AB BOND FUNDS

-AB Total Return Bond Portfolio

-AB Global Bond Fund

-AB Sustainable Thematic Credit Portfolio

-AB High Income Fund

-AB Limited Duration High Income Portfolio

-AB Income Fund

-AB Short Duration Income Portfolio

-AB High Yield Portfolio

-AB Tax-Aware Fixed Income Opportunities Portfolio

(the “Funds”)

Supplement dated April 19, 2022 to the Funds’ Prospectus dated January 31, 2022, as amended.

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The following replaces the first sentence in the section “Additional Information About the Funds’ Strategies, Risks and Investments – Loan Participations and Assignments” in the Prospectus:

A Fund may invest in direct debt instruments, which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers, either by participating as co-lender at the time the loan is originated or by buying an interest in the loan in the secondary market from a financial institution or institutional investor.

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This Supplement should be read in conjunction with the Prospectus for the Funds.

You should retain this Supplement with your Prospectus for future reference.

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