a daily basis. The rankings are used to determine prospective candidates for further fundamental research and, subsequently, possible addition to the portfolio.

The Adviser typically projects a company’s financial performance over a full economic cycle within the context of forecasts for real economic growth, inflation and interest rate changes. The Adviser focuses on the valuation implied by the current price, relative to the earnings the company will be generating five years from now, or “normalized” earnings, assuming average mid‑economic cycle growth for the fifth year.

The Adviser seeks to manage overall portfolio volatility relative to the Russell Midcap Value^® Index by favoring promising securities that offer the best balance between return and targeted risk. At times, the Fund may favor or disfavor a particular sector compared to that universe of companies. The Fund may invest significantly in companies involved in certain sectors that constitute a material portion of the universe of mid‑capitalization companies, such as industrials and consumer services.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

The Fund may invest in securities issued by non‑U.S. companies.

PRINCIPAL RISKS

•

Market Risk: The value of the Fund’s investments 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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. 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 may have limited product lines, markets or financial resources.

•

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

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

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

•

how the Fund’s average annual returns for one year and since inception compare to those of a broad-based securities market index and an additional index that more closely reflects the types of securities in which the Fund invests.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Bar Chart

The annual returns in the bar chart are for the Fund’s Class Z shares. Through September 30, 2026, the year‑to‑date unannualized return for Class Z shares was 14.36%.

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

Best Quarter was up 4.96%, 3rd quarter, 2025; and Worst Quarter was down ‑1.24%, 1st quarter, 2025.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		Since Inception*
Class Z	Return Before Taxes		10.92%		10.49%

	Return After Taxes on Distributions		9.16%		9.19%

	Return After Taxes on Distributions and Sale of Fund Shares		7.01%		7.75%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			17.88%		20.58%
Russell Midcap Value Index (reflects no deduction for fees, expenses, or taxes)			11.05%		11.73%

*	Inception date for Class Z shares: April 30, 2024.

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

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGER

The following table lists the person responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
James W. MacGregor	Since 2024	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

MULTI-ASSET FUNDS

AB Wealth Appreciation Strategy

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in the family of AB Mutual Funds sponsored by AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). More information about these and other discounts is available from your financial intermediary and in Investing in the Funds—Sales Charge Reduction Programs for Class A Shares on page 132 of this Prospectus, in Appendix B—Financial Intermediary Waivers of this Prospectus, and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 199 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None
Exchange Fee	None	None	None

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


	Class A		Class C		Advisor Class
Management Fees		0.65%		0.65%		0.65%
Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None

Other Expenses:
Transfer Agent		0.03%		0.04%		0.03%
Other Expenses		0.04%		0.04%		0.04%

Total Other Expenses		0.07%		0.08%		0.07%

Acquired Fund Fees and Expenses		0.26%		0.26%		0.26%

Total Annual Fund Operating Expenses		1.23%		1.99%		0.98%

Fee Waiver and/or Expense Reimbursement(c)		(0.26)%		(0.26)%		(0.26)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.97%		1.73%		0.72%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

The Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Fund in an amount equal to the Fund’s share of the advisory fees of any AB Funds in which the Fund invests, as included in “Acquired Fund Fees and Expenses” and paid by the Fund. In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”. Each of the agreements will remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Trustees. In addition, each of the agreements will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

Examples

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


	Class A		Class C			Advisor Class
After 1 Year	$	520	$	276	*	$	74
After 3 Years	$	774	$	599		$	286
After 5 Years	$	1,048	$	1,049		$	516

After 10 Years	$	1,828	$	2,099		$	1,178

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund or an investment company in which the Fund invests pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 23% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests primarily in equity securities, either directly or through underlying investment companies advised by the Adviser (“Underlying Portfolios”). A majority of the Fund’s assets are expected to be invested directly in U.S. large‑cap equity securities, primarily common stocks, in accordance with the Adviser’s U.S. Strategic Equities investment strategy (“U.S. Strategic Equities”), as described below. In addition, the Fund seeks to achieve exposure to international large‑cap equity securities through investments in other registered investment companies advised by the Adviser, which may include International Strategic Equities Portfolio of Bernstein Fund, Inc. (“Bernstein International Strategic Equities Portfolio”). The Fund also invests in other Underlying Portfolios to efficiently gain exposure to certain other types of equity securities, including small- and mid‑cap and emerging market equity securities. An Underlying Portfolio is selected based on the segment of the equity market to which the Underlying Portfolio provides exposure, its investment philosophy, and how it complements and diversifies the Fund’s overall portfolio.

Under U.S. Strategic Equities, portfolio managers of the Adviser that specialize in various investment disciplines identify high-conviction large‑cap equity securities based on their fundamental investment research for potential investment by the Fund. These securities are then assessed in terms of both this fundamental research and quantitative analysis in creating the Fund’s portfolio. In applying the quantitative analysis, the Adviser considers a number of metrics that historically have provided some indication of favorable future returns, including metrics related to valuation, quality, investor behavior and corporate behavior.

Bernstein International Strategic Equities Portfolio focuses on investing in non‑U.S. large‑cap and mid‑cap equity securities. Bernstein International Strategic Equities Portfolio follows a strategy similar to U.S. Strategic Equities, but in the international context.

Fluctuations in currency exchange rates can have a dramatic impact on the returns of foreign equity securities. The Adviser may employ currency hedging strategies in the Fund or the Underlying Portfolios, including the use of currency-related derivatives, to seek to reduce currency risk in the Fund or the Underlying Portfolios, but it is not required to do so.

The Fund is managed without regard to tax considerations.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

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

•

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.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Effective July 14, 2017, the Fund made certain changes to its principal strategies, including the elimination of static asset allocation targets for investment, and the modification of the strategies to invest primarily in equity securities. The Fund had also previously allocated approximately one third of its assets to diversification investments such as alternative investments. Accordingly, the performance shown below for periods prior to July 14, 2017 is based on the Fund’s prior principal strategies and may not be representative of the Fund’s performance under its current principal strategies.

Bar Chart

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

Best Quarter was up 19.01%, 2nd quarter, 2020; and Worst Quarter was down ‑22.35%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		16.11%		10.28%		10.31%

	Return After Taxes on Distributions		14.16%		8.67%		8.79%

	Return After Taxes on Distributions and Sale of Fund Shares		10.72%		7.79%		7.95%
Class C	Return Before Taxes		19.34%		10.39%		9.95%
Advisor Class	Return Before Taxes		21.63%		11.52%		11.06%
MSCI ACWI (net) Index (reflects no deduction for fees, expenses, or taxes)			22.34%		11.19%		11.72%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGER

The following table lists the person responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Ding Liu	Since 2017	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB All Market Total Return Portfolio

INVESTMENT OBJECTIVE

The Fund’s investment objective is to achieve the highest total return consistent with the Adviser’s determination of reasonable risk.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in the family of AB Mutual Funds sponsored by AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). More information about these and other discounts is available from your financial intermediary and in Investing in the Funds—Sales Charge Reduction Programs for Class A Shares on page 132 of this Prospectus, in Appendix B—Financial Intermediary Waivers of this Prospectus, and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 199 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)

Class A

Class C

Advisor Class

Class I

Maximum Sales Charge (Load) Imposed on Purchases

(as a percentage of offering price)

4.25%

None

Maximum Deferred Sales Charge (Load)

(as a percentage of offering price or redemption proceeds, whichever is lower)

None

(a)

1.00%

(b)

None

Exchange Fee

None

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


	Class A		Class C		Advisor Class		Class I
Management Fees		0.55%		0.55%		0.55%		0.55%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None

Other Expenses:
Transfer Agent		0.08%		0.09%		0.09%		0.12%
Other Expenses		0.20%		0.20%		0.20%		0.20%

Total Other Expenses		0.28%		0.29%		0.29%		0.32%

Acquired Fund Fees and Expenses		0.03%		0.03%		0.03%		0.03%

Total Annual Fund Operating Expenses		1.11%		1.87%		0.87%		0.90%

Fee Waiver and/or Expense Reimbursement(c)		(0.01)%		(0.01)%		(0.01)%		(0.01)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.10%		1.86%		0.86%		0.89%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years

(c)

In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. Each of the agreements will remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Trustees. In addition, each of the agreements will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

Examples

end of these periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s operating expenses stay the same and that any fee waiver and/or expense limitation is in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	Class A		Class C			Advisor Class		Class I
After 1 Year	$	532	$	289	*	$	88	$	91
After 3 Years	$	762	$	587		$	277	$	286
After 5 Years	$	1,010	$	1,010		$	481	$	497

After 10 Years	$	1,718	$	1,991		$	1,072	$	1,107

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Adviser allocates the Fund’s investments primarily among a number of asset classes, including equity securities, fixed-income securities, and a number of alternative asset classes and alternative investment strategies. The Fund pursues a global strategy, typically investing in securities of issuers located in the United States and in other countries throughout the world, including emerging market countries. Under normal circumstances, at least 40% of the Fund’s net assets will be invested in securities of non‑U.S. issuers.

The Fund’s investments in equity securities of issuers consist primarily of securities of large-capitalization companies, but include securities of small- and mid‑capitalization companies to a lesser extent, and include derivatives related to equity securities. In selecting equity securities for the Fund, the Adviser uses fundamental and quantitative analysis with the goal of generating returns primarily from security selection rather than price movements in equity securities generally. Fixed-income securities include corporate and sovereign debt securities as well as interest rate derivatives and credit derivatives such as credit default swaps. Fixed-income securities also include debt securities with lower credit ratings (commonly known as “junk bonds”). In selecting fixed-income securities for the Fund, the Adviser attempts to take advantage of inefficiencies that it believes exist in the global fixed-income markets. These inefficiencies arise from investor behavior, market complexity, and the investment limitations to which investors are subject.

Alternative investments include various instruments the returns on which are expected to have low correlation with returns on equity and fixed-income securities, such as commodities and related derivatives, real estate-related securities, and inflation-indexed securities. Alternative investment strategies that may be pursued by the Fund directly or indirectly through investment in other registered investment companies include (i) long/short equity strategies through which the Fund takes long positions in certain securities in the expectation that they will increase in value and takes short positions in other securities in the expectation that they will decrease in value; (ii) strategies that consider macroeconomic and technical factors to identify and exploit opportunities across global asset classes; and (iii) event-driven strategies that invest in the securities of companies that are expected to become the subject of major corporate events and companies in which an active role in company management has been taken or sought by a third-party investor.

The Adviser tactically adjusts the Fund’s asset class exposure utilizing both fundamental analysis and quantitative tools. These quantitative tools are employed by the Adviser to gauge fluctuations in the risk/return profile of various asset classes. Tactical adjustments aim to capitalize on changing market conditions to mitigate volatility or enhance long-term return potential. For example, the Adviser may seek to reduce the Fund’s risk exposure to one or more assets classes when the combined research suggests that market risks relevant to those asset classes are rising but return opportunities are declining. In addition to merely increasing or decreasing asset class exposure by buying or selling securities of that asset class, the Adviser may make tactical adjustments for the Fund by utilizing derivatives.

The Adviser intends to utilize a variety of derivatives in its management of the Fund. As noted above, the Adviser may use derivatives to gain exposure to various asset classes, and may cause the Fund to enter into derivatives to express its tactical views. As a result of the use of derivatives, the Fund will frequently be leveraged, with net investment exposure substantially in excess of net assets.

Total Return Subsidiary is advised by the Adviser and has the same investment objective and substantially similar investment policies and restrictions as the Fund except that the All Market Total Return Subsidiary, unlike the Fund, may invest, without limitation, in commodities and commodities-related instruments. The Fund is subject to the risks associated with the commodities, derivatives and other instruments in which the All Market Total Return Subsidiary invests, to the extent of its investment in the All Market Total Return Subsidiary. The Fund limits its investment in the All Market Total Return Subsidiary to no more than 25% of its total assets. Investment in the All Market Total Return Subsidiary is expected to provide the Fund with commodity exposure within the limitations of federal tax requirements that apply to the Fund.

Currency exchange rate fluctuations can have a dramatic impact on returns. The Fund’s foreign currency exposures will come from investment in securities priced or denominated in foreign currencies and from direct holdings in foreign currencies and currency-related derivatives. The Adviser may seek to hedge all or a portion of the currency exposure resulting from Fund investments or decide not to hedge this exposure. The Adviser may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

PRINCIPAL RISKS

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Allocation Risk: The allocation of investments among different investment styles, such as equity or debt, growth or value, U.S. or non‑U.S. securities, or diversification strategies, may have a more significant effect on the Fund’s net asset value, or NAV, when one of these investments is performing more poorly than another.

•

High Yield Debt Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity.

•

Interest Rate Risk: Changes in interest rates will affect the value of the Fund’s investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

•

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

•

Alternative Investments Risk: Many alternative investments can be volatile and may be illiquid. Their performance may have little correlation with the performance of equity or fixed-income markets, and they may not perform in accordance with expectations.

•

Leverage Risk: To the extent the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

•

Commodity Risk: Investing in commodities and commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

•

Subsidiary Risk: By investing in the All Market Total Return Subsidiary, the Fund is indirectly exposed to the risks associated with the All Market Total Return Subsidiary. The derivatives and other investments held by the All Market Total Return Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The All Market Total Return Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. However, the Fund wholly owns and controls the All Market Total Return Subsidiary, and the Fund and the All Market Total Return Subsidiary are managed by the Adviser, making it unlikely the All Market Total Return Subsidiary will take actions contrary to the interests of the Fund or its shareholders. In addition, changes in federal tax laws applicable to the Fund or interpretations thereof could limit the Fund’s ability to gain exposure to commodities investments through investments in the All Market Total Return Subsidiary.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Effective April 24, 2017, the Fund changed its name from AB Balanced Wealth Strategy to AB All Market Total Return Portfolio and made certain material changes to its principal strategies, including the elimination of rela-

tively static asset allocation targets for investment, and increased investment in derivatives and securities of non‑U.S. issuers. Accordingly, the performance shown below for periods prior to April 24, 2017 is based on the Fund’s prior principal strategies and may not be representative of the Fund’s performance under its current principal strategies.

Bar Chart

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

Best Quarter was up 10.92%, 2nd quarter, 2020; and Worst Quarter was down ‑17.98%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		10.35%		3.77%		5.03%

	Return After Taxes on Distributions		7.06%		2.21%		3.87%

	Return After Taxes on Distributions and Sale of Fund Shares		7.40%		2.57%		3.65%
Class C	Return Before Taxes		13.39%		3.89%		4.69%
Advisor Class	Return Before Taxes		15.58%		4.94%		5.76%
Class I	Return Before Taxes		15.54%		5.08%		5.81%
MSCI ACWI (net) Index (reflects no deduction for fees, expenses, or taxes)			22.34%		11.19%		11.72%
Bloomberg Global Aggregate Bond (USD Hedged) Index** (reflects no deduction for fees, expenses, or taxes)			4.86%		0.34%		2.39%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

**	The information for the Bloomberg Global Aggregate Bond (USD Hedged) Index is presented to show how the Fund’s performance compares with the returns of an index of securities similar to those in which the Fund invests.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Alexander Barenboym	Since 2018	Senior Vice President of the Adviser

Daniel J. Loewy	Since 2013	Senior Vice President of the Adviser

Defne Ozaltun	Since 2020	Vice President of the Adviser

ADDITIONAL INFORMATION

AB Tax‑Managed Wealth Appreciation Strategy

INVESTMENT OBJECTIVE

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

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in the family of AB Mutual Funds sponsored by AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). More information about these and other discounts is available from your financial intermediary and in Investing in the Funds—Sales Charge Reduction Programs for Class A Shares on page 132 of this Prospectus, in Appendix B—Financial Intermediary Waivers of this Prospectus, and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 199 of the Fund’s Statement of Additional Information (“SAI”).

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None
Exchange Fee	None	None	None

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


	Class A		Class C		Advisor Class
Management Fees		0.65%		0.65%		0.65%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None

Other Expenses:
Transfer Agent		0.02%		0.02%		0.02%
Other Expenses		0.04%		0.04%		0.04%

Total Other Expenses		0.06%		0.06%		0.06%

Acquired Fund Fees and Expenses		0.28%		0.28%		0.28%

Total Annual Fund Operating Expenses		1.24%		1.99%		0.99%

Fee Waiver and/or Expense Reimbursement(c)		(0.26)%		(0.26)%		(0.26)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		0.98%		1.73%		0.73%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

Examples

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


	Class A		Class C			Advisor Class
After 1 Year	$	521	$	276	*	$	75

After 3 Years	$	777	$	599		$	289

After 5 Years	$	1,053	$	1,049		$	522

After 10 Years	$	1,839	$	2,102		$	1,189

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

PRINCIPAL STRATEGIES

The Fund seeks to maximize after‑tax returns to shareholders by taking into account the tax impact of buy and sell investment decisions on its shareholders. For example, the Adviser may sell certain securities in order to realize capital losses. Capital losses may be used to offset realized capital gains. To minimize capital gains distributions, the Adviser may sell securities held by the Fund with the highest cost basis. The Adviser may monitor the length of time the Fund has held an investment to evaluate whether the investment should be sold at a short-term gain or held for a longer period so that the gain on the investment will be taxed at the lower long-term rate. In making this decision, the Adviser considers whether, in its judgment, the risk of continued exposure to the investment is worth the tax savings of a lower capital gains rate. There can be no assurance that any of these strategies will be effective or that their use will not adversely affect the gross returns of the Fund.

PRINCIPAL RISKS

•

changing interest rate levels, the imposition of new or additional tariffs, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Foreign (Non‑U.S.) Risk: The Fund’s investments in securities of non‑U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

•

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

•

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.

•

Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. 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. The Fund’s tax‑management strategies may result in it forgoing performance in favor of tax benefits that may not materialize, or may result in pre‑tax performance that is lower than that of funds that do not use tax‑management strategies.

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

Effective July 14, 2017, the Fund made certain changes to its principal strategies, including the elimination of static asset allocation targets for investment, and the modification of the strategies to invest primarily in equity securities. The Fund also previously allocated approximately one third of its assets to diversification investments such as alternative investments. Accordingly, the performance shown below for periods prior to July 14, 2017 is based on the Fund’s prior principal strategies and may not be representative of the Fund’s performance under its current principal strategies.

Bar Chart

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

Best Quarter was up 18.91%, 2nd quarter, 2020; and Worst Quarter was down ‑22.47%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		16.03%		10.02%		10.16%

	Return After Taxes on Distributions		14.86%		9.04%		8.95%

	Return After Taxes on Distributions and Sale of Fund Shares		10.23%		7.74%		7.93%
Class C	Return Before Taxes		19.25%		10.14%		9.80%
Advisor Class	Return Before Taxes		21.46%		11.26%		10.92%
MSCI ACWI (net) Index (reflects no deduction for fees, expenses, or taxes)			22.34%		11.19%		11.72%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGER

The following table lists the person responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title

Ding Liu	Since 2017	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

AB Emerging Markets Multi-Asset Portfolio

INVESTMENT OBJECTIVE

The Fund’s investment objective is to maximize total return. Total return is the sum of capital appreciation and income.

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Fund—Sales Charge Reduction Programs for Class A Shares on page 132 of this Prospectus, in Appendix B—Financial Intermediary Waivers of this Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 199 of the Fund’s Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class C Shares	Advisor Class Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.25%	None	None	None
Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower)	None(a)	1.00%(b)	None	None
Exchange Fee	None	None	None	None

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


	Class A		Class C		Advisor Class		Class I
Management Fees		0.85%		0.85%		0.85%		0.85%

Distribution and/or Service (12b‑1) Fees		0.25%		1.00%		None		None

Other Expenses:
Transfer Agent		0.03%		0.08%		0.02%		0.12%
Other Expenses		0.52%		0.46%		0.50%		0.49%

Total Other Expenses		0.55%		0.54%		0.52%		0.61%

Acquired Fund Fees and Expenses		0.01%		0.01%		0.01%		0.01%

Total Annual Fund Operating Expenses		1.66%		2.40%		1.38%		1.47%

Fee Waiver and/or Expense Reimbursement(c)		(0.41)%		(0.40)%		(0.38)%		(0.47)%

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.25%		2.00%		1.00%		1.00%

(a)	Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1‑year contingent deferred sales charge, or CDSC, which may be subject to waiver in certain circumstances.

(b)	For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.

(c)

The Adviser has contractually agreed to waive its management fee and/or to bear certain expenses of the Fund through October 31, 2027 to the extent necessary to prevent total Fund operating expenses (excluding expenses associated with acquired fund fees and expenses other than the advisory fees of any AB Funds in which the Fund may invest, interest expense and extraordinary expenses), on an annualized basis, from exceeding 1.24%, 1.99%, 0.99% and 0.99% of average daily net assets, respectively, for Class A, Class C, Advisor Class and Class I shares (“expense limitations”). In connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee. Each of the agreements will remain in effect until October 31, 2027 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one‑year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

Examples

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The Examples also assume that your investment has a 5% return each year, that the Fund’s operating expenses stay the same and that any fee waiver and/or expense limitation is in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	Class A		Class C			Advisor Class		Class I
After 1 Year	$	547	$	303	*	$	102	$	102
After 3 Years	$	888	$	710		$	400	$	419
After 5 Years	$	1,252	$	1,244		$	719	$	758

After 10 Years	$	2,274	$	2,522		$	1,624	$	1,717

*	If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests at least 80% of its net assets under normal circumstances in securities of emerging market issuers and/or the currencies of emerging market countries. Examples of emerging market countries include Argentina, Brazil, Chile, Croatia, Egypt, India, Indonesia, Israel, Kazakhstan, Malaysia, Mexico, the People’s Republic of China, Peru, the Philippines, Poland, South Africa, South Korea, Taiwan, Thailand, Turkey and Venezuela. Investing in emerging markets generally involves risks greater than the risks associated with investing in the markets of developed countries. The Fund may invest up to 20% of its net assets in the securities of developed market issuers.

The Fund invests in equity securities, debt securities and currencies, and does not attempt to maintain a constant or relatively constant allocation among these asset classes. Rather, allocations among asset classes are adjusted based on the Adviser’s view of the relative attractiveness of the asset classes. These allocations are informed by the Adviser’s proprietary asset allocation tools, which are comprised of a series of volatility, correlation and expected return forecasts. The Adviser reviews potential Fund investments in each asset class holistically from a country, currency, sector and security standpoint to optimize overall portfolio construction. Under normal circumstances, the Fund will invest between 30% and 95% of its net assets in equity securities, and between 0% and 65% of its net assets in debt securities, with any remainder held in cash (including foreign currency). The Fund is not constrained based on the country, region, market capitalization, credit quality or duration of its investments, and its assets may at times be concentrated in a particular country or region.

The process for selecting equity securities for the Fund is primarily bottom‑up. The Adviser seeks to identify stocks that are attractive based on valuation, profitability, earnings quality, business trends, price momentum and other measures.

The process for selecting debt securities for the Fund is more top‑down. The Adviser believes that inefficiencies in the global debt markets arise from investor emotion, market complexity and conflicting investment agendas. The Adviser combines quantitative forecasts with fundamental credit and economic research in seeking to exploit these inefficiencies. The Adviser seeks to generate returns from the Fund’s fixed-income investments through a combination of country selection, currency allocation, sector analysis and security selection. Debt securities may include those of both corporate and governmental issuers, and may include below investment grade debt securities (“junk bonds”). The Fund may invest in debt securities with a range of maturities from short- to long-term.

The Adviser considers both quantitative and fundamental factors in adjusting the Fund’s currency exposures. In addition to the Fund’s currency exposure that results from its investments in equity and debt securities denominated in foreign currencies (and any related hedging), the Fund may hold foreign currency (or related derivatives) independently of any such investments, and may hold a currency even if the Fund does not hold any securities denominated in that currency.

The Fund may utilize derivatives, such as futures contracts, forwards and swaps, and invest in exchange-traded funds (“ETFs”), to a significant extent. Derivatives and ETFs may provide more efficient and economical exposure to market segments than direct investments, and may also be a quicker and more efficient way to alter the portfolio’s exposure than buying and selling direct investments. In determining when and to what extent to enter into derivatives transactions or to invest in ETFs, the Adviser will consider factors such as the relative risks and returns expected of potential investments and the cost of such transactions. Derivatives may also be used for hedging purposes, including to hedge against interest rate, credit and currency fluctuations. The Adviser also expects to use derivatives frequently to effectively leverage the Fund by creating aggregate exposure somewhat in excess of the Fund’s net assets. The notional value of derivatives and ETFs linked to emerging market securities or currencies are counted towards meeting the percentage minimums and ranges set forth above, including the requirement that the Fund invest at least 80% of its net assets in the securities of emerging market issuers and/or the currencies of emerging market countries.

101

PRINCIPAL RISKS

•

Emerging Market Risk: Investments in emerging market countries may involve more risks than investments in other foreign countries because the markets are less developed, less liquid and are subject to increased potential for market manipulation and increased economic, political, regulatory, or other uncertainties.

•

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 local, regional or global 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, or global conflicts, any of which can affect large portions of the securities markets. It includes the risk that a particular style of investing may be underperforming the market generally.

•

Sector Risk: The Fund may have more risk than a more diversified portfolio because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund’s investments.

•

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns. Emerging market currencies may be more volatile and less liquid, and subject to significantly greater risk of currency controls and convertibility restrictions, than currencies of developed countries.

•

Country Concentration Risk: The Fund may not be diversified among countries or geographic regions and the effect on the Fund’s net asset value, or NAV, of the specific risks identified above, such as political, regulatory and currency risks, may be magnified due to concentration of the Fund’s investments in a particular country or region, such as China. Risks of the Fund’s investments in securities of companies economically tied to China may include the volatility of the Chinese stock market, the Chinese economy’s heavy dependence on exports, the continuing importance of the role of the Chinese Government, which may take legal or regulatory actions that affect the contractual arrangements of a company or economic and market practices and cause the value of the securities of an issuer held by the Fund to decrease significantly, and political unrest. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economy of Asian countries and a commensurately negative impact on the Fund. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion. Military conflict between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region. While the Chinese economy has grown at a rapid rate in recent years, the rate of growth has been declining, and there can be no assurance that China’s economy will continue to grow in the future.

•

Allocation Risk: The allocation of Fund assets among different asset classes, such as equity securities, debt securities and currencies, may have a significant effect on the Fund’s NAV when one of these asset classes is performing better or worse than others. The diversification benefits typically associated with investing in both equity and debt securities may be limited in the emerging markets context, as movements in emerging market equity and emerging market debt markets may be more correlated than movements in the equity and debt markets of developed countries.

•

102

•

Sovereign Debt Risk: Investments in sovereign debt obligations expose the Fund to the direct or indirect consequences of political, social and economic changes in countries that issue the obligations. Such changes may affect a foreign government’s willingness or ability to make timely payments of its obligations. In addition, no established market may exist for many sovereign debt obligations. Reduced secondary market liquidity may have an adverse effect on the market price of an instrument and the Fund’s ability to dispose of particular instruments.

•

Below Investment Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to factors such as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

•

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

•

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

BAR CHART AND PERFORMANCE INFORMATION

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

•

how the Fund’s performance changed from year to year over ten years; and

•

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.abfunds.com (click on “Investments—Mutual Funds”).

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

103

Bar Chart

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

Best Quarter was up 18.67%, 2nd quarter, 2020; and Worst Quarter was down ‑22.13%, 1st quarter, 2020.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2025)


		1 Year		5 Years		10 Years
Class A*	Return Before Taxes		19.05%		3.81%		6.45%

	Return After Taxes on Distributions		17.54%		2.54%		5.10%

	Return After Taxes on Distributions and Sale of Fund Shares		11.34%		2.52%		4.62%
Class C	Return Before Taxes		22.50%		3.94%		6.11%
Advisor Class	Return Before Taxes		24.59%		4.98%		7.17%
Class I	Return Before Taxes		24.67%		4.97%		7.16%
MSCI Emerging Markets Index (net) (reflects no deduction for fees, expenses, or taxes)			33.57%		4.20%		8.42%

*	After‑tax returns:

–

Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios;

–

Are not relevant to investors who hold Fund shares through tax‑deferred arrangements such as 401(k) plans or individual retirement accounts.

INVESTMENT ADVISER

AllianceBernstein L.P. is the investment adviser for the Fund.

PORTFOLIO MANAGERS

The following table lists the persons responsible for day‑to‑day management of the Fund’s portfolio:


Employee	Length of Service	Title
Richard Cao	Since 2022	Vice President of the Adviser

Christian DiClementi	Since 2021	Senior Vice President of the Adviser

Eric Liu	Since 2024	Senior Vice President of the Adviser

Sammy Suzuki	Since 2023	Senior Vice President of the Adviser

ADDITIONAL INFORMATION

104

ADDITIONAL INFORMATION ABOUT PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARIES

•

PURCHASE AND SALE OF FUND SHARES

Purchase Minimums

The following table describes the initial and subsequent minimum purchase amounts for each class of shares, which are subject to waiver in certain circumstances.


	Initial	Subsequent
Class A/Class C shares, including traditional IRAs and Roth IRAs	$2,500	$50
Automatic Investment Program	None	$50 If initial minimum investment is less than $2,500, then $200 monthly until account balance reaches $2,500
Advisor Class shares (only available to fee‑based programs or through other limited arrangements and certain commission-based brokerage arrangements)	None	None
Class A, Class I and Class Z shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non‑qualified deferred compensation plans and, for Class Z shares, to persons participating in certain fee‑based programs sponsored by a financial intermediary, where in each case plan level or omnibus accounts are held on the books of a Fund.	None	None

You may sell (redeem) your shares each day the New York Stock Exchange (the “Exchange”) is open. You may sell your shares through your financial intermediary or by mail (AllianceBernstein Investor Services, Inc., P.O. Box 786003, San Antonio, TX 78278-6003) or telephone ((800) 221‑5672).

•

TAX INFORMATION

Each Fund may pay income dividends or make capital gains distributions, which may be subject to U.S. federal income taxes and taxable as ordinary income or capital gains, and may also be subject to state and local taxes.

•

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank or a group retirement plan), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

105

ADDITIONAL INFORMATION ABOUT THE FUNDS’ STRATEGIES, RISKS AND INVESTMENTS

This section of the Prospectus provides additional information about the Funds’ investment strategies, practices and related risks, including principal and non‑principal strategies and risks. This Prospectus does not describe all of a Fund’s investment practices that are non‑principal strategies or all of the related risks of such strategies; additional information about each Fund’s risks and investments can be found in the Funds’ SAI. The registered investment companies for which the Adviser serves as investment adviser are referred to collectively as the “AB Funds Complex”, while all of these investment companies, except Bernstein Fund, Inc., Sanford C. Bernstein Fund, Inc. and AB Multi-Manager Alternative Fund, are referred to collectively as the “AB Funds”. A list of the current funds in the AB Funds Complex that are mutual funds offering retail share classes (“AB Mutual Funds”) is available in the Funds’ SAI.

ESG Integration

The Adviser integrates material environmental, social and governance (“ESG”) considerations into its research and investments analysis with the goal of maximizing return and considering risk within a Fund’s investment objective and strategies. The Adviser analyzes the practices of companies and issuers to identify potentially material ESG factors that can vary across companies and issuers. ESG considerations may include but are not limited to environmental impact, corporate governance and ethical business practices. ESG considerations may not be applicable to all types of instruments or investments.

This ESG integration policy does not apply to the AB Global Risk Allocation Fund and AB All Market Total Return Portfolio. Because investing on the basis of ESG criteria involves qualitative and subjective analysis, there can be no assurance that the methodology utilized by, or determinations made by, the Adviser will align with the beliefs or values of a particular investor, and other advisers may make a different assessment of a company’s ESG criteria.

For additional information with respect to the ESG integration for the AB Sustainable Global Thematic Fund and AB Sustainable International Thematic Fund, please refer to each Fund’s Principal Strategies section in this Prospectus.

Sustainable Investment Themes

The AB Sustainable Global Thematic Fund’s and AB Sustainable International Thematic Fund’s sustainable investment themes include the advancement of health, climate, and empowerment, and align with one or more of the United Nations Sustainable Development Goals (“SDGs”).

The SDGs, adopted by 193 countries in 2015, are the world’s shared plan to end extreme poverty, reduce inequality, and protect the planet by 2030. The SDGs are a collection of 17 global goals: no poverty; zero hunger; good health and well-being; quality education; gender equality; clean water and sanitation; affordable and clean energy; decent work and economic growth; industry, innovation, and infrastructure; reduced inequalities; sustainable cities and communities; responsible consumption and production; climate action; life below water; life on land; peace, justice and strong institutions; and partnerships for the goals.

The SDGs provide the Adviser a helpful framework for identifying sustainable investment themes and potential investments. The Funds’ Climate theme investments consist of companies that improve overall resource efficiency and provide environmentally positive solutions in fields such as energy production, manufacturing, construction, transportation, agriculture and sanitation. The Funds’ Climate theme, for example, aligns with SDGs such as climate action; affordable and clean energy; and clean water and sanitation. The Funds’ Health theme investments consist of companies that develop innovative health treatments and therapies, broaden access to high-quality and affordable care, ensure a steady supply of nutritious food and clean water, and promote overall physical and emotional wellbeing. The Funds’ Health theme aligns with SDGs such as good health and well-being; and clean water and sanitation. The Funds’ Empowerment theme investments consist of companies that provide the physical, financial and technological infrastructure and services that allow more people to gain control of their lives by enabling sustainable economic development, employment growth, poverty eradication, knowledge sharing and social inclusion. The Funds’ Empowerment theme aligns with SDGs such as quality education; decent work and economic growth; and no poverty.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including interest rate levels and political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, including fires, earthquakes and flooding, war or civil disturbance, acts of terrorism, tariffs and trade disputes, supply chain disruptions, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have had, and may in the future have, an adverse effect on a Fund’s investments and net asset value (“NAV”) and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for a Fund’s portfolio companies. The occurrence and pendency of

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such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a Fund’s assets may decline. Advancements in technology may adversely impact markets and the overall performance of a Fund. For example, as artificial intelligence is used more widely, the profitability and growth of individual Fund holdings may be impacted, which could significantly impact the overall performance of a Fund. All of these factors, individually or collectively, could negatively impact a Fund.

Alternative Investment Strategies of AB All Market Total Return Portfolio

AB All Market Total Return Portfolio may utilize the following investment strategies:

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The Fund may take long positions in certain securities or instruments in the expectation that they will increase in value and take short positions in other securities or instruments in the expectation that they will decrease in value. The Fund may take long positions through the direct purchase of securities and/or through derivative instruments, and may likewise take short positions through short sales and/or derivatives.

Under this strategy, the Adviser may consider different factors, such as valuation and price momentum, in determining the securities and instruments in which to take long and short positions. The Fund may invest in one or more countries, and may focus on a specified sector, industry or market capitalization at any given time. This strategy may include equity volatility strategies, in which the Fund would take long and short positions in equity volatility derivatives (i.e., derivative instruments the return on which depends on some measure of the volatility of the price of the underlying asset) where the Adviser deems such positions attractive.

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The Fund may also seek to identify and exploit opportunities across global assets classes and indexes. This strategy is driven primarily by considerations relating to asset classes and countries, including considerations of a macroeconomic or technical nature, rather than “bottom‑up” individual security analysis. As part of this strategy, the Fund may invest in all major markets—equity, fixed-income (including both interest rate and credit instruments), real estate investment trusts, or REITs, currencies and commodities, though not always at the same time—and may take both long and short positions in these markets.

Derivatives

Each Fund may, but is not required to, use derivatives for hedging or other risk management purposes or as part of its investment strategies. Derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index. A Fund may use derivatives to earn income and enhance returns, to hedge or adjust the risk profile of its investments, to replace more traditional direct investments and to obtain exposure to otherwise inaccessible markets.

There are four principal types of derivatives—options, futures contracts, forwards and swaps—each of which is described below. Derivatives include listed and cleared transactions where a Fund’s derivative trade counterparty is an exchange or clearinghouse, and non‑cleared bilateral “over‑the‑counter” transactions that are privately negotiated and where a Fund’s derivative trade counterparty is a financial institution. Exchange-traded or cleared derivatives transactions tend to be subject to less counterparty credit risk than those that are bilateral and privately negotiated.

A Fund’s use of derivatives may involve risks that are different from, or possibly greater than, the risks associated with investing directly in securities or other more traditional instruments. These risks include the risk that the value of a derivative instrument may not correlate perfectly, or at all, with the value of the assets, reference rates, or indices that they are designed to track. Other risks include: the possible absence of a liquid secondary market for a particular instrument and possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; and the risk that the counterparty will not perform its obligations. Certain derivatives may have a leverage component and involve leverage risk. Adverse changes in the value or level of the underlying asset, note or index can result in a loss substantially greater than the Fund’s investment (in some cases, the potential loss is unlimited).

The Funds’ investments in derivatives may include, but are not limited to, the following:

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Forward Contracts. A forward contract is an agreement that obligates one party to buy, and the other party to sell, a specific quantity of an underlying commodity or other tangible asset for an agreed-upon price at a future date. A forward contract generally is settled by physical delivery of the commodity or tangible asset to an agreed-upon location (rather than settled by cash) or is rolled forward into a new forward contract, or, in the case of a non‑deliverable forward, by a cash payment at maturity. The Funds’ investments in forward contracts may include the following:

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Forward Currency Exchange Contracts. A Fund may purchase or sell forward currency exchange contracts for hedging purposes to minimize the risk from adverse changes in the relationship between the U.S. Dollar and other currencies or for non‑hedging purposes as a means of making direct investments in foreign currencies, as described below under “Other Derivatives and Strategies—Currency Transactions”. A Fund, for example, may enter into a forward contract as a transaction hedge (to “lock in” the U.S. Dollar price of a non‑U.S. Dollar security), as a position hedge (to protect the value of securities the Fund owns that are denominated in a foreign currency against substantial changes in the value of the foreign currency) or as a cross-hedge (to protect the value of securities the Fund owns that are denominated in a foreign currency against substantial changes in the value of that foreign currency by entering into a forward contract for a

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different foreign currency that is expected to change in the same direction as the currency in which the securities are denominated).

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Futures Contracts and Options on Futures Contracts. A futures contract is a standardized, exchange-traded agreement that obligates the buyer to buy and the seller to sell a specified quantity of an underlying asset (or settle for cash the value of a contract based on an underlying asset, rate or index) at a specific price on the contract maturity date. Options on futures contracts are options that call for the delivery of futures contracts upon exercise. A Fund may purchase or sell futures contracts and options thereon, among other things, to permit the Fund to increase (or decrease) its effective maturity and duration, for yield curve positioning, to gain exposure to rates in various countries, and to hedge against changes in interest rates, the price of securities (through index futures contracts or options) or the value of currencies. A Fund may also take positions in futures contracts in seeking to enhance income. A Fund may purchase or sell futures contracts on foreign currencies or options thereon for non‑hedging purposes as a means of making direct investments in foreign currencies, as described below under “Other Derivatives and Strategies—Currency Transactions”.

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Options. An option is an agreement that, for a premium payment or fee, gives the option holder (the buyer) the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the exercise price) during a period of time or on a specified date. Investments in options are considered speculative. A Fund may lose the premium paid for them if the price of the underlying security or other asset decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by a Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. The Funds’ investments in options may include the following:

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Options on Foreign Currencies. A Fund may invest in options on foreign currencies that are privately negotiated or traded on U.S. or foreign exchanges for hedging purposes to protect against declines in the U.S. Dollar value of foreign currency denominated securities held by a Fund and against increases in the U.S. Dollar cost of securities to be acquired. The purchase of an option on a foreign currency may constitute an effective hedge against fluctuations in exchange rates, although if rates move adversely, a Fund may forfeit the entire amount of the premium plus related transaction costs. A Fund may also invest in options on foreign currencies for non‑hedging purposes as a means of making direct investments in foreign currencies, as described below under “Other Derivatives and Strategies—Currency Transactions”.

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Options on Securities. A Fund, with the exception of AB Concentrated Growth Fund, may purchase or write a put or call option on securities. A Fund will only exercise an option it purchased if the price of the reference security is less (in the case of a put option) or more (in the case of a call option) than the exercise price. If a Fund does not exercise a purchased option, the premium it paid for the option will be lost. A Fund may write covered options, which means writing an option for securities the Fund owns, and uncovered options. A Fund may also enter into options on the yield “spread” or yield differential between two securities. In contrast to other types of options, this type of option is based on the difference between the yields of designated securities, which may be reflected in the prices of related futures or other instruments. In addition, a Fund may write covered straddles. A straddle is a combination of a call and a put written on the same underlying security. In purchasing an option on securities, a Fund would be in a position to realize a gain if, during the option period, the price of the underlying securities increased (in the case of a call) or decreased (in the case of a put) by an amount in excess of the premium paid; otherwise the Fund would experience a loss not greater than the premium paid for the option. Thus, a Fund would realize a loss if the price of the underlying security declined or remained the same (in the case of a call) or increased or remained the same (in the case of a put) or otherwise did not increase (in the case of a put) or decrease (in the case of a call) by more than the amount of the premium. If a put or call option purchased by a Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

If a Fund purchases or writes privately-negotiated options on securities, it will effect such transactions only with investment dealers and other financial institutions (such as commercial banks or savings and loan institutions) deemed creditworthy by the Adviser. The Adviser has adopted procedures for monitoring the creditworthiness of such counterparties.

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Options on Securities Indices. An option on a securities index is similar to an option on a security except that, rather than taking or making delivery of a security at a specified price, an option on a securities index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the chosen index is greater than (in the case of a call) or less than (in the case of a put) the exercise price of the option.

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Other Option Strategies. In an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of its portfolio from a decline in value, sometimes within certain ranges, a Fund may use option strategies such as the concurrent purchase of a call or put option, including on individual securities, stock indices, futures contracts (including on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”) at one strike price and the writing of a call or put option on the same individual security, stock index, futures contract or ETF at a higher strike price in the case of a call option or at a lower strike price in the

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case of a put option. The maximum profit from this strategy would result for the call options from an increase in the value of the individual security, stock index, futures contract or ETF above the higher strike price or, for the put options, from the decline in the value of the individual security, stock index, futures contract or ETF below the lower strike price. If the price of the individual security, stock index, futures contract or ETF declines, in the case of the call option, or increases, in the case of the put option, the Fund has the risk of losing the entire amount paid for the call or put options.

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Swap Transactions. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals (payment dates) based upon or calculated by reference to changes in specified prices, rates (e.g., interest rates in the case of interest rate swaps or currency exchange rates in the case of currency swaps), or indices for a specified amount of an underlying asset (the “notional” principal amount). Generally, the notional principal amount is used solely to calculate the payment stream, but is not exchanged. Most swaps are entered into on a net basis (i.e., the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments). Certain standardized swaps, including certain interest rate swaps and credit default swaps, are subject to mandatory central clearing and are required to be executed through a regulated swap execution facility. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Funds post initial and variation margin to support their obligations under cleared swaps by making payments to their clearing member FCMs. Central clearing is intended to reduce counterparty credit risks and increase liquidity, but central clearing does not make swap transactions risk free. The Securities and Exchange Commission (“SEC”) has adopted similar execution and clearing requirements in respect of certain security-based swaps under its jurisdiction. Privately negotiated swap agreements are two‑party contracts entered into primarily by institutional investors and are not cleared through a third party, nor are these required to be executed on a regulated swap execution facility.

The Funds’ investments in swap transactions include the following:

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Currency Swaps. A Fund may invest in currency swaps for hedging purposes to protect against adverse changes in exchange rates between the U.S. Dollar and other currencies or for non‑hedging purposes as a means of making direct investments in foreign currencies, as described below under “Other Derivatives and Strategies—Currency Transactions”. Currency swaps involve the exchange by a Fund with another party of a series of payments in specified currencies. Currency swaps may be bilateral and privately negotiated with the Fund expecting to achieve an acceptable degree of correlation between its portfolio investments and its currency swaps position. Currency swaps may involve the exchange of actual principal amounts of currencies by the counterparties at the initiation, and again upon the termination, of the transaction.

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Total Return Swaps. A Fund may enter into total return swaps to take a “long” or “short” position with respect to an underlying asset, under which one party agrees to pay the other the total return of a defined underlying asset, such as a security, basket of securities, or securities index, during a specified period in exchange for periodic payments based on a fixed or variable interest rate or the total return of a different underlying asset or reference. Therefore, when a Fund enters into a total return swap, it is subject to the market price volatility of the underlying asset and may suffer losses if the underlying asset does not perform as anticipated. To the extent that the total return of the security, group of securities or index underlying the swap exceeds or falls short of the offsetting interest obligation, the Fund will receive or make a payment to the counterparty. Total return swaps may reflect a leveraged investment and incorporate borrowing costs which are borne by the Fund. There is no guarantee that the Fund’s investment via a total return swap will deliver returns in excess of the embedded borrowing costs and, accordingly, the Fund’s performance may be less than would be achieved by a direct investment in the underlying reference asset.

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Interest Rate Swaps, Swaptions, Caps, and Floors. Interest rate swaps involve the exchange by a Fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments). Unless there is a counterparty default, the risk of loss to the Fund from interest rate swap transactions is limited to the net amount of interest payments that the Fund is contractually obligated to make. If the counterparty to an interest rate swap transaction defaults, the Fund’s risk of loss consists of the net amount of interest payments that the Fund contractually is entitled to receive.

An option on a swap agreement, also called a “swaption”, is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest

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on a contractually-based principal amount from the party selling the interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on an agreed principal amount from the party selling the interest rate floor. It may be more difficult for a Fund to trade or close out interest rate caps and floors in comparison to other types of swaps.

The value of these transactions will fluctuate based on changes in interest rates. Interest rate swap, swaption, cap, and floor transactions may be used to preserve a return or spread on a particular investment or a portion of a Fund’s portfolio or to protect against an increase in the price of securities that a Fund anticipates purchasing at a later date. Interest rate swaps may also be used by the Fund to leverage its investments by creating positions that are functionally similar to purchasing a municipal or other fixed-income security but may only require payments to a swap counterparty under certain circumstances, to increase (or decrease) its effective maturity and duration, for yield curve positioning, or to gain exposure to rates in various countries. A Fund may take positions in interest rate swaps for hedging purposes or in seeking to enhance income.

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Inflation (CPI) Swaps. Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swap agreements may be used to protect the NAV of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if inflation increases.

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Credit Default Swaps. The “buyer” in a credit default swap contract is obligated to pay the “seller” a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. Generally, a credit event means bankruptcy, failure to pay, obligation acceleration or restructuring. A Fund may be either the buyer or seller in the transaction. If a Fund is a seller, the Fund receives a fixed rate of income throughout the term of the contract, which typically is between one month and ten years, provided that no credit event occurs. If a credit event occurs, a Fund, as seller, typically must pay the contingent payment to the buyer, which will be either (i) the “par value” (face amount) of the reference obligation in which case the Fund will receive the reference obligation in return or (ii) an amount equal to the difference between the face amount and the current market value of the reference obligation. As a buyer, if a credit event occurs, the Fund would be the receiver of such contingent payments, either delivering the reference obligation in exchange for the full notional (face) value of a reference obligation that may have little or no value, or receiving a payment equal to the difference between the face amount and the current market value of the obligation. The current market value of the reference obligation is typically determined via an auction process sponsored by the International Swaps and Derivatives Association, Inc. The periodic payments previously received by the Fund, coupled with the value of any reference obligation received, may be less than the full amount it pays to the buyer, resulting in a loss to the Fund. If the reference obligation is a defaulted security, physical delivery of the security will cause the Fund to hold a defaulted security. If a Fund is a buyer and no credit event occurs, the Fund will lose its periodic stream of payments over the term of the contract. However, if a credit event occurs, the buyer typically receives full notional value for a reference obligation that may have little or no value.

Credit default swaps may involve greater risks than if a Fund had invested in the reference obligation directly. Credit default swaps are subject to general market risk and credit risk, and may be illiquid.

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Variance Swaps. A Fund may enter into variance swaps to hedge market risk or adjust exposure to the markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on an underlying asset or index. “Variance” as used here is defined as the sum of the square of the returns on the reference asset or index (which in effect is a measure of its “volatility”) over the length of the contract term. The parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.

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Other Derivatives and Strategies

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Commodity-Linked Derivative Instruments. The AB Global Risk Allocation Fund may invest, and AB All Market Total Return Portfolio invests, in commodity-linked derivative instruments, including swaps, commodity options, futures contracts and options on futures contracts. The value of a commodity-linked derivative investment generally is based upon the price movements of a physical commodity (such as energy, mineral, or agricultural products), an intangible commodity (such as an emission allowance or carbon credit), a commodity futures contract, a subset of commodities, a subset of commodity futures contracts or commodity index, or another economic variable tied or linked to the value of commodities or the commodities markets.

As described below under “Investments in Wholly-Owned Subsidiaries”, the AB Global Risk Allocation Fund seeks to gain, and AB All Market Total Return Portfolio gains, exposure to commodity markets by investing in AllianceBernstein Global Risk Allocation (Cayman) Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Global Risk Allocation Subsidiary”) and AB All Market

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Total Return Portfolio (Cayman) Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “All Market Total Return Subsidiary”), respectively (collectively, the “Subsidiaries”). The Subsidiaries enter into commodity-linked derivative instruments, including swaps, commodity options, futures contracts and options on futures contracts. The Subsidiaries may also invest directly in commodities.

The Internal Revenue Service (the “IRS”) has issued a revenue ruling that limits the extent to which the Funds may invest directly in commodity-linked swaps or certain other commodity-linked derivatives. The Subsidiaries, on the other hand, may invest in these commodity-linked derivatives without limitation. See “Dividends, Distributions and Taxes” below for further information.

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Currency Transactions. A Fund may invest in non‑U.S. Dollar-denominated securities on a currency hedged or un‑hedged basis. The Adviser may actively manage a Fund’s currency exposures and 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 contracts and options on futures contracts, swaps and options. The Adviser 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 a 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. A 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).

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Synthetic Foreign Equity Securities. A Fund may invest in different types of derivatives generally referred to as synthetic foreign equity securities. These securities may include international warrants or local access products. International warrants are financial instruments issued by banks or other financial institutions, which may or may not be traded on a foreign exchange. International warrants are a form of derivative security that may give holders the right to buy or sell an underlying security or a basket of securities representing an index from or to the issuer of the warrant for a particular price or may entitle holders to receive a cash payment relating to the value of the underlying security or index, in each case upon exercise by the Fund. Local access products are similar to options in that they are exercisable by the holder for an underlying security or a cash payment based upon the value of that security, but are generally exercisable over a longer term than typical options. These types of instruments may be American style, which means that they can be exercised at any time on or before the expiration date of the international warrant, or European style, which means that they may be exercised only on the expiration date.

Other types of synthetic foreign equity securities in which a Fund may invest include covered warrants and low exercise price warrants. Covered warrants entitle the holder to purchase from the issuer, typically a financial institution, upon exercise, equity securities of an international company or receive a cash payment (generally in U.S. Dollars), if applicable. The issuer of the covered warrants usually owns the underlying security or has a mechanism, such as owning equity warrants on the underlying securities, through which it can obtain the underlying securities. The cash payment is calculated according to a predetermined formula, which is generally based on the difference between the value of the underlying security on the date of exercise and the strike price. Low exercise price warrants are warrants with an exercise price that is very low relative to the market price of the underlying instrument at the time of issue (e.g., one cent or less). The buyer of a low exercise price warrant effectively pays the full value of the underlying equity securities at the outset. In the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the price of the equity securities relating to exercise or the settlement date is determined, during which time the price of the underlying security could change significantly, which may disadvantage such holder. In addition, the exercise or settlement date of the warrants may be affected by certain market disruption events, such as difficulties relating to the exchange of a local currency into U.S. Dollars, the imposition of capital controls by a local jurisdiction or changes in the laws relating to foreign investments. These events could lead to a change in the exercise date or settlement currency of the warrants, or postponement of the settlement date. In some cases, if the market disruption events continue for a certain period of time, the warrants may become worthless, resulting in a total loss of the purchase price of the warrants.

A Fund will only acquire synthetic foreign equity securities issued by entities deemed to be creditworthy by the Adviser, which will monitor the creditworthiness of the issuers on an ongoing basis. Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or cash in lieu thereof. These instruments may also be subject to illiquid investments risk because there may be a limited secondary market for trading the instruments. They are also subject, like other investments in foreign securities, to foreign (non‑U.S.) risk and currency risk.

Adjustable Rate Securities

AB Wealth Appreciation Strategy, AB All Market Total Return Portfolio and AB Tax‑Managed Wealth Appreciation Strategy may invest in adjustable rate securities. Adjustable rate securities are securities that have interest rates that are reset at periodic intervals, usually by reference to some interest rate index or market interest rate. Some adjustable rate securities are backed by pools of mortgage loans.

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Although the rate adjustment feature may act as a buffer to reduce sharp changes in the value of adjustable rate securities, these securities are still subject to changes in value based on changes in market interest rates or changes in the issuer’s creditworthiness. Because the interest rate is reset only periodically, changes in the interest rate on adjustable rate securities may lag behind changes in prevailing market interest rates. Also, some adjustable rate securities (or the underlying mortgages) are subject to caps or floors that limit the maximum change in the interest rate during a specified period or over the life of the security.

Convertible Securities

Prior to conversion, convertible securities have the same general characteristics as non‑convertible debt securities, which generally provide a stable stream of income with generally higher yields than those of equity securities of the same or similar issuers. The price of a convertible security will normally vary with changes in the price of the underlying equity security, although the higher yield tends to make the convertible security less volatile than the underlying equity security. As with debt securities, the market value of convertible securities tends to decrease as interest rates rise and increase as interest rates decline. While convertible securities generally offer lower interest or dividend yields than non‑convertible debt securities of similar quality, they offer investors the potential to benefit from any increases in the market prices of the underlying common stock. Convertible debt securities that are rated Baa3 or lower by Moody’s Ratings (“Moody’s”) or BBB‑ or lower by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or the equivalent rating by any other Nationally Recognized Statistical Rating Organizations (“NRSROs”) and comparable unrated securities may share some or all of the risks of debt securities with those ratings.

Depositary Receipts and Securities of Supranational Entities

A Fund may invest in depositary receipts. American Depositary Receipts, or ADRs, are depositary receipts typically issued by a U.S. bank or trust company that evidence ownership of underlying securities issued by a foreign corporation. Global Depositary Receipts, or GDRs, European Depositary Receipts, or EDRs, and other types of depositary receipts are typically issued by non‑U.S. banks or trust companies and evidence ownership of underlying securities issued by either a U.S. or a non‑U.S. company. Depositary receipts may not necessarily be denominated or traded in the same currency as the underlying securities into which they may be converted. In addition, the issuers of the stock underlying unsponsored depositary receipts are not obligated to disclose material information in the United States. Generally, depositary receipts in registered form are designed for use in the U.S. securities markets, and depositary receipts in bearer form are designed for use in securities markets outside of the United States. For purposes of determining the country of issuance, investments in depositary receipts of either type are deemed to be investments in the underlying securities.

Chinese Depositary Receipts, or CDRs, are depositary receipts traded on Chinese exchanges that evidence ownership of underlying securities of Chinese companies traded in Hong Kong or outside of China. Depending on the relative prices of a CDR and its underlying security and the Adviser’s assessment of price movements in the respective markets, the Adviser may at times choose to invest AB All China Equity Portfolio’s assets in a CDR rather than its underlying security. It is not known whether an active market for CDRs will develop or continue to exist, or how the value and trading activity for particular CDRs will relate to those of the underlying securities.

A supranational entity is an entity designated or supported by the national government of one or more countries to promote economic reconstruction or development. Examples of supranational entities include the World Bank (International Bank for Reconstruction and Development) and the European Investment Bank. “Semi-governmental securities” are securities issued by entities owned by either a national, state or equivalent government or are obligations of one of such government jurisdictions that are not backed by its full faith and credit and general taxing powers.

Equity-Linked Debt Securities

Equity-linked debt securities are securities on which the issuer is obligated to pay interest and/or principal that is linked to the performance of a specified index of equity securities. The interest or principal payments may be significantly greater or less than payment obligations for other types of debt securities. Adverse changes in equity securities indices and other adverse changes in the securities markets may reduce payments made under, and/or the principal of, equity-linked debt securities held by a Fund. As with any debt securities, the values of equity-linked debt securities will generally vary inversely with changes in interest rates. A Fund’s ability to dispose of equity-linked debt securities will depend on the availability of liquid markets for such securities. Investments in equity-linked debt securities may be considered to be speculative.

Forward Commitments

Forward commitments for the purchase or sale of securities may include purchases on a when-issued basis or purchases or sales on a delayed delivery basis. In some cases, a forward commitment may be conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring or approval of a proposed financing by appropriate authorities (i.e., a “when, as and if issued” trade).

AB Large Cap Value Fund, AB Discovery Value Fund, AB Relative Value Fund, AB International Value Fund, AB Core Opportunities Fund, AB Global Risk Allocation Fund, AB Small Cap Value Portfolio, AB All China Equity Portfolio and AB Mid Cap Value Portfolio may invest in TBA—mortgaged-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agreed-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or

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variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

When forward commitments with respect to fixed-income securities are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but payment for and delivery of the securities take place at a later date. Securities purchased or sold under a forward commitment are subject to market fluctuation and no interest or dividends accrue to the purchaser prior to the settlement date. There is the risk of loss if the value of either a purchased security declines before the settlement date or the security sold increases before the settlement date. The use of forward commitments helps a Fund to protect against anticipated changes in interest rates and prices.

Illiquid Securities

Each Fund limits its investments in illiquid securities to 15% of its net assets, except for AB Concentrated Growth Fund, which limits its investments in illiquid securities to 5% of its net assets. Under Rule 22e‑4 under the Investment Company Act of 1940 (the “1940 Act”), the term “illiquid securities” means any security or investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

A Fund that invests in illiquid securities may not be able to sell such securities and may not be able to realize their full value upon sale. Restricted securities (securities subject to legal or contractual restrictions on resale) may be illiquid. Some restricted securities (such as securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A Securities”), or certain commercial paper) may be treated as liquid, although they may be more difficult to trade than other types of securities.

Inflation-Indexed Securities

Inflation-indexed securities are fixed-income securities whose value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of these securities will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced.

The value of inflation-indexed securities tends to react to changes in real interest rates. In general, the price of inflation-indexed securities can fall when real interest rates rise, and can rise when real interest rates fall. In addition, the value of these securities can fluctuate based on fluctuations in expectations of inflation. Interest payments on these securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

Treasury Inflation Protected Securities, or TIPS, which are issued by the U.S. Treasury, use the Consumer Price Index for Urban Consumers, or the CPI, as the inflation measure. The principal of a TIPS increases with inflation and decreases with deflation, as measured by the CPI. When a TIPS matures, the holder is paid the adjusted principal or original principal, whichever is greater. TIPS pay interest twice a year, at a fixed rate, which is determined by auction at the time the TIPS are issued. The rate is applied to the adjusted principal; so, like the principal, interest payments rise with inflation and fall with deflation. TIPS are issued in terms of 5, 10, and 30 years.

Investment in Exchange-Traded Funds and Other Investment Companies

A Fund may invest in shares of ETFs, including AB ETFs, subject to the restrictions and limitations of the 1940 Act, or any applicable rules, exemptive orders or regulatory guidance thereunder. ETFs are pooled investment vehicles that seek to track the performance of a specific index or implement actively-managed investment strategies. Index ETFs will not track their underlying indices precisely since the ETFs have expenses and may need to hold a portion of their assets in cash, unlike the underlying indices, and the ETFs may not invest in all of the securities in the underlying indices in the same proportion as the indices for varying reasons. Unlike index ETFs, actively-managed ETFs generally seek to outperform a benchmark index and typically have higher expenses than index ETFs, which expenses reduce investment returns. There are numerous types of index ETFs and actively-managed ETFs, including those offering exposure to broad or narrow segments of the equity, fixed-income, commodities and foreign currencies markets. A Fund will incur transaction costs when buying and selling ETF shares, and indirectly bear the expenses of the ETFs. In addition, the market value of an ETF’s shares, which is based on supply and demand in the market for the ETF’s shares, may differ from its NAV. Accordingly, there may be times when an ETF’s shares trade at a discount or premium to its NAV.

The Funds may invest, and certain Funds have invested from time to time, in investment companies other than ETFs, including AB Mutual Funds, as permitted by the 1940 Act or the rules and regulations or exemptive orders thereunder, including other AB Mutual Funds as discussed further below. As with ETF investments, if the Fund acquires shares in other investment companies, shareholders would bear, indirectly, the expenses of such investment companies (which may include management and advisory fees), which to the extent not waived or reimbursed, would be in addition to the Fund’s expenses. The Funds intend to invest uninvested cash balances in an affiliated money market fund as permitted by Rule 12d1‑1 under the 1940 Act. In addition, a Fund’s investments in other investment companies, including ETFs, subject the Fund indirectly to the underlying risks of those investment companies.

AB Wealth Appreciation Strategy, AB All Market Total Return Portfolio and AB Tax‑Managed Wealth Appreciation Strategy expect to invest in other AB Mutual Funds (each an “Underlying Portfolio”). A brief description of the Underlying Portfolios in which one or more of the Funds may invest follows. Additional details are available in each

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Underlying Portfolio’s prospectus or SAI. You may request a free copy of each Underlying Portfolio’s prospectus and/or SAI by contacting the Adviser:


By Mail:	c/o AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003

By Phone:	For Information: For Literature:	(800) 221‑5672 (800) 227‑4618

International Strategic Equities Portfolio, a series of Bernstein Fund, Inc., has an investment objective of seeking long-term growth of capital. The Underlying Portfolio invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities or other securities or instruments with similar economic characteristics, including derivatives related to equity securities. The Adviser invests the assets of this Underlying Portfolio primarily (under normal circumstances, at least 65% of net assets) in equity securities of issuers in countries that make up the Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) ex‑USA Index, which includes both developed and emerging market countries. The Underlying Portfolio focuses on securities of large‑cap and mid‑cap companies. The Adviser utilizes both fundamental and quantitative research to both determine which securities will be held by the Underlying Portfolio and to manage risk. In applying its quantitative analysis, the Adviser considers a number of metrics that have historically provided some indication of favorable future returns, including metrics relating to valuation, quality, investor behavior and corporate behavior. The Adviser may employ currency hedging strategies, including the use of currency-related derivatives, to seek to reduce currency risk in the Underlying Portfolio, but it is not required to do so.

AB Discovery Growth Fund has an investment objective of long-term growth of capital. This Underlying Portfolio invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall U.S. market. The Underlying Portfolio invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small- and mid‑capitalization companies meeting the Adviser’s growth criteria. The Underlying Portfolio may invest in any company and industry and in any type of equity security with potential for capital appreciation. The Underlying Portfolio’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. When selecting securities, the Adviser typically looks for companies that have strong, experienced management teams, strong market positions, and the potential to support greater than expected earnings growth rates. In making specific investment decisions for the Underlying Portfolio, the Adviser combines fundamental and quantitative analysis in its stock selection process.

AB Discovery Value Fund, a series of AB Trust, has an investment objective of long-term growth of capital. Under normal circumstances, the Underlying Portfolio invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of small- to mid‑capitalization companies meeting the Adviser’s value criteria. The Underlying Portfolio invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Underlying Portfolio’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

Small Cap Core Portfolio, a series of Bernstein Fund, Inc., has an investment objective of seeking long-term growth of capital. The Underlying Portfolio invests, under normal circumstances, at least 80% of its assets, plus any borrowings for investment purposes, in equity securities of small-capitalization companies or other securities or instruments with similar economic characteristics, including derivatives related to equity securities. The Adviser invests the assets of this Underlying Portfolio primarily in a diversified portfolio of equity securities of small-capitalization companies located in the U.S.

The Adviser utilizes both quantitative analysis and fundamental research to determine which securities will be held by the Underlying Portfolio and to manage risk. The Adviser applies quantitative analysis to all of the securities in the Underlying Portfolio’s research universe, which is composed primarily of securities in the Russell 2000 Index. Those securities that score highly on this quantitative analysis are then screened to eliminate those securities that the Adviser is recommending against purchasing based on its fundamental research. In its quantitative analysis, the Adviser considers a number of metrics that have historically provided some indication of favorable future returns, including metrics relating to valuation, quality, investor behavior and earnings growth.

International Small Cap Portfolio, a series of Bernstein Fund, Inc., has an investment objective of seeking long-term growth of capital. The Underlying Portfolio invests, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-capitalization companies or other securities or instruments with similar economic characteristics, including derivatives related to equity securities. The Adviser invests the assets of this Underlying Portfolio primarily in a diversified portfolio of equity securities of small-capitalization companies located outside the U.S. Under normal circumstances, at least 65% of the Underlying Portfolio’s net assets are invested in companies located outside of the United States.

The Adviser seeks to identify attractive investment opportunities primarily through its fundamental investment research or quantitative analysis. In applying its fundamental research, the Adviser generally seeks to identify companies that possess both attractive valuation and compelling company- and/or industry-level investment catalysts. In applying its quantitative analysis, the Adviser typically considers a number of metrics that historically have provided some indication of favorable future returns, including metrics related to valuation, quality, investor behavior and corporate behavior. Utilizing these resources, the Adviser

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expects to allocate assets of this Underlying Portfolio among issuers, industries and geographic locations to attempt to create a diversified portfolio of investments.

AB Emerging Markets Opportunities ETF, a series of AB Active ETFs, Inc., has an investment objective of seeking long-term growth of capital. This Underlying Portfolio is an actively-managed ETF. The Adviser seeks to achieve the Underlying Portfolio’s investment objective by investing, under normal circumstances, at least 80% of its net assets in equity securities of issuers that are economically tied to emerging markets.

The Underlying Portfolio invests in issuers that are determined by the Adviser to offer compelling profitability prospects, reasonable valuations, and favorable fundamental and quantitative trends. The Adviser employs an integrated approach that combines both fundamental and quantitative research to identify attractive investment opportunities and to manage risk. The Underlying Portfolio may invest in issuers of any market capitalization, industry or investment style.

Under most conditions, the Underlying Portfolio intends to have its assets invested among multiple emerging market countries, although the Underlying Portfolio may also invest in developed markets countries. In allocating the Underlying Portfolio’s assets among countries, the Adviser relies primarily on individual security selection driven by a bottom‑up research process, though country-level factors are also considered.

The Underlying Portfolios also intend to invest uninvested cash balances in an affiliated money market fund as permitted by Rule 12d1‑1 under the 1940 Act.

Investments in Initial Public Offering (“IPO”) Securities

AB Growth Fund, AB Large Cap Growth Fund, AB Concentrated Growth Fund, AB Discovery Growth Fund, AB Small Cap Growth Portfolio, AB Select US Equity Portfolio, AB Select US Long/Short Portfolio, AB Sustainable Global Thematic Fund, AB Sustainable International Thematic Fund, AB Global Core Equity Portfolio and AB International Growth Portfolio may invest in securities of companies that are offered pursuant to an IPO. Investments in IPO securities involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. In addition to the risks associated with equity securities generally, IPO securities may be subject to additional risk due to one or more factors such as the absence of a prior public market, unseasoned trading in the securities, the small number of securities available for trading, the lack of investor knowledge of the company, the lack of an operating history of the company, dependence of the company on key personnel, suppliers or a limited number of customers and other factors. These factors may cause IPO shares to be volatile in price. While a Fund may hold IPO securities for a period of time, it may sell them in the aftermarket soon after the purchase, which could increase portfolio turnover and lead to increased expenses such as commissions and transaction costs. Investments in IPOs could have a dramatic impact on a Fund’s performance (higher or lower) if the Fund’s assets are relatively low. In addition, as a Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

Investments in Certain Types of Privately Placed Securities

A Fund may invest in privately placed securities. Privately placed securities in which a Fund invests are typically equity securities of privately held companies that have not been offered to the public and are not publicly traded. Investments in privately placed securities may include venture capital investments, which are investments in new, early or late stage companies and are often funded by, or in connection with, venture capital firms. Investments in securities of privately held companies may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. Privately held companies may not have established products, experienced management or earnings history. A Fund may not be able to sell such investments when the portfolio managers and/or investment personnel deem it appropriate to do so because the securities are not publicly traded. As such, these investments are generally considered to be illiquid until a company’s public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent a Fund from selling its shares of these companies for a period of time. Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect a privately held company and delay or prevent a privately held company from ultimately offering its securities to the public. If a Fund invests in privately placed securities, it may incur additional expenses, such as valuation-related expenses, in connection with such investments. Public companies may also issue privately placed securities, which may be illiquid and subject to contractual restrictions on resale.

Investments in Wholly-Owned Subsidiaries

Investments in the Subsidiaries are expected to provide the AB Global Risk Allocation Fund and the AB All Market Total Return Portfolio with exposure to the commodity markets within the limitations of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and IRS revenue rulings. Federal tax requirements limit the extent to which the Funds may invest directly in commodities and commodity-linked derivatives. The Global Risk Allocation Subsidiary and the All Market Total Return Subsidiary, on the other hand, may invest in these instruments without limitations. See “Dividends, Distributions and Taxes” below for further information.

The Subsidiaries enter into commodity-linked derivative instruments, including swaps, commodity options, futures contracts and options on futures contracts. Although the AB Global Risk Allocation Fund and AB All Market Total Return Portfolio may enter into these commodity-linked derivative instruments directly, the Funds typically gain exposure to these derivative instruments indirectly by investing in the Subsidiaries. The Global Risk Allocation Subsidiary will also invest in inflation-indexed securities and other fixed-income instruments,

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and the All Market Total Return Subsidiary will invest in fixed-income instruments, which are intended to serve as margin or collateral for the Subsidiaries’ derivatives position. To the extent that the Funds invests in the Subsidiaries, they may be subject to the risks associated with those derivative instruments and other securities, which are discussed elsewhere in this Prospectus.

While the Subsidiaries may be considered similar to investment companies, they are not registered under the 1940 Act and, unless otherwise noted in this Prospectus, are not subject to all of the investor protections of the 1940 Act. The Subsidiaries have the same investment objectives as the Funds and are subject to the same investment policies and restrictions as the Funds, including those related to leverage and liquidity, except that the Subsidiaries may invest without limitation in commodities, either directly or through commodity pools, and commodity-linked instruments. The Subsidiaries will also be subject to the same valuation, brokerage, and compliance policies and procedures as the Funds. The Funds and the Subsidiaries test compliance with certain restrictions on a consolidated basis. In addition, the Funds wholly own and control the Subsidiaries and the Adviser acts as investment adviser to the Funds and the Subsidiaries. The Subsidiaries’ financial statements are consolidated with the Funds’ financial statements which are included in the Funds’ Form N‑CSRs, which are filed with the SEC and are available upon request. Changes in the laws of the United States and/or the Cayman Islands or regulations thereunder could result in the inability of the Funds and/or the Subsidiaries to operate as described in this Prospectus and the SAI and could adversely affect the Funds.

Loans and Other Direct Debt Instruments

Loans and other direct debt instruments are interests in amounts owed by a corporate, governmental or other borrower to another party. They may represent amounts owed to lenders or lending syndicates (loans and loan participations), to suppliers of goods or services (trade claims or other receivables), or to other creditors. Direct debt instruments involve the risk of loss in case of default or insolvency of the borrower and may offer less legal protection to a Fund in the event of fraud or misrepresentation than debt securities. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. Direct debt instruments may also include standby financing commitments that obligate a Fund to supply additional cash to the borrower on demand. Loans and other direct debt instruments are generally illiquid and may be transferred only through individually-negotiated private transactions.

Loans of Portfolio Securities

For the purpose of achieving income, a Fund may make secured loans of portfolio securities to brokers, dealers and financial institutions (“borrowers”) to the extent permitted under the 1940 Act or the rules and regulations thereunder (as such statute, rules or regulations may be amended from time to time) or by guidance regarding, interpretations of or exemptive orders under the 1940 Act. Under the Fund’s securities lending program, all securities loans will be secured continuously by cash collateral and/or non‑cash collateral. Non‑cash collateral will include only securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities. The loans will be made only to borrowers deemed by the Adviser to be creditworthy, and when, in the judgment of the Adviser, the consideration that can be earned at that time from securities loans justifies the attendant risk. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the interest earned on the collateral after a rebate 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). If a 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. For its services, the securities lending agent receives a fee from the Fund.

A Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any income or other distributions from the securities. The Fund will not have the right to vote any securities during the existence of a loan, but will have the right to recall loaned securities in order to exercise voting or other ownership rights. When the Fund lends its securities, its investment performance will continue to reflect changes in the value of the securities loaned.

A Fund will invest any cash collateral in shares of a money market fund approved by the Fund’s Board of Directors or Trustees (the “Board”) and expected to be managed by the Adviser. Any such investment will be at the Fund’s risk. The Fund may pay reasonable finders’, administrative, and custodial fees in connection with a loan.

Principal risks of lending portfolio securities include that the borrower will fail to return the loaned securities upon termination of the loan and that the value of the collateral will not be sufficient to replace the loaned securities.

AB Concentrated Growth Fund intends to limit its securities lending activities so that no more than 5% of the value of the Fund’s assets will be represented by securities loaned.

Mortgage-Backed Securities, Other Asset-Backed Securities, Structured Securities and Associated Risks

Mortgage-backed securities may be issued by the U.S. Government or one of its sponsored entities, or may be issued by private organizations. Interest and principal payments (including prepayments) on the mortgages underlying mortgage-backed securities are passed through to the holders of the securities. As a result of the pass-through of prepayments of principal on the underlying securities, mortgage-backed securities are often subject to more rapid prepayment of principal than their stated maturity would indicate.

Prepayments occur when the mortgagor on a mortgage prepays the remaining principal before the mortgage’s scheduled maturity date. Because the prepayment characteristics of the underlying mortgages vary, it is impossible to predict accurately the

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realized yield or average life of a particular issue of pass-through certificates. Prepayments are important because of their effect on the yield and price of the mortgage-backed securities. During periods of declining interest rates, prepayments can be expected to accelerate and a Fund that invests in these securities would be required to reinvest the proceeds at the lower interest rates then available. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturity of the securities, subjecting them to a greater risk of decline in market value in response to rising interest rates. In addition, prepayments of mortgages underlying securities purchased at a premium could result in capital losses.

Mortgage-backed securities include mortgage pass-through certificates and multiple-class pass-through securities, such as real estate mortgage investment conduit certificates, or REMICs, pass-through certificates, collateralized mortgage obligations, or CMOs, government sponsored enterprise (“GSE”) risk-sharing bonds, and stripped mortgage-backed securities, or SMBS, and other types of mortgage-backed securities that may be available in the future.

Multiple-Class Pass-Through Securities and Collateralized Mortgage Obligations. Mortgage-backed securities also include CMOs and REMIC pass-through or participation certificates that may be issued by, among others, U.S. Government agencies and instrumentalities as well as private lenders. CMOs and REMICs are issued in multiple classes and the principal of and interest on the mortgage assets may be allocated among the several classes of CMOs or REMICs in various ways. Each class of CMOs or REMICs, often referred to as a “tranche”, is issued at a specific adjustable or fixed interest rate and must be fully retired no later than its final distribution date. Generally, interest is paid or accrued on all classes of CMOs or REMICs on a monthly basis.

Typically, CMOs are collateralized by GNMA or FHLMC certificates but also may be collateralized by other mortgage assets such as whole loans or private mortgage pass-through securities. Debt service on CMOs is provided from payments of principal and interest on collateral of mortgage assets and any reinvestment income.

A REMIC is a CMO that qualifies for special tax treatment under the Code and invests in certain mortgages primarily secured by interests in real property and other permitted investments. Investors may purchase “regular” and “residual” interest shares of beneficial interest in REMIC trusts.

GSE Risk-Sharing Bonds. AB Global Risk Allocation Fund may invest in mortgage-backed securities known as GSE Risk-Sharing Bonds or Credit Risk Transfer Securities (“CRTs”), which are issued by GSEs (and sometimes banks or mortgage insurers) and structured without any government or GSE guarantee in respect of borrower defaults or underlying collateral. The risks associated with an investment in CRTs differ from the risks associated with an investment in mortgage-backed securities issued by GSEs because, in CRTs, some or all of the credit risk associated with the underlying mortgage loans is transferred to the end‑investor.

Investing in mortgage-backed securities involves certain unique risks in addition to those risks associated with investments in the real estate industry in general. The value of mortgage-backed or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early prepayments of principal on some mortgage-backed securities may occur during periods of falling mortgage interest rates and expose a Fund to a lower rate of return upon reinvestment of principal. Early payments associated with mortgage-backed securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may increase the effective life of mortgage-backed securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-backed security is inaccurately predicted, a Fund may not be able to realize the rate of return it expected.

A Fund may invest in mortgage-related or other asset-backed securities. Mortgage-related securities include mortgage pass-through securities, CMOs, commercial mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities and other securities that directly or indirectly represent a participation in or are secured by and payable from mortgage loans on real property. These securities may be issued or guaranteed by the U.S. Government or one of its sponsored entities or may be issued by private organizations.

The value of mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some mortgage-related securities may occur during periods of falling mortgage interest rates and expose a Fund to a lower rate of return upon reinvestment of principal. Early payments associated with mortgage-related securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Fund may not be able to realize the rate of return it expected.

Asset-backed securities (unrelated to first mortgage loans) represent fractional interests in pools of leases, retail installment loans, revolving credit receivables and other payment obligations, both secured and unsecured. These assets are generally held by a trust and payments of principal and interest or interest only are passed through monthly or quarterly to certificate holders and may be guaranteed up to certain amounts by letters of credit issued by a financial institution affiliated or unaffiliated with the trustee or originator of the trust.

Like mortgages underlying mortgage-backed securities, underlying automobile sales contracts or credit card receivables are subject to prepayment, which may reduce the overall return to certificate holders. Certificate holders may also experience delays in payment on the certificates if the full amounts due on underlying sales contracts or receivables are not realized by the

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trust because of unanticipated legal or administrative costs of enforcing the contracts or because of depreciation or damage to the collateral (usually automobiles) securing certain contracts, or other factors.

A Fund may invest in other asset-backed securities. The securitization techniques used to develop mortgage-related securities are applied to a broad range of financial assets. Through the use of trusts and special purpose corporations, various types of assets, including automobile loans and leases, credit card receivables, home equity loans, equipment leases and trade receivables, are securitized in structures similar to the structures used in mortgage securitizations.

A Fund may invest in collateralized debt obligations (“CDOs”), which include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”), and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is backed by a diversified pool of high-risk, below investment-grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. A Fund may invest in other types of asset-backed securities that have been offered to investors.

A Fund may also invest in various types of structured securities and basket securities. Structured securities are securities issued in structured financing transactions, which generally involve aggregating types of debt assets in a pool or special purpose entity and then issuing new securities. Types of structured financings include securities described elsewhere in this Prospectus, such as mortgage-related and other asset-backed securities. A Fund’s investments include investments in structured securities that represent interests in entities organized and operated solely for the purpose of restructuring the investment characteristics of particular debt obligations. This type of restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, of specified instruments (such as commercial bank loans or high-yield bonds) and the issuance by that entity of one or more classes of structured securities backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly-issued structured securities to create securities with different investment characteristics such as varying maturities, payment priorities and interest rate provisions, and the extent of the payments made with respect to structured securities is dependent on the extent of the cash flow from the underlying instruments. Structured securities of a given class may be either subordinated or unsubordinated to the payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities.

Basket securities in which a Fund may invest may consist of entities organized and operated for the purpose of holding a basket of other securities. Baskets involving debt obligations may be designed to represent the characteristics of some portion of the debt securities market or the entire debt securities market.

Participatory Notes

AB All China Equity Portfolio may enter into participatory notes (commonly known as “P‑Notes”) to gain exposure to foreign securities markets or foreign securities that might otherwise be difficult or costly to access or purchase because of foreign regulatory restrictions or foreign tax laws. Securities brokerages in the country buy the securities, then issue to foreign investors P‑Notes that derive their value from the underlying securities. P‑Notes involve transaction costs, which may be higher than those applicable to the equity securities. Any dividends or capital gains collected from the underlying securities are passed through to the foreign investors; however, the holder of a P‑Note is not entitled to the same rights (e.g., dividends, voting rights) as an owner of the underlying security. The Fund must rely on the creditworthiness of a counterparty and would have no rights against the issuer of an underlying security. Use of P-Notes involves various risks. These include the risks that the P‑Notes may be illiquid and that the Fund may not be able to terminate or offset its positions at the time it wishes to do so or at a favorable price and that, as a result of the failure of a counterparty or legal or operational issues, the Fund may not receive payments required to be made to them under the terms of a P‑Note.

Preferred Stock

A Fund may invest in preferred stock. Preferred stock is a class of capital stock that typically pays dividends at a specified rate. Preferred stock is generally senior to common stock, but is subordinated to any debt the issuer has outstanding. Accordingly, preferred stock dividends are not paid until all debt obligations are first met. Preferred stock may be subject to more fluctuations in market value, due to changes in market participants’ perceptions of the issuer’s ability to continue to pay dividends, than debt of the same issuer. These investments include convertible preferred stock, which includes an option for the holder to convert the preferred stock into the issuer’s common stock under certain conditions, among which may be the specification of a future date when the conversion must begin, a certain number of shares of common stock per share of preferred stock, or a certain price per share for the common stock. Convertible preferred stock tends to be more volatile than non‑convertible preferred stock because its value is related to the price of the issuer’s common stock, as well as the dividends payable on the preferred stock.

Real Estate Investment Trusts

Real estate investment trusts, or REITs, are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in

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real estate mortgages and derive income from the collection of interest and principal payments. Similar to investment companies such as the Funds, REITs are not taxed on income distributed to shareholders, provided they comply with several requirements of the Code. A Fund will indirectly bear its proportionate share of expenses incurred by REITs in which the Fund invests in addition to the expenses incurred directly by the Fund.

Repurchase Agreements and Buy/Sell Back Transactions

A Fund may enter into repurchase agreements. In a repurchase agreement transaction the Fund buys a security and simultaneously agrees to sell it back to the counterparty at a specified price in the future. However, a repurchase agreement is economically similar to a secured loan, in that the Fund lends cash to a counterparty for a specific term, normally a day or a few days, and is given acceptable collateral (the purchased securities) to hold in case the counterparty does not repay the loan. The difference between the purchase price and the repurchase price of the securities reflects an agreed-upon “interest rate”. Given that the price at which a Fund will sell the collateral back is specified in advance, a Fund is not exposed to price movements on the collateral unless the counterparty defaults. If the counterparty defaults on its obligation to buy back the securities at the maturity date and the liquidation value of the collateral is less than the outstanding loan amount, a Fund would suffer a loss. In order to further mitigate any potential credit exposure to the counterparty, if the value of the securities falls below a specified level that is linked to the loan amount during the life of the agreement, the counterparty must provide additional collateral to support the loan.

A Fund may enter into buy/sell back transactions, which are similar to repurchase agreements. In this type of transaction, a Fund enters a trade to buy securities at one price and simultaneously enters a trade to sell the same securities at another price on a specified date. Similar to a repurchase agreement, the repurchase price is higher than the sale price and reflects current interest rates. Unlike a repurchase agreement, however, the buy/sell back transaction is considered two separate transactions.

Reverse Repurchase Agreements and Dollar Rolls

A Fund may enter into reverse repurchase agreements and dollar rolls, subject to a Fund’s limitations on borrowings. The terms of these agreements are essentially the reverse of “Repurchase Agreements” described above. In a reverse repurchase agreement transaction, the Fund sells a security and simultaneously agrees to repurchase it at a specified time and price. The economic effect of a reverse repurchase agreement is that of the Fund borrowing money on a secured basis, and reverse repurchase agreements may be considered a form of borrowing for some purposes. Even though the Fund posts securities as collateral, the Fund maintains exposure to price declines on these securities since it has agreed to repurchase the securities at a fixed price. Accordingly, reverse repurchase agreements create leverage risk for the Fund because the Fund maintains exposure to price declines of both the securities it sells in the reverse repurchase agreement and any securities it purchases with the cash it receives under the reverse repurchase agreement. If the value of the posted collateral declines, the counterparty would require the Fund to post additional collateral. If the value of the collateral increases, the Fund may ask for some of its collateral back. If the counterparty defaults and fails to sell the securities back to the Fund at a time when the market purchase price of the securities exceeds the agreed-upon repurchase price, the Fund would suffer a loss.

Dollar rolls involve sales by a Fund of securities for delivery in the current month and the Fund’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale.

Reverse repurchase agreements and dollar rolls involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price. In the event the buyer of securities under a reverse repurchase agreement or dollar roll files for bankruptcy or becomes insolvent, a Fund’s use of the proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

Rights and Warrants

Rights and warrants are option securities permitting their holders to subscribe for other securities. Rights are similar to warrants except that they have a substantially shorter duration. Rights and warrants do not carry with them dividend or voting rights with respect to the underlying securities, or any rights in the assets of the issuer. As a result, an investment in rights and warrants may be considered more speculative than certain other types of investments. In addition, the value of a right or a warrant does not necessarily change with the value of the underlying securities, and a right or a warrant ceases to have value if it is not exercised prior to its expiration date.

Short Sales

A Fund may make short sales as a part of overall portfolio management or to offset a potential decline in the value of a security. AB Select US Long/Short Portfolio makes short sales as part of its principal investment strategies. A short sale involves the sale of a security that a Fund does not own or, if the Fund owns the security, is not to be delivered upon consummation of the sale. When the Fund makes a short sale of a security that it does not own, it must borrow from a broker-dealer the security sold short and deliver the security to the broker-dealer upon conclusion of the short sale.

If the price of the security sold short increases between the time of the short sale and the time a Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a short-term capital gain. Although a Fund’s gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited

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because there is a theoretically unlimited potential for the price of a security sold short to increase.

Standby Commitment Agreements

Standby commitment agreements are similar to put options that commit a Fund, for a stated period of time, to purchase a stated amount of a security that may be issued and sold to the Fund at the option of the issuer. The price and coupon of the security are fixed at the time of the commitment. At the time of entering into the agreement, the Fund is paid a commitment fee, regardless of whether the security ultimately is issued. The Funds may enter into such agreements only for the purpose of investing in the security underlying the commitment at a yield and price considered advantageous to the Fund and unavailable on a firm commitment basis.

There is no guarantee that a security subject to a standby commitment will be issued. In addition, the value of the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the security is at the option of the issuer, a Fund will bear the risk of capital loss in the event the value of the security declines and may not benefit from an appreciation in the value of the security during the commitment period if the issuer decides not to issue and sell the security to the Fund.

Structured Products

A Fund may invest in certain hybrid derivatives-type instruments that combine features of a traditional stock or bond with those of, for example, a futures contract or an option. These instruments include structured notes and indexed securities and commodity-linked notes and commodity index-linked notes and credit-linked securities. The performance of the structured product, which is generally structured as a note or other fixed-income security, is tied (positively or negatively) to the price or prices of an unrelated reference indicator such as a security or basket of securities, currencies, commodities or a securities or commodities index or a credit default swap or other kinds of swaps. The structured product may not pay interest or protect the principal invested. The structured product or its interest rate may be a multiple of the reference indicator and, as a result, may be leveraged and move (up or down) more rapidly than the reference indicator. Investments in structured products may provide a more efficient and less expensive means of obtaining exposure to underlying securities or commodities and related derivatives, but may potentially be more volatile and carry greater trading and market risk than investments in traditional securities. The purchase of a structured product also exposes a Fund to the credit risk of the issuer of the structured product.

Structured notes are derivative debt instruments. The interest rate or principal of these notes is determined by reference to an unrelated indicator (for example, a currency, security, or index thereof), unlike a typical note where the borrower agrees to make fixed or floating interest payments and to pay a fixed sum at maturity. Indexed securities may include structured notes as well as securities other than debt securities, the interest or principal of which is determined by an unrelated indicator.

Commodity-linked notes and commodity index-linked notes provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options, commodity indices or similar instruments. Commodity-linked products may be either equity or debt securities, leveraged or unleveraged, and have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable.

A Fund may also invest in certain hybrid derivatives-type investments that combine features of a traditional bond with those of certain derivatives such as a credit default swap, an interest rate swap or other securities. These investments include credit-linked securities. The issuers of these securities frequently are limited purpose trusts or other special purpose vehicles that invest in a derivative instrument or a basket of derivative instruments in order to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit-linked securities as a cash management tool to gain exposure to a certain market or to remain fully invested when more traditional income-producing securities are not available. The performance of the structured product, which is generally a fixed-income security, is linked to the receipt of payments from the counterparties to the derivative instruments or other securities. A Fund’s investments in credit-linked securities are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default risk, counterparty risk, interest rate risk and leverage risk. These securities are generally structured as Rule 144A Securities so that they may be freely traded among qualified institutional buyers. However, changes in the market for credit-linked securities or the availability of willing buyers may result in reduced liquidity for the securities.

Variable, Floating and Inverse Floating-Rate Instruments

These securities have interest rates that are reset at periodic intervals, usually by reference to some interest rate index or market interest rate. Some of these securities are backed by pools of mortgage loans. Although the rate adjustment feature may act as a buffer to reduce sharp changes in the value of these securities, they are still subject to changes in value based on changes in market interest rates or changes in the issuer’s creditworthiness. Because the interest rate is reset only periodically, changes in the interest rate on these securities may lag behind changes in prevailing market interest rates. Also, some of these securities (or the underlying mortgages) are subject to caps or floors that limit the maximum change in the interest rate during a specified period or over the life of the security.

AB All China Equity Portfolio and AB Emerging Markets Multi-Asset Portfolio may invest in variable, floating and inverse floating-rate instruments. Variable and floating-rate securities pay interest at rates that are adjusted periodically, according to a specified formula. A “variable” interest rate adjusts at predetermined intervals (e.g., daily, weekly or

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monthly), while a “floating” interest rate adjusts whenever a specified benchmark rate (such as the bank prime lending rate) changes.

AB All China Equity Portfolio and AB Emerging Markets Multi-Asset Portfolio may also invest in inverse floating-rate debt instruments (“inverse floaters”). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floater may have greater volatility in market value, in that, during periods of rising interest rates, the market values of inverse floaters will tend to decrease more rapidly than those of fixed-rate securities.

Zero-Coupon and Payment‑in‑Kind Bonds

Zero-coupon bonds are issued at a significant discount from their principal amount in lieu of paying interest periodically. Payment‑in‑kind bonds allow the issuer to make current interest payments on the bonds in additional bonds. Because zero‑coupon bonds and payment‑in‑kind bonds do not pay current interest in cash, their value is generally subject to greater fluctuation in response to changes in market interest rates than bonds that pay interest in cash currently. Both zero‑coupon and payment‑in‑kind bonds allow an issuer to avoid the need to generate cash to meet current interest payments. These bonds may involve greater credit risks than bonds paying interest currently. Although these bonds do not pay current interest in cash, the Funds, with the exception of AB Large Cap Value Fund, AB Discovery Value Fund, AB Relative Value Fund, AB International Value Fund, AB Core Opportunities Fund, AB Global Risk Allocation Fund, AB Small Cap Value Portfolio, AB All China Equity Portfolio and AB Mid Cap Value Portfolio, are nonetheless required to accrue interest income on such investments and to distribute such amounts at least annually to shareholders. Thus, the Funds could be required at times to liquidate other investments in order to satisfy its dividend requirements.

ADDITIONAL RISKS AND OTHER CONSIDERATIONS

Investments in a Fund may involve the risk considerations described below.

Foreign (Non‑U.S.) Securities

Investing in foreign securities involves special risks and considerations not typically associated with investing in U.S. securities. The securities markets of many foreign countries are relatively small, with the majority of market capitalization and trading volume concentrated in a limited number of companies representing a small number of industries. A Fund that invests in foreign securities may experience greater price volatility and significantly lower liquidity than a portfolio invested solely in securities of U.S. companies. These markets may be subject to greater influence by adverse events generally affecting the market, and by large investors trading significant blocks of securities, than is usual in the United States. Sanctions and other similar actions imposed by the U.S. or a foreign country, including those against specific issuers and individuals, may restrict, and in some cases have restricted, a Fund’s ability to purchase or sell foreign securities or access income received on foreign securities, or may require a Fund to divest its holdings of foreign securities, which could adversely affect, and in some cases have adversely affected, the value and liquidity of such holdings. The imposition of sanctions and other similar actions could also adversely affect global sectors and economies and thereby negatively affect the value of the Fund’s investments beyond any direct exposure to the countries or regions subject to the sanctions. In addition, the securities markets of some foreign countries may be closed on certain days (e.g., local holidays) when the Funds are open for business. On such days, a Fund may be unable to add to or exit its positions in foreign securities traded in such markets even though it may otherwise be attractive to do so.

Securities registration, custody, and settlement may in some instances be subject to delays and legal and administrative uncertainties. Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude investment in certain securities and may increase the costs and expenses of a Fund. In addition, the repatriation of investment income, capital or the proceeds of sales of securities from certain of the countries is controlled under regulations, including in some cases the need for certain advance government notification or authority, and if a deterioration occurs in a country’s balance of payments, the country could impose temporary restrictions on foreign capital remittances. Income from certain investments held by a Fund could be reduced by foreign income taxes, including withholding taxes.

A Fund also could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation, as well as by the application to it of other restrictions on investment. Investing in local markets may require a Fund to adopt special procedures or seek local governmental approvals or other actions, any of which may involve additional costs to a Fund. These factors may affect the liquidity of a Fund’s investments in any country and the Adviser will monitor the effect of any such factor or factors on a Fund’s investments. Transaction costs, including brokerage commissions for transactions both on and off the securities exchanges, in many foreign countries are generally higher than in the United States.

Issuers of securities in foreign jurisdictions are generally not subject to the same degree of regulation as are U.S. issuers with respect to such matters as insider trading rules, restrictions on market manipulation, shareholder proxy requirements, and timely disclosure of information. The reporting, accounting, and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards in important respects, and less information may be available to investors in foreign securities than to investors in U.S. securities. Substantially less information is publicly available about certain non‑U.S. issuers than is available about most U.S. issuers. In certain instances, issuers of securities in foreign jurisdictions are owned or controlled directly or indirectly by governmental authorities or military organizations. Securities of such issuers present risks in addition to general market risks of investing in the jurisdiction

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or country or region. These risks include political changes, social instability, regulatory uncertainty, adverse diplomatic developments, asset expropriation or nationalization, economic sanctions, trade embargos, cancellation of investors’ interests, and confiscatory taxation, which could adversely affect the performance of the issuers and the value of the securities in which the Fund has invested.

The economies of individual foreign countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political or social instability, public health crises (including the occurrence of a contagious disease or illness), revolutions, wars or diplomatic developments could affect adversely the economy of a foreign country. In the event of nationalization, expropriation, or other confiscation, a Fund could lose its entire investment in securities in the country involved. In addition, laws in foreign countries governing business organizations, bankruptcy and insolvency may provide less protection to security holders such as the Funds than that provided by U.S. laws.

Geopolitical conflicts, military conflicts and wars may result in market disruptions in the affected regions and globally. Russia’s large-scale invasion of Ukraine and the wars involving Israel, Iran and other countries in the Middle East, and responses to such conflicts by governments and intergovernmental organizations have resulted, and may continue to result, in market disruptions. Future market disruptions are impossible to predict, but could be significant and have a severe adverse effect on the regions and beyond, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. The Chinese government is involved in a longstanding dispute with Taiwan and has made threats of invasion. Military conflict between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region, adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

The imposition of, or an increase in, tariffs or trade restrictions between the U.S. and foreign countries, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economies of the U.S. and foreign countries.

Investments in securities of companies in emerging markets involve special risks. There are approximately 100 countries identified by the World Bank as Low Income, Lower Middle Income and Upper Middle Income countries that are generally regarded as emerging markets. Emerging market countries that the Adviser currently considers for investment include:


Argentina Bangladesh Belize Brazil Bulgaria Chile China Colombia Croatia Czech Republic Dominican Republic Ecuador Egypt El Salvador Gabon Georgia Ghana Greece		Hungary India Indonesia Iraq Ivory Coast Jamaica Jordan Kazakhstan Kenya Lebanon Lithuania Malaysia Mexico Mongolia Nigeria Pakistan Panama Peru		Philippines Poland Qatar Saudi Arabia Senegal Serbia South Africa South Korea Sri Lanka Taiwan Thailand Turkey Ukraine United Arab Emirates Uruguay Venezuela Vietnam

Countries may be added to or removed from this list at any time.

Investing in emerging market securities involves risks different from, and greater than, risks of investing in domestic securities or in securities of issuers domiciled in developed foreign countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and the imposition of capital controls, which may restrict a Fund’s ability to repatriate investment income and capital. In addition, foreign investors may be required to register the proceeds of sales and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. Dollar, and devaluation may occur subsequent to investments in securities denominated in or traded in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging market securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; less developed legal systems with fewer security holder rights and practical remedies to pursue claims, including class actions or fraud claims; the limited ability of U.S. authorities to bring and enforce actions against non‑U.S. companies and non‑U.S. persons; and differences in the nature and quality of financial information, including (i) auditing and financial reporting standards, which may result in unavailability or unreliability of material information about issuers and (ii) the risk that the Public Company Accounting Oversight Board (“PCAOB”) may not be able to inspect audit practices and work conducted by PCAOB-registered audit firms in certain emerging market countries, such as China. Thus there can be no assurance that the quality of financial

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reporting or the audits conducted by such audit firms of U.S.-listed emerging market companies meet PCAOB standards. Furthermore, in December 2021, the SEC finalized rules to implement the Holding Foreign Companies Accountable Act, which requires the SEC to prohibit the trading of securities of foreign issuers (including those based in China) on a national securities exchange or through any other method regulated by the SEC (including through over‑the‑counter trading) if the PCAOB is unable to inspect the work papers of the auditors of such companies for three years. To the extent a Fund invests in the securities of a company whose securities become subject to such a trading prohibition, the Fund’s ability to transact in such securities, and the liquidity of the securities, as well as their market price, would likely be adversely affected. A Fund would also have to seek other markets in which to transact in such securities, which could increase the Fund’s costs. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause a Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

Frontier market countries generally have smaller, less diverse economies and even less developed capital markets and legal, regulatory, and political systems than traditional emerging markets. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. Frontier market risks include the potential for extreme price volatility and illiquidity—economic or political instability may cause larger price changes in frontier market securities than in securities of issuers located in more developed markets. The risks of investing in frontier market countries may also be magnified by: government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values, impaired or limited access to issuer information and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. The actions of a relatively few major investors in these markets are more likely to result in significant changes in local stock prices and the value of fund shares. The risk also exists that an emergency situation may arise in one or more frontier market countries as a result of which trading of securities may cease or may be substantially curtailed and prices for investments in such markets may not be readily available. All of these factors can make investing in frontier markets riskier than investing in more developed emerging markets or other foreign markets.

An “emerging market issuer” is defined as an issuer that is domiciled in, maintains its principal listing in, is principally traded in or has its principal operations in an emerging market country. In addition, fixed-income securities of any issuer that are denominated in the currency of an emerging market country will be considered securities of an emerging market issuer, regardless of the identity of the issuer. An emerging market issuer will also include any issuer included in the MSCI Emerging Markets Index, the MSCI Frontier Emerging Markets Index, the JP Morgan EMBI Global Index, or the JP Morgan Corporate Emerging Markets Bond Index. “Emerging market country” is defined as any country with securities included in the MSCI Emerging Markets Index, the MSCI Frontier Emerging Markets Index, the JP Morgan EMBI Global Index or the JP Morgan Corporate Emerging Markets Bond Index, any country whose per capita gross national income is not classified as “High Income” by the World Bank (International Bank for Reconstruction and Development), or any country that is not a member of the Organisation for Economic Co‑Operation and Development. A Fund may define “emerging market issuer” and “emerging market country” differently in the future.

Investments in China. Risks of investments in securities of companies economically tied to China may include the volatility of the Chinese stock market; the Chinese economy’s heavy dependence on exports, which may decrease, sometimes significantly, when the world economy weakens; the continuing importance of the role of the Chinese Government, which may take legal or regulatory actions that affect the contractual arrangements of a company or economic and market practices and cause the value of the securities of an issuer held by a Fund to decrease significantly; and political unrest. While the Chinese economy has grown at a rapid rate in recent years, the rate of growth has generally been declining, and there can be no assurance that China’s economy will continue to grow in the future. In addition, trade disputes between China and its trading counterparties, including the United States, have arisen and may continue to arise. Such disputes have resulted in trade tariffs and may potentially result in future trade tariffs, as well as embargoes, trade limitations, trade wars and other negative consequences. These consequences could trigger, among other things, a substantial reduction in international trade and adverse effects on, and potential failure of, individual companies and/or large segments of China’s export industry, which could have potentially significant negative effects on the Chinese economy as well as the global economy. U.S. or other sanctions imposed on the Chinese Government or certain Chinese companies may adversely impact the Chinese economy and Chinese issuers in which a Fund invests, and may prohibit a Fund from investing, or limit a Fund’s ability to invest, in securities of certain Chinese issuers or require a Fund’s sale of such securities, potentially on an accelerated schedule or at disadvantageous prices. Risks of investments in companies based in Hong Kong, a special administrative region of China, include heavy reliance on the Chinese economy, plus regional Asian and global economies such as the U.S. economy, which makes these investments vulnerable to changes in these economies. These and related factors may result in adverse effects on investments in China and Hong Kong and have a negative impact on a Fund’s performance. In addition, China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion; Taiwan-based companies and individuals are significant investors in China. Military conflict

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between China and Taiwan may adversely affect securities of Chinese, Taiwan-based and other issuers both in and outside the region, adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.

Investments in China include investments in companies that are controlled directly or indirectly by the central, provincial or municipal governments of the People’s Republic of China (state-owned enterprises or “SOEs”) or by the People’s Liberation Army, the military arm of the Chinese Communist Party (“PLA companies”). Other AB Funds have invested from time to time, and may invest, in SOEs or PLA companies. A Fund that invests in SOEs or PLA companies is subject to risks that political changes, social instability, regulatory uncertainty, adverse diplomatic developments, asset expropriation or nationalization, economic sanctions, trade embargos, or confiscatory taxation could adversely affect the performance of such companies and therefore the value of a Fund’s investments. Such companies also may be less efficiently operated and less profitable than other companies. When investing in SOEs or PLA companies, a Fund integrating ESG factors into its research and investments analysis seeks to assess and consider the risks of direct or indirect governmental involvement in the business against its corporate governance factors. Such assessments may prove inaccurate.

China A shares are shares of companies incorporated in China and listed on the Shanghai Stock Exchange (“SSE”) or the Shenzhen Stock Exchange (“SZSE”). A Fund may, directly or indirectly through an Underlying Portfolio, invest in China A shares of certain Chinese companies listed and traded through the Shanghai-Hong Kong Stock Connect and Shenzhen‑Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a securities trading and clearing program established by Hong Kong Exchanges and Clearing Limited, the SSE, the SZSE and China Securities Depository and Clearing Corporation Limited, which seeks to provide mutual stock market access between Mainland China and Hong Kong.

Trading through Stock Connect is subject to a number of restrictions and risks that could impair a Fund’s ability to invest in or sell China A shares and affect investment returns, including quotas that limit aggregate daily net purchases on an exchange on a particular day; the possible imposition of trading suspensions; differences in trading days between China and Stock Connect; Chinese securities regulations and stock exchange listing rules; uncertainties in China’s tax rules related to the taxation of income and gains from investments in China A shares; and clearance and settlement procedures associated with Stock Connect.

China H shares are shares of companies incorporated in China and listed on the Hong Kong Stock Exchange. China H shares are traded in Hong Kong dollars and meet Hong Kong’s listing and disclosure requirements. A Fund may invest in China H shares. Investments in China H shares are subject to the risk that the performance of the Hong Kong stock market may have little to no correlation to the performance of the Chinese stock market, and the Hong Kong stock market may behave differently from the Chinese stock market.

A Fund may, directly or indirectly through an Underlying Portfolio, obtain economic exposure to Chinese companies by investing in a special structure known as a variable interest entity (“VIE”), which is designed to provide foreign investors, such as the Fund, with exposure to Chinese companies that operate in certain sectors in which China restricts or prohibits foreign investments. In this structure, the Chinese-based operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a non‑Chinese exchange (such as the Exchange or NASDAQ) and enters into contractual arrangements with the VIE through one or more wholly-owned special purpose vehicles. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership interest in the Chinese-based operating company. The contractual arrangements between the shell company and the VIE do not provide investors in the shell company with the rights they would have through direct equity ownership, and a foreign investor’s rights may be limited, including by actions of the Chinese government which could determine that the underlying contractual arrangements are invalid. While VIEs are a longstanding industry practice and are well known by Chinese officials and regulators, the structure has not been formally recognized under Chinese law and it is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the structure.

It is also uncertain whether the contractual arrangements, which may be subject to conflicts of interest between the legal owners of the VIE and foreign investors, would be enforced by Chinese courts or arbitration bodies. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE‑structured holding(s) to suffer significant, detrimental, and possibly permanent loss, and in turn, adversely affect a Fund’s returns and NAV.

U.S. Economic Trading Partners. The United States is a significant, and in some cases the most significant, trading partner of, or foreign investor in, certain countries in which the Funds may, directly or indirectly through an Underlying Portfolio, invest. Consequently, the economic conditions in such foreign countries may be impacted by changes in the U.S. economy. A decrease in U.S. imports or exports, changes in trade and financial regulations or tariffs, fluctuations in exchange rates or an economic slowdown in the United States may have material adverse effects on a foreign country’s economic conditions and,

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as a result, securities to which the Funds have direct or indirect exposure.

Circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non‑payment would likely have negative impacts on the U.S. economy and the global financial system.

There are strained relations between the United States and certain foreign countries, including traditional allies (such as certain European countries) and historical adversaries (such as North Korea, Iran, China and Russia). If these relations were to worsen, such change could adversely affect U.S. issuers and non‑U.S. issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, there may be an adverse impact on the U.S. economy and issuers in which the Funds may, directly or indirectly through an Underlying Portfolio, invest.

Foreign (Non‑U.S.) Currencies

Investing in and exposure to foreign currencies involve special risks and considerations. A Fund that invests some portion of its assets in securities denominated in, and receives revenues in, foreign currencies will be adversely affected by reductions in the value of those currencies relative to the U.S. Dollar. Foreign currency exchange rates may fluctuate significantly. They are determined by supply and demand in the foreign exchange markets, the relative merits of investments in different countries, actual or perceived changes in interest rates, and other complex factors. Currency exchange rates also can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks or by currency controls or political developments. In light of these risks, a Fund may engage in certain currency hedging transactions, as described above, which involve certain special risks.

A Fund may also invest directly in foreign currencies for non‑hedging purposes, directly on a spot basis (i.e., cash) or through derivative transactions, such as forward currency exchange contracts, futures contracts and options thereon, swaps and options as described above. These investments will be subject to the same risks. In addition, currency exchange rates may fluctuate significantly over short periods of time, causing a Fund’s NAV to fluctuate.

Sovereign and Quasi-Sovereign Debt Obligations

Investments in sovereign or quasi-sovereign debt obligations involve risks not present in corporate debt obligations. Sovereign debt obligations include securities issued by or guaranteed by a sovereign government, and quasi-sovereign debt obligations include securities issued by or guaranteed by an entity affiliated with, or backed by, a sovereign government. Sovereign obligations may differ from other securities with respect to interest rates, maturities, times of issuance and other characteristics. Similar to other securities, changes to the financial condition or credit rating of a government may cause the value of a sovereign obligation, including U.S. Treasury obligations, to decline. During periods of economic uncertainty, the market prices of foreign sovereign obligations may be more volatile than prices of U.S. debt obligations and may affect AB Emerging Markets Multi-Asset Portfolio’s NAV. Quasi-sovereign debt obligations are typically less liquid and less standardized than sovereign debt obligations.

No established secondary markets may exist for many sovereign debt obligations. Reduced secondary market liquidity may have an adverse effect on the market price and AB Emerging Markets Multi-Asset Portfolio’s ability to dispose of particular instruments when necessary to meet its liquidity requirements or in response to specific economic events such as a deterioration in the creditworthiness of the issuer. Reduced secondary market liquidity for certain sovereign debt obligations may also make it more difficult for AB Emerging Markets Multi-Asset Portfolio to obtain accurate market quotations for the purpose of valuing its portfolio. Market quotations are generally available on many sovereign debt obligations only from a limited number of dealers and may not represent firm bids of those dealers or prices for actual sales.

By investing in sovereign and quasi-sovereign debt obligations, AB Emerging Markets Multi-Asset Portfolio will be exposed to the direct or indirect consequences of political, social, and economic changes in various countries. Political changes in a country may affect the willingness of a foreign government to make or provide for timely payments of its obligations. The country’s economic status, as reflected in, among other things, its inflation rate, the amount of external debt and its gross domestic product, will also affect the government’s ability to honor its obligations. In addition, countries that issue debt obligations denominated in a foreign currency and countries that do not have their own currency (e.g., Eurozone countries) may have a higher risk of default than other countries.

AB Emerging Markets Multi-Asset Portfolio is permitted to invest in sovereign and quasi-sovereign debt obligations of issuers that are not current in the payment of interest or principal or are in default so long as the Adviser believes it to be consistent with the Fund’s investment objectives. AB Emerging Markets Multi-Asset Portfolio may have limited legal recourse in the event of a default with respect to certain sovereign and quasi-sovereign debt obligations it holds. For example, remedies from defaults on certain sovereign debt obligations, unlike those on private debt, must, in some cases, be pursued in the courts of the defaulting party itself. Legal recourse therefore may be significantly diminished. Bankruptcy, moratorium, and other similar laws applicable to issuers of sovereign debt obligations may be substantially different from those applicable to issuers of private debt obligations. The political context, expressed as a willingness of an issuer of sovereign debt obligations to meet the terms of the debt obligation, for example, is of considerable importance. In addition, no assurance can be given that the holders of commercial bank debt will not contest payments to the holders of securities issued by foreign governments in the event of default under commercial bank loan agreements.

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Borrowings and Leverage

A Fund may use borrowings for investment purposes subject to its investment policies and procedures and to applicable statutory or regulatory requirements. Borrowings by a Fund result in leveraging of the Fund’s shares. Likewise, a Fund’s use of certain derivatives may effectively leverage the Fund’s portfolio. A Fund may use leverage for investment purposes by entering into transactions such as reverse repurchase agreements, forward contracts, dollar rolls or certain derivatives. This means that the Fund uses cash made available during the term of these transactions to make investments in other securities.

Utilization of leverage, which is usually considered speculative, involves certain risks to the Fund’s shareholders. These include a higher volatility of the NAV of the Fund’s shares and the relatively greater effect of changes in the value of the Fund’s portfolio on the NAV of the shares. In the case of borrowings for investment purposes, so long as the Fund is able to realize a net return on the portion of its investment portfolio resulting from leverage that is higher than the interest expense paid on borrowings, the effect of such leverage will be to cause the Fund’s shareholders to realize a higher net return than if the Fund were not leveraged. With respect to the Fund’s use of derivatives that result in leverage of the Fund’s shares, if the Fund is able to realize a net return on its investments that is higher than the costs of the leverage, the effect of such leverage will be to cause the Fund to realize a higher net return than if the Fund were not leveraged. If the interest expense on borrowings or other costs of the leverage approach the net return on the Fund’s investment portfolio or investments made through leverage, as applicable, the benefit of leverage to the Fund’s shareholders will be reduced. If the interest expense on borrowings or other costs of leverage were to exceed the net return to the Fund, the Fund’s use of leverage would result in a lower rate of net return than if the Fund were not leveraged. Similarly, the effect of leverage in a declining market would normally be a greater decrease in NAV than if the Fund were not leveraged.

Rule 18f‑4 under the 1940 Act imposes limits on a fund’s utilization of certain derivatives and other forms of leverage. Rule 18f‑4, among other things, permits a fund to treat certain financing transactions either as borrowings (subject to asset coverage requirements under the 1940 Act) or as “derivatives transactions” subject to certain risk-based limits of Rule 18f‑4.

Real Estate Investments

Although the Funds do not invest directly in real estate, they may invest in securities of real estate companies. An investment in the Fund is subject to certain risks associated with the direct ownership of real estate and with the real estate industry in general. These risks include, among others: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; a weakening demand for new office and retail space; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean‑up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, fires, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, real estate companies may be adversely impacted by pandemics, which impact could include, among other things, reduced demand for commercial and certain residential real estate, lower occupancy rates, decreased lease payments and increased foreclosures and defaults. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent. These risks may be greater for investments in non‑U.S. real estate companies.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation.

Investing in REITs involves risks similar to those associated with investing in small capitalization companies. REITs may have limited financial and management resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have had more price volatility than larger capitalization stocks.

Credit Ratings

Credit ratings of fixed-income securities measure an issuer’s expected ability to pay principal and interest over time. Credit ratings are determined by NRSROs, such as S&P, Moody’s, Fitch, Kroll Bond Rating Agency (“Kroll”), DBRS Morningstar or other NRSROs. A lower rating means there is a greater chance that an issuer will fail to meet its payment obligation or default. The following terms are generally used to describe the credit quality of debt securities depending on the security’s credit rating or, if unrated, credit quality as determined by the Adviser:

•

investment grade; or

•

below investment grade (“high-yield securities” or “junk bonds”).

The NRSROs may modify their ratings of securities to show relative standing within a rating category, with the addition of numerical modifiers (1, 2 or 3) in the case of Moody’s, with the addition of a plus (+) or minus (-) sign in the case of S&P, Fitch and Kroll, and with the addition of “high” or “low” in the case of DBRS Morningstar. A Fund may purchase a security, regardless of any rating modification, provided the security is rated at or above the Fund’s minimum rating category. For example, a Fund may purchase a security rated B1 by Moody’s, or B‑ by S&P, provided the Fund may purchase securities rated B. Any reference to ratings by any NRSRO includes equivalent ratings by other NRSROs.

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Risks of Investments in Fixed-Income Securities

The value of a Fund’s investments in fixed-income securities will change as the general level of interest rates fluctuates. During periods of falling interest rates, the values of fixed-income securities generally rise. Conversely, during periods of rising interest rates, the values of fixed-income securities generally decline.

In periods of increasing interest rates, a Fund may, to the extent it holds mortgage-backed securities, be subject to the risk that the average dollar-weighted maturity of the Fund’s portfolio of debt or other fixed-income securities may be extended as a result of lower than anticipated prepayment rates.

Securities rated Baa (including Baa1, Baa2 and Baa3) or BBB (including BBB+ and BBB‑), or the equivalent rating at any NRSRO, are considered to have speculative characteristics and share some of the same characteristics as lower-rated securities. Sustained periods of deteriorating economic conditions or of rising interest rates are more likely to lead to a weakening in the issuer’s capacity to pay interest and repay principal than in the case of higher-rated securities.

To the extent that a Fund invests in non‑U.S. fixed-income obligations, it may be subject to increased credit risk because of the difficulties of requiring non‑U.S. entities, including issuers of sovereign debt, to honor their contractual commitments, and because a number of non‑U.S. Governments and other issuers are already in default. In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. As a result, a Fund may be unable to obtain or enforce judgments against non‑U.S. entities.

Investment in Below Investment Grade Fixed-Income Securities

A Fund may invest in high-yield, fixed-income and convertible securities rated below investment grade at the time of purchase, or, if unrated, judged by the Adviser to be of comparable quality. These securities (commonly referred to as “junk bonds”), and comparable unrated securities, are those rated Ba1 or lower by Moody’s, or BB+ or lower by S&P or Fitch, or the equivalent by any other NRSRO. A Fund will generally invest in securities rated at the time of purchase at least Caa‑by Moody’s or CCC‑by S&P or Fitch, or equivalent ratings by any other NRSRO, or in unrated securities judged by the Adviser to be of comparable quality at the time of purchase. However, from time to time, a Fund may invest in securities rated in the lowest grades of NRSROs, or in unrated securities judged by the Adviser to be of comparable quality, if the Adviser determines that there are prospects for an upgrade or a favorable conversion into equity securities (in the case of convertible securities). Securities rated D by S&P, or the equivalent by any NRSRO, are in default.

Investments in below investment grade securities are subject to greater risk of loss of principal and interest than higher-rated securities. These securities are also generally considered to be subject to greater market risk than higher-rated securities. The capacity of issuers of these securities to pay interest and repay principal is more likely to weaken than is that of issuers of higher-rated securities in times of deteriorating economic conditions or rising interest rates. In addition, below investment grade securities may be more susceptible to real or perceived adverse economic conditions than investment grade securities.

The market for these securities may be thinner and less active than that for higher-rated securities, which can adversely affect the prices at which these securities can be sold. To the extent that there is no established secondary market for these securities, a Fund may experience difficulty in valuing such securities and, in turn, the Fund’s assets.

The Adviser seeks to reduce the risk inherent in investment in below investment grade securities through credit analysis, diversification and attention to current developments and trends in interest rates and economic and political conditions. However, there can be no assurance that losses will not occur. Since the risk of default is higher for below investment grade securities, the Adviser’s research and credit analysis are a correspondingly more important aspect of its program for managing a Fund’s securities than would be the case if the Fund did not invest in below investment grade securities.

Unrated Securities

Unrated securities will also be considered for investment by the Funds, except for AB Growth Fund, AB Large Cap Growth Fund, AB Concentrated Growth Fund, AB Discovery Growth Fund, AB Small Cap Growth Portfolio, AB Select US Equity Portfolio, AB Select US Long/Short Portfolio, AB Sustainable Global Thematic Fund, AB Sustainable International Thematic Fund, AB Global Core Equity Portfolio and AB International Growth Portfolio, when the Adviser believes that the financial condition of the issuers of such securities, or the protection afforded by the terms of the securities themselves, limits the risk to a particular Fund to a degree comparable to that of rated securities that are consistent with the Fund’s objective and policies.

Investment in Smaller, Less-Seasoned Companies

Investment in smaller, less-seasoned companies involves greater risks than are customarily associated with securities of more established companies. Companies in the earlier stages of their development often have products and management personnel that have not been thoroughly tested by time or the marketplace; their financial resources may not be as substantial as those of more established companies. The securities of smaller, less-seasoned companies may have relatively limited marketability and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or broad market indices. The revenue flow of such companies may be erratic and their results of operations may fluctuate widely and may also contribute to stock price volatility.

Management Risk – Quantitative Models

The Adviser may use investment techniques that incorporate, or rely upon, quantitative models. These models may not work as intended and may not enable a Fund to achieve its investment objective. In addition, certain models may be constructed

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using data from external providers, and these inputs may be incorrect or incomplete, thus potentially limiting the effectiveness of the models. Finally, the Adviser may change, enhance and update its models and its usage of existing models at its discretion.

Future Developments

A Fund may take advantage of other investment practices that are not currently contemplated for use by the Fund, or are not available but may yet be developed, to the extent such investment practices are consistent with the Fund’s investment objective and legally permissible for the Fund. Such investment practices, if they arise, may involve risks that exceed those involved in the activities described above.

Changes in Investment Objectives and Policies

A Fund’s Board or an Underlying Portfolio’s Board may change a Fund’s or an Underlying Portfolio’s investment objective without shareholder approval. The Fund or the Underlying Portfolio will provide shareholders with 60 days’ prior written notice of any change to the Fund’s or the Underlying Portfolio’s investment objective. Funds that have a policy to invest at least 80% of their net assets in securities indicated by their name will not change their policies without 60 days’ prior written notice to shareholders. Unless otherwise noted, all other investment policies of a Fund or an Underlying Portfolio may be changed without shareholder approval. The value of derivatives providing exposure to the investment focus suggested by a Fund’s name, or to one or more market risk factors associated with such investment focus, is included in determining compliance with a Fund’s 80% investment policy.

Temporary Defensive Position

For temporary defensive purposes in an attempt to respond to adverse market, economic, political or other conditions, each Fund may reduce its position in equity securities and longer-term debt or fixed-income securities and invest in, without limit, certain types of short-term, liquid, high-grade or high-quality (depending on the Fund) debt securities. While a Fund is investing for temporary defensive purposes, it may not meet its investment objectives.

Portfolio Holdings

A description of each Fund’s and the Underlying Portfolios’ policies and procedures with respect to the disclosure of each Fund’s portfolio securities is available in the Fund’s or the Underlying Portfolios’ SAI.

Cyber Security Risk

As the use of the Internet and other technologies has become more prevalent in the course of business, the Funds and their service providers, including the Adviser, have become more susceptible to operational and financial risks associated with cyber security. Cyber security incidents can result from deliberate attacks such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cyber security failures or breaches of a Fund or its service providers or the issuers of securities in which the Fund invests have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed which are designed to reduce the risks associated with cyber security incidents, there can be no assurance that those measures will be effective, particularly since a Fund does not control the cyber security defenses or plans of its service providers, financial intermediaries and companies with which those entities do business and companies in which the Fund invests.

Cyber security incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund or shareholder assets, Fund or customer data (including private shareholder information), or proprietary information, or cause a Fund, the Adviser, and/or a Fund’s service providers (including, but not limited to, fund accountants, custodians, sub‑custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality, or prevent Fund shareholders from purchasing, redeeming, or exchanging shares or receiving distributions. The Funds and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers. Cyber security incidents may result in financial losses to a Fund and its shareholders, and substantial costs may be incurred in seeking to prevent or minimize future cyber security incidents.

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INVESTING IN THE FUNDS

This section discusses how to buy, sell or redeem, or exchange different classes of shares of a Fund that are offered through this Prospectus. The Funds offer five classes of shares through this Prospectus, except for AB Growth Fund, AB Select US Equity Portfolio, AB Select US Long/Short Portfolio, AB International Value Fund, AB Global Risk Allocation Fund, AB All Market Total Return Portfolio and AB Emerging Markets Multi-Asset Portfolio, which offer four classes of shares, and AB Global Core Equity Portfolio, AB International Growth Portfolio, AB Small Cap Value Portfolio, AB Wealth Appreciation Strategy and AB Tax‑Managed Wealth Appreciation Strategy, which offer three classes of shares, and AB All China Equity Portfolio, which offers two classes of shares through this Prospectus, and AB Mid Cap Value Portfolio, which offers one class of shares through this Prospectus.

The NAV of each of the Funds is disclosed daily on the Fund’s website or through the investor’s online account information at www.abfunds.com and/or by calling (800) 221‑5672.

Each share class represents an investment in the same portfolio of securities, but the classes may have different sales charges and bear different ongoing distribution expenses. For additional information on the differences between the different classes of shares and factors to consider when choosing among them, please see “The Different Share Class Expenses” and “Choosing a Share Class” below. Only Class A shares offer Quantity Discounts on sales charges, as described below.

To effect an order for the purchase, exchange or redemption of a Fund’s shares, the Fund must receive the order in “proper form.” Proper form generally means that your instructions:

•

Are signed and dated by the person(s) authorized in accordance with the Fund’s policies and procedures to access the account and request transactions;

•

Include the fund and account number; and

•

Include the amount of the transaction (stated in dollars, shares, or percentage).

Written instructions also must include:

•

Medallion signature guarantees or notarized signatures, if required for the type of transaction. (Requirements are detailed on AllianceBernstein Investor Services, Inc., or ABIS, service forms; Please contact ABIS with any questions)

•

Any supporting documentation that may be required.

The Funds reserve the right, without notice, to revise the requirements for proper form.

HOW TO BUY SHARES

The purchase of a Fund’s shares is priced at the next-determined NAV after your order is received in proper form by ABIS.

Class A and Class C Shares – Shares Available to Retail Investors

You may purchase a Fund’s Class A or Class C shares through financial intermediaries, such as broker-dealers or banks. You also may purchase shares directly from the Funds’ principal underwriter, AllianceBernstein Investments, Inc., or ABI, if you are (i) making an initial investment and the Fund has received and accepted a completed Mutual Fund Application identifying a financial intermediary with which ABI has an agreement; (ii) an existing Fund shareholder with an account held directly with a Fund; or (iii) an employee of the Adviser or any of its affiliates. These purchases may be subject to an initial sales charge, an asset-based sales charge or CDSC, as described below.

Purchase Minimums and Maximums

Minimums:*


—Initial:	$	2,500
—Subsequent:	$	50

Purchase minimums may not apply to some accounts established in connection with the Automatic Investment Program and to some retirement-related investment programs. These investment minimums also do not apply to persons participating in a fee‑based program or “Mutual Fund Only” brokerage program which is sponsored and maintained by a registered broker-dealer or other financial intermediary with omnibus account or “network level” account arrangements with a Fund.

Maximum Individual Purchase Amount:


—Class A shares		None
—Class C shares	$	1,000,000

Class Z Shares – Shares Available to Persons Participating in Certain Fee‑Based Programs

Class Z shares are available to persons participating in certain fee‑based programs sponsored and maintained by registered broker-dealers or other financial intermediaries with omnibus account arrangements with the Funds.

Other Purchase Information

Your broker or financial advisor must receive your purchase request by the Fund Closing Time, which is the close of regular trading on any day the Exchange is open (ordinarily, 4:00 p.m., Eastern time, but sometimes earlier, as in the case of scheduled half‑day trading or unscheduled suspensions of trading), for you to receive the next-determined NAV, less any applicable initial sales charge.

If you are an existing Fund shareholder and you have completed the appropriate section of the Mutual Fund Application, you may purchase additional shares by telephone with payment by electronic funds transfer in amounts not exceeding $500,000. ABIS must receive and confirm telephone requests before the Fund Closing Time to receive that day’s public offering price. Call (800) 221‑5672 to arrange a transfer from your bank account.

Shares of the Funds are generally available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted

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by a Fund, the Funds will only accept purchase orders directly from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number (i.e., W‑9 tax status). Subject to the requirements of local law applicable to the offering of Fund shares, U.S. citizens (i.e., W‑9 tax status) residing in foreign countries are permitted to purchase shares of the Funds through their accounts at U.S. registered broker-dealers and other similar U.S. financial intermediaries, provided the broker-dealer or intermediary has an agreement with the Funds’ distributor permitting it to accept orders for the purchase and sale of Fund shares.

The Funds will not accept purchase orders (including orders for the purchase of additional shares) from foreign persons or entities or from resident aliens who, to the knowledge of a Fund, have reverted to non‑resident status (e.g., a resident alien who has a non‑U.S. address at time of purchase).

Tax‑Deferred Accounts

Class A shares are also available to the following tax‑deferred arrangements:

•

Traditional and Roth IRAs (minimums listed in the table above apply);

•

SEPs, SAR‑SEPs, SIMPLE IRAs, and individual 403(b) plans (no investment minimum); and

•

AllianceBernstein-sponsored Coverdell Education Savings Accounts ($2,000 initial investment minimum, $150 Automatic Investment Program monthly minimum).

Class C shares are available to AllianceBernstein Link, AllianceBernstein Individual 401(k), AllianceBernstein SIMPLE IRA plans with less than $250,000 in plan assets and 100 employees, and to group retirement plans with plan assets of less than $1,000,000.

Advisor Class Shares

You may purchase Advisor Class shares through your financial advisor at NAV. Advisor Class shares may be purchased and held solely:

•

through accounts established under a fee‑based program, sponsored and maintained by a registered broker-dealer or other financial intermediary and approved by ABI;

•

through a defined contribution employee benefit plan (e.g., a 401(k) plan) that purchases shares directly without the involvement of a financial intermediary;

•

by investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds; and

•

through certain special arrangements approved by the Adviser.

Advisor Class shares may also be available on brokerage platforms of firms that have agreements with ABI to offer such shares when acting solely on an agency basis for the purchase or sale of such shares. If you transact in Advisor Class shares through one of these programs, you may be required to pay a commission and/or other forms of compensation to the broker. Shares of the Funds are available in other share classes that have different fees and expenses.

The Funds’ SAI has more detailed information about who may purchase and hold Advisor Class shares.

Class A, Class I and Class Z Shares – Shares Available to Group Retirement Plans

Class A, Class I and Class Z shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non‑qualified deferred compensation plans where plan level or omnibus accounts are held on the books of a Fund (“group retirement plans”).

Class A shares are also available at NAV to the AllianceBernstein Link, AllianceBernstein Individual 401(k) and AllianceBernstein SIMPLE IRA plans but only if such plans have at least $250,000 in plan assets or 100 employees, and to certain defined contribution retirement plans that do not have plan level or omnibus accounts on the books of the Fund.

Class A and Class I shares are also available to certain AllianceBernstein-sponsored group retirement plans. Class I and Class Z shares generally are not available to retail non‑retirement accounts, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SAR‑SEPs, SIMPLE IRAs and individual 403(b) plans. Class I shares are not currently available to group retirement plans in the AllianceBernstein-sponsored group retirement plan programs known as the “Informed Choice” programs.

Class I and Class Z shares are also available to certain institutional clients of the Adviser that invest at least $2,000,000 in a Fund.

Required Information

A Fund is required by law to obtain, verify and record certain personal information from you or persons on your behalf in order to establish an account. Required information includes name, date of birth, physical address and taxpayer identification number (for most investors, your social security number). A Fund may also ask to see other identifying documents. If you do not provide the information, the Fund will not be able to open your account. If a Fund is unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if the Fund believes it has identified potentially criminal activity, the Fund reserves the right to take action it deems appropriate or as required by law, which may include closing your account. If you are not a U.S. citizen or resident alien, your account must be affiliated with a Financial Industry Regulatory Authority, or FINRA, member firm.

A Fund is required to withhold 24% of taxable dividends, capital gains distributions, and redemptions paid to any shareholder who has not provided the Fund with his or her correct taxpayer identification number. To avoid this, you must provide your correct taxpayer identification number on your Mutual Fund Application.

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General

IRA custodians, plan sponsors, plan fiduciaries, plan recordkeepers, and other financial intermediaries may establish their own eligibility requirements as to the purchase, sale or exchange of Fund shares, including minimum and maximum investment requirements. A Fund is not responsible for, and has no control over, the decisions of any plan sponsor, fiduciary or other financial intermediary to impose such differing requirements.

ABI may refuse any order to purchase shares. Each Fund reserves the right to suspend the sale of its shares to the public in response to conditions in the securities markets or for other reasons.

THE DIFFERENT SHARE CLASS EXPENSES

This section describes the different expenses of investing in each class and explains factors to consider when choosing a class of shares. The expenses can include distribution and/or service (Rule 12b‑1) fees, initial sales charges and/or CDSCs. Only Class A shares offer Quantity Discounts as described below.

Asset-Based Sales Charges or Distribution and/or Service (Rule 12b‑1) Fees

WHAT IS A RULE 12b‑1 FEE?

A Rule 12b‑1 fee is a fee deducted from a Fund’s assets that is used to pay for personal service, maintenance of shareholder accounts and distribution costs, such as advertising and compensation of financial intermediaries. Each Fund has adopted a plan under SEC Rule 12b‑1 that allows the Fund to pay asset-based sales charges or distribution and/or service (Rule 12b‑1) fees for the distribution and sale of its shares. The amount of each share class’s Rule 12b‑1 fee, if any, is disclosed below and in a Fund’s fee table included in the Summary Information section above.

The amount of Rule 12b‑1 and/or service fees for each class of a Fund’s shares is up to:


	Distribution and/or Service (Rule 12b‑1) Fee (as a Percentage of Aggregate Average Daily Net Assets)
Class A		0.25%*
Class C		1.00%
Advisor Class		None
Class I		None
Class Z		None

The maximum fee allowed under the Rule 12b‑1 Plan for the Class A shares of AB Large Cap Growth Fund, AB Wealth Appreciation Strategy, AB All Market Total Return Portfolio and AB Tax‑Managed Wealth Appreciation Strategy is 0.50% of the aggregate average daily net assets, and the maximum fee allowed under any Rule 12b‑1 Plan for Class A shares of all other Funds, except AB Global Core Equity Portfolio, AB International Growth Portfolio, AB Small Cap Value Portfolio and AB All China Equity Portfolio, is 0.30% of the aggregate average daily net assets. The Boards of the Funds currently limit the Funds’ payments to 0.25%, except with respect to AB Discovery Growth Fund, for which payments are currently limited to 0.23%.

Because these fees are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales fees. Class C shares are subject to higher Rule 12b‑1 fees than Class A shares. Class C shares are subject to these higher fees for a period of eight years, after which they convert to Class A shares. Share classes with higher Rule 12b‑1 fees will have a higher expense ratio, pay correspondingly lower dividends and may have a lower NAV (and returns). All or some of these fees are paid to financial intermediaries, which may include your financial intermediary’s firm. ABI retains these fees for certain shareholder accounts, including those held directly with a Fund (with no associated financial intermediary).

Sales Charges

Class A Shares. You can purchase Class A shares at their public offering price (or cost), which is NAV plus an initial sales charge of up to 4.25% of the offering price. Any applicable sales charge will be deducted directly from your investment.

The initial sales charge you pay each time you buy Class A shares differs depending on the amount you invest and may be reduced or eliminated for larger purchases as indicated below. These discounts, which are also known as Breakpoints or Quantity Discounts, can reduce or, in some cases, eliminate the initial sales charges that would otherwise apply to your investment in Class A shares.

The sales charge schedule of Class A share Quantity Discounts is as follows:


	Initial Sales Charge
Amount Purchased	as % of Net Amount Invested			as % of Offering Price
Up to $100,000		4.44	%		4.25	%
$100,000 up to $250,000		3.36			3.25
$250,000 up to $500,000		2.30			2.25
$500,000 up to $1,000,000		1.78			1.75
$1,000,000 and above		0.00			0.00

Except as noted below, purchases of Class A shares in the amount of $1,000,000 or more or by AllianceBernstein or non‑AllianceBernstein sponsored group retirement plans are not subject to an initial sales charge, but may be subject to a 1% CDSC if redeemed or terminated within one year.

Class A Shares – Purchases Not Subject to Sales Charges.

The Funds may sell their Class A shares at NAV without an initial sales charge or CDSC to some categories of investors, including:

•

persons participating in a fee‑based program, sponsored and maintained by a registered broker-dealer or other financial intermediary, under which persons pay an asset-based fee for services in the nature of investment advisory or administrative services, or clients of broker-dealers or other financial intermediaries who purchase Class A shares for their own accounts through self-directed and/or non‑discretionary brokerage accounts with the broker-dealers or other financial intermediaries that may or may not charge a transaction fee to its customers;

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•

plan participants who roll over amounts distributed from employer maintained retirement plans to AllianceBernstein-sponsored IRAs where the plan is a client of or serviced by the Adviser’s Institutional Investment Management Division or Bernstein Private Wealth Management Division including subsequent contributions to those IRAs;

•

certain other investors, such as investment management clients of the Adviser or its affiliates, including clients and prospective clients of the Adviser’s Institutional Investment Management Division, employees of selected dealers authorized to sell a Fund’s shares, and employees of the Adviser; or

•

persons participating in a “Mutual Fund Only” brokerage program, sponsored and maintained by a registered broker-dealer or other financial intermediary.

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from a Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front‑end sales load waivers and discounts or CDSC waivers. In all instances, it is the purchaser’s responsibility to notify the Fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.

Please see the Funds’ SAI for more information about purchases of Class A shares without sales charges.

Certain intermediaries impose different eligibility criteria for sales load waivers and discounts, which are described in Appendix B – Financial Intermediary Waivers.

Class C Shares.

You can purchase Class C shares at NAV without an initial sales charge. This means that the full amount of your purchase is invested in the Fund. Your investment is subject to a 1% CDSC if you redeem your shares within one year. If you exchange your shares for the Class C shares of another AB Mutual Fund, the 1% CDSC also will apply to the Class C shares received. The 1‑year period for the CDSC begins with the date of your original purchase, not the date of the exchange for the other Class C shares.

Class C shares purchased for cash automatically convert to Class A shares eight years after the end of the month of your purchase. If you purchase shares by exchange for the Class C shares of another AB Mutual Fund, the conversion period runs from the date of your original purchase.

HOW IS THE CDSC CALCULATED?

The CDSC is applied to the lesser of NAV at the time of redemption or the original cost of shares being redeemed (or, as to Fund shares acquired through an exchange, the cost of the AB Mutual Fund shares originally purchased for cash). This means that no sales charge is assessed on increases in NAV above the initial purchase price. Shares obtained from dividend or distribution reinvestment are not subject to the CDSC. In determining the CDSC, it will be assumed that the redemption is, first, of any shares not subject to a CDSC and, second, of shares held the longest.

Advisor Class, Class I and Class Z Shares.

These classes of shares are not subject to any initial sales charge or CDSC, although your financial advisor may charge a fee.

SALES CHARGE REDUCTION PROGRAMS FOR CLASS A SHARES

This section includes important information about sales charge reduction programs available to investors in Class A shares and describes information or records you may need to provide to a Fund or your financial intermediary in order to be eligible for sales charge reduction programs. Your financial intermediary may have different policies and procedures regarding eligibility for sales charge reduction programs. See Appendix B – Financial Intermediary Waivers.

Information about Quantity Discounts and sales charge reduction programs also is available free of charge and in a clear and prominent format on our website at www.abfunds.com (click on “Investments – Mutual Funds”, select the Fund, then click on “Literature-Understanding Sales Charges & Expenses”).

Rights of Accumulation

To determine if a new investment in Class A shares is eligible for a Quantity Discount, a shareholder can combine the value of the new investment in a Fund with the higher of cost or NAV of existing investments in the Fund and any other AB Mutual Fund, and any registered fund advised or sub‑advised by AB CarVal Investors, L.P (a wholly owned subsidiary of the Adviser, whose mutual funds have their own Board of Directors). The AB Mutual Funds use the higher of cost or current NAV of your existing investments when combining them with your new investment.

Combined Purchase Privileges

A shareholder may qualify for a Quantity Discount by combining purchases of shares of a Fund into a single “purchase”. A “purchase” means a single purchase or concurrent purchases of shares of a Fund or any other AB Mutual Fund by:

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an individual, his or her spouse or domestic partner, or the individual’s children under the age of 21 purchasing shares for his, her or their own account(s);

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•

a trustee or other fiduciary purchasing shares for a single trust, estate or single fiduciary account with one or more beneficiaries involved;

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the employee benefit plans of a single employer; or

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any company that has been in existence for at least six months or has a purpose other than the purchase of shares of the Fund.

Letter of Intent

An investor may not immediately invest a sufficient amount to reach a Quantity Discount, but may plan to make one or more additional investments over a period of time that, in the end, would qualify for a Quantity Discount. For these situations, the Funds offer a Letter of Intent, which permits new investors to express the intention, in writing, to invest at least $100,000 in Class A shares of a Fund or any other AB Mutual Fund within 13 months. The Fund will then apply the Quantity Discount to each of the investor’s purchases of Class A shares that would apply to the total amount stated in the Letter of Intent. In the event an existing investor chooses to initiate a Letter of Intent, the AB Mutual Funds will use the higher of cost or current NAV of the investor’s existing investments and of those accounts with which investments are combined via Combined Purchase Privileges toward the fulfillment of the Letter of Intent. For example, if the combined cost of purchases totaled $80,000 and the current NAV of all applicable accounts is $85,000 at the time a $100,000 Letter of Intent is initiated, the subsequent investment of an additional $15,000 would fulfill the Letter of Intent. If an investor fails to invest the total amount stated in the Letter of Intent, a Fund will retroactively collect the sales charge otherwise applicable by redeeming shares in the investor’s account at their then current NAV. Investors qualifying for Combined Purchase Privileges may purchase shares under a single Letter of Intent.

Required Shareholder Information and Records

In order for shareholders to take advantage of sales charge reductions, a shareholder or his or her financial intermediary must notify the Fund that the shareholder qualifies for a reduction. Without notification, the Fund is unable to ensure that the reduction is applied to the shareholder’s account. A shareholder may have to provide information or records to his or her financial intermediary or a Fund to verify eligibility for breakpoint privileges or other sales charge waivers. This may include information or records, including account statements, regarding shares of the Fund or other AB Mutual Funds held in:

•

all of the shareholder’s accounts at the Funds or a financial intermediary; and

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accounts of related parties of the shareholder, such as members of the same family, at any financial intermediary.

CDSC WAIVERS AND OTHER PROGRAMS

Here Are Some Ways To Avoid Or

Minimize Charges On Redemption.

CDSC Waivers

The Funds will waive the CDSCs on redemptions of shares in the following circumstances, among others:

•

permitted exchanges of shares;

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following the death or disability of a shareholder;

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if the redemption represents a minimum required distribution from an IRA or other retirement plan to a shareholder who has attained the age of 73; or

•

if the redemption is necessary to meet a plan participant’s or beneficiary’s request for a distribution or loan from a group retirement plan or to accommodate a plan participant’s or beneficiary’s direction to reallocate his or her plan account among other investment alternatives available under a group retirement plan.

Please see the Funds’ SAI for a list of additional circumstances under which the Funds will waive the CDSCs on redemption of shares.

Your financial intermediary may have different policies and procedures regarding eligibility for CDSC waivers. See Appendix B – Financial Intermediary Waivers.

Other Programs

Dividend Reinvestment Program

Unless you specifically have elected to receive dividends or distributions in cash, they will automatically be reinvested, without an initial sales charge or CDSC, in the same class of additional shares of a Fund. If you elect to receive distributions in cash, you will only receive a check if the amount of the distribution is equal to or exceeds $25.00. Distributions of less than $25.00 will automatically be reinvested in shares of the Fund. To receive distributions of less than $25.00 in cash, you must have bank instructions associated to your account so that distributions can be delivered to you electronically via Electronic Funds Transfer using the Automated Clearing House or “ACH”. In addition, the Fund may reinvest your distribution check (and future checks) in additional shares of the Fund if your check (i) is returned as undeliverable or (ii) remains uncashed for nine months.

Dividend Direction Plan

A shareholder who already maintains accounts in more than one AB Mutual Fund may direct the automatic investment of income dividends and/or capital gains by one Fund, in any amount, without the payment of any sales charges, in shares of any eligible class of one or more other AB Mutual Fund(s) in which the shareholder maintains an account.

Automatic Investment Program

The Automatic Investment Program allows investors to purchase shares of a Fund through pre‑authorized transfers of funds from the investor’s bank account. Under the Automatic Investment Program, an investor may (i) make an initial purchase of at least $2,500 and invest at least $50 monthly or (ii) make an initial purchase of less than $2,500 and commit to a monthly investment of $200 or more until the investor’s account balance is $2,500 or more. Please see the Funds’ SAI for more details.

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Reinstatement Privilege

A shareholder who has redeemed all or any portion of his or her Class A shares may reinvest all or any portion of the proceeds from the redemption in Class A shares of any AB Mutual Fund at NAV without any sales charge, if the reinvestment is made within 120 calendar days after the redemption date.

Systematic Withdrawal Plan

The Funds offer a systematic withdrawal plan that permits the redemption of Class A or Class C shares without payment of a CDSC. Under this plan, redemptions equal to 1% a month, 2% every two months or 3% a quarter of the value of a Fund account would be free of a CDSC. For Class A and Class C shares, shares held the longest would be redeemed first.

CHOOSING A SHARE CLASS

Each share class represents an interest in the same portfolio of securities, but each class has its own sales charge and expense structure allowing you to choose the class that best fits your situation. In choosing a class of shares, you should consider:

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the amount you intend to invest;

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how long you expect to own shares;

•

expenses associated with owning a particular class of shares;

•

whether you qualify for any reduction or waiver of sales charges (for example, if you are making a large investment that qualifies for a Quantity Discount, you might consider purchasing Class A shares); and

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whether a share class is available for purchase (Class I shares are only offered to group retirement plans, not individuals).

Among other things, Class A shares, with their lower Rule 12b‑1 fees, are designed for investors with a long-term investing time frame. Class C shares should not be considered as a long-term investment because they are subject to a higher distribution fee for eight years. Class C shares do not, however, have an initial sales charge or a CDSC so long as the shares are held for one year or more. Class C shares are designed for investors with a short-term investing time frame.

A transaction, service, administrative or other similar fee may be charged by your broker-dealer, agent or other financial intermediary, with respect to the purchase, sale or exchange, as applicable, of Class A, Class C, Advisor Class or Class Z shares made through your financial advisor or in connection with participation on the intermediary’s platform. Financial intermediaries, a fee‑based program, or, for group retirement plans, a plan sponsor or plan fiduciary, also may impose requirements on the purchase, sale or exchange of shares that are different from, or in addition to, those described in this Prospectus and the Funds’ SAI, including requirements as to the minimum initial and subsequent investment amounts. In addition, group retirement plans may not offer all classes of shares of a Fund. A Fund is not responsible for, and has no control over, the decision of any financial intermediary, plan sponsor or fiduciary to impose such differing requirements.

You should consult your financial advisor for assistance in choosing a class of Fund shares.

PAYMENTS TO FINANCIAL ADVISORS AND THEIR FIRMS

Financial intermediaries market and sell shares of the Funds. These financial intermediaries employ financial advisors and receive compensation for selling shares of the Funds. This compensation is paid from various sources, including any sales charge, CDSC and/or Rule 12b‑1 fee that you or the Funds may pay. Your individual financial advisor may receive some or all of the amounts paid to the financial intermediary that employs him or her.

WHAT IS A FINANCIAL INTERMEDIARY?

A financial intermediary is a firm that receives compensation for selling shares of the Funds offered in this Prospectus and/or provides services to the Funds’ shareholders. Financial intermediaries may include, among others, your broker, your financial planner or advisor, banks and insurance companies. Financial intermediaries may employ financial advisors who deal with you and other investors on an individual basis.

All or a portion of the initial sales charge that you pay is paid by ABI to financial intermediaries selling Class A shares. ABI may also pay financial intermediaries a fee of up to 1% on purchases of Class A shares that are sold without an initial sales charge, and on purchases of $1,000,000 or more for AllianceBernstein Link, AllianceBernstein SIMPLE IRA plans with more than $250,000 in assets or for purchases made by certain other group retirement plans.

ABI pays, at the time of your purchase, a commission to financial intermediaries in an amount equal to 1% of your investment for sales of Class C shares.

For Class A and Class C shares, up to 100% of the Rule 12b‑1 fees applicable to these classes of shares each year may be paid to financial intermediaries.

In the case of Advisor Class shares, your financial advisor may charge ongoing fees or transactional fees.

Your financial advisor’s firm receives compensation from the Funds, ABI and/or the Adviser in several ways from various sources, which include some or all of the following:

upfront sales commissions;

Rule 12b‑1 fees;

additional distribution support;

defrayal of costs for educational seminars and training; and

payments related to providing shareholder recordkeeping and/or transfer agency services.

Please read this Prospectus carefully for information on this compensation.

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Other Payments for Distribution Services and Educational Support

In addition to the commissions paid to or charged by financial intermediaries at the time of sale and Rule 12b‑1 fees, some or all of which are paid to financial intermediaries (and, in turn, may be paid to your financial advisor), ABI, at its own expense, currently provides additional payments to firms that sell shares of the AB Mutual Funds. The Adviser and its affiliates, at their own expense, provide similar payments to firms for providing distribution, marketing, promotional, educational and other services relating to AB ETFs. ABI, the Adviser or their affiliates consider these additional payments based on a variety of factors and services to be provided. The additional payments are usually calculated based on a percentage of Fund sales and/or Fund assets attributable to a particular financial intermediary. Payments are at times based on other criteria or factors such as, for example, a fee per transaction. Specific payment formulas are negotiated based on a number of factors, including, but not limited to, reputation in the industry, ability to attract and retain assets, target markets, customer relationships and scope and quality of services provided. Although the individual components may be higher and the total amount of payments made to each qualifying firm in any given year may vary, the total amount paid to a financial intermediary in connection with services and the sale of shares of the AB Funds will generally not exceed, with certain limited exceptions, the sum of (a) 0.25% of the current year’s fund sales by that firm and (b) 0.10% of average daily net assets attributable to that firm over the year. In limited circumstances, ABI, the Adviser or their affiliates will have alternative arrangements with an intermediary that provide for payments in excess of the limitation, which may include arrangements based on assets or sales of the Funds, combined assets or sales of related Funds, or other criteria. These payments may relate to intermediaries making AB Fund shares available to their customers, including through technology platforms or ‘preferred fund’ programs. These sums include payments for distribution and analytical data pertaining to AB Funds and other AB products and services and to reimburse directly or indirectly the costs incurred by these firms and their employees in connection with educational seminars and training efforts about the AB Funds for the firms’ employees and/or their clients and potential clients. The costs and expenses associated with these efforts may include travel, lodging, entertainment and meals. These additional payments may be significant to certain financial intermediaries and other persons, and may be an important factor in a financial intermediary or other person’s willingness to support the sale of the Fund through its distribution system.

For 2026, additional payments by the Adviser and ABI and their affiliates to these firms for distribution services and educational support related to the AB Funds are expected to be approximately 0.04% of the average monthly assets of the AB Funds, or approximately $28.5 million. In 2025, the Adviser and ABI and their affiliates paid approximately 0.04% of the average monthly assets of the AB Funds or approximately $27 million for distribution services and educational support related to the AB Funds.

The Funds and ABI also make payments for recordkeeping and other transfer agency services to financial intermediaries that sell AB Fund shares. Please see “Management of the Funds—Transfer Agency and Retirement Plan Services” below. These expenses paid by the Funds, are included in “Other Expenses” under “Fees and Expenses of the Fund—Annual Fund Operating Expenses” in the Summary Information at the beginning of this Prospectus.

If one mutual fund sponsor makes greater distribution assistance payments than another, your financial advisor and his or her firm may have an incentive to recommend one fund complex over another. Similarly, if your financial advisor or his or her firm receives more distribution assistance for one share class versus another, then they may have an incentive to recommend that class.

Please speak with your financial advisor to learn more about the total amounts paid to your financial advisor and his or her firm by the Funds, the Adviser, ABI and by sponsors of other mutual funds he or she may recommend to you. You should also consult disclosures made by your financial advisor at the time of purchase.

As of the date of this Prospectus, ABI anticipates that the firms that will receive additional payments for distribution services and/or educational support include:

ADP Retirement Services

American Enterprise Investment Services

Citigroup Global Markets

Citizens Securities

Dynasty Securities, LLC

Equitable Advisors

FIS Brokerage

Great-West Life & Annuity Insurance Co.

John Hancock Retirement Plan Services

JP Morgan Securities

LPL Financial

Merrill Lynch

Morgan Stanley

National Financial/Fidelity

Northwestern Mutual Investment Services

Osaic, Inc.

PNC Investments

Principal Life

Raymond James

RBC Wealth Management

Robert W. Baird

Rockefeller Financial, LLC

Sanctuary Wealth Group

Truist Investment Services

UBS Financial Services

US Bancorp Investments

Wells Fargo Advisors

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Although the Funds may use brokers and dealers that sell shares of the Funds to effect portfolio transactions, the Funds do not consider the sale of AB Fund shares as a factor when selecting brokers or dealers to effect portfolio transactions.

HOW TO EXCHANGE SHARES

You may exchange your Fund shares for shares of the same class of other AB Mutual Funds provided that the other fund offers the same class of shares and, in the case of retirement plans, is an investment option under the plan. Exchanges of shares are made at the next-determined NAV, without sales or service charges, after your order is received in proper form. All exchanges are subject to the minimum investment restrictions set forth in the prospectus for the AB Mutual Fund whose shares are being acquired. You may request an exchange either directly or through your financial intermediary or, in the case of retirement plan participants, by following the procedures specified by your plan sponsor or plan recordkeeper. In order to receive a day’s NAV, ABIS must receive and confirm your telephone exchange request by the Fund Closing Time on that day. The Funds may modify, restrict or terminate the exchange privilege on 60 days’ written notice.

HOW TO SELL OR REDEEM SHARES

You may “redeem” your shares (i.e., sell your shares to a Fund) on any day the Exchange is open, either directly or through your financial intermediary or, in the case of retirement plan participants, by following the procedures specified by your plan sponsor or plan recordkeeper. Your sale price will be the next-determined NAV, less any applicable CDSC, after ABIS receives your redemption request in proper form. Each Fund expects that it will typically take one to three business days following the receipt of your redemption request in proper form to pay out redemption proceeds. However, while not expected, payment of redemption proceeds may take up to seven days from the day your request is received in proper form by the Fund by the Fund Closing Time. If you recently purchased your shares by check or electronic funds transfer, your redemption payment may be delayed until the Fund is reasonably satisfied that the check or electronic funds transfer has been collected (which may take up to 10 business days). For Advisor Class and Class Z shares, if you are in doubt about what procedures or documents are required by your fee‑based program or employee benefit plan to sell your shares, you should contact your financial advisor.

Each Fund expects, under normal circumstances, to use cash or cash equivalents held by the Fund to satisfy redemption requests. Each Fund may also determine to sell portfolio assets to meet such requests. Under certain circumstances, including stressed market conditions, each Fund may determine to pay a redemption request by accessing a bank line of credit or by distributing wholly or partly in kind securities from its portfolio, instead of cash.

Sale In‑Kind. Each Fund normally pays proceeds of a sale of Fund shares in cash. However, each Fund has reserved the right to pay the sale price in whole or in part by a distribution in‑kind of securities in lieu of cash. If the redemption payment is made in‑kind, the securities received will be subject to market risk and may decline in value. In addition, you may incur brokerage commissions if you elect to sell the securities for cash.

Selling Shares Through Your Financial Intermediary or Retirement Plan

Your financial intermediary or plan recordkeeper must receive your sales request by the Fund Closing Time for you to receive that day’s NAV, less any applicable CDSC. Your financial intermediary, plan sponsor or plan recordkeeper is responsible for submitting all necessary documentation to the Fund and may charge you a fee for this service.

Selling Shares Directly to the Fund

By Mail:

•

Send a signed letter of instruction or stock power, along with certificates, to:

AllianceBernstein Investor Services, Inc.

P.O. Box 786003

San Antonio, TX 78278-6003

•

For certified or overnight deliveries, send to:

AllianceBernstein Investor Services, Inc.

8000 IH 10 W, 13th floor

San Antonio, TX 78230

•

For your protection, a bank, a member firm of a national stock exchange or another eligible guarantor institution must guarantee signatures. Stock power forms are available from your financial intermediary, ABIS and many commercial banks. Additional documentation is required for the sale of shares by corporations, intermediaries, fiduciaries and surviving joint owners. If you have any questions about these procedures, contact ABIS.

By Telephone:

•

You may redeem your shares for which no stock certificates have been issued by telephone request. Call ABIS at (800) 221‑5672 with instructions on how you wish to receive your sale proceeds.

•

ABIS must receive and confirm a telephone redemption request by the Fund Closing Time for you to receive that day’s NAV, less any applicable CDSC.

•

For your protection, ABIS will request personal or other information from you to verify your identity and will generally record the calls. Neither the Fund nor the Adviser, ABIS, ABI or other Fund agent will be liable for any loss, injury, damage or expense as a result of acting upon telephone instructions purporting to be on your behalf that ABIS reasonably believes to be genuine.

•

If you have selected electronic funds transfer in your Mutual Fund Application, the redemption proceeds will be sent directly to your bank. Otherwise, the proceeds will be mailed to you.

•

Redemption requests by electronic funds transfer or check may not exceed $100,000 per Fund account per day.

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•

Telephone redemption is not available for shares held in nominee or “street name” accounts, retirement plan accounts, or shares held by a shareholder who has changed his or her address of record within the previous 30 calendar days.

FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES

Each Fund’s Board has adopted policies and procedures designed to detect and deter frequent purchases and redemptions of Fund shares or excessive or short-term trading that may disadvantage long-term Fund shareholders. These policies are described below. There is no guarantee that the Funds will be able to detect excessive or short-term trading or to identify shareholders engaged in such practices, particularly with respect to transactions in omnibus accounts. Shareholders should be aware that application of these policies may have adverse consequences, as described below, and should avoid frequent trading in Fund shares through purchases, sales and exchanges of shares. Each Fund reserves the right to restrict, reject or cancel, without any prior notice, any purchase or exchange order for any reason, including any purchase or exchange order accepted by any shareholder’s financial intermediary.

Risks Associated With Excessive or Short-Term Trading Generally. While the Funds will try to prevent market timing by utilizing the procedures described below, these procedures may not be successful in identifying or stopping excessive or short-term trading in all circumstances. By realizing profits through short-term trading, shareholders that engage in rapid purchases and sales or exchanges of a Fund’s shares dilute the value of shares held by long-term shareholders. Volatility resulting from excessive purchases and sales or exchanges of Fund shares, especially involving large dollar amounts, may disrupt efficient portfolio management and cause a Fund to sell portfolio securities at inopportune times to raise cash to accommodate redemptions relating to short-term trading activity. In particular, a Fund may have difficulty implementing its long-term investment strategies if it is forced to maintain a higher level of its assets in cash to accommodate significant short-term trading activity. In addition, a Fund may incur increased administrative and other expenses due to excessive or short-term trading, including increased brokerage costs and realization of taxable capital gains.

Funds that may invest significantly in securities of foreign issuers, such as AB Emerging Markets Multi-Asset Portfolio, may be particularly susceptible to short-term trading strategies. This is because securities of foreign issuers are typically traded on markets that close well before the time a Fund ordinarily calculates its NAV at 4:00 p.m., Eastern time, which gives rise to the possibility that developments may have occurred in the interim that would affect the value of these securities. The time zone differences among international stock markets can allow a shareholder engaging in a short-term trading strategy to exploit differences in Fund share prices that are based on closing prices of securities of foreign issuers established some time before the Fund calculates its own share price (referred to as “time zone arbitrage”). Each Fund has procedures, referred to as fair value pricing, designed to adjust closing market prices of securities of foreign issuers to reflect what is believed to be the fair value of those securities at the time a Fund calculates its NAV. While there is no assurance, the Funds expect that the use of fair value pricing, in addition to the short-term trading policies discussed below, will significantly reduce a shareholder’s ability to engage in time zone arbitrage to the detriment of other Fund shareholders.

A shareholder engaging in a short-term trading strategy may also target a Fund irrespective of its investments in securities of foreign issuers. Any Fund that invests in securities that are, among other things, thinly traded or traded infrequently, or that have a limited public float, has the risk that the current market price for the securities may not accurately reflect current market values. A shareholder may seek to engage in short-term trading to take advantage of these pricing differences (referred to as “price arbitrage”). All Funds may be adversely affected by price arbitrage.

Policy Regarding Short-Term Trading. Purchases and exchanges of shares of the Funds should be made for investment purposes only. The Funds seek to prevent patterns of excessive purchases and sales of Fund shares to the extent they are detected by the procedures described below, subject to each Fund’s ability to monitor purchase, sale and exchange activity. The Funds reserve the right to modify this policy, including any surveillance or account blocking procedures established from time to time to effectuate this policy, at any time without notice.

•

Transaction Surveillance Procedures. The Funds, through their agents, ABI and ABIS, maintain surveillance procedures to detect excessive or short-term trading in Fund shares. This surveillance process involves several factors, which include scrutinizing transactions in Fund shares that exceed certain monetary thresholds or numerical limits within a specified period of time. Generally, more than two exchanges of Fund shares during any 60‑day period or purchases of shares followed by a sale within 60 days will be identified by these surveillance procedures. For purposes of these transaction surveillance procedures, the Funds may consider trading activity in multiple accounts under common ownership, control or influence. Trading activity identified by either, or a combination, of these factors, or as a result of any other information available at the time, will be evaluated to determine whether such activity might constitute excessive or short-term trading. With respect to managed or discretionary accounts for which the account owner gives his/her broker, investment adviser or other third-party authority to buy and sell Fund shares, the Funds may consider trades initiated by the account owner, such as trades initiated in connection with bona fide cash management purposes, separately in their analysis. These surveillance procedures may be modified from time to time, as necessary or appropriate to improve the detection of excessive or short-term trading or to address specific circumstances.

•

Account Blocking Procedures. If the Funds determine, in their sole discretion, that a particular transaction or

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pattern of transactions identified by the transaction surveillance procedures described above is excessive or short-term trading in nature, the Funds will take remedial action that may include issuing a warning, revoking certain account-related privileges (such as the ability to place purchase, sale and exchange orders over the internet or by phone) or prohibiting or “blocking” future purchase or exchange activity. However, sales of Fund shares back to a Fund or redemptions will continue to be permitted in accordance with the terms of the Fund’s current Prospectus. As a result, unless the shareholder redeems his or her shares, which may have consequences if the shares have declined in value, a CDSC is applicable or adverse tax consequences may result, the shareholder may be “locked” into an unsuitable investment. In the event an account is blocked, certain account-related privileges, such as the ability to place purchase, sale and exchange orders over the internet or by phone, may also be suspended. A blocked account will generally remain blocked for 90 days. Subsequent detections of excessive or short-term trading may result in an indefinite account block or an account block until the account holder or the associated broker, dealer or other financial intermediary provides evidence or assurance acceptable to the Fund that the account holder did not or will not in the future engage in excessive or short-term trading.

•

Applications of Surveillance Procedures and Restrictions to Omnibus Accounts. Omnibus account arrangements are common forms of holding shares of the Funds, particularly among certain brokers, dealers and other financial intermediaries, including sponsors of retirement plans. The Funds apply their surveillance procedures to these omnibus account arrangements. As required by SEC rules, the Funds have entered into agreements with all of their financial intermediaries that require the financial intermediaries to provide the Funds, upon the request of the Funds or their agents, with individual account level information about their transactions. If the Funds detect excessive trading through their monitoring of omnibus accounts, including trading at the individual account level, the financial intermediaries will also execute instructions from the Funds to take actions to curtail the activity, which may include applying blocks to accounts to prohibit future purchases and exchanges of Fund shares. For certain retirement plan accounts, the Funds may request that the retirement plan or other intermediary revoke the relevant participant’s privilege to effect transactions in Fund shares via the internet or telephone, in which case the relevant participant must submit future transaction orders via the U.S. Postal Service (i.e., regular mail).

HOW THE FUNDS VALUE THEIR SHARES

The price of AB Wealth Appreciation Strategy, AB All Market Total Return Portfolio and AB Tax‑Managed Wealth Appreciation Strategy’s shares is based on its NAV, which in turn may be based in part of the NAVs of the Underlying Portfolios in which these Funds may invest. Each Fund’s NAV is calculated at the close of regular trading on any day the Exchange is open (ordinarily, 4:00 p.m., Eastern time, but sometimes earlier, as in the case of scheduled half‑day trading or unscheduled suspensions of trading). To calculate NAV, a Fund’s assets are valued and totaled, liabilities are subtracted, and the balance, called net assets, is divided by the number of shares outstanding. If a Fund invests in securities that are primarily traded on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund’s shares may change on days when shareholders will not be able to purchase or redeem their shares in the Fund.

The Funds, including the Underlying Portfolios, value their securities 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 each Fund’s Board and each Underlying Portfolio’s Board. Pursuant to these procedures, the Adviser, as each Fund’s “valuation designee” pursuant to Rule 2a‑5 under the 1940 Act, is responsible for making all fair value determinations relating to a Fund’s portfolio investments, subject to oversight by the Fund’s Board.

When making a fair value determination, the Adviser may take into account any factors it deems appropriate. The Adviser may determine fair value based upon developments related to a specific security, current valuations of foreign stock indices (as reflected in U.S. futures markets) and/or U.S. sector or broader stock market indices. The prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities. Making a fair value determination involves subjective judgments, and it is possible that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security.

The Funds expect to use fair value pricing for securities primarily traded on U.S. exchanges under certain circumstances, such as the early closing of the exchange on which a security is traded or suspension of trading in the security, or for securities for which market quotations are not readily available or deemed unreliable (including restricted securities). The Funds use fair value pricing routinely for securities primarily traded in non‑U.S. markets because, among other things, most foreign markets close well before the Funds ordinarily value their 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. Factors considered in fair value pricing may include, but are not limited to, interest rates, foreign currency exchange rates, levels of publicly available benchmarks, prices of futures contracts or comparable securities, or information obtained by analysis of the issuers’ financial statements. Because most fixed-income securities are not traded on exchanges, they are primarily valued using fair value prices provided by independent pricing services when the valuation designee reasonably believes that such prices reflect the fair value of the instruments.

The AB Global Risk Allocation Fund may invest up to 25% of its total assets in shares of the Global Risk Allocation Subsidiary. The Global Risk Allocation Subsidiary offers to

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redeem all or a portion of its shares at the current NAV per share every regular business day. The value of the Global Risk Allocation Subsidiary’s shares fluctuates with the value of its portfolio investments. The Global Risk Allocation Subsidiary prices its portfolio investments pursuant to the same pricing and valuation methodologies and procedures used by the AB Global Risk Allocation Fund, which require, among other things, that each of the Global Risk Allocation Subsidiary’s investments be marked‑to‑market each business day to reflect changes in the market value of each investment.

The AB All Market Total Return Portfolio may invest up to 25% of its total assets in shares of the All Market Total Return Subsidiary. The All Market Total Return Subsidiary offers to redeem all or a portion of its shares at the current NAV per share every regular business day. The value of the All Market Total Return Subsidiary’s shares fluctuates with the value of its portfolio investments. The All Market Total Return Subsidiary prices its portfolio investments pursuant to the same pricing and valuation methodologies and procedures used by the Fund.

The Adviser has established a valuation committee of senior officers and employees of the Adviser (“Valuation Committee”) to fulfill the Adviser’s responsibilities as each Fund’s valuation designee, which operates under the policies and procedures approved by the Fund’s Board and the Underlying Portfolio’s Board, to value a Fund’s or an Underlying Portfolio’s assets on behalf of the Fund or Underlying Portfolio. The Valuation Committee values Fund assets as described above. More information about the valuation of the Funds’ or Underlying Portfolios’ assets is available in the Funds’ or the Underlying Portfolios’ SAI.

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MANAGEMENT OF THE FUNDS

INVESTMENT ADVISER

Each Fund’s Adviser is AllianceBernstein L.P., 501 Commerce Street, Nashville, TN 37203. The Adviser, which is a controlled indirect subsidiary of Equitable Holdings, Inc., is a leading global investment adviser supervising client accounts with assets as of September 30, 2026 totaling approximately $900 billion (of which approximately $161 billion represented assets of registered investment companies sponsored by the Adviser). As of June 30, 2026, the Adviser managed retirement assets for many of the largest public and private employee benefit plans (including 11 of the nation’s FORTUNE 100 companies), for public employee retirement funds in 32 of the 50 states, for investment companies, and for foundations, endowments, banks and insurance companies worldwide. The 26 registered investment companies managed by the Adviser, comprising approximately 91 separate investment portfolios, had as of June 30, 2026 approximately 1.8 million shareholder accounts.

The Adviser provides investment advisory services and order placement facilities for the Funds and the applicable Subsidiaries, and directs the purchase and sale of the respective Underlying Portfolios in which AB Wealth Appreciation Strategy, AB All Market Total Return Portfolio and AB Tax‑Managed Wealth Appreciation Strategy invests. For these advisory services, each of the Funds paid the Adviser, during its most recent fiscal year or period, a percentage of net assets as follows:


Fund	Fee as a Percentage of Average Net Assets*			Fiscal Year Ended
AB Growth Fund**		0.72	%		6/30/26
AB Large Cap Growth Fund**		0.47	%		6/30/26
AB Concentrated Growth Fund		0.65	%		6/30/26
AB Discovery Growth Fund**		0.60	%		6/30/26
AB Small Cap Growth Portfolio**		0.73	%		6/30/26
AB Select US Equity Portfolio		0.99	%		6/30/26
AB Select US Long/Short Portfolio		1.41	%		6/30/26
AB Sustainable Global Thematic Fund**		0.64	%		6/30/26
AB Sustainable International Thematic Fund		0.64	%		6/30/26
AB Global Core Equity Portfolio		0.74	%		6/30/26
AB International Growth Portfolio		0.75	%		6/30/26
AB Large Cap Value Fund***		0.47	%		6/30/26
AB Discovery Value Fund***		0.75	%		6/30/26
AB Relative Value Fund****		0.55	%		6/30/26
AB International Value Fund***		0.74	%		6/30/26
AB Core Opportunities Fund***		0.55	%		6/30/26
AB Global Risk Allocation Fund***		0.55	%		6/30/26
AB Small Cap Value Portfolio***		0.80	%		6/30/26
AB All China Equity Portfolio***		0.95	%		6/30/26
AB Mid Cap Value Portfolio***		0.00	%		6/30/26
AB Wealth Appreciation Strategy*****		0.39	%		6/30/26
AB All Market Total Return Portfolio*****		0.54	%		6/30/26
AB Tax‑Managed Wealth Appreciation Strategy*****		0.39	%		6/30/26
AB Emerging Markets Multi-Asset Portfolio******		0.84	%		6/30/26

*	Fee stated net of any advisory fee waivers. See “Fees and Expenses of the Fund” in the Summary Information at the beginning of this Prospectus for more information about fee waivers.

In May 2026, the Board of AB Growth Fund, AB Large Cap Growth Fund, AB Discovery Growth Fund, AB Small Cap Growth Portfolio, and AB Sustainable Global Thematic Fund approved a change in each Fund’s fiscal year end from July 31 to June 30. This table represents the advisory fees that the Funds paid the Adviser during the 11‑month period ended June 30, 2026.

***

In May 2026, the Board of AB Large Cap Value Fund, AB Discovery Value Fund, AB International Value Fund, AB Core Opportunities Fund, AB Global Risk Allocation Fund, AB Small Cap Value Portfolio, AB All China Equity Portfolio, and AB Mid Cap Value Portfolio approved a change in each Fund’s fiscal year end from November 30 to June 30. This table represents the advisory fees that the Funds paid the Adviser during the 7-month period ended June 30, 2026.

****	In May 2026, the Board of AB Relative Value Fund approved a change in the Fund’s fiscal year end from October 31 to June 30. This table represents the advisory fees that the Fund paid the Adviser during the 8-month period ended June 30, 2026.

*****

In May 2026, the Board of AB Wealth Appreciation Strategy, AB All Market Total Return Portfolio and AB Tax‑Managed Wealth Appreciation Strategy approved a change in each Fund’s fiscal year end from August 31 to June 30. This table represents the advisory fees that the Funds paid the Adviser during the 10-month period ended June 30, 2026.

******

In May 2026, the Board of AB Emerging Markets Multi-Asset Portfolio approved a change in the Fund’s fiscal year end from March 31 to June 30. This table represents the advisory fees that the Fund paid the Adviser during the 3-month period ended June 30, 2026.

For Funds that invest in underlying AB Funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by each Fund in an amount equal to the Fund’s share of the advisory fees of any AB Funds in which the Fund invests.

A discussion regarding the basis for the Board’s approval of each Fund’s investment advisory agreement is available in the Fund’s Form N‑CSR for the fiscal year or period ended June 30, 2026.

The Global Risk Allocation Subsidiary has entered into a separate advisory agreement with the Adviser, which is the investment adviser for both the Global Risk Allocation Subsidiary and the AB Global Risk Allocation Fund, under which the Adviser provides investment advisory services and order placement facilities for the Global Risk Allocation Subsidiary. The Global Risk Allocation Subsidiary pays no separate advisory or other fees for these services, which are included in the advisory fee paid by the Fund.

The All Market Total Return Subsidiary has entered into a separate advisory agreement with the Adviser, which is the investment adviser for both the All Market Total Return Subsidiary and AB All Market Total Return Portfolio, under which the Adviser provides investment advisory services and order placement facilities for the All Market Total Return Subsidiary. The All Market Total Return Subsidiary pays no separate advisory or other fees for these services, which are included in the advisory fee paid by the Fund.

The Adviser is also responsible for the selection and management of the portfolio investments of the Underlying Portfolios, as applicable.

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The Adviser acts as an investment adviser to other persons, firms or corporations, including investment companies, hedge funds, pension funds and other institutional investors. The Adviser may receive management fees, including performance fees, that may be higher or lower than the advisory fees it receives from the Funds. Certain other clients of the Adviser have investment objectives and policies similar to those of a Fund or an Underlying Portfolio. The Adviser may, from time to time, make recommendations that result in the purchase or sale of a particular security by its other clients simultaneously with a Fund or an Underlying Portfolio. If transactions on behalf of more than one client during the same period increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price or quantity. It is the policy of the Adviser to allocate advisory recommendations and the placing of orders in a manner that is deemed equitable by the Adviser to the accounts involved, including the Funds or an Underlying Portfolio. When two or more of the clients of the Adviser (including a Fund or an Underlying Portfolio) are purchasing or selling the same security on a given day from the same broker or dealer, such transactions are averaged as to price. The securities are then allocated to participating accounts using automated algorithms designed to achieve a fair, equitable and objective distribution of the securities over time.

PORTFOLIO MANAGERS

The day‑to‑day management of, and investment decisions for, the AB Growth Fund are made by the Adviser’s Growth Investment Team.

The following table lists the senior members of the Growth Investment Team with the responsibility for day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
John H. Fogarty; since 2013; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Co-Chief Investment Officer—US Growth Equities and US Relative Value.

Esteban Gomez; since July 2026; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021.

Ryan Oden; since 2024; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021.

Heather Pavlak; since July 2026; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which she has been associated since prior to 2021.

The day‑to‑day management of, and investment decisions for, the AB Large Cap Growth Fund are made by the Adviser’s U.S. Large Cap Growth Investment Team.

The following table lists the senior members of the U.S. Large Cap Growth Investment Team with the responsibility for day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
John H. Fogarty; since 2012; Senior Vice President of the Adviser		(see above)

Shri Singhvi; since July 2026; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Co‑Chief Investment Officer—US Large Cap Growth Equities and Chief Investment Officer—US Strategic Equities.

Vinay Thapar; since 2018; Senior Vice President of the Adviser*		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Co‑Chief Investment Officer—US Growth Equities.

*	Mr. Thapar is expected to retire from the Adviser effective March 31, 2028.

The day‑to‑day management of, and investment decisions for, the AB Concentrated Growth Fund are made by the Adviser’s Concentrated U.S. Growth Team.


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Michael Walker; since 2025; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Chief Investment Officer of Concentrated Growth.

The day‑to‑day management of, and investment decisions for, the AB Discovery Growth Fund are made by the Adviser’s U.S. Small/Mid Cap Growth Investment Team.

The following table lists the senior members of the U.S. Small/Mid Cap Growth Investment Team with the responsibility for day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Esteban Gomez; since 2019; Senior Vice President of the Adviser		(see above)

Samantha S. Lau; since 2008; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which she has been associated since prior to 2021. She is also Chief Investment Officer of Small and Mid Cap Growth Equities.

Heather Pavlak; since 2019; Senior Vice President of the Adviser		(see above)

Wen‑Tse Tseng; since 2008; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021.

The day‑to‑day management of, and investment decisions for, the AB Small Cap Growth Portfolio are made by the Adviser’s Small Cap Growth Investment Team.

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The following table lists the persons within the Small Cap Growth Investment Team with the most significant responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Esteban Gomez; since 2019; Senior Vice President of the Adviser		(see above)

Samantha S. Lau; since 2004; Senior Vice President of the Adviser		(see above)

Heather Pavlak; since 2019; Senior Vice President of the Adviser		(see above)

Wen‑Tse Tseng; since 2006; Senior Vice President of the Adviser		(see above)

The day‑to‑day management of, and investment decisions for, the AB Select US Equity Portfolio and AB Select US Long/Short Portfolio are made by the Adviser’s Select Equity Portfolios Investment Team.

The following table lists the senior members of the Select Equity Portfolios Investment Team with the primary responsibility for day‑to‑day management of the Funds’ portfolio, the length of time that the person has been jointly or primarily responsible for each Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Matthew Blickman; since January 2026; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. Portfolio Manager and Senior Research Analyst of Select US Equity.

Kurt A. Feuerman; since 2011 for the AB Select US Equity Portfolio and since 2012 for the AB Select US Long/Short Portfolio; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Chief Investment Officer of Select US Equity Portfolios.

The day‑to‑day management of, and investment decisions for, the AB Sustainable Global Thematic Fund are made by the Adviser’s Sustainable Thematic Equities Investment Team.

The following table lists the persons within the Sustainable Thematic Equities Investment Team with the most significant responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly or primarily responsible for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Edward Bryan; since February 2026; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021.

Lei Qiu; since October 2026; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which she has been associated since prior to 2021. She is also Head of Thematic Equities.

Adam Yee; since October 2026; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021.

The day‑to‑day management of, and investment decisions for, the AB Sustainable International Thematic Fund are made by the Adviser’s Sustainable Thematic Equities Investment Team.

The following table lists the persons within the Sustainable Thematic Equities Investment Team with the responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly or primarily responsible for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Edward Bryan; since February 2026; Senior Vice President of the Adviser		(see above)

Lei Qiu; since October 2026; Senior Vice President of the Adviser		(see above)

Adam Yee; since October 2026; Senior Vice President of the Adviser		(see above)

The day‑to‑day management of, and investment decisions for, the AB Global Core Equity Portfolio are made by an Investment Policy Team.

The following table lists the persons with the most significant responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Rasmus Lee Hansen; since December 2025; Vice President of the Adviser		Vice President of the Adviser, with which he has been associated since prior to 2021. Co‑Chief Investment Officer—Global Core Equity.

Klaus Ingemann; since 2014; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. Chief Investment Officer—Global Core Equity.

The day‑to‑day management of, and investment decisions for, the AB International Growth Portfolio are made by the Adviser’s European and Global Growth Investment Team.

The following table lists the persons within the European and Global Growth Investment Team with the most significant responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Nicolas Goncalves; since 2025; Vice President of the Adviser		Vice President of the Adviser, with which he has been associated since prior to 2024. Prior to joining the Adviser, he was a portfolio manager with Allianz Global Investors since prior to 2021.

Robert Hofmann; since 2025; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since 2024. Prior to joining the Adviser, he was a portfolio manager and director of Europe, Global and International Equities with Allianz Global Investors since prior to 2021.

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Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Marcus Morris-Eyton; since 2025; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since 2024. Prior to joining the Adviser, he was a portfolio manager with Allianz Global Investors since prior to 2021.

Darina Valkova; since 2025; Vice President of the Adviser		Vice President of the Adviser, with which she has been associated since 2024. Prior to joining the Adviser, she was a portfolio manager with Allianz Global Investors since prior to 2021.

Shibo Wang; since October 2026; Vice President of the Adviser		Vice President of the Adviser and Portfolio Manager for European and Global Growth Equities, with which he has been associated since 2026. Prior to joining the Adviser, he was a portfolio manager with Allianz Global Investors since prior to 2021.

Thorsten Winkelmann; since 2025; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since 2024. Prior to joining the Adviser, he was Chief Investment Officer of the Global Growth team and a Portfolio Manager for the Global Equity Growth and Europe Equity Growth Strategies at Allianz Global Investors since prior to 2021. He is also Chief Investment Officer—European and Global Growth Equities.

The management of, and investment decisions for, AB Relative Value Fund and AB Core Opportunities Fund are made by the Adviser’s Relative Value Investment Team.

The following table lists the persons within the Relative Value Investment Team with the most significant responsibility for the day‑to‑day management of each Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund’s portfolio and each person’s principal occupation during the past five years:


Fund	Employee; Length of Service; Title	Principal Occupation(s) During the Past Five (5) Years
AB Relative Value Fund	John H. Fogarty; since 2018; Senior Vice President of the Adviser	(see above)

	Christopher Kotowicz; since 2023; Senior Vice President of the Adviser	Senior Vice President and Senior Research Analyst of the Adviser, with which he has been associated since prior to 2021.

	Adam Yee; since 2025; Senior Vice President of the Adviser	(see above)

AB Core Opportunities Fund	Luke Pryor; since 2025; Senior Vice President of the Adviser	Senior Vice President of the Adviser, with which he has been associated since 2021.

	Shri Singhvi; since 2025; Senior Vice President of the Adviser*	(see above)

____________

*	Effective December 31, 2026, Mr. Singhvi will cease to serve as a portfolio manager of the Fund.

The management of, and investment decisions for, AB Global Risk Allocation Fund are made by the Adviser’s Quantitative Investment Team.

The following table lists the persons within the Quantitative Investment Team with the most significant responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund’s portfolio and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Carl Jones; since March 2026; Vice President of the Adviser		Vice President of the Adviser, with which he has been associated since 2024. He is also a Macro Strategy Analyst. Prior to joining the Adviser, he was a Portfolio Manager at Aberdeen Investments (formerly, Abrdn) from 2022 until joining the Adviser in 2024, and a Portfolio Manager at Cardano Risk Management prior to 2021.

Daniel J. Loewy; since 2016; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Chief Investment Officer and Head of Multi-Asset and Hedge Fund Solutions; and Chief Investment Officer for Dynamic Asset Allocation.

Leon Zhu; since 2012; Senior Vice President of the Adviser*		Senior Vice President of the Adviser, with which he has been associated since prior to 2021.

* Mr. Zhu is expected to retire from the Adviser effective December 31, 2026.

The management of, and investment decisions for, AB All China Equity Portfolio are made by the Adviser’s China Equity Team. The China Equity Team relies heavily on the fundamental analysis and research of the Adviser’s internal research staff. No one person is principally responsible for coordinating the Fund’s investments.

The following table lists the persons within the China Equity Team with the most significant responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund’s portfolio and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Kate Huang; since 2025; Vice President of the Adviser		Vice President and Senior Research Analyst of the Adviser, with which she has been associated since prior to 2021.

John Lin; since 2018; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Chief Investment Officer of Emerging Markets Value Equities and China Equities.

The management of, and investment decisions for, AB Mid Cap Value Portfolio are made by the Adviser’s Mid Cap Value Investment Team. The Mid Cap Value Investment Team relies heavily on the fundamental analysis and research of the Adviser’s internal research staff. No one person is principally responsible for coordinating the Fund’s investments.

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The following table lists the person within the Mid Cap Value Investment Team with the most significant responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that the person has been primarily responsible for the Fund’s portfolio and the person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
James W. MacGregor; since 2024; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Chief Investment Officer of US Small and Mid‑Cap Value Equities.

The management of, and investment decisions for, AB Large Cap Value Fund, AB Discovery Value Fund, AB International Value Fund and AB Small Cap Value Portfolio are made by the Senior Investment Management Teams. Each Senior Investment Management Team relies heavily on the fundamental analysis and research of the Adviser’s large internal research staff. No one person is principally responsible for making recommendations for each Fund’s portfolio.

The following table lists the Senior Investment Management Teams, the persons within each Team with the most significant responsibility for the day‑to‑day management of the Fund’s portfolio, the length of time that each person has been jointly and primarily responsible for the Fund’s portfolio and each person’s principal occupation during the past five years:


Fund and Responsible Group	Employee; Length of Service; Title	Principal Occupation(s) During the Past Five (5) Years
AB Large Cap Value Fund U.S. Value Senior Investment Management Team	Snezhana Otto; since 2025; Senior Vice President of the Adviser	Senior Vice President of the Adviser, with which she has been associated since prior to 2021.

AB Discovery Value Fund Small/Mid Cap Value Senior Investment Management Team	James W. MacGregor; since 2005; Senior Vice President of the Adviser	(see above)

	Erik A. Turenchalk; since 2020; Senior Vice President of the Adviser	Senior Vice President of the Adviser, with which he has been associated since prior to 2021.

AB International Value Fund International Value Senior Investment Management Team	Avi Lavi; since 2012; Senior Vice President of the Adviser	Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Chief Investment Officer of Global and International Value Equities.

	Justin Moreau; since 2022; Senior Vice President of the Adviser	Senior Vice President and Senior Research Analyst of the Adviser, with which he has been associated since prior to 2021.

AB Small Cap Value Portfolio Small/Mid Cap Value Senior Investment Management Team	James W. MacGregor; since 2014; Senior Vice President of the Adviser	(see above)

	Erik A. Turenchalk; since 2020; Senior Vice President of the Adviser	(see above)

The management of, and investment decisions for AB All Market Total Return Portfolio, AB Wealth Appreciation Strategy and AB Tax‑Managed Wealth Appreciation Strategy are made by the Multi-Asset Solutions Team, comprised of senior portfolio managers. The Multi-Asset Solutions Team relies heavily on the Adviser’s growth, value and fixed-income investment teams and, in turn, the fundamental research of the Adviser’s internal research staff. No one person is principally responsible for coordinating the Funds’ investments.

The following table lists the persons within the Multi-Asset Solutions Team with the most significant responsibility for day‑to‑day management of the Funds, the length of time that each person has been jointly and primarily responsible for the Funds, and each person’s principal occupation during the past five years:

AB All Market Total Return Portfolio


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Alexander Barenboym; since 2018; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021.

Daniel J. Loewy; since 2013; Senior Vice President of the Adviser		(see above)

Defne Ozaltun; since 2020; Vice President of the Adviser		Vice President of the Adviser, with which she has been associated since prior to 2021.

AB Wealth Appreciation Strategy and AB Tax‑Managed Wealth Appreciation Strategy


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Ding Liu; since 2017; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Head of Quantitative Research—Private Wealth Management.

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The day‑to‑day management of, and investment decisions for, the AB Emerging Markets Multi-Asset Portfolio are made by the Adviser’s Emerging Markets Multi-Asset Team. The Emerging Markets Multi-Asset Team relies heavily on the fundamental analysis and research of the Adviser’s internal research staff. No one person is principally responsible for coordinating the Fund’s investments.

The following table lists the senior members of the Emerging Markets Multi-Asset Team with the responsibility for day‑to‑day management of the Fund’s portfolio, the year that each person assumed joint and primary responsibility for the Fund, and each person’s principal occupation during the past five years:


Employee; Length of Service; Title		Principal Occupation(s) During the Past Five (5) Years
Richard Cao; since 2022; Vice President of the Adviser		Vice President of the Adviser, with which he has been associated since prior to 2021.

Christian DiClementi; since 2021; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Head of Emerging Markets Debt.

Eric Liu; since 2024; Senior Vice President of the Adviser		Senior Vice President of the Adviser since 2023. He is also Co‑Head of Asia Fixed Income. Prior thereto, he was head of fixed—income and portfolio manager at Harvest Global Investments, responsible for renminbi, Hong Kong–dollar and US‑dollar fixed-income strategies.

Sammy Suzuki; since 2023; Senior Vice President of the Adviser		Senior Vice President of the Adviser, with which he has been associated since prior to 2021. He is also Head of Emerging Markets Equities and Deputy Head of Equities.

The Funds’ SAI provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of securities in the Funds.

TRANSFER AGENCY AND RETIREMENT PLAN SERVICES

ABIS acts as the transfer agent for the Funds. ABIS, an indirect wholly-owned subsidiary of the Adviser, registers the transfer, issuance and redemption of Fund shares and disburses dividends and other distributions to Fund shareholders.

Many Fund shares are owned by financial intermediaries for the benefit of their customers. Retirement plans may also hold Fund shares in the name of the plan, rather than the participant. In those cases, the Funds often do not maintain an account for you. Thus, some or all of the transfer agency functions for these and certain other accounts are performed by the financial intermediaries and plan recordkeepers. Financial intermediaries and recordkeepers, which may have affiliated financial intermediaries that sell shares of the AB Mutual Funds, may be paid by a Fund, the Adviser, ABI and ABIS (i) account fees in amounts up to $19 per account per annum, (ii) asset-based fees of up to 0.25% (except in respect of a limited number of intermediaries) per annum of the average daily assets held through the intermediary, or (iii) a combination of both. These amounts include fees for shareholder servicing, sub‑transfer agency, sub‑ accounting and recordkeeping services. These amounts do not include fees for shareholder servicing that may be paid separately by the Fund pursuant to its Rule 12b‑1 plan. Amounts paid by a Fund for these services are included in “Other Expenses” under “Fees and Expenses of the Fund” in the Summary Information section of this Prospectus. In addition, financial intermediaries may be affiliates of entities that receive compensation from the Adviser or ABI for maintaining retirement plan “platforms” that facilitate trading by affiliated and non‑affiliated financial intermediaries and recordkeeping for retirement plans.

Because financial intermediaries and plan recordkeepers may be paid varying amounts per class for sub‑transfer agency and related recordkeeping services, the service requirements of which may also vary by class, this may create an additional incentive for financial intermediaries and their financial advisors to favor one fund complex over another or one class of shares over another.

For more information, please refer to the Fund’s SAI, call your financial advisor or visit our website at www.abfunds.com.

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DIVIDENDS, DISTRIBUTIONS AND TAXES

DIVIDENDS AND DISTRIBUTIONS INFORMATION

Income dividends and capital gains distributions, if any, declared by a Fund on its outstanding shares will, at the election of each shareholder, be paid in cash or in additional shares of the same class of shares of that Fund. If paid in additional shares, the shares will have an aggregate NAV as of the close of business on the declaration date of the dividend or distribution equal to the cash amount of the dividend or distribution.

Income dividends generally are declared and paid annually, except with respect to AB Emerging Markets Multi-Asset Portfolio which typically declares and pays quarterly; capital gains distributions for the Funds generally occur annually in December. During the fourth quarter of the calendar year, typically in early November, an estimate of each Fund’s capital gains distribution, if any, will be made available at https://www.alliancebernstein.com/us/en‑us/investments/resources/tax‑center.html.

You may make an election to receive dividends and distributions in cash or in shares at the time you purchase shares. Your election can be changed at any time prior to a record date for a dividend. There is no sales or other charge in connection with the reinvestment of dividends or capital gains distributions. Cash dividends may be paid by check, or, at your election, electronically via the ACH network.

If you receive an income dividend or capital gains distribution in cash you may, within 120 days following the date of its payment, reinvest the dividend or distribution in additional shares of that Fund without charge by returning to the Adviser, with appropriate instructions, the check representing the dividend or distribution. Thereafter, unless you otherwise specify, you will be deemed to have elected to reinvest all subsequent dividends and distributions in shares of that Fund.

While it is the intention of each Fund to distribute to its shareholders substantially all of each fiscal year’s net income and net realized capital gains, if any, the amount and timing of any dividend or distribution will depend on the realization by the Fund of income and capital gains from investments. There is no fixed dividend rate and there can be no assurance that a Fund will pay any dividends or realize any capital gains. The final determination of the amount of a Fund’s return of capital distributions for the period will be made after the end of each calendar year. Investments made through a Section 401(k) plan, Section 457 plan, employer sponsored Section 403(b) plan, profit sharing and money purchase plan, defined benefit plan or a nonqualified deferred compensation plan under the Code are subject to special U.S. federal income tax rules. Therefore, the U.S. federal income tax consequences described below apply only to investments made other than by such plans.

TAX INFORMATION

Any investment in a Fund typically involves several tax considerations. The information below is intended as a general summary for U.S. citizens and residents. Please see the SAI for additional information. Because each person’s tax situation is different, you are encouraged to consult your tax adviser about the tax implications of an investment in a Fund in your particular situation. You also can visit the Internal Revenue Service (IRS) website at www.irs.gov for more information about applicable tax rates and other information.

For U.S. federal income tax purposes, distributions of investment income are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by how long a Fund or an Underlying Portfolio owned the investments that generated them, rather than how long you have owned your shares. You will normally have to pay U.S. federal income tax, and any state or local income taxes, on the distributions you receive from a Fund, whether you take the distributions in cash or reinvest them in additional shares. Distributions of net capital gains from the sale of investments that a Fund or an Underlying Portfolio owned for more than one year and that are properly designated as capital gains distributions are taxable as long-term capital gains. Distributions of dividends to a Fund’s non‑corporate shareholders may be treated as “qualified dividend income”, which is taxed at the same preferential tax rates applicable to long-term capital gains, if such distributions are derived from, and designated by a Fund as, “qualified dividend income” and provided that holding period and other requirements are met by both the shareholder and the Fund. “Qualified dividend income” generally is income derived from dividends from U.S. corporations and “qualified foreign corporations”. A Fund will notify you as to how much of the Fund’s distributions, if any, qualify as long-term capital gains and “qualified dividend income” eligible for reduced tax rates. Other distributions by a Fund, including distributions of gains from the sale of investments that a Fund or an Underlying Portfolio owned for one year or less, are generally taxable to you as ordinary income. Dividends declared in October, November, or December and paid in January of the following year are taxable as if they had been paid the previous December.

An investment by a Fund or an Underlying Portfolio in foreign securities may be subject to foreign withholding taxes. In that case, the Fund’s yield (either directly or indirectly as a result of such taxes being imposed on the Underlying Portfolio) on those securities would be decreased. None of the Funds generally expect that shareholders will be able to claim a credit or a deduction with respect to foreign taxes. In addition, a Fund’s or an Underlying Portfolio’s investment in foreign securities or foreign currencies may increase or decrease the Fund’s recognition of ordinary income and may affect the timing or amount of the Fund’s distributions.

An Underlying Portfolio’s or a Fund’s investment in certain debt obligations may cause it to recognize taxable income in excess of the cash generated by such obligations. Thus, a Fund or an Underlying Portfolio could be required to sell other investments in order to satisfy its distribution requirements.

146

Investment income received by a Fund from sources within foreign countries may be subject to foreign income taxes withheld at the source. To the extent that a Fund is liable for foreign income taxes withheld at the source, the Fund intends, if possible, to operate so as to meet the requirements of the Code to “pass through” to the Fund’s shareholders credits for foreign income taxes paid (or to permit shareholders to claim a deduction for such foreign taxes), but there can be no assurance that a Fund will be able to do so, and Funds that invest primarily in U.S. securities will not do so. Furthermore, a shareholder’s ability to claim a foreign tax credit or deduction for foreign taxes paid by a Fund may be subject to certain limitations imposed by the Code, as a result of which a shareholder may not be permitted to claim a credit or deduction for all or a portion of the amount of such taxes.

Under certain circumstances, if a Fund realizes losses (e.g., from fluctuations in currency exchange rates) after paying a dividend, all or a portion of the dividend may subsequently be characterized as a return of capital. Returns of capital are generally nontaxable, but will reduce a shareholder’s basis in shares of the Fund. If that basis is reduced to zero (which could happen if the shareholder does not reinvest distributions and returns of capital are significant), any further returns of capital will be taxable as a capital gain.

If you purchase shares before a Fund deducts a distribution from its NAV, you will pay the full price for the shares and then receive a portion of the price back as a distribution, which may be taxable.

The sale or exchange of Fund shares is a taxable transaction for U.S. federal income tax purposes. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment but had not been realized at the time you made your investment, or that are attributable to capital gains or other income that, although realized by the Fund, had not yet been distributed at the time you made your investment. Unless you purchase shares through a tax‑advantaged account, these distributions will be taxable to you even though they economically represent a return of a portion of your investment. You may want to avoid purchasing shares shortly before the Fund declares a dividend or capital gain distribution.

Each year shortly after December 31, each Fund will send you tax information stating the amount and type of all its distributions for the year. You are encouraged to consult your tax adviser about the U.S. federal, state, and local tax consequences in your particular circumstances, as well as about any possible foreign tax consequences.

A Fund may experience relatively large redemptions due to transactions in Fund shares by significant investors. If large shareholder redemptions occur, a Fund could be required to sell portfolio securities and this may result in the Fund’s realization of net capital gains, which could be significant. Certain investment advisers, including an affiliate of the Adviser, provide tax management services to their clients that invest in the Funds. As part of these services, those investment advisers conduct year‑end tax trading on behalf of their clients to offset capital gains taxes where possible, which may result in buying and selling shares in one or more of the Funds. These transactions could result in a Fund experiencing temporary asset inflows or outflows at year end. The Adviser’s affiliate coordinates with the Adviser to try to ensure that the implementation of its tax management strategies will not compromise the interests of any Fund or its shareholders, and the Adviser considers that it has a fiduciary duty to both the Funds and its affiliate’s clients. The implementation of tax management strategies by such investment advisers may require a Fund to sell portfolio securities to satisfy redemption requests or increase asset allocations to cash or cash equivalents, which could result in the Fund’s realization of capital gains. If a significant amount of a Fund’s assets is allocated to cash or cash equivalents, it may be more difficult for the Fund to achieve its investment objective. Implementation of tax management strategies may also require a Fund to incur transaction costs, which will reduce its return.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity-linked derivatives is not qualifying income under Subchapter M of the Code. As such, the AB Global Risk Allocation Fund’s ability to utilize commodity-linked derivatives as part of its investment portfolio is limited to a maximum of 10% of its gross income.

The AB Global Risk Allocation Fund and AB All Market Total Return Portfolio intend to seek exposure to the commodities markets primarily through investments in the Subsidiaries. AB Global Risk Allocation Fund has received an opinion of counsel that such income should constitute qualifying income for purposes of Subchapter M. The IRS has issued numerous private letter rulings to other regulated investment companies holding that income derived from an investment in a subsidiary that invests in commodity-linked derivatives constitutes qualifying income for purposes of Subchapter M. These rulings can only be relied upon by the taxpayer to whom they were issued and therefore the Funds cannot rely upon them. In August 2011, the IRS suspended the issuance of private letter rulings in this area while it considers certain issues raised by the private letter rulings. In 2019, Treasury Regulations were promulgated which treat income derived by the Funds from the Subsidiaries as qualifying income regardless of whether such income is currently distributed.

Non‑U.S. Shareholders

If you are a nonresident alien individual or a foreign corporation for U.S. federal income tax purposes, please see the Funds’ SAI for information on how you will be taxed as a result of holding shares in the Funds.

147

GENERAL INFORMATION

Under unusual circumstances, a Fund may suspend redemptions or postpone payment for up to seven days or longer, as permitted by federal securities law. The Funds reserve the right to close an account that has remained below $1,000 for 90 days.

During drastic economic or market developments, you might have difficulty in reaching ABIS by telephone, in which event you should issue written instructions to ABIS. ABIS is not responsible for the authenticity of telephone requests to purchase, sell, or exchange shares. ABIS will employ reasonable procedures to verify that telephone requests to purchase, sell or exchange shares are genuine, and could be liable for losses resulting from unauthorized transactions if it failed to do so. Dealers and agents may charge a commission for handling telephone requests. The telephone service may be suspended or terminated at any time without notice.

Shareholder Services. ABIS offers a variety of shareholder services. For more information about these services or your account, call ABIS’s toll-free number, (800) 221‑5672. Some services are described in the Mutual Fund Application.

Householding. Many shareholders of the AB Mutual Funds have family members living in the same home who also own shares of the same Funds. In order to reduce the amount of duplicative mail that is sent to homes with more than one Fund account and to reduce expenses of the Funds, all AB Mutual Funds will, until notified otherwise, send only one copy of each prospectus, shareholder report and proxy statement to each household address. This process, known as “householding”, does not apply to account statements, confirmations, or personal tax information. If you do not wish to participate in householding, or wish to discontinue householding at any time, call ABIS at (800) 221‑5672. We will resume separate mailings for your account within 30 days of your request.

148

GLOSSARY OF INVESTMENT TERMS

Equity securities include (i) common stocks, partnership interests, business trust shares and other equity or ownership interests in business enterprises and (ii) securities convertible into, and rights and warrants to subscribe for the purchase of, such stocks, shares and interests.

Fixed-income securities are debt securities and dividend-paying preferred stocks, including floating-rate and variable-rate instruments.

Bloomberg Global Aggregate Bond Index is a macro index of global government and corporate bond markets, and is composed of various indices calculated by Bloomberg, including the U.S. Aggregate Index, the Pan‑European Aggregate Index, the Global Treasury Index, the Asian-Pacific Aggregate Index, the Eurodollar Index and the U.S. Investment-Grade 144A Index.

Bloomberg U.S. Government/Credit Index measures the investment grade, U.S. Dollar-denominated, fixed-rate, taxable bond market and includes Treasuries and government-related (agency, sovereign, supranational, and local authority debt guaranteed by the U.S. Government) and investment grade corporate securities.

MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

MSCI ACWI ex‑US Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of large- and mid‑cap securities across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 1,965 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

MSCI ACWI Investable Market Index (IMI) Growth captures large, mid and small-cap securities exhibiting overall growth style characteristics across Developed Markets (DM) and Emerging Markets (EM) countries.

MSCI ACWI Investable Market Index (IMI) Value captures large, mid and small-cap securities exhibiting overall value style characteristics across Developed Markets (DM) and Emerging Markets (EM) countries.

MSCI ACWI Investable Market Index (IMI) Value Weighted is based on a traditional market cap weighted parent index, MSCI ACWI IMI, which includes large, mid and small‑cap stocks across Developed Markets (DM) and Emerging Markets (EM) countries. The index reweights each security of the parent index to emphasize stocks with lower valuations.

MSCI China All Shares Index captures large and mid‑cap representation across China A‑shares, B‑shares, H‑shares, Red‑chips (issued by entities owned by national or local governments in China), and P‑chips (issued by companies controlled by individuals in China and deriving substantial revenues in China) and foreign listings (e.g., ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A‑shares included.

MSCI EAFE Index is an equity index which captures large- and mid‑cap representation across 21 developed markets countries around the world, excluding the United States and Canada. The index is market capitalization weighted (meaning that the weight of securities is determined based on their respective market capitalizations). The index targets coverage of 85% of the market capitalization of the equity markets of all countries that are a part of the index. The EAFE acronym stands for “Europe, Australasia, and Far East”.

MSCI Emerging Markets Index captures large and mid-cap representation across 24 Emerging Markets (EM) countries. With 1,178 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Emerging Markets countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

MSCI World Index is a free float-adjusted market capitalization index designed to measure developed-market equity performance throughout the world.

Morningstar Global All‑Cap Growth Target Market Exposure (TME) Index is designed to measure the performance of growth stocks listed in developed and emerging countries around the world. This index targets stocks representing the more growth-oriented half of the parent benchmark, the Morningstar Global All Cap TME Index.

149

Morningstar Global All Cap Value Target Market Exposure (TME) Index is designed to measure the performance of value stocks listed in developed and emerging countries around the world. This index targets stocks representing the more value-oriented half of the parent benchmark, the Morningstar Global All Cap TME Index.

Nationally Recognized Statistical Rating Organizations, or NRSROs, are credit rating agencies registered with the SEC. NRSROs assess the creditworthiness of an obligor as an entity or with respect to specific securities or money market instruments. A list of credit rating agencies currently registered as NRSROs can be found on the SEC’s website (https://www.sec.gov).

Non‑U.S. Company or non‑U.S. Issuer is an entity that (i) is organized under the laws of a foreign country and conducts business in a foreign country, (ii) derives 50% or more of its total revenue from business in foreign countries, or (iii) issues equity or debt securities that are traded principally on an exchange in a foreign country.

Russell 1000^® Growth Index measures the performance of the large‑cap growth segment of the U.S. equity universe. It includes those Russell 1000^® companies (the largest 1,000 U.S. companies by capitalization) with relatively higher price‑to‑book ratios and higher forecasted growth values.

Russell 2000^® Growth Index measures the performance of the small‑cap growth segment of the U.S. equity universe. It includes those Russell 2000^® companies with relatively higher price‑to‑book ratios and higher forecasted growth values.

Russell 2500^® Growth Index measures the performance of the small to mid‑capitalization growth segment of the U.S. equity universe. It includes those Russell 2500^® companies with relatively higher price‑to‑book ratios and higher forecasted growth values.

Russell 3000^® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000^® Index companies with higher price‑to‑book ratios and relatively higher forecasted growth values.

Russell 1000^® Value Index measures the performance of the large‑cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price‑to‑book ratios and lower expected growth values.

Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price‑to‑book ratios and lower forecasted growth values.

Russell 2500^® Value Index measures the performance of the small- to mid‑cap value segment of the U.S. equity universe. It includes those Russell 2500^™ companies with lower price‑to‑book ratios and lower forecasted growth values.

Russell 3000^® Value Index measures the performance of value stocks in the broad U.S. equity market. It includes companies with relatively lower price‑to‑book ratios, lower 2‑year I/B/E/S forecast growth and lower historical 5‑year sales growth.

Russell Midcap Index measures the performance of U.S. mid‑cap companies with higher price‑to‑book ratios and higher forecasted growth values.

S&P 500 Index is a stock market index containing the stocks of 500 U.S. large-capitalization corporations. Widely regarded as the best single gauge of the U.S. equities market, the S&P 500 Index includes a representative sample of 500 leading companies in leading industries of the U.S. economy.

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FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand each Fund’s financial performance for the past five years (or, if shorter, the period of the Fund’s operations). Certain information reflects financial results for a single share of each Fund. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Each Fund’s financial statements have been audited by Ernst & Young LLP, independent registered public accounting firm. The reports of the independent registered public accounting firm, along with each Fund’s financial statements, are included in each Fund’s Form N‑CSR for its most recent fiscal year or period, which was filed with the SEC and is available upon request.

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AB Growth Fund


	CLASS A
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	118.86		$	117.40		$	100.15		$	88.45		$	119.12		$	93.49

Income From Investment Operations
Net investment loss(b)(c)		(.62	)		(.59	)(d)		(.48	)		(.47	)		(.76	)		(.71	)
Net realized and unrealized gain (loss) on investment transactions		9.80			25.17			24.66			13.49			(18.82	)		32.29
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		9.18			24.58			24.18			13.02			(19.58	)		31.58

Less: Distributions
Distributions from net realized gain on investment transactions		( 17.18	)		(23.12	)		(6.93	)		(1.32	)		(11.09	)		(5.95	)

Net asset value, end of period	$	110.86		$	118.86		$	117.40		$	100.15		$	88.45		$	119.12

Total Return
Total investment return based on net asset value(f)(g)		8.39	%		21.93	%(d)		25.72	%		15.08	%		(18.40	)%		35.00	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,253,201		$	1,292,232		$	1,168,750		$	1,003,981		$	967,086		$	1,265,804
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.08	%(h)		1.07	%		1.09	%		1.11	%		1.11	%		1.13	%
Expenses, before waivers/reimbursements		1.10	%(h)		1.10	%		1.12	%		1.14	%		1.12	%		1.13	%
Net investment loss(c)		(.61	)%(h)		(.52	)%(d)		(.45	)%		(.54	)%		(.74	)%		(.69	)%
Portfolio turnover rate		44	%		59	%		37	%		33	%		34	%		28	%


	CLASS C(i)
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	141.70		$	374.87		$	388.04		$	358.21		$	581.22		$	501.80

Income From Investment Operations
Net investment loss(b)(c)		(1.67	)		(2.20	)(d)		(4.39	)		(4.39	)		(6.71	)		(7.49	)
Net realized and unrealized gain (loss) on investment transactions		11.67			67.58			80.71			51.27			(73.09	)		163.74
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		10.00			65.38			76.32			46.88			(79.80	)		156.25

Less: Distributions
Distributions from net realized gain on investment transactions		( 17.18	)		(298.55	)		(89.49	)		(17.05	)		(143.21	)		(76.83	)

Net asset value, end of period	$	134.52		$	141.70		$	374.87		$	388.04		$	358.21		$	581.22


Total Return
Total investment return based on net asset value(f)(g)		7.60	%		20.99	%(d)		24.77	%		14.20	%		(19.01	)%		34.00	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,721		$	27,151		$	29,825		$	32,022		$	34,773		$	54,488
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.83	%(h)		1.83	%		1.84	%		1.87	%		1.86	%		1.88	%
Expenses, before waivers/reimbursements		1.85	%(h)		1.85	%		1.87	%		1.90	%		1.87	%		1.88	%
Net investment loss(c)		(1.36	)%(h)		(1.27	)%(d)		(1.20	)%		(1.30	)%		(1.49	)%		(1.43	)%
Portfolio turnover rate		44	%		59	%		37	%		33	%		34	%		28	%

See footnote summary on page 154.

152


	ADVISOR CLASS
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	141.90		$	135.99		$	114.66		$	100.81		$	133.95		$	104.23

Income From Investment Operations
Net investment loss(b)(c)		(.44	)		(.36	)(d)		(.25	)		(.29	)		(.57	)		(.50	)
Net realized and unrealized gain (loss) on investment transactions		11.88			29.39			28.51			15.46			(21.48	)		36.17
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		11.44			29.03			28.26			15.17			(22.05	)		35.67

Less: Distributions
Distributions from net realized gain on investment transactions		( 17.18	)		(23.12	)		(6.93	)		(1.32	)		(11.09	)		(5.95	)

Net asset value, end of period	$	136.16		$	141.90		$	135.99		$	114.66		$	100.81		$	133.95


Total Return
Total investment return based on net asset value(f)(g)		8.64	%		22.22	%(d)		26.02	%		15.37	%		(18.20	)%		35.34	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	218,975		$	225,559		$	201,412		$	156,055		$	171,447		$	253,434
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.83	%(h)		.82	%		.84	%		.87	%		.86	%		.88	%
Expenses, before waivers/reimbursements		.85	%(h)		.85	%		.87	%		.89	%		.87	%		.88	%
Net investment loss(c)		(.36	)%(h)		(.27	)%(d)		(.21	)%		(.29	)%		(.49	)%		(.43	)%
Portfolio turnover rate		44	%		59	%		37	%		33	%		34	%		28	%


	CLASS I
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	141.04		$	135.37		$	114.16		$	100.65		$	133.67		$	103.94

Income From Investment Operations
Net investment loss(b)(c)		( .50	)		(.47	)		(.27	)		(.59	)		(.49	)		(.42	)
Net realized and unrealized gain (loss) on investment transactions		11.79			29.26			28.41			15.42			(21.44	)		36.10
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		11.29			28.79			28.14			14.83			(21.93	)		35.68

Less: Distributions
Distributions from net realized gain on investment transactions		( 17.18	)		(23.12	)		(6.93	)		(1.32	)		(11.09	)		(5.95	)

Net asset value, end of period	$	135.15		$	141.04		$	135.37		$	114.16		$	100.65		$	133.67


Total Return
Total investment return based on net asset value(f)(g)		8.58	%		22.14	%		26.05	%		15.04	%		(18.14	)%		35.45	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	54,522		$	58,995		$	56,264		$	54,698		$	51,502		$	69,879
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.87	%(h)		.88	%		.86	%		1.17	%		.79	%		.81	%
Expenses, before waivers/reimbursements		.90	%(h)		.91	%		.89	%		1.20	%		.80	%		.81	%
Net investment loss(c)		(.40	)%(h)		(.35	)%		(.22	)%		(.60	)%		(.42	)%		(.36	)%
Portfolio turnover rate		44	%		59	%		37	%		33	%		34	%		28	%

See footnote summary on page 154.

153

(a)	The Fund changed its fiscal year end from July 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended July 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.03	.02%	.02%
Class C	$.03(i)	.02%	.02%
Advisor Class	$.03	.02%	.02%

(e)	Amount is less than $.005.

(f)

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.

(g)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the period ended June 30, 2026 and for the years ended July 31, 2025 and July 31, 2024 by .01%, .02% and .06%, respectively.

(h)	Annualized.

(i)	Per share amounts have been adjusted to reflect the 1 for 12.9131 reverse share split effective October 20, 2025.

154

AB Large Cap Growth Fund


	CLASS A
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	104.25		$	95.24		$	77.96		$	70.33		$	89.60		$	67.60

Income From Investment Operations
Net investment loss(b)(c)		(.17	)		(.19	)(d)		(.04	)		(.08	)		(.28	)		(.25	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.65			16.34			18.76			8.31			(11.89	)		24.40
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		7.48			16.15			18.72			8.23			(12.17	)		24.15

Less: Distributions
Distributions from net realized gain on investment transactions		(11.02	)		(7.14	)		(1.44	)		(.60	)		(7.10	)		(2.15	)

Net asset value, end of period	$	100.71		$	104.25		$	95.24		$	77.96		$	70.33		$	89.60


Total Return
Total investment return based on net asset value(f)(g)		7.45	%		17.39	%(d)		24.40	%		11.90	%		(14.70	)%		36.43	%

Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)	$	4,741		$	5,081		$	4,812		$	4,044		$	3,689		$	4,364
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.82	%(i)		.80	%		.81	%		.84	%		.82	%		.83	%
Expenses, before waivers/reimbursements(h)‡		.82	%(i)		.80	%		.82	%		.84	%		.82	%		.83	%
Net investment loss(c)		(.19	)%(i)		(.20	)%(d)		(.04	)%		(.12	)%		(.36	)%		(.33	)%
Portfolio turnover rate		36	%		25	%		30	%		38	%		34	%		25	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.00	%(i)		.00	%		.01	%		.01	%		.01	%		.01	%


	CLASS C(j)
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	118.93		$	114.08		$	94.99		$	86.78		$	115.81		$	89.10

Income From Investment Operations
Net investment loss(b)(c)		(.99	)		(1.08	)(d)		(.82	)		(.73	)		(1.10	)		(1.06	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.73			19.21			22.59			10.06			(14.73	)		31.77
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		7.74			18.13			21.77			9.33			(15.83	)		30.71

Less: Distributions
Distributions from net realized gain on investment transactions		(11.02	)		(13.28	)		(2.68	)		(1.12	)		(13.20	)		(4.00	)

Net asset value, end of period	$	115.65		$	118.93		$	114.08		$	94.99		$	86.78		$	115.81

Total Return
Total investment return based on net asset value(f)(g)		6.70	%		16.51	%(d)		23.49	%		11.04	%		(15.34	)%		35.43	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	350,581		$	463,971		$	521,683		$	498,671		$	538,833		$	711,554
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		1.56	%(i)		1.55	%		1.56	%		1.59	%		1.57	%		1.58	%
Expenses, before waivers/reimbursements(h)‡		1.57	%(i)		1.55	%		1.57	%		1.59	%		1.57	%		1.58	%
Net investment loss(c)		(.94	)%(i)		(.95	)%(d)		(.79	)%		(.87	)%		(1.11	)%		(1.07	)%
Portfolio turnover rate		36	%		25	%		30	%		38	%		34	%		25	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.00	%(i)		.00	%		.01	%		.01	%		.01	%		.01	%

See footnote summary on page 157.

155


	ADVISOR CLASS
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	119.06		$	107.65		$	87.81		$	78.94		$	99.45		$	74.63

Income From Investment Operations
Net investment income (loss)(b)(c)		.07			.05	(d)		.20			.09			(.09	)		(.07	)
Net realized and unrealized gain
(loss) on investment and foreign currency transactions		8.78			18.56			21.17			9.38			(13.32	)		27.04
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		8.85			18.61			21.37			9.47			(13.41	)		26.97

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			(.06	)		(.09	)		– 0 –			– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(11.02	)		(7.14	)		(1.44	)		(.60	)		(7.10	)		(2.15	)

Total dividends and distributions		(11.02	)		(7.20	)		(1.53	)		(.60	)		(7.10	)		(2.15	)

Net asset value, end of period	$	116.89		$	119.06		$	107.65		$	87.81		$	78.94		$	99.45

Total Return
Total investment return based on net asset value(f)(g)		7.68	%		17.68	%(d)		24.71	%		12.17	%		(14.48	)%		36.78	%

Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)	$	11,522		$	14,752		$	14,410		$	11,244		$	9,017		$	9,123
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.56	%(i)		.55	%		.56	%		.59	%		.57	%		.58	%
Expenses, before waivers/reimbursements(h)‡		.57	%(i)		.55	%		.57	%		.59	%		.57	%		.58	%
Net investment income (loss)(c)		.06	%(i)		.05	%(d)		.20	%		.12	%		(.11	)%		(.08	)%
Portfolio turnover rate		36	%		25	%		30	%		38	%		34	%		25	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		00	%(i)		.00	%		.01	%		.01	%		.01	%		.01	%


	CLASS I
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	118.01		$	106.82		$	87.16		$	78.36		$	98.80		$	74.18

Income From Investment Operations
Net investment income (loss)(b)(c)		.03			(.04	)		.17			.10			(.13	)		(.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.71			18.40			21.01			9.30			(13.21	)		26.86
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		8.74			18.36			21.18			9.40			(13.34	)		26.77

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			(.03	)		(.08	)		– 0 –			– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(11.02	)		(7.14	)		(1.44	)		(.60	)		(7.10	)		(2.15	)

Total dividends and distributions		(11.02	)		(7.17	)		(1.52	)		(.60	)		(7.10	)		(2.15	)

Net asset value, end of period	$	115.73		$	118.01		$	106.82		$	87.16		$	78.36		$	98.80

Total Return
Total investment return based on net asset value(f)(g)		7.65	%		17.60	%		24.68	%		12.17	%		(14.52	)%		36.74	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	647,174		$	789,940		$	894,007		$	824,644		$	735,993		$	947,580
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.60	%(i)		.60	%		.60	%		.58	%		.60	%		.60	%
Expenses, before waivers/reimbursements(h)‡		.60	%(i)		.60	%		.60	%		.59	%		.61	%		.61	%
Net investment income (loss)(c)		.03	%(i)		(.03	)%		.18	%		.13	%		(.14	)%		(.10	)%
Portfolio turnover rate		36	%		25	%		30	%		38	%		34	%		25	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.00	%(i)		.00	%		.01	%		.01	%		.01	%		.01	%

See footnote summary on page 157.

156


	CLASS Z
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	118.95		$	107.57		$	87.73		$	78.81		$	99.24		$	74.43

Income From Investment Operations
Net investment income (loss)(b)(c)		.14			.07			.26			.15			(.04	)		(.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.77			18.55			21.15			9.37			(13.29	)		26.97
Contributions from Affiliates		– 0 –			– 0 –			.00	(e)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		8.91			18.62			21.41			9.52			(13.33	)		26.96

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			(.10	)		(.13	)		– 0 –			– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(11.02	)		(7.14	)		(1.44	)		(.60	)		(7.10	)		(2.15	)

Total dividends and distributions		(11.02	)		(7.24	)		(1.57	)		(.60	)		(7.10	)		(2.15	)

Net asset value, end of period	$	116.84		$	118.95		$	107.57		$	87.73		$	78.81		$	99.24

Total Return
Total investment return based on net asset value(f)(g)		7.76	%		17.69	%		24.79	%		12.26	%		(14.43	)%		36.87	%

Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)	$	5,549		$	6,417		$	6,474		$	4,817		$	2,927		$	3,313
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.50	%(i)		.50	%		.50	%		.51	%		.51	%		.51	%
Expenses, before waivers/reimbursements(h)‡		.50	%(i)		.50	%		.50	%		.52	%		.51	%		.52	%
Net investment income (loss)(c)		.13	%(i)		.07	%		.26	%		.20	%		(.05	)%		(.02	)%
Portfolio turnover rate		36	%		25	%		30	%		38	%		34	%		25	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.00	%(i)		.00	%		.01	%		.01	%		.01	%		.01	%

(a)	The Fund changed its fiscal year end from July 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended July 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.03	.03%	.03%
Class C	$.04(j)	.03%	.03%
Advisor Class	$.04	.03%	.03%

(e)	Amount is less than $.005.

(f)

(g)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended July 31, 2024 by .02%.

(h)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended July 31, 2024 and July 31, 2021, such waiver amounted to .01% and .01%, respectively.

(i)	Annualized.

(j)	Per share amounts have been adjusted to reflect the 1 for 1.8598 reverse share split effective October 20, 2025.

157

AB Concentrated Growth Fund


	CLASS A
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	54.02		$	54.71		$	47.93		$	43.16		$	58.21

Income From Investment Operations
Net investment income (loss)(a)(b)		(.15	)		(.10	)(c)		(.01	)		.04			(.11	)
Net realized and unrealized gain (loss) on investment transactions		(2.08	)		5.37			7.28			5.60			(8.64	)

Net increase (decrease) in net asset value from operations		(2.23	)		5.27			7.27			5.64			(8.75	)

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			– 0 –			(.07	)		– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(4.39	)		(5.96	)		(.42	)		(.87	)		(6.30	)

Total dividends and distributions		(4.39	)		(5.96	)		(.49	)		(.87	)		(6.30	)

Net asset value, end of period	$	47.40		$	54.02		$	54.71		$	47.93		$	43.16

Total Return
Total investment return based on net asset value(d)		(4.54	)%		9.57	%(c)		15.30	%		13.25	%		(17.75	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	44,893		$	56,901		$	60,693		$	58,903		$	55,057
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.02	%		1.00	%		1.00	%		1.00	%		1.00	%
Expenses, before waiver/reimbursements		1.02	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)(b)		(.30	)%		(.18	)%(c)		(.03	)%		.08	%		(.20	)%
Portfolio turnover rate		48	%		18	%		11	%		25	%		40	%


	CLASS C
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	48.24		$	49.78		$	43.91		$	39.92		$	54.65

Income From Investment Operations
Net investment loss(a)(b)		(.48	)		(.46	)(c)		(.36	)		(.28	)		(.49	)
Net realized and unrealized gain (loss) on investment transactions		(1.81	)		4.88			6.65			5.14			(7.94	)

Net increase (decrease) in net asset value from operations		(2.29	)		4.42			6.29			4.86			(8.43	)

Less: Distributions
Distributions from net realized gain on investment transactions		(4.39	)		(5.96	)		(.42	)		(.87	)		(6.30	)

Net asset value, end of period	$	41.56		$	48.24		$	49.78		$	43.91		$	39.92

Total Return
Total investment return based on net asset value(d)		(5.24	)%		8.77	%(c)		14.44	%		12.36	%		(18.36	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,555		$	11,624		$	15,118		$	17,654		$	20,406
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.76	%		1.75	%		1.75	%		1.75	%		1.75	%
Expenses, before waiver/reimbursements		1.77	%		1.75	%		1.75	%		1.75	%		1.75	%
Net investment loss(b)		(1.06	)%		(.94	)%(c)		(.78	)%		(.68	)%		(.96	)%
Portfolio turnover rate		48	%		18	%		11	%		25	%		40	%

See footnote summary on page 160.

158


	ADVISOR CLASS
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	55.76		$	56.24		$	49.25		$	44.22		$	59.41

Income From Investment Operations
Net investment income (loss)(a)(b)		(.03	)		.04	(c)		.11			.15			.03
Net realized and unrealized gain (loss) on investment transactions		(2.14	)		5.52			7.49			5.75			(8.86	)

Net increase (decrease) in net asset value from operations		(2.17	)		5.56			7.60			5.90			(8.83	)

Less: Dividends and Distributions
Dividends from net investment income		(.02	)		(.08	)		(.19	)		– 0 –			(.06	)
Distributions from net realized gain on investment transactions		(4.39	)		(5.96	)		(.42	)		(.87	)		(6.30	)

Total dividends and distributions		(4.41	)		(6.04	)		(.61	)		(.87	)		(6.36	)

Net asset value, end of period	$	49.18		$	55.76		$	56.24		$	49.25		$	44.22

Total Return
Total investment return based on net asset value(d)		(4.28	)%		9.85	%(c)		15.58	%		13.52	%		(17.54	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	416,663		$	666,159		$	815,497		$	1,049,761		$	957,097
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.77	%		.75	%		.75	%		.75	%		.75	%
Expenses, before waiver/reimbursements		.77	%		.75	%		.75	%		.75	%		.75	%
Net investment income (loss)(b)		(.05	)%		.07	%(c)		.22	%		.33	%		.05	%
Portfolio turnover rate		48	%		18	%		11	%		25	%		40	%


	CLASS I
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	55.73		$	56.25		$	49.30		$	44.29		$	59.48

Income From Investment Operations
Net investment income (loss)(a)(b)		(.06	)		(.01	)		.08			.13			(.04	)
Net realized and unrealized gain (loss) on investment transactions		(2.15	)		5.51			7.49			5.75			(8.85	)

Net increase (decrease) in net asset value from operations		(2.21	)		5.50			7.57			5.88			(8.89	)

Less: Dividends and Distributions
Dividends from net investment income		(.00	)(e)		(.06	)		(.20	)		– 0 –			(.00	)(e)
Distributions from net realized gain on investment transactions		(4.39	)		(5.96	)		(.42	)		(.87	)		(6.30	)

Total dividends and distributions		(4.39	)		(6.02	)		(.62	)		(.87	)		(6.30	)

Net asset value, end of period	$	49.13		$	55.73		$	56.25		$	49.30		$	44.29

Total Return
Total investment return based on net asset value(d)		(4.35	)%		9.74	%		15.52	%		13.45	%		(17.59	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,465		$	1,583		$	1,335		$	1,189		$	8
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.84	%		.83	%		.81	%		.83	%		.81	%
Expenses, before waiver/reimbursements		.85	%		.84	%		.81	%		.83	%		.81	%
Net investment income (loss)(b)		(.12	)%		(.02	)%		.16	%		.29	%		(.06	)%
Portfolio turnover rate		48	%		18	%		11	%		25	%		40	%

See footnote summary on page 160.

159


	CLASS Z
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	55.94		$	56.41		$	49.36		$	44.31		$	59.52

Income From Investment Operations
Net investment income (loss)(a)(b)		(.02	)		.03			.13			.16			.04
Net realized and unrealized gain (loss) on investment transactions		(2.15	)		5.55			7.50			5.76			(8.87	)

Net increase (decrease) in net asset value from operations		(2.17	)		5.58			7.63			5.92			(8.83	)

Less: Dividends and Distributions
Dividends from net investment income		(.02	)		(.09	)		(.16	)		– 0 –			(.08	)
Distributions from net realized gain on investment transactions		(4.39	)		(5.96	)		(.42	)		(.87	)		(6.30	)

Total dividends and distributions		(4.41	)		(6.05	)		(.58	)		(.87	)		(6.38	)

Net asset value, end of period	$	49.36		$	55.94		$	56.41		$	49.36		$	44.31

Total Return
Total investment return based on net asset value(d)		(4.27	)%		9.85	%		15.61	%		13.54	%		(17.52	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,123		$	4,961		$	10,353		$	19,361		$	82,429
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.74	%		.73	%		.72	%		.72	%		.72	%
Expenses, before waiver/reimbursements		.74	%		.74	%		.72	%		.72	%		.72	%
Net investment income (loss)(b)		(.04	)%		.06	%		.25	%		.34	%		.07	%
Portfolio turnover rate		48	%		18	%		11	%		25	%		40	%

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)	During the year ended June 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.01	.01%	.01%
Class C	$.01	.01%	.01%
Advisor Class	$.01	.01%	.01%

(d)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total 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.

(e)	Amount is less than $.005.

160

AB Discovery Growth Fund


	CLASS A
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	11.85		$	10.95		$	9.82		$	9.28		$	15.11		$	12.74

Income From Investment Operations
Net investment loss(b)(c)		(.06	)		(.06	)(d)		(.05	)		(.04	)		(.06	)		(.09	)
Net realized and unrealized gain (loss) on investment transactions		2.95			.96			1.18			.58			(3.45	)		4.58
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		2.89			.90			1.13			.54			(3.51	)		4.49

Less: Distributions
Distributions from net realized gain on investment transactions		( 1.31	)		– 0 –			– 0 –			– 0 –			(2.32	)		(2.12	)

Net asset value, end of period	$	13.43		$	11.85		$	10.95		$	9.82		$	9.28		$	15.11

Total Return
Total investment return based on net asset value(f)(g)		26.30	%		8.22	%(d)		11.51	%		5.82	%		(27.82	)%		37.21	%⁺

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	616,874		$	564,565		$	583,471		$	600,349		$	663,173		$	1,024,438
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.91	%(i)		.91	%		.92	%		.93	%		.91	%		.91	%
Expenses, before waivers/reimbursements(h)‡		.92	%(i)		.92	%		.93	%		.94	%		.91	%		.91	%
Net investment loss(c)		(.54	)%(i)		(.49	)%(d)		(.48	)%		(.43	)%		(.52	)%		(.65	)%
Portfolio turnover rate		110	%		80	%		79	%		70	%		64	%		75	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(i)		.01	%		.01	%		.00	%		.00	%		.00	%


	CLASS C(j)
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	13.43		$	12.49		$	11.32		$	10.76		$	22.40		$	22.11

Income From Investment Operations
Net investment loss(b)(c)		(.16	)		(.16	)(d)		(.13	)		(.13	)		(.20	)		(.33	)
Net realized and unrealized gain (loss) on investment transactions		3.35			1.10			1.30			.69			(3.85	)		7.55
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		3.19			.94			1.17			.56			(4.05	)		7.22

Less: Distributions
Distributions from net realized gain on investment transactions		(1.31	)		– 0 –			– 0 –			– 0 –			(7.59	)		(6.93	)

Net asset value, end of period	$	15.31		$	13.43		$	12.49		$	11.32		$	10.76		$	22.40

Total Return
Total investment return based on net asset value(f)(g)		25.26	%		7.59	%(d)		10.40	%		5.17	%		(28.44	)%		36.23	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,462		$	6,612		$	8,504		$	10,873		$	14,986		$	33,132
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		1.68	%(i)		1.68	%		1.70	%		1.71	%		1.68	%		1.68	%
Expenses, before waivers/reimbursements(h)‡		1.69	%(i)		1.69	%		1.70	%		1.71	%		1.68	%		1.68	%
Net investment loss(c)		(1.31	)%(i)		(1.26	)%(d)		(1.25	)%		(1.20	)%		(1.30	)%		(1.42	)%
Portfolio turnover rate		110	%		80	%		79	%		70	%		64	%		75	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(i)		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 163.

161


	ADVISOR CLASS
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	13.45		$	12.40		$	11.10		$	10.46		$	16.71		$	13.88

Income From Investment Operations
Net investment loss(b)(c)		(.04	)		(.03	)(d)		(.03	)		(.02	)		(.04	)		(.07	)
Net realized and unrealized gain (loss) on investment transactions		3.39			1.08			1.33			.66			(3.89	)		5.02
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		3.35			1.05			1.30			.64			(3.93	)		4.95

Less: Distributions
Distributions from net realized gain on investment transactions		( 1.31	)		– 0 –			– 0 –			– 0 –			(2.32	)		(2.12	)

Net asset value, end of period	$	15.49		$	13.45		$	12.40		$	11.10		$	10.46		$	16.71

Total Return
Total investment return based on net asset value(f)(g)		26.60	%		8.47	%(d)		11.71	%		6.12	%		(27.70	)%		37.49	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,842,075		$	1,554,602		$	1,216,924		$	1,138,015		$	1,129,007		$	1,713,283
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.68	%(i)		.68	%		.69	%		.70	%		.68	%		.68	%
Expenses, before waivers/reimbursements(h)‡		.69	%(i)		.69	%		.70	%		.70	%		.68	%		.68	%
Net investment loss(c)		(.31	)%(i)		(.26	)%(d)		(.26	)%		(.20	)%		(.28	)%		(.42	)%
Portfolio turnover rate		110	%		80	%		79	%		70	%		64	%		75	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying Portfolios		.01	%(i)		.01	%		.01	%		.00	%		.00	%		.00	%


	CLASS I
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	13.19		$	12.17		$	10.90		$	10.28		$	16.46		$	13.70

Income From Investment Operations
Net investment loss(b)(c)		(.04	)		(.04	)		(.03	)		(.03	)		(.04	)		(.08	)
Net realized and unrealized gain (loss) on investment transactions		3.31			1.06			1.30			.65			(3.82	)		4.96
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		3.27			1.02			1.27			.62			(3.86	)		4.88

Less: Distributions
Distributions from net realized gain on investment transactions		( 1.31	)		– 0 –			– 0 –			– 0 –			(2.32	)		(2.12	)

Net asset value, end of period	$	15.15		$	13.19		$	12.17		$	10.90		$	10.28		$	16.46

Total Return
Total investment return based on net asset value(f)(g)		26.52	%		8.38	%		11.65	%		6.03	%		(27.69	)%		37.47	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	27,638		$	89,263		$	393,493		$	419,056		$	425,004		$	604,487
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.74	%(i)		.75	%		.75	%		.76	%		.71	%		.74	%
Expenses, before waivers/reimbursements(h)‡		.75	%(i)		.75	%		.75	%		.76	%		.71	%		.74	%
Net investment loss(b)		(.36	)%(i)		(.32	)%		(.31	)%		(.26	)%		(.31	)%		(.53	)%
Portfolio turnover rate		110	%		80	%		79	%		70	%		64	%		75	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying Portfolios		.01	%(i)		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 163.

162


	CLASS Z
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	13.31		$	12.27		$	10.98		$	10.34		$	16.54		$	13.75

Income From Investment Operations
Net investment loss(b)(c)		(.03	)		(.03	)		(.02	)		(.02	)		(.03	)		(.06	)
Net realized and unrealized gain (loss) on investment transactions		3.34			1.07			1.31			.66			(3.85	)		4.97
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		3.31			1.04			1.29			.64			(3.88	)		4.91

Less: Distributions
Distributions from net realized gain on investment transactions		(1.31	)		– 0 –			– 0 –			– 0 –			(2.32	)		(2.12	)

Net asset value, end of period	$	15.31		$	13.31		$	12.27		$	10.98		$	10.34		$	16.54

Total Return
Total investment return based on net asset value(f)(g)		26.57	%		8.48	%		11.75	%		6.19	%		(27.68	)%		37.55	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	405,870		$	371,004		$	457,623		$	749,982		$	660,787		$	941,592
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.65	%(i)		.66	%		.66	%		.66	%		.64	%		.64	%
Expenses, before waivers/reimbursements(h)‡		.66	%(i)		.66	%		.66	%		.67	%		.64	%		.64	%
Net investment loss(c)		(.28	)%(i)		(.26	)%		(.21	)%		(.16	)%		(.24	)%		(.39	)%
Portfolio turnover rate		110	%		80	%		79	%		70	%		64	%		75	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying Portfolios		.01	%(i)		.01	%		.01	%		.00	%		.00	%		.00	%

(a)	The Fund changed its fiscal year end from July 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended June 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(e)	.03%	.03%
Class C	$.00(e)(j)	.03%	.03%
Advisor Class	$.00(e)	.03%	.03%

(e)	Amount is less than $.005.

(f)

(g)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the period ended and for the years ended June 30, 2026, July 31, 2025 and July 31, 2024 by .02%, .07% and .02%, respectively.

(h)

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 period ended and for the year ended July 31, 2025 such waiver amounted to .01% (annualized) and .01%, respectively.

+	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

(i)	Annualized.

(j)	Per share amounts have been adjusted to reflect the 1 for 3.2707 reverse share split effective October 20, 2025.

163

AB Small Cap Growth Portfolio


	CLASS A
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	62.93		$	59.30		$	54.04		$	50.68		$	79.55		$	62.17

Income From Investment Operations
Net investment loss(b)(c)		(.48	)		(.32	)(d)		(.35	)		(.28	)		(.51	)		(.62	)
Net realized and unrealized gain (loss) on investment transactions		21.39			3.95			5.61			3.64			(21.59	)		25.33
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		20.91			3.63			5.26			3.36			(22.10	)		24.71

Less: Distributions
Distributions from net realized gain on investment transactions		– 0 –			– 0 –			– 0 –			– 0 –			(6.77	)		(7.33	)

Net asset value, end of period	$	83.84		$	62.93		$	59.30		$	54.04		$	50.68		$	79.55


Total Return
Total investment return based on net asset value(f)(g)		33.15	%		6.19	%(d)		9.73	%		6.63	%		(30.61	)%		41.15	%(h)

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	543,812		$	473,022		$	501,412		$	645,058		$	715,329		$	1,090,466
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(i)		1.13	%(j)		1.12	%		1.13	%		1.14	%		1.11	%		1.09	%
Expenses, before waivers/reimbursements‡(i)		1.13	%(j)		1.12	%		1.13	%		1.14	%		1.11	%		1.09	%
Net investment loss(c)		(.75	)%(j)		(.51	)%(d)		(.66	)%		(.56	)%		(.78	)%		(.83	)%
Portfolio turnover rate		116	%		72	%		78	%		65	%		54	%		74	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(j)		.00	%		.01	%		.01	%		.00	%		.00	%


	CLASS C^(k)
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	72.89		$	69.21		$	63.55		$	60.05		$	104.49		$	90.05

Income From Investment Operations
Net investment loss(b)(c)		(1.10	)		(.90	)(d)		(.88	)		(.77	)		(1.25	)		(1.62	)
Net realized and unrealized gain (loss) on investment transactions		24.65			4.58			6.54			4.27			(25.22	)		35.52
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		23.55			3.68			5.66			3.50			(26.47	)		33.90

Less: Distributions
Distributions from net realized gain on investment transactions		– 0 –			– 0 –			– 0 –			– 0 –			(17.97	)		(19.46	)

Net asset value, end of period	$	96.44		$	72.89		$	69.21		$	63.55		$	60.05		$	104.49


Total Return
Total investment return based on net asset value(f)(g)		32.20	%		5.41	%(d)		8.90	%		5.84	%		(31.12	)%		40.11	%(h)

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	17,573		$	18,011		$	23,087		$	27,846		$	33,191		$	53,790
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(i)		1.88	%(j)		1.87	%		1.88	%		1.89	%		1.86	%		1.84	%
Expenses, before waivers/reimbursements‡(i)		1.88	%(j)		1.88	%		1.88	%		1.89	%		1.86	%		1.84	%
Net investment loss(c)		(1.51	)%(j)		(1.26	)%(d)		(1.41	)%		(1.31	)%		(1.53	)%		(1.59	)%
Portfolio turnover rate		116	%		72	%		78	%		65	%		54	%		74	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(j)		.00	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 166.

164


	ADVISOR CLASS
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	72.96		$	68.58		$	62.34		$	58.32		$	90.34		$	69.65

Income From Investment Operations
Net investment loss(b)(c)		( .37	)		(.19	)(d)		(.25	)		(.18	)		(.39	)		(.51	)
Net realized and unrealized gain (loss) on investment transactions		24.83			4.57			6.49			4.20			(24.86	)		28.53
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		24.46			4.38			6.24			4.02			(25.25	)		28.02

Less: Dividends and Distributions
Distributions from net realized gain on investment transactions		– 0 –			– 0 –			– 0 –			– 0 –			(6.77	)		(7.33	)

Net asset value, end of period	$	97.42		$	72.96		$	68.58		$	62.34		$	58.32		$	90.34

Total Return
Total investment return based on net asset value(f)(g)		33.46	%		6.45	%(d)		10.01	%		6.89	%		(30.43	)%		41.51	%(h)

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,335,417		$	1,341,247		$	1,508,064		$	1,581,335		$	1,814,970		$	2,165,454
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(i)		.88	%(j)		.87	%		.88	%		.89	%		.86	%		.84	%
Expenses, before waivers/reimbursements‡(i)		.88	%(j)		.87	%		.88	%		.89	%		.87	%		.84	%
Net investment loss(c)		(.51	)%(j)		(.26	)%(d)		(.41	)%		(.31	)%		(.53	)%		(.60	)%
Portfolio turnover rate		116	%		72	%		78	%		65	%		54	%		74	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(j)		.00	%		.01	%		.01	%		.00	%		.00	%


	CLASS I
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	72.48		$	68.21		$	61.99		$	57.96		$	89.79		$	69.27

Income From Investment Operations
Net investment loss(b)(c)		(.37	)		(.26	)		(.24	)		(.14	)		(.37	)		(.49	)
Net realized and unrealized gain (loss) on investment transactions		24.67			4.53			6.46			4.17			(24.69	)		28.34
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		24.30			4.27			6.22			4.03			(25.06	)		27.85

Less: Dividends and Distributions
Distributions from net realized gain on investment transactions		– 0 –			– 0 –			– 0 –			– 0 –			(6.77	)		(7.33	)

Net asset value, end of period	$	96.78		$	72.48		$	68.21		$	61.99		$	57.96		$	89.79


Total Return
Total investment return based on net asset value(f)(g)		33.43	%		6.34	%		10.04	%		6.95	%		(30.40	)%		41.48	%(h)

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	373,543		$	357,023		$	439,659		$	484,889		$	597,941		$	824,332
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(i)		.88	%(j)		.88	%		.86	%		.83	%		.84	%		.84	%
Expenses, before waivers/reimbursements‡(i)		.88	%(j)		.88	%		.86	%		.83	%		.84	%		.84	%
Net investment loss(c)		(.51	)%(j)		(.36	)%		(.39	)%		(.26	)%		(.50	)%		(.59	)%
Portfolio turnover rate		116	%		72	%		78	%		65	%		54	%		74	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(j)		.00	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 166.

165


	CLASS Z
	August 1, 2025 to June 30,			Year Ended July 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	73.31		$	68.92		$	62.58		$	58.47		$	90.46		$	69.68

Income From Investment Operations
Net investment loss(b)(c)		( .30	)		(.19	)		(.18	)		(.11	)		(.30	)		(.43	)
Net realized and unrealized gain (loss) on investment transactions		24.96			4.58			6.52			4.22			(24.92	)		28.54
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		24.66			4.39			6.34			4.11			(25.22	)		28.11

Less: Dividends and Distributions
Distributions from net realized gain on investment transactions		– 0 –			– 0 –			– 0 –			– 0 –			(6.77	)		(7.33	)

Net asset value, end of period	$	97.97		$	73.31		$	68.92		$	62.58		$	58.47		$	90.46

Total Return
Total investment return based on net asset value(f)(g)		33.56	%		6.43	%		10.13	%		7.03	%		(30.34	)%		41.62	%(h)

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	858,539		$	871,815		$	1,110,785		$	1,172,303		$	1,056,456		$	1,118,142
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(i)		.78	%(j)		.78	%		.76	%		.77	%		.76	%		.75	%
Expenses, before waivers/reimbursements‡(i)		.79	%(j)		.78	%		.77	%		.77	%		.76	%		.75	%
Net investment loss(c)		(.41	)%(j)		(.26	)%		(.29	)%		(.20	)%		(.41	)%		(.51	)%
Portfolio turnover rate		116	%		72	%		78	%		65	%		54	%		74	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(j)		.00	%		.01	%		.01	%		.00	%		.00	%

(a)	The Fund changed its fiscal year end from July 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended July 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.06	.11%	.11%
Class C	$.07(k)	.11%	.11%
Advisor Class	$.07	.11%	.11%

(e)	Amount is less than $.005.

(f)

(g)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the period ended June 30, 2026, and for the years ended July 31, 2025 and July 31, 2024 by .02% and .01% and .01%, respectively.

(h)	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

(i)

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 period ended June 30, 2026 and for the year ended July 31, 2025, such waiver amounted to .01%(annualized) and .01%.

(j)	Annualized.

(k)	Per share amounts have been adjusted to reflect the 1 for 2.6547 reverse share split effective October 20, 2025.

166

AB Select US Equity Portfolio


	CLASS A
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	23.65		$	21.93		$	17.99		$	16.56		$	22.32

Income From Investment Operations
Net investment income(a)(b)		.01			.01	*		.03			.03			.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.50			3.57			4.31			2.42			(1.06	)
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			.00	(c)		– 0 –

Net increase (decrease) in net asset value from operations		4.51			3.58			4.34			2.45			(1.04	)

Less: Dividends and Distributions
Dividends from net investment income		(.00	)(c)		(.00	)(c)		(.02	)		(.04	)		– 0 –
Distributions from net realized gain on investment and foreign currency transactions		(1.41	)		(1.86	)		(.38	)		(.98	)		(4.72	)

Total dividends and distributions		(1.41	)		(1.86	)		(.40	)		(1.02	)		(4.72	)

Net asset value, end of period	$	26.75		$	23.65		$	21.93		$	17.99		$	16.56

Total Return
Total investment return based on net asset value(d)**		19.59	%		16.75	%*		24.62	%		15.38	%		(8.03	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	47,018		$	38,150		$	31,004		$	24,574		$	19,869
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)†		1.33	%		1.42	%		1.44	%		1.51	%		1.47	%
Expenses, before waivers/reimbursements(e)†		1.44	%		1.48	%		1.48	%		1.52	%		1.47	%
Net investment income(b)		.04	%		.03	%*		.13	%		.20	%		.08	%
Portfolio turnover rate		195	%		217	%		171	%		205	%		197	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.00	%		.00	%		.00	%


	CLASS C
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	20.32		$	19.22		$	15.91		$	14.83		$	20.57

Income From Investment Operations
Net investment loss(a)(b)		(.15	)		(.14	)*		(.11	)		(.08	)		(.13	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.84			3.10			3.80			2.14			(.89	)
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			.00	(c)		– 0 –

Net increase (decrease) in net asset value from operations		3.69			2.96			3.69			2.06			(1.02	)

Less: Distributions
Distributions from net realized gain on investment and foreign currency transactions		(1.41	)		(1.86	)		(.38	)		(.98	)		(4.72	)

Net asset value, end of period	$	22.60		$	20.32		$	19.22		$	15.91		$	14.83

Total Return
Total investment return based on net asset value(d)**		18.72	%		15.88	%*		23.62	%		14.49	%		(8.69	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,445		$	7,131		$	5,982		$	8,303		$	7,629
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)†		2.09	%		2.17	%		2.20	%		2.27	%		2.22	%
Expenses, before waivers/reimbursements(e)†		2.19	%		2.23	%		2.24	%		2.27	%		2.22	%
Net investment loss(b)		(.73	)%		(.72	)%*		(.64	)%		(.55	)%		(.68	)%
Portfolio turnover rate		195	%		217	%		171	%		205	%		197	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 169.

167


	ADVISOR CLASS
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	23.72		$	21.99		$	18.03		$	16.59		$	22.32

Income From Investment Operations
Net investment income(a)(b)		.07			.06	*		.07			.08			.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.52			3.58			4.33			2.42			(1.07	)
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			.00	(c)		– 0 –

Net increase (decrease) in net asset value from operations		4.59			3.64			4.40			2.50			(1.00	)

Less: Dividends and Distributions
Dividends from net investment income		(.05	)		(.05	)		(.06	)		(.08	)		(.01	)
Distributions from net realized gain on investment and foreign currency transactions		(1.41	)		(1.86	)		(.38	)		(.98	)		(4.72	)

Total dividends and distributions		(1.46	)		(1.91	)		(.44	)		(1.06	)		(4.73	)

Net asset value, end of period	$	26.85		$	23.72		$	21.99		$	18.03		$	16.59

Total Return
Total investment return based on net asset value(d)**		19.89	%		17.00	%*		24.94	%		15.68	%		(7.82	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	273,543		$	255,455		$	218,823		$	179,438		$	176,306
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)†		1.08	%		1.17	%		1.19	%		1.26	%		1.22	%
Expenses, before waivers/reimbursements(e)†		1.19	%		1.23	%		1.23	%		1.26	%		1.22	%
Net investment income(b)		.28	%		.28	%*		.38	%		.46	%		.33	%
Portfolio turnover rate		195	%		217	%		171	%		205	%		197	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.00	%		.00	%		.00	%


	CLASS I
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	23.32		$	21.65		$	17.75		$	16.35		$	22.06

Income From Investment Operations
Net investment income(a)(b)		.07			.06			.08			.08			.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.45			3.53			4.26			2.38			(1.04	)
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			.00	(c)		– 0 –

Net increase (decrease) in net asset value from operations		4.52			3.59			4.34			2.46			(.98	)

Less: Dividends and Distributions
Dividends from net investment income		(.05	)		(.06	)		(.06	)		(.08	)		(.01	)
Distributions from net realized gain on investment and foreign currency transactions		(1.41	)		(1.86	)		(.38	)		(.98	)		(4.72	)

Total dividends and distributions		(1.46	)		(1.92	)		(.44	)		(1.06	)		(4.73	)

Net asset value, end of period	$	26.38		$	23.32		$	21.65		$	17.75		$	16.35

Total Return
Total investment return based on net asset value(d)**		19.95	%		17.01	%		24.93	%		15.72	%		(7.82	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	12,580		$	10,974		$	9,519		$	3,741		$	3,717
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)†		1.06	%		1.15	%		1.16	%		1.26	%		1.21	%
Expenses, before waivers/reimbursements(e)†		1.17	%		1.21	%		1.20	%		1.26	%		1.22	%
Net investment income(b)		.30	%		.29	%		.41	%		.45	%		.32	%
Portfolio turnover rate		195	%		217	%		171	%		205	%		197	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 169.

168

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)	Amount is less than $.005.

(d)

(e)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund 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 June 30, 2026 and June 30, 2025, such waiver amounted to .01% and .01%, respectively.

(f)	Less than .005%.

*	During the year ended June 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(c)	.00%(f)	.00%(f)
Class C	$.00(c)	.00%(f)	.00%(f)
Advisor Class	$.00(c)	.00%(f)	.00%(f)

**	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the performance of each share class, for the years ended June 30, 2026, June 30, 2025 and June 30, 2022 by .02%, .01% and .02%, respectively.

169

AB Select US Long/Short Portfolio


	CLASS A
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	14.89		$	14.47		$	12.62		$	12.67		$	14.91

Income From Investment Operations
Net investment income (loss)(a)(b)		.09			.11	(c)		.11			.07			(.11	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.31			1.34			1.89			.68			(.39	)
Contributions from affiliates		– 0 –			.00	(d)		– 0 –			.00	(d)		.00	(d)

Net increase (decrease) in net asset value from operations		1.40			1.45			2.00			.75			(.50	)

Less: Dividends and Distributions
Dividends from net investment income		(.11	)		(.07	)		(.15	)		– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(1.75	)		(.96	)		– 0 –			(.80	)		(1.74	)

Total dividends and distributions		(1.86	)		(1.03	)		(.15	)		(.80	)		(1.74	)

Net asset value, end of period	$	14.43		$	14.89		$	14.47		$	12.62		$	12.67

Total Return
Total investment return based on net asset value(e)(f)		9.97	%		10.17	%(c)		16.11	%		6.20	%		(4.49	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	112,934		$	116,022		$	120,783		$	110,152		$	118,590
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(g)(h)		1.84	%		1.83	%		1.91	%		1.91	%		1.83	%
Expenses, before waiver/reimbursements‡(g)(h)		1.93	%		1.90	%		1.96	%		1.95	%		1.86	%
Net investment income (loss)(b)		.61	%		.73	%(c)		.82	%		.58	%		(.78	)%
Portfolio turnover rate (excluding securities sold short)		320	%		293	%		242	%		372	%		242	%
Portfolio turnover rate (including securities sold short)		318	%		296	%		253	%		382	%		243	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.10	%		.07	%		.05	%		.05	%		.03	%


	CLASS C
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	13.28		$	13.03		$	11.32		$	11.53		$	13.82

Income From Investment Operations
Net investment income (loss)(a)(b)		(.02	)		(.00	)(c)		.01			(.02	)		(.20	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.16			1.21			1.70			.61			(.35	)
Contributions from affiliates		– 0 –			.00	(d)		– 0 –			.00	(d)		.00	(d)

Net increase (decrease) in net asset value from operations		1.14			1.21			1.71			.59			(.55	)

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			– 0 –			(.00	)(d)		– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(1.75	)		(.96	)		– 0 –			(.80	)		(1.74	)

Total dividends and distributions		(1.75	)		(.96	)		(.00	)(d)		(.80	)		(1.74	)

Net asset value, end of period	$	12.67		$	13.28		$	13.03		$	11.32		$	11.53

Total Return
Total investment return based on net asset value(e)(f)		9.14	%		9.41	%(c)		15.12	%		5.49	%		(5.18	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	13,728		$	19,908		$	22,777		$	28,672		$	44,732
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(g)(h)		2.58	%		2.58	%		2.66	%		2.65	%		2.58	%
Expenses, before waiver/reimbursements‡(g)(h)		2.68	%		2.65	%		2.71	%		2.69	%		2.61	%
Net investment income (loss)(b)		(.14	)%		(.03	)%(c)		.06	%		(.21	)%		(1.54	)%
Portfolio turnover rate (excluding securities sold short)		320	%		293	%		242	%		372	%		242	%
Portfolio turnover rate (including securities sold short)		318	%		296	%		253	%		382	%		243	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.10	%		.07	%		.05	%		.05	%		.03	%

See footnote summary on page 172.

170


	ADVISOR CLASS
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	15.47		$	14.99		$	13.06		$	13.06		$	15.29

Income From Investment Operations
Net investment income (loss)(a)(b)		.13			.15	(c)		.15			.11			(.08	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.37			1.40			1.96			.69			(.41	)
Contributions from affiliates		– 0 –			.00	(d)		– 0 –			.00	(d)		.00	(d)

Net increase (decrease) in net asset value from operations		1.50			1.55			2.11			.80			(.49	)

Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.11	)		(.18	)		– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(1.75	)		(.96	)		– 0 –			(.80	)		(1.74	)

Total dividends and distributions		(1.90	)		(1.07	)		(.18	)		(.80	)		(1.74	)

Net asset value, end of period	$	15.07		$	15.47		$	14.99		$	13.06		$	13.06

Total Return
Total investment return based on net asset value(e)(f)		10.27	%		10.48	%(c)		16.36	%		6.49	%		(4.24	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,323,492		$	1,351,782		$	1,264,716		$	1,283,192		$	1,506,544
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(g)(h)		1.59	%		1.58	%		1.66	%		1.65	%		1.58	%
Expenses, before waiver/reimbursements‡(g)(h)		1.68	%		1.65	%		1.71	%		1.70	%		1.61	%
Net investment income (loss)(b)		.86	%		.99	%(c)		1.07	%		.82	%		(.53	)%
Portfolio turnover rate (excluding securities sold short)		320	%		293	%		242	%		372	%		242	%
Portfolio turnover rate (including securities sold short)		318	%		296	%		253	%		382	%		243	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.10	%		.07	%		.05	%		.05	%		.03	%


	CLASS I
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	15.54		$	15.06		$	13.12		$	13.11		$	15.33

Income From Investment Operations
Net investment income (loss)(a)(b)		.14			.15			.15			.11			(.07	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.37			1.40			1.98			.70			(.41	)
Contributions from affiliates		– 0 –			.00	(d)		– 0 –			.00	(d)		.00	(d)

Net increase (decrease) in net asset value from operations		1.51			1.55			2.13			.81			(.48	)

Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.11	)		(.19	)		– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(1.75	)		(.96	)		– 0 –			(.80	)		(1.74	)

Total dividends and distributions		(1.91	)		(1.07	)		(.19	)		(.80	)		(1.74	)

Net asset value, end of period	$	15.14		$	15.54		$	15.06		$	13.12		$	13.11

Total Return
Total investment return based on net asset value(e)(f)		10.27	%		10.55	%		16.37	%		6.54	%		(4.22	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,017		$	43,429		$	31,880		$	31,435		$	34,177
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(g)(h)		1.53	%		1.54	%		1.62	%		1.60	%		1.55	%
Expenses, before waiver/reimbursements‡(g)(h)		1.62	%		1.61	%		1.66	%		1.65	%		1.57	%
Net investment income (loss)(b)		.91	%		1.00	%		1.12	%		.89	%		(.50	)%
Portfolio turnover rate (excluding securities sold short)		320	%		293	%		242	%		372	%		242	%
Portfolio turnover rate (including securities sold short)		318	%		296	%		253	%		382	%		243	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.10	%		.07	%		.05	%		.05	%		.03	%

See footnote summary on page 172.

171

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)	During the year ended June 30, 2025, the Adviser reimbursed the Portfolio 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.01	.04%	.04%
Class C	$.01	.04%	.04%
Advisor Class	$.01	.04%	.04%

(d)	Amount is less than $.005.

(e)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total 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.

(f)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund performance for the year ended June 30, 2024 by .01%.

(g)	The expense ratios presented below exclude dividend expense on securities sold short and interest expense are:


	Year Ended June 30,
	2026		2025		2024		2023		2022
Class A
Net of waivers/reimbursements		1.79%		1.79%		1.83%		1.84%		1.83%
Before waivers/reimbursements		1.88%		1.86%		1.87%		1.88%		1.85%
Class C
Net of waivers/reimbursements		2.54%		2.54%		2.58%		2.58%		2.57%
Before waivers/reimbursements		2.63%		2.61%		2.62%		2.63%		2.60%
Advisor Class
Net of waivers/reimbursements		1.54%		1.54%		1.58%		1.59%		1.58%
Before waivers/reimbursements		1.63%		1.61%		1.62%		1.63%		1.61%
Class I
Net of waivers/reimbursements		1.48%		1.50%		1.53%		1.53%		1.54%
Before waivers/reimbursements		1.57%		1.57%		1.57%		1.57%		1.57%

(h)

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 for the years ended June 30, 2026, June 30, 2025, June 30, 2024, June 30, 2023 and June 30, 2022, such waiver amounted to .09%, .07%, .04%, .05% and .03%, respectively.

172

AB Sustainable Global Thematic Fund


	CLASS A
	August 1, 2025 to June 30, 2026(a)			Year Ended July 31,
	August 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	151.54		$	158.50		$	143.28		$	139.32		$	179.88		$	142.42

Income From Investment Operations
Net investment income (loss)(b)(c)		.26			.09	(d)		.20			.18			(.18	)		(.92	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.67			4.65			15.07			7.06			(22.69	)		49.90

Net increase (decrease) in net asset value from operations		6.93			4.74			15.27			7.24			(22.87	)		48.98

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			– 0 –			(.05	)		(.33	)		– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(18.14	)		(11.70	)		– 0 –			(2.95	)		(17.69	)		(11.52	)

Total dividends and distributions		(18.14	)		(11.70	)		(.05	)		(3.28	)		(17.69	)		(11.52	)

Net asset value, end of period	$	140.33		$	151.54		$	158.50		$	143.28		$	139.32		$	179.88

Total Return
Total investment return based on net asset value(e)(f)		5.04	%		3.14	%(d)		10.65	%(g)		5.47	%		(14.79	)%		35.76	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	609,283		$	661,588		$	731,435		$	732,150		$	739,832		$	925,129
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		1.03	%(i)		1.02	%		1.02	%		1.05	%		1.02	%		1.18	%
Expenses, before waivers/reimbursements(h)‡		1.03	%(i)		1.03	%		1.03	%		1.05	%		1.02	%		1.18	%
Net investment income (loss)(c)		.20	%(i)		.06	%(d)		.14	%		.14	%		(.11	)%		(.57	)%
Portfolio turnover rate		93	%		62	%		31	%		42	%		30	%		35	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(i)		.01	%		.00	%		.00	%		.00	%		.00	%


	CLASS C(j)
	August 1, 2025 to June 30, 2026(a)			Year Ended July 31,
	August 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	166.09		$	180.21		$	164.08		$	161.57		$	216.45		$	176.03

Income From Investment Operations
Net investment loss(b)(c)		(.84	)		(1.19	)(d)		(.99	)		(.92	)		(1.60	)		(2.56	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.35			5.16			17.12			7.99			(25.93	)		60.79

Net increase (decrease) in net asset value from operations		6.51			3.97			16.13			7.07			(27.53	)		58.23

Less: Distributions
Distributions from net realized gain on investment transactions		(18.14	)		(18.09	)		– 0 –			(4.56	)		(27.35	)		(17.81	)

Net asset value, end of period	$	154.46		$	166.09		$	180.21		$	164.08		$	161.57		$	216.45

Total Return
Total investment return based on net asset value(e)(f)		4.30	%		2.37	%(d)		9.84	%		4.68	%		(15.43	)%		34.73	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,878		$	15,658		$	22,893		$	26,660		$	28,646		$	30,293
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		1.78	%(i)		1.77	%		1.78	%		1.80	%		1.77	%		1.93	%
Expenses, before waivers/reimbursements(h)‡		1.79	%(i)		1.78	%		1.78	%		1.80	%		1.77	%		1.93	%
Net investment loss(c)		(.58	)%(i)		(.71	)%(d)		(.61	)%		(.62	)%		(.85	)%		(1.29	)%
Portfolio turnover rate		93	%		62	%		31	%		42	%		30	%		35	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(i)		.01	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 175.

173


	ADVISOR CLASS
	August 1, 2025 to June 30, 2026(a)			Year Ended July 31,
	August 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	166.25		$	172.34		$	155.72		$	151.15		$	193.31		$	152.16

Income From Investment Operations
Net investment income (loss)(b)(c)		.62			.49	(d)		.61			.55			.25			(.49	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.42			5.12			16.37			7.68			(24.72	)		53.40

Net increase (decrease) in net asset value from operations		8.04			5.61			16.98			8.23			(24.47	)		52.91

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			– 0 –			(.36	)		(.71	)		– 0 –			(.24	)
Distributions from net realized gain on investment transactions		(18.14	)		(11.70	)		– 0 –			(2.95	)		(17.69	)		(11.52	)

Total dividends and distributions		(18.14	)		(11.70	)		(.36	)		(3.66	)		(17.69	)		(11.76	)

Net asset value, end of period	$	156.15		$	166.25		$	172.34		$	155.72		$	151.15		$	193.31

Total Return
Total investment return based on net asset value(e)(f)		5.28	%		3.41	%(d)		10.95	%(g)		5.73	%		(14.57	)%		36.11	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	651,853		$	840,277		$	1,029,339		$	1,109,550		$	1,137,575		$	1,360,500
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.78	%(i)		.77	%		.77	%		.80	%		.77	%		.93	%
Expenses, before waivers/reimbursements(h)‡		.78	%(i)		.78	%		.78	%		.80	%		.77	%		.93	%
Net investment income (loss)(c)		.43	%(i)		.30	%(d)		.39	%		.39	%		.15	%		(.28	)%
Portfolio turnover rate		93	%		62	%		31	%		42	%		30	%		35	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(i)		.01	%		.00	%		.00	%		.00	%		.00	%


	CLASS I
	August 1, 2025 to June 30, 2026(a)			Year Ended July 31,
	August 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	166.92		$	173.09		$	156.40		$	151.82		$	194.04		$	152.73

Income From Investment Operations
Net investment income (loss)(b)(c)		.65			.42			.64			.61			.33			(.54	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.42			5.11			16.43			7.69			(24.86	)		53.66

Net increase (decrease) in net asset value from operations		8.07			5.53			17.07			8.30			(24.53	)		53.12

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			– 0 –			(.38	)		(.77	)		– 0 –			(.29	)
Distributions from net realized gain on investment transactions		(18.14	)		(11.70	)		– 0 –			(2.95	)		(17.69	)		(11.52	)

Total dividends and distributions		(18.14	)		(11.70	)		(.38	)		(3.72	)		(17.69	)		(11.81	)

Net asset value, end of period	$	156.85		$	166.92		$	173.09		$	156.40		$	151.82		$	194.04

Total Return
Total investment return based on net asset value(e)(f)		5.28	%		3.36	%		10.96	%		5.77	%		(14.54	)%		36.12	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	34,564		$	48,172		$	58,179		$	54,702		$	46,118		$	38,716
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.77	%(i)		.80	%		.76	%		.78	%		.75	%		.92	%
Expenses, before waivers/reimbursements(h)‡		.78	%(i)		.80	%		.76	%		.78	%		.75	%		.92	%
Net investment income (loss)(c)		.45	%(i)		.25	%		.41	%		.42	%		.19	%		(.31	)%
Portfolio turnover rate		93	%		62	%		31	%		42	%		30	%		35	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(i)		.01	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 175.

174


	CLASS Z
	August 1, 2025 to June 30, 2026(a)			Year Ended July 31,												July 27, 2021(k) to July 31, 2021
	August 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			July 27, 2021(k) to July 31, 2021
Net asset value, beginning of period	$	152.43		$	158.94		$	143.65		$	139.78		$	179.89		$	178.52

Income From Investment Operations
Net investment income (loss)(b)(c)		.67			.51			.66			.61			.55			(.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.73			4.68			15.10			7.06			(22.97	)		1.39

Net increase (decrease) in net asset value from operations		7.40			5.19			15.76			7.67			(22.42	)		1.37

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			– 0 –			(.47	)		(.85	)		– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(18.14	)		(11.70	)		– 0 –			(2.95	)		(17.69	)		– 0 –

Total dividends and distributions		(18.14	)		(11.70	)		(.47	)		(3.80	)		(17.69	)		– 0 –

Net asset value, end of period	$	141.69		$	152.43		$	158.94		$	143.65		$	139.78		$	179.89

Total Return
Total investment return based on net asset value(e)(f)		5.33	%		3.44	%		11.03	%		5.80	%		(14.52	)%		.77	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	34,835		$	38,564		$	45,981		$	52,622		$	50,975		$	10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.71	%(i)		.71	%		.70	%		.73	%		.71	%		.73	%(i)
Expenses, before waivers/reimbursements(h)‡		.72	%(i)		.72	%		.71	%		.73	%		.71	%		.73	%(i)
Net investment income (loss)(c)		.51	%(i)		.34	%		.46	%		.46	%		.36	%		(.73	)%(i)
Portfolio turnover rate		93	%		62	%		31	%		42	%		30	%		35	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(i)		.01	%		.00	%		.00	%		.00	%		.00	%(i)

(a)	The Fund changed its fiscal year end from July 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended July 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.05	.04%	.04%
Class C	$.06(j)	.04%	.04%
Advisor Class	$.06	.04%	.04%

(e)

(f)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended July 31, 2024 by .03%.

(g)	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

(h)

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 period ended June 30, 2026 and year ended July 31, 2025, such waiver amounted to .01% (annualized) and .01%, respectively.

(i)	Annualized.

(j)	Per share amounts have been adjusted to reflect the 1 for 1.5463 reverse share split effective October 20, 2025.

(k)	Commencement of distributions.

175

AB Sustainable International Thematic Fund


	CLASS A
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	21.39		$	19.16		$	18.33		$	16.46		$	23.53

Income From Investment Operations
Net investment income(a)(b)		.13			.13	*		.13			.10			.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.12			2.10			.70			1.86			(5.79	)

Net increase (decrease) in net asset value from operations		1.25			2.23			.83			1.96			(5.70	)

Less: Distributions
Distributions from net realized gain on investment and foreign currency transactions		– 0 –			– 0 –			– 0 –			(.09	)		(1.37	)

Net asset value, end of period	$	22.64		$	21.39		$	19.16		$	18.33		$	16.46

Total Return
Total investment return based on net asset value(c)**		5.84	%		11.64	%*		4.53	%		11.92	%		(25.82	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	125,690		$	131,852		$	132,780		$	142,303		$	148,069
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)†		1.03	%		1.03	%		1.03	%		1.05	%		1.03	%
Expenses, before waivers/reimbursements(d)†		1.04	%		1.03	%		1.04	%		1.05	%		1.03	%
Net investment income(b)		.62	%		.68	%*		.70	%		.60	%		.40	%
Portfolio turnover rate		113	%		48	%		36	%		31	%		28	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.01	%		.01	%		.00	%


	CLASS C(e)
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	22.32		$	20.15		$	19.43		$	17.59		$	25.64

Income From Investment Operations
Net investment loss(a)(b)		(.04	)		(.04	)*		(.01	)		(.04	)		(.09	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.16			2.21			.73			1.99			(6.19	)

Net increase (decrease) in net asset value from operations		1.12			2.17			.72			1.95			(6.28	)

Less: Distributions
Distributions from net realized gain on investment and foreign currency transactions		– 0 –			– 0 –			– 0 –			(.11	)		(1.77	)

Net asset value, end of period	$	23.44		$	22.32		$	20.15		$	19.43		$	17.59

Total Return
Total investment return based on net asset value(c)**		5.03	%		10.76	%*		3.72	%		11.10	%		(26.39	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	444		$	513		$	783		$	863		$	1,115
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)†		1.79	%		1.79	%		1.79	%		1.81	%		1.79	%
Expenses, before waivers/reimbursements(d)†		1.80	%		1.79	%		1.80	%		1.82	%		1.79	%
Net investment loss(b)		(.17	)%		(.21	)%*		(.07	)%		(.23	)%		(.38	)%
Portfolio turnover rate		113	%		48	%		36	%		31	%		28	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.01	%		.01	%		.00	%

See footnote summary on page 178.

176


	ADVISOR CLASS
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	22.34		$	19.96		$	19.05		$	17.06		$	24.28

Income From Investment Operations
Net investment income(a)(b)		.18			.19	*		.20			.16			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.18			2.19			.71			1.92			(6.01	)

Net increase (decrease) in net asset value from operations		1.36			2.38			.91			2.08			(5.85	)

Less: Distributions
Distributions from net realized gain on investment and foreign currency transactions		– 0 –			– 0 –			– 0 –			(.09	)		(1.37	)

Net asset value, end of period	$	23.70		$	22.34		$	19.96		$	19.05		$	17.06

Total Return
Total investment return based on net asset value(c)**		6.09	%		11.92	%*		4.78	%		12.21	%		(25.64	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	545,178		$	773,998		$	794,393		$	630,120		$	534,213
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)†		.78	%		.78	%		.78	%		.80	%		.78	%
Expenses, before waivers/reimbursements(d)†		.78	%		.78	%		.79	%		.80	%		.79	%
Net investment income(b)		.79	%		.91	%*		1.04	%		.90	%		.74	%
Portfolio turnover rate		113	%		48	%		36	%		31	%		28	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.01	%		.01	%		.00	%


	CLASS I
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	22.17		$	19.83		$	18.94		$	16.96		$	24.17

Income From Investment Operations
Net investment income(a)(b)		.17			.18			.17			.17			.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.17			2.16			.72			1.90			(5.96	)

Net increase (decrease) in net asset value from operations		1.34			2.34			.89			2.07			(5.84	)

Less: Distributions
Distributions from net realized gain on investment and foreign currency transactions		– 0 –			– 0 –			– 0 –			(.09	)		(1.37	)

Net asset value, end of period	$	23.51		$	22.17		$	19.83		$	18.94		$	16.96

Total Return
Total investment return based on net asset value(c)**		6.04	%		11.80	%		4.70	%		12.22	%		(25.71	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	787		$	892		$	957		$	913		$	565
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)†		.84	%		.84	%		.85	%		.83	%		.84	%
Expenses, before waivers/reimbursements(d)†		.85	%		.84	%		.85	%		.84	%		.84	%
Net investment income(b)		.75	%		.88	%		.90	%		.98	%		.55	%
Portfolio turnover rate		113	%		48	%		36	%		31	%		28	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.01	%		.01	%		.00	%

See footnote summary on page 178.

177


	CLASS Z
	Year Ended June 30,												July 27, 2021(f) to June 30, 2022
	2026			2025			2024			2023			July 27, 2021(f) to June 30, 2022
Net asset value, beginning of period	$	21.62		$	19.32		$	18.43		$	16.50		$	23.66

Income From Investment Operations
Net investment income(a)(b)		.19			.19			.18			.16			.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.13			2.11			.71			1.86			(6.09	)

Net increase (decrease) in net asset value from operations		1.32			2.30			.89			2.02			(5.79	)

Less: Distributions
Distributions from net realized gain on investment and foreign currency transactions		– 0 –			– 0 –			– 0 –			(.09	)		(1.37	)

Net asset value, end of period	$	22.94		$	21.62		$	19.32		$	18.43		$	16.50

Total Return
Total investment return based on net asset value(c)**		6.10	%		11.91	%		4.83	%		12.26	%		(26.06	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	11,193		$	13,158		$	14,600		$	14,894		$	12,747
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)†		.76	%		.76	%		.76	%		.77	%		.77	%(g)
Expenses, before waivers/reimbursements(d)†		.77	%		.77	%		.76	%		.77	%		.78	%(g)
Net investment income(b)		.89	%		.97	%		1.00	%		.91	%		1.71	%(g)
Portfolio turnover rate		113	%		48	%		36	%		31	%		28	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%		.01	%		.01	%		.01	%		.00	%(g)

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)

(d)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund 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 June 30, 2026, June 30, 2025, June 30, 2024 and June 30, 2023 such waiver amounted to .01%, .01%, .01% and .01%, respectively.

(e)	Per share amounts have been adjusted to reflect the 1 for 1.2908 reverse share split effective October 20, 2025.

(f)	Commencement of distribution.

(g)	Annualized.

(h)	Amount is less than $.005.

(i)	Less than .005%.

*	During the year ended June 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(h)	.02%	.00%(i)
Class C	$.00(h)	.01%	.00%(i)
Advisor Class	$.00(h)	.02%	.00%(i)

**	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the performance of each share class for the year ended June 30, 2026 by .02%.

178

AB Global Core Equity Portfolio


	CLASS A
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	18.89		$	16.76		$	14.92		$	13.52		$	17.63

Income From Investment Operations
Net investment income(a)(b)		.08			.11	*		.12			.11			.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.05			2.39			1.84			1.83			(3.42	)

Net increase (decrease) in net asset value from operations		1.13			2.50			1.96			1.94			(3.32	)

Less: Dividends and Distributions
Dividends from net investment income		(.11	)		(.09	)		(.12	)		(.01	)		(.14	)
Distributions from net realized gain on investment and foreign currency transactions		(1.63	)		(.28	)		– 0 –			(.53	)		(.65	)

Total dividends and distributions		(1.74	)		(.37	)		(.12	)		(.54	)		(.79	)

Net asset value, end of period	$	18.28		$	18.89		$	16.76		$	14.92		$	13.52

Total Return
Total investment return based on net asset value(c)**		6.43	%		15.13	%*		13.24	%		14.79	%		(19.74	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,275		$	5,702		$	8,031		$	19,940		$	19,471
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.04	%		1.03	%		1.03	%		1.04	%		1.03	%
Expenses, before waivers/reimbursements(d)		1.04	%		1.03	%		1.03	%		1.04	%		1.04	%
Net investment income(b)		.42	%		.63	%*		.75	%		.77	%		.62	%
Portfolio turnover rate		67	%		67	%		52	%		48	%		50	%


	CLASS C
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	18.33		$	16.31		$	14.52		$	13.26		$	17.29

Income From Investment Operations
Net investment income (loss)(a)(b)		(.07	)		(.02	)*		.01			(.01	)		(.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.03			2.33			1.78			1.80			(3.34	)

Net increase (decrease) in net asset value from operations		.96			2.31			1.79			1.79			(3.37	)

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			(.01	)		– 0 –			– 0 –			(.01	)
Distributions from net realized gain on investment and foreign currency transactions		(1.63	)		(.28	)		– 0 –			(.53	)		(.65	)

Total dividends and distributions		(1.63	)		(.29	)		– 0 –			(.53	)		(.66	)

Net asset value, end of period	$	17.66		$	18.33		$	16.31		$	14.52		$	13.26

Total Return
Total investment return based on net asset value(c)**		5.62	%		14.28	%*		12.33	%		13.93	%		(20.29	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	139		$	307		$	365		$	419		$	759
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.80	%		1.78	%		1.79	%		1.79	%		1.79	%
Expenses, before waivers/reimbursements(d)		1.80	%		1.78	%		1.79	%		1.79	%		1.79	%
Net investment income (loss)(b)		(.37	)%		(.13	)%*		.08	%		(.04	)%		(.15	)%
Portfolio turnover rate		67	%		67	%		52	%		48	%		50	%

See footnote summary on pages 180.

179


	ADVISOR CLASS
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	18.90		$	16.82		$	14.98		$	13.57		$	17.69

Income From Investment Operations
Net investment income(a)(b)		.11			.16	*		.18			.14			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.08			2.39			1.82			1.84			(3.43	)

Net increase (decrease) in net asset value from operations		1.19			2.55			2.00			1.98			(3.29	)

Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.19	)		(.16	)		(.04	)		(.18	)
Distributions from net realized gain on investment and foreign currency transactions		(1.63	)		(.28	)		– 0 –			(.53	)		(.65	)

Total dividends and distributions		(1.79	)		(.47	)		(.16	)		(.57	)		(.83	)

Net asset value, end of period	$	18.30		$	18.90		$	16.82		$	14.98		$	13.57

Total Return
Total investment return based on net asset value(c)**		6.78	%		15.37	%*		13.51	%		15.13	%		(19.54	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,411,584		$	2,832,426		$	2,841,960		$	2,541,173		$	2,349,994
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		.79	%		.78	%		.78	%		.79	%		.79	%
Expenses, before waivers/reimbursements(d)		.79	%		.78	%		.78	%		.79	%		.79	%
Net investment income(b)		.62	%		.93	%*		1.15	%		1.04	%		.86	%
Portfolio turnover rate		67	%		67	%		52	%		48	%		50	%

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)

(d)	The expense ratios presented below exclude interest expense:


	Year Ended June 30,
	2026		2025		2024		2023		2022
Class A
Net of waivers/reimbursements		1.04%		1.03%		1.03%		1.04%		1.03%
Before waivers/reimbursements		1.04%		1.03%		1.03%		1.04%		1.04%
Class C
Net of waivers/reimbursements		1.79%		1.78%		1.79%		1.79%		1.79%
Before waivers/reimbursements		1.79%		1.78%		1.79%		1.79%		1.79%
Advisor Class
Net of waivers/reimbursements		.78%		.78%		.78%		.79%		.79%
Before waivers/reimbursements		.78%		.78%		.78%		.79%		.79%

(e)	Amount is less than $.005.

(f)	Less than .005%.

*	During the year ended June 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(e)	.00%(f)	.00%(f)
Class C	$.00(e)	.00%(f)	.00%(f)
Advisor Class	$.00(e)	.00%(f)	.00%(f)

**	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the performance of each share class for the year ended June 30, 2025 by .01%.

180

AB International Growth Portfolio


	CLASS A
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	11.70		$	10.56		$	10.96		$	9.71		$	15.33

Income From Investment Operations
Net investment income (loss)(a)(b)		.02			.02	(c)		.01			.01			(.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.48	)		1.14			(.41	)		1.24			(5.34	)
Contributions from affiliates		– 0 –			.00	(d)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		(.46	)		1.16			(.40	)		1.25			(5.35	)

Less: Dividends and Distributions
Dividends from net investment income		(.02	)		(.02	)		– 0 –			– 0 –			– 0 –
Distributions from net realized gain on investment transactions		– 0 –			– 0 –			– 0 –			– 0 –			(.27	)

Total dividends and distributions		(.02	)		(.02	)		– 0 –			– 0 –			(.27	)

Net asset value, end of period	$	11.22		$	11.70		$	10.56		$	10.96		$	9.71

Total Return
Total investment return based on net asset value(e)(f)		(3.91	)%		11.03	%(c)		(3.65	)%		12.87	%		(35.49	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,516		$	1,624		$	3,160		$	5,484		$	6,741
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(g)(h)		1.02	%		1.15	%		1.14	%		1.14	%		1.12	%
Expenses, before waivers/reimbursements‡(g)(h)		1.58	%		1.31	%		1.19	%		1.14	%		1.12	%
Net investment income (loss)(b)		.14	%		.17	%(c)		.07	%		.07	%		(.05	)%
Portfolio turnover rate		36	%		111	%		40	%		33	%		24	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.00	%		.00	%		.01	%		.00	%		.00	%


	CLASS C
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	10.94		$	9.93		$	10.38		$	9.27		$	14.77

Income From Investment Operations
Net investment loss(a)(b)		(.08	)		(.06	)(c)		(.06	)		(.06	)		(.12	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.42	)		1.07			(.39	)		1.17			(5.11	)
Contributions from affiliates		– 0 –			.00	(d)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		(.50	)		1.01			(.45	)		1.11			(5.23	)

Less: Distributions
Distributions from net realized gain on investment transactions		– 0 –			– 0 –			– 0 –			– 0 –			(.27	)

Net asset value, end of period	$	10.44		$	10.94		$	9.93		$	10.38		$	9.27

Total Return
Total investment return based on net asset value(e)(f)		(4.66	)%		10.17	%(c)		(4.34	)%		11.97	%		(36.03	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	138		$	340		$	550		$	1,078		$	909
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(g)(h)		1.76	%		1.90	%		1.89	%		1.90	%		1.87	%
Expenses, before waivers/reimbursements‡(g)(h)		2.27	%		2.08	%		1.95	%		1.90	%		1.87	%
Net investment loss(b)		(.77	)%		(.56	)%(c)		(.65	)%		(.63	)%		(.89	)%
Portfolio turnover rate		36	%		111	%		40	%		33	%		24	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.00	%		.00	%		.01	%		.00	%		.00	%

See footnote summary on page 182.

181


	ADVISOR CLASS
	Year Ended June 30,
	2026			2025			2024			2023			2022
Net asset value, beginning of period	$	11.87		$	10.73		$	11.10		$	9.81		$	15.46

Income From Investment Operations
Net investment income(a)(b)		.04			.04	(c)		.03			.04			.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.48	)		1.16			(.40	)		1.25			(5.41	)
Contributions from affiliates		– 0 –			.00	(d)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		(.44	)		1.20			(.37	)		1.29			(5.38	)

Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.06	)		– 0 –			– 0 –			– 0 –
Distributions from net realized gain on investment transactions		– 0 –			– 0 –			– 0 –			– 0 –			(.27	)

Total dividends and distributions		(.07	)		(.06	)		– 0 –			– 0 –			(.27	)

Net asset value, end of period	$	11.36		$	11.87		$	10.73		$	11.10		$	9.81

Total Return
Total investment return based on net asset value(e)(f)		(3.71	)%		11.28	%(c)		(3.33	)%		13.15	%		(35.38	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	78,273		$	114,887		$	170,949		$	417,443		$	367,324
Ratio to average net assets of:
Expenses, net of waivers/reimbursements‡(g)(h)		.77	%		.90	%		.89	%		.89	%		.87	%
Expenses, before waivers/reimbursements‡(g)(h)		1.30	%		1.06	%		.93	%		.89	%		.87	%
Net investment income(b)		.32	%		.41	%(c)		.28	%		.36	%		.24	%
Portfolio turnover rate		36	%		111	%		40	%		33	%		24	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.00	%		.00	%		.01	%		.00	%		.00	%

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)	During the year ended June 30, 2025, the Adviser reimbursed the Portfolio 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(d)	.01%	.01%
Class C	$.00(d)	.01%	.01%
Advisor Class	$.00(d)	.01%	.01%

(d)	Amount is less than $.005.

(e)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total 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.

(f)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended June 30, 2026 by .02%.

(g)

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 June 30, 2025 and June 30, 2024, such waiver amounted to .01% and .01%, respectively.

(h)	The expense ratios presented below exclude bank overdraft expense:


	Year Ended June 30,
	2026		2025		2024		2023		2022
Class A
Net of waivers/reimbursements		1.01%		1.15%		1.14%		1.14%		1.12%
Before waivers/reimbursements		1.57%		1.31%		1.19%		1.14%		1.12%
Class C
Net of waivers/reimbursements		1.75%		1.90%		1.89%		1.90%		1.87%
Before waivers/reimbursements		2.26%		2.08%		1.95%		1.90%		1.87%
Advisor Class
Net of waivers/reimbursements		.76%		.90%		.89%		.89%		.87%
Before waivers/reimbursements		1.29%		1.06%		.93%		.89%		.87%

182

AB Large Cap Value Fund


	CLASS A
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	19.66		$	20.58		$	16.43		$	17.31		$	18.45		$	14.86

Income From Investment Operations
Net investment income(b)(c)		.10			.19	(d)		.21			.20			.19			.16
Net realized and unrealized gain on investment transactions		3.47			.99			4.71			.86			.44			3.61
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase in net asset value from operations		3.57			1.18			4.92			1.06			.63			3.77

Less: Dividends and Distributions
Dividends from net investment income		(.20	)		(.19	)		(.19	)		(.23	)		(.18	)		(.18	)
Distributions from net realized gain on investment transactions		(1.53	)		(1.91	)		(.58	)		(1.71	)		(1.59	)		– 0 –

Total dividends and distributions		(1.73	)		(2.10	)		(.77	)		(1.94	)		(1.77	)		(.18	)

Net asset value, end of period	$	21.50		$	19.66		$	20.58		$	16.43		$	17.31		$	18.45

Total Return
Total investment return based on net asset value(f)(g)		19.80	%		6.89	%(d)		31.41	%		7.35	%		3.39	%		25.68	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	60,036		$	51,937		$	53,836		$	48,039		$	48,671		$	50,255
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.85	%(c)		.89	%		.93	%		.96	%		.95	%		.95	%
Expenses, before waivers/reimbursements		.88	%(h)		.91	%		.95	%		.97	%		.95	%		.95	%
Net investment income(c)		.88	%(h)		1.06	%(d)		1.16	%		1.31	%		1.12	%		.90	%
Portfolio turnover rate		37	%		48	%		53	%		45	%		46	%		42	%


	CLASS C
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	19.90		$	20.76		$	16.52		$	17.37		$	18.50		$	14.85

Income From Investment Operations
Net investment income(b)(c)		.01			.05	(d)		.07			.09			.06			.03
Net realized and unrealized gain on investment transactions		3.53			1.01			4.78			.86			.44			3.63
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase in net asset value from operations		3.54			1.06			4.85			.95			.50			3.66

Less: Dividends and Distributions
Dividends from net investment income		(.09	)		(.01	)		(.03	)		(.09	)		(.04	)		(.01	)
Distributions from net realized gain on investment transactions		(1.53	)		(1.91	)		(.58	)		(1.71	)		(1.59	)		– 0 –

Total dividends and distributions		(1.62	)		(1.92	)		(.61	)		(1.80	)		(1.63	)		(.01	)

Net asset value, end of period	$	21.82		$	19.90		$	20.76		$	16.52		$	17.37		$	18.50

Total Return
Total investment return based on net asset value(f)(g)		19.24	%		6.08	%(d)		30.44	%		6.54	%		2.62	%		24.75	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,354		$	901		$	797		$	894		$	1,474		$	1,419
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.60	%(h)		1.64	%		1.69	%		1.72	%		1.71	%		1.71	%
Expenses, before waivers/reimbursements		1.64	%(h)		1.67	%		1.71	%		1.72	%		1.71	%		1.71	%
Net investment income(c)		.12	%(h)		.29	%(d)		.41	%		.60	%		.38	%		.15	%
Portfolio turnover rate		37	%		48	%		53	%		45	%		46	%		42	%

See footnote summary on page 185.

183


	ADVISOR CLASS
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	19.72		$	20.64		$	16.47		$	17.36		$	18.50		$	14.90

Income From Investment Operations
Net investment income(b)(c)		.13			.23	(d)		.25			.24			.23			.21
Net realized and unrealized gain on investment transactions		3.47			1.00			4.73			.85			.44			3.60
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase in net asset value from operations		3.60			1.23			4.98			1.09			.67			3.81

Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.24	)		(.23	)		(.27	)		(.22	)		(.21	)
Distributions from net realized gain on investment transactions		(1.53	)		(1.91	)		(.58	)		(1.71	)		(1.59	)		– 0 –

Total dividends and distributions		(1.78	)		(2.15	)		(.81	)		(1.98	)		(1.81	)		(.21	)

Net asset value, end of period	$	21.54		$	19.72		$	20.64		$	16.47		$	17.36		$	18.50

Total Return
Total investment return based on net asset value(f)(g)		19.93	%		7.16	%(d)		31.80	%		7.57	%		3.66	%		25.97	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	465,859		$	397,928		$	423,767		$	334,806		$	341,919		$	364,323
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.60	%(h)		.64	%		.68	%		.71	%		.70	%		.70	%
Expenses, before waivers/reimbursements		.63	%(h)		.66	%		.70	%		.71	%		.70	%		.70	%
Net investment income(c)		1.13	%(h)		1.32	%(d)		1.40	%		1.56	%		1.37	%		1.15	%
Portfolio turnover rate		37	%		48	%		53	%		45	%		46	%		42	%


	CLASS I
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	19.45		$	20.38		$	16.28		$	17.19		$	18.34		$	14.77

Income From Investment Operations
Net investment income(b)(c)		.12			.23			.24			.24			.23			.21
Net realized and unrealized gain on investment transactions		3.42			.98			4.68			.83			.44			3.58
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase in net asset value from operations		3.54			1.21			4.92			1.07			.67			3.79

Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.23	)		(.24	)		(.27	)		(.23	)		(.22	)
Distributions from net realized gain on investment transactions		(1.53	)		(1.91	)		(.58	)		(1.71	)		(1.59	)		– 0 –

Total dividends and distributions		(1.78	)		(2.14	)		(.82	)		(1.98	)		(1.82	)		(.22	)

Net asset value, end of period	$	21.21		$	19.45		$	20.38		$	16.28		$	17.19		$	18.34

Total Return
Total investment return based on net asset value(f)(g)		19.88	%		7.18	%		31.77	%		7.63	%		3.66	%		25.97	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,884		$	1,842		$	1,814		$	1,693		$	1,638		$	1,785
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.65	%(h)		.65	%		.70	%		.70	%		.68	%		.68	%
Expenses, before waivers/reimbursements		.72	%(h)		.74	%		.78	%		.70	%		.68	%		.68	%
Net investment income(c)		1.08	%(h)		1.28	%		1.39	%		1.56	%		1.40	%		1.17	%
Portfolio turnover rate		37	%		48	%		53	%		45	%		46	%		42	%

See footnote summary on page 185.

184


	CLASS Z
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30, 2025			October 1, 2024(i) to November 30, 2024
Net asset value, beginning of period	$	19.67		$	20.61		$	19.08

Income From Investment Operations
Net investment income(b)(c)		.12			.24			.05
Net realized and unrealized gain on investment transactions		3.46			.99			1.48

Net increase in net asset value from operations		3.58			1.23			1.53

Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.26	)		– 0 –
Distributions from net realized gain on investment transactions		(1.53	)		(1.91	)		– 0 –

Total distributions		(1.78	)		(2.17	)		– 0 –

Net asset value, end of period	$	21.47		$	19.67		$	20.61

Total Return
Total investment return based on net asset value(f)(g)		19.90	%		7.21	%		8.02	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	75		$	10		$	11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.59	%(h)		.60	%		.12	%(h)
Expenses, before waivers/reimbursements		.62	%(h)		.63	%		.71	%(h)
Net investment income(c)		1.01	%(h)		1.34	%		1.48	%(h)
Portfolio turnover rate		37	%		48	%		53	%

(a)	The Fund changed its fiscal year end from November 30 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended November 30, 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 follows:


	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%

(e)	Amount is less than $.005.

(f)

(g)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended November 30, 2025 by .06%.

(h)	Annualized.

(i)	Commencement of operations.

185

AB Discovery Value Fund


	CLASS A
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	21.26		$	25.45		$	20.75		$	22.19		$	26.15		$	19.27

Income From Investment Operations
Net investment income(b)(c)		.05			.13	(d)		.13			.12			.17			.20
Net realized and unrealized gain (loss) on investment transactions		3.91			(1.34	)		5.91			(.08	)		(1.73	)		6.79
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		3.96			(1.21	)		6.04			.04			(1.56	)		6.99

Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.12	)		(.10	)		(.19	)		(.22	)		(.11	)
Distributions from net realized gain on investment transactions		(1.07	)		(2.86	)		(1.24	)		(1.29	)		(2.18	)		– 0 –

Total dividends and distributions		(1.20	)		(2.98	)		(1.34	)		(1.48	)		(2.40	)		(.11	)

Net asset value, end of period	$	24.02		$	21.26		$	25.45		$	20.75		$	22.19		$	26.15

Total Return
Total investment return based on net asset value(f)(g)		19.55	%		(5.13	)%(d)		30.87	%		.44	%		(6.98	)%		36.43	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	215,900		$	196,961		$	251,694		$	227,835		$	260,309		$	327,794
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.09	%(h)		1.08	%		1.09	%		1.10	%		1.08	%		1.08	%
Expenses, before waivers/reimbursements		1.09	%(h)		1.09	%		1.09	%		1.10	%		1.08	%		1.08	%
Net investment income(c)		.42	%(h)		.65	%(d)		.57	%		.57	%		.75	%		.82	%
Portfolio turnover rate		39	%		63	%		53	%		52	%		50	%		53	%


	CLASS C(i)
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	22.02		$	27.21		$	22.52		$	24.39		$	29.15		$	21.53

Income From Investment Operations
Net investment income (loss)(b)(c)		(.04	)		(.02	)(d)		(.04	)		(.04	)		.00	(e)		.01
Net realized and unrealized gain (loss) on investment transactions		4.06			(1.43	)		6.35			(.09	)		(1.90	)		7.61
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		4.02			(1.45	)		6.31			(.13	)		(1.90	)		7.62

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			– 0 –			– 0 –			(.05	)		(.01	)		– 0 –
Distributions from net realized gain on investment transactions		(1.07	)		(3.74	)		(1.62	)		(1.69	)		(2.85	)		– 0 –

Total dividends and distributions		(1.07	)		(3.74	)		(1.62	)		(1.74	)		(2.86	)		– 0 –

Net asset value, end of period	$	24.97		$	22.02		$	27.21		$	22.52		$	24.39		$	29.15

Total Return
Total investment return based on net asset value(f)(g)		19.04	%		(5.88	)%(d)		29.92	%		(.28	)%		(7.70	)%		35.40	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,652		$	3,329		$	5,922		$	6,016		$	9,541		$	13,548
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.84	%(h)		1.84	%		1.84	%		1.85	%		1.83	%		1.83	%
Expenses, before waivers/reimbursements		1.84	%(h)		1.84	%		1.84	%		1.85	%		1.83	%		1.83	%
Net investment income (loss)(c)		(.33	)%(h)		(.11	)%(d)		(.18	)%		(.20	)%		(.02	)%		.03	%
Portfolio turnover rate		39	%		63	%		53	%		52	%		50	%		53	%

See footnote summary on page 188.

186


	ADVISOR CLASS
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	22.12		$	26.36		$	21.45		$	22.89		$	26.90		$	19.83

Income From Investment Operations
Net investment income(b)(c)		.09			.19	(d)		.19			.17			.23			.27
Net realized and unrealized gain (loss) on investment transactions		4.05			(1.39	)		6.11			(.06	)		(1.78	)		6.96
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		4.14			(1.20	)		6.30			.11			(1.55	)		7.23

Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.18	)		(.15	)		(.26	)		(.28	)		(.16	)
Distributions from net realized gain on investment transactions		(1.07	)		(2.86	)		(1.24	)		(1.29	)		(2.18	)		– 0 –

Total dividends and distributions		(1.25	)		(3.04	)		(1.39	)		(1.55	)		(2.46	)		(.16	)

Net asset value, end of period	$	25.01		$	22.12		$	26.36		$	21.45		$	22.89		$	26.90

Total Return
Total investment return based on net asset value(f)(g)		19.68	%		(4.89	)%(d)		31.19	%		.73	%		(6.78	)%		36.76	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,725,016		$	1,522,757		$	1,689,588		$	1,376,938		$	1,485,483		$	1,738,004
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.84	%(h)		.83	%		.84	%		.85	%		.83	%		.83	%
Expenses, before waivers/reimbursements		.84	%(h)		.84	%		.84	%		.85	%		.83	%		.83	%
Net investment income(c)		.67	%(h)		.91	%(d)		.82	%		.82	%		1.00	%		1.07	%
Portfolio turnover rate		39	%		63	%		53	%		52	%		50	%		53	%


	CLASS I
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	21.00		$	25.19		$	20.56		$	22.01		$	25.96		$	19.14

Income From Investment Operations
Net investment income(b)(c)		.08			.16			.17			.16			.22			.25
Net realized and unrealized gain (loss) on investment transactions		3.84			(1.33	)		5.85			(.07	)		(1.72	)		6.73
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		3.92			(1.17	)		6.02			.09			(1.50	)		6.98

Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.16	)		(.15	)		(.25	)		(.27	)		(.16	)
Distributions from net realized gain on investment transactions		(1.07	)		(2.86	)		(1.24	)		(1.29	)		(2.18	)		– 0 –

Total dividends and distributions		(1.24	)		(3.02	)		(1.39	)		(1.54	)		(2.45	)		(.16	)

Net asset value, end of period	$	23.68		$	21.00		$	25.19		$	20.56		$	22.01		$	25.96

Total Return
Total investment return based on net asset value(f)(g)		19.64	%		(4.99	)%		31.14	%		.68	%		(6.81	)%		36.71	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	143,218		$	132,207		$	152,313		$	127,295		$	132,169		$	152,215
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%(h)		.91	%		.91	%		.88	%		.86	%		.86	%
Expenses, before waivers/reimbursements		.90	%(h)		.91	%		.91	%		.88	%		.86	%		.86	%
Net investment income(c)		.62	%(h)		.80	%		.76	%		.79	%		.97	%		1.03	%
Portfolio turnover rate		39	%		63	%		53	%		52	%		50	%		53	%

See footnote summary on page 188.

187


	CLASS Z
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	20.96		$	25.15		$	20.53		$	21.98		$	25.93		$	19.12

Income From Investment Operations
Net investment income(b)(c)		.09			.18			.19			.17			.24			.27
Net realized and unrealized gain (loss) on investment transactions		3.83			(1.32	)		5.83			(.06	)		(1.72	)		6.72
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)		– 0 –

Net increase (decrease) in net asset value from operations		3.92			(1.14	)		6.02			.11			(1.48	)		6.99

Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.19	)		(.16	)		(.27	)		(.29	)		(.18	)
Distributions from net realized gain on investment transactions		(1.07	)		(2.86	)		(1.24	)		(1.29	)		(2.18	)		– 0 –

Total dividends and distributions		(1.26	)		(3.05	)		(1.40	)		(1.56	)		(2.47	)		(.18	)

Net asset value, end of period	$	23.62		$	20.96		$	25.15		$	20.53		$	21.98		$	25.93

Total Return
Total investment return based on net asset value(f)(g)		19.70	%		(4.90	)%		31.24	%		.77	%		(6.71	)%		36.76	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	475,492		$	452,387		$	542,776		$	698,987		$	905,260		$	972,914
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.81	%(h)		.81	%		.81	%		.80	%		.79	%		.78	%
Expenses, before waivers/reimbursements		.81	%(h)		.81	%		.81	%		.80	%		.79	%		.78	%
Net investment income(c)		.70	%(h)		.89	%		.87	%		.86	%		1.05	%		1.11	%
Portfolio turnover rate		39	%		63	%		53	%		52	%		50	%		53	%

(a)	The Fund changed its fiscal year end from November 30 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended November 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.01	.04%	.04%
Class C	$.01	.04%	.04%
Advisor Class	$.01	.04%	.04%

(e)	Amount is less than $.005.

(f)

(g)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended November 30, 2025 by .01%.

(h)	Annualized.

(i)	Per share amounts have been adjusted to reflect the 1 for 1.307 reverse share split effective October 20, 2025.

188

AB Relative Value Fund


	CLASS A
	November 1, 2025 to June 30, 2026(a)			Year Ended October 31,
	November 1, 2025 to June 30, 2026(a)			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(b)(c)		.04			.06	(d)		.07			.08			.07			.05
Net realized and unrealized gain (loss) on investment transactions		1.06			.28			1.47			(.04	)		(.25	)		2.31

Net increase (decrease) in net asset value from operations		1.10			.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	$	7.32		$	6.61		$	6.97		$	5.83		$	6.26		$	7.11

Total Return
Total investment return based on net asset value(e)(f)		17.39	%		5.14	%(d)		27.74	%		.51	%		(2.80	)%		49.27	%

Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)	$	1,422		$	1,306		$	1,404		$	1,226		$	1,330		$	1,454
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)‡		.90	%(h)		.89	%		.89	%		.89	%		.90	%		.90	%
Expenses, before waivers/reimbursements(g)‡		.93	%(h)		.93	%		.93	%		.94	%		.94	%		.95	%
Net investment income(c)		.79	%(h)		.99	%(d)		1.12	%		1.32	%		1.10	%		.79	%
Portfolio turnover rate		38	%		65	%		58	%		77	%		71	%		55	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.01	%		.00	%		.00	%


	CLASS C
	November 1, 2025 to June 30, 2026(a)			Year Ended October 31,
	November 1, 2025 to June 30, 2026(a)			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(b)(c)		.00	(i)		.02	(d)		.03			.03			.02			.00	(i)
Net realized and unrealized gain (loss) on investment transactions		1.07			.27			1.46			(.03	)		(.26	)		2.31

Net increase (decrease) in net asset value from operations		1.07			.29			1.49			.00	(i)		(.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	$	7.36		$	6.62		$	6.97		$	5.82		$	6.24		$	7.10

Total Return
Total investment return based on net asset value(e)(f)		16.82	%		4.40	%(d)		26.75	%		(.13	)%		(3.63	)%		48.30	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,192		$	17,701		$	21,653		$	22,969		$	27,116		$	28,571
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)‡		1.65	%(h)		1.64	%		1.64	%		1.64	%		1.65	%		1.65	%
Expenses, before waivers/reimbursements(g)‡		1.68	%(h)		1.68	%		1.68	%		1.70	%		1.69	%		1.70	%
Net investment income(c)		.04	%(h)		.25	%(d)		.39	%		.58	%		.35	%		.05	%
Portfolio turnover rate		38	%		65	%		58	%		77	%		71	%		55	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 191.

189


	ADVISOR CLASS
	November 1, 2025 to June 30, 2026(a)			Year Ended October 31,
	November 1, 2025 to June 30, 2026(a)			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(b)(c)		.05			.08	(d)		.09			.10			.09			.07
Net realized and unrealized gain (loss) on investment transactions		1.07			.28			1.48			(.05	)		(.25	)		2.32

Net increase (decrease) in net asset value from operations		1.12			.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	$	7.43		$	6.71		$	7.06		$	5.90		$	6.33		$	7.18

Total Return
Total investment return based on net asset value(e)(f)		17.58	%		5.50	%(d)		28.07	%		.78	%		(2.52	)%		49.53	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	360,967		$	357,693		$	411,422		$	349,685		$	431,114		$	433,047
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)‡		.65	%(h)		.64	%		.64	%		.64	%		.65	%		.65	%
Expenses, before waivers/reimbursements(g)‡		.68	%(h)		.68	%		.68	%		.69	%		.69	%		.70	%
Net investment income(c)		1.04	%(h)		1.24	%(d)		1.37	%		1.58	%		1.35	%		1.03	%
Portfolio turnover rate		38	%		65	%		58	%		77	%		71	%		55	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.01	%		.00	%		.00	%


	CLASS I
	November 1, 2025 to June 30, 2026(a)			Year Ended October 31,
	November 1, 2025 to June 30, 2026(a)			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(b)(c)		.05			.08			.09			.10			.09			.07
Net realized and unrealized gain (loss) on investment transactions		1.09			.28			1.52			(.05	)		(.25	)		2.35

Net increase (decrease) in net asset value from operations		1.14			.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	$	7.57		$	6.83		$	7.18		$	5.99		$	6.42		$	7.27

Total Return
Total investment return based on net asset value(e)(f)		17.56	%		5.40	%		28.16	%		.74	%		(2.49	)%		49.57	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	29,601		$	31,561		$	39,142		$	31,837		$	34,072		$	44,916
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)‡		.65	%(h)		.64	%		.64	%		.64	%		.65	%		.65	%
Expenses, before waivers/reimbursements(g)‡		.71	%(h)		.71	%		.71	%		.68	%		.69	%		.70	%
Net investment income(c)		1.05	%(h)		1.24	%		1.36	%		1.57	%		1.33	%		1.03	%
Portfolio turnover rate		38	%		65	%		58	%		77	%		71	%		55	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.01	%		.00	%		.00	%

See footnote summary on page 191.

190


	CLASS Z
	November 1, 2025 to June 30, 2026(a)			Year Ended October 31,
	November 1, 2025 to June 30, 2026(a)			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(b)(c)		.05			.08			.09			.10			.09			.07
Net realized and unrealized gain (loss) on investment transactions		1.09			.29			1.52			(.04	)		(.26	)		2.36

Net increase (decrease) in net asset value from operations		1.14			.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	$	7.54		$	6.81		$	7.16		$	5.97		$	6.40		$	7.26

Total Return
Total investment return based on net asset value(e)(f)		17.51	%		5.46	%		28.31	%		.83	%(j)		(2.55	)%		49.78	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	72,232		$	65,121		$	79,506		$	59,027		$	52,894		$	54,161
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)‡		.61	%(h)		.61	%		.61	%		.61	%		.61	%		.61	%
Expenses, before waivers/reimbursements(g)‡		.61	%(h)		.62	%		.62	%		.62	%		.61	%		.61	%
Net investment income(c)		1.07	%(h)		1.26	%		1.39	%		1.59	%		1.39	%		1.08	%
Portfolio turnover rate		38	%		65	%		58	%		77	%		71	%		55	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.01	%		.00	%		.00	%

(a)	The Fund changed its fiscal year end from October 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	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(i)	.01%	.01%
Class C	$.00(i)	.01%	.01%
Advisor Class	$.00(i)	.01%	.01%

(e)

(f)	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.

(g)

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.

(h)	Annualized.

(i)	Amount is less than $.005.

(j)

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.

191

AB International Value Fund


	CLASS A
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	18.87		$	14.51		$	14.02		$	12.89		$	13.94		$	12.58

Income From Investment Operations
Net investment income(b)(c)		.23			.32	(d)		.29			.25			.74			.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.07			4.37			1.39			1.03			(1.42	)		1.15

Net increase (decrease) in net asset value from operations		2.30			4.69			1.68			1.28			(.68	)		1.45

Less: Dividends
Dividends from net investment income		(.52	)		(.33	)		(1.19	)		(.15	)		(.37	)		(.09	)

Net asset value, end of period	$	20.65		$	18.87		$	14.51		$	14.02		$	12.89		$	13.94

Total Return
Total investment return based on net asset value(e)(f)		12.46	%		33.04	%(d)		12.38	%		9.64	%		(5.08	)%(g)		11.51	%

Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)	$	92		$	88		$	69		$	68		$	69		$	79
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)		1.16	%(j)		1.18	%		1.23	%		1.25	%		1.25	%		1.25	%
Expenses, before waivers/reimbursements(h)(i)		1.61	%(j)		1.61	%		1.75	%		1.74	%		1.76	%		1.61	%
Net investment income(c)		2.03	%(j)		1.95	%(d)		1.96	%		1.84	%		5.92	%		2.10	%
Portfolio turnover rate		31	%		50	%		46	%		39	%		42	%		45	%


	CLASS C
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	18.64		$	14.33		$	13.73		$	12.61		$	13.56		$	12.25

Income From Investment Operations
Net investment income(b)(c)		.15			.20	(d)		.18			.15			.61			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.05			4.32			1.37			1.01			(1.38	)		1.11

Net increase (decrease) in net asset value from operations		2.20			4.52			1.55			1.16			(.77	)		1.31

Less: Dividends
Dividends from net investment income		(.39	)		(.21	)		(.95	)		(.04	)		(.18	)		– 0 –

Net asset value, end of period	$	20.45		$	18.64		$	14.33		$	13.73		$	12.61		$	13.56

Total Return
Total investment return based on net asset value(e)(f)		11.99	%		32.04	%(d)		11.55	%		8.81	%		(5.80	)%(g)		10.69	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,418		$	1,225		$	1,071		$	1,086		$	938		$	1,233
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)		1.91	%(j)		1.93	%		1.98	%		2.00	%		2.00	%		2.00	%
Expenses, before waivers/reimbursements(h)(i)		2.38	%(j)		2.39	%		2.52	%		2.52	%		2.54	%		2.38	%
Net investment income(c)		1.31	%(j)		1.23	%(d)		1.23	%		1.12	%		4.97	%		1.44	%
Portfolio turnover rate		31	%		50	%		46	%		39	%		42	%		45	%

See footnote summary on page 194.

192


	ADVISOR CLASS
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	19.36		$	14.88		$	14.39		$	13.23		$	14.29		$	12.90

Income From Investment Operations
Net investment income(b)(c)		.28			.37	(d)		.34			.29			.77			.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.11			4.47			1.41			1.05			(1.42	)		1.17

Net increase (decrease) in net asset value from operations		2.39			4.84			1.75			1.34			(.65	)		1.52

Less: Dividends
Dividends from net investment income		(.56	)		(.36	)		(1.26	)		(.18	)		(.41	)		(.13	)

Net asset value, end of period	$	21.19		$	19.36		$	14.88		$	14.39		$	13.23		$	14.29

Total Return
Total investment return based on net asset value(e)(f)		12.65	%		33.37	%(d)		12.65	%		9.87	%		(4.77	)%(g)		11.82	%

Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)	$	40		$	35		$	27		$	26		$	27		$	33
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)		.91	%(j)		.93	%		.98	%		1.00	%		1.00	%		1.00	%
Expenses, before waivers/reimbursements(h)(i)		1.37	%(j)		1.36	%		1.50	%		1.49	%		1.51	%		1.36	%
Net investment income(c)		2.33	%(j)		2.20	%(d)		2.22	%		2.07	%		6.01	%		2.36	%
Portfolio turnover rate		31	%		50	%		46	%		39	%		42	%		45	%


	CLASS I
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	18.59		$	14.32		$	13.88		$	12.80		$	13.88		$	12.57

Income From Investment Operations
Net investment income(b)(c)		.28			.33			.33			.25			.78			.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.02			4.30			1.37			1.05			(1.42	)		1.15

Net increase (decrease) in net asset value from operations		2.30			4.63			1.70			1.30			(.64	)		1.47

Less: Dividends
Dividends from net investment income		(.56	)		(.36	)		(1.26	)		(.22	)		(.44	)		(.16	)

Net asset value, end of period	$	20.33		$	18.59		$	14.32		$	13.88		$	12.80		$	13.88

Total Return
Total investment return based on net asset value(e)(f)		12.66	%		33.18	%		12.62	%		9.97	%		(4.83	)%(g)		11.78	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,417		$	1,177		$	819		$	711		$	1,129		$	1,400
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)		.91	%(j)		.92	%		.99	%		1.00	%		1.00	%		1.00	%
Expenses, before waivers/reimbursements(h)(i)		1.32	%(j)		1.29	%		1.37	%		1.27	%		1.26	%		1.12	%
Net investment income(c)		2.43	%(j)		2.02	%		2.23	%		1.82	%		6.26	%		2.28	%
Portfolio turnover rate		31	%		50	%		46	%		39	%		42	%		45	%

See footnote summary on page 194.

193

(a)	The Fund changed its fiscal year end from November 30 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended November 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.02	.15%	.15%
Class C	$.02	.15%	.15%
Advisor Class	$.03	.15%	.15%

(e)

(f)	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 November 30, 2025, November 30, 2024, November 30, 2023 and November 30, 2022 by .60% .06%, .02% and .01%, respectively.

(g)

(h)

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 period ended June 30, 2026 and for the year ended November 30, 2025, such waiver amounted to .01% (annualized) and .01%, respectively.

(i)	The expense ratios presented below exclude bank overdraft expense:


	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025		2024		2023		2022		2021
Class A
Net of waivers/reimbursements		1.16%	(j)		1.17%		1.23%		1.25%		1.25%		1.25%
Before waivers/reimbursements		1.61%	(j)		1.61%		1.75%		1.74%		1.76%		1.61%
Class C
Net of waivers/reimbursements		1.91%	(j)		1.92%		1.98%		2.00%		2.00%		2.00%
Before waivers/reimbursements		2.38%	(j)		2.38%		2.52%		2.52%		2.54%		2.38%
Advisor Class
Net of waivers/reimbursements		.91%	(j)		.92%		.98%		1.00%		1.00%		1.00%
Before waivers/reimbursements		1.37%	(j)		1.36%		1.50%		1.49%		1.51%		1.36%
Class I
Net of waivers/reimbursements		.91%	(j)		.92%		.99%		1.00%		1.00%		1.00%
Before waivers/reimbursements		1.32%	(j)		1.29%		1.37%		1.27%		1.26%		1.12%

(j)	Annualized.

194

AB Core Opportunities Fund


	CLASS A
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	27.10		$	26.19		$	20.72		$	20.90		$	25.85		$	22.12

Income From Investment Operations
Net investment income (loss)(b)(c)		(.02	)		(.03	)(d)		(.02	)		.05			.01			(.03	)
Net realized and unrealized gain (loss) on investment transactions		1.20			3.31			6.46			1.69			(1.25	)		4.69

Net increase (decrease) in net asset value from operations		1.18			3.28			6.44			1.74			(1.24	)		4.66

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			(.01	)		(.05	)		(.01	)		– 0 –			(.05	)
Distributions from net realized gain on investment transactions		(3.66	)		(2.36	)		(.92	)		(1.91	)		(3.71	)		(.88	)

Total dividends and distributions		(3.66	)		(2.37	)		(.97	)		(1.92	)		(3.71	)		(.93	)

Net asset value, end of period	$	24.62		$	27.10		$	26.19		$	20.72		$	20.90		$	25.85

Total Return
Total investment return based on net asset value(e)(f)		4.92	%		13.75	%(d)		32.60	%		9.46	%		(6.15	)%		21.91	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	131,863		$	138,227		$	138,362		$	118,679		$	121,610		$	144,426
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.15	%(g)		1.11	%		1.15	%		1.15	%		1.13	%		1.09	%
Expenses, before waivers/reimbursements		1.20	%(g)		1.11	%		1.17	%		1.20	%		1.13	%		1.09	%
Net investment income (loss)(c)		(.15	)%(g)		(.12	)%(d)		(.08	)%		.26	%		.05	%		(.13	)%
Portfolio turnover rate		25	%		55	%		46	%		92	%		83	%		56	%


	CLASS C(h)
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	28.74		$	29.28		$	23.74		$	25.02		$	32.67		$	28.42

Income From Investment Operations
Net investment loss(b)(c)		(.13	)		(.22	)(d)		(.21	)		(.11	)		(.18	)		(.28	)
Net realized and unrealized gain (loss) on investment transactions		1.27			3.50			7.24			1.93			(1.45	)		5.96

Net increase (decrease) in net asset value from operations		1.14			3.28			7.03			1.82			(1.63	)		5.68

Less: Distributions
Distributions from net realized gain on investment transactions		(3.66	)		(3.82	)		(1.49	)		(3.10	)		(6.02	)		(1.43	)

Net asset value, end of period	$	26.22		$	28.74		$	29.28		$	23.74		$	25.02		$	32.67

Total Return
Total investment return based on net asset value(e)(f)		4.45	%		12.89	%(d)		31.60	%		8.70	%		(6.87	)%		20.97	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,393		$	3,994		$	5,383		$	5,069		$	6,383		$	9,204
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.90	%(g)		1.86	%		1.90	%		1.90	%		1.88	%		1.85	%
Expenses, before waivers/reimbursements		1.95	%(g)		1.86	%		1.92	%		1.95	%		1.89	%		1.85	%
Net investment loss(c)		(.90	)%(g)		(.87	)%(d)		(.82	)%		(.49	)%		(.71	)%		(.87	)%
Portfolio turnover rate		25	%		55	%		46	%		92	%		83	%		56	%

See footnote summary on page 197.

195


	ADVISOR CLASS
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	28.86		$	27.72		$	21.87		$	21.94		$	26.89		$	22.97

Income From Investment Operations
Net investment income(b)(c)		.02			.03	(d)		.04			.10			.06			.03
Net realized and unrealized gain (loss) on investment transactions		1.28			3.53			6.83			1.79			(1.30	)		4.87

Net increase (decrease) in net asset value from operations		1.30			3.56			6.87			1.89			(1.24	)		4.90

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			(.06	)		(.10	)		(.05	)		– 0 –			(.10	)
Distributions from net realized gain on investment transactions		(3.66	)		(2.36	)		(.92	)		(1.91	)		(3.71	)		(.88	)

Total dividends and distributions		(3.66	)		(2.42	)		(1.02	)		(1.96	)		(3.71	)		(.98	)

Net asset value, end of period	$	26.50		$	28.86		$	27.72		$	21.87		$	21.94		$	26.89

Total Return
Total investment return based on net asset value(e)(f)		5.05	%		14.07	%(d)		32.93	%		9.73	%		(5.88	)%		22.19	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	38,167		$	43,594		$	42,143		$	35,013		$	38,395		$	48,752
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%(g)		.86	%		.90	%		.90	%		.88	%		.84	%
Expenses, before waivers/reimbursements		.95	%(g)		.86	%		.92	%		.95	%		.88	%		.84	%
Net investment income(c)		.10	%(g)		.13	%(d)		.17	%		.51	%		.30	%		.12	%
Portfolio turnover rate		25	%		55	%		46	%		92	%		83	%		56	%


	CLASS I
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	29.54		$	28.31		$	22.31		$	22.34		$	27.32		$	23.31

Income From Investment Operations
Net investment income(b)(c)		.02			.04			.05			.11			.07			.04
Net realized and unrealized gain (loss) on investment transactions		1.32			3.62			6.97			1.82			(1.34	)		4.95

Net increase (decrease) in net asset value from operations		1.34			3.66			7.02			1.93			(1.27	)		4.99

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			(.07	)		(.10	)		(.05	)		– 0 –			(.10	)
Distributions from net realized gain on investment transactions		(3.66	)		(2.36	)		(.92	)		(1.91	)		(3.71	)		(.88	)

Total dividends and distributions		(3.66	)		(2.43	)		(1.02	)		(1.96	)		(3.71	)		(.98	)

Net asset value, end of period	$	27.22		$	29.54		$	28.31		$	22.31		$	22.34		$	27.32

Total Return
Total investment return based on net asset value(e)(f)		5.07	%		14.11	%		32.97	%		9.76	%		(5.90	)%		22.30	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,016		$	5,707		$	5,444		$	3,772		$	3,318		$	4,214
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.89	%(g)		.80	%		.88	%		.89	%		.84	%		.80	%
Expenses, before waivers/reimbursements		.89	%(g)		.80	%		.88	%		.89	%		.85	%		.80	%
Net investment income(c)		.12	%(g)		.16	%		.18	%		.51	%		.33	%		.17	%
Portfolio turnover rate		25	%		55	%		46	%		92	%		83	%		56	%

See footnote summary on page 197.

196


	CLASS Z
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	29.66		$	28.42		$	22.39		$	22.41		$	27.39		$	23.37

Income From Investment Operations
Net investment income(b)(c)		.02			.04			.06			.11			.08			.10
Net realized and unrealized gain (loss) on investment transactions		1.32			3.63			6.99			1.84			(1.35	)		4.91

Net increase (decrease) in net asset value from operations		1.34			3.67			7.05			1.95			(1.27	)		5.01

Less: Dividends and Distributions
Dividends from net investment income		– 0 –			(.07	)		(.10	)		(.06	)		– 0 –			(.11	)
Distributions from net realized gain on investment transactions		(3.66	)		(2.36	)		(.92	)		(1.91	)		(3.71	)		(.88	)

Total dividends and distributions		(3.66	)		(2.43	)		(1.02	)		(1.97	)		(3.71	)		(.99	)

Net asset value, end of period	$	27.34		$	29.66		$	28.42		$	22.39		$	22.41		$	27.39

Total Return
Total investment return based on net asset value(e)(f)		5.05	%		14.09	%		33.01	%		9.81	%		(5.88	)%		22.34	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	123		$	108		$	93		$	201		$	145		$	146
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.90	%(g)		.81	%		.84	%		.88	%		.82	%		.75	%
Expenses, before waivers/reimbursements		.90	%(g)		.81	%		.85	%		.88	%		.82	%		.75	%
Net investment income(c)		.11	%(g)		.16	%		.24	%		.52	%		.36	%		.43	%
Portfolio turnover rate		25	%		55	%		46	%		92	%		83	%		56	%

(a)	The Fund changed its fiscal year end from November 30 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended November 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(i)	.03%	.03%
Class C	$.00(i)	.03%	.03%
Advisor Class	$.00(i)	.03%	.03%

(e)

(f)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the period ended and the year ended June 30, 2026 and November 30, 2025 by .02% and .09%, respectively.

(g)	Annualized.

(h)	Per share amounts have been adjusted to reflect the 1 for 1.6213 reverse share split effective October 20, 2025.

(i)	Amount is less than $.005.

197

AB Global Risk Allocation Fund


	CLASS A
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	17.09		$	17.83		$	15.75		$	17.25		$	19.91		$	18.11

Income From Investment Operations
Net investment income(b)(c)		.20			.21	(d)		.21			.34			.47			.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.62			1.56			2.10			(.53	)		(1.33	)		2.06

Net increase (decrease) in net asset value from operations		.82			1.77			2.31			(.19	)		(.86	)		2.35

Less: Dividends and Distributions
Dividends from net investment income		(.84	)		(.33	)		(.05	)		(1.05	)		(1.80	)		(.55	)
Distributions from net realized gain on investment transactions		(.61	)		(2.18	)		(.18	)		(.26	)		– 0 –			– 0 –

Total dividends and distributions		(1.45	)		(2.51	)		(.23	)		(1.31	)		(1.80	)		(.55	)

Net asset value, end of period	$	16.46		$	17.09		$	17.83		$	15.75		$	17.25		$	19.91

Total Return
Total investment return based on net asset value(e)(f)		5.33	%		11.54	%(d)		14.84	%		(1.19	)%		(4.90	)%(g)		13.45	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	151,835		$	155,256		$	164,031		$	162,288		$	215,597		$	207,089
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)‡		1.38	%(j)		1.40	%		1.39	%		1.39	%		1.29	%		1.27	%
Expenses, before waivers/reimbursements(h)(i)‡		1.43	%(j)		1.43	%		1.40	%		1.40	%		1.30	%		1.27	%
Net investment income(c)		2.11	%(j)		1.33	%(d)		1.25	%		2.17	%		2.66	%		1.50	%
Portfolio turnover rate		5	%		35	%		38	%		13	%		1	%		7	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.07	%(j)		.05	%		.03	%		.03	%		.03	%		.02	%


	CLASS C
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	14.94		$	15.88		$	14.12		$	15.57		$	18.09		$	16.50

Income From Investment Operations
Net investment income(b)(c)		.11			.08	(d)		.08			.20			.31			.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.54			1.36			1.86			(.47	)		(1.20	)		1.89

Net increase (decrease) in net asset value from operations		.65			1.44			1.94			(.27	)		(.89	)		2.01

Less: Dividends and Distributions
Dividends from net investment income		(.70	)		(.20	)		– 0 –			(.92	)		(1.63	)		(.42	)
Distributions from net realized gain on investment transactions		(.61	)		(2.18	)		(.18	)		(.26	)		– 0 –			– 0 –

Total dividends and distributions		(1.31	)		(2.38	)		(.18	)		(1.18	)		(1.63	)		(.42	)

Net asset value, end of period	$	14.28		$	14.94		$	15.88		$	14.12		$	15.57		$	18.09

Total Return
Total investment return based on net asset value(e)(f)		4.89	%		10.69	%(d)		13.94	%		(1.89	)%		(5.59	)%(g)		12.57	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,459		$	1,393		$	1,939		$	1,935		$	2,382		$	2,669
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)‡		2.14	%(j)		2.16	%		2.15	%		2.15	%		2.05	%		2.03	%
Expenses, before waivers/reimbursements(h)(i)‡		2.19	%(j)		2.19	%		2.16	%		2.16	%		2.06	%		2.03	%
Net investment income(c)		1.37	%(j)		.59	%(d)		.54	%		1.43	%		1.92	%		.69	%
Portfolio turnover rate		5	%		35	%		38	%		13	%		1	%		7	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.07	%(j)		.05	%		.03	%		.03	%		.03	%		.02	%

See footnote summary on page 200.

198


	ADVISOR CLASS
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	17.35		$	18.06		$	15.95		$	17.45		$	20.12		$	18.29

Income From Investment Operations
Net investment income(b)(c)		.23			.25	(d)		.25			.39			.52			.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.62			1.59			2.12			(.54	)		(1.34	)		2.07

Net increase (decrease) in net asset value from operations		.85			1.84			2.37			(.15	)		(.82	)		2.42

Less: Dividends and Distributions
Dividends from net investment income		(.88	)		(.37	)		(.08	)		(1.09	)		(1.85	)		(.59	)
Distributions from net realized gain on investment transactions		(.61	)		(2.18	)		(.18	)		(.26	)		– 0 –			– 0 –

Total dividends and distributions		(1.49	)		(2.55	)		(.26	)		(1.35	)		(1.85	)		(.59	)

Net asset value, end of period	$	16.71		$	17.35		$	18.06		$	15.95		$	17.45		$	20.12

Total Return
Total investment return based on net asset value(e)(f)		5.51	%		11.78	%(d)		15.12	%		(.95	)%		(4.65	)%(g)		13.69	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,141		$	8,270		$	9,070		$	13,036		$	17,477		$	13,604
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)‡		1.13	%(j)		1.15	%		1.13	%		1.14	%		1.04	%		1.02	%
Expenses, before waivers/reimbursements(h)(i)‡		1.18	%(j)		1.18	%		1.15	%		1.15	%		1.05	%		1.02	%
Net investment income(c)		2.39	%(j)		1.57	%(d)		1.50	%		2.47	%		2.90	%		1.78	%
Portfolio turnover rate		5	%		35	%		38	%		13	%		1	%		7	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.07	%(j)		.05	%		.03	%		.03	%		.03	%		.02	%


	CLASS I
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	17.26		$	18.02		$	15.92		$	17.41		$	20.09		$	18.27

Income From Investment Operations
Net investment income(b)(c)		.22			.24			.25			.39			.53			.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.64			1.57			2.12			(.53	)		(1.35	)		2.07

Net increase (decrease) in net asset value from operations		.86			1.81			2.37			(.14	)		(.82	)		2.42

Less: Dividends and Distributions
Dividends from net investment income		(.89	)		(.39	)		(.09	)		(1.09	)		(1.86	)		(.60	)
Distributions from net realized gain on investment transactions		(.61	)		(2.18	)		(.18	)		(.26	)		– 0 –			– 0 –

Total dividends and distributions		(1.50	)		(2.57	)		(.27	)		(1.35	)		(1.86	)		(.60	)

Net asset value, end of period	$	16.62		$	17.26		$	18.02		$	15.92		$	17.41		$	20.09

Total Return
Total investment return based on net asset value(e)(f)		5.51	%		11.69	%		15.12	%		(.94	)%		(4.63	)%(g)		13.78	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,096		$	2,785		$	2,484		$	1,204		$	2,021		$	2,390
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)‡		1.12	%(j)		1.14	%		1.14	%		1.13	%		1.02	%		.99	%
Expenses, before waivers/reimbursements(h)(i)‡		1.17	%(j)		1.17	%		1.16	%		1.14	%		1.03	%		1.00	%
Net investment income(c)		2.37	%(j)		1.47	%		1.48	%		2.46	%		2.95	%		1.77	%
Portfolio turnover rate		5	%		35	%		38	%		13	%		1	%		7	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.07	%(j)		.05	%		.03	%		.03	%		.03	%		.02	%

See footnote summary on page 200.

199

(a)	The Fund changed its fiscal year end from November 30 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended November 30, 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(k)	.12%	.12%
Class C	$.00(k)	.12%	.12%
Advisor Class	$.00(k)	.12%	.12%

(e)

(f)	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 November 30, 2025 and November 30, 2024 by .06% and .02%, respectively.

(g)	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

(h)

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 period ended June 30, 2026 and for the years ended November 30, 2025, November 30, 2024, November 30, 2023, November 30, 2022 and November 30, 2021, such waiver amounted to .04% (annualized), .03%, .02%, .04%, .01% and .02%, respectively.

(i)	The expense ratios presented below exclude interest/bank overdraft expense:


	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025		2024		2023		2022		2021
Class A
Net of waivers/reimbursements		1.38%	(j)		1.40%		1.39%		1.38%		1.29%		1.27%
Before waivers/reimbursements		1.43%	(j)		1.43%		1.40%		1.39%		1.30%		1.27%
Class C
Net of waivers/reimbursements		2.14%	(j)		2.16%		2.15%		2.14%		2.05%		2.03%
Before waivers/reimbursements		2.19%	(j)		2.19%		2.16%		2.15%		2.06%		2.03%
Advisor Class
Net of waivers/reimbursements		1.13%	(j)		1.15%		1.13%		1.13%		1.04%		1.02%
Before waivers/reimbursements		1.18%	(j)		1.18%		1.15%		1.14%		1.05%		1.02%
Class I
Net of waivers/reimbursements		1.12%	(j)		1.14%		1.14%		1.12%		1.02%		.99%
Before waivers/reimbursements		1.17%	(j)		1.17%		1.16%		1.14%		1.03%		1.00%

(j)	Annualized.

(k)	Amount is less than $.005.

200

AB Small Cap Value Portfolio


	CLASS A
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	14.62		$	16.19		$	12.29		$	14.24		$	16.37		$	11.74

Income From Investment Operations
Net investment income(b)(c)		.04			.09	(d)		.10			.06			.07			.02
Net realized and unrealized gain (loss) on investment transactions		3.91			(1.08	)		3.83			(1.38	)		(1.04	)		4.65
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		3.95			(.99	)		3.93			(1.32	)		(.97	)		4.67

Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(.14	)		(.03	)		(.09	)		(.01	)		(.04	)
Distributions from net realized gain on investment transactions		(.57	)		(.44	)		– 0 –			(.54	)		(1.15	)		– 0 –

Total dividends and distributions		(.65	)		(.58	)		(.03	)		(.63	)		(1.16	)		(.04	)

Net asset value, end of period	$	17.92		$	14.62		$	16.19		$	12.29		$	14.24		$	16.37

Total Return
Total investment return based on net asset value(f)		28.14	%		(6.27	)%(d)		32.08	%		(9.52	)%		(6.72	)%		39.92	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	95,793		$	79,852		$	102,252		$	112,084		$	162,522		$	177,607
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.19	%(g)		1.17	%		1.16	%		1.17	%		1.16	%		1.17	%
Expenses, before waivers/reimbursements		1.19	%(g)		1.17	%		1.17	%		1.17	%		1.16	%		1.17	%
Net investment income(c)		.44	%(g)		.64	%(d)		.74	%		.44	%		.50	%		.13	%
Portfolio turnover rate		36	%		74	%		60	%		59	%		47	%		50	%


	CLASS C
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	13.65		$	15.16		$	11.56		$	13.43		$	15.59		$	11.23

Income From Investment Operations
Net investment income (loss)(b)(c)		(.03	)		(.02	)(d)		.00	(e)		(.04	)		(.02	)		(.10	)
Net realized and unrealized gain (loss) on investment transactions		3.65			(1.01	)		3.60			(1.29	)		(.99	)		4.46
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		3.62			(1.03	)		3.60			(1.33	)		(1.01	)		4.36

Less: Distributions
Dividends from net investment income		– 0 –			(.04	)		– 0 –			– 0 –			– 0 –			– 0 –
Distributions from net realized gain on investment transactions		(.57	)		(.44	)		– 0 –			(.54	)		(1.15	)		– 0 –

Total distributions		(.57	)		(.48	)		– 0 –			(.54	)		(1.15	)		– 0 –

Net asset value, end of period	$	16.70		$	13.65		$	15.16		$	11.56		$	13.43		$	15.59

Total Return
Total investment return based on net asset value(f)		27.52	%		(6.99	)%(d)		31.14	%		(10.16	)%		(7.35	)%		38.82	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	95		$	149		$	302		$	266		$	330		$	477
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.94	%(g)		1.93	%		1.92	%		1.92	%		1.76	%		1.90	%
Expenses, before waivers/reimbursements		1.94	%(g)		1.93	%		1.92	%		1.93	%		1.92	%		1.92	%
Net investment income (loss)(c)		(.32	)%(g)		(.13	)%(d)		(.03	)%		(.30	)%		(.16	)%		(.65	)%
Portfolio turnover rate		36	%		74	%		60	%		59	%		47	%		50	%

See footnote summary on page 202.

201


	ADVISOR CLASS
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	14.82		$	16.40		$	12.46		$	14.42		$	16.57		$	11.88

Income From Investment Operations
Net investment income(b)(c)		.06			.13	(d)		.14			.09			.11			.06
Net realized and unrealized gain (loss) on investment transactions		3.95			(1.08	)		3.87			(1.39	)		(1.06	)		4.70
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		4.01			(.95	)		4.01			(1.30	)		(.95	)		4.76

Less: Dividends and Distributions
Dividends from net investment income		(.12	)		(.19	)		(.07	)		(.12	)		(.05	)		(.07	)
Distributions from net realized gain on investment transactions		(.57	)		(.44	)		– 0 –			(.54	)		(1.15	)		– 0 –

Total dividends and distributions		(.69	)		(.63	)		(.07	)		(.66	)		(1.20	)		(.07	)

Net asset value, end of period	$	18.14		$	14.82		$	16.40		$	12.46		$	14.42		$	16.57

Total Return
Total investment return based on net asset value(f)		28.23	%		(5.99	)%(d)		32.37	%		(9.22	)%		(6.53	)%		40.26	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	481,755		$	461,825		$	542,201		$	471,766		$	520,700		$	456,033
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.94	%(g)		.92	%		.92	%		.92	%		.91	%		.92	%
Expenses, before waivers/reimbursements		.94	%(g)		.92	%		.92	%		.92	%		.91	%		.92	%
Net investment income(c)		.69	%(g)		.88	%(d)		.98	%		.71	%		.79	%		.38	%
Portfolio turnover rate		36	%		74	%		60	%		59	%		47	%		50	%

(a)	The Fund changed its fiscal year end from November 30 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended November 30, 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 follows:


	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%

(e)	Amount is less than $.005.

(f)

(g)	Annualized.

202

AB All China Equity Portfolio


	CLASS A
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	10.52		$	8.18		$	7.30		$	8.04		$	11.51		$	12.58

Income From Investment Operations
Net investment income(b)(c)		.06			.10			.14			.10			.08			.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.07			2.46			.88			(.75	)		(3.38	)		(1.13	)

Net increase (decrease) in net asset value from operations		.13			2.56			1.02			(.65	)		(3.30	)		(1.04	)

Less: Dividends and Distributions
Dividends from net investment income		(.47	)		(.22	)		(.14	)		(.09	)		(.09	)		(.03	)
Distributions from net realized gain on investment and foreign currency transactions		– 0 –			– 0 –			– 0 –			– 0 –			(.08	)		– 0 –

Total dividends and distributions		(.47	)		(.22	)		(.14	)		(.09	)		(.17	)		(.03	)

Net asset value, end of period	$	10.18		$	10.52		$	8.18		$	7.30		$	8.04		$	11.51

Total Return
Total investment return based on net asset value(d)		1.27	%		32.17	%		14.20	%*		(8.20	)%		(29.09	)%		(8.30	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	413		$	432		$	412		$	645		$	1,650		$	2,148
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.50	%(f)		1.50	%		1.50	%		1.50	%		1.50	%		1.44	%
Expenses, before waivers/reimbursements(e)		2.12	%(f)		1.97	%		1.86	%		1.59	%		1.50	%		1.45	%
Net investment income(c)		1.00	%(f)		1.09	%		1.79	%		1.30	%		.87	%		.70	%
Portfolio turnover rate		67	%		113	%		101	%		86	%		57	%		75	%


	ADVISOR CLASS
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	10.48		$	8.15		$	7.32		$	8.07		$	11.56		$	12.63

Income From Investment Operations
Net investment income(b)(c)		.08			.12			.15			.12			.10			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.07			2.45			.89			(.76	)		(3.39	)		(1.15	)

Net increase (decrease) in net asset value from operations		.15			2.57			1.04			(.64	)		(3.29	)		(1.01	)

Less: Dividends and Distributions
Dividends from net investment income		(.51	)		(.24	)		(.21	)		(.11	)		(.12	)		(.06	)
Distributions from net realized gain on investment and foreign currency transactions		– 0 –			– 0 –			– 0 –			– 0 –			(.08	)		– 0 –

Total dividends and distributions		(.51	)		(.24	)		(.21	)		(.11	)		(.20	)		(.06	)

Net asset value, end of period	$	10.12		$	10.48		$	8.15		$	7.32		$	8.07		$	11.56

Total Return
Total investment return based on net asset value(d)		1.38	%		32.45	%		14.57	%*		(8.02	)%		(28.93	)%		(8.07	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	47,389		$	51,804		$	58,362		$	92,696		$	120,858		$	185,108
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.25	%(f)		1.25	%		1.26	%		1.25	%		1.25	%		1.20	%
Expenses, before waivers/reimbursements(e)		1.87	%(f)		1.72	%		1.60	%		1.35	%		1.25	%		1.20	%
Net investment income(c)		1.29	%(f)		1.29	%		1.94	%		1.51	%		1.11	%		1.06	%
Portfolio turnover rate		67	%		113	%		101	%		86	%		57	%		75	%

See footnote summary on page 204.

203

(a)	The Fund changed its fiscal year end from November 30 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)

(e)	The expense ratios presented below exclude interest expense:


	December 1, 2025 to June 30, 2026(a)(f)		Year Ended November 30,
	December 1, 2025 to June 30, 2026(a)(f)		2025		2024		2023		2022		2021
Class A
Net of waivers/reimbursements		1.50%		1.50%		1.50%		1.50%		1.50%		1.44%
Before waivers/reimbursements		2.12%		1.97%		1.86%		1.59%		1.50%		1.45%
Advisor Class
Net of waivers/reimbursements		1.25%		1.25%		1.25%		1.25%		1.25%		1.20%
Before waivers/reimbursements		1.87%		1.72%		1.60%		1.35%		1.25%		1.20%

(f)	Annualized.

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the performance of each share class for the year ended November 30, 2024 by .02%.

204

AB Mid Cap Value Portfolio


	CLASS Z
	December 1, 2025 to June 30, 2026(a)			Year Ended November 30, 2025			April 30, 2024(b) to November 30, 2024
Net asset value, beginning of period	$	11.64		$	11.37		$	10.00

Income From Investment Operations
Net investment income(c)(d)		.06			.13			.08
Net realized and unrealized gain on investment transactions		2.16			.29			1.29
Contributions from affiliates		– 0 –			.00	(e)		.00	(e)

Net increase in net asset value from operations		2.22			.42			1.37

Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.09	)		– 0 –
Distributions from net realized gain on investment transactions		(.43	)		(.06	)		– 0 –

Total dividends and distributions		(.59	)		(.15	)		– 0 –

Net asset value, end of period	$	13.27		$	11.64		$	11.37

Total Return
Total investment return based on net asset value(f)		20.05	%		3.78	%(g)		13.70	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,833		$	2,359		$	2,275
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.67	%(h)		.67	%		.67	%(h)
Expenses, before waiver/reimbursements		14.19	%(h)		15.94	%		19.92	%(h)
Net investment income(d)		.87	%(h)		1.17	%		1.30	%(h)
Portfolio turnover rate		25	%		52	%		55	%

(a)	The Fund changed its fiscal year end from November 30 to June 30.

(b)	Commencement of operations.

(c)	Based on average shares outstanding.

(d)	Net of expenses waived/reimbursed by the Adviser.

(e)	Amount is less than $.005.

(f)

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.

(g)	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

(h)	Annualized.

205

AB Wealth Appreciation Strategy


	CLASS A
	September 1, 2025 to June 30, 2026(a)			Year Ended August 31,
	September 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	23.87		$	21.89		$	17.86		$	17.09		$	22.18		$	17.50

Income From Investment Operations
Net investment income(b)(c)		.25			.21	(d)		.23			.26			.29			.11
Net realized and unrealized gain (loss) on investment transactions		3.99			2.95			4.22			1.71			(3.57	)		5.10
Contributions from Affiliates		.00	(e)		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		4.24			3.16			4.45			1.97			(3.28	)		5.21

Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.19	)		(.20	)		(.23	)		(.26	)		(.22	)
Distributions from net realized gain on investment transactions		(1.44	)		(.99	)		(.22	)		(.97	)		(1.55	)		(.31	)

Total dividends and distributions		(1.68	)		(1.18	)		(.42	)		(1.20	)		(1.81	)		(.53	)

Net asset value, end of period	$	26.43		$	23.87		$	21.89		$	17.86		$	17.09		$	22.18

Total Return
Total investment return based on net asset value(f)		18.67	%		15.03	%(d)		25.46	%		12.22	%		(16.10	)%		30.41	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	416,189		$	378,792		$	365,971		$	327,880		$	318,353		$	425,623
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)‡		.71	%(h)		.71	%		.67	%		.68	%		.65	%		.64	%
Expenses, before waivers/reimbursements(g)‡		.97	%(h)		.98	%		.99	%		1.00	%		.98	%		.99	%
Net investment income(c)		1.20	%(h)		.97	%(d)		1.17	%		1.55	%		1.46	%		.55	%
Portfolio turnover rate		23	%		26	%		12	%		13	%		20	%		15	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.26	%(h)		.29	%		.33	%		.35	%		.36	%		.38	%


	CLASS C
	September 1, 2025 to June 30, 2026(a)			Year Ended August 31,
	September 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	24.23		$	22.20		$	18.07		$	17.23		$	22.24		$	17.52

Income From Investment Operations
Net investment income (loss)(b)(c)		.10			.05	(d)		.09			.14			.14			(.02	)
Net realized and unrealized gain (loss) on investment transactions		4.06			2.99			4.28			1.72			(3.60	)		5.10
Contributions from Affiliates		.00	(e)		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		4.16			3.04			4.37			1.86			(3.46	)		5.08

Less: Dividends and Distributions
Dividends from net investment income		(.03	)		(.02	)		(.02	)		(.05	)		– 0	–		(.05	)
Distributions from net realized gain on investment transactions		(1.44	)		(.99	)		(.22	)		(.97	)		(1.55	)		(.31	)

Total dividends and distributions		(1.47	)		(1.01	)		(.24	)		(1.02	)		(1.55	)		(.36	)

Net asset value, end of period	$	26.92		$	24.23		$	22.20		$	18.07		$	17.23		$	22.24

Total Return
Total investment return based on net asset value(f)		17.94	%		14.17	%(d)		24.48	%		11.35	%		(16.70	)%		29.39	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,750		$	3,047		$	3,309		$	3,624		$	5,166		$	8,023
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)‡		1.47	%(h)		1.46	%		1.44	%		1.44	%		1.41	%		1.39	%
Expenses, before waivers/reimbursements(g)‡		1.73	%(h)		1.74	%		1.75	%		1.76	%		1.74	%		1.75	%
Net investment income (loss)(c)		.48	%(h)		.24	%(d)		.44	%		.85	%		.72	%		(.10	)%
Portfolio turnover rate		23	%		26	%		12	%		13	%		20	%		15	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.26	%(h)		.29	%		.33	%		.35	%		.36	%		.38	%

See footnote summary on page 207.

206


	ADVISOR CLASS
	September 1, 2025 to June 30, 2026(a)			Year Ended August 31,
	September 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	23.80		$	21.82		$	17.81		$	17.05		$	22.13		$	17.46

Income From Investment Operations
Net investment income(b)(c)		.29			.26	(d)		.28			.30			.33			.16
Net realized and unrealized gain (loss) on investment transactions		3.98			2.96			4.20			1.70			(3.55	)		5.08
Contributions from Affiliates		.00	(e)		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		4.27			3.22			4.48			2.00			(3.22	)		5.24

Less: Dividends and Distributions
Dividends from net investment income		(.30	)		(.25	)		(.25	)		(.27	)		(.31	)		(.26	)
Distributions from net realized gain on investment transactions		(1.44	)		(.99	)		(.22	)		(.97	)		(1.55	)		(.31	)

Total dividends and distributions		(1.74	)		(1.24	)		(.47	)		(1.24	)		(1.86	)		(.57	)

Net asset value, end of period	$	26.33		$	23.80		$	21.82		$	17.81		$	17.05		$	22.13

Total Return
Total investment return based on net asset value(f)		18.89	%		15.38	%(d)		25.74	%		12.50	%		(15.87	)%		30.73	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,126,748		$	962,368		$	882,544		$	795,038		$	753,314		$	967,876
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)‡		.46	%(h)		.46	%		.42	%		.43	%		.40	%		.39	%
Expenses, before waivers/reimbursements(g)‡		.72	%(h)		.73	%		.74	%		.75	%		.73	%		.74	%
Net investment income(c)		1.44	%(h)		1.21	%(d)		1.43	%		1.79	%		1.69	%		.81	%
Portfolio turnover rate		23	%		26	%		12	%		13	%		20	%		15	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.26	%(h)		.29	%		.33	%		.35	%		.36	%		.38	%

(a)	The Fund changed its fiscal year end from August 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended August 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(e)	.00%(i)	.00%(i)
Class C	$.00(e)	.00%(i)	.00%(i)
Advisor Class	$.00(e)	.00%(i)	.00%(i)

(e)	Amount is less than $.005.

(f)

(g)

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 period ended June 30, 2026 and the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, such waiver amounted to .26% (annualized), .28%, .31%, .32%, .34% and .35%, respectively.

(h)	Annualized.

(i)	Less than .005%.

207

AB All Market Total Return Portfolio


	CLASS A
	September 1, 2025 to June 30, 2026(a)			Year Ended August 31,
	September 1, 2025 to June 30, 2026(a)			2025			2024			2023			2022			2021


Net asset value, beginning of period	$	16.42		$	15.53		$	13.68		$	13.75		$	18.16		$	15.44

Income From Investment Operations
Net investment income(b)(c)		.26			.26	(d)		.31			.28			.10			.16
Net realized and unrealized gain (loss) on investment transactions		1.68			1.10			1.72			.02	(e)		(2.90	)		3.03
Contributions from Affiliates		– 0 –			.00	(f)		.00	(f)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		1.94			1.36			2.03			.30			(2.80	)		3.19

Less: Dividends and Distributions
Dividends from net investment income		( .49	)		(.47	)		(.18	)		(.37	)		– 0 –			(.47	)
Distributions from net realized gain on investment transactions		( 1.25	)		– 0 –			– 0 –			– 0 –			(1.61	)		– 0 –

Total dividends and distributions		( 1.74	)		(.47	)		(.18	)		(.37	)		(1.61	)		(.47	)

Net asset value, end of period	$	16.62		$	16.42		$	15.53		$	13.68		$	13.75		$	18.16

Total Return
Total investment return based on net asset value(g)		12.71	%		9.06	%(d)		14.96	%		2.26	%		(16.85	)%		21.16	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	373,100		$	373,090		$	387,762		$	391,500		$	433,654		$	586,995
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)‡		1.07	%(j)		1.08	%		1.07	%		1.08	%		1.02	%		1.03	%
Expenses, before waivers/reimbursements(h)(i)‡		1.08	%(j)		1.13	%		1.08	%		1.10	%		1.03	%		1.05	%
Net investment income(c)		1.96	%(j)		1.70	%(d)		2.21	%		2.08	%		.64	%		.99	%
Portfolio turnover rate		158	%		190	%		182	%		70	%		105	%		117	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.03	%(j)		.02	%		.02	%		.02	%		.02	%		.02	%


	CLASS C
	September 1, 2025 to June 30,			Year Ended August 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	16.14		$	15.26		$	13.42		$	13.45		$	17.92		$	15.20

Income From Investment Operations
Net investment income (loss)(b)(c)		.16			.14	(d)		.20			.17			(.02	)		(.10	)
Net realized and unrealized gain (loss) on investment transactions		1.64			1.08			1.68			.03	(e)		(2.84	)		3.13
Contributions from Affiliates		– 0 –			.00	(f)		.00	(f)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		1.80			1.22			1.88			.20			(2.86	)		3.03

Less: Dividends and Distributions
Dividends from net investment income		( .36	)		(.34	)		(.04	)		(.23	)		– 0 –			(.31	)
Distributions from net realized gain on investment transactions		( 1.25	)		– 0 –			– 0 –			– 0 –			(1.61	)		– 0 –

Total dividends and distributions		( 1.61	)		(.34	)		(.04	)		(.23	)		(1.61	)		(.31	)

Net asset value, end of period	$	16.33		$	16.14		$	15.26		$	13.42		$	13.45		$	17.92

Total Return
Total investment return based on net asset value(g)		12.01	%		8.22	%(d)		14.15	%		1.43	%		(17.50	)%		20.33	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,738		$	2,430		$	2,892		$	3,835		$	5,845		$	10,537
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)‡		1.82	%(j)		1.83	%		1.84	%		1.84	%		1.78	%		1.78	%
Expenses, before waivers/reimbursements(h)(i)‡		1.84	%(j)		1.89	%		1.85	%		1.86	%		1.79	%		1.80	%
Net investment income (loss)(c)		1.19	%(j)		.95	%(d)		1.45	%		1.31	%		(.16	)%		(.61	)%
Portfolio turnover rate		158	%		190	%		182	%		70	%		105	%		117	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.03	%(j)		.02	%		.02	%		.02	%		.02	%		.02	%

See footnote summary on pages 210.

208


	ADVISOR CLASS
	September 1, 2025 to June 30,			Year Ended August 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	16.67		$	15.76		$	13.88		$	13.95		$	18.35		$	15.60

Income From Investment Operations
Net investment income(b)(c)		.30			.31	(d)		.35			.32			.14			.20
Net realized and unrealized gain (loss) on investment transactions		1.70			1.11			1.74			.02	(e)		(2.93	)		3.06
Contributions from Affiliates		– 0 –			.00	(f)		.00	(f)		– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		2.00			1.42			2.09			.34			(2.79	)		3.26

Less: Dividends and Distributions
Dividends from net investment income		( .53	)		(.51	)		(.21	)		(.41	)		– 0 –			(.51	)
Distributions from net realized gain on investment transactions		( 1.25	)		– 0 –			– 0 –			– 0 –			(1.61	)		– 0 –

Total dividends and distributions		( 1.78	)		(.51	)		(.21	)		(.41	)		(1.61	)		(.51	)

Net asset value, end of period	$	16.89		$	16.67		$	15.76		$	13.88		$	13.95		$	18.35

Total Return
Total investment return based on net asset value(g)		13.00	%		9.34	%(d)		15.25	%		2.50	%		(16.61	)%		21.43	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	51,504		$	48,429		$	53,009		$	54,860		$	63,739		$	84,018
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)‡		.82	%(j)		.83	%		.82	%		.83	%		.77	%		.78	%
Expenses, before waivers/reimbursements(h)(i)‡		.84	%(j)		.88	%		.83	%		.85	%		.78	%		.79	%
Net investment income(c)		2.21	%(j)		1.94	%(d)		2.46	%		2.33	%		.89	%		1.22	%
Portfolio turnover rate		158	%		190	%		182	%		70	%		105	%		117	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.03	%(j)		.02	%		.02	%		.02	%		.02	%		.02	%


	CLASS I
	September 1, 2025 to June 30,			Year Ended August 31,
	2026(a)			2025			2024			2023			2022			2021
Net asset value, beginning of period	$	17.00		$	16.07		$	13.67		$	14.11		$	18.55		$	15.76

Income From Investment Operations
Net investment income (loss)(b)(c)		.31			.31			.36			(.04	)(l)		.14			.22
Net realized and unrealized gain (loss) on investment transactions		1.74			1.13			1.80			.01	(e)		(2.97	)		3.07
Contributions from Affiliates		– 0 –			.00	(f)		.45			– 0 –			– 0 –			– 0 –

Net increase (decrease) in net asset value from operations		2.05			1.44			2.61			(.03	)		(2.83	)		3.29

Less: Dividends and Distributions
Dividends from net investment income		( .53	)		(.51	)		(.21	)		(.41	)		– 0 –			(.50	)
Distributions from net realized gain on investment transactions		( 1.25	)		– 0 –			– 0 –			– 0 –			(1.61	)		– 0 –

Total dividends and distributions		( 1.78	)		(.51	)		(.21	)		(.41	)		(1.61	)		(.50	)

Net asset value, end of period	$	17.27		$	17.00		$	16.07		$	13.67		$	14.11		$	18.55

Total Return
Total investment return based on net asset value(g)		12.99	%		9.27	%		19.30	%(k)		(.25	)%(l)		(16.64	)%		21.44	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	655		$	349		$	326		$	255		$	287		$	338
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)(i)‡		.82	%(j)		.83	%		.82	%		3.48	%(l)		.80	%		.81	%
Expenses, before waivers/reimbursements(h)(i)‡		.87	%(j)		.92	%		.83	%		3.50	%(l)		.81	%		.83	%
Net investment income (loss)(c)		2.20	%(j)		1.91	%		2.47	%		(.32	)%(l)		.88	%		1.31	%
Portfolio turnover rate		158	%		190	%		182	%		70	%		105	%		117	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.03	%(j)		.02	%		.02	%		.02	%		.02	%		.02	%

See footnote summary on pages 210.

209

(a)	The Fund changed its fiscal year end from August 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended August 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(f)	.04%	.04%
Class C	$.00(f)	.04%	.04%
Advisor Class	$.00(f)	.04%	.04%

(e)	Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Fund’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(f)	Amount is less than $.005.

(g)

(h)

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, for the period ended June 30, 2026 and the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, such waiver amounted to .01% (annualized), .01%, .01%, .02%, .01% and .01%, respectively.

(i)	The expense ratios presented below exclude bank overdraft expense:


	September 1, 2025 to June 30, 2026(a)			Year Ended August 31,
	September 1, 2025 to June 30, 2026(a)			2025		2024		2023			2022		2021
Class A
Net of waivers/reimbursements		1.07%	(j)		1.07%		1.07%		1.08%			1.02%		1.03%
Before waivers/reimbursements		1.08%	(j)		1.13%		1.08%		1.10%			1.03%		1.05%
Class C
Net of waivers/reimbursements		1.82%	(j)		1.82%		1.84%		1.84%			1.78%		1.78%
Before waivers/reimbursements		1.84%	(j)		1.89%		1.85%		1.86%			1.79%		1.80%
Advisor Class
Net of waivers/reimbursements		0.82%	(j)		.82%		.82%		.83%			.77%		.78%
Before waivers/reimbursements		0.84%	(j)		.88%		.83%		.85%			.78%		.79%
Class I
Net of waivers/reimbursements		0.82%	(j)		.82%		.82%		3.48%	(l)		.80%		.81%
Before waivers/reimbursements		0.87%	(j)		.91%		.83%		3.50%	(l)		.81%		.83%

(j)	Annualized.

(k)	Includes a contribution from the Adviser which enhanced the performance for the year ended August 31, 2024 by 3.38%.

(l)	Reflects a onetime non‑recurring accrual adjustment.

210

AB Tax-Managed Wealth Appreciation Strategy


	CLASS A
	September 1, 2025 to June 30,			Year Ended August 31,
	2026(a)			2025			2024			2023			2022			2021

Net asset value, beginning of period	$	25.14		$	22.39		$	18.21		$	17.15		$	21.60		$	16.81

Income From Investment Operations
Net investment income(b)(c)		.27			.22	(d)		.24			.19			.28			.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.23			3.03			4.25			1.77			(3.56	)		4.87
Contributions from Affiliates		.00	(e)		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		4.50			3.25			4.49			1.96			(3.28	)		4.98

Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.23	)		(.19	)		(.21	)		(.24	)		(.15	)
Distributions from net realized gain on investment transactions		(.82	)		(.27	)		(.12	)		(.69	)		(.93	)		(.04	)

Total dividends and distributions		(1.07	)		(.50	)		(.31	)		(.90	)		(1.17	)		(.19	)

Net asset value, end of period	$	28.57		$	25.14		$	22.39		$	18.21		$	17.15		$	21.60

Total Return
Total investment return based on net asset value(f)(g)		18.47	%		14.73	%(d)		25.01	%		11.99	%		(16.08	)%		29.83	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	56,131		$	48,516		$	46,757		$	40,936		$	39,643		$	48,742
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.70	%(i)		.69	%		.65	%		.67	%		.63	%		.63	%
Expenses, before waivers/reimbursements(h)‡		.96	%(i)		.97	%		.97	%		.99	%		.97	%		.98	%
Net investment income(c)		1.23	%(i)		.97	%(d)		1.19	%		1.09	%		1.44	%		.57	%
Portfolio turnover rate		21	%		23	%		10	%		13	%		23	%		15	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.28	%(i)		.29	%		.33	%		.34	%		.36	%		.38	%


	CLASS C
	September 1, 2025 to June 30,			Year Ended August 31,
	2026(a)			2025			2024			2023			2022			2021


Net asset value, beginning of period	$	25.01		$	22.24		$	18.04		$	16.99		$	21.33		$	16.59

Income From Investment Operations
Net investment income (loss)(b)(c)		.09			(.01	)(d)		.02			.09			.10			(.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.23			3.05			4.30			1.72			(3.51	)		4.79
Contributions from Affiliates		.00	(e)		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		4.32			3.04			4.32			1.81			(3.41	)		4.78

Less: Dividends and Distributions
Dividends from net investment income		(.08	)		– 0 –			– 0 –			(.07	)		– 0 –			– 0	–
Distributions from net realized gain on investment transactions		(.82	)		(.27	)		(.12	)		(.69	)		(.93	)		(.04	)

Total dividends and distributions		(.90	)		(.27	)		(.12	)		(.76	)		(.93	)		(.04	)

Net asset value, end of period	$	28.43		$	25.01		$	22.24		$	18.04		$	16.99		$	21.33

Total Return
Total investment return based on net asset value(f)(g)		17.72	%		13.81	%(d)		24.10	%		11.12	%		(16.73	)%		28.85	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	919		$	705		$	571		$	452		$	530		$	1,378
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		1.45	%(i)		1.45	%		1.41	%		1.43	%		1.39	%		1.38	%
Expenses, before waivers/reimbursements(h)‡		1.71	%(i)		1.73	%		1.73	%		1.75	%		1.72	%		1.74	%
Net investment income (loss)(c)		.41	%(i)		(.03	)%(d)		.11	%		.51	%		.50	%		(.05	)%
Portfolio turnover rate		21	%		23	%		10	%		13	%		23	%		15	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.28	%(i)		.29	%		.33	%		.34	%		.36	%		.38	%

See footnote summary on page 212.

211


	ADVISOR CLASS
	September 1, 2025 to June 30,			Year Ended August 31,
	2026(a)			2025			2024			2023			2022			2021

Net asset value, beginning of period	$	25.29		$	22.53		$	18.32		$	17.25		$	21.72		$	16.90

Income From Investment Operations
Net investment income(b)(c)		.33			.27	(d)		.28			.23			.33			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.26			3.04			4.28			1.79			(3.58	)		4.89
Contributions from Affiliates		.00	(e)		– 0 –			– 0 –			– 0 –			– 0 –			.00	(e)

Net increase (decrease) in net asset value from operations		4.59			3.31			4.56			2.02			(3.25	)		5.05

Less: Dividends and Distributions
Dividends from net investment income		(.31	)		(.28	)		(.23	)		(.26	)		(.29	)		(.19	)
Distributions from net realized gain on investment transactions		(.82	)		(.27	)		(.12	)		(.69	)		(.93	)		(.04	)

Total dividends and distributions		(1.13	)		(.55	)		(.35	)		(.95	)		(1.22	)		(.23	)

Net asset value, end of period	$	28.75		$	25.29		$	22.53		$	18.32		$	17.25		$	21.72

Total Return
Total investment return based on net asset value(f)(g)		18.76	%		14.95	%(d)		25.33	%		12.29	%		(15.87	)%		30.14	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,025,267		$	886,796		$	809,628		$	686,575		$	651,607		$	803,319
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(h)‡		.45	%(i)		.44	%		.40	%		.42	%		.38	%		.38	%
Expenses, before waivers/reimbursements(h)‡		.71	%(i)		.72	%		.72	%		.74	%		.72	%		.73	%
Net investment income(c)		1.49	%(i)		1.19	%(d)		1.41	%		1.32	%		1.68	%		.82	%
Portfolio turnover rate		21	%		23	%		10	%		13	%		23	%		15	%
‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios		.28	%(i)		.29	%		.33	%		.34	%		.36	%		.38	%

(a)	The Fund changed its fiscal year end from August 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	During the year ended August 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 follows:


	Net Investment Income Per Share	Net Investment Income Ratio	Total Return
Class A	$.00(e)	.00%(j)	.00%(j)
Class C	$.00(e)	.00%(j)	.00%(j)
Advisor Class	$.00(e)	.00%(j)	.00%(j)

(e)	Amount is less than $.005.

(f)

(g)	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the period ended and for the years ended June 30, 2026, August 31, 2025, August 31, 2024 and August 31, 2022 by .01%, 01%, .04% and 02%, respectively.

(h)

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 period ended June 30, 2026 and for the years ended, August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022, and August 31, 2021, such waiver amounted to .26% (annualized), .25%, .28%, .31%, .32%, .33% and .35%, respectively.

(i)	Annualized.

(j)	Less than .005%.

212

AB Emerging Markets Multi-Asset Portfolio


	CLASS A
	April 1, 2026 to June 30, 2026(a)			Year Ended March 31,
	April 1, 2026 to June 30, 2026(a)			2026			2025			2024			2023			2022
Net asset value, beginning of period	$	10.74		$	8.80		$	8.32		$	7.65		$	8.70		$	10.34

Income From Investment Operations
Net investment income(b)(c)		.12			.31			.31			.28			.33			.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.66			1.95			.61			.87			(1.14	)		(1.63	)
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(d)		– 0 –

Net increase (decrease) in net asset value from operations		1.78			2.26			.92			1.15			(.81	)		(1.32	)

Less: Dividends
Dividends from net investment income		(.09	)		(.32	)		(.44	)		(.48	)		(.24	)		(.32	)

Net asset value, end of period	$	12.43		$	10.74		$	8.80		$	8.32		$	7.65		$	8.70

Total Return
Total investment return based on net asset value(e)		16.57	%		26.14	%		11.28	%		15.72	%		(9.24	)%		(13.12	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,650		$	5,540		$	2,667		$	2,504		$	2,578		$	2,984
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)†		1.24	%(h)		1.24	%		1.24	%		1.24	%		1.25	%		1.24	%
Expenses, before waivers/reimbursements(f)(g)†		1.65	%(h)		1.61	%		1.64	%		1.70	%		1.69	%		1.48	%
Net investment income(c)		4.08	%(h)		3.11	%		3.51	%		3.56	%		4.34	%		3.12	%
Portfolio turnover rate		34	%		135	%		100	%		134	%		89	%		81	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.00	%		.00	%		.01	%


	CLASS C
	April 1, 2026 to June 30, 2026(a)			Year Ended March 31,
	April 1, 2026 to June 30, 2026(a)			2026			2025			2024			2023			2022

Net asset value, beginning of period	$	10.69		$	8.76		$	8.27		$	7.61		$	8.66		$	10.29

Income From Investment Operations
Net investment income(b)(c)		.09			.25			.23			.22			.28			.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.66			1.92			.63			.86			(1.15	)		(1.63	)
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(d)		– 0 –

Net increase (decrease) in net asset value from operations		1.75			2.17			.86			1.08			(.87	)		(1.39	)

Less: Dividends
Dividends from net investment income		(.07	)		(.24	)		(.37	)		(.42	)		(.18	)		(.24	)

Net asset value, end of period	$	12.37		$	10.69		$	8.76		$	8.27		$	7.61		$	8.66

Total Return
Total investment return based on net asset value(e)		16.33	%		25.16	%		10.57	%		14.78	%		(9.99	)%		(13.78	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	84		$	82		$	159		$	287		$	452		$	769
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)†		1.99	%(h)		1.99	%		1.99	%		1.99	%		2.00	%		1.99	%
Expenses, before waivers/reimbursements(f)(g)†		2.39	%(h)		2.38	%		2.41	%		2.45	%		2.43	%		2.24	%
Net investment income(c)		3.15	%(h)		2.57	%		2.70	%		2.92	%		3.67	%		2.36	%
Portfolio turnover rate		34	%		135	%		100	%		134	%		89	%		81	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.00	%		.00	%		.01	%

See footnote summary on page 215.

213


	ADVISOR CLASS
	April 1, 2026 to June 30, 2026(a)			Year Ended March 31,
	April 1, 2026 to June 30, 2026(a)			2026			2025			2024			2023			2022

Net asset value, beginning of period	$	10.77		$	8.82		$	8.34		$	7.66		$	8.72		$	10.36

Income From Investment Operations
Net investment income(b)(c)		.13			.33			.32			.30			.35			.34
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.66			1.96			.62			.88			(1.15	)		(1.63	)
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(d)		– 0 –

Net increase (decrease) in net asset value from operations		1.79			2.29			.94			1.18			(.80	)		(1.29	)

Less: Dividends
Dividends from net investment income		(.10	)		(.34	)		(.46	)		(.50	)		(.26	)		(.35	)

Net asset value, end of period	$	12.46		$	10.77		$	8.82		$	8.34		$	7.66		$	8.72

Total Return
Total investment return based on net asset value(e)		16.59	%		26.51	%		11.54	%		16.11	%		(9.11	)%		(12.87	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	171,759		$	149,285		$	126,437		$	128,558		$	120,675		$	148,374
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)†		.99	%(h)		.99	%		.99	%		.99	%		1.00	%		.99	%
Expenses, before waivers/reimbursements(f)(g)†		1.37	%(h)		1.36	%		1.39	%		1.45	%		1.44	%		1.23	%
Net investment income(c)		4.18	%(h)		3.37	%		3.70	%		3.84	%		4.59	%		3.36	%
Portfolio turnover rate		34	%		135	%		100	%		134	%		89	%		81	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.00	%		.00	%		.01	%


	CLASS I
	April 1, 2026 to June 30, 2026(a)			Year Ended March 31,
	April 1, 2026 to June 30, 2026(a)			2026			2025			2024			2023			2022
Net asset value, beginning of period	$	10.64		$	8.73		$	8.25		$	7.58		$	8.63		$	10.27

Income From Investment Operations
Net investment income(b)(c)		.12			.34			.32			.28			.30			.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.65			1.92			.62			.88			(1.09	)		(1.64	)
Contributions from Affiliates		– 0 –			– 0 –			– 0 –			– 0 –			.00	(d)		– 0 –

Net increase (decrease) in net asset value from operations		1.77			2.26			.94			1.16			(.79	)		(1.29	)

Less: Dividends
Dividends from net investment income		(.10	)		(.35	)		(.46	)		(.49	)		(.26	)		(.35	)

Net asset value, end of period	$	12.31		$	10.64		$	8.73		$	8.25		$	7.58		$	8.63

Total Return
Total investment return based on net asset value(e)		16.60	%		26.36	%		11.64	%		16.13	%		(9.07	)%		(12.97	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	283		$	299		$	415		$	315		$	213		$	67
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)†		.99	%(h)		.99	%		.99	%		.99	%		1.01	%		.99	%
Expenses, before waivers/reimbursements(f)(g)†		1.46	%(h)		1.45	%		1.48	%		1.51	%		1.50	%		1.22	%
Net investment income(c)		4.13	%(h)		3.54	%		3.69	%		3.65	%		4.03	%		3.46	%
Portfolio turnover rate		34	%		135	%		100	%		134	%		89	%		81	%
† Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying portfolios		.01	%(h)		.01	%		.01	%		.00	%		.00	%		.01	%

See footnote summary on page 215.

214

(a)	The Fund changed its fiscal year end from March 31 to June 30.

(b)	Based on average shares outstanding.

(c)	Net of expenses waived/reimbursed by the Adviser.

(d)	Amount is less than $.005.

(e)

(f)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund 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 period ended June 30, 2026 and the years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023 and March 31, 2022, such waiver amounted to .01% (annualized), .01%, .01%, .00%, .00% and .01%, respectively.

(g)	The expense ratios presented below exclude interest expense:


	April 1, 2026 to June 30, 2026(a)(h)		Year Ended March 31,
	April 1, 2026 to June 30, 2026(a)(h)		2026		2025		2024		2023		2022
Class A
Net of waivers/reimbursements		1.24%		1.24%		1.24%		1.24%		1.24%		1.24%
Before waivers/reimbursements		1.65%		1.61%		1.64%		1.70%		1.68%		1.48%
Class C
Net of waivers/reimbursements		1.99%		1.99%		1.99%		1.99%		1.99%		1.99%
Before waivers/reimbursements		2.39%		2.38%		2.41%		2.45%		2.42%		2.24%
Advisor Class
Net of waivers/reimbursements		.99%		.99%		.99%		.99%		.99%		.99%
Before waivers/reimbursements		1.37%		1.36%		1.39%		1.45%		1.43%		1.23%
Class I
Net of waivers/reimbursements		.99%		.99%		.99%		.99%		.99%		.99%
Before waivers/reimbursements		1.46%		1.45%		1.48%		1.51%		1.48%		1.22%

(h)	Annualized.

215

APPENDIX A

Hypothetical Investment and Expense Information

The following supplemental hypothetical investment information provides additional information calculated and presented in a manner different from expense information found under “Fees and Expenses of the Fund” in the Summary Information at the beginning of this Prospectus about the effect of a Fund’s expenses, including investment advisory fees and other Fund costs, on each Fund’s returns over a 10‑year period. The chart shows the estimated expenses that would be charged on a hypothetical investment of $10,000 in Class A shares of each Fund assuming a 5% return each year, including an initial sales charge of 4.25%, except for AB Mid Cap Value Portfolio, which shows the estimated expenses that would be charged on a hypothetical investment of $10,000 in Class Z shares, assuming a 5% return each year. Except as otherwise indicated, the chart also assumes that the current annual expense ratio stays the same throughout the 10‑year period. The current annual expense ratio for each Fund is the same as stated under “Fees and Expenses of the Fund”. Additional information concerning the fees and expenses incurred by the Funds may be found at FINRA’s Fund Analyzer web page (available at https://tools.finra.org/fund_analyzer/). Your actual expenses may be higher or lower.

AB Growth Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	535.59		$	9,943.16
2			9,943.16			497.16			10,440.32			114.84			10,325.48
3			10,325.48			516.27			10,841.75			119.26			10,722.49
4			10,722.49			536.12			11,258.61			123.84			11,134.77
5			11,134.77			556.74			11,691.51			128.61			11,562.90
6			11,562.90			578.15			12,141.05			133.55			12,007.50
7			12,007.50			600.38			12,607.88			138.69			12,469.19
8			12,469.19			623.46			13,092.65			144.02			12,948.63
9			12,948.63			647.43			13,596.06			149.56			13,446.50
10			13,446.50			672.33			14,118.83			155.31			13,963.52
Cumulative					$	5,706.79					$	1,743.27

AB Large Cap Growth Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	507.44		$	9,971.31
2			9,971.31			498.57			10,469.88			85.85			10,384.03
3			10,384.03			519.20			10,903.23			89.41			10,813.82
4			10,813.82			540.69			11,354.51			93.11			11,261.40
5			11,261.40			563.07			11,824.47			96.96			11,727.51
6			11,727.51			586.38			12,313.89			100.97			12,212.92
7			12,212.92			610.65			12,823.57			105.15			12,718.42
8			12,718.42			635.92			13,354.34			109.51			13,244.83
9			13,244.83			662.24			13,907.07			114.04			13,793.03
10			13,793.03			689.65			14,482.68			118.76			14,363.92
Cumulative					$	5,785.12					$	1,421.20

AB Concentrated Growth Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	527.55		$	9,951.20
2			9,951.20			497.56			10,448.76			106.58			10,342.18
3			10,342.18			517.11			10,859.29			110.76			10,748.53
4			10,748.53			537.43			11,285.96			115.12			11,170.84
5			11,170.84			558.54			11,729.38			119.64			11,609.74
6			11,609.74			580.49			12,190.23			124.34			12,065.89
7			12,065.89			603.29			12,669.18			129.23			12,539.95
8			12,539.95			627.00			13,166.95			134.30			13,032.65
9			13,032.65			651.63			13,684.28			139.58			13,544.70
10			13,544.70			677.24			14,221.94			145.06			14,076.88
Cumulative					$	5,729.04					$	1,652.16

A-1

AB Discovery Growth Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	517.49		$	9,961.26
2			9,961.26			498.06			10,459.32			97.27			10,362.05
3			10,362.05			518.10			10,880.15			101.19			10,778.96
4			10,778.96			538.95			11,317.91			105.26			11,212.65
5			11,212.65			560.63			11,773.28			109.49			11,663.79
6			11,663.79			583.19			12,246.98			113.90			12,133.08
7			12,133.08			606.65			12,739.73			118.48			12,621.25
8			12,621.25			631.06			13,252.31			123.25			13,129.06
9			13,129.06			656.45			13,785.51			128.21			13,657.30
10			13,657.30			682.87			14,340.17			133.36			14,206.81
Cumulative					$	5,754.71					$	1,547.90

AB Small Cap Growth Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	539.71		$	9,939.04
2			9,939.04			496.95			10,435.99			118.97			10,317.02
3			10,317.02			515.85			10,832.87			123.49			10,709.38
4			10,709.38			535.47			11,244.85			128.19			11,116.66
5			11,116.66			555.83			11,672.49			133.07			11,539.42
6			11,539.42			576.97			12,116.39			138.13			11,978.26
7			11,978.26			598.91			12,577.17			143.38			12,433.79
8			12,433.79			621.69			13,055.48			148.83			12,906.65
9			12,906.65			645.33			13,551.98			154.49			13,397.49
10			13,397.49			669.87			14,067.36			160.37			13,906.99
Cumulative					$	5,695.62					$	1,788.63

AB Select US Equity Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	569.77		$	9,908.98
2			9,908.98			495.45			10,404.43			150.86			10,253.57
3			10,253.57			512.68			10,766.25			156.11			10,610.14
4			10,610.14			530.51			11,140.65			161.54			10,979.11
5			10,979.11			548.96			11,528.07			167.16			11,360.91
6			11,360.91			568.05			11,928.96			172.97			11,755.99
7			11,755.99			587.80			12,343.79			178.98			12,164.81
8			12,164.81			608.24			12,773.05			185.21			12,587.84
9			12,587.84			629.39			13,217.23			191.65			13,025.58
10			13,025.58			651.28			13,676.86			198.31			13,478.55
Cumulative					$	5,611.11					$	2,132.56

AB Select US Long/Short Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	620.04		$	9,858.71
2			9,858.71			492.94			10,351.65			210.14			10,141.51
3			10,141.51			507.08			10,648.59			216.17			10,432.42
4			10,432.42			521.62			10,954.04			222.37			10,731.67
5			10,731.67			536.58			11,268.25			228.75			11,039.50
6			11,039.50			551.98			11,591.48			235.31			11,356.17
7			11,356.17			567.81			11,923.98			242.06			11,681.92
8			11,681.92			584.10			12,266.02			249.00			12,017.02
9			12,017.02			600.85			12,617.87			256.14			12,361.73
10			12,361.73			618.09			12,979.82			263.49			12,716.33
Cumulative					$	5,459.80					$	2,743.47

A-2

AB Sustainable Global Thematic Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	529.66		$	9,949.09
2			9,949.09			497.45			10,446.54			108.64			10,337.90
3			10,337.90			516.90			10,854.80			112.89			10,741.91
4			10,741.91			537.10			11,279.01			117.30			11,161.71
5			11,161.71			558.09			11,719.80			121.89			11,597.91
6			11,597.91			579.90			12,177.81			126.65			12,051.16
7			12,051.16			602.56			12,653.72			131.60			12,522.12
8			12,522.12			626.11			13,148.23			136.74			13,011.49
9			13,011.49			650.57			13,662.06			142.09			13,519.97
10			13,519.97			676.00			14,195.97			147.64			14,048.33
Cumulative					$	5,723.43					$	1,675.10

AB Sustainable International Thematic Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	529.56		$	9,949.19
2			9,949.19			497.46			10,446.65			109.69			10,336.96
3			10,336.96			516.85			10,853.81			113.97			10,739.84
4			10,739.84			536.99			11,276.83			118.41			11,158.42
5			11,158.42			557.92			11,716.34			123.02			11,593.32
6			11,593.32			579.67			12,172.99			127.82			12,045.17
7			12,045.17			602.26			12,647.43			132.80			12,514.63
8			12,514.63			625.73			13,140.36			137.97			13,002.39
9			13,002.39			650.12			13,652.51			143.35			13,509.16
10			13,509.16			675.46			14,184.62			148.94			14,035.68
Cumulative					$	5,721.21					$	1,685.53

AB Global Core Equity Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	529.56		$	9,949.19
2			9,949.19			497.46			10,446.65			108.65			10,338.00
3			10,338.00			516.90			10,854.90			112.89			10,742.01
4			10,742.01			537.10			11,279.11			117.30			11,161.81
5			11,161.81			558.09			11,719.90			121.89			11,598.01
6			11,598.01			579.90			12,177.91			126.65			12,051.26
7			12,051.26			602.56			12,653.82			131.60			12,522.22
8			12,522.22			626.11			13,148.33			136.74			13,011.59
9			13,011.59			650.58			13,662.17			142.09			13,520.08
10			13,520.08			676.00			14,196.08			147.64			14,048.44
Cumulative					$	5,723.45					$	1,675.01

AB International Growth Portfolio (formerly, AB Concentrated International Growth Portfolio)


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	540.62		$	9,938.13
2			9,938.13			496.91			10,435.04			164.87			10,270.17
3			10,270.17			513.51			10,783.68			170.38			10,613.30
4			10,613.30			530.67			11,143.97			176.07			10,967.90
5			10,967.90			548.40			11,516.30			181.96			11,334.34
6			11,334.34			566.72			11,901.06			188.04			11,713.02
7			11,713.02			585.65			12,298.67			194.32			12,104.35
8			12,104.35			605.22			12,709.57			200.81			12,508.76
9			12,508.76			625.44			13,134.20			207.52			12,926.68
10			12,926.68			646.33			13,573.01			214.45			13,358.56
Cumulative					$	5,597.60					$	2,239.04

A-3

AB Large Cap Value Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	510.46		$	9,968.29
2			9,968.29			498.41			10,466.70			90.01			10,376.69
3			10,376.69			518.83			10,895.52			93.70			10,801.82
4			10,801.82			540.09			11,341.91			97.54			11,244.37
5			11,244.37			562.22			11,806.59			101.54			11,705.05
6			11,705.05			585.25			12,290.30			105.70			12,184.60
7			12,184.60			609.23			12,793.83			110.03			12,683.80
8			12,683.80			634.19			13,317.99			114.53			13,203.46
9			13,203.46			660.17			13,863.63			119.23			13,744.40
10			13,744.40			687.22			14,431.62			124.11			14,307.51
Cumulative					$	5,774.36					$	1,466.85

AB Discovery Value Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	534.59		$	9,944.16
2			9,944.16			497.21			10,441.37			113.81			10,327.56
3			10,327.56			516.38			10,843.94			118.20			10,725.74
4			10,725.74			536.29			11,262.03			122.76			11,139.27
5			11,139.27			556.96			11,696.23			127.49			11,568.74
6			11,568.74			578.44			12,147.18			132.40			12,014.78
7			12,014.78			600.74			12,615.52			137.51			12,478.01
8			12,478.01			623.90			13,101.91			142.81			12,959.10
9			12,959.10			647.96			13,607.06			148.32			13,458.74
10			13,458.74			672.94			14,131.68			154.04			13,977.64
Cumulative					$	5,709.57					$	1,731.93

AB Relative Value Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	516.49		$	9,962.26
2			9,962.26			498.11			10,460.37			98.33			10,362.04
3			10,362.04			518.10			10,880.14			102.27			10,777.87
4			10,777.87			538.89			11,316.76			106.38			11,210.38
5			11,210.38			560.52			11,770.90			110.65			11,660.25
6			11,660.25			583.01			12,243.26			115.09			12,128.17
7			12,128.17			606.41			12,734.58			119.71			12,614.87
8			12,614.87			630.74			13,245.61			124.51			13,121.10
9			13,121.10			656.06			13,777.16			129.51			13,647.65
10			13,647.65			682.38			14,330.03			134.70			14,195.33
Cumulative					$	5,752.97					$	1,557.64

AB International Value Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	541.62		$	9,937.13
2			9,937.13			496.86			10,433.99			167.99			10,266.00
3			10,266.00			513.30			10,779.30			173.55			10,605.75
4			10,605.75			530.29			11,136.04			179.29			10,956.75
5			10,956.75			547.84			11,504.59			185.22			11,319.37
6			11,319.37			565.97			11,885.34			191.35			11,693.99
7			11,693.99			584.70			12,278.69			197.69			12,081.00
8			12,081.00			604.05			12,685.05			204.23			12,480.82
9			12,480.82			624.04			13,104.86			210.99			12,893.87
10			12,893.87			644.69			13,538.56			217.97			13,320.59
Cumulative					$	5,590.49					$	2,269.90

A-4

AB Core Opportunities Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	540.62		$	9,938.13
2			9,938.13			496.91			10,435.04			125.22			10,309.82
3			10,309.82			515.49			10,825.31			129.90			10,695.41
4			10,695.41			534.77			11,230.18			134.76			11,095.42
5			11,095.42			554.77			11,650.19			139.80			11,510.39
6			11,510.39			575.52			12,085.91			145.03			11,940.88
7			11,940.88			597.04			12,537.92			150.46			12,387.46
8			12,387.46			619.37			13,006.83			156.08			12,850.75
9			12,850.75			642.54			13,493.29			161.92			13,331.37
10			13,331.37			666.57			13,997.94			167.98			13,829.96
Cumulative					$	5,681.73					$	1,851.77

AB Global Risk Allocation Fund


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	570.78		$	9,907.97
2			9,907.97			495.40			10,403.37			156.05			10,247.32
3			10,247.32			512.37			10,759.69			161.40			10,598.29
4			10,598.29			529.91			11,128.20			166.92			10,961.28
5			10,961.28			548.06			11,509.34			172.64			11,336.70
6			11,336.70			566.84			11,903.54			178.55			11,724.99
7			11,724.99			586.25			12,311.24			184.67			12,126.57
8			12,126.57			606.33			12,732.90			190.99			12,541.91
9			12,541.91			627.10			13,169.01			197.54			12,971.47
10			12,971.47			648.57			13,620.04			204.30			13,415.74
Cumulative					$	5,599.58					$	2,183.84

AB Small Cap Value Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	544.64		$	9,934.11
2			9,934.11			496.71			10,430.82			124.13			10,306.69
3			10,306.69			515.33			10,822.02			128.78			10,693.24
4			10,693.24			534.66			11,227.90			133.61			11,094.29
5			11,094.29			554.71			11,649.00			138.62			11,510.38
6			11,510.38			575.52			12,085.90			143.82			11,942.08
7			11,942.08			597.10			12,539.18			149.22			12,389.96
8			12,389.96			619.50			13,009.46			154.81			12,854.65
9			12,854.65			642.73			13,497.38			160.62			13,336.76
10			13,336.76			666.84			14,003.60			166.64			13,836.96
Cumulative					$	5,681.85					$	1,844.89

AB All China Equity Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	575.81		$	9,902.94
2			9,902.94			495.15			10,398.09			220.44			10,177.65
3			10,177.65			508.88			10,686.53			226.55			10,459.98
4			10,459.98			523.00			10,982.98			232.84			10,750.14
5			10,750.14			537.51			11,287.65			239.30			11,048.35
6			11,048.35			552.42			11,600.77			245.94			11,354.83
7			11,354.83			567.74			11,922.57			252.76			11,669.81
8			11,669.81			583.49			12,253.30			259.77			11,993.53
9			11,993.53			599.68			12,593.21			266.98			12,326.23
10			12,326.23			616.31			12,942.54			274.38			12,668.16
Cumulative					$	5,462.93					$	2,794.77

A-5

AB Mid Cap Value Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	500.00		$	10,500.00		$	70.35		$	10,429.65
2			10,429.65			521.48			10,951.13			1,553.97			9,397.16
3			9,397.16			469.86			9,867.02			1,400.13			8,466.89
4			8,466.89			423.34			8,890.23			1,261.52			7,628.71
5			7,628.71			381.44			8,010.15			1,136.64			6,873.51
6			6,873.51			343.68			7,217.19			1,024.12			6,193.07
7			6,193.07			309.65			6,502.72			922.74			5,579.98
8			5,579.98			279.00			5,858.98			831.39			5,027.59
9			5,027.59			251.38			5,278.97			749.09			4,529.88
10			4,529.88			226.49			4,756.37			674.93			4,081.44
Cumulative					$	3,706.32					$	9,624.88

AB Wealth Appreciation Strategy


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	522.52		$	9,956.23
2			9,956.23			497.81			10,454.04			128.58			10,325.46
3			10,325.46			516.27			10,841.73			133.35			10,708.38
4			10,708.38			535.42			11,243.80			138.30			11,105.50
5			11,105.50			555.28			11,660.78			143.43			11,517.35
6			11,517.35			575.87			12,093.22			148.75			11,944.47
7			11,944.47			597.22			12,541.69			154.26			12,387.43
8			12,387.43			619.37			13,006.80			159.98			12,846.82
9			12,846.82			642.34			13,489.16			165.92			13,323.24
10			13,323.24			666.16			13,989.40			172.07			13,817.33
Cumulative					$	5,684.49					$	1,867.16

All Market Total Return Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	535.59		$	9,943.16
2			9,943.16			497.16			10,440.32			115.89			10,324.43
3			10,324.43			516.22			10,840.65			120.33			10,720.32
4			10,720.32			536.02			11,256.34			124.95			11,131.39
5			11,131.39			556.57			11,687.96			129.74			11,558.22
6			11,558.22			577.91			12,136.13			134.71			12,001.42
7			12,001.42			600.07			12,601.49			139.88			12,461.61
8			12,461.61			623.08			13,084.69			145.24			12,939.45
9			12,939.45			646.97			13,586.42			150.81			13,435.61
10			13,435.61			671.78			14,107.39			156.59			13,950.80
Cumulative					$	5,704.53					$	1,753.73

AB Tax‑Managed Wealth Appreciation Strategy


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	523.53		$	9,955.22
2			9,955.22			497.76			10,452.98			129.62			10,323.36
3			10,323.36			516.17			10,839.53			134.41			10,705.12
4			10,705.12			535.26			11,240.38			139.38			11,101.00
5			11,101.00			555.05			11,656.05			144.54			11,511.51
6			11,511.51			575.58			12,087.09			149.88			11,937.21
7			11,937.21			596.86			12,534.07			155.42			12,378.65
8			12,378.65			618.93			12,997.58			161.17			12,836.41
9			12,836.41			641.82			13,478.23			167.13			13,311.10
10			13,311.10			665.56			13,976.66			173.31			13,803.35
Cumulative					$	5,681.74					$	1,878.39

A-6

AB Emerging Markets Multi-Asset Portfolio


Year	Hypothetical Investment			Hypothetical Performance Earnings			Investment After Returns			Hypothetical Expenses*			Hypothetical Ending Investment
1		$	10,000.00		$	478.75		$	10,053.75		$	550.67		$	9,928.08
2			9,928.08			496.40			10,424.48			173.05			10,251.43
3			10,251.43			512.57			10,764.00			178.68			10,585.32
4			10,585.32			529.27			11,114.59			184.50			10,930.09
5			10,930.09			546.50			11,476.59			190.51			11,286.08
6			11,286.08			564.30			11,850.38			196.72			11,653.66
7			11,653.66			582.68			12,236.34			203.12			12,033.22
8			12,033.22			601.66			12,634.88			209.74			12,425.14
9			12,425.14			621.26			13,046.40			216.57			12,829.83
10			12,829.83			641.49			13,471.32			223.62			13,247.70
Cumulative					$	5,574.88					$	2,327.18

*	Expenses are net of any fee waiver or expense waiver in the first year. Thereafter, the expense ratio reflects the Fund’s operating expenses as reflected under “Fees and Expenses of the Fund” before waiver in the Summary Information at the beginning of this Prospectus.

A-7

APPENDIX B—FINANCIAL INTERMEDIARY WAIVERS

NOTE: Terms used by a financial intermediary in this Appendix do not necessarily have the same legal meaning as the same or similar terms used elsewhere in the Prospectus.

Waivers Specific to Merrill Lynch (“Merrill”)

Purchases or sales of front‑end (for example, Class A) or level-load (for example, Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front‑end, contingent deferred, or back‑end waivers) and discounts, which differ from those disclosed elsewhere in the Fund’s Prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

Front‑end Load Waivers Available at Merrill

•

Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR‑SEPs or Keogh plans

•

Shares purchased through a Merrill investment advisory program

•

Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

•

Shares purchased through the Merrill Edge Self-Directed platform

•

Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

•

Shares exchanged from level-load shares to front‑end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement

•

Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)

•

Shares purchased by eligible persons associated with the Fund as defined in this Prospectus (e.g., the Fund’s officers or trustees)

•

Shares purchased from the proceeds of a mutual fund redemption in front‑end load shares provided (1) the repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement

Contingent Deferred Sales Charge (“CDSC”) Waivers on Front‑end, Back‑end, and Level Load Shares Available at Merrill

•

Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22(e)(3))

•

Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

•

Shares sold due to return of excess contributions from an IRA account

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

B-1

•

Front‑end or level-load shares held in commission-based, non‑taxable retirement brokerage accounts (e.g., traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR‑SEPs or Keogh plans) that are transferred to fee‑based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

Front‑end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent

•

Breakpoint discounts, as described in this Prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front‑end load purchase, as described in the Merrill SLWD Supplement

•

Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household

On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation, please refer to the Merrill SLWD Supplement

•

Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement

Waivers Specific to Morgan Stanley

Effective July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front‑end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund’s Prospectus or SAI.

•

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR‑SEPs or Keogh plans

•

Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

•

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

•

Shares purchased through a Morgan Stanley self-directed brokerage account

•

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front‑end or deferred sales charge

Ameriprise Financial

Front‑end sales charge reductions on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

•

Transaction size breakpoints, as described in the Fund’s Prospectus or SAI.

•

Rights of accumulation (ROA), as described in the Fund’s Prospectus or SAI.

•

Letter of intent, as described in the Fund’s Prospectus or SAI.

Front‑end sales charge waivers on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of a Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

•

Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR‑SEPs.

B-2

•

Shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

•

Shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this Prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load-waived shares, that waiver will also apply to such exchanges.

•

Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

•

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step‑son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front‑end or deferred sales load (i.e., Rights of Reinstatement).

CDSC waivers on Class A and C shares purchased through Ameriprise Financial

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI:

•

Redemptions due to death or disability of the shareholder

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus or SAI

•

Redemptions made in connection with a return of excess contributions from an IRA account

•

Shares purchased through a Right of Reinstatement (as defined above)

•

Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

Waivers Specific to Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each Entity’s Affiliates (“Raymond James”)

Effective March 1, 2019, shareholders purchasing a Fund’s shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front‑end sales charge waivers and contingent deferred, or back‑end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front‑end Sales Load Waivers on Class A Shares Available at Raymond James

•

Shares purchased in an investment advisory program

•

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

•

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

•

Shares purchased from the proceeds of redemptions within the same fund family, provided that (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front‑end or deferred sales load (known as Rights of Reinstatement)

•

A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

CDSC Waivers on Classes A and C Shares available at Raymond James

•

Death or disability of the shareholder

B-3

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

•

Return of excess contributions from an IRA Account

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the Fund’s Prospectus

•

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

•

Shares acquired through a right of reinstatement

Front‑end Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent

•

Breakpoints as described in the Prospectus

•

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of Rights of Accumulation only if the shareholder notifies his or her financial advisor about such assets

•

Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13‑month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of Letters of Intent only if the shareholder notifies his or her financial advisor about such assets

Waivers Specific to Janney Montgomery Scott LLC (“Janney”)

Effective May 1, 2020, if you purchase Fund shares through a Janney brokerage account, you will be eligible for the following load waivers (front‑end sales charge waivers and contingent deferred sales charge (“CDSC”), or back‑end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front‑end sales charge* waivers on Class A shares available at Janney

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

•

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front‑end or deferred sales load (i.e., right of reinstatement)

•

Shares acquired through a right of reinstatement

•

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures

CDSC waivers on Classes A and C shares available at Janney

•

Shares sold upon the death or disability of the shareholder

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

•

Shares purchased in connection with a return of excess contributions from an IRA account

•

Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching the required age based on applicable rules

•

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

•

Shares acquired through a right of reinstatement

•

Shares exchanged into the same share class of a different fund

B-4

Front‑end sales charge* discounts available at Janney: breakpoints, Rights of Accumulation, and/or Letters of Intent

•

Breakpoints as described in the Fund’s Prospectus

•

Rights of Accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

•

Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13‑month time period. Eligible fund family assets not held at Janney may be included in the calculation of Letters of Intent only if the shareholder notifies his or her financial advisor about such assets

*	Also, referred to as an “initial sales charge”

Waivers Specific to Oppenheimer & Co. Inc. (“OPCO”)

Effective May 1, 2020, shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front‑end sales charge waivers and contingent deferred, or back‑end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front‑end Sales Load Waivers on Class A Shares Available at OPCO

•

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

•

Shares purchased by or through a 529 Plan

•

Shares purchased through an OPCO affiliated investment advisory program

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

•

Employees and registered representatives of OPCO or its affiliates and their family members

•

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Prospectus

CDSC Waivers on Classes A and C Shares Available at OPCO

•

Death or disability of the shareholder

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

•

Return of excess contributions from an IRA Account

•

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

•

Shares acquired through a right of reinstatement

Front‑end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

•

Breakpoints as described in the Prospectus

•

Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

B-5

Edward D. Jones & Co., L.P. (“Edward Jones”)

Policies Regarding Transactions Through Edward Jones

The following information has been provided by Edward Jones:

Effective on or after January 24, 2025, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee‑based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of AB Mutual Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Breakpoints

•

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

Rights of Accumulation (“ROA”)

•

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of AB Mutual Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

•

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

•

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

Letter of Intent (“LOI”)

•

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13‑month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13‑month period to calculate the front‑end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13‑month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

•

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

•

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.

•

Shares purchased in an Edward Jones fee‑based program.

B-6

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment. Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following (“Right of Reinstatement”):

•

The redemption and repurchase occur in the same account.

•

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover amount fees, and reinvestments from non‑mutual fund products.

•

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

•

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84^th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

•

Purchases of Class 529‑A shares through a rollover from either another education savings plan or a security used for qualified distributions.

•

Purchases of Class 529‑A shares made for recontribution of refunded amounts.

Contingent Deferred Sales Charge (“CDSC”) Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

•

The death or disability of the shareholder.

•

Systematic withdrawals with up to 10% per year of the account value.

•

Return of excess contributions from an Individual Retirement Account (IRA).

•

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

•

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

•

Shares exchanged in an Edward Jones fee‑based program.

•

Shares acquired through NAV reinstatement.

•

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

•

Initial purchase minimum: $250

•

Subsequent purchase minimum: none

Minimum Balances

•

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

•

A fee‑based account held on an Edward Jones platform

•

A 529 account held on an Edward Jones Platform

•

An account with an active systematic investment plan or LOI

Exchanging Share Classes

•

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares of the same fund.

B-7

Waivers Specific to Robert W. Baird & Co. (“Baird”)

Front‑End Sales Charge Waivers on Investor A-shares Available at Baird

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

•

Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird

•

Shares purchased within 90 days following a redemption from an AB Fund, provided (1) the redemption and purchase occur within the purchaser’s Baird household, and (2) the redeemed shares were subject to a front‑end or deferred sales charge (known as rights of reinstatement)

•

A shareholder in the Fund’s Investor C shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

•

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR‑SEPs

CDSC Waivers on Investor A and C shares Available at Baird

•

Shares sold due to death or disability of the shareholder

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

•

Shares bought due to returns of excess contributions from an IRA Account

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund’s prospectus

•

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

•

Shares acquired through a right of reinstatement

Front‑End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

•

Breakpoint as described in this prospectus

•

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of AB assets held by accounts within the purchaser’s household at Baird. Eligible AB assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

•

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of AB through Baird, over a 13‑month period of time

Waiver Specific to Stifel, Nicolaus & Company, Incorporated (“Stifel”)

Effective July 31, 2020, shareholders purchasing Fund shares through a Stifel platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver:

Front‑end Sales Load Waiver on Class A Shares

•

Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel’s policies and procedures

Waivers Specific to J.P. Morgan Securities LLC

Effective September 29, 2023, if you purchase or hold Fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front‑end sales charge waivers and contingent deferred sales charge (“CDSC”), or back‑end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

B-8

Front‑end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC

•

Shares exchanged from Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC’s share class exchange policy

•

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR‑SEPs or 501(c)(3) accounts

•

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts

•

Shares purchased through rights of reinstatement

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

•

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC

Class C to Class A share conversion

•

A shareholder in the Fund’s Class C shares will have their shares converted by J.P. Morgan Securities LLC to Class A shares (or the appropriate share class) of the same Fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures

CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC

•

Shares sold upon the death or disability of the shareholder

•

Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

•

Shares purchased in connection with a return of excess contributions from an IRA account

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

•

Shares acquired through a right of reinstatement

Front‑end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent

•

Breakpoints as described in the Prospectus

•

Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the Fund’s Prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets

•

Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13‑month period of time (if applicable)

Waivers Specific to Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, “Wells Fargo Advisors”)

Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.

The following information has been provided by Wells Fargo Advisors:

Effective April 1, 2026, clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information (“SAI”). In all instances, it is the investor’s responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

B-9

Class A Share Front‑End Sales Charge Waivers

Wells Fargo Advisors clients purchasing or converting to Class A shares of a Fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front‑end load in the following circumstances:

•

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor’s employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward, employees of affiliate businesses will not be offered NAV.

•

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm’s online self-directed brokerage account, generally offers no‑load share classes but there could be instances where a Class A share is offered without a front‑end sales charge.

Unless specifically described above, other front‑end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

Contingent Deferred Sales Charge

•

Contingent deferred sales charges (“CDSC”) imposed on fund redemptions will not be rebated based on future purchases.

Class A Front‑End Load Discounts

Wells Fargo Advisors clients purchasing Class A shares of a Fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

•

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client’s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

•

Effective April 1, 2026, employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR‑SEPs or Keogh plans.

•

Gifts of shares will not be considered when determining breakpoint discounts.

B-10

For more information about the Funds, the following documents are available upon request:

•

ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS AND FORM N‑CSR FILINGS

The Funds’ annual and semi-annual reports to shareholders and filings on Form N‑CSR contain additional information on the Funds’ investments. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected a Fund’s performance during its last fiscal year. In the Funds’ filings on Form N‑CSR, you will find the Funds’ annual and semi-annual financial statements.

•

STATEMENT OF ADDITIONAL INFORMATION (SAI)

The Funds have an SAI, which contains more detailed information about the Funds, including their operations and investment policies. The Funds’ SAI and the independent registered public accounting firm’s report and financial statements in each Fund’s Form N‑CSR for its most recent fiscal year are incorporated by reference into (and are legally part of) this Prospectus.

You may request a free copy of the current annual/semi-annual report, the SAI or other information such as Fund financial statements, or make inquiries concerning the Funds, by contacting your broker or other financial intermediary, or by contacting the Adviser:


By Mail:		c/o AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003

By Phone:		For Information: (800) 221‑5672 For Literature: (800) 227‑4618

On the Internet:		www.abfunds.com

You may also view reports and other information about the Funds, including the SAI, by visiting the EDGAR database on the Securities and Exchange Commission’s website (https://www.sec.gov). Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e‑mail address: publicinfo@sec.gov.

You also may find these documents and more information about the Adviser and the Funds on the Internet at: www.abfunds.com.

The [A/B] Logo is a service mark of AllianceBernstein and AllianceBernstein^® is a registered trademark used by permission of the owner, AllianceBernstein L.P.


Fund	SEC File No.
AB Growth Fund		811‑05088
AB Large Cap Growth Fund		811‑06730
AB Concentrated Growth Fund		811‑01716
AB Discovery Growth Fund		811‑00204
AB Small Cap Growth Portfolio		811‑01716
AB Select US Equity Portfolio		811‑01716
AB Select US Long/Short Portfolio		811‑01716
AB Sustainable Global Thematic Fund		811‑03131
AB Sustainable International Thematic Fund		811‑08426
AB Global Core Equity Portfolio		811‑01716
AB International Growth Portfolio		811‑01716
AB Large Cap Value Fund		811‑10221
AB Discovery Value Fund		811‑10221
AB Relative Value Fund		811‑00126
AB International Value Fund		811‑10221
AB Core Opportunities Fund		811‑09687
AB Global Risk Allocation Fund		811‑00134
AB Small Cap Value Portfolio		811‑01716
AB All China Equity Portfolio		811‑01716
AB Mid Cap Value Portfolio		811‑01716
AB Wealth Appreciation Strategy		811‑05088
AB All Market Total Return Portfolio		811‑05088
AB Tax‑Managed Wealth Appreciation Strategy		811‑05088
AB Emerging Markets Multi-Asset Portfolio		811‑01716

PRO‑0101‑1026

It is the Registrant’s policy to indemnify its directors and officers, employees and other agents to the maximum extent permitted by Section 2-418 of the General Corporation Law of the State of Maryland, which is incorporated by reference herein, and as set forth in Article EIGHTH of Registrant’s Articles of Incorporation, filed as Exhibit (a) in response to Item 28, Article IX of the Registrant’s Amended and Restated By-Laws filed as Exhibit (b) in response to Item 28 and Section 10 of the Distribution Services Agreement filed as Exhibit (e)(1) in response to Item 28, all as set forth below. The liability of the Registrant’s directors and officers is dealt with in Article EIGHTH of Registrant’s Articles of Incorporation, as set forth below. The Adviser’s, liability for any loss suffered by the Registrant or its shareholders is set forth in Section 4 of the Advisory Agreement filed as Exhibit (d) in response to Item 28 of this Registration Statement, as set forth below.

Article EIGHTH of the Registrant’s Articles of Incorporation reads as follows:

“(1) To the full extent that limitations on the liability of directors and officers are permitted by the Maryland General Corporation Law, no director or officer of the Corporation shall have any liability to the Corporation or its stockholders for damages. This limitation on liability applies to events occurring at the time a person serves as a director or officer of the Corporation whether or not such person is a director or officer at the time of any proceeding in which liability is asserted.”

“(2) The Corporation shall indemnify and advance expenses to its currently acting and its former directors to the full extent that indemnification of directors is permitted by the Maryland General Corporation Law. The Corporation shall indemnify and advance expenses to its officers to the same extent as its directors and to such further extent as is consistent with law. The Board of Directors may by By-Law, resolution or agreement make further provisions for indemnification of directors, officers, employees and agents to the full extent permitted by the Maryland General Corporation Law.”

“(3) No provision of this Article shall be effective to protect or purport to protect any director or officer of the Corporation against any liability to the Corporation or its stockholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.”

“(4) References to the Maryland General Corporation Law in this Article are to that law as from time to time amended. No amendment to the Charter of the Corporation shall affect any right of any person under this Article based on any event, omission or proceeding prior to the amendment.”

Article IX of the Registrant’s Amended and Restated By-Laws reads as follows:

To the maximum extent permitted by Maryland law in effect from time to time, the Corporation shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former director or officer of the Corporation and who is made or threatened to be made a party to the proceeding by reason of his or her service in any such capacity or (b) any individual who, while a director or officer of the Corporation and at the request of the Corporation, serves or has served as a director, officer, partner or trustee of another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in any such capacity. The Corporation may, with the approval of its Board of Directors or any duly authorized committee thereof, provide such indemnification and advance for expenses to a person who served a predecessor of the Corporation in any of the capacities described in (a) or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The termination of any claim, action, suit or other proceeding involving any person, by judgment, settlement (whether with or without court approval) or conviction or upon a plea of guilty or nolo contendere, or its equivalent, shall not create a presumption that such person did not meet the standards of conduct required for indemnification or payment of expenses to be required or permitted under Maryland law, these Bylaws or the Charter. Any indemnification or advance of expenses made pursuant to this Article shall be subject to applicable requirements of the 1940 Act. The indemnification and payment of expenses provided in these Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment of expenses may be or may become entitled under any bylaw, regulation, insurance, agreement or otherwise.

Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision of the Bylaws or Charter inconsistent with this Article, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

The Advisory Agreement between the Registrant and AllianceBernstein L.P. provides that AllianceBernstein L.P. will not be liable under such agreements for any mistake of judgment or in any event whatsoever except for lack of good faith and that nothing therein shall be deemed to protect AllianceBernstein L.P. against any liability to the Registrant or its security holders to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties thereunder, or by reason of reckless disregard of its duties and obligations thereunder.

The Distribution Services Agreement between the Registrant and AllianceBernstein Investments, Inc. (formerly known as Alliance Fund Distributors, Inc.) (“ABI”) provides that the Registrant will indemnify, defend and hold ABI and any person who

controls it within the meaning of Section 15 of the Securities Act of 1933, as amended (the “Securities Act”), free and harmless from and against any and all claims, demands, liabilities and expenses which ABI or any controlling person may incur arising out of or based upon any alleged untrue statement of a material fact contained in the Registrant’s Registration Statement, Prospectus or Statement of Additional Information or arising out of, or based upon any alleged omission to state a material fact required to be stated in any one of the foregoing or necessary to make the statements in any one of the foregoing not misleading.

The foregoing summaries are qualified by the entire text of Registrant’s Articles of Incorporation and Amended and Restated By-Laws, the Advisory Agreement between Registrant and AllianceBernstein L.P. and the Distribution Services Agreement between Registrant and ABI which are filed as Exhibits (a), (b), (d) and (e)(1), respectively, in response to Item 28 and each of which are incorporated by reference herein.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

In accordance with Release No. IC-11330 (September 2, 1980), the Registrant will indemnify its directors, officers, investment manager and principal underwriters only if (1) a final decision on the merits was issued by the court or other body before whom the proceeding was brought that the person to be indemnified (the “indemnitee”) was not liable by reason or willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office (“disabling conduct”) or (2) a reasonable determination is made, based upon a review of the facts, that the indemnitee was not liable by reason of disabling conduct, by (a) the vote of a majority of a quorum of the directors who are neither “interested persons” of the Registrant as defined in section 2(a)(19) of the Investment Company Act of 1940 nor parties to the proceeding (“disinterested, non-party directors”), or (b) an independent legal counsel in a written opinion. The Registrant will advance attorneys’ fees or other expenses incurred by its directors, officers, investment adviser or principal underwriters in defending a proceeding, upon the undertaking by or on behalf of the indemnitee to repay the advance unless it is ultimately determined that he is entitled to indemnification and, as a condition to the advance, (1) the indemnitee shall provide a security for his undertaking, (2) the Registrant shall be insured against losses arising by reason of any lawful advances, or (3) a majority of a quorum of disinterested, non-party directors of the Registrant, or an independent legal counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification.

The Registrant participates in a joint directors’ liability insurance policy issued by the ICI Mutual Insurance Company. Under this policy, outside trustees and directors are covered up to the limits specified for any claim against them for acts committed in their capacities as trustee or director. A pro rata share of the premium for this coverage is charged to each participating investment company. In addition, the Adviser’s liability insurance policy, which is issued by a number of underwriters, including Greenwich Insurance Company as primary underwriter, extends to officers of the Registrant and such officers are covered up to the limits specified for any claim against them for acts committed in their capacities as officers of the investment companies sponsored by the Adviser.

The independent directors and the interested advisory director (each an “Indemnitee”) have entered into an indemnification agreement with the Registrant under which the Registrant has agreed to indemnify each Indemnitee against any covered expense and covered liability reasonably incurred by the Indemnitee in connection with any covered proceeding arising as a result of the Indemnitee’s service to the Registrant, to the fullest extent permitted by law. In addition, the indemnification agreement adopts certain presumptions and procedures that may make the indemnification process and advancement of expenses more efficient.

The descriptions of AllianceBernstein L.P. under the captions “Management of the Fund” in the Prospectus and in the Statement of Additional Information constituting Parts A and B, respectively, of this Registration Statement are incorporated by reference herein.

The information as to the directors and executive officers of AllianceBernstein L.P., set forth in its Form ADV filed with the Securities and Exchange Commission on March 31, 2014 (File No. 801-56720) and amended through the date hereof, is incorporated by reference.

(a) ABI, the Registrant’s Principal Underwriter in connection with the sale of shares of the Registrant. ABI also acts as Principal Underwriter or Distributor for the following investment companies:

¹This is a Portfolio of Sanford C. Bernstein Fund, Inc., which consists of Z Class Shares.

² This is a Portfolio of Sanford C. Bernstein Fund, Inc., which consists of Classes A, C, Z and Advisor Class Shares.

(b) The following are the Directors and Officers of ABI, the principal place of business of which is 501 Commerce Street, Nashville, TN 37203.

The majority of the accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules thereunder are maintained as follows: journals, ledgers, securities records and other original records are maintained principally at the offices of AllianceBernstein Investor Services, Inc., P.O. Box 786003, San Antonio, TX 78278-6003 and at the offices of State Street Bank and Trust Company, the Registrant’s Custodian, One Congress Street, Suite 1, Boston, MA 02114. All other records so required to be maintained are maintained at the offices of AllianceBernstein L.P., 501 Commerce Street, Nashville, TN 37203.

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and the State of New York, on the 28^th day of October, 2026.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


			Page

INFORMATION ABOUT THE FUNDS AND THEIR INVESTMENTS			1

INVESTMENT RESTRICTIONS			73

MANAGEMENT OF THE FUNDS			76

EXPENSES OF THE FUNDS			162

PURCHASE OF SHARES			179

REDEMPTION AND REPURCHASE OF SHARES			207

SHAREHOLDER SERVICES			210

NET ASSET VALUE			213

DIVIDENDS, DISTRIBUTIONS AND TAXES			215

PORTFOLIO TRANSACTIONS			226

GENERAL INFORMATION			235

FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			300

APPENDIX A: PROXY VOTING AND GOVERNANCE POLICY STATEMENT			A-1


Equitable Holdings and its subsidiaries			68.0%
AllianceBernstein Holding L.P.			31.3
Unaffiliated holders			0.7

			100.0%


Fund	Amounts Paid to the Adviser
Large Cap Growth*	$	116,484
Concentrated Growth	$	87,894
Discovery Growth*	$	79,608
Small Cap Growth*	$	106,079
Select US Equity	$	85,329
Select US Long/Short	$	108,706
Sustainable Global Thematic*	$	90,064
Sustainable International Thematic	$	122,927
Global Core Equity	$	84,655
International Growth	$	87,115
Large Cap Value**	$	58,637
Discovery Value**	$	77,386
Relative Value***	$	57,810
International Value**	$	62,158
Core Opportunities**	$	85,230
Global Risk Allocation**	$	62,611
Small Cap Value**	$	50,957
All China Equity**	$	56,758
Mid Cap Value**	$	53,788
Wealth Appreciation Strategy****	$	68,561
Tax-Managed Wealth Appreciation Strategy****	$	72,410
Emerging Markets Multi-Asset*****	$	22,201


Director	Dollar Range of Equity Securities in Growth Fund as of December 31, 2025	Dollar Range of Equity Securities in Large Cap Growth as of December 31, 2025	Dollar Range of Equity Securities in Concentrated Growth as of December 31, 2025
Independent Directors
R. Jay Gerken	None	None	None
Jeffrey R. Holland	$10,001 - $50,000	None	None
Jeanette W. Loeb	None	None	None
John A. Lovito*	None	None	None
Carol C. McMullen	None	None	None
Garry L. Moody	None	Over $100,000	$10,001 - $50,000
Emilie D. Wrapp	$10,001 - $50,000	$10,001 - $50,000	None

Interested Director
Alexander Chaloff	None	None	Over $100,000


Director	Dollar Range of Equity Securities in Discovery Growth as of December 31, 2025	Dollar Range of Equity Securities in Small Cap Growth as of December 31, 2025	Dollar Range of Equity Securities in Select US Equity as of December 31, 2025
Independent Directors
R. Jay Gerken	None	None	None
Jeffrey R. Holland	$10,001 - $50,000	None	$10,001 - $50,000
Jeanette W. Loeb	None	None	None
John A. Lovito*	None	None	None
Carol C. McMullen	None	None	$50,001 - $100,000
Garry L. Moody	$10,001 - $50,000	$10,001 - $50,000	Over $100,000
Emilie D. Wrapp	None	$10,001 - $50,000	$50,001 - $100,000

Interested Director
Alexander Chaloff	$10,001 - $50,000	$10,001 - $50,000	None

Director	Dollar Range of Equity Securities in Select US Long/Short as of December 31, 2025	Dollar Range of Equity Securities in Sustainable Global Thematic as of December 31, 2025	Dollar Range of Equity Securities in Sustainable International Thematic as of December 31, 2025
Independent Directors
R. Jay Gerken	$10,001 - $50,000	None	None
Jeffrey R. Holland	$10,001 - $50,000	None	None
Jeanette W. Loeb	$10,001 - $50,000	None	None
John A. Lovito*	None	None	None
Carol C. McMullen	$10,001 - $50,000	None	None
Garry L. Moody	$10,001 - $50,000	None	None
Emilie D. Wrapp	$50,001 - $100,000	None	None

Interested Director

Alexander Chaloff	None	None	None


Director	Dollar Range of Equity Securities in Global Core Equity as of December 31, 2025	Dollar Range of Equity Securities in International Growth as of December 31, 2025	Dollar Range of Equity Securities in Large Cap Value as of December 31, 2025
Independent Directors
R. Jay Gerken	None	None	None
Jeffrey R. Holland	None	None	None
Jeanette W. Loeb	None	None	None
John A. Lovito*	None	None	None
Carol C. McMullen	None	None	None
Garry L. Moody	None	None	None
Emilie D. Wrapp	None	None	None

Interested Director
Alexander Chaloff	$1 - $10,000	None	None

Director	Dollar Range of Equity Securities in Discovery Value as of December 31, 2025	Dollar Range of Equity Securities in Relative Value as of December 31, 2025	Dollar Range of Equity Securities in International Value as of December 31, 2025
Independent Directors
R. Jay Gerken	None	None	None
Jeffrey R. Holland	None	None	None
Jeanette W. Loeb	None	None	None
John A. Lovito*	None	None	None
Carol C. McMullen	None	None	None
Garry L. Moody	None	None	None
Emilie D. Wrapp	None	None	None

Interested Director
Alexander Chaloff	$10,001 - $50,000	None	None

Director	Dollar Range of Equity Securities in Core Opportunities as of December 31, 2025	Dollar Range of Equity Securities in Global Risk Allocation as of December 31, 2025	Dollar Range of Equity Securities in Small Cap Value as of December 31, 2025
Independent Directors
R. Jay Gerken	None	None	None
Jeffrey R. Holland	$10,001 - $50,000	None	None
Jeanette W. Loeb	None	None	None
John A. Lovito*	None	None	None
Carol C. McMullen	None	None	None
Garry L. Moody	None	None	None
Emilie D. Wrapp	$10,001 - $50,000	None	None

Interested Director
Alexander Chaloff	None	None	$10,001 - $50,000



Director	Dollar Range of Equity Securities in All China Equity as of December 31, 2025	Dollar Range of Equity Securities in Mid Cap Value as of December 31, 2025	Dollar Range of Equity Securities in Wealth Appreciation Strategy as of December 31, 2025
Independent Directors
R. Jay Gerken	None	None	None
Jeffrey R. Holland	None	None	None
Jeanette W. Loeb	None	None	None
John A. Lovito*	None	None	None
Carol C. McMullen	None	None	$50,001 - $100,000
Garry L. Moody	None	None	None
Emilie D. Wrapp	None	None	None

Interested Director
Alexander Chaloff	$10,001 - $50,000	None	None


Director	Dollar Range of Equity Securities in All Market Total Return as of December 31, 2025	Dollar Range of Equity Securities in Tax-Managed Wealth Appreciation Strategy as of December 31, 2025	Dollar Range of Equity Securities in Emerging Markets Multi-Asset as of December 31, 2025
Independent Directors
R. Jay Gerken	None	None	None
Jeffrey R. Holland	None	None	None
Jeanette W. Loeb	None	None	None
John A. Lovito*	None	None	None
Carol C. McMullen	None	None	None
Garry L. Moody	None	None	None
Emilie D. Wrapp	None	None	None

Interested Director
Alexander Chaloff	None	None	None


Director		Aggregate Dollar Range of Equity Securities in the AB Funds Complex as of December 31, 2025
Independent Directors
R. Jay Gerken		Over $100,000
Jeffrey R. Holland		Over $100,000
Jeanette W. Loeb		Over $100,000
John A. Lovito*		None
Carol C. McMullen		Over $100,000
Garry L. Moody		Over $100,000
Emilie D. Wrapp		Over $100,000

Interested Director
Alexander Chaloff		Over $100,000


NAME, ADDRESS,* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS

All Funds

Onur Erzan, 50	President and Chief Executive Officer	President of the Adviser**, with which he has been associated since January 2021, and he oversees the Private Wealth Management, Global Private Alternatives and Global Asset Management Distribution businesses, in addition to the firm’s Strategy and Corporate Development functions. He serves as Chair of the AB Operating Committee and is also a member of the Equitable Holdings Management Committee. President and Chief Executive Officer of the AB Mutual Funds, ANMIF and AGHIF since April 2021 and the AB ETFs as of May 2022. Director of AB Funds from April 2021 to December 2024, and from April 2021 to March 2025 with respect to ANMIF and AGHIF. Prior to joining the Adviser in 2021, he was at McKinsey & Company for almost 20 years, where he most recently held the position of senior partner and co-leader of its Wealth & Asset Management practice. He has also served on the boards of Graham Windham and Turkish Philanthropy Funds.


Name of Director	Aggregate Compensation from Growth Fund		Aggregate Compensation from Large Cap Growth		Aggregate Compensation from Concentrated Growth		Aggregate Compensation from Discovery Growth
Independent Directors

Jorge A. Bermudez*	$	3,349	$	27,924	$	2,447	$	4,372
R. Jay Gerken	$	4,105	$	33,680	$	2,971	$	5,384
Jeffrey R. Holland	$	4,105	$	33,680	$	2,971	$	5,384
Jeanette W. Loeb	$	4,723	$	38,752	$	3,419	$	6,195
John A. Lovito**	$	0	$	0	$	0	$	0
Carol C. McMullen	$	4,924	$	40,415	$	3,564	$	6,459
Garry L. Moody	$	5,954	$	48,856	$	4,310	$	7,810
Emilie D. Wrapp***	$	4,105	$	33,680	$	2,971	$	5,384

Interested Director
Alexander Chaloff	$	0	$	0	$	0	$	0


Name of Director	Aggregate Compensation from Small Cap Growth		Aggregate Compensation from Select US Equity		Aggregate Compensation from Select US Long/Short		Aggregate Compensation from Sustainable Global Thematic
Independent Directors

Jorge A. Bermudez*	$	4,737	$	2,097	$	3,286	$	3,302
R. Jay Gerken	$	5,800	$	2,581	$	4,022	$	4,011
Jeffrey R. Holland	$	5,800	$	2,581	$	4,022	$	4,011
Jeanette W. Loeb	$	6,673	$	2,970	$	4,628	$	4,615
John A. Lovito**	$	0	$	0	$	0	$	0
Carol C. McMullen	$	6,958	$	3,096	$	4,825	$	4,812
Garry L. Moody	$	8,413	$	3,075	$	5,835	$	5,819
Emilie D. Wrapp***	$	5,800	$	2,581	$	4,022	$	4,011

Interested Director
Alexander Chaloff	$	0	$	0	$	0	$	0



Name of Director	Aggregate Compensation from Sustainable International Thematic		Aggregate Compensation from Global Core Equity		Aggregate Compensation from International Growth		Aggregate Compensation from Large Cap Value
Independent Directors

Jorge A. Bermudez*	$	2,644	$	4,447	$	756	$	910
R. Jay Gerken	$	3,207	$	5,210	$	1,182	$	1,431
Jeffrey R. Holland	$	3,207	$	5,210	$	1,182	$	1,431
Jeanette W. Loeb	$	3,690	$	5,995	$	1,361	$	1,647
John A. Lovito**	$	0	$	0	$	0	$	0
Carol C. McMullen	$	3,847	$	6,251	$	1,419	$	1,717
Garry L. Moody	$	4,653	$	7,558	$	1,716	$	2,077
Emilie D. Wrapp***	$	3,207	$	5,210	$	1,182	$	1,431

Interested Director
Alexander Chaloff	$	0	$	0	$	0	$	0



Name of Director	Aggregate Compensation from Discovery Value		Aggregate Compensation from Relative Value		Aggregate Compensation from International Value		Aggregate Compensation from Core Opportunities
Independent Directors

Jorge A. Bermudez*	$	1,678	$	2,495	$	773	$	792
R. Jay Gerken	$	2,636	$	3,320	$	1,211	$	1,241
Jeffrey R. Holland	$	2,636	$	3,320	$	1,211	$	1,241
Jeanette W. Loeb	$	3,034	$	3,821	$	1,394	$	1,429
John A. Lovito**	$	0	$	0	$	0	$	0
Carol C. McMullen	$	3,163	$	3,984	$	1,453	$	1,489
Garry L. Moody	$	3,825	$	4,817	$	1,757	$	1,801
Emilie D. Wrapp***	$	2,636	$	3,320	$	1,211	$	1,241

Interested Director
Alexander Chaloff	$	0	$	0	$	0	$	0

Name of Director	Aggregate Compensation from Global Risk Allocation		Aggregate Compensation from Small Cap Value		Aggregate Compensation from All China Equity		Aggregate Compensation from Mid Cap Value
Independent Directors

Jorge A. Bermudez*	$	785	$	943	$	740	$	784
R. Jay Gerken	$	1,229	$	1,481	$	1,159	$	1,229
Jeffrey R. Holland	$	1,229	$	1,481	$	1,159	$	1,229
Jeanette W. Loeb	$	1,415	$	1,705	$	1,334	$	1,415
John A. Lovito**	$	0	$	0	$	0	$	0
Carol C. McMullen	$	1,475	$	1,777	$	1,391	$	1,475
Garry L. Moody	$	1,784	$	2,150	$	1,682	$	1,784
Emilie D. Wrapp***	$	1,229	$	1,481	$	1,159	$	1,229

Interested Director
Alexander Chaloff	$	0	$	0	$	0	$	0


Name of Director	Aggregate Compensation from Wealth Appreciation Strategy		Aggregate Compensation from All Market Total Return		Aggregate Compensation from Tax-Managed Wealth Appreciation Strategy		Aggregate Compensation from Emerging Markets Multi-Asset
Independent Directors

Jorge A. Bermudez*	$	2,212	$	1,530	$	1,923	$	170
R. Jay Gerken	$	2,956	$	2,032	$	2,568	$	616
Jeffrey R. Holland	$	2,956	$	2,032	$	2,568	$	616
Jeanette W. Loeb	$	3,402	$	2,339	$	2,955	$	709
John A. Lovito**	$	0	$	0	$	0	$	0
Carol C. McMullen	$	3,546	$	2,437	$	3,080	$	739
Garry L. Moody	$	4,288	$	2,948	$	3,725	$	893
Emilie D. Wrapp***	$	2,956	$	2,032	$	2,568	$	616

Interested Director

Alexander Chaloff	$	0	$	0	$	0	$	0


Name of Director	Total Compensation from the AB Funds Complex, including the Funds		Total Number of Registered Investment Companies in the AB Funds Complex, including the Fund, as to which the Director is a Director or Trustee		Total Number of Investment Portfolios within the AB Funds Complex, including the Fund, as to which the Director is a Director or Trustee
Independent Directors

Jorge A. Bermudez*	$	380,000		None		None
R. Jay Gerken	$	380,000		26		91
Jeffrey R. Holland	$	380,000		26		91
Jeanette W. Loeb	$	437,000		26		91
John A. Lovito**		None		26		91
Carol C. McMullen	$	456,000		26		91
Garry L. Moody	$	551,000		26		91
Emilie D. Wrapp***	$	365,862		26		91

Interested Director

Alexander Chaloff		None		26		91


John H. Fogarty		$100,001 - $500,000
Esteban Gomez		None
Ryan Oden		None
Heather Pavlak		None


OTHER ACCOUNTS
Portfolio Manager	Total Number of Other Accounts Managed		Total Assets of Other Accounts Managed		Number of Other Accounts Managed with Performance- based Fees		Total Assets of Other Accounts Managed with Performance- based Fees
John H. Fogarty		2,965		$10,723,000,000		3		$505,000,000
Esteban Gomez		18		$1,633,000,000		1		$625,000,000
Ryan Oden		None		None		None		None
Heather Pavlak		18		$1,633,000,000		1		$625,000,000


OTHER ACCOUNTS
Portfolio Manager	Total Number of Other Accounts Managed	Total Assets of Other Accounts Managed	Number of Other Accounts Managed with Performance- based Fees	Total Assets of Other Accounts Managed with Performance- based Fees
John H. Fogarty	2,965	$10,723,000,000	3	$505,000,000
Shri Singhvi	23,396	$31,176,000,000	3	$505,000,000
Vinay Thapar	2,875	$12,493,000,000	4	$772,000,000


DOLLAR RANGE OF EQUITY SECURITIES IN THE FUND
Michael Walker		$500,001 - $1,000,000


REGISTERED INVESTMENT COMPANIES (excluding the Fund)
Portfolio Manager	Total Number of Registered Investment Companies Managed	Total Assets of Registered Investment Companies Managed	Number of Registered Investment Companies Managed with Performance- based Fees	Total Assets of Registered Investment Companies Managed with Performance- based Fees
Esteban Gomez	9	$6,969,000,000	None	None
Samantha S. Lau	9	$6,521,000,000	None	None
Heather Pavlak	9	$6,969,000,000	None	None
Wen-Tse Tseng	8	$5,420,000,000	None	None


OTHER POOLED INVESTMENT VEHICLES
Portfolio Manager	Total Number of Other Pooled Investment Vehicles Managed	Total Assets of Other Pooled Investment Vehicles Managed	Number of Other Pooled Investment Vehicles Managed with Performance- based Fees	Total Assets of Other Pooled Investment Vehicles Managed with Performance- based Fees
Matthew Blickman	4	$9,730,000,000	3	$901,000,000
Kurt A. Feuerman	4	$9,730,000,000	3	$901,000,000


OTHER ACCOUNTS
Portfolio Manager	Total Number of Other Accounts Managed		Total Assets of Other Accounts Managed		Number of Other Accounts Managed with Performance- based Fees		Total Assets of Other Accounts Managed with Performance- based Fees
Matthew Blickman		6		$4,889,000,000		2		$3,206,000,000
Kurt A. Feuerman		6		$4,889,000,000		2		$3,206,000,000


OTHER POOLED INVESTMENT VEHICLES
Portfolio Manager	Total Number of Other Pooled Investment Vehicles Managed		Total Assets of Other Pooled Investment Vehicles Managed		Number of Other Pooled Investment Vehicles Managed with Performance- based Fees		Total Assets of Other Pooled Investment Vehicles Managed with Performance- based Fees
Matthew Blickman		4		$9,730,000,000		3		$901,000,000
Kurt A. Feuerman		4		$9,730,000,000		3		$901,000,000


REGISTERED INVESTMENT COMPANIES (excluding the Fund)
Portfolio Manager	Total Number of Registered Investment Companies Managed	Total Assets of Registered Investment Companies Managed	Number of Registered Investment Companies Managed with Performance- based Fees	Total Assets of Registered Investment Companies Managed with Performance- based Fees
Edward Bryan	3	$1,546,000,000	None	None
Lei Qiu	1	$3,180,000,000	None	None
Adam Yee	5	$3,415,000,000	None	None


REGISTERED INVESTMENT COMPANIES (excluding the Fund)
Portfolio Manager	Total Number of Registered Investment Companies Managed	Total Assets of Registered Investment Companies Managed	Number of Registered Investment Companies Managed with Performance- based Fees	Total Assets of Registered Investment Companies Managed with Performance- based Fees
Nicolas Goncalves	1	None	None	None
Robert Hofmann	1	None	None	None
Marcus Morris-Eyton	1	None	None	None
Darina Valkova	1	None	None	None
Shibo Wang	1	None	None	None
Thorsten Winkelmann	1	None	None	None


OTHER POOLED INVESTMENT VEHICLES
Portfolio Manager	Total Number of Other Pooled Investment Vehicles Managed	Total Assets of Other Pooled Investment Vehicles Managed	Number of Other Pooled Investment Vehicles Managed with Performance- based Fees	Total Assets of Other Pooled Investment Vehicles Managed with Performance- based Fees
Nicolas Goncalves	5	$562,000,000	None	None
Robert Hofmann	5	$562,000,000	None	None
Marcus Morris-Eyton	5	$562,000,000	None	None
Darina Valkova	5	$562,000,000	None	None
Shibo Wang	5	$562,000,000	None	None
Thorsten Winkelmann	5	$562,000,000	None	None


REGISTERED INVESTMENT COMPANIES (excluding the Fund)
Portfolio Manager	Total Number of Registered Investment Companies Managed	Total Assets of Registered Investment Companies Managed	Number of Registered Investment Companies Managed with Performance- based Fees	Total Assets of Registered Investment Companies Managed with Performance- based Fees
Snezhana Otto	2	$1,174,000,000	None	None


DOLLAR RANGE OF EQUITY SECURITIES IN THE FUND
James W. MacGregor		Over $1,000,000
Erik A. Turenchalk		$500,001 - $1,000,000