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 Duration Portfolio - AB Intermediate New York Municipal Portfolio - AB Short Duration 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 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

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

Supplement dated January 15, 2021 to the following Prospectuses, as amended:

Prospectus	Date	Prospectus	Date
Bernstein Funds	January 28, 2020	Inflation Strategies	January 31, 2020
Bond Funds	January 31, 2020	Municipal Portfolios	September 30, 2020
EMMA	July 31, 2020	Value Funds	February 28, 2020
Equity Funds	October 30, 2020	Wealth Strategies	December 31, 2020
Government Money Market	August 31, 2020

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For each Fund, the following replaces the current disclosure regarding waivers specific to Ameriprise Financial in “Appendix [B/C]—Financial Intermediary Waivers” of the Prospectus:

Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI:

• Employer-sponsored retirement plans (e.g.,401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family)

• Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply

• Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members

• Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement)

In addition, shareholders purchasing Fund shares that are available through an Ameriprise Financial Advisory account are eligible for front-end sales charge waivers, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI

All other sales charge waivers and reductions described elsewhere in the Fund’s Prospectus or SAI still apply.

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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.

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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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