# EDGAR Filing Document

**Accession Number:** 0000812015
**File Stem:** 0001193125-25-335399
**Filing Date:** 2025-12
**Character Count:** 25200
**Document Hash:** 342e7f7905fd86a92c16e0265e7487e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335399.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-335399

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-12988
- **FILM NUMBER:** 251609509

**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 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           |

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| | |
|:---|:---|
| ![LOGO](g944131g67z55.jpg) | SUMMARY PROSPECTUS December 31, 2025 |

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## AB Sustainable Thematic Balanced Portfolio
**Ticker:** Class A–ABPAX; Class C–ABPCX; Class I–APWIX; Advisor Class–ABPYX; Class Z–ABPZX

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information ("SAI"), both dated December 31, 2025, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, reports to shareholders and other information about the Fund, go to <u>www.abfunds.com/go/prospectus</u>, email a request to prorequest@alliancebernstein.com, call (800) 227-4618, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund.

**PRO-0106-STB-1225** 

**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 the Fund's Prospectus, in Appendix B—Financial Intermediary Waivers of the Fund's Prospectus, and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 109 of the Fund's SAI.

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

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

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

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

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(c) The Adviser has contractually agreed to waive 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 end of these periods. The Examples also assume that your investment has a 5% return each year, that the Fund's operating expenses stay the same and that any fee waiver remains in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Advisor Class** | **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.

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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.

**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

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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 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](g944131g20g20.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.** 

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**Performance Table** 

**Average Annual Total Returns** 

(For the periods ended December 31, 2024)

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **1 Year** | **5 Years** | **10 Years** |
| Class A\* | Return Before Taxes | 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% |

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\* After-tax returns:

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

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

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

\*\* 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.

**INVESTMENT ADVISER** 

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

**PORTFOLIO MANAGERS** 

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

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| | | |
|:---|:---|:---|
| **Employee** | **Length of Service** | **Title** |
| 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 |

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**PURCHASE AND SALE OF FUND SHARES** 

**Purchase Minimums** 

The following table describes the initial and subsequent minimum purchase amounts for each class of shares, which are subject to waiver in certain circumstances.

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| | | |
|:---|:---|:---|
| | **Initial** | **Subsequent** |
| Class A/Class C shares, including traditional IRAs and Roth IRAs | $2500 | $50 |
| Automatic Investment Program |  | $50<br> If initial investment is<br>less than $2,500, then<br>$200 monthly until account<br>balance reaches $2,500 |
| Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) |  |  |
| Class A, 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 the Fund. |  |  |

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You may sell (redeem) your shares each day the New York Stock Exchange is open. You may sell your shares through your financial intermediary or by mail (AllianceBernstein Investor Services, Inc., P.O. Box 786003, San Antonio, TX 78278-6003) or telephone ((800) 221-5672).

**TAX INFORMATION** 

The Fund may make income dividends or capital gains distributions, which may be subject to U.S. federal income taxes and taxable as ordinary income or capital gains and may also be subject to state and local taxes.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or a group retirement plan), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| | |
|:---|:---|
| **PRO-0106-STB-1225** | ![LOGO](g944131g22c48.jpg) |

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