The performance shown represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.

If applicable, please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were achieved primarily during favorable market conditions. Fund returns are annualized for periods longer than one year.

FOR AB MUTUAL FUNDS:

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.

The net asset value (NAV) price is the value of one share of the Portfolio as of the date listed. The NAV does not take into account any initial sales charges that may apply when shares are purchased or redemption charges when shares are sold; if these sales charges were reflected, the Portfolio’s quoted performance would be lower. The NAV change is the change in value of one share of the Portfolio from the prior day’s value.

Class A annualized returns with sales charges reflect the deduction of the maximum 4.25% sales charge. Class B shares are subject to a contingent deferred sales charge equal to 4% in year one, 3% in year two, 2% in year three and 1% in year four. Class C shares are subject to a one-year, 1% contingent deferred sales charge. Returns for Advisor Class, Class R, Class K, Class I and Class 2 shares are at NAV and carry no front-end or contingent deferred sales charges. Returns for Class R shares are without the imposition of a sales charge that would apply if shares were purchased outside of a group retirement plan.

Performance for Class R, Class K, Class I and Advisor Class shares prior to the share class’s inception date is simulated based on the historical performance of the Class A shares, adjusted for typical estimated expenses. Please note the inception dates for the funds. As of January 31, 2009, Class B shares are no longer available for purchase by new investors. For additional information, see the Fund’s current prospectus.

Net expense ratio reflects the Advisor’s contractual waiver of a portion of its advisory fee and/or reimbursement of a portion of the Fund’s operating expenses. This waiver and/or reimbursement extends through a particular date as specified in the Fund’s current prospectus and may be further extended or terminated by the Advisor as set forth in the prospectus. Absent waivers and/or reimbursements, performance would have been lower.

Distribution yield is calculated on a 30-day rolling basis by annualizing the average of the dividends distributed over the most recent 30-day period and dividing that figure by the current NAV. The distribution yield calculation does not include long-term or short-term capital gains distributions.

The AB Bond Inflation Strategy Fund’s distribution yield is calculated by annualizing the most recent monthly dividend distribution and dividing that figure by the current NAV.

The AB Municipal Bond Inflation Strategy Fund’s distribution yield is calculated by annualizing the most recent monthly dividend distribution and dividing that figure by the current NAV.

© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Morningstar RatingTM for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. A Morningstar Rating is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

A Word About Risk: Because each fund pursues its own unique investment objectives, each fund has its own set of risks, which are fully discussed in its prospectus. In order to achieve their investment objectives, some funds may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases greater than, the risks presented by more traditional investments. For funds that can invest in foreign securities, which may include emerging-market securities, risks may be magnified due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. Portfolios that hold a smaller number of securities may be more volatile than more diversified portfolios. Funds that invest in small-cap and mid-cap stocks are often more volatile than funds that invest in large-cap stocks; smaller companies generally face higher risks due to their limited product lines, markets and financial resources. Funds that invest in real estate are subject to a variety of factors affecting the real estate market, such as economic conditions, mortgage rates and availability, which can cause the value of such investments to decline. Funds that invest in fixed-income securities are subject to decreasing bond prices as interest rates rise and increasing bond prices as interest rates fall. The values of mortgage-related securities and asset-backed securities are particularly sensitive to changes in interest rates due to prepayment risk. In addition, 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. Funds that invest in debt securities issued by state or local governments may be subject to special political, legal, economic and market factors that can have a significant effect on the portfolios’ yield or value.

FOR CLOSED END FUNDS:

The net asset value (NAV) price is the value of one share of the Portfolio as of the date listed. The NAV does not take into account any initial sales charges that may apply when shares are purchased or redemption charges when shares are sold; if these sales charges were reflected, the Portfolio’s quoted performance would be lower. The NAV change is the change in value of one share of the Portfolio from the prior day’s value.

The market price is the price at which a fund’s shares are traded on an exchange. Because a closed-end exchange-traded fund’s shares trade in the stock market based on investor demand, the fund may trade at a price higher or lower than its NAV.

A Word About Risk: An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in the Fund's shares represents an indirect investment in the securities owned by the Fund, substantially all of which are traded on a national securities exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes unpredictably. Your exchange-traded shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of fund dividends and distributions.

Because each fund pursues its own unique investment objectives, each fund has its own set of risks. Fixed-income funds invest principally in bonds and other fixed-income securities; in order to achieve their investment objectives, the funds may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases greater than, the risks presented by more traditional investments. Funds may at times use financial leverage for investment purposes. Leverage tries to enhance investment returns by borrowing money or using other leverage tools; this can magnify both gains and losses, resulting in greater volatility. The funds may use auction-rate preferred stocks as well as tender option bonds, which result in leverage and therefore higher risk. For funds that can invest in foreign securities, which may include emerging-market securities, risks may be magnified due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries.

FOR VARIABLE PRODUCT SERIES:

IMPORTANT: The investment portfolios within AllianceBernstein Variable Products Series Fund, Inc. are not available for direct investment. These portfolios serve as the funding vehicles for variable life insurance and annuity contracts issued by insurance companies and other financial institutions. Please contact your financial advisor directly for more information.

Please consider the investment objectives, risks, charges and expenses of each product carefully before investing. You can obtain variable life insurance and annuity contracts information (non-AllianceBernstein products)—including our underlying portfolio prospectuses—which contains this and other information by contacting your financial advisor. Please read the 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.