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AB BOND FUNDS (“Bond Funds”) - AB Global Bond Fund - AB High Income Fund - AB Income Fund - AB Limited Duration High Income Portfolio - AB Short Duration Income Portfolio - AB Tax-Aware Fixed Income Opportunities Portfolio - AB Total Return Bond Portfolio AB EMERGING MARKETS MULTI-ASSET PORTFOLIO (“EMMA”) AB EQUITY FUNDS (“Equity Funds”) - AB Growth Fund - AB Large Cap Growth Fund - AB Concentrated Growth Fund - AB Concentrated International Growth Portfolio - AB Discovery Growth Fund - AB Small Cap Growth Portfolio - AB Global Core Equity Portfolio - AB Sustainable Global Thematic Fund - AB Sustainable International Thematic Fund - AB International Strategic Core Portfolio - AB Select US Equity Portfolio - AB Select US Long/Short Portfolio AB GOVERNMENT MONEY MARKET PORTFOLIO (“Government Money Market”) AB INFLATION STRATEGIES (“Inflation Strategies”) - AB Bond Inflation Strategy - AB Municipal Bond Inflation Strategy - AB All Market Real Return Portfolio SANFORD C. BERNSTEIN FUND, INC. (“Bernstein Funds”) - AB Intermediate California Municipal Portfolio - AB Intermediate Diversified Municipal Portfolio - AB Intermediate New York Municipal Portfolio - AB Short Duration Portfolio
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AB MUNICIPAL INCOME PORTFOLIOS - AB National Portfolio - AB High Income Municipal Portfolio - AB Arizona Portfolio - AB California Portfolio - AB Massachusetts Portfolio - AB Minnesota Portfolio - AB New Jersey Portfolio - AB New York Portfolio - AB Ohio Portfolio - AB Pennsylvania Portfolio - AB Virginia Portfolio AB WEALTH STRATEGIES (“Wealth Strategies”) - AB Wealth Appreciation Strategy - AB All Market Total Return Portfolio - AB Conservative Wealth Strategy - AB Tax-Managed Wealth Appreciation Strategy - AB Tax-Managed All Market Income Portfolio
AB VALUE FUNDS (“Value Funds”) - AB All Market Income Portfolio - AB Core Opportunities Fund - AB Discovery Value Fund - AB Equity Income Fund - AB Global Real Estate Investment Fund - AB Global Risk Allocation Fund - AB Relative Value Fund - AB International Value Fund - AB Small Cap Value Portfolio - AB Value Fund - AB All China Equity Portfolio
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Each of the funds listed above is hereinafter referred to as a “Fund” or, collectively, the “Funds”.
Supplement dated March 19, 2021 to the following Summary Prospectuses, as amended:
| Prospectus | Date | Prospectus | Date | |
| Bernstein Funds | January 28, 2021 | Government Money Market | August 31, 2020 | |
| Bond Funds | January 29, 2021 | Inflation Strategies | January 29, 2021 | |
| EMMA | July 31, 2020 | Municipal Portfolios | September 30, 2020 | |
| Equity Funds | October 30, 2020 | Value Funds | February 26, 2021 | |
| Wealth Strategies | December 31, 2020 |
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Currently, Class C shares automatically convert to Class A shares after ten years. The following changes are effective as of May 31, 2021:
The following information replaces the footnote (b) with respect to Bernstein Funds, Bond Funds, EMMA, Equity Funds, Inflation Strategies, Value Funds and Wealth Strategies or footnote (c) with respect to Government Money Market in the section “Fees and Expenses of the [Fund/Portfolio] – Annual [Fund/Portfolio] Operating Expenses” in each Fund’s Summary Prospectus.
[(b)/(c)] For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.
For the Municipal Portfolios, the following information replaces the footnote (a) in the section “Fees and Expenses of the Portfolio – Annual Portfolio Operating Expenses” in each Fund’s Summary Prospectus.
(a) For Class C shares, the contingent deferred sales charge, or CDSC, is 0% after the first year. Class C shares automatically convert to Class A shares after eight years.
Each Statement of Additional Information is revised, as applicable, to incorporate changes conforming to this Supplement.
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This Supplement should be read in conjunction with the Prospectuses for the Funds.
You should retain this Supplement with your Prospectus(es) for future reference.
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.
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