AB Government Exchange Reserves 

A Word About Risk: Money market funds are sometimes unable to maintain a NAV at $1.00 per share and, as it is generally referred to, “break the buck.” In that event, an investor in a money market fund would, upon redemption, receive less than $1.00 per share. The Fund may invest in foreign securities whose risks may be magnified due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. The Fund invests in fixed income securities which are subject to decreasing bond prices as interest rates rise and increasing bond prices as interest rates fall. In addition, 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.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

You may purchase the Fund’s Class A, Class B or Class C shares for cash through financial intermediaries, such as broker-dealers or banks, or directly from the Fund’s principal underwriter, AllianceBernstein Investments, Inc., only if you have a financial intermediary of record. You may also purchase the Fund’s shares through exchange if you hold shares of other AllianceBernstein Mutual Funds.

You can purchase Class A shares for cash at NAV without an initial sales charge. Your investment will, however, be subject to a sales charge upon exchange of your Class A shares for the Class A shares of other AllianceBernstein Mutual Funds with sales charges.

Currently, Class B shares are available only for exchange from Class B shares of other AllianceBernstein Mutual Funds. The sale of Class B shares other than through exchange continues to be suspended. Additional contributions are permitted from existing AllianceBernstein prototype IRAs, qualified plans and other corporate retirement plans.

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

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.

AB mutual funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.

Investment Products Offered:

Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed

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.