# EDGAR Filing Document

**Accession Number:** 0000812015
**File Stem:** 0001193125-25-335397
**Filing Date:** 2025-12
**Character Count:** 28893
**Document Hash:** a4fa0b2443629dc9e31bfe4251e229e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335397.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-335397

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000812015

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-12988
- **FILM NUMBER:** 251609507

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN PORTFOLIOS
- **DATE OF NAME CHANGE:** 20030319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE PORTFOLIOS
- **DATE OF NAME CHANGE:** 19930812

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQUITABLE FUNDS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### AB All Market Total Return Portfolio (Series ID: S000010512)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029015 | Class A       | ABWAX           |
| C000029017 | Class C       | ABWCX           |
| C000029018 | Advisor Class | ABWYX           |
| C000029021 | Class I       | ABWIX           |

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| | |
|:---|:---|
| ![LOGO](g943562g67z55.jpg) | SUMMARY PROSPECTUS December 31, 2025 |

---

## AB All Market Total Return Portfolio
**Ticker:** Class A–ABWAX; Class C–ABWCX; Class I–ABWIX; Advisor Class–ABWYX

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 December 31, 2025, 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 <u>www.abfunds.com/go/prospectus</u>, 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-0106-AMTR-1225** 

**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 44 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 109 of the Fund's SAI.

**Shareholder Fees** (fees paid directly from your investment)

---

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

---

**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% |  |  |
|  Other Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | 0.08% | 0.09% | 0.08% | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 0.01% | 0.01% | 0.01% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.24% | 0.24% | 0.24% | 0.24% |
|  Total Other Expenses | 0.33% | 0.34% | 0.33% | 0.37% |
|  Acquired Fund Fees and Expenses | 0.02% | 0.02% | 0.02% | 0.02% |
|  Total Annual Fund Operating Expenses | 1.15% | 1.91% | 0.90% | 0.94% |
|  Fee Waiver and/or Expense Reimbursement(c) | (0.01)% | (0.01)% | (0.01)% | (0.01)% |
|  Total Annual Fund Operating Expenses Including Interest Expense After Fee Waiver and/or Expense Reimbursement(d) | 1.14% | 1.90% | 0.89% | 0.93% |

---

(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.

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(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 December 31, 2026 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 or 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) If interest expense were excluded, net expenses would be as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Advisor Class** | **Class I** |
| 1.13% | 1.89% | 0.88% | 0.92% |

---

**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 remains 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 | $536 | $293 \* | $91 | $95 |
|  After 3 Years | $774 | $599 | $286 | $299 |
|  After 5 Years | $1030 | $1031 | $497 | $519 |
|  After 10 Years | $1762 | $2034 | $1107 | $1154 |

---

\* 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 190% of the average value of its portfolio.

**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

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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.

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 **AB All Market Total Return Portfolio (Cayman), Ltd.**, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). The 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 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 Subsidiary invests, to the extent of its investment in the Subsidiary. The Fund limits its investment in the Subsidiary to no more than 25% of its total assets. Investment in the 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 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.

• **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.

• **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.
Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") are subject to a higher probability that an issuer will default or fail to meet its payment obligations.

• **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.

• **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.

------

• **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.

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

• **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.

• **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.

• **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.

• **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.

• **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 Subsidiary, the Fund is indirectly exposed to the risks associated
with the Subsidiary. The derivatives and other investments held by the 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 Subsidiary is not registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and, unless otherwise noted in the Fund's Prospectus, is not subject to all of the investor protections of the 1940 Act.
However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are managed by the Adviser, making it unlikely the 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 Subsidiary.

• **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.

• **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.

• **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.

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

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**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 <u>www.abfunds.com</u> (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 relatively 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** 

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, 2025, the year-to-date unannualized return for Class A shares was 13.13%.

![LOGO](g943562g15a15.jpg)

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, 2024)

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **1 Year** | **5 Years** | **10 Years** |
| Class A\* | Return Before Taxes | 3.77% | 1.83% | 3.37% |
|  | Return After Taxes on Distributions | 2.61% | 0.68% | 2.45% |
|  | Return After Taxes on Distributions and Sale of Fund Shares | 2.36% | 1.15% | 2.38% |
| Class C | Return Before Taxes | 6.57% | 1.94% | 3.03% |
| Advisor Class | Return Before Taxes | 8.61% | 2.97% | 4.08% |
| Class I | Return Before Taxes | 8.57% | 3.09% | 4.13% |
| MSCI ACWI (net) Index<br> (reflects no deduction for fees, expenses, or taxes) | MSCI ACWI (net) Index<br> (reflects no deduction for fees, expenses, or taxes) | 17.49% | 10.06% | 9.23% |
| Bloomberg Global Aggregate Bond (USD Hedged) Index\*\*<br> (reflects no deduction for fees, expenses, or taxes) | Bloomberg Global Aggregate Bond (USD Hedged) Index\*\*<br> (reflects no deduction for fees, expenses, or taxes) | 3.40% | 0.48% | 2.01% |

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\* 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 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.

\*\* 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.

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**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** | **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 |

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**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** | **Subsequent** |
| Class A/Class C shares, including traditional IRAs and Roth IRAs | $2500 | $50 |
| Automatic Investment Program |  | $50<br> If initial investment is<br>less than $2,500, then $200<br>monthly until account balance<br>reaches $2,500 |
| Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) |  |  |
| Class A and Class I 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 in each case plan level or omnibus accounts are held on the books of the Fund. |  |  |

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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 make income dividends or 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-0106-AMTR-1225** | ![LOGO](g943562g22c48.jpg) |

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