EXPLORE OUR TOP MORNINGSTAR-RATED FUNDS

3Q 09.30.17

FEATURED FUNDS

EXPLORE OUR TOP MORNINGSTAR-RATED FUNDS

Overall Morningstar RatingsTM Based on Risk-Adjusted Performance Advisor Share Class

TAXABLE BONDS

AB Bond Inflation Strategy (ABNYX) Against 198 Inflation-Protected Bond Funds

AB High Income Fund (AGDYX) Against 601 High Yield Bond Funds

AB High Income Fund is the #1 ranked fund for the 10-year period in the High Yield Funds Category, out of 298.1

AB Income Fund (ACGYX) Against 852 Intermediate-Term Bond Funds

AB Global Bond Fund (ANAYX) Against 285 World Bond Funds

AB High Yield Portfolio (HIYYX) Against 601 High Yield Bond Funds

AB Intermediate Bond Portfolio (ABQYX) Against 852 Intermediate-Term Bond Funds

MUNICIPALS

AB California Portfolio (ALCVX) Against 66 Muni California Intermediate Funds

AB Intermediate California Municipal Portfolio (AICYX) Against 35 Muni Single State Short Funds

AB Intermediate Diversified Municipal Portfolio (AIDYX) Against 171 Muni National Short Funds

AB Intermediate New York Municipal Portfolio (ANIYX) Against 35 Muni Single State Short Funds

AB National Portfolio (ALTVX) Against 257 Muni National Intermediate Funds

AB High Income Municipal Portfolio (ABTYX) Against 146 High Yield Muni Funds

AB Municipal Bond Inflation Strategy (AUNYX) Against 171 Muni National Short Funds

AB New York Portfolio (ALNVX) Against 53 Muni New York Intermediate Funds

AB Tax-Aware Fixed Income Portfolio (ATTYX) Against 257 Muni National Intermediate Funds

ALTERNATIVES

AB Global Real Estate Investment Fund (ARSYX) Against 184 Global Real Estate Funds

EQUITIES

AB Large Cap Growth Fund (APGYX) Against 1,259 Large Growth Funds

AB Concentrated Growth Fund (WPSGX) Against 1,259 Large Growth Funds

AB Core Opportunities Fund (ADGYX) Against 1,259 Large Growth Funds

AB Discovery Value Fund (ABYSX) Against 363 Mid-Cap Value Funds

AB Growth Fund (AGRYX) Against 1,259 Large Growth Funds

AB Relative Value Fund (CBBYX) Against 1,108 Large Value Funds

AB Sustainable Global Thematic Fund (ATEYX) Against 703 World Large Stock Funds

1 Lipper Award 2017 was based on Class A returns at NAV as of November 30, 2016. From Thomson Reuters Lipper Awards, ? 2017 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

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

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VISIT WWW. FOR COMPLETE PERFORMANCE OR CALL YOUR AB REPRESENTATIVE AT (800) 247 4154.

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 or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

Morningstar ratings are only one method of evaluating a fund.

Morningstar ratings for the funds shown reflect performance as of September 30, 2017. The value of each fund will fluctuate as the market fluctuates. The market values of each fund's holdings rise and fall from day to day, so investments may lose value. Past performance does not guarantee future results. Morningstar ratings are specific metrics of performance and do not represent absolute performance of any fund. 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, placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. 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. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Morningstar rating is for the share class noted only; other share classes may have different performance characteristics.

? 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Please note, some of the Morningstar proprietary calculations, including the Morningstar Rating, are not customarily calculated based on adjusted historical returns. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar. The investment's independent Morningstar Rating metric is compared against the retail mutual fund universe breakpoints to determine its hypothetical rating.

Fund

Morningstar Category 3-Year

5-Year

10-Year

AB Bond Inflation Strategy

Inflation-Protected Bond 5 stars among 198 Funds 5 stars among 171 Funds N/A

AB High Income Fund

High Yield Bond

5 stars among 601 Funds 5 stars among 485 Funds N/A

AB Income Fund

Intermediate-Term Bond 5 stars among 852 Funds 5 stars among 773 Funds 5 stars among 546 Funds

AB Global Bond Fund

World Bond

5 stars among 285 Funds 4 stars among 251 Funds 4 stars among 128 Funds

AB High Yield Portfolio

High Yield Bond

3 stars among 601 Funds 4 stars among 485 Funds 5 stars among 319 Funds

AB Intermediate Bond Portfolio

Intermediate-Term Bond 4 stars among 852 Funds 4 stars among 773 Funds 4 stars among 546 Funds

AB California Portfolio

Muni California Intermediate

5 stars among 66 Funds 5 stars among 62 Funds 5 stars among 49 Funds

AB Intermediate California Municipal Portfolio Muni Single State Short 5 stars among 35 Funds 4 stars among 35 Funds 5 stars among 31 Funds

AB Intermediate Diversified Municipal Portfolio

Muni National Short

5 stars among 171 Funds 5 stars among 149 Funds 5 stars among 92 Funds

AB Intermediate New York Municipal Portfolio Muni Single State Short 5 stars among 35 Funds 5 stars among 35 Funds 5 stars among 31 Funds

AB National Portfolio

Muni National Intermediate

5 stars among 257 Funds 5 stars among 221 Funds 5 stars among 156 Funds

AB High Income Municipal Portfolio

High Yield Muni

4 stars among 146 Funds 4 stars among 118 Funds N/A

AB Municipal Bond Inflation Strategy

Muni National Short

4 stars among 171 Funds 4 stars among 149 Funds N/A

AB New York Portfolio

Muni New York Intermediate

4 stars among 53 Funds 4 stars among 49 Funds 4 stars among 39 Funds

Muni National

AB Tax-Aware Fixed Income Portfolio

Intermediate

4 stars among 257 Funds N/A

N/A

AB Global Real Estate Investment Fund

Global Real Estate

4 stars among 184 Funds 4 stars among 151 Funds 4 stars among 87 Funds

AB Large Cap Growth Fund

Large Growth

5 stars among 1,259 Funds 5 stars among 1,125 Funds 5 stars among 800 Funds

AB Concentrated Growth Fund

Large Growth

3 stars among 1,259 Funds 3 stars among 1,125 Funds 4 stars among 800 Funds

AB Core Opportunities Fund

Large Growth

4 stars among 1,259 Funds 4 stars among 1,125 Funds 3 stars among 800 Funds

AB Discovery Value Fund

Mid-Cap Value

4 stars among 363 Funds 4 stars among 319 Funds 3 stars among 226 Funds

AB Growth Fund

Large Growth

5 stars among 1,259 Funds 4 stars among 1,125 Funds 3 stars among 800 Funds

AB Relative Value Fund

Large Value

5 stars among 1,108 Funds 4 stars among 962 Funds 3 stars among 689 Funds

AB Sustainable Global Thematic Fund

World Large Stock

5 stars among 703 Funds 4 stars among 583 Funds N/A

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. ? 2017 AllianceBernstein L.P., 1345 Avenue of the Americas, New York, NY 10105

17-0031 FGEN?FLY?0176?0917

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