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SUMMARY PROSPECTUS October 30, 2026 |
AB Small Cap Value Portfolio
Ticker: Class A–SCAVX; Class C–SCCVX; Advisor Class–SCYVX
Before you invest, you may want to
review the Fund’s Prospectus, which contains more information about the Fund and its risks. The Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated October 30, 2026, as may be amended or
supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund’s Prospectus, reports to shareholders and other information about the Fund, go
to www.abfunds.com/go/prospectus, email a request to prorequest@alliancebernstein.com, call (800) 227-4618, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund.
PRO-0103-SCV-1026
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 the Fund’s Prospectus, in Appendix B—Financial Intermediary Waivers of the Fund’s Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page
199 of the Fund’s SAI.
Shareholder Fees (fees paid directly from your investment)
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Class A
Shares |
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Class C
Shares |
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Advisor Class
Shares |
| Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price) |
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4.25% |
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None |
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None |
| Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower) |
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None(a) |
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1.00%(b) |
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None |
| Exchange Fee |
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None |
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None |
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None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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Class A |
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Class C |
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Advisor Class |
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| Management Fees |
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0.80% |
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0.80% |
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0.80% |
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| Distribution and/or Service (12b-1) Fees |
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0.25% |
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1.00% |
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None |
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| Other Expenses: |
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| Transfer Agent |
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0.06% |
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0.06% |
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0.06% |
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| Other Expenses(c) |
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0.08% |
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0.08% |
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0.08% |
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| Total Other Expenses |
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0.14% |
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0.14% |
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0.14% |
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| Total Annual Fund Operating Expenses |
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1.19% |
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1.94% |
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0.94% |
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| (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%.
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S-1
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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Examples also assume that your investment has a 5% return each year and that the Fund’s operating expenses stay the
same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Class A |
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Class C |
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Advisor Class |
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| After 1 Year |
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$ |
541 |
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$ |
297 |
* |
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$ |
96 |
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| After 3 Years |
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$ |
787 |
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$ |
609 |
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$ |
300 |
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| After 5 Years |
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$ |
1,052 |
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$ |
1,047 |
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$ |
520 |
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| After 10 Years |
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$ |
1,807 |
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$ |
2,070 |
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$ |
1,155 |
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| * |
If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.
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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 36%
of the average value of its portfolio.
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
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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. |
S-2
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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. |
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Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund.
The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative
models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. |
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:
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how the Fund’s performance changed from year to year over ten years; and |
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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 14.59%.
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)
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1 Year |
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5 Years |
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10 Years |
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| Class A* |
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Return Before Taxes |
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-4.47% |
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5.12% |
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6.63% |
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Return After Taxes on Distributions |
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-5.46% |
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3.89% |
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5.61% |
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Return After Taxes on Distributions and Sale of Fund Shares |
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-1.91% |
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3.72% |
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5.09% |
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| Class C |
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Return Before Taxes |
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-1.94% |
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5.27% |
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6.30% |
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| Advisor Class |
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Return Before Taxes |
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0.02% |
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6.31% |
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7.37% |
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| S&P 500 Index
(reflects no deduction for fees, expenses, or taxes) |
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17.88% |
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14.42% |
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14.82% |
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| Russell 2000® Value Index
(reflects no deduction for fees, expenses, or taxes) |
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12.59% |
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8.88% |
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9.27% |
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– |
Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have
different expense ratios; |
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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 |
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Are not relevant to investors who hold fund shares through tax-deferred
arrangements such as 401(k) plans or individual retirement accounts. |
S-3
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:
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| Employee |
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Length of Service |
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Title |
| James W. MacGregor |
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Since 2014 |
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Senior Vice President of the Adviser |
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| Erik A. Turenchalk |
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Since 2020 |
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Senior Vice President of the Adviser |
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.
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Initial |
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Subsequent |
| Class A/Class C shares, including traditional IRAs and Roth IRAs |
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$2,500 |
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$50 |
| Automatic Investment Program |
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None |
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$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) |
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None |
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None |
| Class A shares are available at net asset value, 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 in each case plan level or omnibus accounts are held on the books of the Fund. |
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None |
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None |
You may sell (redeem) your shares each day the New York Stock 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
The 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 the 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.
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| PRO-0103-SCV-1026 |
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S-4