Risks To Consider

• Below Investment Grade Securities Risk: Investments in fixed-income securities with lower ratings (a/k/a junk bonds) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.

• Capitalization Size Risk (Small/Mid): Small- and mid-cap stocks are often more volatile than large-cap stocks?smaller companies generally face higher risks due to their limited product lines, markets and financial resources.

• 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.

• Derivatives Risk: Derivatives may be more sensitive to changes in market conditions and may amplify risks.

• Diversification/Focused Portfolio Risk: Portfolios that hold a smaller number of securities may be more volatile than more diversified portfolios, since gains or losses from each security will have a greater impact on the portfolio's overall value.

• Foreign (Non-U.S.) Investment Risk: Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade than domestic securities due to adverse market, economic, political, regulatory, or other factors.

• Interest Rate Risk: As interest rates rise, bond prices fall and vice versa, long-term securities tend to rise and fall more than short-term securities.

• Leverage Risk: To the extent the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates, and any increase or decrease in the value of the Fund’s investments.

• Liquidity Risk: The difficulty of purchasing or selling a security at an advantageous time or price.

• Market Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value. 

• 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 our Literature Center or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

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