Taxable AUG 8.31.21

AB GLOBAL FUND Advisor Class: ANAYX

FUND PERFORMANCE Credit sector returns were mixed. EM outperformed DM government In August, the Global Bond Fund (Advisor Share Class) delivered bonds across all sub-sectors. Hard- sovereign bonds was the negative absolute returns but outperformed its benchmark, the top-performing sector, with high yield outperforming investment Bloomberg Global Aggregate Index (USD hedged), which returned grade amid a surge in risk appetite post–Jackson Hole. Local- –0.20%. The Fund also outperformed US core bonds, as measured currency sovereigns had a strong end to the month as the US dollar by the Bloomberg US Aggregate Index. Year to date, the Fund fell against the majority of EM and was mixed against increased in absolute terms and outperformed the benchmark’s major DM currencies. The high-yield portion of EM corporate bonds return of –0.49%. also exceeded investment-grade issues. Globally, DM high-yield corporate bonds had positive results in a risk-on environment and During the month, the Fund’s US and UK duration underweights had from continued appetite for higher-yielding assets by investors. the largest positive impact on performance as yields ended the month Eurozone corporate investment-grade bonds fell but outperformed higher. Allocations to European inflation-linked bonds and emerging- euro-denominated government debt, while US investment-grade market (EM) credit also added. corporate bonds trailed US Treasuries. Currency positioning was a detractor over the month. Within securitized assets, credit risk–transfer securities (CRTs) and GLOBAL MARKET REVIEW collateralized obligations (CLOs) had positive performance during August. CRTs continue to benefit from the strength of the US Developed-market (DM) yields rose in most major markets in August housing market. Commercial mortgage-backed securities (CMBS) as investors looked beyond the near-term impact of the coronavirus had slightly negative returns in what was a quiet month for most fixed- delta variant and focused on tapering guidance. The US Federal income markets due to low trading volumes that are common during Reserve (the Fed) held its annual Kansas City Fed Jackson Hole this time of year. conference toward the end of the month, where Fed Chair Jerome Powell did not provide clarity about the timing of tapering of Fed Among commodities, Brent crude oil fell 4.4% on demand concerns purchases and had a dovish tone in his remarks. However, numerous as the Organization of the Petroleum Exporting Countries Plus other Fed speakers were far more hawkish about reducing Fed asset continued to boost production, and when Hurricane Ida led to major purchases in interviews before Powell’s speech, in which they argued disruptions of Gulf of Mexico oil and gas production when it hit for an earlier and a faster taper. Several members of the European Louisiana as a Category 4 hurricane at the end of the month. Copper Central Bank (ECB) have also been quite vocal lately about tapering declined by 2.7% in August following China’s decision to auction the ECB’s pandemic asset purchases. Conversely, central bankers metals from its strategic reserve in late July to combat rising raw continued to reinforce that short-term rates will remain anchored for material prices. Gold was steady, increasing by only 0.1%. the foreseeable future. FUND POSITIONING Global DM treasury nominal returns fell 0.25%, as measured by the The Fund’s duration was decreased during the month and sits Bloomberg Global Treasury Index on a hedged basis, while global underweight relative to the benchmark. The main duration inflation-linked bonds were flat with a return of 0.03%, as real yields overweights are in Australia, Germany, China and Italy. We want to be remained at record lows. yield curves steepened in overweight in countries whose central bank is buying more bonds many major DM countries. Government bond yields in the UK rose the than will be issued or where the recovery is more tenuous than in the most, as 10-year gilt yields increased 15 basis points (b.p.) to 0.71%. US. For example, Australia is reembarking on lockdowns because In the US, 10-year Treasury yields increased 9 b.p. to 1.31% after vaccination rates are so low. Our main duration underweights are in reaching an interim low of 1.18% early in the period. In the eurozone, the US, Canada, UK and France. We want to be underweight in 10-year German Bund yields increased 8 b.p. to –0.39%, while countries that have a lot of issuance and where the economy is equivalent maturities in Italy and Spain moved 9 b.p. and 7 b.p. higher recovering faster than other global economies. In aggregate, we are to 0.71% and 0.34%, respectively. Canadian 10-year yields rose 1 underweight the North American block, which should see less of a b.p. to 1.21%, while Japanese 10-year government yields were flat at problem from the delta variant due to high vaccination rates, which 0.02%. In Australia, 10-year yields fell 3 b.p. to 1.16%. allow economies to reopen. The reason we think that yields are going

Investors should considerthe investment objectives, risks, charges and expenses ofthe Fund/Portfolio carefully before investing. For copies of ourprospectusorsummaryprospectus,whichcontainthisandotherinformation,visitusonlineatwww.abfunds.comorcontactyourABrepresentative. Please read the prospectus and/or summary prospectus carefully before investing.

Investment Products Offered • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed AB GLOBAL BOND FUND Advisor Class: ANAYX AUG 8.31.21

higher is driven by more economic reopening, workers returning to While we keep looking for value opportunities within high-yield offices and the associated employment growth. That should allow the corporates, where spreads still offer room to tighten, especially in the Fed to begin tapering at the end of this year. higherrated part of the high-yield market, we remain cognizant that We increased our US duration underweight over the month. In July, we valuations are expensive in parts of the credit market. The team had bought back some duration as a nod toward the positioning continues to focus on taking profits on investment-grade corporates unwind and delta variant concerns, which had driven strong that do not offer upside and adding to BB-rated names that have momentum in global yields lower. This was a tactical move with a plan strong potential to be upgraded to investment-grade (rising stars). to likely reestablish more of a duration underweight as we get closer Within our EM positioning, we didn’t make significant changes over to the taper date. In the first week of August, Treasury yields continued the month, and our currency risk remains minimal. We favor a to move lower and hit our key technical level. At this point, we sold combination of hardcurrency sovereign exposure and select local- duration and moved more underweight again. This tactical trade and currency debt from countries that offer an attractive combination of active duration positioning was additive to performance. high credit quality and yields above those available in the US. We increased our underweight position in UK duration in July by The team remains optimistic on EM hard-currency spread product tactically reducing our underweight to the 30-year part of the curve, due to the global growth recovery, a Biden presidency and the vaccine similar to the US positioning, with a likely plan to eventually reestablish distribution. the underweight. In early August, when the continued fall in yields hit Exposure to EM local currency is very minimal. The majority of the our key technical level, we also sold duration in the UK. The US and UK exposure comes from China local duration (which we are very were the two main countries in which we sold duration and moved comfortable with). more underweight. At the start of the year, our currency Strategy had pivoted to tactically We remain underweight Canada. The country is likely to show a strong capitalize on the improved risk sentiment for EM amid the global correlation to US yields selling off. Additionally, many of the positive economic upswing. However, the fast adjustments in US Treasury factors around rising commodity prices will benefit Canada, which yields during the first quarter had put limits to the upside on these makes us more cautious about yields in the country. positions. Consequently, we have moderated our currency risk, as it We maintained our overweight in Australia. We have given up some sits on the lower end of our historical range. Overall, our currency ground being long Australia this year; beginning in May, the team exposure is tilted toward being defensively positioned. decided to reduce overall Portfolio duration, and our large Australian Within securitized assets, CRTs have been benefiting from a strong overweight was the most obvious place to reduce first. housing market in the US. For example, home prices increased 10.4% We remained overweight in Germany. In June, we switched some of in 2020, and about 13% more recently, which is much higher than a our euro duration exposure into the European periphery (Spain and more modest pre-pandemic increase. The housing market is Italy) to capitalize on the ECB’s continuing quantitative-easing theme. benefiting from very strong technicals where supply is limited and The ECB’s tolerance for yields rising is minimal. Outside the UK, the demand is high. As a result, homes are selling unseasonably fast, with rest of Europe has moved slower with the vaccine rollout. The ECB’s over 60% of homes getting sold within two weeks of listing. Mortgage pushback against rising yields, combined with a weaker growth rates are near all-time lows, despite a modest increase recently. Low picture in Europe and COVID-19 concerns, makes us believe that rates help housing affordability and result in high prepayments, which European rates should outperform UK rates. eventually shorten the life of the bonds, thus reducing their credit risk. From an interest-rate perspective, we like China duration because of In the commercial market, delinquencies have continued to decline, its extremely strong credit quality (mid-AA-rated), decent nominal and the sector is benefiting from the reopening of the US economy. yield and negative correlation to risk assets. We have focused on reducing some of our exposure to CMBS, while redeploying the capital into high-quality CLOs (AAA- and AA-rated). We maintained European (Germany and France) inflation-linked bonds during the month. We established these positions when GLOBAL ECONOMIC RECAP AND OUTLOOK European breakevens were below 1%, and now they sit closer to The recovery continues to gather pace. Given the expected strong 1.3%. This trade has worked well, and we are likely to start booking recovery in economic output, we raised our global GDP estimate from profits going forward. 5.9% to 6.1% in June for 2021, based on estimates of DM and EM From a credit-positioning standpoint, we reduced our allocation to GDP growth of 5.4% and 7.2%, respectively. We also expect global investment-grade corporates. This was reduced as we have used growth of 4.3% in 2022. Both forecasts are well above the precrisis BBB-rated investment-grade corporates as a funding source and trend of about 3.0%. While global output is now back to pre- rotated those profits into securitized assets (AAA and AArated pandemic levels, it is still 3.0% lower than it would have been without CLOs). We continue to be selective in investment-grade corporate the economic cost from the COVID-19 pandemic. This gap should names, as much of the premium previously paid to own corporate narrow over the coming year, but we doubt that global growth will be credit has now diminished as spreads have compressed to historically strong enough to close it altogether. Global manufacturing continues tight levels. to be in expansion, according to the J.P. Morgan/IHS Markit Manufacturing PMIs, which fell slightly in August from 55.4 to 54.1. AB GLOBAL BOND FUND Advisor Class: ANAYX AUG 8.31.21

We expect that inflation will fall back as supply-chain tensions start to Canada’s economic expansion is under way and should continue ease. We are forecasting that DM inflation will settle back to about through the next several quarters. The IHS Markit Manufacturing flash 1.9% in 2022 after rising by 2.4% this year. That does not mean a PMIs in August increased from 56.2 to 57.2. The Bank of Canada uniform monetary approach by DM central banks. The Fed and some (BoC) has begun to reduce its asset purchases as it begins the journey others will look to gradually return monetary policy to a more “normal” back toward a normal monetary-policy setting. While that journey will setting as business conditions continue to improve. Because of be a long one, the central bank has hinted at its willingness to move structural issues, the ECB and the Bank of Japan (BoJ) appear to be in more quickly than the Fed, so we now expect that the BoC will start an accommodative posture for the long haul, with negative interest raising rates in 2022. Commodity price volatility is an ever-present rates and quantitative easing as their new normal. This has major risk for Canada. If commodity prices trend lower, the tailwind could implications for future bond yields. become an economic headwind. We expect GDP growth of 4.5% in The longer-term outlook is clouded by strong secular trends, Canada this year. including populism and insular trade protectionism. Deglobalization Economic activity in the UK unexpectedly moderated in August, driven will likely continue as countries and economic blocs attempt to create by the reduction of the services sector PMIs from 59.6 to 55.5, while independence in areas including medical equipment and supplies, manufacturing PMIs moderated slightly from 60.4 to 60.1. A shortage batteries, semiconductor chips and rare earth minerals. Resolution of of staffing and raw material shortages have negatively affected the trade conflicts remains elusive, and the transmission of the highly UK’s growth trajectory, but we still estimate that economic growth in contagious coronavirus delta variant, along with several new variants, the UK will be 7.0% this year. Growth is likely to remain strong next could lead to divergent economic results over the near term from the year, supported by the continued recovery from the pandemic and a success, or lack thereof, of vaccination progress and effectiveness. buoyant housing market. Given the scale of the UK’s In the US, the delta variant has slowed the economic recovery. The underperformance last year and Brexit disruption, the swift recovery composite flash PMI report from IHS Markit for August showed that owes much to the speed of the UK’s vaccination program. Headline the US services sector fell from 59.9 to 55.2, primarily from capacity inflation is likely to rise further in coming months. Despite this and the constraints and labor shortages. A combination of lingering health speed of the recovery, the Bank of England (BoE) remains in downside concerns, uncertain childcare arrangements and enhanced risk-management mode. We do expect that the BoE will raise interest unemployment benefits have made labor hard to find in some rates before the Fed to 0.50% in the second half of 2022. industries, exacerbating production pressures. Most of the strains are In the EU, as vaccination rates have caught up with the US, the worst likely to be temporary—enhanced benefits expire soon—schools are of the pandemic appears to be over, with the IHS Markit flash services reopening and vaccination progress is improving in areas of the sector PMIs remaining steady at 59.7 while manufacturing PMIs country that were lagging because of the delta outbreak. We expect eased from 62.8 to 61.5 in August, driven by supply-chain disruptions. robust hiring as the year progresses. Our expectation is for positive German manufacturing PMIs slowed from 65.9 to 62.7, a six-month momentum to continue—household finances are in amazing shape in low, because of supply-chain disruptions and computer-chip aggregate, and there is pent-up demand for a variety of goods and shortages in the automotive industry that are plaguing other DM services. That should lead to a consumption-led expansion that is markets. We expect GDP growth of 4.5% in the eurozone this year. likely to put the US economy on, or perhaps above, its precrisis trend The ECB has agreed to tolerate a transitory increase in inflation of in coming months. The manufacturing sector PMIs moderated from over 2%, which recently reached about 3%. We continue to expect the 63.4 to 61.2 in August because of material shortages and supply- ECB to resist anything other than a modest increase in core and chain bottlenecks. Higher raw material costs and stressed global peripheral bond yields. Summer travel to periphery was disappointing supply chains remain a headwind in the US and other DM countries. and remains well below pre-pandemic levels, hampering the ability of We, along with other economic forecasters, have been surprised by countries including Italy, Spain and Greece to regain needed the magnitude of price increases so far this year. But in the case of economic output from holiday travel. The European political calendar monetary policy, the magnitude is less important than the duration; is about to heat up, with the German federal election in September inflation is a persistent rise in prices, not a short-term adjustment in and French presidential election next April. the price level. We believe, and the Fed agrees, that most of the near- China’s recovery from the pandemic outpaced the rest of the world, term pressure will fade as the reopening progresses and consumers partially a first-in, first-out phenomenon, but it also reflected policy shift from durables to services. If rising prices are more durable than support and the continued success of strict and effective lockdowns expected, inflation expectations could reset higher. That could force in controlling the virus spread. Vaccine doses are averaging more than an unexpected change in monetary policy that would likely be 20 million per day. In per capita terms, this puts China at the top of the disruptive to financial markets. Fiscal policy in the US remains on an list in Asia; if the current pace of vaccinations continues, China is on uncertain course. The US$1 trillion bipartisan infrastructure plan has track to reach herd immunity well before the end of the year. China worked its way through the US Congress, while the additional US$3.5 benefited significantly from the boom in goods exports across the trillion fiscal package, which includes tax increases, is mired by globe, as the combination of restrictions and support measures infighting among the Democratic party. generated a huge swing from services to goods spending as the pandemic took hold. However, August flash manufacturing PMIs AB GLOBAL BOND FUND Advisor Class: ANAYX AUG 8.31.21

continued to fall, reaching a slight contraction level of 49.2 from 50.3 inflation target, so we expect no material change to the monetary- in July, from targeted lockdowns at ports, supply-chain bottlenecks, policy environment. The BoJ remains cemented to yield-curve control, raw material input costs and the shift from durables to services in DM at least until the end of Governor Kuroda’s term in April 2023. We economies. expect that the Japanese economy will only expand by 2.6% this year. In Japan, the government expanded its pandemic state of emergency In Australia, renewed lockdowns from the pandemic have clouded the in three prefectures near Tokyo and the western prefecture of Osaka economic recovery over the near term. The vaccine rollout in Australia at the end of July, as the delta variant spread across the capital and is lagging other DM countries significantly, clearly a key downside risk. throughout the country. Japan’s vaccine rollout has picked up sharply Flash composite PMIs in August continued to fall, from 45.2 to 43.5. and is now running at a pace similar to continental Europe. There is Manufacturing is barely in expansion at 51.7, but the services sector still a long way to go, but this is a very positive development. PMI is sharply in contraction with an August reading of 43.3. That said, Composite flash PMIs continued to contract in August, down from employment is back above pre-pandemic levels and labor 48.8 to 45.2, driven mostly by the services sector, as manufacturing participation is at a record high. Closed borders are having a bigger PMIs remained in expansion, modestly lower from 53.0 to 52.7. The impact on supply (labor shortage) than demand. The Royal Bank of economy should accelerate into year-end as pent-up spending Australia seems likely to hold the monetary-policy line by not adjusting demand is unleashed. And, with elections due at the end of the year, rates until well into 2024. Commodity exports remain robust, another supplementary budget is perhaps in the offing. The inflation particularly from Chinese iron-ore demand. Our forecast is that the picture in Japan remains weak, significantly lower than the BoJ’s 2% Australian economy will expand by 5.4% in 2021.

Current forecasts and performance are no guarantee of future results. References to specific securities are presented to illustrate our investment philosophy and are not to be considered advice or recommendations. This information reflects prevailing market conditions and our judgments as of the date indicated, which are subject to change. In preparing this presentation, we have relied upon and assumed without independent verification, the accuracy and completeness of all information available from third-party sources. It should not be assumed that any investments made in the future will be profitable or will equal the performance of the selected investments referenced herein. AB GLOBAL BOND FUND Advisor Class: ANAYX AUG 8.31.21

PORTFOLIO INFORMATION Class Ticker Inception Date Sector Breakdown4 A ANAGX 3/27/92 Global Governments 42.58% C ANACX 5/3/93 Corporates - Investment Grade 23.16 Advisor ANAYX 11/5/07 Corporates - Non-Investment Grade 6.81 I ANAIX 11/5/07 Mortgage Pass-Throughs 4.32 Z ANAZX 10/15/13 Collateralized Mortgage Obligations 4.26 Quasi-Sovereigns 4.23 Portfolio Characteristics Inflation-Linked Securities 3.97 Effective Duration1 7.12 years Collateralized Loan Obligations 2.60 Total Number of Holdings 913 Commercial Mortgage-Backed Securities 2.43 Average Bond Price $105.8 Derivatives, Cash & Other 5.64

4,5 Portfolio Statistics Quality Breakdown Sharpe Ratio (3 yr)2 0.77 Highest of S&P/Moody’s/Fitch Standard Deviation (3 yr)3 4.43 AAA 29.59% AA 6.77 A19.22 BBB 27.45 BB 8.52 B1.48 CCC & Below 0.15 Not Rated 5.46 Short Term Investments 2.32

Country Breakdown4 United States 45.45% Italy 7.83 China 7.64 Japan 7.23 Germany 4.87 Other 26.98

Net Currency Exposure4 Top Long Positions Top Short Positions US Dollar 101.34% Chinese Yuan Renminbi -5.08% Chinese Yuan Renminbi 4.93 (Offshore) Chilean Peso 1.02 Japanese Yen -2.02 Other 2.08 Swiss Franc -1.01 Other -1.26

1 Effective Duration is a measure of the sensitivity of an asset or portfolio’s price to movements. 2 Sharpe Ratio is a measure of the fund’s return relative to the investment risk it has taken. A higher Sharpe Ratio means the fund’s returns have been better given the level of risk the fund has taken. 3 Standard Deviation is a measure of the dispersion of a portfolio’s return from its mean. 4 Holdings (including derivatives) are expressed as a percentage of net assets and may vary over time. 5 The highest of S&P, Moody’s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization. Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, based on the issuer’s financial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change. If applicable, the Pre-Refunded category includes bonds which are secured by US Government Securities and therefore are deemed high-quality investment-grade by the Adviser. AB GLOBAL BOND FUND Advisor Class: ANAYX AUG 8.31.21

MONTHLY AVERAGE ANNUAL TOTAL RETURNS AS OF 8/31/21: ADVISOR CLASS PERFORMANCE Since 1Mo YTD 1Yr 3Yrs 5Yrs 10Yrs Inception

Global Bond Fund† -0.09% 0.24% 2.39% 4.49% 2.90% 3.59% 4.41% Bloomberg Global Agg Bond Index (USD hedged) -0.20 -0.49 0.76 4.84 3.08 3.73 4.16 Bloomberg Global Treasury Bond Index (USD hedged) -0.25 -0.88 0.05 4.45 2.71 3.58 3.92 Morningstar World Bond-USD Hedged Category -0.20 -0.53 1.73 4.85 2.93 3.14 3.98 SEC (30-day)*‡ —% Unsubsidized Yield 1.24%

QUARTERLY AVERAGE ANNUAL TOTAL RETURNS AS OF 6/30/21: ADVISOR CLASS PERFORMANCE Since Expense Ratios QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception as of 1/29/21

Global Bond Fund† 1.41% -0.97% 2.09% 4.17% 2.93% 3.61% 4.37% Gross 0.55% Net‡ — Bloomberg Global Agg Bond Index (USD hedged) 0.98 -1.52 0.08 4.59 2.98 3.87 4.13 Bloomberg Global Treasury Bond Index (USD hedged) 0.64 -2.02 -1.26 4.03 2.47 3.75 3.88

Morningstar World Bond-USD Hedged Category 0.97 -1.39 2.07 4.59 3.00 3.32 3.96

SEC Current Yield (30-day)*‡ 1.32% Unsubsidized Yield 1.31%

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Advisor Class shares have no front-end or contingent deferred sales charges, however when purchased through a financial advisor additional fees may apply. Returns for other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions. † The Fund’s Advisor Class share inception date is 11/5/07 and is the date used to calculate since inception annualized performance. ‡ If applicable, this reflects the Adviser’s contractual waiver of a portion of its advisory fee and/or reimbursement of a portion of the Fund’s operating expenses. Absent reimbursements or waivers, performance would have been lower. * Yields for other share classes will vary due to different expenses. Unsubsidized SEC yield is calculated using the total expense ratio excluding any fee waivers. Bloomberg Global Aggregate Bond Index represents the performance of the global investment-grade developed fixed-income markets. Bloomberg Global Treasury Bond Index represents the performance of Treasuries within global investment-grade fixed-income markets. Investors cannot invest directly in indices or averages, and their performance does not reflect fees and expenses or represent the performance of any AB fund. Sources: FactSet, Morningstar Inc. and AB.

A WORD ABOUT RISK Market Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value. Interest Rate Risk: As interest rates rise, bond prices fall and vice versa—long-term securities tend to rise and fall more than short-term securities. Credit Risk: A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline. Inflation Risk: Prices for goods and services tend to rise over time, which may erode the purchasing power of investments. Foreign (Non-US) Risk: Non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnifiedinemergingor developing markets. Diversification Risk: Portfolios that hold a smaller number of securities may be more volatile than more diversified portfolios, since gains or losses from each will have a greater impact on the portfolio’s overall value. Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than traditional investments, and may be more volatile, especially in a down market. Leverage Risk: Trying to enhance investment returns by borrowing money or using other leverage tools—magnify both gains and losses, resulting in greater volatility. Below Investment Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

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 Adviser of the funds. The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein is a UMF-212949-2021-09-10 registered service mark used by permission of the owner, AllianceBernstein L.P. © 2021 AllianceBernstein L.P. www.abfunds.com GB-EC11-0821