AB Funds Supplement

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 Emerging Markets Multi-Asset Portfolio (“EMMA”)

AB Equity Funds (“Equity Funds”)

AB Growth Fund

AB Large Cap Growth Fund

AB Concentrated Growth Fund

AB Concentrated International Growth Portfolio

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 Money Market Portfolio (“Government Money Market”)

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 Arizona Portfolio

AB California Portfolio

AB Massachusetts Portfolio

AB Minnesota Portfolio

AB New Jersey Portfolio

AB New York Portfolio

AB Ohio Portfolio

AB Pennsylvania 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

Sanford C. Bernstein Fund, Inc. (“Bernstein Funds”)

AB International Portfolio

AB Intermediate California Municipal Portfolio

AB Intermediate Diversified Municipal Portfolio

AB Intermediate New York Municipal Portfolio

AB Short Duration Portfolio

AB Tax-Managed International Portfolio

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

Supplement dated November 28, 2017 to the following Prospectuses and Statements of Additional Information, as amended:


Prospectus		Date
Bernstein Funds		January 27, 2017

Bond Funds		January 30, 2017

EMMA		July 31, 2017

Equity Funds		October 31, 2017

Government Money Market		August 31, 2017, as revised November 13, 2017

For each Fund’s Prospectus, the footnote in the section “Investing in the [Fund] — How to Buy Shares — Class A[, Class B] and Class C Shares — Shares Available to Retail Investors — Purchase Minimums and Maximums” is replaced by the following:

For each Prospectus (except the Prospectuses of the Bernstein Funds, Government Money Market, the Municipal Portfolios and Wealth Strategies), the following is added following the section “Investing in the [Fund] — How to Buy Shares —Class A[, Class B] and Class C Shares — Shares Available to Retail Investors — Purchase Minimums and Maximums”:

Class Z Shares — Shares Available to Persons Participating in Certain Fee-Based Programs

Class Z shares are available to persons participating in certain fee-based programs sponsored and maintained by registered broker-dealers or other financial intermediaries with omnibus account arrangements with [the Fund].

For each Prospectus (except the Prospectuses of the Bernstein Funds, Government Money Market, the Municipal Portfolios and Wealth Strategies), the last bullet point in the section “Investing in the [Fund] — Choosing a Share Class” is replaced by the following:

For each Prospectus (except the Prospectus of Government Money Market), the first sentence in the last paragraph in the section “Investing in the [Fund] — Choosing a Share Class” is replaced by the following:

A transaction, service, administrative or other similar fee may be charged by your broker-dealer, agent or other financial intermediary, with respect to the purchase, sale or exchange of [Class A, Class B, Class C, Advisor Class or Class Z] shares made through your financial advisor, or in connection with participation on the intermediary’s platform.

For each Prospectus (except the Prospectuses of the Bernstein Funds, Government Money Market, the Municipal Portfolios and Wealth Strategies), the last sentence in the first paragraph in the section “Investing in the [Fund] — How to Sell or Redeem Shares” is replaced by the following:

For Advisor Class and Class Z shares, if you are in doubt about what procedures or documents are required by your fee-based program or employee benefit plan to sell your shares, you should contact your financial advisor.

Each Statement of Additional Information is revised, as applicable, to incorporate changes conforming to this Supplement.

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

The [A/B] Logo is a service mark of AB and AB^®is a registered trademark used by permission of the owner, AB L.P.


Prospectus		Date

Inflation Strategies		January 31, 2017

Municipal Portfolios		September 29, 2017

Select Retirement Funds		November 30, 2016

Wealth Strategies		December 30, 2016, as revised July 14, 2017