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Jun. 06, 2017
AB BOND FUNDS (“Bond Funds”)
 -AB Credit Long/Short Portfolio
 -AB Global Bond Fund
 -AB High Income Fund
 -AB High Yield Portfolio
 -AB Income Fund
 -AB Intermediate Bond Portfolio
 -AB Limited Duration High Income Portfolio
 -AB Tax-Aware Fixed Income Portfolio
 -AB Unconstrained Bond Fund
AB CONCENTRATED INTERNATIONAL GROWTH PORTFOLIO (“Concentrated International”)
AB EMERGING MARKETS MULTI-ASSET PORTFOLIO (“EMMA”)
AB EQUITY FUNDS (“Equity Funds”)
 -AB Growth Fund
 -AB Large Cap Growth Fund
 -AB Concentrated Growth Fund
 -AB Discovery Growth Fund
 -AB Small Cap Growth Portfolio
 -AB Global Core Equity Portfolio
 -AB Sustainable Global Thematic Fund
 -AB International Growth Fund
 -AB International Strategic Core Portfolio
 -AB Select US Equity Portfolio
 -AB Select US Long/Short Portfolio
AB GOVERNMENT EXCHANGE RESERVES (“Government Exchange Reserves”)
AB INFLATION STRATEGIES (“Inflation Strategies”)
 -AB Bond Inflation Strategy
 -AB Municipal Bond Inflation Strategy
 -AB All Market Real Return Portfolio
AB MULTI-MANAGER SELECT RETIREMENT FUNDS (“Select Retirement Funds”)
 -AB Multi-Manager Select Retirement Allocation Fund
 -AB Multi-Manager Select 2010 Fund
 -AB Multi-Manager Select 2015 Fund
 -AB Multi-Manager Select 2020 Fund
 -AB Multi-Manager Select 2025 Fund
 -AB Multi-Manager Select 2030 Fund
 -AB Multi-Manager Select 2035 Fund
 -AB Multi-Manager Select 2040 Fund
 -AB Multi-Manager Select 2045 Fund
 -AB Multi-Manager Select 2050 Fund
 -AB Multi-Manager Select 2055 Fund
AB MUNICIPAL INCOME PORTFOLIOS (“Municipal Portfolios”)
 -AB National Portfolio
 -AB High Income Municipal Portfolio
 -AB California Portfolio
 -AB Massachusetts Portfolio
 -AB New York Portfolio
 -AB Virginia Portfolio

AB VALUE FUNDS (“Value Funds”)

 -AB All Market Income Portfolio
 -AB Asia ex-Japan Equity Portfolio
 -AB Core Opportunities Fund
 -AB Discovery Value Fund
 -AB Equity Income Fund
 -AB Global Real Estate Investment Fund
 -AB Global Risk Allocation Fund
 -AB Relative Value Fund
 -AB International Value Fund
 -AB Small Cap Value Portfolio
 -AB Value Fund

AB WEALTH STRATEGIES (“Wealth Strategies”)

 -AB Wealth Appreciation Strategy
 -AB All Market Total Return Portfolio
 -AB Conservative Wealth Strategy
 -AB Tax-Managed Wealth Appreciation Strategy
 -AB Tax-Managed All Market Income Portfolio
 

 

Each of the funds listed above is hereinafter referred to as a “Fund” or, collectively, the “Funds.”

 

 

 

Supplement dated June 6, 2017 to the following Prospectuses, as amended:

 

Prospectus
 
Date
 
Prospectus
 
Date
Bond Funds January 30, 2017 Inflation Strategies January 31, 2017
Concentrated International February 13, 2017 Municipal Portfolios September 30, 2016
EMMA July 29, 2016 Value Funds February 28, 2017
Equity Funds November 1, 2016 Wealth Strategies December 30, 2016
Government Exchange Reserves July 11, 2016 Select Retirement Funds November 30, 2016

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The following changes are effective on June 9, 2017:

The following information is added after the first paragraph appearing under the section “Summary Information — Fees and Expenses of the [Fund/Strategy/Portfolio]” for each Fund in the Prospectus for each 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.” 

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