AN EQUITY PLAYBOOK FOR UNPREDICTABLE MARKETS

Five Reasons to Consider Equities Now

UNCERTAINTY CREATES ALPHA POTENTIAL. NOW IS THE TIME TO BE ACTIVE, TO FIND THE WINNERS AND AVOID THE LOSERS.

THE ACTIVE EQUITY PLAYS

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TRUMP’S AGENDA IS BULLISH FOR (MOST) STOCKS

EQUITIES AREN’T AS EXPENSIVE AS YOU MIGHT THINK

PASSIVE INVESTING LOOKS STRETCHED

THE GREAT BETA TRADE IS FADING

RISING RATES + STOCK DISPERSION = OPPORTUNITY FOR ACTIVE MANAGERS

A BETTER PATH WITH AB

AB Solutions Have Historically Offered Strong Alpha Opportunities

MACRO VIEW EQUITY TILT AB FUND MORNINGSTAR RATING EXPLORE STRATEGY
OPTIMISTIC
Smaller-Caps/
Value
AB Discovery Value Fund (ABYSX)
Among 356 Mid-Cap Value Funds
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UNCLEAR
Larger-Caps/
Quality/Growth
AB Large Cap Growth Fund (APGYX)
Among 1,277 Large Growth Funds
FACT SHEET WATCH VIDEO
AB Concentrated Growth Fund (WPSGX)
Among 1,277 Large Growth Funds
FACT SHEET WATCH VIDEO
PESSIMISTIC
Hedged
Equities
AB Select US Long/Short Portfolio (ASYLX)
Among 175 Long-Short Equity Funds
FACT SHEET WATCH VIDEO

Past performance is no guarantee of future results.

Morningstar ratings as of June 30, 2017

Morningstar rankings are specific metrics of performance and do not represent absolute performance of any Fund.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating is for the Advisor share class only; other classes may have different performance characteristics.

Morningstar Category 3-year 5-year 10-year
AB Discovery Value Fund Mid-Cap Value 3 stars among 356 Funds 3 stars among 310 Funds 3 stars among 217 Funds
AB Large Cap Growth Fund Large Growth 5 stars among 1,277 Funds 5 stars among 1,152 Funds 5 stars among 803 Funds
AB Concentrated Growth Fund Large Growth 3 stars among 1,277 Funds 4 stars among 1,152 Funds 4 stars among 803 Funds
AB Select US Long/Short Portfolio Long-Short Equity 3 stars among 175 Funds N/A N/A

Risks to Consider-Market Risk: The market values of the Portfolio’s holdings rise and fall from day to day, so investments may lose value. Non-diversification Risk: The Fund is a “non-diversified” investment company, which means that the Fund may invest a larger portion of its assets in fewer companies than a diversified investment company. This increases the risks of investing in the Fund, since the performance of each stock has a greater impact on the Fund’s performance. To the extent that the Fund invests a relatively high percentage of its assets in securities of a limited number of companies, the Fund may also be more susceptible than a diversified investment company to any single economic, political or regulatory occurrence. Capitalization Size Risk (Small/Mid): Small- and mid-cap stocks are often more volatile than large-cap stocks-smaller companies generally face higher risks due to their limited product lines, markets and financial resources. Foreign (Non-US) Risk: Investing in non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. These risks are magnified in securities of emerging or developing markets. Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than investing in traditional investments, and may be more volatile, especially in a down market. Short-Sale Risk: The risk that the Portfolio will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short; the amount of such loss is theoretically unlimited. Active-Trading Risk: A higher rate of portfolio turnover increases transaction costs, which may negatively affect portfolio returns, and may also result in substantial short-term gains, which may result in adverse tax consequences for shareholders. Leverage Risk: Trying to enhance investment returns by borrowing money or using other leverage tools can magnify both gains and losses, resulting in greater volatility.

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing. There is no assurance that a separately managed account will achieve its investment objective. Separately managed accounts are subject to market risk: the market values of securities owned will fluctuate so that your investment, when redeemed, may be worth more or less than its original cost.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

© AllianceBernstein L.P.