# EDGAR Filing Document

**Accession Number:** 0000812015
**File Stem:** 0000919574-26-000095
**Filing Date:** 2026-1
**Character Count:** 380484
**Document Hash:** 1f9f36e85354cccde84c50a8b78a7442
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-26-000095.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0000919574-26-000095

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-12988
- **FILM NUMBER:** 26516442

**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 Sustainable Thematic Balanced Portfolio (Series ID: S000010510)

---

|  |  |  |
|:---|:---|:---|
| Class Name    | Ticker Symbol | Class ID   |
| Class A       | ABPAX         | C000029004 |
| Class C       | ABPCX         | C000029006 |
| Advisor Class | ABPYX         | C000029007 |
| Class I       | APWIX         | C000029010 |
| Class Z       | ABPZX         | C000232929 |

---

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

---

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

---

### AB Wealth Appreciation Strategy (Series ID: S000010514)

---

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

---

### AB Tax-Managed Wealth Appreciation Strategy (Series ID: S000010515)

---

|  |  |  |
|:---|:---|:---|
| Class Name    | Ticker Symbol | Class ID   |
| Class A       | ATWAX         | C000029033 |
| Class C       | ATWCX         | C000029035 |
| Advisor Class | ATWYX         | C000029036 |

---

## Series and Classes Contracts Data

### AB Sustainable Thematic Balanced Portfolio (Series ID: S000010510)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029004 | Class A       | ABPAX           |
| C000029006 | Class C       | ABPCX           |
| C000029007 | Advisor Class | ABPYX           |
| C000029010 | Class I       | APWIX           |
| C000232929 | Class Z       | ABPZX           |

### 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           |

### 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           |

### AB Tax-Managed Wealth Appreciation Strategy (Series ID: S000010515)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029033 | Class A       | ATWAX           |
| C000029035 | Class C       | ATWCX           |
| C000029036 | Advisor Class | ATWYX           |

##### [**Table of Contents**](#toc)
![LOGO](g938898g67z55.jpg)

**PROSPECTUS** \| **DECEMBER 31, 2025, AS REVISED JANUARY 7, 2026** 

---

| | |
|:---|:---|
| (Shares Offered—Exchange Ticker Symbol) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g938898g12c59.jpg) AB Wealth Appreciation Strategy<br> (Class A–AWAAX; Class C–AWACX; Advisor Class–AWAYX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g938898g12c59.jpg) AB Sustainable Thematic Balanced Portfolio<br> (Class A–ABPAX; Class C–ABPCX; Class I–APWIX; Advisor Class–ABPYX; Class Z–ABPZX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g938898g12c59.jpg) AB All Market Total Return Portfolio<br> (Class A–ABWAX; Class C–ABWCX; Class I–ABWIX; Advisor Class–ABWYX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g938898g12c59.jpg) AB Tax-Managed Wealth Appreciation Strategy<br> (Class A–ATWAX; Class C–ATWCX; Advisor Class–ATWYX) |

---

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.

------

##### [**Table of Contents**](#toc)
**Investment Products Offered** 

&nbsp;&nbsp;&nbsp; Ø<br>**Are Not FDIC Insured**<br>Ø<br>**May Lose Value**<br>Ø<br>**Are Not Bank Guaranteed**<br>

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | Page |
| **[SUMMARY INFORMATION](#protoc938898_1)** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[AB Wealth Appreciation Strategy](#protoc938898_2)** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[AB All Market Total Return Portfolio](#protoc938898_3)** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[AB Sustainable Thematic Balanced Portfolio](#protoc938898_4)** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[AB Tax-Managed Wealth Appreciation Strategy](#protoc938898_5)** | 18 |
| **[ADDITIONAL INFORMATION ABOUT THE FUNDS' STRATEGIES, RISKS AND INVESTMENTS](#protoc938898_6)** | 23 |
| **[INVESTING IN THE FUNDS](#protoc938898_7)** | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to Buy Shares](#protoc938898_8) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Different Share Class Expenses](#protoc938898_9) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Sales Charge Reduction Programs for Class A Shares](#protoc938898_10) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; [CDSC Waivers and Other Programs](#protoc938898_11) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Choosing a Share Class](#protoc938898_12) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to Financial Advisors and Their Firms](#protoc938898_13) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to Exchange Shares](#protoc938898_14) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to Sell or Redeem Shares](#protoc938898_15) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Frequent Purchases and Redemptions of Fund Shares](#protoc938898_16) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How the Funds Value Their Shares](#protoc938898_17) | 50 |
| **[MANAGEMENT OF THE FUNDS](#protoc938898_18)** | 51 |
| **[DIVIDENDS, DISTRIBUTIONS AND TAXES](#protoc938898_19)** | 54 |
| **[GENERAL INFORMATION](#protoc938898_20)** | 56 |
| **[GLOSSARY OF INVESTMENT TERMS](#protoc938898_21)** | 57 |
| **[FINANCIAL HIGHLIGHTS](#protoc938898_22)** | 58 |
| **[APPENDIX A—HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION](#protoc938898_23)** | A-1 |
| **[APPENDIX B—FINANCIAL INTERMEDIARY WAIVERS](#protoc938898_24)** | B-1 |

---

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##### [**Table of Contents**](#toc)
**SUMMARY INFORMATION** 

**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 44 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 109 of the Fund's Statement of Additional Information ("SAI").

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

---

| | | | |
|:---|:---|:---|:---|
| | **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 |  |  |  |

---

**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% |

---

(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 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

------

##### [**Table of Contents**](#toc)
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** |
|  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.

• **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.

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##### [**Table of Contents**](#toc)
• **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 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.

• **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.** 

**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](g938898g09d01.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.** 

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##### [**Table of Contents**](#toc)
**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% |

---

\* 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:

---

| | | |
|:---|:---|:---|
| **Employee** | **Length of Service** | **Title** |
| Ding Liu | Since 2017 | 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 22 of this Prospectus.

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##### [**Table of Contents**](#toc)
**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 44 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 109 of the Fund's Statement of Additional Information ("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.

(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

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##### [**Table of Contents**](#toc)
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 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

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##### [**Table of Contents**](#toc)
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.

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##### [**Table of Contents**](#toc)
• **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 this 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.

**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.** 

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##### [**Table of Contents**](#toc)
**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](g938898g15a15.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)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **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% |

---

\* 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.

**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** 

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 22 of this Prospectus.

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##### [**Table of Contents**](#toc)
**AB Sustainable Thematic Balanced Portfolio** 

**INVESTMENT OBJECTIVE** 

The Fund's investment objective is to achieve a high total return without, in the opinion of the Adviser, undue risk to principal.

**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 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 109 of the Fund's Statement of Additional Information ("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** | **Class Z**<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** | **Class Z** |
|  Management Fees | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% |  |  |  |
|  Other Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | 0.10% | 0.11% | 0.10% | 0.07% | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.39% | 0.38% | 0.39% | 0.39% | 0.40% |
|  Total Other Expenses | 0.49% | 0.49% | 0.49% | 0.46% | 0.43% |
|  Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
|  Total Annual Fund Operating Expenses | 1.25% | 2.00% | 1.00% | 0.97% | 0.94% |
|  Fee Waiver and/or Expense Reimbursement(c) | (0.24)% | (0.24)% | (0.24)% | (0.21)% | (0.18)% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.01% | 1.76% | 0.76% | 0.76% | 0.76% |

---

(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 bear certain expenses of the Fund until
December 31, 2026 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 and extraordinary
expenses), on an annualized basis, from exceeding 1.00%, 1.75%, 0.75%, 0.75%, and 0.75% of average daily net assets, respectively, for Class A, Class C, Advisor Class, Class I and Class Z shares. 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 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

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##### [**Table of Contents**](#toc)
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** | **Class Z** |
|  After 1 Year | $524 | $279 \* | $78 | $78 | $78 |
|  After 3 Years | $782 | $604 | $295 | $288 | $282 |
|  After 5 Years | $1060 | $1056 | $529 | $516 | $503 |
|  After 10 Years | $1852 | $2114 | $1203 | $1171 | $1138 |

---

\* 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 51% of the average value of its portfolio.

**PRINCIPAL STRATEGIES** 

The Fund invests in a diversified portfolio of equity and fixed-income securities. Normally, the Fund's investments will consist of approximately 60% equity securities and 40% fixed-income securities, but these target allocations may vary. Under normal market conditions, the Fund will not deviate more than 10% from each target allocation. The Fund will not purchase a security if as a result less than 25% of its total assets would be invested in either equity securities or fixed-income securities. Under normal circumstances, at least 80% of the Fund's net assets will be invested in securities of issuers that meet the Fund's sustainability criteria, as described below.

In its equity investments, the Fund pursues opportunistic growth by investing primarily in a portfolio of U.S. companies whose business activities the Adviser believes position the company to benefit from certain environmentally- or socially-oriented sustainable investment themes that align with one or more of the United Nations Sustainable Development Goals ("SDGs"). These themes principally include the advancement of health, climate, and empowerment. A company that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets the Fund's sustainability criteria, although many of the companies in which the Fund invests will derive a much greater portion of their revenues from such activities.

The Adviser normally considers a universe of primarily U.S. mid- to large-capitalization companies for investment.

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, the most attractive U.S. equity securities 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 that focuses on prospective earnings growth, valuation and quality of company management and on evaluating a company's risks, including those related 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, diversity and 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 focusing on individual companies with favorable ESG attributes over the use of broad-based negative screens (*e.g.*, disqualifying business activities) 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 Fund's fixed-income securities will consist predominantly of U.S. Government and agency securities, which must meet the Fund's sustainability and ESG criteria for government securities. In this regard, the Adviser evaluates government securities based on the alignment of the nation's policies with the SDGs and an internal scoring system that considers the nation's policies on ESG issues.

The Fund expects to use derivatives, such as options, futures contracts, forwards and swaps. Derivatives may provide more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund's exposures than making direct investments. For example, the Fund may use bond futures contracts and interest rate swaps to gain and adjust its exposures to the fixed-income markets.

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##### [**Table of Contents**](#toc)
**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.

• **ESG Risk:** Applying ESG and sustainability criteria to the investment process may exclude securities of
certain issuers for non-investment reasons 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.

• **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.

• **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.

• **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.

• **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.

• **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.

• **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.

• **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.

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##### [**Table of Contents**](#toc)
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 December 1, 2021, the Fund made certain changes to its principal strategies, including the modification of the strategies to increase allocation to equity securities and to decrease investment in fixed-income securities and securities of non-U.S. issuers and the use of derivatives, and an emphasis on sustainable investment themes. In addition, effective July 14, 2017, the Fund's principal strategies were revised to eliminate static asset allocation targets for investment, and to permit increased use of derivatives and investment in securities of non-U.S. issuers. In light of these changes, the performance shown below for periods prior to December 1, 2021 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 6.78%.

![LOGO](g938898g20g20.jpg)

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

**Best Quarter was up 9.02%, 2nd quarter, 2020; and Worst Quarter was down -14.55%, 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 | 1.26% | 1.04% | 2.41% |
|  | Return After Taxes on Distributions | 0.85% | 0.23% | 1.43% |
|  | Return After Taxes on Distributions and Sale of Fund Shares | 0.85% | 0.58% | 1.54% |
| Class C | Return Before Taxes | 3.84% | 1.13% | 2.07% |
| Advisor Class | Return Before Taxes | 5.94% | 2.18% | 3.12% |
| Class I | Return Before Taxes | 5.95% | 2.18% | 3.10% |
| Class Z\*\* | Return Before Taxes | 5.99% | 2.17% | 3.11% |
| S&P 500<sup>®</sup> Index<br> (reflects no deduction for fees, expenses, or taxes) | S&P 500<sup>®</sup> Index<br> (reflects no deduction for fees, expenses, or taxes) | 25.02% | 14.53% | 13.10% |
| 60% S&P 500<sup>®</sup> Index/40% Bloomberg U.S. Government/Credit Index\*\*\*<br> (reflects no deduction for fees, expenses, or taxes) | 60% S&P 500<sup>®</sup> Index/40% Bloomberg U.S. Government/Credit Index\*\*\*<br> (reflects no deduction for fees, expenses, or taxes) | 15.01% | 8.71% | 8.58% |

---

\* 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.

\*\* Inception date for Class Z shares: 12/14/21. 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.

\*\*\* The information for the composite 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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##### [**Table of Contents**](#toc)
**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** |
| Timothy Kurpis | Since October 2025 | Senior Vice President of the Adviser |
| Daniel C. Roarty | Since 2021 | Senior Vice President of the Adviser |
| Benjamin Ruegsegger | Since 2021 | 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 22 of this Prospectus.

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##### [**Table of Contents**](#toc)
**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 44 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 109 of the Fund's Statement of Additional Information ("SAI").

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

---

| | | | |
|:---|:---|:---|:---|
| | **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 |  |  |  |

---

**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 | 0.01% | 0.02% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.06% | 0.06% | 0.06% |
|  Total Other Expenses | 0.07% | 0.08% | 0.07% |
|  Acquired Fund Fees and Expenses | 0.29% | 0.29% | 0.29% |
|  Total Annual Fund Operating Expenses | 1.26% | 2.02% | 1.01% |
|  Fee Waiver and/or Expense Reimbursement(c) | (0.28)% | (0.28)% | (0.28)% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.98% | 1.74% | 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) 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

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##### [**Table of Contents**](#toc)
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** |
|  After 1 Year | $521 | $277 \* | $75 |
|  After 3 Years | $781 | $607 | $294 |
|  After 5 Years | $1061 | $1062 | $531 |
|  After 10 Years | $1859 | $2130 | $1211 |

---

\* 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 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 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** 

• **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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##### [**Table of Contents**](#toc)
• **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.

• **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 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.

• **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 <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 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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##### [**Table of Contents**](#toc)
**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 17.98%.

![LOGO](g938898g25b25.jpg)

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, 2024)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **1 Year** | **5 Years** | **10 Years** |
| Class A\* | Return Before Taxes | 13.35% | 8.37% | 7.96% |
|  | Return After Taxes on Distributions | 12.76% | 7.55% | 6.70% |
|  | Return After Taxes on Distributions and Sale of Fund Shares | 8.32% | 6.47% | 6.05% |
| Class C | Return Before Taxes | 16.47% | 8.48% | 7.62% |
| Advisor Class | Return Before Taxes | 18.72% | 9.60% | 8.71% |
| 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% |

---

\* 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.

**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** 

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 22 of this Prospectus.

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##### [**Table of Contents**](#toc)
**ADDITIONAL INFORMATION ABOUT PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 $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, 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. |  |  |

---

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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **TAX INFORMATION** 

Each 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

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##### [**Table of Contents**](#toc)
**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 the 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.

For additional information with respect to the ESG integration for the **AB Sustainable Thematic Balanced Portfolio**, please refer to the Fund's Principal Strategies section in this Prospectus.

**Sustainable Investment Themes** 

The **AB Sustainable Thematic Balanced Portfolio'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 Fund's 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 Fund's Climate theme, for example, aligns with SDGs such as climate action; affordable and clean energy; and clean water and sanitation. The Fund's 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 Fund's Health theme aligns with SDGs such as good health and well-being; and clean water and sanitation. The Fund's 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 Fund's 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 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 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.

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##### [**Table of Contents**](#toc)
**Alternative Investment Strategies of AB All Market Total Return Portfolio** 

**AB All Market Total Return Portfolio** may utilize the following investment strategies:

• 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.

• 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:

• **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:

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 different foreign currency that is expected to change in the same direction as the currency in which the securities are denominated). <br>

• **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

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or sell futures contracts and options thereon to hedge against changes in interest rates, securities (through index futures contracts or options) or currencies. A Fund may also purchase or sell futures contracts for 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". <br>

• **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 include the following:

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". <br>

Options on Securities. A 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. <br>

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. <br>

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 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. <br>

• **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, 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 the Fund receiving or paying, as the case may be, only the net amount of the two payments).

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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. <br>

The Funds' investments in swap transactions include the following:

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. <br>

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 is contractually entitled to receive. <br>

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 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 in an effort 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 a Fund anticipates purchasing at a later date.

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. <br>

Total Return Swaps. A Fund may enter into total return swaps, under which one party agrees to pay the other the total return of a defined underlying asset, such as a security or basket of securities, or non-asset reference, such as a securities index, during the specified period in return for periodic payments based on a fixed or variable interest rate or the total return from different underlying assets or references. Total return swaps could result in losses if the underlying asset or reference does not perform as anticipated. 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. <br>

– Credit Default Swap Agreements. The "buyer" in a credit default swap agreement is obligated to pay the "seller" a periodic stream of payments over the term of the agreement in return for a contingent payment upon the occurrence of a credit event with respect to an underlying

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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 agreement, 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. <br>

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.

• **Other Derivatives and Strategies** 

Commodity-Linked Derivative Instruments. **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. <br>

As described below under "Investments in Wholly-Owned Subsidiary", **AB All Market Total Return Portfolio** gains exposure to commodity markets by investing 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 enters into commodity-linked derivative instruments, including swaps, commodity options, futures contracts and options on futures contracts. The Subsidiary may also invest directly in commodities.

The Internal Revenue Service (the "IRS") has issued a revenue ruling that limits the extent to which the Fund may invest in commodity-linked swaps or certain other commodity-linked derivatives. The Subsidiary, on the other hand, may invest in these commodity-linked derivatives without limitation. See "Dividends, Distributions and Taxes" below for further information.

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). <br>

Synthetic Foreign Equity Securities. The Funds 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. <br>

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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.

The Funds 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** 

Each Fund 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. 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 organization ("NRSRO") and comparable unrated securities may share some or all of the risks of debt securities with those ratings.

**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. Investment 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).

When forward commitments with respect to fixed-income securities are negotiated, the price, which is generally expressed

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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 a 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. 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 TIPS increases with inflation and decreases with deflation, as measured by the CPI. When TIPS mature, 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. In addition, a Fund's investments in other investment companies, including ETFs, subject the Fund indirectly to the underlying risks of those investment companies.

Each Fund, except **AB Sustainable Thematic Balanced Portfolio**, expects 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 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:

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| By Mail: | c/o AllianceBernstein Investor Services, Inc.<br> P.O. Box 786003<br>San Antonio, TX 78278-6003 | c/o AllianceBernstein Investor Services, Inc.<br> P.O. Box 786003<br>San Antonio, TX 78278-6003 |
| By Phone: | For Information:<br> For Literature: | (800) 221-5672<br> (800) 227-4618 |

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**AB High Income Fund** has an investment objective of seeking to maximize total returns from price appreciation and income. This Underlying Portfolio pursues income opportunities from government, corporate, emerging market and high yield

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sources. The Adviser selects securities for purchase or sale by the Underlying Portfolio based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Underlying Portfolio. The Underlying Portfolio may invest in debt securities with a range of maturities from short- to long-term. Substantially all of the Underlying Portfolio's assets may be invested in lower-rated debt securities and unrated securities of equivalent investment quality.

**AB All Market Real Return Portfolio**, a series of AB Bond Fund, Inc., has an investment objective of maximizing real return over inflation. This Underlying Portfolio invests primarily in instruments that the Adviser expects to outperform broad equity indices during periods of rising inflation. Under normal circumstances, the Underlying Portfolio expects to invest its assets principally in the following instruments that, in the judgment of the Adviser, are affected directly or indirectly by the level and change in the rate of inflation: inflation-indexed fixed-income securities, such as Treasury Inflation-Protected Securities, or TIPS, and similar bonds issued by governments outside of the United States; commodities; commodity-related equity securities; real estate equity securities; inflation sensitive equity securities, which the Underlying Portfolio defines as equity securities of companies that the Adviser believes have the ability to pass along increasing costs to consumers and maintain or grow margins in rising inflation environments, including equity securities of utilities and infrastructure-related companies; securities and derivatives linked to the price of other assets (such as commodities, stock indices and real estate); and currencies.

The Underlying Portfolio anticipates that its targeted investment mix, other than its investments in inflation-indexed fixed-income securities, will focus on commodity-related equity securities, commodities and commodity derivatives, real estate equity securities and inflation sensitive equities to provide a balance between expected return and inflation protection. The Underlying Portfolio may vary its investment allocations among these asset classes, at times significantly.

The Underlying Portfolio may enter into derivatives to a significant extent, subject to the limits of applicable law, such as options, futures contracts, forwards, swaps or structured notes, and intends to use leverage for investment purposes. The Underlying Portfolio may seek to gain exposure to physical commodities traded in the commodities markets through the use of a variety of derivative instruments, including investments in commodity index-linked notes. The Underlying Portfolio expects to obtain these exposures primarily through investing up to 25% of its assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands that will utilize such derivatives.

**International Strategic Equities Portfolio**, a series of Bernstein Fund, Inc., has an investment objective of seeking long-term growth of capital. The Adviser invests the assets of this Underlying Portfolio primarily 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 of small- and mid-capitalization companies. 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. This Underlying Portfolio invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization U.S. companies. 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 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.

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**International Small Cap Portfolio**, a series of Bernstein Fund, Inc., has an investment objective of seeking long-term growth of capital. 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.

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 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 Wholly-Owned Subsidiary** 

Investments in the Subsidiary are expected to provide **AB All Market Total Return Portfolio** with exposure to the commodity markets within the limitations of the Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and IRS revenue rulings. Federal tax requirements limit the extent to which the Fund may invest directly in commodities and commodity-linked derivatives. The Subsidiary, on the other hand, may invest in these instruments without limitations. See "Dividends, Distributions and Taxes" below for further information.

The Subsidiary enters into commodity-linked derivative instruments, including swaps, commodity options, futures contracts and options on futures contracts. Although the Fund may enter into these commodity-linked derivative instruments directly, the Fund typically gains exposure to these derivative instruments indirectly by investing in the Subsidiary. The Subsidiary will also invest in fixed-income instruments, which are intended to serve as margin or collateral for the Subsidiary's derivatives position. To the extent that the Fund invests in the Subsidiary, it may be subject to the risks associated with those derivative instruments and other securities, which are discussed elsewhere in this Prospectus.

While the Subsidiary may be considered similar to an investment company, it is not registered under the 1940 Act and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act. The Subsidiary has the same investment objective as the Fund and is subject to the same investment policies and restrictions as the Fund, including those related to leverage and liquidity, except that the Subsidiary may invest without limitation in commodities, either directly or through commodity pools, and commodity-linked instruments. The Subsidiary is also subject to the same valuation, brokerage, and compliance policies and procedures as the Fund. The Fund and the Subsidiary test compliance with certain restrictions on a consolidated basis. In addition, the Fund wholly owns and controls the Subsidiary and the Adviser acts as investment adviser to the Fund and the Subsidiary. The Subsidiary's financial statements are consolidated with the Fund's financial statements which are included in the Fund's 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 Fund and/or the Subsidiary to operate as described in this Prospectus and the SAI and could adversely affect the Fund.

**Investments 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 (and comparable unrated securities) are commonly referred to as "junk bonds". 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

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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, the 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.

**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 a 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 the 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 securities that are loaned. A Fund 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 securities loaned.

A Fund will invest any cash collateral in shares of a money market fund approved by the Fund's Board of Trustees (the "Board") and expected to be managed by the Adviser. Any such investment will be at the Fund's risk. A 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.

**Mortgage-Backed Securities and Other Asset-Backed Securities** 

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.

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, and stripped mortgage-backed securities, or SMBS, and other types of mortgage-backed securities that may be available in the future.

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 trust because of unanticipated legal or administrative costs of

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enforcing the contracts or because of depreciation or damage to the collateral (usually automobiles) securing certain contracts, or other factors.

Another type of mortgage-related security, known as a Government Sponsored Enterprise ("GSE") Risk-Sharing Bond or Credit Risk Transfer Security ("CRT"), is 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.

**Preferred Stock** 

Each 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 (REITs)** 

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 real estate mortgages and derive income from the collection of interest payments and principal. 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** 

Each 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.

Each 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** 

Each Fund may enter into reverse repurchase agreements and dollar rolls, subject to the Funds' limitations on borrowings. A reverse repurchase agreement or dollar roll involves the sale of a security by a Fund and its agreement to repurchase the instrument at a specified time and price, and may be considered a form of borrowing for some purposes. Reverse repurchase agreements, dollar rolls and other forms of borrowings may create leveraging risk for a Fund. In addition, reverse repurchase agreements and dollar rolls involve the risk that the market value of the securities a Fund is obligated to repurchase may decline below the purchase price.

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, a Fund forgoes principal and interest paid on the securities. A 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.

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**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. A short sale involves the sale of a security that the 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 gain. Although a Fund's gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited because there is 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.

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 investments that combine features of a traditional stock or bond with those of, for example, a futures contract or an option. These investments include structured notes and indexed securities, commodity-linked notes and commodity index-linked notes and credit-linked securities. The performance of the structured product, which is generally a 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, 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 investing in underlying securities, commodities or other 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 commodities 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 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

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securities or the availability of willing buyers may result in reduced liquidity for the securities.

**Variable, Floating and Inverse Floating-Rate Securities** 

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.

**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, a Fund is nonetheless required to accrue interest income on such investments and to distribute such amounts at least annually to shareholders. Thus, a Fund could be required at times to liquidate other investments in order to satisfy its dividend requirements.

**ADDITIONAL RISKS AND OTHER CONSIDERATIONS** 

Investments in the Funds 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 a 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 securities of foreign issuers 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 or country or region. These risks include political changes, social instability, regulatory uncertainty,

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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 a 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 Fund 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 as a result of these conflicts 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. Recent developments in relations between the U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the two 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:

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|:---|:---|:---|
| Argentina<br> Bangladesh<br> Belize<br> Brazil<br> Bulgaria<br> Chile<br> China<br> Colombia<br> Croatia<br> Czech Republic<br> Dominican Republic<br> Ecuador<br> Egypt<br> El Salvador<br> Gabon<br> Georgia<br> Ghana<br> Greece | Hungary<br> India<br> Indonesia<br> Iraq<br> Ivory Coast<br> Jamaica<br> Jordan<br> Kazakhstan<br> Kenya<br> Lebanon<br> Lithuania<br> Malaysia<br> Mexico<br> Mongolia<br> Nigeria<br> Pakistan<br> Panama<br> Peru | Philippines<br> Poland<br> Qatar<br> Saudi Arabia<br> Senegal<br> Serbia<br> South Africa<br> South Korea<br> Sri Lanka<br> Taiwan<br> Thailand<br> Turkey<br> Ukraine<br> United Arab Emirates<br> Uruguay<br> Venezuela<br> Vietnam |

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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 reporting or the audits conducted by such audit firms of U.S.-listed emerging market companies meet PCAOB standards.

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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.

*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 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.

Each Fund, except **AB Sustainable Thematic Balanced Portfolio**, may, directly or indirectly through an Underlying Portfolio, invest 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"). Each Fund, except **AB Sustainable Thematic Balanced Portfolio**, 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.

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Each Fund, except **AB Sustainable Thematic Balanced Portfolio**, may, directly or indirectly through an Underlying Portfolio, obtain economic exposure to Chinese companies through a special structure known as a variable interest entity ("VIE"), which is designed to provide foreign investors, such as the Funds, 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 Funds, 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 Risk*. The United States is a significant, and in some cases the most significant, trading partner of, or foreign investor in, certain countries in which each Fund, except **AB Sustainable Thematic Balanced Portfolio**, 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, as a result, securities to which each Fund, except **AB Sustainable Thematic Balanced Portfolio**, has 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 each Fund, except **AB Sustainable Thematic Balanced Portfolio**, 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 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 on a spot basis (*i.e.*, cash) or through derivatives 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.

**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

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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 a 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 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.

**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 they invest in non-U.S. fixed-income obligations, certain of the Funds are 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.

**Unrated Securities** 

Unrated securities will also be considered for investment by the Funds 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.

**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 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 Funds, 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** 

The Funds' 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 Underlying Portfolio's investment objective. Unless otherwise noted, all other policies of the Fund or the Underlying Portfolio may be changed without shareholder approval.

**Temporary Defensive Position** 

For temporary defensive purposes in an attempt to respond to adverse market, economic, political or other conditions, a Fund may reduce its position in equity 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 the Funds' and Underlying Portfolios' policies and procedures with respect to the disclosure of portfolio securities is available in the Funds' 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

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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 a 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. **AB Sustainable Thematic Balanced Portfolio** currently offers five classes of shares through this Prospectus, **AB All Market Total Return Portfolio** offers four classes of shares through this Prospectus, and **AB Wealth Appreciation Strategy** and **AB Tax-Managed Wealth Appreciation Strategy** each offer three classes 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 <u>www.abfunds.com</u> 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 Fund 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**<br>

**Minimums:\*** 

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| | |
|:---|:---|
|  —Initial: | $2500 |
|  —Subsequent: | $50.0 |

---

\* 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 |  |
|  —Class C shares | $1000000 |

---

**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 Fund.

**Other Purchase Information** 

Your broker or financial intermediary 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 by the Funds, 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

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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 (the 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) and 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; and

• by investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or
the Funds.

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 a Fund 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 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.

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.

**Required Information** 

Each 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.

**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.

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**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:

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| | |
|:---|:---|
| | **Distribution and/or Service**<br> **(Rule 12b-1) Fee (as a**<br> **Percentage of Aggregate**<br> **Average Daily Net Assets)** |
|  Class A | 0.25% \* |
|  Class C | 1.00% |
|  Advisor Class |  |
|  Class I |  |
|  Class Z |  |

---

\* The Rule 12b-1 Plan for the Class A shares provides for payments of up to 0.50% of aggregate average daily net assets, although the Funds' Board currently limits the payments to 0.25%. 

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:

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| | | |
|:---|:---|:---|
| | **Initial Sales Charge** | **Initial Sales Charge** |
| <br>**Amount Purchased** | **as % of**<br> **Net Amount**<br> **Invested** | **as % of**<br> **Offering**<br> **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** 

Each Fund may sell its Class A shares at NAV without an initial sales charge 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;

• 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.

In particular, 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.

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Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers and discounts or CDSC waivers, which are discussed below. 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 a 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 – Asset-Based Sales Charge Alternative** 

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 a 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 <u>www.abfunds.com</u> (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 that 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:

• 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);

• a trustee or other fiduciary purchasing shares for a single trust, estate or single fiduciary account with one or
more beneficiaries involved;

• the employee benefit plans of a single employer; or

• 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

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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 a 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 the Fund to verify eligibility for breakpoint privileges or other sales charge waivers. This may include information or records, including account statements, regarding shares of a Fund or other AB Mutual Funds held in:

• all of the shareholder's accounts at the Funds or a financial intermediary; and

• 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;

• following the death or disability of a shareholder;

• to the extent 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 a Fund will waive the CDSCs on redemptions 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.

**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 the Fund account would be free of a CDSC. Shares held the longest would be redeemed first.

**CHOOSING A SHARE CLASS** 

Each share class represents an interest in the same Fund, 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:

• the amount you intend to invest;

• how long you expect to own shares;

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• 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

• 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 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 these financial intermediaries a fee of up to 1% on purchases of $1,000,000 or more or for AllianceBernstein Link, AllianceBernstein SIMPLE IRA plans with more than $250,000 in assets or for purchases made by certain other retirement plans.

ABI pays, at the time of your purchase, a commission to financial intermediaries selling Class C shares 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 Fund, 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 the Prospectus carefully for information on this compensation.

**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 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. 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 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. 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

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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. The Adviser, ABI and their affiliates may also pay for "ticket" or other transactional charges.

For 2025, 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 $26 million. In 2024, the Adviser and ABI and their affiliates paid approximately 0.04% of the average monthly assets of the AB Funds, or approximately $25 million, for distribution services and educational support related to the AB Funds.

A number of factors are considered in determining the additional payments, including each firm's AB Fund sales, assets and redemption rates, and the willingness and ability of the firm to give the Adviser and ABI and their affiliates access to its financial advisors for educational and marketing purposes. In some cases, firms will include the AB Funds on a "preferred list." The goal is to make the financial advisors who interact with current and prospective investors and shareholders more knowledgeable about the AB Funds so that they can provide suitable information and advice about the funds and related investor services.

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. If paid by the Funds, these expenses 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

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

The Standard Retirement Services

Truist Investment Services

UBS Financial Services

US Bancorp Investments

Wells Fargo Advisors

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 or, 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. For Advisor Class and Class Z

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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 intermediary. 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 days).

Each Fund expects, under normal circumstances, to use cash or cash equivalents held by the Fund to satisfy redemption requests. The Fund may also determine to sell portfolio assets to meet such requests. Under certain circumstances, including stressed market conditions, the 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 a 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 a 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.

• 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** 

The 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

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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 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 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 the 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 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. 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,

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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). <br>

**HOW THE FUNDS VALUE THEIR SHARES** 

The price of each Fund's shares is based on its NAV, which in turn may be based in part on the NAVs of the Underlying Portfolios in which the Fund may invest. Each Fund's NAV is calculated on any day the Exchange is open at the close of regular trading (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.

Each Fund (including each Underlying Portfolio) values its 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 the Board and the Underlying Portfolio Boards. 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 make fair value determinations 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.

**AB All Market Total Return Portfolio** may invest up to 25% of its total assets in shares of the Subsidiary. The 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 Subsidiary's shares fluctuates with the value of its portfolio investments. The 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 Board and the Underlying Portfolio Boards, to value the Fund's or Underlying Portfolio's assets on behalf of the Fund or Underlying Portfolio. The Valuation Committee values Fund or Underlying Portfolio assets as described above. More information about the valuation of a Fund's or an Underlying Portfolio's assets is available in the Fund's or Underlying Portfolio's 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, 2025 totaling approximately $860 billion (of which approximately $161 billion represented assets of registered investment companies sponsored by the Adviser). As of September 30, 2025, the Adviser managed retirement assets for many of the largest public and private employee benefit plans (including 12 of the nation's FORTUNE 100 companies), for public employee retirement funds in 33 of the 50 states, for investment companies, and for foundations, endowments, banks and insurance companies worldwide. The 27 registered investment companies managed by the Adviser, comprising approximately 91 separate investment portfolios, had as of September 30, 2025 approximately 2 million shareholder accounts.

The Adviser provides investment advisory services and order placement facilities for each Fund and the Subsidiary and directs the purchase and sale of the Underlying Portfolios in which each Fund invests. For these advisory services, each Fund paid the Adviser during its most recent fiscal year a management fee as a percentage of average daily net assets as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Fee as a Percentage of**<br> **Average Net**<br> **Assets\*** | **Fiscal Year**<br> **Ended** |
|  **AB Wealth Appreciation Strategy** | 0.37% | 8/31/25 |
|  **AB All Market Total Return Portfolio** | 0.54% | 8/31/25 |
|  **AB Sustainable Thematic Balanced Portfolio** | 0.50% | 8/31/25 |
|  **AB Tax-Managed Wealth Appreciation Strategy** | 0.37% | 8/31/25 |

---

\* 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.

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 the Funds' investment advisory agreement is available in the Funds' Form N-CSR for the fiscal year ended August 31, 2025.

The Subsidiary has entered into a separate advisory agreement with the Adviser, which is the investment adviser for both the Subsidiary and **AB All Market Total Return Portfolio**, under which the Adviser provides investment advisory services and order placement facilities for the Subsidiary. The 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.

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 an Underlying Portfolio). When two or more of the clients of the Adviser (including 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 management of, and investment decisions for, the Funds, except for the **AB Sustainable Thematic Balanced Portfolio**, 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** 

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| | |
|:---|:---|
| **Employee; Length of Service; Title** | **Principal Occupation(s) During**<br> **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 in a substantially similar capacity since prior to 2020. |
| Daniel J. Loewy; since 2013; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity since prior to 2020. He is Chief Investment Officer and Head of Multi-Asset and Hedge Fund Solutions; and Chief Investment Officer of Dynamic Asset Allocation. |
| Defne Ozaltun; since 2020; Vice President of the Adviser | Vice President of the Adviser, with which she has been associated in a substantially similar capacity since prior to 2020. |

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##### [**Table of Contents**](#toc)
**AB Wealth Appreciation Strategy and AB Tax-Managed Wealth Appreciation Strategy** 

---

| | |
|:---|:---|
| **Employee; Length of Service; Title** | **Principal Occupation(s) During**<br> **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 in a substantially similar capacity since prior to 2020. He is also Director of Quantitative Research—Private Wealth Management. |

---

**AB Sustainable Thematic Balanced Portfolio** 

The management of, and investment decisions for, the **AB Sustainable Thematic Balanced Portfolio** are made by the Sustainable Thematic Balanced Team, comprised of senior portfolio managers. The Sustainable Thematic Balanced 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 Fund's investments.

The following table lists the persons within the Sustainable Thematic Balanced Team with the most significant responsibility for day-to-day management of the Fund, 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:

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| | |
|:---|:---|
| **Employee; Length of Service; Title** | **Principal Occupation(s) During**<br> **the Past Five (5) Years** |
| Timothy Kurpis; since October 2025; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity and as a trader since prior to 2020. |
| Daniel C. Roarty; since 2021; Senior Vice President of the Adviser | Senior Vice President of the Adviser, with which he has been associated in a substantially similar capacity since prior to 2020. He is also Chief Investment Officer of Sustainable Thematic Equities. |
| Benjamin Ruegsegger; since 2021; Senior Vice President of the Adviser | Senior Vice President and Portfolio Manager of the Adviser, with which he has been associated in a substantially similar capacity to his current position since prior to 2020. |

---

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.

**PERFORMANCE OF SIMILARLY MANAGED ACCOUNTS** 

The investment team employed by the Adviser to manage the **AB Sustainable Thematic Balanced Portfolio** has substantial experience in managing discretionary accounts of institutional and retail clients, pooled investment vehicles and/or other registered investment companies and portions thereof (the "Similarly Managed Accounts") that have substantially the same investment objectives and policies and are managed in accordance with essentially the same investment strategies as those applicable to the Fund. The Similarly Managed Accounts that are not registered investment companies are not subject to certain limitations, diversification requirements and other restrictions imposed under the 1940 Act and the Code to which the Fund, as a registered investment company, is subject and which, if applicable to the Similarly Managed Accounts, may have adversely affected the performance of the Similarly Managed Accounts. The Similarly Managed Accounts include all managed accounts of the Adviser following the investment strategy of the Fund.

Set forth below is performance data provided by the Adviser relating to the Similarly Managed Accounts managed by the investment team that manages the Fund's assets. Performance data is shown for the period during which the investment team of the Adviser managed the Similarly Managed Accounts for a complete calendar year through December 31, 2024. The net assets of the Similarly Managed Accounts, as of December 31, 2024, were approximately $2,083.46 million. The performance data is net of investment management fees, portfolio transaction costs (including brokerage commissions) and custodial service fees charged to the Similarly Managed Accounts, calculated by deducting on a monthly basis the highest fee payable by the Similarly Managed Accounts (3.0% of account assets on an annual basis). Net-of-fee performance figures reflect the compounding effect of such fees.

The data also has not been adjusted to reflect any fees and expenses that will be payable by the Fund, which may be higher than the fees and expenses imposed on the Similarly Managed Accounts, and may cause the returns of the Fund to be lower than the returns of the Similarly Managed Accounts during the same period. Expenses associated with the distribution of Class A and Class C shares of the Fund in accordance with the plans adopted by the Fund's Board under SEC Rule 12b-1 are also excluded. Except as noted, the performance data has also not been adjusted for corporate or individual taxes, if any, payable by account owners. While the Fund and the Similarly Managed Accounts have substantially the same investment objectives and substantially similar investment strategies, the actual investments of the Fund and the Similarly Managed Accounts may differ.

The Adviser has calculated the investment performance of the Similarly Managed Accounts on a trade-date basis. Income has been accrued daily and cash flows weighted daily. Composite investment performance for the Fund has been determined on an asset-weighted basis. New accounts are included in the composite investment performance computations at the beginning of the quarter following the initial contribution. The total returns set forth below are calculated using a method that links the monthly return amounts for the disclosed periods, resulting in a time-weighted rate of return. Other methods of computing the investment performance of the Similarly Managed Accounts may produce different results, and the results for different periods may vary. The performance was not calculated pursuant to the methodology established by the SEC that will be used to calculate the Fund's performance.

The 60% S&P 500 Index/40% Bloomberg U.S. Government/Credit Index composite is used by the Fund and the Similarly Managed Accounts for purposes of this example as a benchmark to measure its relative performance. The S&P 500 Index is a stock market index containing the stocks of 500 U.S. large-cap

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corporations. The 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. To the extent the investment team utilizes investment techniques such as swaps, futures or options, the performance of the Index may not be substantially comparable to the performance of the investment team's Similarly Managed Accounts.

The performance data below is provided solely to illustrate the investment team's performance in managing the Similarly Managed Accounts as measured against a broad-based market index. The performance of the Fund will be affected by the performance of the investment team managing the Fund's assets. If the investment team were to perform relatively poorly, the performance of the Fund would suffer. Investors should not rely on the performance data of the Similarly Managed Accounts as an indication of future performance of the Fund. In addition, market performance for the periods presented may not be indicative of future rates of return.

**SCHEDULE OF HISTORICAL PERFORMANCE – SIMILARLY MANAGED ACCOUNTS\*** 

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| | | | |
|:---|:---|:---|:---|
| | **Similarly Managed**<br> **Accounts**<br> **Total Return\*\*** | **S&P 500**<br> **Index - Gross<br>Dividend<br>Reinvestment** | **60% S&P 500**<br> **Index/40%**<br> **Bloomberg U.S.**<br> **Government/Credit**<br> **Index** |
|  Year Ended December 31: | Year Ended December 31: |  |  |
| 2024 | 3.40% | 25.02% | 15.01% |
| 2023 | 11.46% | 26.29% | 17.76% |
| 2022 | -21.12% | -18.11% | -16.00% |
| 2021 | 12.82% | 28.71% | 15.76% |
| 2020 | 27.21% | 18.40% | 15.30% |
| 2019 | 17.72% | 31.49% | 22.64% |
| 2018 | -4.76% | -4.38% | -2.52% |
| 2017 | 15.88% | 21.83% | 14.41% |
| 2016 | 0.24% | 11.96% | 8.48% |

---

**AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2024\*** 

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| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** |
|  Similarly Managed Accounts\*\* | 3.40% | -3.12% | 5.47% |
|  60% S&P 500 Index/40% Bloomberg U.S. Government/Credit Index | 15.01% | 4.39% | 8.71% |
|  S&P 500 Index – Gross Dividend Reinvestment | 25.02% | 8.94% | 14.53% |

---

\* Total return is a measure of investment performance that is based upon the change in value of an investment from the beginning to the end of a specified period and assumes reinvestment of all dividends and other distributions. The basis of presentation of this data is described in the preceding discussion. 

\*\* Net of fees.

**TRANSFER AGENCY AND RETIREMENT PLAN SERVICES** 

ABIS acts as the transfer agent for each Fund. 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 the Funds' 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 the Funds 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 Funds' SAI, call your financial advisor or visit our website at <u>www.abfunds.com</u>.

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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 are typically declared and paid annually; capital gains distributions for the Funds typically 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 <u>www.alliancebernstein.com/us/investments/rtax-center.html</u>.

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 investment 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 taxable year.

**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 <u>www.irs.gov</u> for more information about applicable tax rates and other information.

Investments made through a 401(k) plan, 457 plan, employer sponsored 403(b) plan, profit sharing and money purchase plan, defined benefit plan or a nonqualified deferred compensation plan are subject to special U.S. federal income tax rules. Therefore, the U.S. federal income tax consequences described in this section apply only to investments made other than by such plans.

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. 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 by a Fund as capital gains distributions will be taxable as long-term capital gains. Distributions of gains from the sale of investments that a Fund or an Underlying Portfolio owned for one year or less will be taxable as ordinary income. For distributions of investment income designated by a Fund as derived from "qualified dividend income"—as further defined in the Funds' SAI—will be taxed in the hands of individuals at the rates applicable to long-term capital gains provided that holding period and other requirements are met by both the shareholder and the Fund.

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 expects 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 them 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 their distribution requirements.

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 a 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 a Fund declares a dividend or capital gain distribution.

The sale or exchange of Fund shares is a taxable transaction for U.S. federal income tax purposes.

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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 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.

**AB All Market Total Return Portfolio** intends to seek exposure to the commodities markets primarily through investments in the Subsidiary. 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 Fund 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 Fund from the Subsidiary 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.

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**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. Each Fund reserves 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 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.

<u>Shareholder Services.</u> 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.

<u>Householding.</u> 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.

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**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 broad-based index comprised of government, corporate, mortgage and asset-backed issues, rated investment grade or higher, and having at least one year to maturity.

**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.

**S&P 500 Index** is a stock market index containing the stocks of 500 U.S. large-cap 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.

**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.

**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 (<u>https://www.sec.gov</u>).

**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 revenues from business in foreign countries, or (iii) issues equity or debt securities that are traded principally on an exchange in a foreign country.

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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. 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 report 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, which was filed with the SEC and is available upon request.

**AB Wealth Appreciation Strategy** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $21.89 | $17.86 | $17.09 | $22.18 | $17.50 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income(a)(b) | .21 | .23 | .26 | .29 | .11 |
|  Net realized and unrealized gain (loss) on investment transactions | 2.95 | 4.22 | 1.71 | (3.57) | 5.10 |
|  Contributions from Affiliates | – 0 – | – 0 – | – 0 – | – 0 – | .00 (c) |
|  Net increase (decrease) in net asset value from operations | 3.16 | 4.45 | 1.97 | (3.28) | 5.21 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.19 | (.20) | (.23) | (.26) | (.22) |
|  Distributions from net realized gain on investment transactions | (.99 | (.22) | (.97) | (1.55) | (.31) |
|  Total dividends and distributions | (1.18) | (.42) | (1.20) | (1.81) | (.53) |
|  Net asset value, end of period | $23.87 | $21.89 | $17.86 | $17.09 | $22.18 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d) | 15.03 | 25.46% | 12.22% | (16.10)% | 30.41% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000's omitted) | $378792 | $365971 | $327880 | $318353 | $425623 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .71 | .67% | .68% | .65% | .64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .98 | .99% | 1.00% | .98% | .99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | .97 | 1.17% | 1.55% | 1.46% | .55% |
|  Portfolio turnover rate | 26 | 12% | 13% | 20% | 15% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .29 | .33% | .35% | .36% | .38% |
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $22.20 | $18.07 | $17.23 | $22.24 | $17.52 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | .05 | .09 | .14 | .14 | (.02) |
|  Net realized and unrealized gain (loss) on investment transactions | 2.99 | 4.28 | 1.72 | (3.60) | 5.10 |
|  Contributions from Affiliates | – 0 – | – 0 – | – 0 – | – 0 – | .00 (c) |
|  Net increase (decrease) in net asset value from operations | 3.04 | 4.37 | 1.86 | (3.46) | 5.08 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.02 | (.02) | (.05) | – 0 – | (.05) |
|  Distributions from net realized gain on investment transactions | (.99 | (.22) | (.97) | (1.55) | (.31) |
|  Total dividends and distributions | (1.01) | (.24) | (1.02) | (1.55) | (.36) |
|  Net asset value, end of period | $24.23 | $22.20 | $18.07 | $17.23 | $22.24 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d) | 14.17 | 24.48% | 11.35% | (16.70)% | 29.39% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $3047 | $3309 | $3624 | $5166 | $8023 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | 1.46 | 1.44% | 1.44% | 1.41% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | 1.74 | 1.75% | 1.76% | 1.74% | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | .24 | .44% | .85% | .72% | (.10)% |
|  Portfolio turnover rate | 26 | 12% | 13% | 20% | 15% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .29 | .33% | .35% | .36% | .38% |

---

See footnote summary on page 59.

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $21.82 | $17.81 | $17.05 | $22.13 | $17.46 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income(a)(b) | .26 | .28 | .30 | .33 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | 2.96 | 4.20 | 1.70 | (3.55) | 5.08 |
|  Contributions from Affiliates | – 0 – | – 0 – | – 0 – | – 0 – | .00 (c) |
|  Net increase (decrease) in net asset value from operations | 3.22 | 4.48 | 2.00 | (3.22) | 5.24 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.25 | (.25) | (.27) | (.31) | (.26) |
|  Distributions from net realized gain on investment transactions | (.99 | (.22) | (.97) | (1.55) | (.31) |
|  Total dividends and distributions | (1.24) | (.47) | (1.24) | (1.86) | (.57) |
|  Net asset value, end of period | $23.80 | $21.82 | $17.81 | $17.05 | $22.13 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d) | 15.38 | 25.74% | 12.50% | (15.87)% | 30.73% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $962368 | $882544 | $795038 | $753314 | $967876 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .46 | .42% | .43% | .40% | .39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .73 | .74% | .75% | .73% | .74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.21 | 1.43% | 1.79% | 1.69% | .81% |
|  Portfolio turnover rate | 26 | 12% | 13% | 20% | 15% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .29 | .33% | .35% | .36% | .38% |

---

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(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) 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 August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, such waiver amounted to
.28%, .31%, .32%, .34% and .35%, respectively.

(f) Less than .005%.

† 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**<br> **Income Per**<br> **Share** | **Net Investment**<br> **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) |

---

------

##### [**Table of Contents**](#toc)
**All Market Total Return Portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $15.53 | $13.68 | $13.75 | $18.16 | $15.44 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income(a)(b) | .26 | .31 | .28 | .10 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.10 | 1.72 | .02 (c) | (2.90) | 3.03 |
|  Contributions from Affiliates | .00 | .00 (d) | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | 1.36 | 2.03 | .30 | (2.80) | 3.19 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.47 | (.18) | (.37) | – 0 – | (.47) |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | – 0 – | (1.61) | – 0 – |
|  Total dividends and distributions | (.47 | (.18) | (.37) | (1.61) | (.47) |
|  Net asset value, end of period | $16.42 | $15.53 | $13.68 | $13.75 | $18.16 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(e) | 9.06 | 14.96% | 2.26% | (16.85)% | 21.16% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $373090 | $387762 | $391500 | $433654 | $586995 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(f)(g)‡ | 1.08 | 1.07% | 1.08% | 1.02% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(f)(g)‡ | 1.13 | 1.08% | 1.10% | 1.03% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.70 | 2.21% | 2.08% | .64% | .99% |
|  Portfolio turnover rate | 190 | 182% | 70% | 105% | 117% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .02 | .02% | .02% | .02% | .02% |
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $15.26 | $13.42 | $13.45 | $17.92 | $15.20 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | .14 | .20 | .17 | (.02) | (.10) |
|  Net realized and unrealized gain (loss) on investment transactions | 1.08 | 1.68 | .03 (c) | (2.84) | 3.13 |
|  Contributions from Affiliates | .00 | .00 (d) | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | 1.22 | 1.88 | .20 | (2.86) | 3.03 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.34 | (.04) | (.23) | – 0 – | (.31) |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | – 0 – | (1.61) | – 0 – |
|  Total dividends and distributions | (.34 | (.04) | (.23) | (1.61) | (.31) |
|  Net asset value, end of period | $16.14 | $15.26 | $13.42 | $13.45 | $17.92 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(e) | 8.22 | 14.15% | 1.43% | (17.50)% | 20.33% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $2430 | $2892 | $3835 | $5845 | $10537 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(f)(g)‡ | 1.83 | 1.84% | 1.84% | 1.78% | 1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(f)(g)‡ | 1.89 | 1.85% | 1.86% | 1.79% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | .95 | 1.45% | 1.31% | (.16)% | (.61)% |
|  Portfolio turnover rate | 190 | 182% | 70% | 105% | 117% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .02 | .02% | .02% | .02% | .02% |

---

See footnote summary on page 62.

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $15.76 | $13.88 | $13.95 | $18.35 | $15.60 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income(a)(b) | .31 | .35 | .32 | .14 | .20 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.11 | 1.74 | .02 (c) | (2.93) | 3.06 |
|  Contributions from Affiliates | .00 | .00 | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | 1.42 | 2.09 | .34 | (2.79) | 3.26 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.51 | (.21 | (.41) | – 0 – | (.51) |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | – 0 – | (1.61) | – 0 – |
|  Total dividends and distributions | (.51 | (.21 | (.41) | (1.61) | (.51) |
|  Net asset value, end of period | $16.67 | $15.76 | $13.88 | $13.95 | $18.35 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(e) | 9.34 | 15.25 | 2.50% | (16.61)% | 21.43% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $48429 | $53009 | $54860 | $63739 | $84018 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(f)(g)‡ | .83 | .82 | .83% | .77% | .78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(f)(g)‡ | .88 | .83 | .85% | .78% | .79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.94 | 2.46 | 2.33% | .89% | 1.22% |
|  Portfolio turnover rate | 190 | 182 | 70% | 105% | 117% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .02 | .02 | .02% | .02% | .02% |
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $16.07 | $13.67 | $14.11 | $18.55 | $15.76 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | .31 | .36 | (.04)(g) | .14 | .22 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.13 | 1.80 | .01 (c) | (2.97) | 3.07 |
|  Contributions from Affiliates | .00 | .45 | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | 1.44 | 2.61 | (.03) | (2.83) | 3.29 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.51 | (.21 | (.41) | – 0 – | (.50) |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | – 0 – | (1.61) | – 0 – |
|  Total dividends and distributions | (.51 | (.21 | (.41) | (1.61) | (.50) |
|  Net asset value, end of period | $17.00 | $16.07 | $13.67 | $14.11 | $18.55 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(e) | 9.27 | 19.30 | (.25)%(h) | (16.64)% | 21.44% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $349 | $326 | $255 | $287 | $338 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(f)(g)‡ | .83 | .82 | 3.48 %(h) | .80% | .81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(f)(g)‡ | .92 | .83 | 3.50 %(h) | .81% | .83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 1.91 | 2.47 | (.32)%(h) | .88% | 1.31% |
|  Portfolio turnover rate<sup>.</sup> | 190 | 182 | 70% | 105% | 117% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .02 | .02 | .02% | .02% | .02% |

---

See footnote summary on page 62.

------

##### [**Table of Contents**](#toc)
(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) 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.

(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) 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 August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, such waiver amounted to
.01%, .01%, .02%, .01% and .01%, respectively.

(g) The expense ratios presented below exclude bank overdraft expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Class A** |  |  |  |  |  |
|  Net of waivers/reimbursements | 1.07% | 1.07% | 1.08% | 1.02% | 1.03% |
|  Before waivers/reimbursements | 1.13% | 1.08% | 1.10% | 1.03% | 1.05% |
|  **Class C** |  |  |  |  |  |
|  Net of waivers/reimbursements | 1.82% | 1.84% | 1.84% | 1.78% | 1.78% |
|  Before waivers/reimbursements | 1.89% | 1.85% | 1.86% | 1.79% | 1.80% |
|  **Advisor Class** |  |  |  |  |  |
|  Net of waivers/reimbursements | .82% | .82% | .83% | .77% | .78% |
|  Before waivers/reimbursements | .88% | .83% | .85% | .78% | .79% |
|  **Class I** |  |  |  |  |  |
|  Net of waivers/reimbursements | .82% | .82% | 3.48% (h) | .80% | .81% |
|  Before waivers/reimbursements | .91% | .83% | 3.50% (h) | .81% | .83% |

---

(h) Reflects a onetime non-recurring accrual adjustment.

\* Includes a contribution from the Adviser which enhanced the performance for the year ended August 31, 2024 by 3.38%. 

† 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**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
|  **Class A** | $.00 (d) | .04% | .04% |
|  **Class C** | $.00 (d) | .04% | .04% |
|  **Advisor Class** | $.00 (d) | .04% | .04% |

---

------

##### [**Table of Contents**](#toc)
**AB Sustainable Thematic Balanced Portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $12.73 | $11.26 | $10.93 | $13.80 | $12.38 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | .14 | .13 | .07 | (.02) | .12 |
|  Net realized and unrealized gain (loss) on investment transactions | (.04 | 1.44 | .71 | (2.39) | 1.74 |
|  Contributions from Affiliates | .00 | – 0 – | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | .10 | 1.57 | .78 | (2.41) | 1.86 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.15 | (.10) | – 0 – | (.36) | (.44) |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | (.45) | (.10) | – 0 – |
|  Total dividends and distributions | (.15 | (.10) | (.45) | (.46) | (.44) |
|  Net asset value, end of period | $12.68 | $12.73 | $11.26 | $10.93 | $13.80 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d) | .86 | 14.06% | 7.59% | (18.04)% | 15.54% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $82043 | $94012 | $92712 | $101192 | $138753 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | 1.00 | 1.00% | 1.00% | 1.09% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | 1.24 | 1.22% | 1.22% | 1.31% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | 1.18 | 1.15% | .69% | (.13)% | .95% |
|  Portfolio turnover rate | 51 | 53% | 46% | 174% | 120% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .01 | .00% | .00% | .04% | .14% |
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $12.62 | $11.16 | $10.91 | $13.76 | $12.32 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | .05 | .04 | (.01) | (.11) | .02 |
|  Net realized and unrealized gain (loss) on investment transactions | (.02 | 1.42 | .71 | (2.41) | 1.75 |
|  Contributions from Affiliates | .00 | – 0 – | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | .03 | 1.46 | .70 | (2.52) | 1.77 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.01 | – 0 – | – 0 – | (.23) | (.33) |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | (.45) | (.10) | – 0 – |
|  Total dividends and distributions | (.01 | – 0 – | (.45) | (.33) | (.33) |
|  Net asset value, end of period | $12.64 | $12.62 | $11.16 | $10.91 | $13.76 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d) | .24 | 13.08% | 6.86% | (18.73)% | 14.64% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $827 | $1515 | $2415 | $3650 | $6257 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | 1.75 | 1.75% | 1.75% | 1.90% | 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | 1.99 | 2.00% | 1.98% | 2.06% | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | .41 | .39% | (.07)% | (.93)% | .18% |
|  Portfolio turnover rate | 51 | 53% | 46% | 174% | 120% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .01 | .00% | .00% | .04% | .14% |

---

See footnote summary on pages 65.

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $12.85 | $11.37 | $11.01 | $13.88 | $12.44 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income(a)(b) | .18 | .17 | .10 | .04 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | (.04 | 1.44 | .71 | (2.43) | 1.76 |
|  Contributions from Affiliates | .00 | – 0 – | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | .14 | 1.61 | .81 | (2.39) | 1.92 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.18 | (.13) | – 0 – | (.38) | (.48) |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | (.45) | (.10) | – 0 – |
|  Total dividends and distributions | (.18 | (.13) | (.45) | (.48) | (.48) |
|  Net asset value, end of period | $12.81 | $12.85 | $11.37 | $11.01 | $13.88 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d) | 1.20 | 14.31% | 7.82% | (17.79)% | 15.82% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $3978 | $4918 | $3706 | $4331 | $5790 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .75 | .75% | .75% | .71% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .99 | .92% | .97% | 1.06% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.43 | 1.40% | .93% | .33% | 1.20% |
|  Portfolio turnover rate | 51 | 53% | 46% | 174% | 120% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .01 | .00% | .00% | .04% | .14% |
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $13.02 | $11.51 | $11.13 | $14.03 | $12.58 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income(a)(b) | .18 | .17 | .10 | .02 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | (.04 | 1.47 | .73 | (2.44) | 1.77 |
|  Contributions from Affiliates | .00 | – 0 – | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | .14 | 1.64 | .83 | (2.42) | 1.93 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.18 | (.13) | – 0 – | (.38) | (.48) |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | (.45) | (.10) | – 0 – |
|  Total dividends and distributions | (.18 | (.13) | (.45) | (.48) | (.48) |
|  Net asset value, end of period | $12.98 | $13.02 | $11.51 | $11.13 | $14.03 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d) | 1.18 | 14.36% | 7.92% | (17.83)% | 15.81% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $49 | $50 | $39 | $35 | $41 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .75 | .75% | .75% | .83% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .96 | .95% | 5.21 %(f) | 1.08% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.41 | 1.40% | .95% | .14% | 1.18% |
|  Portfolio turnover rate | 51 | 53% | 46% | 174% | 120% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .01 | .00% | .00% | .04% | .14% |

---

See footnote summary on pages 65.

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CLASS Z** | **CLASS Z** | **CLASS Z** | **CLASS Z** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **December 15,<br>2021(g) to<br>August 31,** |
| | **2025** | **2024** | **2023** | **2022** |
|  Net asset value, beginning of period | $12.76 | $11.28 | $10.93 | $13.54 |
| **Income From Investment Operations** |  |  |  |  |
|  Net investment income(a)(b) | .17 | .16 | .10 | .02 |
|  Net realized and unrealized gain (loss) on investment transactions | (.03) | 1.44 | .70 | (2.14) |
|  Contributions from Affiliates | .00 (c) | – 0 – | – 0 – | – 0 – |
|  Net increase (decrease) in net asset value from operations | .14 | 1.60 | .80 | (2.12) |
| **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (.19) | (.12) | – 0 – | (.39 |
|  Distributions from net realized gain on investment transactions | – 0 – | – 0 – | (.45) | (.10 |
|  Total distributions | (.19) | (.12) | (.45) | (.49 |
|  Net asset value, end of period | $12.71 | $12.76 | $11.28 | $10.93 |
| **Total Return** |  |  |  |  |
|  Total investment return based on net asset value(d) | 1.13% | 14.38% | 7.79% | (16.27) |
| **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted) | $16 | $16 | $12 | $8 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements‡ | .75% | .75% | .75% | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements‡ | .93% | .91% | .84% | .96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.41% | 1.40% | .96% | .21 |
|  Portfolio turnover rate | 51% | 53% | 46% | 174 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .01% | .00% | .00% | .00 |

---

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(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) 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 August 31, 2022, and August 31, 2021, such waiver amounted to .03% and .11%, respectively.

(f) Reflects a onetime non-recurring accrual adjustment.

(g) Commencement of distributions.

† 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**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
|  **Class A** | $.00 (c) | .02% | .02% |
|  **Class C** | $.00 (c) | .02% | .02% |
|  **Advisor Class** | $.00 (c) | .02% | .02% |

---

^ Annualized.

------

##### [**Table of Contents**](#toc)
**AB Tax-Managed Wealth Appreciation Strategy** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $22.39 | $18.21 | $17.15 | $21.60 | $16.81 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income(a)(b) | .22 | .24 | .19 | .28 | .11 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.03 | 4.25 | 1.77 | (3.56) | 4.87 |
|  Contributions from Affiliates | – 0 – | – 0 – | – 0 – | – 0 – | .00 (c) |
|  Net increase (decrease) in net asset value from operations | 3.25 | 4.49 | 1.96 | (3.28) | 4.98 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.23 | (.19) | (.21) | (.24) | (.15) |
|  Distributions from net realized gain on investment transactions | (.27 | (.12) | (.69) | (.93) | (.04) |
|  Total dividends and distributions | (.50 | (.31) | (.90) | (1.17) | (.19) |
|  Net asset value, end of period | $25.14 | $22.39 | $18.21 | $17.15 | $21.60 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 14.73 | 25.01% | 11.99% | (16.08)% | 29.83% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $48516 | $46757 | $40936 | $39643 | $48742 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .69 | .65% | .67% | .63% | .63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .97 | .97% | .99% | .97% | .98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | .97 | 1.19% | 1.09% | 1.44% | .57% |
|  Portfolio turnover rate | 23 | 10% | 13% | 23% | 15% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .29 | .33% | .34% | .36% | .38% |
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $22.24 | $18.04 | $16.99 | $21.33 | $16.59 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | (.01 | .02 | .09 | .10 | (.01) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.05 | 4.30 | 1.72 | (3.51) | 4.79 |
|  Contributions from Affiliates | – 0 – | – 0 – | – 0 – | – 0 – | .00 (c) |
|  Net increase (decrease) in net asset value from operations | 3.04 | 4.32 | 1.81 | (3.41) | 4.78 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | – 0 – | – 0 – | (.07) | – 0 – | – 0 – |
|  Distributions from net realized gain on investment transactions | (.27 | (.12) | (.69) | (.93) | (.04) |
|  Total dividends and distributions | (.27 | (.12) | (.76) | (.93) | (.04) |
|  Net asset value, end of period | $25.01 | $22.24 | $18.04 | $16.99 | $21.33 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 13.81 | 24.10% | 11.12% | (16.73)% | 28.85% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $705 | $571 | $452 | $530 | $1378 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | 1.45 | 1.41% | 1.43% | 1.39% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | 1.73 | 1.73% | 1.75% | 1.72% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | (.03 | .11% | .51% | .50% | (.05)% |
|  Portfolio turnover rate | 23 | 10% | 13% | 23% | 15% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .29 | .33% | .34% | .36% | .38% |

---

See footnote summary on page 67.

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** | **ADVISOR CLASS** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $22.53 | $18.32 | $17.25 | $21.72 | $16.90 |
| **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income(a)(b) | .27 | .28 | .23 | .33 | .16 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.04 | 4.28 | 1.79 | (3.58) | 4.89 |
|  Contributions from Affiliates | – 0 – | – 0 – | – 0 – | – 0 – | .00 (c) |
|  Net increase (decrease) in net asset value from operations | 3.31 | 4.56 | 2.02 | (3.25) | 5.05 |
| **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.28 | (.23) | (.26) | (.29) | (.19) |
|  Distributions from net realized gain on investment transactions | (.27 | (.12) | (.69) | (.93) | (.04) |
|  Total dividends and distributions | (.55 | (.35) | (.95) | (1.22) | (.23) |
|  Net asset value, end of period | $25.29 | $22.53 | $18.32 | $17.25 | $21.72 |
| **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 14.95 | 25.33% | 12.29% | (15.87)% | 30.14% |
| **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $886796 | $809628 | $686575 | $651607 | $803319 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .44 | .40% | .42% | .38% | .38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .72 | .72% | .74% | .72% | .73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.19 | 1.41% | 1.32% | 1.68% | .82% |
|  Portfolio turnover rate | 23 | 10% | 13% | 23% | 15% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying portfolios | .29 | .33% | .34% | .36% | .38% |

---

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(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) 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 August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, such waiver amounted to .28%,
.31%, .32%, .33% and .35%, respectively.

(f) Less than .005%.

\* 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 August 31, 2025, August 31, 2024 and August 31, 2022 by .01%, .04% and .02%, respectively. 

† 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<br>Income Per<br>Share** | **Net Investment<br>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) |

---

------

##### [**Table of Contents**](#toc)
**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 the 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 the Fund assuming a 5% return each year, including an initial sales charge of 4.25%. 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 <u>https://tools.finra.org/fund_analyzer/</u>). Your actual expenses may be higher or lower.

**AB Wealth Appreciation Strategy** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Hypothetical**<br> **Investment** | **Hypothetical**<br> **Performance**<br> **Earnings** | **Investment**<br> **After**<br> **Returns** | **Hypothetical**<br> **Expenses\*** | **Hypothetical**<br> **Ending**<br> **Investment** |
| 1 | $10000.00 | $478.75 | $10053.75 | $525.54 | $9953.21 |
| 2 | 9953.21 | 497.66 | 10450.87 | 132.73 | 10318.14 |
| 3 | 10318.14 | 515.91 | 10834.05 | 137.59 | 10696.46 |
| 4 | 10696.46 | 534.82 | 11231.28 | 142.64 | 11088.64 |
| 5 | 11088.64 | 554.43 | 11643.07 | 147.87 | 11495.20 |
| 6 | 11495.20 | 574.76 | 12069.96 | 153.29 | 11916.67 |
| 7 | 11916.67 | 595.83 | 12512.50 | 158.91 | 12353.59 |
| 8 | 12353.59 | 617.68 | 12971.27 | 164.74 | 12806.53 |
| 9 | 12806.53 | 640.33 | 13446.86 | 170.78 | 13276.08 |
| 10 | 13276.08 | 663.80 | 13939.88 | 177.04 | 13762.84 |
|  Cumulative |  | $5673.97 |  | $1911.13 |  |

---

**All Market Total Return Portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Hypothetical**<br> **Investment** | **Hypothetical**<br> **Performance**<br> **Earnings** | **Investment**<br> **After**<br> **Returns** | **Hypothetical**<br> **Expenses\*** | **Hypothetical**<br> **Ending**<br> **Investment** |
| 1 | $10000.00 | $478.75 | $10053.75 | $539.61 | $9939.14 |
| 2 | 9939.14 | 496.96 | 10436.10 | 120.02 | 10316.08 |
| 3 | 10316.08 | 515.80 | 10831.88 | 124.57 | 10707.31 |
| 4 | 10707.31 | 535.37 | 11242.68 | 129.29 | 11113.39 |
| 5 | 11113.39 | 555.67 | 11669.06 | 134.19 | 11534.87 |
| 6 | 11534.87 | 576.74 | 12111.61 | 139.28 | 11972.33 |
| 7 | 11972.33 | 598.62 | 12570.95 | 144.57 | 12426.38 |
| 8 | 12426.38 | 621.32 | 13047.70 | 150.05 | 12897.65 |
| 9 | 12897.65 | 644.88 | 13542.53 | 155.74 | 13386.79 |
| 10 | 13386.79 | 669.34 | 14056.13 | 161.65 | 13894.48 |
|  Cumulative |  | $5693.45 |  | $1798.97 |  |

---

**AB Sustainable Thematic Balanced Portfolio** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Hypothetical**<br> **Investment** | **Hypothetical**<br> **Performance**<br> **Earnings** | **Investment**<br> **After**<br> **Returns** | **Hypothetical**<br> **Expenses\*** | **Hypothetical**<br> **Ending**<br> **Investment** |
| 1 | $10000.00 | $478.75 | $10053.75 | $526.54 | $9952.21 |
| 2 | 9952.21 | 497.61 | 10449.82 | 130.62 | 10319.20 |
| 3 | 10319.20 | 515.96 | 10835.16 | 135.44 | 10699.72 |
| 4 | 10699.72 | 534.99 | 11234.71 | 140.43 | 11094.28 |
| 5 | 11094.28 | 554.71 | 11648.99 | 145.61 | 11503.38 |
| 6 | 11503.38 | 575.17 | 12078.55 | 150.98 | 11927.57 |
| 7 | 11927.57 | 596.38 | 12523.95 | 156.55 | 12367.40 |
| 8 | 12367.40 | 618.37 | 12985.77 | 162.32 | 12823.45 |
| 9 | 12823.45 | 641.17 | 13464.62 | 168.31 | 13296.31 |
| 10 | 13296.31 | 664.82 | 13961.13 | 174.51 | 13786.62 |
|  Cumulative |  | $5677.93 |  | $1891.31 |  |

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##### [**Table of Contents**](#toc)
**AB Tax-Managed Wealth Appreciation Strategy** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Hypothetical**<br> **Investment** | **Hypothetical**<br> **Performance**<br> **Earnings** | **Investment**<br> **After**<br> **Returns** | **Hypothetical**<br> **Expenses\*** | **Hypothetical**<br> **Ending**<br> **Investment** |
| 1 | $10000.00 | $478.75 | $10053.75 | $523.53 | $9955.22 |
| 2 | 9955.22 | 497.76 | 10452.98 | 131.71 | 10321.27 |
| 3 | 10321.27 | 516.06 | 10837.33 | 136.55 | 10700.78 |
| 4 | 10700.78 | 535.04 | 11235.82 | 141.57 | 11094.25 |
| 5 | 11094.25 | 554.71 | 11648.96 | 146.78 | 11502.18 |
| 6 | 11502.18 | 575.11 | 12077.29 | 152.17 | 11925.12 |
| 7 | 11925.12 | 596.26 | 12521.38 | 157.77 | 12363.61 |
| 8 | 12363.61 | 618.18 | 12981.79 | 163.57 | 12818.22 |
| 9 | 12818.22 | 640.91 | 13459.13 | 169.59 | 13289.54 |
| 10 | 13289.54 | 664.48 | 13954.02 | 175.82 | 13778.20 |
|  Cumulative |  | $5677.26 |  | $1899.06 |  |

---

\* 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 Fee Table.

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##### [**Table of Contents**](#toc)
**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 (*i.e.*, Class A) or level-load (*i.e.*, 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 and discounts 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 <u>ml.com/funds</u>. 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 the 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 22I(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

• 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

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##### [**Table of Contents**](#toc)
***Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent***

• Breakpoint discounts, as described in the 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

• 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

• 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 (including 529 program holdings, where applicable) within the purchaser's household at Merrill Lynch. Eligible fund
family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

• Letters of Intent ("LOI") which allow for breakpoint discounts based on anticipated purchases within
a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

**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 that (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.

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• 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

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##### [**Table of Contents**](#toc)
• 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)

• 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

• 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

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***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)

• 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 (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 OPCO

• 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 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 Prospectus

• 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

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**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.

• 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"):

&nbsp;&nbsp;&nbsp;&nbsp;• The redemption and repurchase occur in the same account.

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&nbsp;&nbsp;&nbsp;&nbsp;• 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<sup>th</sup> 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:

&nbsp;&nbsp;&nbsp;&nbsp;• A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;• A 529 account held on an Edward Jones Platform

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**Waivers Specific to Baird** 

Effective June 15, 2020, shareholders purchasing Fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in the Prospectus or the SAI.

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***Front-End Sales Charge Waivers on Class 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 affiliate and their family members
as designated by Baird

• Shares purchased from the proceeds of redemptions from another AB Mutual Fund, provided (1) the repurchase
occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (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 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 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 Classes 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 required age based on applicable rules

• 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 Accumulation***

• 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 AB Mutual Fund assets held by accounts within the purchaser's household at Baird. Eligible AB Mutual Fund assets not held at Baird may be included in the Rights of Accumulation 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 Mutual Funds 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

**Waiver 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 Statement of Additional Information.

***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

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• 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 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

• 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.

***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.

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• 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.

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For more information about the Funds, the following documents are available upon request:

**•** **ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS AND FORM N-CSR FILINGS** 

Each Fund's annual and semi-annual reports to shareholders and filings on Form N-CSR contain additional information on the Fund's 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 Fund's filings on Form N-CSR, you will find the Fund's 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 the Funds' Form N-CSR for its most recent fiscal year are [incorporated](http://www.sec.gov/Archives/edgar/data/812015/000119312525263660/d75513dncsr.htm) 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:

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| | |
|:---|:---|
| **By Mail:** | AllianceBernstein Investor Services, Inc.<br> P.O. Box 786003<br>San Antonio, TX 78278-6003 |
| **By Phone:** | For Information: (800) 221-5672<br>For Literature: (800) 227-4618 |
| **On the Internet:** | <u>www.abfunds.com</u> |

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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 (<u>https://www.sec.gov</u>). 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: <u>www.abfunds.com</u>.

The [A/B] Logo is a service mark of AllianceBernstein and AllianceBernstein<sup>®</sup> is a registered trademark used by permission of the owner, AllianceBernstein L.P.

SEC File No. 811-05088

**PRO-0106-0126**![LOGO](g938898g22c48.jpg)