SAMPLE REQUEST FOR PROPOSAL

2018

AB Global Fund

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, please visit us online at www.abglobal.com or contact your AB Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

For investment professional or institutional investor use only. Not for distribution to the general public.

AB GLOBAL BOND FUND1 The AB Global Bond is an open-end fund that seeks to generate current income consistent with preservation of capital. The Fund has the ability to pursue opportunities across all sectors without any percentage limits in any sector. The Fund normally invests at least 80% of its net assets in fixed-income securities from developed and emerging markets that are denominated in US dollars or in local . The Fund has no restrictions as to the amount of the portfolio that may be invested in any particular sector. Up to 25% of the Fund’s net assets may be invested in fixed-income securities that are rated below investment grade. We believe a global multi-sector approach enables the Fund to provide potentially improved risk/return benefits over a single-sector approach.

Benchmark Barclays Capital Global Aggregate Index (USD Hedged) Objective Seeks to generate current income consistent with preservation of capital • Typically invests at least 80% in fixed-income securities with no sector restrictions • Invests in fixed-income securities of both developed and emerging markets, denominated in US dollars or in local • At least 75% investment grade with up to 25% allowed in below investment grade securities Investment Universe • May invest in mortgage-related and other asset-backed securities, participations, inflation-protected securities, structured securities, variable, floating, and inverse floating rate instruments and preferred stock, and may use other investment techniques • May invest, without limit, in derivatives such as options, futures, forwards and swaps 25% sector allocation Expected Sources of 25% security selection Excess Return 25% country selection/yield-curve positioning 25% currency selection Base Currency US dollar March 27, 1992 (Class A Shares) Inception Date* November 6, 2007 (Class I Shares) Current AUM US$6,809.4 million as of December 31, 2017 *The Fund’s Class A share inception date is 3/27/92 and is the date used to calculate since inception annualized performance.

1 Effective January 20, 2015, the Fund's name changed from AllianceBernstein Global Bond Fund to AB Global Bond Fund. AllianceBernstein L.P. is now referred to as AB. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P. General Disclosure The information contained herein may change at any time subsequent to the date of the issuance of this document. These materials are provided for informational purposes only, and under no circumstances may any information contained herein be construed as an offer or solicitation for the purchase or sale of any particular financial instrument, product or service sponsored or provided by AB or any affiliate or agent thereof. Investors should consider the investment objectives, risks, charges and expenses of any AB fund/portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.ABglobal.com or contact your AB Investments representative. Please read the prospectus and/or summary prospectus carefully before investing. AB Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AB L.P., the manager of 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.

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

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About AB AB is one of the world’s recognized leaders in fixed income investing, with $272 billion fixed income assets under management (as of September 30, 2017). We have been managing fixed income assets since 1971 (more than 40 years) and global fixed income portfolios since 1986, when we introduced our first global sovereign bond strategy.

Recognition for the AB Global Bond Fund1 The AB Global Bond Fund has been awarded top honors by Lipper for the second consecutive year. The Fund was awarded the Lipper Fund Award in 2014 and 20152 in the category of Global Income Funds. The AB Global Bond Fund is the #1 ranked fund for the 10-year period in the Global Income Funds category, out of 76. The AB Global Bond Fund has been ranked in the first quartile of Lipper’s Global Income Funds peer group for 3-year, 5-year and since inception periods.3

Investment Philosophy As a firm, AB believes that inefficiencies in the global debt markets arise from investor emotion, market complexity and conflicting investment agendas, and that the resulting mispricings in countries, sectors, securities, and currencies provide the largest probability of generating alpha. We use a powerful combination of both Quantitative and Fundamental Research to identify and exploit these inefficiencies, as we believe this combination provides higher and more reliable alpha than either research discipline can provide separately. We believe the combination of Fundamental and Quantitative Research works better than either does in isolation because they offer complementary approaches to identifying better return opportunities. Quantitative Research is most effective in creating forecasts based upon objective, historical data and the power of averages. It gives us “breadth”: the ability to create expected return forecasts across the broadest possible opportunity set using objective rules, relying on past relationships to forecast future relationship. Fundamental Research gives us “depth”, permitting us to explore a given topic with deeper focus. Through Fundamental Research, we can uncover opportunities and identify downside risks based upon human experience and perspective, a component that Quantitative Research cannot capture. We believe that combining the two types of research permits us to exploit the power of both averages and exceptions, can improve our timing, prompts us to challenge our assumptions when assessments diverge, and helps us to determine when we are being highly compensated for risk, causing us to take more risk in our portfolios, leading to better outcomes. Few other firms have successfully brought both skill sets together in so harmonizing and integrated a manner. With regards to core fixed income solutions, our philosophy is that investors are best served using a global, multi-sector, currency-hedged approach to core fixed income investing, as it provides optimal diversification across , credit, and liquidity cycles and maximizes risk-adjusted returns while potentially lowering overall volatility. Given the recent rise in geopolitical and other risks, we believe now more than ever that broad global diversification across interest rate and credit cycles (maintaining a disciplined balance between the two risks) is the key to lowering overall volatility in core fixed income allocations.

1Past performance is no guarantee of future results. 2 Lipper Award 2015 was based on returns at NAV as of November 30, 2014. Lipper rankings are specific metrics of performance and do not represent absolute performance of any. (Source: Thomson Reuters/Lipper Awards and AB) 3 As of September 30, 2017 Lipper rankings are based on total returns at net asset value, without the imposition of a sales charge which would reduce total return figures. Lipper averages represent the average returns of funds contained in the respective Lipper category for A-share. Funds within the category generally have similar investment objectives although some may have different investment policies. Source: Lipper and AB

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Investment Strategy The AB Global Bond Fund is a globally-diversified portfolio that seeks to take full advantage of our best research ideas by pursuing attractive investment opportunities across all fixed-income sectors. Our research shows that a global multi-sector approach allows us to achieve a favorable balance of risk and return potential compared with a single-sector portfolio. The portfolio’s risk level is adjusted depending on how well investors are being compensated - we seek extra income during favorable markets, while we attempt to reduce risk in times of caution. The Fund uses a consistent and repeatable investment process that combines quantitative and fundamental research to build effective bond portfolios.

Investment Team The AB Global Bond Fund is managed by an experienced four-member team averaging 28 years of experience and 24 years at the firm. The team is led by Scott DiMaggio, Director of Global Fixed Income, with 25 years of experience and 98 years at the firm. The named Portfolio Managers of the Fund are Mr. DiMaggio, Douglas Peebles, Chief Investment Officer of Fixed Income, Paul DeNoon, Director or and Matthew Sheridan, SVP and Portfolio Manager focusing on Global Multi-Sector fixed income. They are the senior members and the key decision-makers of the team. AB Global Bond Fund Management Team 2018 Yrs. Yrs. Name Position Location Exp. Firm Co-Head of Fixed Income & Director—Global Scott DiMaggio, CFA 25 19 NY Fixed Income Douglas J. Peebles Chief Investment Officer—AB Fixed Income 31 31 NY Senior Vice President and Director—Income Paul DeNoon 34 26 NY Strategies Senior Vice President and Portfolio Manager Matthew Sheridan, CFA 21 20 NY Focus: Global Multi-Sector Average 28 24 As of December 31, 2017

The named portfolio managers are supported by an additional four portfolio managers who focus on various sectors of the fixed income market. They average 18 years of industry experience and 13 years with the firm. Yrs. Yrs. Name Position Location Exp. Firm Senior Vice President and Portfolio Manager Brad Gibson 25 6 HK Focus: Asia-Pacific Rates and Currencies Senior Vice President and Portfolio Manager John Taylor 19 19 UK Focus: European Multi-Sector Vice President and Portfolio Manager Christian DiClementi 15 15 NY Focus: Local Currency Emerging Market Debt Portfolio Manager Nicholas Sanders, CFA 14 12 UK Focus: European fixed Income Average 18 13 As of December 31, 2017

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Key investment decisions for the Global Bond Fund are made at our monthly “Research Review” meetings, where our senior portfolio management, research, and trading professionals review the quantitative and fundamental research output and discuss, debate, and ultimately determine the portfolio themes to be implemented in all client portfolios in the strategy.

Investment Process The Global Bond Fund is constructed using a three-step investment process that is consistent across our fixed income strategies. Our process seeks to incorporate multiple diverse sources of alpha, including sector allocation, country selection/ positioning, security selection, and active currency management. Our process combines top-down and bottom-up research with careful risk budgeting and ongoing active risk management as illustrated in the following diagram:

AB Global Bond Fund Dynamic Investment Process

Step 1: Research Both Fundamental and Quantitative Research Groups Support the Global Bond Fund Investment decisions incorporate both Fundamental and Quantitative inputs. Additionally, we perform research at two levels – at the Portfolio level and at the Sector/security level. We first develop separate and independent Fundamental and Quantitative Research forecasts for each sector within a portfolio, and then for the securities within those sectors as well. Fundamental Economic Research Group: Our Economic Research Group is a 10-member team averaging 17 years of experience and six years at AB. This Group is dedicated exclusively to supporting AB’s fixed income strategies, and we believe there are few other global asset managers that have this level of experienced Economic Research resources dedicated to its fixed income strategies. Our Economic Research Group conducts in-depth fundamental analysis of a wide range of economic, social, and political conditions that influence fixed income securities, and they perform country-specific research across a broad spectrum of both developed and emerging markets. While they naturally follow and analyze all major current and historical economic data, a central foundation of their research – and a major competitive advantage for AB -- is their focus on understanding the drivers of economic and financial market trends within countries, as well as the linkages of economic fundamentals between countries. Our

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economists regularly travel to the countries they cover to conduct first-hand research, meeting with government officials, central bankers, industry contacts and company management. They use this primary research, along with published economic statistics, to generate forecasts for the wide range of key economic, monetary, and fiscal policy variables that will influence the macro positioning and risk profiles of our fixed income strategies. Credit Research Group: Our Credit Research Group includes nearly 30 experienced analysts, with 18 senior analysts focusing specifically on corporate credits. Our Credit Research Group is a global organization with team members in New York, London, Hong Kong, Taiwan, Buenos Aires, and Pune. Our credit analysts generally cover issuers in the regions where they live and work so that we can benefit from their domain knowledge of economies and markets and enhanced access to local management teams, dealers and other market participants. We believe that our local presence in each region allows our analysts to develop differentiated insights through their access to management teams, dealers and other market participants. Our credit research analysts are generally industry specialists, many with a decade or more of accumulated knowledge and industry contacts. We believe this enables them to more easily identify inflection points in credits based on variables such as structural, secular and cyclical trends, competitive dynamics, industry consolidation and corporate financial policies. Securitized Assets Research Group: Securitized assets are analyzed by our Securitized Assets Research Group. This group comprises 11 dedicated securitized assets analysts plus Michael Canter, the Director of Securitized Assets Portfolio Management and Research. This team covers secured credit-sensitive securities (e.g., ABS, CMBS, and RMBS), as well as agency residential mortgage-backed securities. AllianceBernstein has been investing in securitizations since the market’s inception, and we have built proprietary default and prepayment models for the various types of mortgage- and asset-backed products that are essential to fundamental research and analysis. This Team averages 17 years of investment experience. Quantitative Quantitative Research Group: Our Quantitative Research Group is comprised of nine members averaging 13 years of research experience. This Group develops, enhances, and maintains all quantitative tools used in our fixed income Strategies, including tools to help us assess the overall environment for setting risk targets, tools to construct portfolios in the most optimal manner, and tools to analyze portfolio risk and tracking error. For our fixed income strategies, our Quantitative Research Group generates model-driven forecasts for key economic, interest rate, and yield curve variables that will influence the macro positioning and risk profiles of those portfolios. Importantly, they also perform scenario analysis, a key component of our fixed income approach. Our quantitative analysts have both the theoretical and practical background for modelling, as well as market knowledge and experience in specific fixed income sectors. This combination is very helpful for applying the quantitative model insights in a strategic and practical manner to client portfolios. Incorporation of ESG Issues into our Investment Process AB has long recognized that environmental, social and governance ("ESG") issues can impact the performance of investment portfolios. As such, our long-standing policy has been to integrate ESG factors in our investment process and consider them carefully when we believe they are material to our forecasts and investment decisions. Our credit analysts integrate ESG factors into their fundamental research of all corporate issuers and our economists integrate ESG factors into their evaluations of sovereign issuers. As an additional resource in doing their research, our analysts have access to external ESG data providers, including Governance Metrics International (for corporate issuers), and Bloomberg (with whom we partnered to create a customized ESG sovereign scoring model). If we determine that aspects of an issuer’s past, current or anticipated ESG-related behavior are material to its future expected returns, we address these concerns in our forecasts, research reviews, investment decisions and engagement. Engagement with issuers, in fact, is a key part of our research process. Our credit analysts conduct thousands of management/company visits per year to understand the strategies, performance, and risks of the companies we are considering or hold in client portfolios. Our engagement is typically most significant with those issuers where debt is a greater proportion of their capital structure, as well as with those issuers in

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the high yield, emerging-market, utilities and financials sectors. Our fixed income portfolio management teams and research analysts also collaborate with our equity portfolio management teams, who are active owners of many issuers within our coverage universe. The issuer specific research implemented by these Groups is described in detail below. Step 2: Top-Down Macro Portfolio Themes are Determined in Monthly Research Review Sessions Once each set of research forecasts has been made, our most senior research and portfolio management, and trading professionals meet in formal monthly Research Review sessions. Separate meetings are held for each of the following segments of the fixed income markets: Rates and Currency, Credit, Securitized Assets, Emerging Markets. Members of the Global Fixed Income Portfolio Management Team lead or participate in all meetings. During the Research Review meetings, we assess, compare, and contrast the quantitative and fundamental research recommendations that each research team has separately generated. Crucial to this process is an in-depth analysis of the specific drivers behind each quantitative and fundamental view and forecast. The output of these Research Review sessions is a clearly-defined set of macro-level portfolio themes that are used in the portfolio construction process; these sessions help portfolio managers internalize the firm’s current views and themes in each of these areas, so they can then incorporate the most relevant themes into the Global Bond Fund. Step 3: Portfolio Construction Meeting Translates Macro Themes into the Fund’s Risk Budget and Positioning Shortly following the Research Review Meetings each month, we hold our Multi-Sector Portfolio Construction Meeting. All senior members of our Portfolio Management Team are active participants in this meeting. The purpose of this meeting is to determine how to translate the risk positioning and broad macro themes developed in Research Review across all our global and regional multi-sector portfolios, including the Global Bond Fund. At this meeting we review the conclusions of our research review meetings, our current positioning, and a set of portfolio optimizations. One of the first goals of Portfolio Construction is to determine whether any adjustments to be made to the Strategy’s overall risk budget. We then discuss how that risk budget should be “spent” across the major investment decisions (e.g., Duration/Country/Curve, Sector and high-level Sub-Sector decisions, and, where permitted, active Currency exposures). We evaluate how potential strategies will perform in different market/economic scenarios. We want our Strategy to perform well in our expected scenario but have acceptable downside risk in adverse market scenarios. Duration, Country and Curve Management: We actively manage the overall interest rate sensitivity and yield curve structures across the countries in which the Strategy invests, and may employ strategies such as barbells and bullet structures based on our forecasts for yield curve movements and our assessment of the inter-relatedness of other macro-economic factors. The team may use a proprietary portfolio construction tool (optimizer) as an aid in this process. Importantly, our optimizer does not drive the portfolio construction process, but rather serves as a critical iterative tool to facilitate discussion among our Portfolio Management Team. We generally keep duration within +/- 1 year of benchmark. Sector/Sub-Sector Allocation: The Strategy can invest in all sectors included in its underlying benchmark, and additionally can make opportunistic allocations to non-benchmark sectors as well, provided client guidelines permit. In the absence of the clear superiority of one sector over another, we will err on the side of maintaining a diversified allocation. We implement and monitor tracking error ranges for this element of our investment process, and maintain internal sector allocation guidelines in this Strategy as well, to facilitate diversification and manage risk. Currency Decisions: Where permitted, we will take opportunistic positions in currencies. These positions are actively managed to generate additional returns, and the performance of our currency strategies typically have a low correlation with our other active strategies. Therefore, combining multiple active strategies, including currency management, can not only increase relative performance, it can also substantially improve the risk adjusted performance of the Strategy.

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Our currency strategies are discussed at our monthly Rates and Currency Research Review meetings and agreed upon at our Portfolio Construction meetings. Our currency positions are carefully monitored, and position sizes are adjusted to maintain risk exposures commensurate with our overall strategy. Our currency strategies are discussed at our monthly Rates and Currency Research Review meetings and agreed upon at our Portfolio Construction meetings. Our currency positions are carefully monitored, and position sizes are adjusted to maintain risk exposures commensurate with our overall strategy. Security Level Decisions based on issuer-specific research While our broad sector decisions (e.g., overweight high yield and underweight sovereigns) and high level sub-sector decision (e.g., overweight financials, underweight GNMA MBS, etc.) are debated at the Portfolio Construction meeting, the security-level decisions (e.g., the particular corporate bonds or MBS pools to trade) are driven by our specialist teams (e.g., Credit, Securitized Asset) on an ongoing basis. As with all other investment decisions, issuer-specific research comprises both top-down and bottom-up elements. Our Research Groups each develop separate and independent Fundamental and Quantitative Research forecasts for each security within the sectors under consideration: Government (Developed and Emerging Market)/Agencies: Fundamental: We use economic, sector, and interest rate outlooks developed by our Economic Research Group. Quantitative: We use a series of models. For government securities, we use a proprietary global yield curve model to forecast returns. This model uses three broad categories of inputs -- valuation, fundamental, and momentum factors – to forecast changes in term structure of interest rates for each country modeled. Investment Grade and High Yield Corporate Bonds: Fundamental: Our corporate credit analysts hold daily or weekly credit meetings for corporate issuers to discuss issuers in the industries they follow, producing current and forward-looking proprietary ratings and forecasts relative to the Index. Quantitative: From a bottom-up standpoint, we use a proprietary security-level model to develop expected return forecasts for corporate bonds, identifying those that appear most attractive from a purely quantitative standpoint. Our models forecast expected returns for more than 11,000 investment-grade and high yield bonds (as well as credit default swaps), using three broad categories of predictive factors as inputs: valuation, fundamental, and momentum factors. Securitized Assets: A Securitized Asset Research Group analyzes securitized assets (MBS, ABS, CMBS, and RMBS) used in Portfolios. For mortgage securities, we use a proprietary relative value model that uses carry, spread, return, and volatility factors to forecast three-month excess returns relative to Treasuries. We also use external prepayment and OAS models. Currencies: In the Global Plus Institutional Strategy we consider currency management to be an important and often-time diversifying component of our value-added. We separate our active currency decisions from our bond decisions. We begin our investment process by forecasting global fixed income expected returns on a fully-currency-hedged basis. Our Economic Research Group and Quantitative Research Group each present separate fundamental and quantitative forecasts for currency-hedged bond returns at monthly “Research Review” meetings. By preparing our bond return forecasts on a currency-hedged basis, we can make easy comparisons across markets, helping us determine optimal duration, yield curve and country bond positioning. At the “Research Review” meeting at which the fully-hedged bond-level fundamental and quantitative research forecasts are each presented and debated, the Research Groups also present separate currency forecasts. Like the bond forecasts and every other investment decision we make, our currency forecasts are prepared from both a Fundamental and a Quantitative Research standpoint. We note that while we consider currency to be a separate investment decision from the bond decision, we do find it helpful to discuss and debate currency positioning in the same forum as we discuss and debate interest rates, given that many of the macro inputs and risk factors are the same for both interest rates and currencies. For example, short rate differentials between countries will impact both bond and currency decisions, but sometimes the impact/influence is in opposite directions. We typically will implement active currency decisions using either foreign exchange currency) forwards directly, or through un-hedged bond exposure.

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We recognize that there is generally more volatility in the currency markets than in the bond markets. We therefore size our currency positions in this Strategy very carefully and appropriately. Each position reflects the strength of conviction in the dual research forecast. A key component of our investment approach is a careful analysis of the prevailing risk/reward environment, and we dynamically adjust portfolio risk to reflect changes in that environment. Currency position sizes are regularly scaled to maintain risk exposures commensurate with their overall strategy. We typically hedge on a currency-by-currency basis, rather than bond-by-bond, and, as noted above, we actively adjust the hedges as necessary to reflect changes in regional allocations and fluctuations in market values. Where permitted, we also employ the use of cross-hedging, meaning that we sometimes introduce a third currency into the equation: we hedge a currency to one that is not the base currency of the Portfolio, and then in turn hedge that currency to the base currency of the We do not avoid all currency risk in the hedged Strategy, but instead use currency as an alpha source, taking those risks only where we believe we are well-compensated instead of as dictated by a market benchmark. Our currency positions are scaled to maintain risk exposures commensurate with our overall strategy; we are careful to maintain currency exposures at sizes that will not produce outsized influence to our portfolio returns. Execution Portfolio managers then build trade orders, which are aggregated and routed to the trading desk for execution. We size positions carefully, with each position reflecting the strength of our conviction in the forecast for that security, as well as its liquidity and risk level. Our portfolio management systems provide access to portfolio and benchmark holdings and utilize quantitative risk models so that trades can be viewed, pre-execution, in terms of their impact on overall portfolio risk, currency risk, yield curve risk, sector and industry risk as well as in terms of guidelines compliance.

Buy/Sell Discipline All purchases and sales are made to implement broader strategies and themes. When the result of the research process is to sell a security, it is typically for one of three reasons: 1) we decide to sell the security to “fund” a more attractive relative value opportunity, 2) our Fundamental Research has indicated a decline, or potential decline, in the issuer’s creditworthiness, or 3) our investment process has indicated the security is reaching fair value. The decision as to whether to sell an entire position at once or to scale out over time depends on the prevailing market conditions as well as the reason for sale. When we are selling for credit reasons, we try to sell more quickly than if we are selling for valuation or positioning reasons. In the case of either 1) or 3), we will typically start trimming back exposure to the issuer or exit the position altogether. We do not typically employ automatic “stop-loss” triggers, preferring not to be forced sellers due to market events, such as a rating-agency downgrade. We prefer to make sell decisions research-based as opposed to rules-dictated, client guidelines permitting.

Overview of Risk Management At the core of AB’s investment culture is risk management. Our investment structure fosters risk management at all levels of the firm. AB maintains a significant risk management infrastructure firm-wide to assist and oversee portfolio managers in our management of risk. This infrastructure includes separate units that oversee 1) Portfolio Risk, 2) Operational Risk, and 3) Counterparty Risk. 1) Portfolio Risk. Portfolio risk is monitored by our Portfolio Management Team as well as separate fixed income Risk Managers. Generally speaking, we measure portfolio risk in three ways:

− Ex-ante risk measures, including measures of volatility such as tracking error or VaR. We measure tracking error at the portfolio level for the significant majority of our assets, and VaR for many strategies where relevant (absolute return funds) or required (UCITS vehicles).

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− Static risk measures, including analysis of portfolio exposures across categories such as duration, sector, credit quality, industry, currency, and country. We use Research Analyst Portal (RAP), a proprietary tool, daily to monitor these risk exposures.

− Ex-post risk measures, or performance attribution. We use a proprietary performance attribution system that attributes performance on a multi-currency, multi-sector (within fixed income) basis. Our performance attribution indicates whether the investment strategies we are employing are producing desired return and risk results, as well as whether those strategies are being implemented consistently across portfolios. Scenario Analysis We run scenario analysis for our Fixed Income portfolios on a regular basis. The scenarios include both historical stress tests and correlation based shocks on the rates, currencies, spreads, equities and /or other relevant major risk factors. 2) Operational Risk. We maintain significant middle and back office resources to limit operational risk in portfolios, freeing our portfolio managers to maintain a singular focus on performance. Importantly, many of these resources serve as independent checks and balances to the Portfolio Management Team. 3) Counterparty Risk. To the extent derivatives are used, counterparty risk is an important focus. When permitted by client guidelines, we may utilize derivatives to quickly and efficiently adjust portfolio exposures during periods of lower liquidity. For example, rather than selling individual bonds to reduce credit risk, we could reduce credit risk quickly via credit default swaps, either index or single name. Our dedicated Risk Management Group, which operates independently of our investment teams, reviews, oversees and maintains an approved counterparty list.

Competitive Advantages The AB Global Bond Fund is a global core solution with low volatility and strong risk-adjusted returns against other global bond funds. AB brings a distinctive approach and set of expertise to the management of the Fund that enable us to deliver strong risk-adjusted returns. These include: • We use a combination of quantitative and fundamental research to take advantage of the unique contributions of each. We have structured our research efforts this way to build portfolios with more reliable alpha, as quantitative and fundamental research exploit different, yet complementary, opportunities founded in investor behavior. We believe we are more disciplined and comprehensive in our approach than other Global Multi-Sector Fixed Income managers may be. • A very important component of our Global Bond Fund investment approach is our careful initial research of the prevailing global risk/reward environment, or the “global appetite for risk”. When the market is rewarding investors for assuming risk, we will establish more overall risk in this Fund (use more of our risk budget and be at the upper end of our tracking error range) and, similarly, when the market is not rewarding risk-taking, we will adopt a lower risk profile and generally be at the lower end of our tracking error range. We actively adjust portfolio risk levels to reflect changes in the global risk environment. We believe we are more dynamic in this respect than other Global Multi-Sector Fixed Income managers may be. • We are also highly experienced in the Global Markets. AB has been managing global fixed income portfolios for more than 25 years, making us highly efficient in analyzing global bonds and generating consistent excess return from them. Our comprehensive, research-driven investment approach combines quantitative modeling with fundamental economic research to identify and exploit market inefficiencies. We have consistently applied this intensive research-based philosophy since we began managing Global Fixed Income portfolios in 1986 and this Strategy in 2001. • We have a stable and experienced investment team. The Global Plus Fixed Income Strategy, the Strategy of our Global Bond Fund, is managed by our Global Fixed Income Team, an eight-member team averaging 24 years of industry experience and 18 years at the firm. The team led by Scott DiMaggio, Director—Global Fixed Income, with 24 years of experience and 18 years at the firm.

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Additionally, Chief Investment Officer Doug Peebles, with 30 years of experience (all at the firm), has been part of the Global Fixed Income Team since its inception. • The firm operates with a single, globally-integrated research and portfolio management platform world- wide. We have portfolio managers and research analysts in offices world-wide, permitting us to incorporate a truly global perspective into every investment decision. Importantly, we maximize the benefit of these diverse global perspectives by requiring each team to work within a single investment infrastructure and framework. We have one Economic Research Group, one Credit Research Group, one Securitized Asset Research Group, and one Quantitative Research Group, and all teams globally use the research generated by these centralized groups. Each team invests using the same investment process, with key portfolio decisions for all client portfolios in a given service made at the same Research Review meeting. This integrated platform permits us to leverage the best global thinking across all client portfolios.

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General Risk Disclosure

The investment return and principal value of the Funds will fluctuate as the prices of the individual securities in which they invest fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Many AB Funds are authorized to invest in securities denominated in currencies other than the U.S. dollar, which may magnify these fluctuations due to changes in international exchange rates. These risks may also be magnified for investments in emerging markets. Certain AB Funds are highly specialized and may be subject to a greater degree of volatility than funds with more diversified portfolios. For fixed-income related funds, price fluctuation may be caused by changes in the general level of interest rates or changes in bond credit quality ratings. Please note, as interest rates rise, existing bond prices fall and can cause the value of your investment to decline. Changes in interest rates have a greater negative effect on bonds with longer maturities than on those with shorter maturities. Fixed-income fund purchasers should understand that, in contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds.

While most AB Funds invest principally in equity or fixed income securities, in order to achieve their investment objectives, some AB Funds may at times use certain types of investment derivatives such as options, futures, forwards and swaps. These involve risks different from, and in some cases greater than, the risks presented by more traditional investments. These and other risks are more fully described in the prospectus with regard to each AB Fund. Please read it carefully before you decide to invest.

Principal Risks

Market Risk: The value of the Fund’s assets will fluctuate as the stock or fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher in- come from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed- income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed- income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Below Investment Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, negative perceptions of the junk bond market generally and less secondary market liquidity.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater if the Fund invests a significant portion of its assets in fixed- income securities with longer maturities.

Foreign (Non-U.S.) Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk: Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties. Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

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Leverage Risk: To the extent the Fund uses leveraging techniques, its net asset value, or NAV, may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Diversification Risk: The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers and that adverse changes in the value of one security could have a more significant effect on the Fund’s NAV.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

As with all investments, you may lose money by investing in the Fund.

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