# EDGAR Filing Document

**Accession Number:** 0000812015
**File Stem:** 0001193125-25-335400
**Filing Date:** 2025-12
**Character Count:** 20057
**Document Hash:** 8e04342fa43f2f8b2f2011d108130ee9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335400.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-335400

**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:** 251609510

**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 Wealth Appreciation Strategy (Series ID: S000010514)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029026 | Class A       | AWAAX           |
| C000029028 | Class C       | AWACX           |
| C000029029 | Advisor Class | AWAYX           |

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| | |
|:---|:---|
| ![LOGO](g944454g67z55.jpg) | SUMMARY PROSPECTUS December 31, 2025 |

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## AB Wealth Appreciation Strategy
**Ticker:** Class A–AWAAX; Class C–AWACX; Advisor Class–AWAYX

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-WA-1225** 

**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 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)

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| | | | |
|:---|:---|:---|:---|
| | **Class A**<br> **Shares** | **Class C**<br> **Shares** | **Advisor Class**<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 |  |  |  |

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**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% |  |
|  Other Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | 0.03% | 0.05% | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.05% | 0.04% | 0.05% |
|  Total Other Expenses | 0.08% | 0.09% | 0.08% |
|  Acquired Fund Fees and Expenses | 0.29% | 0.29% | 0.29% |
|  Total Annual Fund Operating Expenses | 1.27% | 2.03% | 1.02% |
|  Fee Waiver and/or Expense Reimbursement(c) | (0.27)% | (0.28)% | (0.27)% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.00% | 1.75% | 0.75% |

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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.

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(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 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 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 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:

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| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Advisor Class** |
|  After 1 Year | $523 | $278 \* | $77 |
|  After 3 Years | $785 | $610 | $298 |
|  After 5 Years | $1068 | $1067 | $537 |
|  After 10 Years | $1871 | $2140 | $1223 |

---

\* 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 year, the Fund's portfolio turnover rate was 26% 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 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.

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• **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.

• **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.

• **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).

• **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.

• **Capital Gain Risk:** As of the date of the Fund's 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.

• **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.

**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 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.** 

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**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 17.99%.

![LOGO](g944454g09d01.jpg)

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, 2024)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **1 Year** | **5 Years** | **10 Years** |
| Class A\* | Return Before Taxes | 13.82% | 8.69% | 7.98% |
|  | Return After Taxes on Distributions | 12.36% | 7.31% | 6.63% |
|  | Return After Taxes on Distributions and Sale of Fund Shares | 9.20% | 6.62% | 6.05% |
| Class C | Return Before Taxes | 16.94% | 8.80% | 7.64% |
| Advisor Class | Return Before Taxes | 19.07% | 9.90% | 8.72% |
| 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% |

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\* 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.

**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:

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| | | |
|:---|:---|:---|
| **Employee** | **Length of Service** | **Title** |
| Ding Liu | Since 2017 | Senior 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.

---

| | | |
|:---|:---|:---|
| | **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<br>$200 monthly until account<br>balance 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 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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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-WA-1225** | ![LOGO](g944454g22c48.jpg) |

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