AB Growth Funds

LOGO
PROSPECTUS   |   OCTOBER 31, 2022
 
(Shares Offered—Exchange Ticker Symbol)    
LOGO   AB Growth Fund
(Class A–AGRFX; Class C–AGRCX; Class R–AGFRX; Class K–AGFKX; Class I–AGFIX; Advisor Class–AGRYX)
   
LOGO   AB Sustainable Global Thematic Fund
(Class A–ALTFX; Class C–ATECX; Class R–ATERX; Class K–ATEKX; Class I–AGTIX; Advisor Class–ATEYX; Class Z–ATEZX)
LOGO   AB Large Cap Growth Fund
(Class A–APGAX; Class C–APGCX; Class R–ABPRX; Class K–ALCKX; Class I–ALLIX; Advisor Class–APGYX; Class Z–APGZX)
   
LOGO   AB Sustainable International Thematic Fund
(Class A–AWPAX; Class C–AWPCX; Class R–AWPRX; Class K–AWPKX; Class I–AWPIX; Advisor Class–AWPYX; Class Z–AWPZX)
LOGO   AB Concentrated Growth Fund
(Class A–WPASX; Class C–WPCSX; Class R–WPRSX; Class K–WPSKX; Class I–WPSIX; Advisor Class–WPSGX; Class Z–WPSZX)
   
LOGO   AB Global Core Equity Portfolio
(Class A–GCEAX; Class C–GCECX; Advisor Class–GCEYX)
LOGO   AB Discovery Growth Fund
(Class A–CHCLX; Class C–CHCCX; Class R–CHCRX; Class K–CHCKX; Class I–CHCIX; Advisor Class–CHCYX; Class Z–CHCZX)
   
LOGO   AB International Strategic Core Portfolio
(Class A–ISARX; Class C–ISCRX; Advisor Class–ISRYX; Class Z–ISZRX)
LOGO   AB Small Cap Growth Portfolio
(Class A–QUASX; Class C–QUACX; Class R–QUARX; Class K–QUAKX; Class I–QUAIX; Advisor Class–QUAYX; Class Z–QUAZX)
   
LOGO   AB Concentrated International Growth Portfolio
(Class A–CIAGX; Class C–CICGX; Advisor Class–CIGYX)
LOGO   AB Select US Equity Portfolio
(Class A–AUUAX; Class C–AUUCX; Advisor Class–AUUYX; Class R–AUURX; Class K–AUUKX; Class I–AUUIX)
   
LOGO   AB Sustainable US Thematic Portfolio
(Class A–SUTAX; Class C–SUTCX; Advisor Class–FFTYX; Class Z–SUTZX)
LOGO   AB Select US Long/Short Portfolio
(Class A–ASLAX; Class C–ASCLX; Advisor Class–ASYLX; Class R–ASRLX; Class K–ASLKX; Class I–ASILX)
   
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

 
 
 
 
 
 
Investment Products Offered
 
Ø  Are Not FDIC Insured
Ø  May Lose Value
Ø  Are Not Bank Guaranteed

TABLE OF CONTENTS
 
 
    Page  
SUMMARY INFORMATION     4  
    4  
    7  
    11  
    14  
    18  
    22  
    26  
    30  
    34  
    38  
    42  
    46  
    50  
ADDITIONAL INFORMATION ABOUT THE FUNDS’ STRATEGIES, RISKS AND INVESTMENTS     55  
INVESTING IN THE FUNDS     68  
    68  
    70  
    71  
    72  
    72  
    73  
    74  
    74  
    75  
    77  
MANAGEMENT OF THE FUNDS     78  
DIVIDENDS, DISTRIBUTIONS AND TAXES     82  
GENERAL INFORMATION     84  
GLOSSARY OF INVESTMENT TERMS     85  
FINANCIAL HIGHLIGHTS     86  
APPENDIX A—HYPOTHETICAL INVESTMENT AND EXPENSE INFORMATION     A-1  
APPENDIX B—FINANCIAL INTERMEDIARY WAIVERS     B-1  

SUMMARY INFORMATION
 
 
AB Growth Fund
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
   Class C
Shares
   Advisor Class
Shares
   Class
R, K and 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 R     Class K     Class I  
Management Fees
    .75%       .75%       .75%       .75%       .75%       .75%  
Distribution and/or Service (12b-1) Fees
    .25%       1.00%       None       .50%       .25%       None  
Other Expenses:
           
Transfer Agent
    .09%       .09%       .09%       .26%       .20%       .02%  
Other Expenses
    .03%       .03%       .03%       .03%       .03%       .03%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .12%       .12%       .12%       .29%       .23%       .05%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
    1.12%       1.87%       .87%       1.54%       1.23%       .80%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                   
 
(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.
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 R     Class K     Class I  
After 1 Year
  $ 534     $ 290   $ 89     $ 157     $ 125     $ 82  
After 3 Years
  $ 766     $ 588     $ 278     $ 486     $ 390     $ 255  
After 5 Years
  $ 1,016     $ 1,011     $ 482     $ 839     $ 676     $ 444  
After 10 Years
  $ 1,730     $ 1,995     $ 1,073     $ 1,834     $ 1,489     $ 990  
 
*
If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.
 
4

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 34% 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 (“ETFs”). 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 stock market fluctuates. The value of its 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, such as growth, may underperform 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 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. 
 
5

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, 2022, the year-to-date unannualized return for Class A shares was ‑33.30%.
 
LOGO  
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 -15.21%, 1st quarter, 2020. 
Performance Table 
Average Annual Total Returns
(For the periods ended December 31, 2021)
 
           1 Year        5 Years        10 Years       
Class A*   Return Before Taxes      15.92%          23.45%          18.38%    
 
 
  Return After Taxes on Distributions      13.43%          20.87%          16.73%    
 
 
  Return After Taxes on Distributions and Sale of Fund Shares      11.16%          18.56%          15.19%      
Class C   Return Before Taxes      19.24%          23.60%          18.00%      
Advisor Class   Return Before Taxes      21.35%          24.84%          19.21%      
Class R   Return Before Taxes      20.55%          24.06%          18.52%      
Class K   Return Before Taxes      20.94%          24.44%          18.90%      
Class I   Return Before Taxes      21.45%          24.97%          19.34%      
Russell 3000® Growth Index
(reflects no deduction for fees, expenses, or taxes)
     25.85%          24.56%          19.39%      
 
*
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.
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
Bruce K. Aronow*    Since 2013    Senior Vice President of the Adviser
Frank V. Caruso    Since 2008    Senior Vice President of the Adviser
John H. Fogarty    Since 2013    Senior Vice President of the Adviser
*
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
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 54 in this Prospectus.
 
6

AB Large Cap Growth Fund
 
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
   Class C
Shares
   Advisor Class
Shares
   Class
R, K, I and Z
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 R     Class K     Class I     Class Z  
Management Fees
    .48%       .48%       .48%       .48%       .48%       .48%       .48%  
Distribution and/or Service (12b-1) Fees
    .25%       1.00%       None       .50%       .25%       None       None  
Other Expenses:
             
Transfer Agent
    .08%       .08%       .08%       .26%       .20%       .12%       .02%  
Other Expenses
    .01%       .01%       .01%       .01%       .01%       .01%       .01%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .09%       .09%       .09%       .27%       .21%       .13%       .03%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Acquired Fund Fees and Expenses
    .01%       .01%       .01%       .01%       .01%       .01%       .01%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
    .83%       1.58%       .58%       1.26%       .95%       .62%       .52%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Fee Waiver and/or Expense Reimbursement(c)
    (.00)% (d)      (.00)% (d)      (.00)% (d)      (.00)% (d)      (.00)% (d)      (.01)%       (.00)% (d) 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
    .83%       1.58%       .58%       1.26%       .95%       .61%       .52%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                                                         
 
(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, as included in “Acquired Fund Fees and Expenses”. The agreement may only be terminated or changed with the consent of the Fund’s Board of Directors.
 
(d)
Amount is less than .005%.
 
7

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, 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 R     Class K     Class I     Class Z  
After 1 Year
  $ 506     $ 261   $ 59     $ 128     $ 97     $ 63     $ 53  
After 3 Years
  $ 679     $ 499     $ 186     $ 400     $ 303     $ 196     $ 167  
After 5 Years
  $ 866     $ 860     $ 324     $ 692     $ 525     $ 344     $ 291  
After 10 Years
  $ 1,407     $ 1,677     $ 726     $ 1,523     $ 1,166     $ 772     $ 653  
 
*
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 34% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund invests primarily in equity securities of a limited number of large, carefully selected, high-quality U.S. companies. The Fund invests primarily in the domestic equity securities of companies selected by the Fund’s Adviser for their growth potential within various market sectors. The Fund emphasizes investments in large, seasoned companies. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of large-capitalization companies.
For these purposes, “large-capitalization companies” are those that, at the time of investment, have market capitalizations within the range of market capitalizations of companies appearing in the Russell 1000® Growth Index. While the market capitalizations of companies in the Russell 1000® Growth Index ranged from approximately $0.3 billion to $2.2 trillion as of June 30, 2022, the Fund normally will invest in common stocks of companies with market capitalizations of at least $5 billion at the time of purchase.
The Adviser expects that normally the Fund’s portfolio will tend to emphasize investments in securities issued by U.S. companies, although it may invest in foreign securities.
The investment team allocates the Fund’s investments among broad sector groups 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 investment team may vary the percentage allocations among market sectors and may change the market sectors in which the Fund invests as companies’ potential for growth within a sector matures and new trends for growth emerge.
The Adviser’s research focus is in companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.
The Fund may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments.
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 ETFs. 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, sometimes within certain ranges.
PRINCIPAL RISKS
 
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its 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, such as growth, may underperform the market generally. 
 
8

 
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 or health care 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. 
 
 
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. 
 
 
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 instrument, 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. 
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, 2022, the year-to-date unannualized return for Class A shares was ‑32.27%.
 
LOGO  
During the period shown in the bar chart, the Fund’s: 
Best Quarter was up 25.32%, 2nd quarter, 2020; and Worst Quarter was down -11.90%, 4th quarter, 2018. 
 
9

Performance Table 
Average Annual Total Returns
(For the periods ended December 31, 2021)
 
           1 Year        5 Years        10 Years       
Class A*   Return Before Taxes      23.11%          24.20%          19.94%    
 
 
  Return After Taxes on Distributions      20.75%          22.59%          18.34%    
 
 
  Return After Taxes on Distributions and Sale of Fund Shares      15.16%          19.49%          16.50%      
Class C   Return Before Taxes      26.60%          24.35%          19.56%      
Advisor Class   Return Before Taxes      28.89%          25.60%          20.77%      
Class R   Return Before Taxes      28.04%          24.79%          20.04%      
Class K   Return Before Taxes      28.42%          25.17%          20.40%      
Class I   Return Before Taxes      28.84%          25.59%          20.82%      
Class Z**   Return Before Taxes      28.99%          25.70%          20.84%      
Russell 1000® Growth Index
(reflects no deduction for fees, expenses, or taxes)
     27.60%          25.32%          19.79%      
 
*
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.
 
**
Inception date for Class Z shares: 7/1/15. 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 Class Z shares.
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
Frank V. Caruso    Since 2012    Senior Vice President of the Adviser
John H. Fogarty    Since 2012    Senior Vice President of the Adviser
Vinay Thapar    Since 2018    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 54 in this Prospectus.
 
10

AB Concentrated Growth Fund
 
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
   Class C
Shares
   Advisor Class
Shares
  
Class
R, K, I and Z
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 R     Class K     Class I     Class Z  
Management Fees
    .65%       .65%       .65%       .65%       .65%       .65%       .65%  
Distribution and/or Service (12b-1) Fees
    .25%       1.00%       None       .50%       .25%       None       None  
Other Expenses:
             
Transfer Agent
    .05%       .05%       .05%       .23%       .07%       .12%       .03%  
Other Expenses
    .05%       .05%       .05%       .05%       .04%       .04%       .04%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .10%       .10%       .10%       .28%       .11%       .16%       .07%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
    1.00%       1.75%       .75%       1.43%       1.01%       .81%       .72%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                                                         
 
(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.
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 R     Class K     Class I     Class Z  
After 1 Year
  $ 523     $ 278   $ 77     $ 146     $ 103     $ 83     $ 74  
After 3 Years
  $ 730     $ 551     $ 240     $ 452     $ 322     $ 259     $ 230  
After 5 Years
  $ 954     $ 949     $ 417     $ 782     $ 558     $ 450     $ 401  
After 10 Years
  $ 1,598     $ 1,864     $ 930     $ 1,713     $ 1,236     $ 1,002     $ 894  
 
*
If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.
 
11

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 40% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Adviser seeks to achieve the Fund’s investment objective of long-term growth of capital by investing primarily in common stocks of listed U.S. companies. The Adviser employs an appraisal method that attempts to measure each prospective company’s quality and growth rate by numerous factors. Such factors include: a company’s record and projections of profit and earnings growth, accuracy and availability of information with respect to the company, success and experience of management, accessibility of management to the Fund’s Adviser, product lines and competitive position both in the United States and abroad, lack of cyclicality, large market capitalization and liquidity of the company’s securities. The Adviser compares these results to the general stock markets to determine the relative attractiveness of each company at a given time. The Adviser weighs economic, political and market factors in making investment decisions; this appraisal technique attempts to measure each investment candidate not only against other stocks of the same industry group, but also against a broad spectrum of investments. While the Fund primarily invests in companies that have market capitalizations of $5 billion or more, it may invest in companies that have market capitalizations of $3 billion to $5 billion.
The Fund invests in a relatively small number of individual stocks. The Fund is considered to be “non-diversified”, which means that the securities laws do not limit the percentage of its assets that it may invest in any one company (subject to certain limitations under the U.S. Internal Revenue Code of 1986, as amended).
PRINCIPAL RISKS
 
Market Risk: The value of the Fund’s assets will fluctuate as the equity markets 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, such as growth, may underperform 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 or health care 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 mid-capitalization companies may be more volatile and less liquid than investments in large-capitalization companies. 
 
 
Non-diversification Risk: The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s NAV. 
 
 
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 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. 
 
12

The information shown below reflects the historical performance of the W.P. Stewart & Co. Growth Fund and that fund’s predecessor (together the “Predecessor Fund”) prior to the reorganization of the Predecessor Fund into Advisor Class shares of the Fund on February 28, 2014. The Predecessor Fund and the Fund have substantially similar investment strategies and the same portfolio management team. 
Bar Chart
The annual returns in the bar chart are for the Predecessor Fund’s shares for periods prior to its reorganization into Advisor Class shares of the Fund. Through September 30, 2022, the year-to-date unannualized return for Advisor Class shares was -31.08%.
 
LOGO  
During the period shown in the bar chart, the Fund’s: 
Best Quarter was up 21.51%, 2nd quarter, 2020; and Worst Quarter was down -19.60%, 1st quarter, 2020. 
Performance Table 
Average Annual Total Returns
(For the periods ended December 31, 2021)
 
           1 Year        5 Years        10 Years       
Class A*,**   Return Before Taxes      25.57%          21.32%          17.36%    
 
 
  Return After Taxes on Distributions      22.63%          19.74%          16.35%    
 
 
  Return After Taxes on Distributions and Sale of Fund Shares      17.16%          17.11%          14.55%      
Class C*   Return Before Taxes      29.17%          21.46%          16.99%      
Advisor Class   Return Before Taxes      31.47%          22.68%          18.16%      
Class R*   Return Before Taxes      30.62%          22.01%          17.55%      
Class K*   Return Before Taxes      31.11%          22.34%          17.86%      
Class I*   Return Before Taxes      31.38%          22.67%          18.17%      
Class Z*   Return Before Taxes      31.51%          22.71%          18.18%      
S&P 500® Index
(reflects no deduction for fees, expenses, or taxes)
     28.71%          18.47%          16.55%      
 
*
Inception date for Class A, Class C, Class R, Class K, Class I and Class Z shares: 2/28/14. Performance information for periods prior to the inception of Class A, Class C, Class R, Class K, Class I and Class Z shares is the performance of the Fund’s Advisor Class shares adjusted to reflect the respective expenses of the Class A, Class C, Class R, Class K, Class I and Class Z shares.
 
**
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.
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
James Tierney    Since 2013    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 54 in this Prospectus.
 
13

AB Discovery Growth Fund
 
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
   Class C
Shares
   Advisor Class
Shares
   Class
R, K, I and Z
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 R     Class K     Class I     Class Z  
Management Fees
    .59%       .59%       .59%       .59%       .59%       .59%       .59%  
Distribution and/or Service (12b-1) Fees
    .23%       1.00%       None       .50%       .25%       None       None  
Other Expenses:
             
Transfer Agent
    .07%       .07%       .07%       .25%       .20%       .10%       .02%  
Other Expenses(c)
    .02%       .02%       .02%       .02%       .03%       .02%       .03%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .09%       .09%       .09%       .27%       .23%       .12%       .05%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
    .91%       1.68%       .68%       1.36%       1.07%       .71%       .64%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Fee Waiver and/or Expense Reimbursement(d)
    (.00)% (e)      (.00)% (e)      (.00)% (e)      (.00)% (e)      (.01)%       (.00)% (e)      (.00)% (e) 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
    .91%       1.68%       .68%       1.36%       1.06%       .71%       .64%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                           
 
(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)
“Other Expenses” includes acquired fund fees and expenses totaling less than .01%.
 
(d)
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. The agreement may only be terminated or changed with the consent of the Fund’s Board of Directors.
 
(e)
Amount is less than .005%.
 
14

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, 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 R     Class K     Class I     Class Z  
After 1 Year
  $ 514     $ 271   $ 69     $ 138     $ 108     $ 73     $ 65  
After 3 Years
  $ 703     $ 530     $ 218     $ 431     $ 339     $ 227     $ 205  
After 5 Years
  $ 907     $ 913     $ 379     $ 745     $ 589     $ 395     $ 357  
After 10 Years
  $ 1,497     $ 1,782     $ 847     $ 1,635     $ 1,305     $ 883     $ 798  
 
*
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 64% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall U.S. market. Under normal circumstances, the Fund invests at least 80% of its net assets in the equity securities of small- and mid-capitalization companies. For these purposes, “small- and mid-capitalization companies” are generally those companies that, at the time of investment, fall within the lowest 25% of the total U.S. equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). As of June 30, 2022, there were approximately 3,518 companies within the lowest 25% of the total U.S. equity market capitalization (excluding companies with market capitalizations of less than $10 million) with market capitalizations ranging from $10.0 million to $28.3 billion. Because the Fund’s definition of small- and mid-capitalization companies is dynamic, the limits on market capitalization will change with the markets. In the future, the Fund may define small- and mid-capitalization companies using a different classification system.
The Fund may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Fund’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Fund may invest in foreign securities.
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 Fund, the Adviser combines fundamental and quantitative analysis in its stock selection process. The Fund may periodically invest in the securities of companies that are expected to appreciate due to a development particularly or uniquely applicable to that company regardless of general business conditions or movements of the market as a whole.
The Fund invests principally in equity securities but may also invest in other types of securities, such as preferred stocks. The Fund, at times, invests in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments. The Fund may also invest up to 20% of its total assets in rights and warrants.
The Fund may enter into derivatives transactions, such as options, futures contracts, forwards and swaps to manage risk and to seek to generate additional returns. 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 ETFs. 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, sometimes within certain ranges.
 
15

PRINCIPAL RISKS
 
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its 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, such as growth, may underperform the market generally. 
 
 
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. 
 
 
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. 
 
 
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 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, 2022, the year-to-date unannualized return for Class A shares was -38.23%.
 
LOGO  
During the period shown in the bar chart, the Fund’s: 
Best Quarter was up 36.18%, 2nd quarter 2020; and Worst Quarter was down -22.52%, 4th quarter, 2018. 
 
16

Performance Table 
Average Annual Total Returns
(For the periods ended December 31, 2021)
 
           1 Year        5 Years        10 Years       
Class A*   Return Before Taxes      6.12%          21.72%          16.30%    
 
 
  Return After Taxes on Distributions      2.06%          18.24%          14.12%    
 
 
  Return After Taxes on Distributions and Sale of Fund Shares      6.02%          16.90%          13.15%      
Class C   Return Before Taxes      9.26%          21.87%          15.91%      
Advisor Class   Return Before Taxes      11.10%          23.06%          17.08%      
Class R   Return Before Taxes      10.41%          22.27%          16.34%      
Class K   Return Before Taxes      10.75%          22.62%          16.68%      
Class I   Return Before Taxes      11.07%          23.04%          17.09%      
Class Z**   Return Before Taxes      11.15%          23.14%          17.15%      
Russell 2500® Growth Index
(reflects no deduction for fees, expenses, or taxes)
     5.04%          17.65%          15.75%      
 
*
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.
 
**
Inception date for Class Z: 5/30/14. 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.
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
Bruce K. Aronow*    Since 2008    Senior Vice President of the Adviser
Esteban Gomez    Since 2019    Senior Vice President of the Adviser
Samantha S. Lau    Since 2008    Senior Vice President of the Adviser
Heather Pavlak    Since 2019    Vice President of the Adviser
Wen-Tse Tseng    Since 2008    Senior Vice President of the Adviser
*
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
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 54 in this Prospectus.
 
17

AB Small Cap Growth Portfolio
 
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
  
Class C
Shares
   Advisor Class
Shares
  
Class
R, K, I and Z
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 R     Class K     Class I     Class Z  
Management Fees
    .70%       .70%       .70%       .70%       .70%       .70%       .70%  
Distribution and/or Service (12b-1) Fees
    .25%       1.00%       None       .50%       .25%       None       None  
Other Expenses:
             
Transfer Agent
    .14%       .14%       .14%       .24%       .05%       .12%       .03%  
Other Expenses
    .02%       .02%       .03%       .02%       .03%       .02%       .03%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .16%       .16%       .17%       .26%       .08%       .14%       .06%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
    1.11%       1.86%       .87%       1.46%       1.03%       .84%       .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.
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 R     Class K     Class I     Class Z  
After 1 Year
  $ 533     $ 289   $ 89     $ 149     $ 105     $ 86     $ 78  
After 3 Years
  $ 763     $ 585     $ 278     $ 462     $ 328     $ 268     $ 243  
After 5 Years
  $ 1,011     $ 1,006     $ 482     $ 797     $ 569     $ 466     $ 422  
After 10 Years
  $ 1,719     $ 1,984     $ 1,073     $ 1,746     $ 1,259     $ 1,037     $ 942  
 
*
If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.
 
18

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 54% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund invests primarily in a diversified portfolio of equity securities of issuers with relatively smaller capitalizations as compared to the overall U.S. market. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total U.S. equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). As of June 30, 2022, there were approximately 3,439 smaller companies, and those smaller companies had market capitalizations ranging up to approximately $20.0 billion. Because the Fund’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.
The Fund may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Fund’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Fund may invest in foreign securities.
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 Fund, the Adviser combines fundamental and quantitative analysis in its stock selection process. The Fund may periodically invest in the securities of companies that are expected to appreciate due to a development particularly or uniquely applicable to that company regardless of general business conditions or movements of the market as a whole.
The Fund invests primarily in equity securities but may also invest in other types of securities, such as preferred stocks. The Fund, at times, invests in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments. The Fund may also invest up to 20% of its total assets in rights or warrants.
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 ETFs. 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, sometimes within certain ranges.
PRINCIPAL RISKS
 
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its 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, such as growth, may underperform the market generally. 
 
 
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 or health care 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. 
 
 
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. 
 
 
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.
 
19

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, 2022, the year-to-date unannualized return for Class A shares was -40.85%.
 
LOGO  
During the period shown in the bar chart, the Fund’s: 
Best Quarter was up 36.99%, 2nd quarter, 2020; and Worst Quarter was down -22.40%, 4th quarter, 2018
Performance Table 
Average Annual Total Returns
(For the periods ended December 31, 2021)
 
           1 Year        5 Years        10 Years       
Class A*   Return Before Taxes      4.69%          23.83%          17.51%    
 
 
  Return After Taxes on Distributions      2.31%          20.64%          15.14%    
 
 
  Return After Taxes on Distributions and Sale of Fund Shares      3.94%          18.56%          13.97%      
Class C   Return Before Taxes      7.61%          23.98%          17.13%      
Advisor Class   Return Before Taxes      9.60%          25.22%          18.32%      
Class R   Return Before Taxes      8.92%          24.43%          17.62%      
Class K   Return Before Taxes      9.41%          24.96%          18.07%      
Class I   Return Before Taxes      9.60%          25.22%          18.37%      
Class Z**   Return Before Taxes      9.72%          25.33%          18.39%      
Russell 2000® Growth Index
(reflects no deduction for fees, expenses, or taxes)
     2.83%          14.53%          14.14%      
 
*
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.
 
**
Inception date for Class Z shares: 7/1/15. 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.
 
20

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
Bruce K. Aronow*    Since 2000    Senior Vice President of the Adviser
Esteban Gomez    Since 2019    Senior Vice President of the Adviser
Samantha S. Lau    Since 2004    Senior Vice President of the Adviser
Heather Pavlak    Since 2019    Vice President of the Adviser
Wen-Tse Tseng    Since 2006    Senior Vice President of the Adviser
*
Mr. Aronow is expected to retire from the Adviser effective December 31, 2023.
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 54 in this Prospectus.
 
21

AB Select US Equity Portfolio
 
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
   Class C
Shares
   Advisor Class
Shares
   Class
R, K and 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 R     Class K     Class I  
Management Fees
    1.00%       1.00%       1.00%       1.00%       1.00%       1.00%  
Distribution and/or Service (12b-1) Fees
    .25%       1.00%       None       .50%       .25%       None  
Other Expenses:
           
Transfer Agent
    .02%       .02%       .02%       .23%       .20%       .02%  
Other Expenses(c)
    .20%       .20%       .20%       .24%       .20%       .20%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .22%       .22%       .22%       .47%       .40%       .22%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
    1.47%       2.22%       1.22%       1.97%       1.65%       1.22%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Fee Waiver and/or Expense Reimbursement(d)
    (.00)% (e)      (.00)% (e)      (.00)% (e)      (.11)%       (.10)%       (.01)%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
    1.47%       2.22%       1.22%       1.86%       1.55%       1.21%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                   
 
(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)
“Other Expenses” includes acquired fund fees and expenses totaling less than .01%.
 
(d)
The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund until October 31, 2023 to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 1.55%, 2.30%, 1.30%, 1.80%, 1.55% and 1.30% of average daily net assets, respectively, for Class A, Class C, Advisor Class, Class R, Class K and Class I shares. In addition, 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 October 31, 2023 and may only be terminated or changed with the consent of the Fund’s Board of Directors. 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.
 
(e)
Amount is less than .005%.
 
22

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, 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 R     Class K     Class I  
After 1 Year
  $ 568     $ 325   $ 124     $ 189     $ 158     $ 123  
After 3 Years
  $ 870     $ 694     $ 387     $ 608     $ 511     $ 386  
After 5 Years
  $ 1,194     $ 1,190     $ 670     $ 1,052     $ 888     $ 669  
After 10 Years
  $ 2,108     $ 2,365     $ 1,477     $ 2,287     $ 1,946     $ 1,476  
 
*
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 197% of the average value of its portfolio.
PRINCIPAL STRATEGIES
Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies. For purposes of this policy, equity securities include common stock, preferred stock and derivatives related to common and preferred stocks.
The Adviser selects investments for the Fund through an intensive “bottom-up” approach that places an emphasis on companies that are engaged in business activities with solid long-term growth potential and operating in industries with high barriers to entry, that have strong cash flows and other financial metrics, and that have transparent financial statements and business models. The Adviser also evaluates the quality of company management based on a series of criteria, including: (1) management’s focus on shareholder returns, such as through a demonstrated commitment to dividends and dividend growth, share buybacks or other shareholder-friendly corporate actions; (2) management’s employment of conservative accounting methodologies; (3) management incentives, such as direct equity ownership; and (4) management accessibility. The Adviser seeks to identify companies where events or catalysts may drive the company’s share price higher, such as earnings and/or revenue growth above consensus forecasts, potential market recognition of undervaluation or overstated market-risk discount, or the institution of shareholder-focused changes discussed in the preceding sentence. In light of this catalyst-focused approach, the Adviser expects to engage in active and frequent trading for the Fund.
The Adviser may reduce or eliminate the Fund’s holdings in a company’s securities for a number of reasons, including if its evaluation of the above factors changes adversely, if the anticipated events or catalysts do not occur or do not affect the price of the securities as expected, or if the anticipated events or catalysts do occur and cause the securities to be, in the Adviser’s view, overvalued or fully valued. At any given time the Fund may emphasize growth stocks over value stocks, or vice versa.
The Fund’s investments will be focused on securities of companies with large and medium market capitalizations, but it may also invest in securities of small-capitalization companies. The Fund may invest in non-U.S. companies, but will limit its investments in such companies to no more than 10% of its net assets. The Fund may purchase securities in initial public offerings (“IPOs”) and expects to do so on a regular basis.
PRINCIPAL RISKS
 
Market Risk: The value of the Fund’s assets will fluctuate as the stock, bond or currency markets 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 underperform the market generally. 
 
 
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 these companies may have additional risks because these companies may have limited product lines, markets or financial resources. 
 
23

 
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. 
 
 
IPO Risk: Securities purchased in an IPO may be subject to substantial price volatility due to one or more factors such as unseasoned trading in the securities, the lack of investor knowledge of the issuer, the lack of an operating history of the issuer, and the dependence of the issuer on key personnel, suppliers or a limited number of customers. 
 
 
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 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, 2022, the year-to-date unannualized return for Class A shares was -20.48%.
 
LOGO  
During the period shown in the bar chart, the Fund’s: 
Best Quarter was up 17.40%, 2nd quarter, 2020; and Worst Quarter was down -19.59%, 1st quarter, 2020. 
 
24

Performance Table 
Average Annual Total Returns
(For the periods ended December 31, 2021)
 
           1 Year        5 Years        10 Years       
Class A*   Return Before Taxes      24.28%          16.46%          15.04%    
 
 
  Return After Taxes on Distributions      17.02%          12.86%          12.35%    
 
 
  Return After Taxes on Distributions and Sale of Fund Shares      16.81%          11.92%          11.42%      
Class C   Return Before Taxes      27.81%          16.60%          14.68%      
Advisor Class   Return Before Taxes      30.09%          17.76%          15.83%      
Class R   Return Before Taxes      29.41%          17.14%          15.22%      
Class K   Return Before Taxes      29.73%          17.41%          15.47%      
Class I   Return Before Taxes      30.13%          17.79%          15.84%      
S&P 500® Index
(reflects no deduction for fees, expenses or taxes)
     28.71%          18.47%          16.55%      
 
*
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.
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
Kurt A. Feuerman    Since 2011    Senior Vice President of the Adviser
Anthony Nappo    Since 2015    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 54 in this Prospectus.
 
25

AB Select US Long/Short Portfolio
 
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
   Class C
Shares
   Advisor Class
Shares
   Class
R, K and 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 R     Class K     Class I  
Management Fees
    1.50%       1.50%       1.50%       1.50%       1.50%       1.50%  
Distribution and/or Service (12b-1) Fees
    .25%       1.00%       None       .50%       .25%       None  
Other Expenses:
           
Transfer Agent
    .06%       .06%       .06%       .14%       .05%       .03%  
Dividend Expense, Borrowing Costs and Brokerage Expense on Securities Sold Short
    .01%       .01%       .01%       .01%       .00%       .01%  
Other Expenses
    .04%       .04%       .04%       .04%       .03%       .03%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .11%       .11%       .11%       .19%       .08%       .07%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Acquired Fund Fees and Expenses
    .03%       .03%       .03%       .03%       .03%       .03%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
    1.89%       2.64%       1.64%       2.22%       1.86%       1.60%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Fee Waiver and/or Expense Reimbursement(c)
    (.03)%       (.03)%       (.03)%       (.06)%       (.03)%       (.02)%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
    1.86%       2.61%       1.61%       2.16%       1.83%       1.58%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                   
 
(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 to bear certain expenses of the Fund until October 31, 2023 to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 1.90%, 2.65%, 1.65%, 2.15%, 1.90% and 1.65% of average daily net assets, respectively, for Class A, Class C, Advisor Class, Class R, Class K and Class I shares. In addition, 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 October 31, 2023 and may only be terminated or changed with the consent of the Fund’s Board of Directors. 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.
 
26

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, 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 R     Class K     Class I  
After 1 Year
  $ 606     $ 364   $ 164     $ 219     $ 186     $ 161  
After 3 Years
  $ 991     $ 818     $ 514     $ 688     $ 582     $ 503  
After 5 Years
  $ 1,400     $ 1,397     $ 889     $ 1,184     $ 1,003     $ 869  
After 10 Years
  $ 2,540     $ 2,790     $ 1,941     $ 2,550     $ 2,177     $ 1,898  
                   
 
*
If you did not redeem your shares at the end of the period, your expenses would decrease 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 243% of the average value of its portfolio.
PRINCIPAL STRATEGIES
Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies, short positions in such securities, and cash and U.S. cash equivalents.
The Adviser selects investments for the Fund’s long positions through an intensive “bottom-up” approach that places an emphasis on companies that are engaged in business activities with solid long-term growth potential and high barriers to entry, that have strong cash flows and other financial metrics, and that have transparent financial statements and business models. The Adviser also evaluates the quality of company management based on a series of criteria, including: (1) management’s focus on shareholder returns, such as through a demonstrated commitment to dividends and dividend growth, share buybacks or other shareholder-friendly corporate actions; (2) management’s employment of conservative accounting methodologies; (3) management incentives, such as direct equity ownership; and (4) management accessibility. The Adviser seeks to identify companies where events or catalysts may drive the company’s share price higher, such as earnings and/or revenue growth above consensus forecasts, potential market recognition of undervaluation or overstated market-risk discount, or the institution of any of the shareholder-friendly practices discussed in the preceding sentence. In light of this catalyst-focused approach, the Adviser expects to engage in active and frequent trading for the Fund.
The Adviser may reduce or eliminate the Fund’s holdings in a company’s securities for a number of reasons, including if its evaluation of the above factors changes adversely, if the anticipated events or catalysts do not occur or do not affect the price of the securities as expected, or if the anticipated events or catalysts do occur and cause the securities to be, in the Adviser’s view, overvalued or fully valued. At any given time the Fund may emphasize growth stocks over value stocks, or vice versa.
In determining securities to be sold short, the Adviser looks for companies facing near-term difficulties such as high valuations, quality of earnings issues, or weakness in demand due to economic factors or long-term issues such as changing technology or competitive concerns in their industries. The Fund may also sell securities of exchange-traded funds (“ETFs”) short, including to hedge its exposure to specific market sectors or if it believes a specific sector or asset will decline in value. When the Fund sells securities short, it sells a stock that it does not own (but has borrowed) at its current market price in anticipation that the price of the stock will decline. To complete, or close out, the short sale transaction, the Fund buys the same stock in the market at a later date and returns it to the lender.
The Adviser derives the ratio between long and short positions for the Fund based on its bottom-up analysis supplemented with macro-economic and market analyses. Under normal market conditions, the net long exposure of the Fund (long exposure minus short exposure) will range between 30% and 70%. The Adviser seeks to minimize the variability of Fund returns through industry diversification as well as by managing long and short exposures and/or by holding a material level of cash and/or cash equivalents. For example, the Fund may hold long positions in equity securities with a value equal to 60% of its net assets and have short sale obligations equal to 15% of its net assets, resulting in 45% net long exposure. Assuming a 60% long exposure, 40% of Fund assets will be held in cash or cash equivalents, including cash and cash equivalents held to cover the Fund’s short sale obligations. During periods of excessive market risk, the Adviser may reduce the net long exposure of the Fund. The Fund may at times hold long and short positions that in the aggregate exceed the value of its net assets (i.e., so that the Fund is effectively leveraged).
  
27

The Fund’s investments will be focused on securities of companies with large and medium market capitalizations, but it may also take long and short positions in securities of small-capitalization companies. The Fund may invest in non-U.S. companies, but currently intends to limit its investments in such companies to no more than 10% of its net assets. The Fund may purchase securities in initial public offerings (“IPOs”) and expects to do so on a regular basis. 
The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps, as part of its investment strategies or for hedging or other risk management purposes. These transactions may be used, for example, as a means to take a short position in a security or sector without actually selling securities short. 
PRINCIPAL RISKS
 
Market Risk: The value of the Fund’s assets will fluctuate as the stock, bond or currency markets 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 underperform the market generally. 
 
 
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. 
 
 
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 instrument, 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, the value of its shares may be more volatile because leverage tends to exaggerate the effect of any increase or decrease in 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 these companies may have additional risks because these companies may have limited product lines, markets or financial resources. 
 
 
Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate is expected to 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. 
 
 
IPO Risk: Securities purchased in an IPO may be subject to substantial price volatility due to one or more factors such as unseasoned trading in the securities, the lack of investor knowledge of the issuer, the lack of an operating history of the issuer, and the dependence of the issuer on key personnel, suppliers or a limited number of customers. 
 
 
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 the life of the Fund; and 
 
 
how the Fund’s average annual returns for one year, five years and since inception 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. 
 
28

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, 2022, the year-to-date unannualized return for Class A shares was ‑11.41%.
 
LOGO  
During the period shown in the bar chart, the Fund’s: 
Best Quarter was up 8.71%, 2nd quarter, 2020; and Worst Quarter was down -10.66%, 1st quarter, 2020. 
Performance Table 
Average Annual Total Returns
(For the periods ended December 31, 2021)
 
           1 Year        5 Years        Since
Inception*
      
Class A**   Return Before Taxes      12.39%          9.72%          8.26%    
 
 
  Return After Taxes on Distributions      8.11%          7.24%          6.48%    
 
 
  Return After Taxes on Distributions and Sale of Fund Shares      8.09%          6.64%          5.84%      
Class C   Return Before Taxes      15.46%          9.84%          7.97%      
Advisor Class   Return Before Taxes      17.55%          10.94%          9.05%      
Class R   Return Before Taxes      16.97%          10.37%          8.50%      
Class K   Return Before Taxes      17.45%          10.67%          8.79%      
Class I   Return Before Taxes      17.65%          10.98%          9.09%      
S&P 500® Index
(reflects no deduction for fees, expenses or taxes)
     28.71%          18.47%          16.49%      
 
*
Inception date for all Classes: 12/12/12.
 
**
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.
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
Kurt A. Feuerman    Since 2012    Senior Vice President of the Adviser
Anthony Nappo    Since 2015    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 54 in this Prospectus.
 
29

AB Sustainable Global Thematic Fund
 
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
   Class C
Shares
   Advisor Class
Shares
   Class
R, K, I and Z
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 R     Class K     Class I     Class Z  
Management Fees
    .65%       .65%       .65%       .65%       .65%       .65%       .65%  
Distribution and/or Service (12b-1) Fees
    .25%       1.00%       None       .50%       .25%       None       None  
Other Expenses:
             
Transfer Agent
    .09%       .09%       .09%       .26%       .20%       .07%       .03%  
Other Expenses
    .03%       .03%       .03%       .03%       .03%       .03%       .03%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .12%       .12%       .12%       .29%       .23%       .10%       .06%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
    1.02%       1.77%       .77%       1.44%       1.13%       .75%       .71%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                                                         
 
(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.
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 R     Class K     Class I     Class Z  
After 1 Year
  $ 525     $ 280   $ 79     $ 147     $ 115     $ 77     $ 73  
After 3 Years
  $ 736     $ 557     $ 246     $ 456     $ 359     $ 240     $ 227  
After 5 Years
  $ 964     $ 959     $ 428     $ 787     $ 622     $ 417     $ 395  
After 10 Years
  $ 1,620     $ 1,886     $ 954     $ 1,724     $ 1,375     $ 930     $ 883  
 
*
If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100.
 
30

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 30% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund pursues opportunistic growth by investing in a global universe of companies whose business activities the Adviser believes position the company to benefit from certain sustainable investment themes that align with one or more of the United Nations Sustainable Development Goals (“SDGs”). These themes include the advancement of climate, health and empowerment. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of issuers located throughout the world that satisfy the Fund’s sustainability criteria. An issuer that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets such criteria, although many of the issuers in which the Fund invests will derive a much greater portion of their revenues from such activities.
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, securities of companies worldwide, 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, focusing on prospective earnings growth, valuation, and quality of company management and on evaluating a company’s exposure 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 company-specific positive selection criteria over broad-based negative screens 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, coal, controversial weapons, firearms, gambling, genetically modified organisms, military contracting, prisons, or tobacco.
The Adviser normally considers a large universe of mid- to large-capitalization companies worldwide for investment.
The Fund invests in securities issued by U.S. and non-U.S. companies from multiple industry sectors in an attempt to maximize opportunity, which should also tend to reduce risk. The Fund invests in both developed and emerging market countries. Under normal market conditions, the Fund invests significantly (at least 40%—unless market conditions are not deemed favorable by the Adviser) in securities of non-U.S. companies. In addition, the Fund invests, under normal circumstances, in the equity securities of companies located in at least three countries. The percentage of the Fund’s assets invested in securities of companies in a particular country or denominated in a particular currency varies in accordance with the Adviser’s assessment of the appreciation potential of such securities. The Fund may invest in any company and industry and in any type of equity security, listed and unlisted, with potential for capital appreciation. It invests in well-known, established companies as well as new, smaller or less-seasoned companies. Investments in new, smaller or less-seasoned companies may offer more reward but may also entail more risk than is generally true of larger, established companies. The Fund may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities, real estate investment trusts (“REITs”) and zero-coupon bonds.
The Fund may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments. Investments in ETFs will not be subject to the Fund’s sustainable investment themes or ESG factors.
Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Fund, from time to time, invests in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.
The Fund may enter into other 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 ETFs. 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, sometimes within certain ranges.
 
31

PRINCIPAL RISKS
 
Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its 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 underperform the market generally. 
 
 
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 or industrials 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. 
 
 
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 factors and “sustainability”criteria are not uniformly defined, and may differ from those used by other funds. In addition, in evaluating an investment, the investment 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. 
 
 
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. 
 
 
Emerging Market Risk: Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory, or other uncertainties. 
 
 
Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns. 
 
 
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. 
 
 
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 instrument, 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. 
 
 
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. 
 
 
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 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. 
On November 1, 2016, the Fund implemented its current investment strategies (previously, the Fund’s investment strategies did not emphasize sustainable investment themes) and also changed its name from AB Global Thematic Growth Fund to AB Sustainable Global Thematic Fund. Accordingly, the performance shown below for periods prior to November 1, 2016 is based on the Fund’s prior investment strategies and may not be representative of the Fund’s performance under its current investment strategies. 
 
32

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, 2022, the year-to-date unannualized return for Class A shares was -34.05%.
 
LOGO  
During the period shown in the bar chart, the Fund’s: 
Best Quarter was up 27.20%, 2nd quarter, 2020; and Worst Quarter was down -15.85%, 1st quarter, 2020. 
Performance Table 
Average Annual Total Returns
(For the periods ended December 31, 2021)
 
           1 Year        5 Years        10 Years  
Class A*   Return Before Taxes      17.11%          21.17%          14.81%  
 
 
 
  Return After Taxes on Distributions      14.56%          19.58%          13.88%  
 
 
 
  Return After Taxes on Distributions and Sale of Fund Shares      11.92%          16.98%          12.25%  
Class C   Return Before Taxes      20.38%          21.31%          14.45%  
Advisor Class   Return Before Taxes      22.59%          22.53%          15.61%  
Class R   Return Before Taxes      21.79%          21.81%          15.04%  
Class K   Return Before Taxes      22.17%          22.18%          15.39%  
Class I   Return Before Taxes      22.61%          22.62%          15.81%  
Class Z**   Return Before Taxes      22.74%          22.63%          15.70%  
MSCI ACWI Index (Net)
(reflects no deduction for fees, expenses, or taxes except the reinvestment of dividends of non-U.S. withholding taxes)
     18.54%          14.40%          11.85%  
 
*
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.
 
**
Inception date for Class Z shares: 7/26/21. 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.
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
Daniel C. Roarty    Since 2013    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 54 in this Prospectus.
 
33

AB Sustainable International Thematic Fund
 
 
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 71 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 132 of the Fund’s Statement of Additional Information (“SAI”).
Shareholder Fees (fees paid directly from your investment)
 
      Class A
Shares
  Class C
Shares
  Advisor Class
Shares
   Class
R, K, I and Z
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 R     Class K     Class I     Class Z  
Management Fees
    .65%       .65%       .65%       .65%       .65%       .65%       .65%  
Distribution and/or Service (12b-1) Fees
    .25%       1.00%       None       .50%       .25%       None       None  
Other Expenses:
             
Transfer Agent
    .05%       .06%       .06%       .26%       .20%       .11%       .02%  
Other Expenses
    .08%       .08%       .08%       .08%       .08%       .08%       .08% (c) 
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Other Expenses
    .13%       .14%       .14%       .34%       .28%       .19%       .10%  
 
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Annual Fund Operating Expenses
   </