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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 Tax-Aware Fixed Income Portfolio

- AB Total Return Bond Portfolio

- AB Unconstrained Bond Fund

AB CORPORATE SHARES (“Corporate Shares”)

- AB Corporate Income Shares

- AB Municipal Income Shares

- AB Taxable Multi-Sector Income Shares

- AB Impact Municipal Income Shares

AB EMERGING MARKETS MULTI-ASSET PORTFOLIO (“EMMA”)

AB FLEXFEE^TM EQUITY FUNDS (“FlexFee^TM Equity Funds”)

- AB FlexFee^TM Emerging Markets Growth Portfolio

- AB FlexFee^TM International Strategic Core Portfolio

- AB FlexFee^TM Large Cap Growth Portfolio

- AB FlexFee^TM US Thematic Portfolio

AB FLEXFEE^TM FIXED-INCOME FUNDS (“FlexFee^TM Fixed-Income Funds”)

- AB FlexFee^TM High Yield Portfolio

- AB FlexFee^TM International Bond Portfolio

AB VARIABLE PRODUCTS SERIES FUND, INC. (“VPS Funds”)

- AB Balanced Wealth Strategy Portfolio

- AB Dynamic Asset Allocation Portfolio

- AB Global Thematic Growth Portfolio

- AB Growth and Income Portfolio

- AB Intermediate Bond Portfolio

- AB International Growth Portfolio

- AB International Value Portfolio

- AB Large Cap Growth Portfolio

- AB Small Cap Growth Portfolio

- AB Small-Mid Cap Value Portfolio

- AB Global Risk Allocation—Moderate 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

SANFORD C. BERNSTEIN FUND II, INC. (“SCBII”)

- Bernstein Intermediate Duration Institutional Portfolio

BERNSTEIN FUND, INC. (“Bernstein Funds”)

- International Strategic Equities Portfolio

- International Small Cap Portfolio

- Small Cap Core Portfolio

SANFORD C. BERNSTEIN FUND, INC. (“SCB Funds”)

- California Municipal Portfolio

- Diversified Municipal Portfolio

- Emerging Markets Portfolio

- Intermediate Duration Portfolio

- International Portfolio

- New York Municipal Portfolio

- Overlay A Portfolio

- Overlay B Portfolio

- Short Duration Diversified Municipal Portfolio

- Short Duration Plus Portfolio

- Tax-Aware Overlay A Portfolio

- Tax-Aware Overlay B Portfolio

- Tax-Aware Overlay C Portfolio

- Tax-Aware Overlay N Portfolio

- Tax-Managed International Portfolio    

AB INSTITUTIONAL FUNDS (“Institutional Funds”)

- AB Global Real Estate Investment Fund II

AB INFLATION STRATEGIES (“Inflation Strategies”)

- AB Bond Inflation Strategy

- AB Municipal Bond Inflation Strategy

- AB All Market Real Return Portfolio

AB GOVERNMENT MONEY MARKET PORTFOLIO (“Government Money Market”)

AB MULTI-MANAGER SELECT RETIREMENT FUNDS (“Select Retirement Funds”)

- AB Multi-Manager Select Retirement Allocation Fund

- AB Multi-Manager Select 2010 Fund

- AB Multi-Manager Select 2015 Fund

- AB Multi-Manager Select 2020 Fund

- AB Multi-Manager Select 2025 Fund

- AB Multi-Manager Select 2030 Fund

- AB Multi-Manager Select 2035 Fund

- AB Multi-Manager Select 2040 Fund

- AB Multi-Manager Select 2045 Fund

- AB Multi-Manager Select 2050 Fund

- AB Multi-Manager Select 2055 Fund

- AB Multi-Manager Select 2060 Fund

AB EQUITY FUNDS (“Equity Funds”)

- AB Growth Fund

- AB Large Cap Growth Fund

- AB Concentrated Growth Fund

- AB Discovery Growth Fund

- AB Small Cap Growth Portfolio

- AB Select US Equity Portfolio

- AB Select US Long/Short Portfolio

- AB Sustainable Global Thematic Fund

- AB Sustainable International Thematic Fund

- AB Global Core Equity Portfolio

- AB International Strategic Core Portfolio

- AB Concentrated International Growth Portfolio

AB MUNICIPAL INCOME PORTFOLIOS (“Municipal 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 VALUE FUNDS (“Value Funds”)

- AB All China Equity Portfolio

- 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

Each of the funds listed above is hereinafter referred to as a “Fund” or, collectively, the “Funds”.

Supplement dated November 13, 2019 to the following Prospectuses, as amended:

Prospectus	Date
Bernstein Funds and SCB Funds	January 28, 2019 (July 23, 2019 for AB Intermediate Duration Portfolio)
Bond Funds	January 31, 2019 (July 12, 2019 for AB Total Return Bond Portfolio)
Corporate Shares	August 30, 2019
EMMA	July 31, 2019
Equity Funds	October 31, 2019
FlexFeeTM Equity Funds	April 30, 2019
FlexFeeTM Fixed-Income Funds	April 30, 2019
Government Money Market	August 30, 2019
Inflation Strategies	January 31, 2019
Institutional Funds	January 31, 2019
Municipal Portfolios	September 30, 2019
SCBII	January 28, 2019
Select Retirement Funds	November 30, 2018, as revised February 1, 2019
Value Funds	February 28, 2019
VPS Funds	May 1, 2019
Wealth Strategies	December 31, 2018

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The following supplements the information contained in each Prospectus:

On November 7, 2019, AXA S.A. (“AXA”) announced the secondary public offering of 144,000,000 shares of common stock (the “Offering”) of AXA Equitable Holdings, Inc. (“AXA Equitable”). The sale of these shares to an underwriter in connection with the Offering closed on November 13, 2019. In addition, as part of the Offering, AXA Equitable has agreed to repurchase 24,000,000 of the 144,000,000 shares of common stock of AXA Equitable from the underwriter. Following the Offering, AXA’s ownership of the outstanding shares of common stock of AXA Equitable will decrease from approximately 39.1% as of November 6, 2019 to approximately 10.1%. AXA noted in its announcement that most of its remaining shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into AXA Equitable shares and maturing in May 2021.

This transaction will involve the divesture of a controlling block (over 25%) of AXA Equitable’s outstanding voting securities, and AXA will upon closing of the Offering no longer own a controlling interest in AXA Equitable. Accordingly, this transaction will be deemed to result in the indirect transfer of a “controlling block” of voting securities of the Adviser and an “assignment” causing a termination of each Fund’s current investment advisory agreement.

Consequently, the investment advisory agreement approved by each Fund’s Board at meetings held in late July through early August 2018 and at subsequent shareholder meetings will become effective and existing investment advisory services will continue uninterrupted.

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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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