AB Discovery Value Fund Class K

This fund endeavors to achieve substantial long-term capital appreciation. Its primary investment focus is a broad assortment of equity shares issued by U.S. corporations with small to medium market values. Under typical operating conditions, the fund dedicates a minimum of 80% of its net holdings to the securities of these smaller and mid-sized enterprises. For the application of this particular investment mandate, small- to mid-capitalization companies are defined as those entities whose market capitalization, at the moment of investment, falls within a range delineated by the smallest company in the Russell 2500® Value Index at the lower end, and the higher figure between $5 billion or the market capitalization of the largest company in the Russell 2500® Value Index at the upper end.