AB Portfolios

10/31/2024 | Press release | Distributed by Public on 10/31/2024 13:28

Summary Prospectus by Investment Company - Form 497K

The AB Portfolios - AB Growth Fund
SUMMARY PROSPECTUS October 31, 2024

AB Growth Fund

Ticker: Class A-AGRFX; Class C-AGRCX; Class I-AGFIX; Advisor Class-AGRYX

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information ("SAI"), both dated October 31, 2024, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, reports to shareholders and other information about the Fund, go to www.abfunds.com/go/prospectus, email a request to [email protected], call (800) 227-4618, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund. The Fund's reports to shareholders are also available at www.abfunds.com/go/GF.

PRO-0101-GRO-1024

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 AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Funds-Sales Charge Reduction Programs for Class A Shares on page 67 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 128 of the Fund's SAI.

Shareholder Fees (fees paid directly from your investment)

Class A
Shares
Class C
Shares
Advisor Class
Shares
Class I
Shares

Maximum Sales Charge (Load) Imposed on Purchases

(as a percentage of offering price)

4.25% None None None

Maximum Deferred Sales Charge (Load)

(as a percentage of offering price or redemption proceeds, whichever is lower)

None(a) 1.00%(b) None None

Exchange Fee

None None None None

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

.75% .75% .75% .75%

Distribution and/or Service (12b-1) Fees

.25% 1.00% None None

Other Expenses:

Transfer Agent

.08% .08% .08% .10%

Other Expenses

.04% .04% .04% .04%

Total Other Expenses

.12% .12% .12% .14%

Total Annual Fund Operating Expenses

1.12% 1.87% .87% .89%
(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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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 those periods. The Examples also assume that your investment has a 5% return each year and that the Fund's operating expenses stay the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Class A Class C Advisor Class Class I

After 1 Year

$ 534 $ 290 * $ 89 $ 91

After 3 Years

$ 766 $ 588 $ 278 $ 284

After 5 Years

$ 1,016 $ 1,011 $ 482 $ 493
After 10 Years $ 1,730 $ 1,995 $ 1,073 $ 1,096
*

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 37% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests primarily in domestic equity securities of companies selected by the Fund's Adviser for their growth potential within various market sectors. When selecting securities, the Adviser looks for companies that have experienced management teams, strong market positions, and the potential to deliver greater-than-expected earnings growth rates.

In managing the Fund, the Adviser allocates investments among broad sector groups and selects specific investments based on the fundamental company research conducted by the Adviser's internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The Adviser's research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and clear competitive advantages.

The Fund has the flexibility to invest across the capitalization spectrum. The Fund is designed for those seeking exposure to companies of various sizes, and typically has substantial investments in both large-capitalization companies and mid-capitalization companies, and may also invest in small-capitalization companies.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund's portfolio from a decline in value.

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) 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.

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund's net asset value, or NAV.

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.

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.

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 www.abfunds.com (click on "Investments-Mutual Funds").

The Fund's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.

Bar Chart

The annual returns in the bar chart are for the Fund's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through September 30, 2024, the year-to-date unannualized return for Class A shares was 21.88%.

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

Best Quarter was up 29.16%, 2nd quarter, 2020; and Worst Quarter was down -19.42%, 2nd quarter, 2022.

Performance Table*

Average Annual Total Returns

(For the periods ended December 31, 2023)

1 Year 5 Years 10 Years
Class A** Return Before Taxes 31.65% 14.85% 13.21%
Return After Taxes on Distributions 29.53% 13.19% 11.41%
Return After Taxes on Distributions and Sale of Fund Shares 20.11% 11.77% 10.52%
Class C Return Before Taxes 35.48% 14.99% 12.85%
Advisor Class Return Before Taxes 37.81% 16.15% 13.99%
Class I Return Before Taxes 37.42% 16.16% 14.06%

S&P 500 Index

(reflects no deduction for fees, expenses, or taxes)***

26.29% 15.69% 12.03%
Russell 3000® Growth Index
(reflects no deduction for fees, expenses, or taxes)
41.21% 18.85% 14.33%
*

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 July 31, 2024 and July 31, 2020 by .06% and .07%, respectively.

**

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 an estimate, which is 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.

***

Effective July 24, 2024, the primary broad-based index used for comparison with the Fund's performance changed from the Russell 3000® Growth Index to the S&P 500 Index to comply with new regulations that require the Fund's primary benchmark to reflect the overall market in which the Fund may invest. The Fund's previous primary benchmark, the Russell 3000® Growth Index, which more closely reflects the market segments in which the Fund invests, is now the Fund's secondary benchmark.

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INVESTMENT ADVISER

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

PORTFOLIO MANAGERS

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

Employee Length of Service Title
John H. Fogarty Since 2013 Senior Vice President of the Adviser
Ryan Oden Since October 2024 Senior Vice President of the Adviser
Vinay Thapar Since 2023 Senior Vice President of the Adviser

PURCHASE AND SALE OF FUND SHARES

Purchase Minimums

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

Initial Subsequent
Class A/Class C shares, including traditional IRAs and Roth IRAs $2,500 $50
Automatic Investment Program None $50
If initial investment is
less than $2,500, then $200
monthly until account balance
reaches $2,500
Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) None None
Class A and Class I shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans where in each case plan level or omnibus accounts are held on the books of the Fund. None None

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

TAX INFORMATION

The Fund may pay income dividends or make capital gains distributions, which may be subject to 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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