AB Discovery Value Fund Class R

This fund endeavors to achieve significant long-term capital appreciation. Its portfolio predominantly comprises a diverse array of common stocks issued by small and mid-sized American enterprises. Ordinarily, a minimum of 80% of its total net assets are dedicated to such small and mid-cap company shares. For the purpose of this investment approach, a small- to mid-capitalization company is defined by its market value at the time of acquisition. This valuation must fall within a range bounded by the smallest company in the Russell 2500® Value Index, and extending up to the greater of $5 billion or the market capitalization of the largest company within that same index.