Past performance is no guarantee of future results.
Morningstar ratings as of March 31, 2017.
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.
Morningstar and Lipper rankings are specific metrics of performance and do not represent absolute performance of any fund.
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. 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. 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating is for the share class noted only; other classes may have different performance characteristics.
AB High Income Fund was rated 5 stars against 596 and 471 funds in the category, for the three- and five-year periods, respectively. AB Global Bond Fund was rated 5, 4 and 4 stars against 312, 247 and 128 funds in the category for the three-, five- and 10-year periods, respectively. AB High Income Municipal Portfolio was rated 4 stars against 145 and 118 funds in the category, for the three- and five-year periods respectively. AB Intermediate Diversified Municipal Portfolio was rated 5 stars among 181, 153 and 96 funds in the category for the three-, five- and 10-year periods, respectively. AB National Portfolio was rated 5 stars against 256, 224 and 150 funds in the category for the three-, five- and 10-year periods, respectively.
Risks to Consider—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: Fixed-income securities may lose value if interest rates rise or fall—long-term securities tend to rise and fall more than short-term securities. The values of mortgage-related and asset-backed securities are particularly sensitive to changes in interest rates due to prepayment risk. 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: Investing in non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. These risks are magnified in securities of emerging or developing markets. Currency Risk: If a non-US security’s trading currency weakens versus the US dollar, its value may be negatively affected when translated back into US-dollar terms. Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than investing in 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—magnifying both gains and losses, resulting in greater volatility. Below-Investment-Grade 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.
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 www.abfunds.com 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.
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© 2017 AllianceBernstein L.P.