MUTUAL FUND FACT -...

APR

IL 2020 04APRIL 2020

MUTUAL FUND FACT

SHEETS

MUTUAL FUN

D FACT SHEETS

FIXED INCOME GLOBAL

3 Emerging Market Corporate Debt Portfolio 5 Emerging Markets Debt Portfolio 7 Global Dynamic Bond Portfolio 9 Global High Yield Portfolio 11 Global Plus Fixed Income Portfolio 13 Short Duration Bond Portfolio 15 Short Duration High Yield Portfolio

US 17 American Income Portfolio 19 Mortgage Income Portfolio

EUROPE 21 Euro High Yield Portfolio 23 European Income Portfolio

ASIA 25 RMB Income Plus Portfolio

EQUITY GLOBAL

27 Concentrated Global Equity Portfolio 29 Emerging Markets Growth Portfolio 31 Emerging Markets Value Portfolio 33 Global Core Equity Portfolio 35 Global Equity Blend Portfolio 37 Global Real Estate Securities Portfolio 39 Global Value Portfolio 41 International Health Care Portfolio 43 International Technology Portfolio 45 Low Volatility Equity Portfolio 47 Sustainable Global Thematic Portfolio

US 49 American Growth Portfolio 51 Concentrated US Equity Portfolio 53 Select US Equity Portfolio 55 Sustainable US Thematic Portfolio 57 US Small and Mid-Cap Portfolio

EUROPE 59 European Equity Portfolio 61 Eurozone Equity Portfolio

JAPAN 63 Japan Strategic Value Portfolio

ASIA 65 Asia Ex-Japan Equity Portfolio 67 China Opportunity Portfolio 69 India Growth Portfolio

ALTERNATIVES US

71 Select Absolute Alpha Portfolio

MULTI-ASSET GLOBAL

73 All Market Income Portfolio 75 Dynamic Diversified Portfolio 77 Emerging Markets Multi-Asset Portfolio

Page 79 Glossary

TABLE OF CONTENTS

LEARN MOREVISIT WWW.ALLIANCEBERNSTEIN.COM TO LEARN MORE ABOUT THE AB FUNDS.

OBJECTIVE & STRATEGYSeeks to maximize total returns from acombination of price appreciation and income by:+ Investing predominantly in a diversified basketof emerging-market (EM) hard-currencycorporate debt issues, with opportunisticallocations to EM sovereign debt and EM local-currency debt

+ Leveraging our extensive experience inEM-debt investing, utilizing fundamental andquantitative research capabilities with a globalteam of portfolio managers and traders

PROFILE+ Fund Inception: 22/02/2012

+ Domicile: Luxembourg

+ Fiscal Year-End: 31May

+ Subscription/Redemption:Daily

+ Order Placement Cutoff Time:4PMUS ET; 6PM CET for Currency-Hedgedshare classes

+ Base Currency: US Dollar

+ Currency-Hedged Share Classes:Canadian Dollar, Euro

+ Benchmark: JPMorgan CEMBI BroadDiversified1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Elizabeth Bakarich, CFA: 14 years

+ Shamaila Khan: 24 years

ONGOINGCHARGESFIGURE

Class

A2 1.75%AT 1.75I2 1.20NT 2.30AT CAD H 1.75

Ongoing charges include fees and certain expenses of thePortfolio as of the most recent KIID, and may be subject to acap which is reflected above if applicable.

HYPOTHETICAL GROWTH OF $10,000

0

5,000

10,000

15,000

12 14 16 18 04/20

Class A2 USD$12,493

Hypothetical growth of $10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions anddo not reflect a sales charge. Results would be less favorable if a sales charge were included.

PERFORMANCE (RETURNS ARE ANNUALIZED FOR PERIODS LONGER THAN ONE YEAR)

Class 1 Month YTD 1 Year 3 Years 5 Years 10 Years Life

A2 4.63% -11.89% -6.77% -1.10% 1.18% — 2.76%AT 4.70 -11.89 -6.81 -1.13 1.17 — 1.36I2 4.75 -11.71 -6.31 -0.54 1.74 — 3.33NT 4.62 -12.06 -7.33 -1.65 0.63 — 0.97AT CAD H 4.54 -12.93 -8.47 -2.21 0.37 — 1.73Benchmark 4.09 -6.49 -0.21 2.54 3.68 — 4.552

Class ISIN Bloomberg CUSIP InceptionDist.Yield Dividend

Net AssetValue3

A2 LU0736563031 ABEMCA2:LX L5529D711 22/02/2012 — — 18.74AT LU0800106303 ABEMATU:LX L5529E792 25/02/2013 5.24 0.0525 12.03I2 LU0736563387 ABEMCI2:LX L5529D737 22/02/2012 — — 19.61NT LU0861579182 ABENTDI:LX L0173W180 20/12/2012 4.62 0.0466 12.10AT CAD H LU0800106568 ABEATCH:LX L5529E776 07/09/2012 4.78 0.0483 12.13

CALENDAR YEAR PERFORMANCE

Class 2015 2016 2017 2018 2019

A2 -2.33 % 10.48% 7.76 % -4.70% 11.65%AT -2.34 10.42 7.81 -4.68 11.55I2 -1.83 11.08 8.40 -4.16 12.23NT -2.88 9.80 7.24 -5.22 10.99AT CAD H -2.18 9.89 7.13 -5.42 10.50

STATISTICALDATA (CLASS A2 USD)

5 Years

Volatility 8.82

Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share classcurrency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but donot reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses.The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations.Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share classdenominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely.The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d’investissement à capital variable) incorporatedunder the laws of the Grand Duchy of Luxembourg.

Fixed Income APR 30.04.20

ABEMERGINGMARKETCORPORATEDEBTPORTFOLIO

Investment Products Offered • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed 3

Portfolio Statistics

Net Assets $94.57 millionAverage Duration (Years) 5.43Average Credit Quality BB+Yield to Worst 9.01%Total # of Holdings 261

Top Ten Holdings Holding

Argentine Govt Intl Bond 6.875%, 1/26/27 - 1/11/48 2.36%Braskem Netherlands Finance 4.50%, 1/10/28 - 1/31/30 2.01Stillwater Mining 7.125%, 6/27/25 1.67Gazprom PJSC Via Gaz Capital 4.95%, 3/23/27 1.47Petroleos Mexicanos 6.95%, 1/28/60 1.39Ultrapar Intl 5.25%, 10/06/26 - 6/06/29 1.33CSN Resources 7.625%, 2/13/23 - 4/17/26 1.28Prosus 3.68%, 1/21/30 1.05Kenbourne Invest 6.875%, 11/26/24 0.99Nexa Resources 5.375%, 5/04/27 0.96Total 14.51

Source: AB. Portfolio holdings and weightings are subject to change.

Sector Allocation4

EM Hard CurrencyCorporate Debt 79.66%

EM Hard CurrencySovereign Debt 8.17

EM Hard Currency QuasiSovereign Debt 7.20

EM Local CurrencyCorporate Debt 1.48

EM Local CurrencySovereign Debt 0.40

Other 3.09

Net Currency Exposure

US Dollar 97.63%Russian Rouble 2.49Canadian Dollar 0.02Indonesian Rupiah 0.02Colombian Peso -0.08Other -0.08

Country Allocation

Brazil 13.78%Chile 8.60Mexico 6.87Peru 5.99China 5.72South Africa 4.32Russia 4.22United States 3.81Hong Kong 3.64Other 43.05

Credit Quality4

AAA 2.66%AA 1.34A 5.77BBB 43.84BB 26.12B 11.78CCC & Below 6.48Not Rated 1.63N/A 0.38

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, derivatives risk, OTC derivatives counterparties risk, structuredinstruments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in theFund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment isappropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The JPMorgan CEMBI (Corporate Emerging Market Bond Index) Broad Diversified includes fixed-rate securities such as fixed, floating, amortizing and capitalizing instruments. Only those bonds issued bycorporate entities are eligible in the index. Bonds with a face amount of US$300 million or more are considered for inclusion in the index. Only US dollar-denominated bonds are included; instruments where theamount of coupon or redemption payment is linked to an exchange rate are not eligible. The index includes a specific set of emerging-market countries within Asia ex-Japan, Eastern Europe, the Middle Eastand Latin America. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges oroperating expenses associated with an investment in a mutual fund, which would reduce total returns.

2 Life performance is from inception date of oldest class shown. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.4 The highest of S&P, Moody’s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of

a bond or portfolio, based on the issuer's financial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change.

Note to Canadian Readers: AllianceBernstein provides its investment-management services in Canada through its affiliates Sanford C. Bernstein & Co., LLC and AllianceBernstein Canada, Inc.

Morningstar ratings are only shown for the fund's base share class with a 4- or 5-star rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on aMorningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. Thetop 10% of funds in each 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. OverallMorningstar Rating is a copyright of Morningstar, Inc., 2020. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is notwarranted 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. Past performance is noguarantee of future results.

© 2020 AllianceBernstein L.P. The [A/B] logo is a registered service mark ofAllianceBernstein and AllianceBernstein® is a registered service mark used bypermission of the owner, AllianceBernstein L.P.

APR 30.04.20AB EMERGING MARKET CORPORATE DEBT PORTFOLIO

GBEMCD420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks to maximize total returns from acombination of price appreciation and income by:+ Investing predominantly in a diversified basketof emerging-market (EM) hard-currencysovereign-debt issues, with opportunisticallocations to EM corporate debt and EM local-currency debt

+ Leveraging our extensive experience inEM-debt investing, utilizing fundamental andquantitative research capabilities with a globalteam of portfolio managers and traders



+ Fiscal Year-End: 31August




+ Convenience Pricing/ReportingCurrencies: Euro

+ Currency-Hedged Share Classes:Australian Dollar, Euro, Polish Zloty, SingaporeDollar, Swiss Franc

+ Benchmark: JPMorgan EMBI Global Diversified1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Christian DiClementi: 17 years



Class

A 1.32%C 1.77I 0.77A2 1.32NT 1.87



0

5,000

10,000

15,000

20,000

25,000

06 08 10 12 14 16 18 04/20

Class A USD

$19,014




A 3.24% -14.81% -9.43% -2.77% 0.53% 3.05% 4.66%C 3.20 -14.95 -9.83 -3.20 0.07 2.59 4.20I 3.30 -14.64 -8.92 -2.24 1.07 3.61 5.23A2 3.35 -14.77 -9.36 -2.76 0.54 3.07 4.70NT 3.25 -14.95 -9.87 -3.30 -0.02 — -0.08Benchmark 2.25 -11.44 -4.97 0.67 2.94 5.08 5.922


Net AssetValue3

A LU0246604945 ALLEMDA:LX L0167V115 23/03/2006 6.68% 0.0685 12.31C LU0246605595 ACMEMDC:LX L0167V131 23/03/2006 6.16 0.0632 12.31I LU0246606304 ACMEMDI:LX L0167V198 23/03/2006 7.32 0.0751 12.31A2 LU0246601768 ACMEMA2:LX L0167V149 23/03/2006 — — 28.67NT LU0838495256 AEMRANT:LX L00217296 18/10/2012 6.06 0.0513 10.16


Class 2015 2016 2017 2018 2019

A -3.64% 12.21 % 9.54% -7.83% 13.99%C -4.15 11.72 9.07 -8.25 13.49I -3.09 12.81 10.10 -7.31 14.60A2 -3.66 12.25 9.55 -7.84 14.03NT -4.25 11.67 8.92 -8.37 13.45

STATISTICALDATA (CLASS AUSD)

5 Years

Volatility 10.51

Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share classcurrency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but donot reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses.The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations.Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share classdenominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely.The Portfolio is a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg.


ABEMERGINGMARKETSDEBTPORTFOLIO



Net Assets $780.88 millionAverage Duration (Years) 8.60Average Credit Quality BB+Yield to Worst 8.32%Total # of Holdings 294


Qatar Govt Intl Bond 4.40%, 4/16/50 2.61%Russian Foreign Bond 5.25%, 6/23/47 2.25Ukraine Govt Intl Bond 7.75%, 9/01/24 - 9/01/26 2.22Panama Govt Intl Bond 4.50%, 4/16/50 - 4/01/56 1.62Corp. Nacional del Cobre de Chile 3.70%, 1/30/50 1.58Ukraine Govt Intl Bond 7.375%, 9/25/32 1.45Argentine Govt Intl Bond 6.875%, 4/22/21 - 1/11/48 1.43Petroleos Mexicanos 6.95%, 1/28/60 1.20Ukraine Govt Bond 16.75%, 6/02/21 1.17Peruvian Govt Intl Bond 2.783%, 1/23/31 1.17Total 16.70


Sector Allocation4

EM Hard CurrencySovereign Debt 58.25%

EM Hard CurrencyCorporate Debt 17.24

EM Hard Currency QuasiSovereign Debt 16.27

EM Local CurrencyCorporate Debt 1.36

EM Local CurrencySovereign Debt 1.26

Other 5.62


US Dollar 95.92%Russian Rouble 2.53Ukrainian Hryvnia 1.11Nigerian Naira 0.57Australian Dollar 0.01Indonesian Rupiah 0.01South African Rand 0.01Brazil Real -0.01Euro -0.04Other -0.11

Country Allocation

Chile 7.39%Ukraine 6.33Mexico 6.00Panama 4.95Brazil 4.62Indonesia 4.28Qatar 3.90Russia 3.49South Africa 3.44Other 55.60

Credit Quality4

AA 6.65%A 7.81BBB 33.37BB 23.93B 20.70CCC & Below 7.30Other 0.24

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, liquidity risk, focused portfolio risk, allocation risk, portfolio turnover risk, derivativesrisk, OTC derivatives counterparties risk, structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debtobligations risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with theirfinancial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The JPMorgan EMBI (Emerging Market Bond Index) Global Diversified is comprised of USD-denominated emerging markets sovereign debt. It has a distinct distribution scheme which allows a more evendistribution of weights among the countries in the index by only including a specified portion of those countries’ eligible current face amounts of debt outstanding. An investor cannot invest directly in an index,and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutualfund, which would reduce total returns.






APR 30.04.20AB EMERGING MARKETS DEBT PORTFOLIO

GBEMDFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks to maximize risk-adjusted return by:+ Offering an innovative core fixed-incomestrategy—one that is global, flexible and risk-aware

+ Investing in a broad range of fixed-incomesectors and securities throughout theworldwhile adjusting country, sector and securityexposures according to perceived marketopportunities

+ Employing a flexible approach that seeks todynamically manage risk exposure as marketconditions change






+ Base Currency: British Pound

+ Currency-Hedged Share Classes:Euro, Swiss Franc, US Dollar

+ Benchmark: 3-Month LIBOR (GBP)1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Scott DiMaggio, CFA: 27 years

+ Douglas J. Peebles: 33 years

+ John Taylor: 21 years


Class

I2 0.90%A2 USD H 1.45I2 USD H 0.90


HYPOTHETICAL GROWTH OF £10,000

0

5,000

10,000

15,000

14 16 18 04/20

Class I2 GBP

£10,673

Hypothetical growth of £10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions anddo not reflect a sales charge. Results would be less favorable if a sales charge were included.



I2 2.89% -2.85% -0.93% 0.13% 1.04% — 1.10%A2 USD H 2.96 -2.04 0.62 1.32 1.66 — 1.47I2 USD H 2.99 -1.86 1.26 1.91 2.16 — 1.98Benchmark 0.05 0.27 0.80 0.65 0.60 — 0.592


Net AssetValue3

I2 LU1005411068 ABDYPI2:LX — 19/05/2014 — — 16.01A2 USD H LU1005411225 ABA2USH:LX — 19/05/2014 — — 16.36I2 USD H LU1005411498 ABI2USH:LX — 19/05/2014 — — 16.86


Class 2015 2016 2017 2018 2019

I2 0.20% 4.17 % 2.10 % -1.62 % 4.24%A2 USD H -0.60 3.96 2.77 -0.56 5.43I2 USD H -0.07 4.25 3.32 0.00 6.05

STATISTICALDATA (CLASS I2 GBP)

5 Years

Volatility 3.58



ABGLOBALDYNAMICBONDPORTFOLIO



Net Assets £778.80 millionAverage Duration (Years) 2.64Average Credit Quality A-Yield to Worst 3.67%Total # of Holdings 675


US Treasury Inflation Index 0.625%, 1/15/24 - 1/15/26 4.14%Kommuninvest I Sverige 1.00%, 10/02/24 1.98Landwirtschaftliche Rentenbank 4.25%, 1/09/25 1.96Kreditanstalt fuer Wiederaufbau 4.00%, 2/27/25 1.93Spain Govt Bond 1.95%, 4/30/26 1.90Italy Buoni Poliennali Del Tesoro 1.85%, 7/01/25 1.86International Finance 4.00%, 4/03/25 1.45United Kingdom Gilt 0.75%, 7/22/23 1.40Australia Govt Bond Series 150 3.00%, 3/21/47 1.24Dexia Credit Local 1.125%, 6/15/22 1.01Total 18.87


Top 5 Sectors4

Corporates - InvestmentGrade 43.92%

Global Governments 13.65Collateralized MortgageObligations 7.28

Corporates -Non-Investment Grade 6.42

Inflation-LinkedSecurities 5.31


Great British Pound 96.78%Japanese Yen 1.42Swiss Franc 1.34US Dollar 1.11New Taiwan Dollar 0.95Singapore Dollar 0.86Mexican Peso 0.49Russian Rouble 0.48Euro 0.39Other -3.82

Country Allocation

United States 37.79%United Kingdom 10.06Germany 6.51France 5.45Italy 4.08Spain 3.93Sweden 3.75Luxembourg 2.94Canada 2.61Other 22.88

Credit Quality4

AAA 20.16%AA 10.13A 23.11BBB 29.83BB 9.56B 2.00CCC & Below 0.31Not Rated 0.67Other 4.23

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, portfolio turnover risk, smaller capitalization companies risk, derivatives risk, OTCderivatives counterparties risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks aredescribed in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if theinvestment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 LIBOR is the London Interbank Offered Rate, the daily interest rate set by leading London banks to lend to one another. An investor cannot invest directly in the LIBOR, and their results are not indicative of theperformance for any specific investment, including an AB fund. The LIBOR does not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce totalreturns.






APR 30.04.20AB GLOBAL DYNAMIC BOND PORTFOLIO

GBDYPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks to produce high current income aswell asoverall total return by:+ Applying a global, multi-sector approach tobond investment

+ Investing mainly in higher yielding, lower-rated(below Investment Grade) securities of issuerslocated throughout theworld, includingdeveloped and emerging market countries

+ Investing in both US dollar and non-US dollardenominated securities








+ Currency-Hedged Share Classes:Australian Dollar, Canadian Dollar, Euro, PolishZloty, Singapore Dollar, Swiss Franc

+ Benchmark: Bloomberg Barclays Global HighYield Bond Index (USD hedged)1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Gershon Distenfeld, CFA: 23 years



+ MatthewS. Sheridan, CFA: 23 years


Class

A 1.77%C 2.22I 1.22A2 1.77NT 2.32AT CAD H 1.77



0

10,000

20,000

30,000

40,000

97 99 01 03 05 07 09 11 13 15 17 19 04/20

Class A USD

$28,490




A 2.85% -16.70% -11.85% -2.92% 0.18% 3.21% 4.74%C 2.81 -16.84 -12.28 -3.38 -0.28 2.74 4.02I 2.92 -16.51 -11.30 -2.35 0.75 3.77 5.35A2 2.99 -16.62 -11.76 -2.87 0.22 3.24 6.47NT 2.96 -16.71 -12.20 -3.38 -0.33 — 0.97AT CAD H 2.77 -17.74 -13.41 -4.06 -0.70 — 2.12Benchmark 4.39 -10.78 -6.09 0.70 3.21 5.88 6.722


Net AssetValue3

A LU0081336892 ACMHYAI:LX L00215423 22/09/1997 8.07% 0.0222 3.30C LU0081337197 ACMHYCI:LX L00215449 22/09/1997 7.49 0.0206 3.30I LU0083181239 ACMHYII:LX L00215456 22/09/1997 8.80 0.0242 3.30A2 LU0102830865 ACMHYA2:LX L00215605 14/03/2002 — — 13.80NT LU0838495926 AGHATNT:LX L5528V662 18/10/2012 7.36 0.0646 10.53AT CAD H LU0592507361 ABGATCH:LX — 15/04/2011 7.67 0.0646 10.11


Class 2015 2016 2017 2018 2019

A -5.44% 14.02% 7.34% -5.42% 13.28%C -5.67 13.26 6.89 -5.86 12.74I -4.89 14.62 7.92 -4.86 13.96A2 -5.18 13.94 7.30 -5.50 13.43NT -5.73 13.35 6.74 -6.09 12.80AT CAD H -5.11 13.23 6.64 -6.36 12.34


5 Years

Volatility 9.62



ABGLOBALHIGHYIELDPORTFOLIO



Net Assets $16,869.78 millionAverage Duration (Years) 4.16Average Credit Quality BB+Yield to Worst 11.07%Total # of Holdings 2,077

Top 10 Credit and Emerging Market Securities Holding

Indonesia Treasury Bond 8.25%, 7/15/21 1.73%Republic of South Africa Govt Bond 7.75%, 2/28/23 0.90Ukraine Govt Intl Bond 7.75%, 9/01/21 - 9/01/27 0.84Mexican Bonos 8.00%, 9/05/24 0.78Indonesia Treasury Bond 8.125%, 5/15/24 0.63Mexican Bonos 7.50%, 6/03/27 0.61Colombian TES 10.00%, 7/24/24 0.54Indonesia Treasury Bond 11.00%, 11/15/20 0.53UBS Group 7.00%, 1/31/24 - 2/19/25 0.52Ivory Coast Govt Intl Bond 6.375%, 3/03/28 0.48Total 7.56


Sector Allocation4

High Yield 46.29%Corporates - InvestmentGrade 11.30

Emerging Markets - HardCurrency 11.04

CMOs 6.59Treasuries 6.53Emerging Markets -Local Currency 6.21

Commercial Mortgage-Backed Securities 5.28

Preferred Stock 3.02Emerging Markets –Quasi- Sovereigns 1.69

Other 2.05


US Dollar 99.11%Egyptian Pound 0.90Dominican Peso 0.24Nigerian Naira 0.11Argentine Peso 0.07Other -0.43

Country Allocation

United States 56.73%Luxembourg 4.28Indonesia 3.56United Kingdom 2.73Mexico 2.47South Africa 2.20Canada 2.03Brazil 1.74Egypt 1.38Other 22.88

Credit Quality4

AAA 9.98%AA 0.58A 3.08BBB 22.65BB 26.56B 21.49CCC & Below 9.64Not Rated 6.02

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, liquidity risk, portfolio turnover risk, derivatives risk, OTC derivatives counterpartiesrisk, structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks aredescribed in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if theinvestment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 Bloomberg Barclays Global High Yield Bond Index (USD hedged) provides a broad-based measure of the global high-yield fixed income market. An investor cannot invest directly in an index, and their resultsare not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which wouldreduce total returns.

2 Life performance is from closest month-end after inception date of Class A. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.4 The highest of S&P, Moody’s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of





APR 30.04.20AB GLOBAL HIGH YIELD PORTFOLIO

GBGHYFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks high total investment return by:+ Investing primarily in investment grade debtsecurities and opportunistically in non-investment grade debt

+ Applying a global multi-sector approachdesigned to maximize opportunities, includinginvestment in government and corporate debt

+ Drawing on a large global team to evaluate thetop-down factors influencing markets aswellas the bottom-up factors affecting bond prices







+ Currency-Hedged Share Classes:British Pound, Canadian Dollar, Euro

+ Benchmark: Bloomberg Barclays GlobalAggregate Bond Index (USD hedged)1



+ Nicholas Sanders: 16 years



Class

A2 1.37%AT 1.37C2 1.82I2 0.82AT CAD H 1.37



0

5,000

10,000

15,000

12 14 16 18 04/20

Class A2 USD

$12,680




A2 2.81% -0.16% 3.99% 3.01% 2.61% — 2.92%AT 2.79 -0.21 3.96 2.98 2.60 — 2.93C2 2.74 -0.33 3.50 2.52 2.14 — 2.48I2 2.84 0.00 4.52 3.56 3.18 — 3.49AT CAD H 2.66 -0.67 2.91 2.14 2.02 — 2.59Benchmark 1.62 3.09 8.25 4.97 3.93 — 4.022


Net AssetValue3

A2 LU0683598212 ABGPFA2:LX L00216785 03/02/2012 — — 19.02AT LU0683598568 ABGPFAT:LX L00216793 03/02/2012 1.02 0.0145 17.13C2 LU0683599376 ABGPFC2:LX L00216835 03/02/2012 — — 18.35I2 LU0683599616 ABGPFI2:LX L00216843 03/02/2012 — — 19.90AT CAD H LU0800109406 ABPATCH:LX — 08/08/2012 0.58 0.0080 16.51


Class 2015 2016 2017 2018 2019

A2 -0.91 % 4.38% 2.86% 0.34% 7.69%AT -0.88 4.38 2.90 0.30 7.71C2 -1.34 3.90 2.44 -0.17 7.22I2 -0.36 4.95 3.46 0.88 8.27AT CAD H -0.55 4.13 2.26 -0.38 6.78


5 Years

Volatility 3.76



ABGLOBALPLUSFIXED INCOMEPORTFOLIO



Net Assets $964.10 millionAverage Duration (Years) 7.52Average Credit Quality AYield to Worst 3.15%Total # of Holdings 576


US Treasury Inflation Index 0.125%, 7/15/24 2.84%Japan Govt 10-Yr Bond 357 0.10%, 12/20/29 2.78Finland Govt Bond 0.875%, 9/15/25 2.76GNMA 2019 3.00%, TBA 2.58US Treasury Bonds 4.50%, 2/15/36 - 8/15/39 2.31Spain Govt Bond 1.95%, 4/30/26 2.29Canada Housing Trust 1.80%, 12/15/24 2.14Italy Buoni Poliennali Del Tesoro 1.85%, 7/01/25 2.07China Development Bank 4.88%, 2/09/28 1.97United Kingdom Gilt 1.75%, 9/07/37 - 1/22/49 1.93Total 23.67


Top 5 Sectors4

Global Governments 37.98%Corporates - InvestmentGrade 28.90

Mortgage Pass-Throughs 7.02Corporates -Non-Investment Grade 4.18

Inflation-LinkedSecurities 3.91


US Dollar 99.24%Chinese Renminbi 2.88Japanese Yen 0.98Swiss Franc 0.93Euro 0.50Mexican Peso 0.50Russian Rouble 0.50Indian Rupee 0.30South African Rand 0.25Other -6.08

Country Allocation

United States 34.25%Japan 8.43Italy 7.60Canada 5.98United Kingdom 5.34Spain 4.50China 3.55Finland 3.46Luxembourg 3.13Other 23.76

Credit Quality4

AAA 25.39%AA 14.39A 26.17BBB 25.35BB 6.27B 1.20CCC & Below 0.13Not Rated 2.80Other -1.70

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, derivatives risk, OTC derivatives counterparties risk, fixedincome securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund’s prospectus.Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 Bloomberg Barclays Global Aggregate Bond Index (USD hedged) covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities.An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expensesassociated with an investment in a mutual fund, which would reduce total returns.






APR 30.04.20AB GLOBAL PLUS FIXED INCOME PORTFOLIO

GBGPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks high total investment return by:+ Investing in a global portfolio of short-durationinvestment grade, fixed-income securities

+ Hedging non-US dollar-denominated positionsto US dollars to minimize the risks of currencyfluctuations

+ Drawing on a large global team to evaluate thetop-down factors influencing markets aswellas the bottom-up factors affecting bond prices








+ Currency-Hedged Share Classes:Australian Dollar, British Pound, Canadian Dollar,Euro

+ Benchmark: Bloomberg Barclays Global 1-3YearTreasury Index (USD hedged)1, 2


+ Nicholas Sanders: 16 years



Class

A 1.20%C 1.60I 0.58A2 1.20NT 1.70AT CAD H 1.20



0

5,000

10,000

15,000

20,000

25,000

96 98 00 02 04 06 08 10 12 14 16 18 04/20

Class A USD

$21,685


PERFORMANCE (RETURNS ARE ANNUALIZED FOR PERIODS LONGER THAN ONE YEAR)3


A 0.58% -0.39% 0.87% 0.82% 0.53% 0.93% 3.34%C 0.55 -0.54 0.43 0.34 0.06 0.47 2.05I 0.63 -0.21 1.43 1.44 1.16 1.53 3.83A2 0.72 -0.33 1.00 0.87 0.55 0.93 2.70NT 0.63 -0.53 0.47 0.35 0.01 — -0.33AT CAD H 0.65 -0.52 0.27 0.15 0.06 — 0.72Benchmark 0.22 1.77 3.94 2.62 1.96 2.53 4.554


Net AssetValue5

A LU0069950391 ALGLBAI:LX L00215332 14/10/1996 2.31% 0.0149 7.73C LU0069951795 ACMGBCI:LX L00215357 12/03/1998 1.86 0.0120 7.73I LU0069952330 ALGLBII:LX L00215365 20/11/1996 2.87 0.0185 7.73A2 LU0102828612 ACMBATI:LX L00215746 12/05/1999 — — 18.24NT LU0838495504 ABGBPNT:LX L00217254 18/10/2012 1.75 0.0183 12.52AT CAD H LU0592507288 AGBATCH:LX — 15/04/2011 1.86 0.0190 12.23

CALENDAR YEAR PERFORMANCE3

Class 2015 2016 2017 2018 2019

A -0.50% 0.33% 0.47% 0.23% 2.48%C -0.95 -0.13 -0.01 -0.26 2.02I 0.13 0.97 1.13 0.90 3.06A2 -0.51 0.34 0.45 0.34 2.46NT -1.01 -0.22 -0.13 -0.21 2.02AT CAD H -0.23 0.17 -0.11 -0.39 1.60


5 Years

Volatility 0.99



ABSHORTDURATIONBONDPORTFOLIO



Net Assets $590.81 millionAverage Duration (Years) 1.67Average Credit Quality AA-Yield to Worst 1.92%Total # of Holdings 253


US Treasury Bonds 8.00%, 11/15/21 7.64%Italy Buoni Poliennali Del Tesoro 4.50%, 5/01/23 4.03Italy Buoni Poliennali Del Tesoro 5.50%, 11/01/22 3.96US Treasury Bonds 7.25%, 8/15/22 3.94US Treasury Inflation Index 1.125%, 1/15/21 2.83Spain Govt Bond 4.80%, 1/31/24 2.79US Treasury Bonds 6.25%, 8/15/23 2.45US Treasury Bonds 7.125%, 2/15/23 2.32US Treasury Inflation Index 0.625%, 7/15/21 2.22Spain Govt Bond 3.80%, 4/30/24 2.17Total 34.35


Sector Allocation6

Corporates - InvestmentGrade 37.20%

Global Governments 36.96Covered Bonds 6.05Inflation-LinkedSecurities 5.20

Local Governments -Provincial Bonds 3.32

Collateralized MortgageObligations 2.42

Mortgage Pass-Throughs 2.25Supranationals 2.09Quasi-Sovereigns 1.68Other 2.83


US Dollar 99.42%Japanese Yen 1.33Swiss Franc 0.90Mexican Peso 0.50Russian Rouble 0.50Other -2.65

Country Allocation

United States 47.48%Italy 9.95Canada 6.45Spain 6.27France 5.15United Kingdom 4.74Japan 2.83Germany 2.69Supranational 2.09Other 12.35

Credit Quality6

AAA 37.93%AA 10.38A 30.08BBB 20.32BB 0.24Not Rated 1.05

Prior to 1 July 2019, the Portfolio was named AB Global Bond Portfolio. All data prior to 1 July 2019 relates to the AB Global Bond Portfolio.INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include liquidity risk, portfolio turnover risk, derivatives risk, OTC derivatives counterparties risk, structuredinvestments risk, fixed income securities risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund’s prospectus. Prospective investorsshould read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 Effective 14 December 2012, the benchmark for the Portfolio has changed as noted above. As of 1 January 2013, performance data reflects the new benchmark. Benchmark performance prior to 1 January2013 represents the Portfolio’s prior benchmark, the Barclays Capital Global Aggregate Index (USD hedged).

2 The Bloomberg Barclays Global 1-3 Year Treasury Index (USD hedged) tracks fixed-rate local-currency government debt of investment-grade countries. The index represents the 1-3 year range of theTreasury sector of the Global Aggregate Index and contains issues from 37 countries denominated in 23 currencies. An investor cannot invest directly in an index, and their results are not indicative of theperformance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.

3 Effective 1 July 2019, the fund’s management fees were reduced, and a voluntary expense cap was implemented by the Management Company. As a result, the total expense ratios from 1 July 2019 will belower, by at least the change in management fee. The management fee for Class A was lowered from 1.10% to 0.85%, resulting in a lower total expense ratio: 1.48% in June 2019 to 1.20% in July 2019 forClass A. The management fee for Class I was lowered from 0.55% to 0.325%, resulting in a lower total expense ratio: 0.93% in June 2019 to 0.575% in July 2019 for Class I. A voluntary expense cap was alsoadded: 1.20% for Class A and 0.575% for Class I. The historical performance prior to July 1st reflects the higher fees and expenses. Similar changes to fees and expense caps were made to the other shareclasses.






APR 30.04.20AB SHORT DURATION BOND PORTFOLIO

GBGBPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks high risk-adjusted returns by:+ Building a fixed-income portfolio with anaverage duration of less than four years toreduce sensitivity to credit market sell-offs andinterest rate moves

+ Focusing on higher-rated high-yield issuers+ Employing hedging strategies designed tomanage downside risk







+ Currency-Hedged Share Classes:Australian Dollar, British Pound, Canadian Dollar,Euro, Swiss Franc


+ Jackie Pincus, CFA: 12 years

+ Will Smith, CFA: 11 years


Class

A2 1.31%AT 1.31CT 1.76IT 0.76NT 1.86AT CAD H 1.31



0

5,000

10,000

15,000

11 13 15 17 19 04/20

Class A2 USD

$12,953




A2 5.14% -6.41% -3.00% 1.07% 1.92% — 3.00%AT 5.15 -6.35 -3.00 1.08 1.91 — 3.00CT 5.10 -6.53 -3.44 0.60 1.46 — 1.97IT 5.14 -6.28 -2.48 1.60 2.47 — 3.11NT 5.06 -6.56 -3.53 0.52 1.36 — 1.69AT CAD H 4.97 -7.20 -4.31 0.03 1.20 — 2.42


Net AssetValue1

A2 LU0654559516 ABSDHA2:LX L00218252 29/07/2011 — — 19.43AT LU0654559607 ABSDHAT:LX L00218260 29/07/2011 6.08 0.0700 13.82CT LU0800111998 ASDHCTU:LX L5529H720 20/09/2012 5.61 0.0626 13.38IT LU0683596513 ABSBGIT:LX L0173P680 07/09/2012 6.62 0.0745 13.51NT LU0861578457 ASDHNTD:LX L0173W222 20/12/2012 5.52 0.0610 13.25AT CAD H LU0800111568 ABSATCH:LX — 08/08/2012 5.63 0.0625 13.31


Class 2015 2016 2017 2018 2019

A2 -0.75 % 7.80% 3.08% -1.15 % 10.07%AT -0.75 7.80 3.06 -1.10 10.02CT -1.21 7.35 2.59 -1.58 9.56IT -0.17 8.40 3.63 -0.61 10.68NT -1.36 7.22 2.56 -1.74 9.50AT CAD H -0.48 7.43 2.41 -1.96 9.09


5 Years

Volatility 5.76



ABSHORTDURATIONHIGHYIELDPORTFOLIO



Net Assets $919.22 millionAverage Duration (Years) 3.20Average Credit Quality BBYield to Worst 7.69%Total # of Holdings 524

Top 10 Credit Holdings Holding

CDX-NAHY 5-Yr Index 5.00%, 12/20/24 4.88%CDX-NAHY 5-Yr Index 5.00%, 12/20/23 1.25Hanesbrands 4.625%, 5/15/24 0.72WR Grace Conn 5.125%, 10/01/21 0.71Group 1 Automotive 5.00%, 6/01/22 0.70Reynolds Group 5.125%, 7/15/23 0.69Bausch Health 6.50%, 3/15/22 0.67Sunoco/Sunoco Finance 4.875%, 1/15/23 0.66Sealed Air 5.50%, 9/15/25 0.66CommScope 5.50%, 3/01/24 - 6/15/24 0.66Total 11.60


Credit Holdings by Sector

Corporate - Industrials 72.61%Corporate - Financials 15.06Credit Baskets 5.17Corporate - Utilities 2.28CMOs 2.03Emerging Markets -Sovereigns 1.08

CLO 0.98Asset-Backed Securities 0.48Bank Loans 0.30CMBS 0.01

Region Allocation

North America 80.30%Europe 14.36Emerging Markets 3.39Others 1.95

Credit Quality2

AAA 3.56%AA 0.24A 0.86BBB 19.17BB 45.40B 35.51CCC & Below 1.78Not Rated -6.52


US Dollar 99.67%Dominican Peso 0.16Great British Pound 0.11Brazil Real 0.02Russian Rouble 0.02South African Rand 0.02

INVESTMENT RISKS TO CONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, portfolio turnover risk, derivatives risk, OTC derivatives counterparties risk,structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks aredescribed in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if theinvestment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from AllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 Net asset value is denominated in the share class currency.2 Based on S&P, Moody’s and Fitch ratings: in case of two different ratings, the lower rating shall be decisive; in case of three or more different ratings, the lower rating of the two best ratings shall be decisive. Not

rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, based on the issuer'sfinancial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change.




APR 30.04.20AB SHORT DURATION HIGH YIELD PORTFOLIO

GBSHYPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks to provide a high level of current incomeconsistent with preservation of capital by:+ Employing a US dollar-denominated multi-sector bond approach in search of the bestopportunities

+ Dynamically balancing credit and durationthrough investments in high yield and emergingmarket sectors to enhance income anddampen interest-rate risk, and in high-qualitygovernment bonds to alleviate credit risk whenmarkets are stressed

+ Limiting exposure to below investment-graderated bonds to 50% and avoiding CCC-ratedissuers








+ Currency-Hedged Share Classes:British Pound, Canadian Dollar, Euro, PolishZloty, Swiss Franc

+ Benchmark: Bloomberg Barclays US AggregateBond Index1


+ Gershon Distenfeld, CFA: 23 years


+ MatthewS. Sheridan, CFA: 23 years


Class

A 1.31%C 1.76I 0.76A2 1.31NT 1.86AT CAD H 1.31



0

10,000

20,000

30,000

40,000

50,000

93 95 97 99 01 03 05 07 09 11 13 15 17 19 04/20

Class A USD$45,505




A 2.61% -7.00% -0.85% 1.64% 2.18% 3.78% 5.81%C 2.57 -7.14 -1.28 1.18 1.70 3.30 5.21I 2.66 -6.82 -0.30 2.21 2.77 4.37 5.70A2 2.70 -6.95 -0.79 1.67 2.21 3.80 5.63NT 2.64 -7.09 -1.34 1.11 1.64 — 1.83AT CAD H 2.53 -7.83 -2.25 0.64 1.49 — 3.23Benchmark 1.78 4.98 10.84 5.17 3.80 3.96 5.352


Net AssetValue3

A LU0044957727 ALAMIAI:LX L00215100 01/07/1993 5.50% 0.0350 7.64C LU0044958022 ALAMICI:LX L00215126 01/07/1993 5.03 0.0320 7.64I LU0079475934 ALAAMII:LX L00215142 06/11/1997 6.09 0.0388 7.64A2 LU0095030564 ALAMITI:LX L00215589 26/10/1998 — — 28.92NT LU0838494796 ABANTRU:LX L00217270 18/10/2012 4.92 0.0510 12.43AT CAD H LU0592505407 ABAATCH:LX — 15/04/2011 5.07 0.0535 12.67


Class 2015 2016 2017 2018 2019

A -2.57 % 7.77 % 4.82% -1.15 % 12.21 %C -3.03 7.23 4.20 -1.59 11.72I -2.11 8.41 5.43 -0.58 12.83A2 -2.55 7.74 4.75 -1.11 12.28NT -3.10 7.14 4.23 -1.70 11.66AT CAD H -2.38 7.50 4.13 -1.96 11.36


5 Years

Volatility 6.04



ABAMERICAN INCOMEPORTFOLIO



Net Assets $24,084.00 millionAverage Duration (Years) 4.87Average Credit Quality A-Yield to Worst 7.49%Total # of Holdings 1,400


US Treasury Bonds 6.125%, 11/15/27 - 8/15/29 6.30%US Treasury Bonds 6.25%, 5/15/30 4.33US Treasury Bonds 6.75%, 8/15/26 3.64FNMA 6.625%, 11/15/30 2.29US Treasury Bonds 7.625%, 2/15/25 2.16US Treasury Bonds 6.00%, 2/15/26 1.97US Treasury Bonds 6.50%, 11/15/26 1.53FNMA 7.125%, 1/15/30 0.91FHLM 6.25%, 7/15/32 0.78US Treasury Bonds 7.50%, 11/15/24 0.71Total 24.62


Sector Allocation4

High Yield 25.40%Corporates -Investment Grade 18.97

Treasuries 18.41CMOs 13.10Emerging Markets -Hard Currency 8.50


Agency 4.69Other 4.37

Currency Allocation

US Dollar 100.00%

Country Allocation

United States 74.93%United Kingdom 2.59France 1.41Netherlands 1.25Brazil 1.24Other 18.58

Credit Quality4


INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include liquidity risk, focused portfolio risk, portfolio turnover risk, derivatives risk, OTC derivatives counterpartiesrisk, structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks aredescribed in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if theinvestment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The Bloomberg Barclays US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the US investment grade fixed rate bond market. Aninvestor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expensesassociated with an investment in a mutual fund, which would reduce total returns.






APR 30.04.20AB AMERICAN INCOME PORTFOLIO

GBAIPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks high risk-adjusted total return by:+ Investing in predominantly USD-denominatedmortgage-related securities and other asset-backed securities

+ Dynamically balancing return-seeking and risk-reducing assets through investments insecuritized credit (including high yield) insearch of returnswhen market opportunitiesare available, and in high-quality bonds such asagencymortgage-backed securities whenmarkets are risk-averse

+ Employing a dynamic, flexible, opportunisticapproach that integrates proprietaryquantitative researchwith fundamentalanalysis







+ Convenience Pricing/ReportingCurrencies: Euro, Singapore Dollar

+ Currency-Hedged Share Classes:Euro

+ Benchmark: 3-Month LIBOR (USD)1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Michael S. Canter: 26 years

+ Charlie Choi: 15 years

+ Janaki Rao: 25 years


Class

A 1.30%C 1.75I 0.75A2 1.30NT 1.85



0

5,000

10,000

15,000

14 16 18 04/20

Class A USD

$9,953




A 1.63% -19.27% -16.77% -3.69% -0.88% — -0.08%C 1.58 -19.41 -17.22 -4.12 -1.35 — -0.53I 1.69 -19.14 -16.32 -3.14 -0.31 — 0.50A2 1.77 -19.28 -16.77 -3.63 -0.86 — -0.01NT 1.68 -19.45 -17.28 — — — -8.16Benchmark 0.27 0.78 2.38 2.07 1.47 — 1.232


Net AssetValue3

A LU1021287708 ASMAUSD:LX L0023L350 20/02/2014 7.08% 0.0637 10.79C LU1021291304 ASMCUSD:LX L0023L459 20/02/2014 6.51 0.0585 10.79I LU1021292294 ASMIUSD:LX L0023L475 20/02/2014 7.80 0.0702 10.80A2 LU1021288185 ASMA2US:LX L0023L368 20/02/2014 — — 14.99NT LU1802466067 ABIMNTU:LX L00182524 18/05/2018 6.38 0.0611 11.50


Class 2015 2016 2017 2018 2019

A 0.46 % 4.67% 7.16 % 1.01 % 5.95%C 0.00 4.25 6.69 0.56 5.39I 1.03 5.29 7.81 1.57 6.54A2 0.46 4.73 7.24 1.10 5.93NT — — — — 5.35


5 Years

Volatility 10.02



ABMORTGAGE INCOMEPORTFOLIO



Net Assets $1,249.25 millionAverage Duration (Years) 1.35Average Credit Quality BBB-Yield to Worst4 10.95%Total # of Holdings 498


US Treasury Bonds 8.75%, 8/15/20 4.10%US Treasury Notes 3.50%, 5/15/20 3.21Bellemeade Re 2.337%, 10/25/28 1.24FHLM 4.00%, 10/01/48 1.08Bellemeade Re 2.087%, 8/25/28 1.07Mortgage Insurance-Linked Notes 2.487%, 2/25/30 1.02Bellemeade Re 2.237%, 3/25/29 1.01GNMA 2019 2.50%, TBA 0.98FHLM 4.937%, 3/25/30 0.95Radnor Re 2.437%, 2/25/29 0.90Total 15.56


Sector Allocation

CollateralizedMortgage Obligations 44.35%


Agency RMBS 9.36Asset-Backed Securities 9.06Global Governments 7.39Other 6.32

Currency Allocation

US Dollar 100.00%

Country Allocation

United States 95.32%Cayman Islands 4.65Other 0.03

Credit Quality5


INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include liquidity risk, allocation risk, portfolio turnover risk, derivatives risk, OTC derivatives counterparties risk,structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks aredescribed in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if theinvestment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.


2 Life performance is from inception date of oldest class shown. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.4 As of 1 January 2018, AB updated its internal methodology used for calculating Yield to Worst for the Portfolio.5 The highest of Moody’s or S&P or at least one other nationally recognized statistical rating organization (“NRSO”) or internationally recognized statistical rating organization (“IRSO”). For guideline compliance

purposes, the Investment Manager currently monitors the lowest of Moody’s or S&P or at least one other NRSO or IRSO. Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, basedon the issuer's financial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change.




APR 30.04.20AB MORTGAGE INCOME PORTFOLIO

GBSMDFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks high total return through a combination ofincome and capital appreciation by:+ Investing mainly in higher yielding, lower-rated(below Investment Grade) corporate debtdenominated in or hedged to Euros

+ Having the flexibility to take large under- oroverweight positions in segments of the Eurohigh-yield market as market conditions change

+ Generating returns through a combination ofdebt security analysis and selection, sectorallocation, country selection, as well ascurrency-oriented decisions






+ Base Currency: Euro

+ Convenience Pricing/ReportingCurrencies: US Dollar

+ Currency-Hedged Share Classes:British Pound, Polish Zloty, Swiss Franc, USDollar

+ Benchmark: Bloomberg Barclays Euro HighYield 2% Issuer Constrained Index (in Euro)1


+ Jorgen Kjaersgaard: 26 years

+ Will Smith, CFA: 11 years


Class

A 1.50%C 1.95I 0.95AT USD H 1.50IT USD H 0.95NT USD H 1.95


HYPOTHETICAL GROWTH OF €10,000

0

5,000

10,000

15,000

20,000

10 12 14 16 18 04/20

Class A EUR

€15,765

Hypothetical growth of €10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions anddo not reflect a sales charge. Results would be less favorable if a sales charge were included.



A 8.31% -11.63% -7.98% -1.76% 0.45% 4.40% 4.60%C 8.27 -11.77 -8.44 -2.19 0.00 3.93 4.13I 8.37 -11.45 -7.45 -1.20 1.01 4.98 5.18AT USD H 8.47 -10.68 -5.26 0.98 2.54 — 2.82IT USD H 8.44 -10.54 -4.76 1.50 3.08 — 3.33NT USD H 8.44 -10.83 -5.64 0.53 2.13 — 2.38Benchmark 6.17 -9.68 -5.86 0.11 1.95 5.44 5.722


Net AssetValue3

A LU0496383703 ABEHYAE:LX L00216173 15/03/2010 2.66% 0.0329 14.86C LU0496387878 ABEHYCE:LX L00216355 15/03/2010 2.17 0.0269 14.86I LU0496388686 ABEHYIE:LX L00216397 15/03/2010 3.29 0.0407 14.86AT USD H LU1037946412 ABEATUS:LX L5528Y740 06/03/2014 5.19 0.0572 13.22IT USD H LU1037946925 ABEITUS:LX L5528Y765 06/03/2014 5.68 0.0625 13.20NT USD H LU1037947147 ABENTUS:LX L5528Y773 06/03/2014 4.79 0.0527 13.21


Class 2015 2016 2017 2018 2019

A -1.07% 8.97 % 7.22 % -7.45 % 11.54%C -1.52 8.48 6.76 -7.81 10.97I -0.52 9.57 7.77 -6.86 12.10AT USD H -0.72 10.27 9.28 -4.63 14.74IT USD H -0.32 10.83 9.88 -4.16 15.37NT USD H -1.23 9.95 8.82 -5.08 14.24

STATISTICALDATA (CLASS A EUR)

5 Years

Volatility 9.69



ABEUROHIGHYIELDPORTFOLIO



Net Assets €350.07 millionAverage Duration (Years) 3.67Average Credit Quality BB-Yield to Worst 6.81%Total # of Holdings 252


Telefonica Europe 4.375%, 12/14/24 1.75%Assicurazioni Generali 5.50%, 10/27/47 1.53IHO Verwaltungs 3.75%, 9/15/26 1.52Altice France 5.875%, 2/01/27 1.35ThyssenKrupp 2.50%, 2/25/25 1.23Altice France 8.00%, 5/15/27 1.22IQVIA 3.25%, 3/15/25 1.21Unipol Gruppo 3.50%, 11/29/27 1.12Intrum 3.50%, 7/15/26 1.07K&S AG 3.25%, 7/18/24 1.04Total 13.04


Sector Allocation4

Corporates -Non-Investment Grade 84.73%

Corporates - InvestmentGrade 10.95

Investment Companies 2.87Emerging Markets -Corporate Bonds 1.45


Euro 100.00%

Country Allocation

United States 16.55%France 12.61Germany 12.34Italy 11.60Netherlands 9.50Luxembourg 8.58Spain 7.54United Kingdom 6.86Sweden 4.32Other 10.10

Credit Quality4

A 0.22%BBB 11.05BB 54.02B 26.83CCC & Below 7.77Not Rated 0.11

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, derivatives risk, OTC derivatives counterparties risk, structuredinvestments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in theFund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment isappropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The Bloomberg Barclays Euro High Yield 2% Issuer Constrained Index (in Euro) covers the universe of fixed rate, non-investment grade Euro corporate debt. An investor cannot invest directly in an index, andtheir results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund,which would reduce total returns.






APR 30.04.20AB EURO HIGH YIELD PORTFOLIO

GBEHYFS420www.alliancebernstein.com

OVERALL MORNINGSTAR RATINGTM

Class A2 EUR Shares

★★★★Rated against 426 funds in the EUR Flexible Bond

Category, based on risk-adjusted returns.

OBJECTIVE & STRATEGYSeeks high total return bymaximizing currentincome and achieving capital appreciation by:+ Maintaining a diversified portfolio ofinvestment-grade and non-investment-gradefixed-income securities issued by Europeancompanies and governments, with flexibility toinvest in some non-European issuers

+ Investing predominantly in Euro or Europeancurrency-denominated securities

+ Dynamically balancing higher-yielding Eurofixed-income assets with lower riskgovernment bonds to generate yield fromdiverse sources

+ Employing a multi-sector approach in search ofthe best opportunities








+ Currency-Hedged Share Classes:Polish Zloty, Swiss Franc, US Dollar

+ Benchmark: Bloomberg Barclays EuroAggregate Bond Index1


+ Jorgen Kjaersgaard: 26 years



Class

A2 1.31%A 1.31C 1.76I 0.76AT USD H 1.31I2 USD H 0.76



0

5,000

10,000

15,000

20,000

25,000

99 01 03 05 07 09 11 13 15 17 19 04/20

Class A2 EUR

€19,910




A2 5.46% -5.51% -2.54% 0.42% 0.98% 3.75% 3.31%A 5.52 -5.45 -2.52 0.43 1.01 3.74 3.34C 5.47 -5.59 -2.97 -0.03 0.55 3.27 2.79I 5.57 -5.27 -1.99 0.98 1.55 4.30 3.91AT USD H 5.60 -4.47 0.34 3.19 3.10 — 4.85I2 USD H 5.68 -4.23 0.97 3.77 3.67 — 5.41Benchmark 1.18 0.04 3.31 2.50 1.83 3.82 4.332


Net AssetValue3

A2 LU0095024591 ACMEIRI:LX L0024R505 26/02/1999 — — 19.91A LU0095025721 ACMEIAI:LX L0024Q358 26/02/1999 3.47 0.0187 6.46C LU0095026026 ACMEICI:LX L0024M480 26/02/1999 2.99 0.0161 6.46I LU0095024757 ACMEIII:LX L0024M464 26/02/1999 4.05 0.0218 6.46AT USD H LU0539802446 ABEATUH:LX L5528Q424 08/09/2010 6.11 0.0719 14.11I2 USD H LU0539802958 ABII2UH:LX L5528Q358 08/09/2010 — — 24.93


Class 2015 2016 2017 2018 2019

A2 0.22% 5.08% 3.39% -2.63% 7.55%A 0.27 5.05 3.51 -2.63 7.45C -0.19 4.56 3.03 -3.09 6.98I 0.78 5.60 4.06 -2.09 8.03AT USD H 0.45 6.52 5.42 0.14 10.71I2 USD H 0.89 7.03 5.98 0.69 11.29

STATISTICALDATA (CLASS A2 EUR)

5 Years

Volatility 6.10



ABEUROPEAN INCOMEPORTFOLIO



Net Assets €2,636.13 millionAverage Duration (Years) 5.83Average Credit Quality BBB-Yield to Worst 4.35%Total # of Holdings 270


Bundesrepublik Deutschland 97 6.50%, 7/04/27 8.07%French Republic Govt Bond OAT 8.50%, 4/25/23 4.30Italy Buoni Poliennali Del Tesoro 9.00%, 11/01/23 2.88Italy Buoni Poliennali Del Tesoro 4.75%, 9/01/44 2.17Spain Govt Bond 5.90%, 7/30/26 1.55Spain Govt Bond 5.15%, 10/31/44 1.48UniCredit 6.95%, 10/31/22 1.41Spain Govt Bond 6.00%, 1/31/29 1.26Spain Govt Bond 5.75%, 7/30/32 1.11Cooperatieve Rabobank 3.25%, 12/29/26 1.08Total 25.31


Top Sectors4

Corporates -Non-Investment Grade 46.67%

Global Governments 26.93Corporates - InvestmentGrade 23.51

Cash Equivalents 2.27Emerging Markets -Corporate Bonds 0.80


Euro 100.12%Other -0.12

Country Allocation

United States 16.87%France 13.37Germany 12.03Spain 11.99Italy 11.40Other 34.34

Credit Quality4

AAA 10.32%AA 5.05A 10.81BBB 25.52BB 27.81B 15.47CCC & Below 4.20Not Rated 0.33Other 0.49

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, liquidity risk, focused portfolio risk, portfolio turnover risk, derivatives risk, OTCderivatives counterparties risk, structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk.These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviserto determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The Bloomberg Barclays Euro Aggregate Bond Index contains fixed-rate, investment-grade Euro-denominated securities regardless of domicile of the issuer from industrial, utility and financial issuers only. Aninvestor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expensesassociated with an investment in a mutual fund, which would reduce total returns.

2 Life performance is from inception date of Class A2. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.4 The highest of S&P, Moody’s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of





APR 30.04.20AB EUROPEAN INCOME PORTFOLIO

GBEIOPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks high total returns in Renminbi (“RMB”)terms through current income and long-termcapital appreciation by:+ Investing in CNH and CNY-denominatedsecurities in seeking to benefit from theinternationalization of the Chinese currency

+ Investing in a combination of RMB-denominated Chinese and other Asian fixed-income securities

+ Providing Chinese currency exposurewith theflexibility to diversify RMB issuer concentration

+ Combining top-down and bottom-up sectorand credit analysis with active interest ratemanagement and country and currencyallocations





+ Order Placement Cutoff Time:11AMCET

+ Base Currency: Renminbi

+ Convenience Pricing/ReportingCurrencies: British Pound, Euro, Hong KongDollar, Singapore Dollar, Swiss Franc, US Dollar


+ Brad Gibson: 27 years

+ Jenny Zeng, CFA: 14 years


Class

A2 1.37%AT 1.37C2 1.82CT 1.82I2 0.82IT 0.82


HYPOTHETICAL GROWTH OF RMB10,000

0

5,000

10,000

15,000

11 13 15 17 19 04/20

Class A2 RMBRMB13,885

Hypothetical growth of RMB10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributionsand do not reflect a sales charge. Results would be less favorable if a sales charge were included.



A2 1.88% -0.84% 2.37% 3.27% 3.34% — 3.74%AT 1.88 -0.83 2.37 3.27 3.35 — 3.74C2 1.85 -0.98 1.92 2.80 2.88 — 3.35CT 1.85 -0.98 1.91 2.81 2.88 — 3.36I2 1.93 -0.65 2.94 3.83 3.91 — 4.31IT 1.93 -0.64 2.93 3.85 3.92 — 4.42


Net AssetValue1

A2 LU0633139042 ABRMBA2:LX L00216801 23/05/2011 — — 138.85AT LU0633139638 ABRMBAT:LX — 23/05/2011 4.48 0.3572 95.66C2 LU0654558385 ARMBIC2:LX L00218187 25/07/2011 — — 133.48CT LU0654558542 ARMBICT:LX L00218195 25/07/2011 4.01 0.3220 96.29I2 LU0633140057 ABRMGI2:LX L00216876 23/05/2011 — — 145.86IT LU0654559193 ARMBIIT:LX L00218203 25/07/2011 5.06 0.4068 96.43


Class 2015 2016 2017 2018 2019

A2 3.59% 3.51 % 4.51 % 2.50% 5.55 %AT 3.60 3.50 4.51 2.50 5.55C2 3.14 3.04 4.04 2.04 5.08CT 3.13 3.03 4.05 2.04 5.07I2 4.17 4.08 5.09 3.05 6.12IT 4.16 4.08 5.09 3.08 6.13

STATISTICALDATA (CLASS A2 RMB)

5 Years

Volatility 2.36



ABRMB INCOMEPLUSPORTFOLIO



Net Assets RMB1,249.88 millionAverage Duration (Years) 4.16Yield to Worst 4.31%Total # of Holdings 165


China Development Bank 4.04%, 7/06/28 6.67%China Development Bank 3.48%, 1/08/29 6.59China Development Bank 3.50%, 8/13/26 5.99China Development Bank 4.73%, 4/02/25 3.90China Development Bank 4.04%, 4/10/27 3.81Export-Import Bank of China 4.15%, 6/18/27 2.83Agricultural Development Bank of China 3.85%, 1/06/27 2.82China Govt Bond 1906 3.29%, 5/23/29 2.20Busan Bank 4.85%, 5/25/21 1.79Sinopec Century Bright Capital Investment 4.50%, 10/31/21 1.78Total 38.38


Sector Allocation

RMB Sovereigns 5.26%RMB Corporates 8.80RMB Quasi-Sovereigns 37.69RMB Other 9.56Non-RMB Sovereigns -6.77Non-RMB Corporates 31.08Non-RMBQuasi-Sovereigns 7.75

Non-RMB Other 6.63

Currency Allocation

RMB 100.00%

Country Allocation

China 74.05%South Korea 7.69Indonesia 4.27India 3.51Hong Kong 2.83Supranational 2.17Philippines 1.59Germany 1.31Thailand 1.17Other 1.41

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, allocation risk, portfolio turnover risk, smaller capitalizationcompanies risk, derivatives risk, OTC derivatives counterparties risk, structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations riskand corporate debt obligations risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees andcharges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 Net asset value is denominated in the share class currency.




APR 30.04.20AB RMB INCOME PLUS PORTFOLIO

GBRMBFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Investing in a concentrated portfolio of growthcompanies with strong fundamentals locatedaround theworld trading at attractivevaluations

+ Emphasizing businesseswith a strong trackrecord and sustainable growth trajectories toreduce volatility

+ Employing rigorous bottom-up research toselectively invest in high-conviction ideaswhilemanaging risk





+ Order Placement Cutoff Time:6PMCET


+ Currency-Hedged Share Classes:British Pound, Euro, Swiss Franc

+ Benchmark:MSCIWorld Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ DevChakrabarti: 20 years

+ Mark Phelps: 34 years


Class

A 1.93%I 1.13



0

10,000

20,000

30,000

40,000

05 07 09 11 13 15 17 19 04/20

Strategy

$31,417

Hypothetical growth of $10,000 is for illustrative purposes only. Returns assume the reinvestment of distributions and do notreflect a sales charge. Results would be less favorable if a sales charge were included.



Strategy 12.80% -9.40% 0.55% 10.64% 8.19% 10.21% 7.89%A 12.88 -9.47 -0.67 9.77 7.19 — 8.60I 12.92 -9.23 0.15 10.67 8.05 — 9.48Benchmark 10.92 -12.43 -4.00 4.99 4.92 7.68 6.032


Net AssetValue3

Strategy — — — 31/03/2005 — — —A LU1011997381 ABCGEAA:LX L5528Y419 23/12/2013 — — 25.33I LU1011997464 ABCGEIA:LX L5528Y427 23/12/2013 — — 26.66


Class 2015 2016 2017 2018 2019

Strategy 2.46% 2.28% 30.32% -5.88% 36.14%A 1.25 1.29 28.75 -6.31 34.71I 2.07 2.08 29.82 -5.55 35.78


5 Years

Alpha 2.14Beta 1.03Sharpe Ratio 0.40Upside Capture Ratio 115.27

5 Years

Downside Capture Ratio 102.53Volatility 15.18Tracking Error 3.90Information Ratio 0.58

Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share classcurrency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but donot reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses.The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations.Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share classdenominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely.The results displayed above represent the investment performance record for the institutionally marketed AllianceBernstein Concentrated Global Growth Strategy and are presented assupplemental information only. The performance of the Strategy is not the same as the Concentrated Global Equity Portfolio and, although similar, they do not have an identical portfolioconstruction or fee structure. The past performance of the Strategy is not a reliable indicator of future performance. Furthermore, the Strategy performance is shown in U.S. Dollarterms and, accordingly, the actual return achieved by a non-U.S. Dollar based investormay increase or decrease due to currency fluctuations. The performance of the Strategy includesall fee-paying discretionary accounts and, when applicable, pooled investment vehicles. Performance reflects net of all fees and expenses (including a 0.90% management fee).The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d’investissement à capital variable) incorporatedunder the laws of the Grand Duchy of Luxembourg.

For Professional Investor Use Only Equity APR 30.04.20

ABCONCENTRATEDGLOBALEQUITYPORTFOLIO

27


Net Assets $404.75 millionTotal # of Holdings 32Active Share 91%

Top Ten Holdings Sector Holding

Microsoft Information Technology 6.64%Mastercard Information Technology 5.21Verisk Analytics Industrials 4.21ASML Holding Information Technology 4.04Abbott Laboratories Health Care 4.03Nestle Consumer Staples 3.91Zoetis Health Care 3.83Alibaba Group Consumer Discretionary 3.53Tencent Holdings Communication Services 3.44Eurofins Scientific Health Care 3.37Total 42.21


Sector Allocation4

Information Technology 30.69%Health Care 18.08Industrials 15.76Consumer Discretionary 9.46Communication Services 8.71Consumer Staples 5.85Financials 3.26Materials 2.67Other 5.52

Country Allocation

United States 55.46%Japan 9.85China 7.92Switzerland 6.44France 6.34Netherlands 4.27United Kingdom 4.27Denmark 3.40Australia 2.05

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, allocation risk, derivatives risk, OTC derivatives counterpartiesrisk, equity securities risk and REITs risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s feesand charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The MSCI World Index is a free float-adjusted, market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of thefollowing 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway,Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specificinvestment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.

2 Life performance is from inception date of the Strategy. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.4 Excludes sectors with no portfolio holdings.

Note to Canadian Readers: AllianceBernstein provides its investment-management services in Canada through its affiliates Sanford C. Bernstein & Co., LLC and AllianceBernstein Canada, Inc.Note to European Readers: The Key Investor Information Document is available in the local language of each country in which the Fund is registered. The Fund’s Prospectus is available in English,French and German. This information is issued by AllianceBernstein Limited, 50 Berkeley Street, London W1J 8HA. Registered in England, No. 2551144. AllianceBernstein Limited is authorised andregulated in the UK by the Financial Conduct Authority (FCA).Note to Austrian and German Readers: Local paying and information agents: Austria—UniCredit Bank Austria AG, Schottengasse 6-8, 1010 Vienna; Germany—ODDO BHF Aktiengesellschaft,Bockenheimer Landstraße 10, 60323 Frankfurt am Main.Note to Liechtenstein Readers: The Fund is not registered for public distribution in Liechtenstein and, accordingly, shares may only be offered to a limited group of Professional Investors, in allcases and under all circumstances designed to preclude a public solicitation in Liechtenstein. This fact sheet may not be reproduced or used for any other purpose, nor be furnished to any personother than those to whom copies have personally been sent by AB. Neither the Fund nor the shares described therein have been subject to the review and supervision of the Liechtenstein FinancialMarket Authority.Note to Swiss Readers: This document is issued by AllianceBernstein Schweiz AG, Zurich, a company registered in Switzerland under company number CHE-306.220.501. AllianceBernsteinSchweiz AG is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) as a distributor of collective investment schemes. Swiss Representative & SwissPaying Agent: BNP Paribas Securities Services, Paris, Succursale de Zürich. Registered office: Selnaustrasse 16, 8002 Zürich, Switzerland, which is also the place of performance and the place ofjurisdiction for any litigation in relation to the distribution of shares in Switzerland. The Prospectus, the key investor information documents, the Articles or management regulations, and the annual andsemiannual reports of the concerned fund may be requested without cost at the offices of the Swiss representative.



APR 30.04.20AB CONCENTRATED GLOBAL EQUITY PORTFOLIO

GBCGEFS420 IPwww.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Investing primarily in stocks of emergingmarkets companies with strong fundamentalsthat offer compelling growth potential

+ Focusing on businesseswith solid, durablegrowth, strong and sustainable competitiveadvantages, high returns on invested capitaland robust free-cash-flow generation

+ Emphasizing sustainable, long-term growthrather than more volatile, cyclical growth








+ Currency-Hedged Share Classes:Australian Dollar, Polish Zloty, Singapore Dollar

+ Benchmark:MSCI Emerging Markets Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ SergeyDavalchenko: 23 years

+ Laurent Saltiel: 27 years

+ Guojia Zhang, CFA: 19 years


Class

A 2.00%B 3.00C 2.45I 1.20



0

10,000

20,000

30,000

40,000

50,000

60,000

92 94 96 98 00 02 04 06 08 10 12 14 16 18 04/20

Class A USD

$37,180




A 9.74% -16.43% -12.93% -3.15% -1.25% 0.60% 4.89%B 9.68 -16.70 -13.80 -4.12 -2.23 -0.40 3.87C 9.70 -16.57 -13.32 -3.58 -1.70 0.15 2.70I 9.82 -16.21 -12.22 -2.37 -0.46 1.40 4.13Benchmark 9.16 -16.60 -12.00 0.57 -0.10 1.45 6.432


Net AssetValue3

A LU0040709171 ALLDMAI:LX L00215290 30/10/1992 — — 37.18B LU0040709684 ALLDMBI:LX L00215308 30/10/1992 — — 28.43C LU0054846695 ALLDMCI:LX L00215316 06/12/1994 — — 30.77I LU0079455316 ALLDMII:LX L00215324 18/07/1997 — — 44.75


Class 2015 2016 2017 2018 2019

A -10.88% 7.03% 36.75 % -26.48% 25.18 %B -11.75 5.95 35.40 -27.20 23.93C -11.27 6.53 36.14 -26.79 24.64I -10.17 7.87 37.86 -25.88 26.20


5 Years

Alpha -0.98Beta 0.97Sharpe Ratio -0.13Upside Capture Ratio 93.15

5 Years

Downside Capture Ratio 99.47Volatility 18.34Tracking Error 6.62Information Ratio -0.17


Equity APR 30.04.20

ABEMERGINGMARKETSGROWTHPORTFOLIO





Alibaba Group Holding Consumer Discretionary 8.71%Tencent Holdings Communication Services 8.53Dino Polska Consumer Staples 3.88New Oriental Education &Technology Group Consumer Discretionary 3.84

Unilever Consumer Staples 3.71Naspers Consumer Discretionary 3.49Kweichow Moutai Consumer Staples 3.47GDS Holdings Information Technology 3.42NCSoft Communication Services 3.12JD.com Consumer Discretionary 3.01Total 45.18


Sector Allocation4

Consumer Discretionary 23.95%Communication Services 16.57Consumer Staples 16.53Information Technology 14.54Financials 11.84Industrials 5.59Health Care 2.13Real Estate 1.87Utilities 1.83Other 5.15

Country Allocation

China 51.70%Taiwan 6.93South Korea 6.80Poland 4.03South Africa 4.00United Kingdom 3.86Vietnam 3.50India 3.25Hong Kong 2.69Brazil 2.48Other 10.76

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, portfolio turnover risk, smaller capitalization companies risk, derivatives risk, OTCderivatives counterparties risk, equity securities risk and fixed income securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectuscarefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 MSCI Emerging Markets Index (free float-adjusted market capitalization weighted) represents the equity market performance of emerging markets. An investor cannot invest directly in an index, and their resultsare not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which wouldreduce total returns.

2 Life performance is from inception date of oldest class shown. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.4 Excludes sectors with no portfolio holdings.




APR 30.04.20AB EMERGING MARKETS GROWTH PORTFOLIO

GBDRMFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks to achieve long-term capital growth by:+ Investing primarily in stocks across emergingmarkets countries that offer compelling long-term return potential and attractive valuations

+ Taking a long-term perspective in order tocapitalize on short-termmarket inefficienciescreated by investors’ overreaction tomacroeconomic, industry, or company-specificconcerns

+ Employing a disciplined, bottom-up approachthat combines fundamental researchwithproprietary quantitative tools to identifyattractive investment opportunities









PORTFOLIO MANAGEMENT& EXPERIENCE+ HenryD’Auria, CFA: 37 years

+ Rajeev Eyunni: 23 years

+ Stuart Rae: 27 years


Class

A 2.24%I 1.45



0

5,000

10,000

15,000

10 12 14 16 18 04/20

Class A USD

$8,658




A 8.00% -24.52% -17.99% -5.78% -4.85% -2.47% -1.41%I 8.06 -24.32 -17.32 -5.00 -4.07 -1.69 -0.58Benchmark 9.16 -16.60 -12.00 0.57 -0.10 1.45 2.322


Net AssetValue3

A LU0474345724 ABEMVAU:LX L0261N118 26/02/2010 — — 38.07I LU0474580486 ABEMVIU:LX L0261N126 26/02/2010 — — 41.43


Class 2015 2016 2017 2018 2019

A -17.36% 13.37 % 27.57 % -20.14 % 22.63%I -16.67 14.28 28.68 -19.49 23.62


5 Years

Alpha -4.48Beta 1.08Sharpe Ratio -0.30

5 Years

Volatility 19.56Tracking Error 5.14Information Ratio -0.93

Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share classcurrency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but donot reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses.The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations.Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share classdenominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely.The Portfolio is a portfolio of AB FCP II, a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg.

Equity APR 30.04.20

ABEMERGINGMARKETSVALUEPORTFOLIO





Samsung Electronics Information Technology 7.33%Lukoil Energy 3.75SK Hynix Information Technology 3.05Anhui Conch Cement Materials 2.89KB Financial Financials 2.87Nanya Technology Information Technology 2.84Petroleo Brasileiro Energy 2.70Guangzhou Automobile Group Consumer Discretionary 2.66Hana Financial Financials 2.64Weichai Power Industrials 2.41Total 33.14


Sector Allocation4

Financials 21.38%Information Technology 15.93Materials 13.43Energy 9.37Real Estate 7.94Consumer Discretionary 6.73Consumer Staples 6.01Industrials 4.49Communication Services 3.97Utilities 3.55Health Care 2.50Other 4.70

Country Allocation

China 37.98%South Korea 20.82Russia 7.01Brazil 6.49Taiwan 6.18India 3.97Mexico 2.50Turkey 2.21Hong Kong 2.06Chile 2.05Other 8.73

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include country risk, emerging markets risk, currency risk, liquidity risk, portfolio turnover risk, smaller capitalizationcompanies risk, industry/sector risk, derivatives risk, borrowing risk, taxation risk and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors shouldread the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.






APR 30.04.20AB EMERGING MARKETS VALUE PORTFOLIO

GBEMVPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Investing in a high-conviction portfolio ofattractively valued companies located aroundtheworld with the potential to generate strongand sustainable returns on invested capital

+ Employing a bottom-up, research-drivenapproach to target companies with strongbalance sheets, sustainable competitiveadvantages, proven management teams and anability to consistently generate cash

+ Emphasizing superior stock selection, whileseeking to minimize unintended risk factorexposures in order to deliver steadier outcomes







+ Currency-Hedged Share Classes:Australian Dollar, British Pound, Euro, SingaporeDollar, Swiss Franc

+ Benchmark:MSCI ACWorld Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ David Dalgas: 27 years

+ Rasmus Lee Hansen: 16 years

+ Klaus Ingemann: 27 years


Class

A 1.76%I 0.96



0

5,000

10,000

15,000

20,000

25,000

11 13 15 17 19 04/20

Strategy

$20,146




Strategy 10.84% -12.28% -4.18% 6.44% 6.20% — 8.25%A 11.29 -12.62 -5.34 5.29 5.01 — 4.47I 11.38 -12.41 -4.57 6.13 5.86 — 5.33Benchmark 10.71 -12.94 -4.96 4.46 4.37 — 6.292


Net AssetValue3

Strategy — — — 30/06/2011 — — —A LU1061039258 ABGCAUS:LX L5529Y160 17/07/2014 — — 19.32I LU1061039506 ABGCIUS:LX L5529Y186 17/07/2014 — — 20.26


Class 2015 2016 2017 2018 2019

Strategy -2.47% 7.99% 25.34% -5.12 % 27.73%A -3.69 6.75 24.09 -6.17 26.34I -2.73 7.57 25.08 -5.42 27.37


5 Years


5 Years


Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share classcurrency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but donot reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses.The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations.Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share classdenominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely.The results displayed above represent the investment performance record for the institutionally marketed AllianceBernstein Global Core Equity Strategy and are presented as supplementalinformation only. The performance of the Strategy is not the same as the Global Core Equity Portfolio and, although similar, they do not have an identical portfolio construction or fee structure. Thepast performance of the Strategy is not a reliable indicator of future performance. Furthermore, the Strategy performance is shown in U.S. Dollar terms and, accordingly, the actualreturn achieved by a non-U.S. Dollar based investormay increase or decrease due to currency fluctuations. The performance of the Strategy includes all fee-paying discretionary accountsand, when applicable, pooled investment vehicles. Performance reflects net of all fees and expenses (including a 0.80% management fee).The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d’investissement à capital variable) incorporatedunder the laws of the Grand Duchy of Luxembourg.


ABGLOBALCOREEQUITYPORTFOLIO

33


Net Assets $1,010.12 millionTotal # of Holdings 62Active Share 84%


Anthem Health Care 4.72%Alphabet Communication Services 4.56Intl Flavors & Fragrances Materials 4.19Secom Industrials 3.47Cognizant Technology Solutions Information Technology 3.23Microsoft Information Technology 3.07SoftBank Group Communication Services 2.92Berkshire Hathaway Financials 2.903M Industrials 2.89Koninklijke Philips Health Care 2.71Total 34.66


Sector Allocation4

Information Technology 19.46%Financials 16.24Communication Services 13.88Health Care 13.19Industrials 10.78Consumer Discretionary 9.96Consumer Staples 7.05Materials 5.21Energy 2.38Real Estate 1.39Other 0.46

Country Allocation

United States 55.94%Japan 11.49France 5.04Switzerland 4.88China 3.51Singapore 2.98United Kingdom 2.93Netherlands 2.72South Africa 2.44Germany 2.24Other 5.83

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, allocation risk, smaller capitalization companies risk, derivatives risk, OTC derivativescounterparties risk, equity securities risk, and REITs risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss riskand the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The MSCI AC (All Country) World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. An investorcannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associatedwith an investment in a mutual fund, which would reduce total returns.





APR 30.04.20AB GLOBAL CORE EQUITY PORTFOLIO

GBGCEFS420 IPwww.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Investing in a portfolio of global equitysecurities that offer compelling long-termreturn potential

+ Combining complementary, high-convictionvalue and growth strategies that focus ondeveloped markets with the flexibility to investin emerging markets

+ Managing style risk by systematicallyrebalancing the Portfolio










PORTFOLIO MANAGEMENT& EXPERIENCE+ Avi Lavi: 32 years

+ Daniel C. Roarty, CFA: 27 years

+ Nelson Yu: 27 years


Class

A 2.10%B 3.10C 2.55I 1.30



0

5,000

10,000

15,000

20,000

25,000

03 05 07 09 11 13 15 17 19 04/20

Class A USD

$18,170




A 11.47% -12.56% -5.41% 2.28% 2.17% 4.54% 3.60%B 11.45 -12.81 -6.33 1.27 1.16 3.49 2.58C 11.45 -12.71 -5.86 1.81 1.72 4.06 2.29I 11.58 -12.34 -4.67 3.10 2.99 5.38 4.44Benchmark 10.92 -12.43 -4.00 4.99 4.92 7.68 7.132


Net AssetValue3

A LU0175139822 ACMEQBA:LX L0167U539 12/06/2003 — — 18.17B LU0175140598 ACMEQBB:LX L0167U547 12/06/2003 — — 15.38C LU0203203202 ACMEQBC:LX L0167U679 02/11/2004 — — 17.03I LU0179522932 ACMEQBI:LX L0167U554 12/06/2003 — — 20.82


Class 2015 2016 2017 2018 2019

A -2.23% 2.35% 27.05% -14.02% 24.58%B -3.16 1.36 25.73 -14.93 23.36C -2.66 1.96 26.41 -14.42 24.03I -1.43 3.21 27.98 -13.34 25.59


5 Years

Alpha -2.72Beta 1.04Sharpe Ratio 0.07

5 Years



Equity APR 30.04.20

ABGLOBALEQUITYBLENDPORTFOLIO




Top Five Growth Equity Holdings Holding

MSCI 1.69%Microsoft 1.60Bio-Rad Laboratories 1.59Apple 1.53Chr Hansen 1.44Total 7.85

Top Five Value Equity Holdings Holding

Comcast 1.12%GlaxoSmithKline 0.99Bank of America 0.95Enel 0.94Novo Nordisk 0.93Total 4.93


Sector Growth

Information Technology 29.05%Health Care 25.46Industrials 12.67Financials 10.73Consumer Discretionary 6.77Materials 6.74Consumer Staples 4.96Utilities 1.85Communication Services 1.77

Country Allocation

United States 51.99%Netherlands 5.90Japan 5.78United Kingdom 4.61Ireland 3.95Denmark 3.72Switzerland 3.58Germany 3.39France 3.10Other 13.98

Sector Value

Information Technology 18.78%Health Care 12.80Financials 12.58Communication Services 10.08Industrials 9.20Consumer Staples 9.18Consumer Discretionary 8.50Utilities 4.89Energy 4.85Other 9.14

Portfolio Composition

Global Growth 51.99%Global Value 48.01

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, allocation risk, portfolio turnover risk, derivatives risk, OTC derivatives counterpartiesrisk, and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees andcharges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.


2 Life performance is from inception date of oldest class shown. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.




APR 30.04.20AB GLOBAL EQUITY BLEND PORTFOLIO

GBGEBPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks total return from long-term growth ofcapital and income by:+ Investing primarily in equity securities of realestate investment trusts (“REITs”), real estateoperating companies (“REOCs”) and other realestate-related companies around theworld

+ Employing a disciplined, bottom-up approachthat combines fundamental researchwithproprietary quantitative tools to identifyattractive investment opportunities, with anemphasis on valuation

+ Leveraging a dedicated investment team aswell as the global insights of AB’s worldwideresearch organization








+ Benchmark: FTSE EPRA/NAREIT DevelopedReal Estate Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Eric J. Franco, CFA: 38 years

+ Ajit Ketkar: 23 years


Class

A 2.00%B 3.00I 1.20AD 2.00BD 3.00



0

10,000

20,000

30,000

40,000

97 99 01 03 05 07 09 11 13 15 17 19 04/20

Class A USD

$24,751




A 7.03% -22.47% -17.07% -1.73% -0.84% 3.74% 3.99%B 6.98 -22.74 -17.89 -2.71 -1.82 2.70 2.95I 7.13 -22.25 -16.39 -0.94 -0.05 4.58 4.83AD 7.05 -22.41 -17.02 -1.72 -0.82 — 1.08BD 7.04 -22.71 -17.84 -2.70 -1.82 — 0.06Benchmark 7.06 -23.48 -17.51 -1.99 -0.40 4.86 6.102

Class ISIN Bloomberg CUSIP InceptionDist.Yield Dividend3

Net AssetValue4

A LU0074935502 ALLACMA:LX L00216108 28/02/1997 — 0.0490 21.77B LU0074935841 ALLACMB:LX L00216116 28/02/1997 — 0.0270 17.94I LU0076846061 ALLACMI:LX L00216124 28/02/1997 — 0.0670 25.41AD LU0965505455 AGRESAD:LX L0173W438 19/09/2013 6.52 0.0625 11.51BD LU0965505539 AGRESBD:LX — 19/09/2013 5.21 0.0500 11.51


Class 2015 2016 2017 2018 2019

A -1.68% 1.52% 11.74 % -6.05% 21.30%B -2.66 0.54 10.64 -6.97 20.06I -0.89 2.37 12.65 -5.28 22.21AD -1.69 1.57 11.71 -6.00 21.22BD -2.67 0.53 10.65 -6.99 20.10


5 Years


5 Years



Equity APR 30.04.20

ABGLOBALREALESTATESECURITIESPORTFOLIO




Top Ten Holdings Industry Holding

Prologis Industrial REITs 4.89%Welltower Health Care REITs 2.89

VonoviaReal Estate OperatingCompanies 2.81

Digital Realty Trust Specialized REITs 2.76

Mitsui FudosanDiversified Real EstateActivities 2.71

Realty Income Retail REITs 2.22Alexandria Real EstateEquities Office REITs 2.10

Essex Property Trust Residential REITs 2.05Sun Communities Residential REITs 1.98Healthpeak Properties Health Care REITs 1.94Total 26.35


Industry Allocation

Residential REITs 14.08%Real Estate OperatingCompanies 12.75

Industrial REITs 11.84Office REITs 11.55Health Care REITs 10.02Retail REITs 9.91Diversified RealEstate Activities 7.35

Specialized REITs 7.35Diversified REITs 7.34Cash & Other 7.81

Country Allocation

United States 53.27%Japan 12.04Hong Kong 6.58Germany 6.37United Kingdom 5.12Australia 3.42Canada 3.14Singapore 1.91Sweden 1.78France 1.36Other 5.01

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, allocation risk, portfolio turnover risk, derivatives risk, OTCderivatives counterparties risk, equity securities risk and REITs risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully anddiscuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 Performance represents the time blend of FTSE NAREIT All Equity REITs Index (gross) through 31/7/2007 and FTSE EPRA/NAREIT Developed Real Estate Index (net) from 1/8/2007 to present. The FTSENAREIT All Equity REITs Index measures the performance of publicly-traded US equity real estate investment trusts. The FTSE EPRA/NAREIT Developed Real Estate Index is designed to represent generaltrends in eligible listed real estate stocks worldwide. Relevant real estate activities are defined as ownership, trading and development of income-producing real estate. An investor cannot invest directly in anindex, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in amutual fund, which would reduce total returns.

2 Life performance is from inception date of oldest class shown. See page 1 for inception dates.3 Yields are calculated based on the latest available distribution rate per share for a particular class. For distributing classes, a Portfolio may pay dividends from gross income (before reduction for fees and

expenses), realized and unrealized gains, and capital attributable to the relevant class. Investors should note that distributions in excess of net income (gross income less fees and expenses) may represent areturn of the investor’s original investment amount and as such may result in a decrease in the net asset value per unit for the relevant class. Distributions out of capital may be taxed as income in certainjurisdictions.





APR 30.04.20AB GLOBAL REAL ESTATE SECURITIES PORTFOLIO

GBUSREIFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Investing in stocks around theworld that offercompelling long-term return potential atattractive valuations










+ Currency-Hedged Share Classes:Australian Dollar, British Pound, Canadian Dollar,Euro, Singapore Dollar, South African Rand


PORTFOLIO MANAGEMENT& EXPERIENCE+ Tawhid Ali: 27 years

+ Avi Lavi: 32 years


Class

A 1.79%B 2.79C 2.24I 0.99AD CAD H 1.79



0

5,000

10,000

15,000

20,000

01 03 05 07 09 11 13 15 17 19 04/20

Class A USD

$14,410




A 9.25% -19.90% -13.40% -3.47% -1.65% 2.63% 1.94%B 9.24 -20.13 -14.22 -4.43 -2.63 1.60 0.94C 9.23 -19.99 -13.80 -3.91 -2.09 2.17 1.94I 9.32 -19.67 -12.68 -2.69 -0.87 3.46 2.73AD CAD H 8.85 -21.54 -15.76 -5.16 -3.01 — -0.83Benchmark 10.92 -12.43 -4.00 4.99 4.92 7.68 5.292


Net AssetValue4

A LU0124673897 ACMBGVA:LX L5528E108 24/04/2001 — — 14.41B LU0124674275 ACMBGVB:LX L5528E116 24/04/2001 — — 11.94C LU0129372966 ACMBGVC:LX L5528E199 03/10/2003 — — 13.37I LU0128316923 ACMBGVI:LX L5528E165 23/05/2001 — — 16.66AD CAD H LU1035774204 ABGVADC:LX L00217379 27/02/2014 4.76 0.0439 11.07


Class 2015 2016 2017 2018 2019

A -4.55% 6.55% 19.92% -17.34% 21.31 %B -5.45 5.43 18.81 -18.20 20.08C -4.94 6.02 19.37 -17.72 20.74I -3.75 7.40 20.84 -16.66 22.29AD CAD H -4.65 5.41 19.11 -18.62 19.86


5 Years


5 Years



Equity APR 30.04.20

ABGLOBALVALUEPORTFOLIO





Microsoft Information Technology 2.65%Royal Dutch Shell Energy 2.26Comcast Communication Services 2.24Apple Information Technology 2.05GlaxoSmithKline Health Care 1.97Bank of America Financials 1.88Enel Utilities 1.88Novo Nordisk Health Care 1.85Roche Health Care 1.79Oracle Information Technology 1.78Total 20.35


Sector Allocation5

Information Technology 20.19%Health Care 13.07Financials 12.22Communication Services 9.65Industrials 8.80Consumer Staples 8.79Consumer Discretionary 8.14Utilities 4.68Energy 4.64Real Estate 4.39Materials 4.36Other 1.07

Country Allocation

United States 53.92%United Kingdom 7.67Japan 7.19Netherlands 2.89Switzerland 2.79Australia 2.38Denmark 2.34Canada 2.33Ireland 2.33France 2.27Other 13.89

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, portfolio turnover risk, derivatives risk, OTC derivatives counterparties risk, andequity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges withtheir financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.




4 Net asset value is denominated in the share class currency.5 Excludes sectors with no portfolio holdings.




APR 30.04.20AB GLOBAL VALUE PORTFOLIO

GBGVPFS420www.alliancebernstein.com


Class A USD Shares

★★★★★Rated against 316 funds in the Sector Equity Healthcare


OBJECTIVE & STRATEGYSeeks growth of capital by:+ Investing primarily in equity securities of healthcare and health care-related companieslocated throughout theworld

+ Employing rigorous bottom-up research toidentify companies with long-term growthpotential in various market conditions byfocusing on thosewith a history of high returnson invested capital, strong free cash flows andattractive valuations

+ Emphasizing companies that are expected toattract health care spending, generally throughthe introduction of new treatments andtherapies or by offering customers costreduction opportunities





+ Order Placement Cutoff Time:4PMUS ET



+ Benchmark:MSCIWorld Health Care Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ John H. Fogarty, CFA: 27 years

+ Vinay Thapar: 20 years


Class

A 2.01%B 3.01C 2.46I 1.21AX 1.51



0

20,000

40,000

60,000

80,000

95 97 99 01 03 05 07 09 11 13 15 17 19 04/20

Class A USD

$62,296




A 11.87% 0.39% 14.41% 12.15% 8.31% 11.01% 7.65%B 11.77 0.05 13.27 11.04 7.23 9.91 6.58C 11.83 0.24 13.89 11.65 7.82 10.51 4.56I 11.95 0.67 15.33 13.05 9.17 11.90 6.69AX 11.92 0.56 14.98 12.72 8.85 11.57 10.84Benchmark 11.61 -1.20 15.58 10.61 6.55 12.40 9.782


Net AssetValue3

A LU0058720904 ALLHCFA:LX L0022E100 05/07/1995 — — 388.85B LU0058721035 ALLHCFB:LX L0022E118 05/07/1995 — — 295.85C LU0100122521 ALLHCCU:LX L0022E134 11/07/2000 — — 355.72I LU0097089360 ACMHCII:LX L0022E126 18/02/1999 — — 461.44AX LU0037065322 ALLHCAI:LX L0167R106 20/07/1983 — — 441.22


Class 2015 2016 2017 2018 2019

A 7.89% -5.52 % 25.60% 4.26% 20.08%B 6.82 -6.46 24.36 3.23 18.89C 7.41 -5.95 25.04 3.80 19.54I 8.76 -4.76 26.60 5.10 21.05AX 8.44 -5.04 26.23 4.79 20.68


5 Years

Alpha 1.91Beta 0.95Sharpe Ratio 0.53

5 Years

Volatility 13.49Tracking Error 3.02Information Ratio 0.58


Equity APR 30.04.20

AB INTERNATIONALHEALTHCAREPORTFOLIO





Roche Pharmaceuticals 8.75%

UnitedHealth GroupHealth Care Providers &Services 8.36

Pfizer Pharmaceuticals 6.57Vertex Pharmaceuticals Biotechnology 5.23

CignaHealth Care Providers &Services 3.74

Zoetis Pharmaceuticals 3.73Amgen Biotechnology 3.33Novo Nordisk Pharmaceuticals 3.26

Intuitive SurgicalHealth Care Equipment &Supplies 3.19

MedtronicHealth Care Equipment &Supplies 3.12

Total 49.28Source: AB. Portfolio holdings and weightings are subject to change.

Industry Allocation

Pharmaceuticals 29.14%Health Care Equipment& Supplies 22.74

Health Care Providers& Services 14.60

Biotechnology 14.41Life Sciences Tools &Services 5.47

Health Care Technology 2.91IT Services 0.85Cash & Other 9.88

Country Allocation

United States 73.38%Switzerland 11.50Denmark 4.34United Kingdom 3.09Japan 2.35Australia 1.59Germany 1.21France 1.19New Zealand 0.66Belgium 0.39Other 0.30

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, allocation risk, portfolio turnover risk, derivatives risk, OTCderivatives counterparties risk, and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss riskand the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The MSCI World Health Care Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance for the Health Care Sector. The MSCI WorldHealth Care Index consists of 23 developed market country indices. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including anAB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.

2 Life performance is from closest month-end after inception date of Class A. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.




APR 30.04.20AB INTERNATIONAL HEALTH CARE PORTFOLIO

GBIHCFS420www.alliancebernstein.com


Class A USD Shares

★★★★Rated against 379 funds in the Sector Equity Technology


OBJECTIVE & STRATEGYSeeks growth of capital by:+ Investing in equity securities of companieslocated around theworld that are expected tobenefit from technological advances andinnovations

+ Employing rigorous bottom-up research toidentify companies with strong long-termgrowth potential, solid balance sheets, ahistory of high returns on invested capital, andattractive valuations

+ Emphasizing technological innovators that aredefining new paradigms in various sub-sectorsof technologywhile seeking to avoid thosefacing challenges from disruptive trends





+ Order Placement Cutoff Time:4PMUS ET



+ Currency-Hedged Share Classes:Polish Zloty

+ Benchmark:MSCIWorld InformationTechnology Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Samantha S. Lau, CFA: 26 years

+ Lei Qiu: 21 years


Class

A 2.16%B 3.16C 2.60I 1.35



0

20,000

40,000

60,000

80,000

95 97 99 01 03 05 07 09 11 13 15 17 19 04/20

Class A USD

$67,364




A 14.87% 0.62% 10.66% 18.88% 15.42% 13.53% 8.07%B 14.77 0.28 9.56 17.69 14.27 12.40 6.99C 14.83 0.48 10.17 18.34 14.90 13.02 2.19I 14.95 0.89 11.55 19.83 16.34 14.44 11.64Benchmark 13.57 -1.38 14.38 19.45 17.13 14.76 9.412


Net AssetValue3

A LU0060230025 ALLINTA:LX L0022R101 02/10/1995 — 0.1000 412.07B LU0091434083 ALLINTB:LX L0022R200 02/10/1995 — 0.1000 322.01C LU0107368549 ALLINTC:LX L0022R408 07/09/2000 — — 380.13I LU0037065595 ALLINTI:LX L0022R309 27/03/1984 — 0.1000 501.79


Class 2015 2016 2017 2018 2019

A 5.83% 3.56% 42.35% -1.62% 40.67 %B 4.78 2.53 40.94 -2.59 39.27C 5.36 3.09 41.71 -2.06 40.04I 6.68 4.39 43.49 -0.82 41.79


5 Years

Alpha -1.60Beta 1.02Sharpe Ratio 0.80

5 Years



Equity APR 30.04.20

AB INTERNATIONALTECHNOLOGYPORTFOLIO





Microsoft Software 7.68%

AppleTechnology Hardware,Storage & Peripherals 7.62

Visa IT Services 4.69

NVIDIASemiconductors &Semiconductor Equipment 3.18

PayPal Holdings IT Services 3.00Salesforce.com Software 2.91Adobe Software 2.57

Amazon.comInternet & DirectMarketing Retail 2.09

Alibaba GroupInternet & DirectMarketing Retail 2.06

AlphabetInteractive Media &Services 1.98


Industry Allocation

Software 23.42%Semiconductors &SemiconductorEquipment

19.03

IT Services 11.74Technology Hardware,Storage & Peripherals 8.25

Internet & DirectMarketing Retail 6.37

Interactive Media &Services 5.45

Electronic Equipment,Instruments &Components

5.02

Entertainment 3.33Life Sciences Tools &Services 2.00

Cash & Other 15.39

Country Allocation

United States 75.15%Japan 6.13Netherlands 4.27China 3.88France 1.84South Korea 1.62United Kingdom 1.56Taiwan 1.54Germany 1.31Other 2.70

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, allocation risk, portfolio turnover risk, derivatives risk, OTCderivatives counterparties risk, and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss riskand the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The MSCI World Information Technology Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance in the Information Technology sectoras defined by GICS. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges oroperating expenses associated with an investment in a mutual fund, which would reduce total returns.

2 Life performance is from closest month-end after inception date of Class A. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.




APR 30.04.20AB INTERNATIONAL TECHNOLOGY PORTFOLIO

GBITFFS420www.alliancebernstein.com


Class A USD Shares

★★★★★Rated against 3262 funds in the Global Large-Cap Blend Equity


OBJECTIVE & STRATEGYSeeks long-term capital growth by:+ Investing in a portfolio of global equitysecurities that offer compelling long-termreturn potential, while seeking to limit volatilityand emphasize downside protection

+ Employing a disciplined, bottom-up approachthat combines fundamental researchwithproprietary quantitative tools to select stocksthat are attractive based on quality, stabilityand price

+ Focusing on absolute risk and return, not abenchmark





+ Order Placement Cutoff Time:4PMUS ET; 6PM CET for EUR denominated andCurrency-Hedged share classes


+ Currency-Hedged Share Classes:British Pound, Canadian Dollar, Euro, PolishZloty, Singapore Dollar


PORTFOLIO MANAGEMENT& EXPERIENCE+ Kent Hargis: 25 years

+ SammySuzuki, CFA: 27 years


Class

A 1.69%C 2.14I 0.89N 2.14AD 1.69



0

5,000

10,000

15,000

20,000

25,000

12 14 16 18 04/20

Class A USD

$18,013




A 7.31% -13.09% -4.39% 4.67% 4.84% — 8.30%C 7.23 -13.24 -4.87 4.19 — — 4.97I 7.34 -12.89 -3.67 5.51 5.68 — 9.16N 7.27 -13.21 -4.81 4.20 — — 4.96AD 7.31 -13.12 -4.42 4.67 4.84 — 6.79Benchmark 10.92 -12.43 -4.00 4.99 4.92 — 8.142


Net AssetValue4

A LU0861579265 ABELVAD:LX L03211510 11/12/2012 — — 27.02C LU1278601221 ABLVCAU:LX L5529V182 16/12/2015 — — 18.54I LU0861579349 ABELVID:LX L03211528 11/12/2012 — — 28.66N LU1278601494 ABLVENU:LX L5529V190 25/11/2015 — — 18.59AD LU0965508806 ABEADUS:LX L03211692 15/10/2013 5.34 0.0807 18.14


Class 2015 2016 2017 2018 2019

A 5.08% 3.33 % 18.81 % -4.63% 24.66%C — 2.82 18.33 -5.07 24.10I 5.87 4.17 19.80 -3.86 25.67N — 2.88 18.28 -5.06 24.10AD 5.07 3.32 18.83 -4.63 24.68


5 Years


5 Years

Upside Capture Ratio 74.36Downside Capture Ratio 75.57Volatility 11.44


Equity APR 30.04.20

ABLOWVOLATILITY EQUITYPORTFOLIO





Microsoft Information Technology 3.79%Roche Health Care 2.62RELX Industrials 2.21Apple Information Technology 2.13Walmart Consumer Staples 2.00Oracle Information Technology 1.89Citrix Systems Information Technology 1.84Automatic Data Processing Information Technology 1.83Merck Health Care 1.79UnitedHealth Group Health Care 1.76Total 21.86


Sector Allocation5

Information Technology 23.24%Health Care 13.64Consumer Staples 12.62Financials 12.58Consumer Discretionary 9.90Industrials 9.21Communication Services 5.71Utilities 5.07Real Estate 2.17Energy 0.90Other 4.96

Country Allocation

United States 53.29%United Kingdom 8.87Japan 6.75Switzerland 6.48Israel 3.73Netherlands 3.54Canada 2.43Germany 2.37Italy 1.43Denmark 1.40Other 9.71

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, portfolio turnover risk, smaller capitalization companies risk, derivatives risk, OTCderivatives counterparties risk, and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss riskand the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.








APR 30.04.20AB LOW VOLATILITY EQUITY PORTFOLIO

GBLVEFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Investing in a global universe of companies thatare positively exposed to environmentally orsocially oriented sustainable investmentthemes that are broadly consistent with theUnited Nations Sustainable DevelopmentGoals such as health, climate or empowerment

+ Using top-down investment processes touncover the most attractive companies andsecurities fitting into these themes

+ Utilizing bottom-up research to assess acompany’s exposure to environmental, socialand corporate governance (“ESG”) factors aswell as its prospective earnings growth,valuation and quality of management








+ Currency-Hedged Share Classes:Australian Dollar, British Pound, Canadian Dollar,Euro, Singapore Dollar

+ Benchmark:MSCI ACWorld Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Daniel C. Roarty, CFA: 27 years


Class

A 2.00%B 3.00C 2.45I 1.20



0

5,000

10,000

15,000

20,000

25,000

30,000

96 98 00 02 04 06 08 10 12 14 16 18 04/20

Class A USD$27,180




A 13.63% -4.83% 3.19% 8.45% 6.51% 6.07% 4.30%B 13.56 -5.13 2.14 7.35 5.44 5.01 3.26C 13.59 -4.97 2.73 7.96 6.04 5.59 5.71I 13.75 -4.58 4.01 9.31 7.38 6.92 5.15Benchmark 10.71 -12.94 -4.96 4.46 4.37 6.94 6.112


Net AssetValue3

A LU0069063385 ALLATAI:LX L03211106 01/08/1996 — — 27.18B LU0085333697 ALLATBI:LX L03211114 01/08/1996 — — 21.44C LU0462790428 ALGTRCU:LX L0173W123 30/11/2009 — — 26.75I LU0069063542 ALLATII:LX L03211130 01/08/1996 — — 32.93


Class 2015 2016 2017 2018 2019

A 1.29 % -2.07% 34.96% -10.56% 28.24%B 0.26 -3.03 33.55 -11.44 26.97C 0.80 -2.44 34.35 -10.94 27.66I 2.08 -1.22 36.08 -9.86 29.30


5 Years


5 Years



Equity APR 30.04.20

ABSUSTAINABLEGLOBALTHEMATIC PORTFOLIO





MSCI Financials 3.11%Bio-Rad Laboratories Health Care 2.94Chr Hansen Holding Materials 2.66Gerresheimer Health Care 2.64Koninklijke Philips Health Care 2.58Tecan Group Health Care 2.24Adyen Information Technology 2.23West Pharmaceutical Health Care 2.18Apple Information Technology 2.13Microsoft Information Technology 2.12Total 24.83


Sector Allocation4

Information Technology 25.86%Health Care 23.68Industrials 12.16Financials 10.13Consumer Discretionary 6.50Materials 6.47Consumer Staples 4.76Utilities 1.78Communication Services 1.70Other 6.96


US Dollar 63.65%Japanese Yen 6.77Danish Krone 4.74Hong Kong Dollar 4.53Great British Pound 4.08Swiss Franc 3.51Euro 3.08Canadian Dollar 2.11Australian Dollar 1.53Other 6.00

Country Allocation

United States 50.06%Netherlands 8.86Ireland 5.54Denmark 5.09Germany 5.04Japan 4.40Switzerland 4.37France 3.91China 3.64India 3.15Other 5.94

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, allocation risk, portfolio turnover risk, derivatives risk, OTCderivatives counterparties risk, equity securities risk and REITs risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully anddiscuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The MSCI AC (All Country) World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. An investorcannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associatedwith an investment in a mutual fund, which would reduce total returns.

2 Life performance is from closest month-end after inception date of oldest class shown. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.4 Excludes sectors with no portfolio holdings.




APR 30.04.20AB SUSTAINABLE GLOBAL THEMATIC PORTFOLIO

GBATFFS420www.alliancebernstein.com


Class A USD Shares

★★★★Rated against 562 funds in the US Large-Cap Growth Equity


OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Investing primarily in stocks of large-capitalization US companies

+ Targeting a smaller number of US issuers+ Seeking companies that offer compellinggrowth potential and the ability to persistentlyearn returns that exceed their cost of capital

+ Seeking businesseswith sustainablecompetitive advantages, transparent businessmodels, attractive economic returns and strongcash generation








+ Currency-Hedged Share Classes:Euro, Polish Zloty

+ Benchmark: Russell 1000 Growth Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Frank Caruso, CFA: 39 years

+ John H. Fogarty, CFA: 27 years

+ Vinay Thapar: 20 years


Class

A 1.75%B 2.75C 2.20I 0.95



0

20,000

40,000

60,000

80,000

96 98 00 02 04 06 08 10 12 14 16 18 04/20

Class A USD

$60,506




A 13.45% 0.65% 12.47% 15.56% 13.38% 13.58% 8.03%B 13.35 0.32 11.34 14.41 12.26 12.45 6.96C 13.40 0.52 11.97 15.04 12.87 13.07 8.94I 13.52 0.92 13.37 16.49 14.29 14.49 9.00Benchmark 14.78 -1.50 10.43 15.24 12.86 13.90 —


Net AssetValue2

A LU0079474960 ALLAMAI:LX L00215373 06/01/1997 — — 113.63B LU0079475777 ALLAMBI:LX L00215381 06/01/1997 — — 86.16C LU0054403190 ALLAMCI:LX L00215399 07/12/1994 — — 98.15I LU0079475348 ALLAMII:LX L00215407 02/01/1997 — — 136.79


Class 2015 2016 2017 2018 2019

A 9.62% 1.53% 30.20% 0.74 % 33.07%B 8.52 0.51 28.92 -0.26 31.76C 9.12 1.07 29.61 0.30 32.48I 10.51 2.34 31.26 1.55 34.15


5 Years


5 Years



Equity APR 30.04.20

ABAMERICANGROWTHPORTFOLIO





Microsoft Information Technology 7.38%Alphabet Communication Services 7.14Amazon.com Consumer Discretionary 5.30Facebook Communication Services 5.23UnitedHealth Group Health Care 4.73Visa Information Technology 4.40Monster Beverage Consumer Staples 3.57Zoetis Health Care 3.48Vertex Pharmaceuticals Health Care 3.16Intuitive Surgical Health Care 3.02Total 47.41


Sector Allocation3

Information Technology 26.90%Health Care 25.20Communication Services 14.49Consumer Discretionary 14.39Consumer Staples 5.26Industrials 4.18Materials 1.71Financials 0.38Other 7.49

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include focused portfolio risk, portfolio turnover risk, derivatives risk, OTC derivatives counterparties risk, and equitysecurities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges with theirfinancial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. An investor cannot invest directly in anindex, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in amutual fund, which would reduce total returns.





APR 30.04.20AB AMERICAN GROWTH PORTFOLIO

GBAGPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Investing in a concentrated portfolio of USgrowth companies with strong fundamentalstrading at attractive valuations

+ Emphasizing businesseswith a strong trackrecord and sustainable growth trajectories toreduce volatility








+ Currency-Hedged Share Classes:British Pound, Euro, Swiss Franc

+ Benchmark: S&P500 Index (net)1

PORTFOLIO MANAGEMENT& EXPERIENCE+ James T. Tierney, Jr.: 31 years


Class

A 1.81%I 1.01



0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

74 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 04/20

Strategy $5,093,852




Strategy 15.69% -7.27% 3.68% 13.52% 11.38% 13.43% 14.74%A 15.53 -7.53 2.40 11.95 10.52 — 10.40I 15.63 -7.30 3.21 12.86 11.40 — 11.30Benchmark 12.78 -9.46 0.26 8.40 8.45 11.00 —


Net AssetValue2

Strategy — — — 31/12/1974 — — —A LU1011998942 ABCUSEA:LX L5528Y435 23/12/2013 — — 28.12I LU1011999676 ABCUEIA:LX L5528Y450 23/12/2013 — — 29.60


Class 2015 2016 2017 2018 2019

Strategy 1.08% 6.12 % 23.57% 1.37% 39.48%A 0.89 6.29 21.56 0.18 38.04I 1.64 7.17 22.54 1.01 39.13


5 Years


5 Years


Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share classcurrency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but donot reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses.The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations.Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share classdenominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely.The results displayed above represent the investment performance record for the institutionally marketed AllianceBernstein Concentrated US Growth Strategy and are presented as supplementalinformation only. The performance of the Strategy is not the same as the Concentrated US Equity Portfolio and, although similar, they do not have an identical portfolio construction or feestructure. The past performance of the Strategy is not a reliable indicator of future performance. Furthermore, the Strategy performance is shown in U.S. Dollar terms and,accordingly, the actual return achieved by a non-U.S. Dollar based investormay increase or decrease due to currency fluctuations. The performance of the Strategy includes all fee-paying discretionary accounts and, when applicable, pooled investment vehicles. Performance reflects net of all fees and expenses (including a 0.80% management fee).The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d’investissement à capital variable) incorporatedunder the laws of the Grand Duchy of Luxembourg.


ABCONCENTRATEDUSEQUITYPORTFOLIO

51




Microsoft Information Technology 9.41%Mastercard Information Technology 8.56IQVIA Health Care 8.05Abbott Laboratories Health Care 7.16Facebook Communication Services 5.27Intl Flavors & Fragrances Materials 4.87Zoetis Health Care 4.79Alphabet Communication Services 4.67Amphenol Information Technology 4.65Charles Schwab Financials 4.53Total 61.96


Sector Allocation3

Information Technology 30.00%Health Care 20.00Consumer Discretionary 16.06Industrials 12.77Communication Services 9.94Materials 4.87Financials 4.53Other 1.83

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include focused portfolio risk, allocation risk, derivatives risk, OTC derivatives counterparties risk, equity securitiesrisk and REITs risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees and charges withtheir financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The unmanaged S&P (Standard & Poor’s) 500 Index comprises 500 US stocks and is a common measure of the performance of the overall US stock market. Net total return is a reflection of return to aninvestor, by reinvesting dividends after the deduction of withholding tax. Withholding tax is a tax on dividends that is paid by investors. While the withholding tax rates applied to each shareholder vary based ontheir country of domicile, Standard & Poor's applies the maximum possible tax rate. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specificinvestment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.





APR 30.04.20AB CONCENTRATED US EQUITY PORTFOLIO

GBCUSEFS420 IPwww.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks to realize superior investment returnsthroughout various market cycles whilemaximizing risk-adjusted returns relative to thebroad US equitymarket by:+ Investing primarily in US equity securities+ Conducting in-depth, bottom-up analysis toidentify companies with compelling growthpotential

+ Managing risk by adjusting expectations andportfolio positioning based on the near-termmarket environment







+ Currency-Hedged Share Classes:Euro, Polish Zloty, Swiss Franc


PORTFOLIO MANAGEMENT& EXPERIENCE+ Kurt Feuerman: 38 years

+ AnthonyNappo, CFA: 24 years


Class

A 1.99%I 1.19



0

10,000

20,000

30,000

40,000

50,000

04 06 08 10 12 14 16 18 04/20

Strategy$43,142




Strategy 11.31% -10.57% -1.04% 8.13% 8.07% 11.30% 10.00%A 11.23 -10.89 -2.14 6.95 6.82 — 10.35I 11.31 -10.64 -1.35 7.80 7.68 — 11.24Benchmark 12.78 -9.46 0.26 8.40 8.45 11.00 7.432


Net AssetValue3

Strategy — — — 31/12/2004 — — —A LU0683600562 ABUEQAU:LX L5529H563 28/10/2011 — — 34.68I LU0683600992 ABUEQIU:LX L5529H571 28/10/2011 — — 37.11


Class 2015 2016 2017 2018 2019

Strategy 1.04% 9.13 % 22.13 % -5.03% 29.17 %A -0.20 7.79 20.75 -6.05 27.77I 0.55 8.70 21.69 -5.28 28.78


5 Years

Alpha -1.07Beta 0.93

5 Years

Sharpe Ratio 0.42Volatility 13.76

Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share classcurrency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but donot reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses.The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations.Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share classdenominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely.The results displayed above represent the investment performance record for the institutionally marketed AllianceBernstein Select US Equity Strategy and are presented as supplementalinformation only. The performance of the Strategy is not the same as the Select US Equity Portfolio and, although similar, they do not have an identical portfolio construction or fee structure. Thepast performance of the Strategy is not a reliable indicator of future performance. Furthermore, the Strategy performance is shown in U.S. Dollar terms and, accordingly, the actualreturn achieved by a non-U.S. Dollar based investormay increase or decrease due to currency fluctuations. The performance of the Strategy includes all fee-paying discretionary accountsand, when applicable, pooled investment vehicles. Performance reflects net of all fees and expenses (including a 1% management fee; and prior to 1 January 2012, returns reflect a 1.50%management fee).The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d’investissement à capital variable) incorporatedunder the laws of the Grand Duchy of Luxembourg.


ABSELECTUSEQUITYPORTFOLIO

53


Net Assets $3,452.87 millionTotal # of Holdings 63


Microsoft Information Technology 6.42%Berkshire Hathaway Financials 5.45Apple Information Technology 5.12Procter & Gamble Consumer Staples 4.95Amazon.com Consumer Discretionary 4.27Honeywell Intl Industrials 3.68Alphabet Communication Services 3.44UnitedHealth Group Health Care 3.23Johnson & Johnson Health Care 2.95Merck Health Care 2.90Total 42.41


Sector Allocation4

Information Technology 20.55%Health Care 16.95Financials 14.46Communication Services 11.51Industrials 10.08Consumer Staples 8.55Consumer Discretionary 8.39Utilities 3.86Energy 1.85Materials 0.93Other 2.87

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, allocation risk, portfolio turnover risk, smaller capitalizationcompanies risk, derivatives risk, OTC derivatives counterparties risk, and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read theprospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.






APR 30.04.20AB SELECT US EQUITY PORTFOLIO

GBSUEFS420 IPwww.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term capital appreciation by:+ Investing in US-domiciled companies that arepositively exposed to environmentally orsocially oriented sustainable investmentthemes that are broadly consistent with theUnited Nations Sustainable DevelopmentGoals such as health, climate or empowerment

+ Using top-down investment processes touncover the most attractive companies andsecurities fitting into these themes

+ Utilizing bottom-up research to assess acompany’s exposure to environmental, socialand corporate governance (“ESG”) as well as itsprospective earnings growth, valuation andquality of management








+ Currency-Hedged Share Classes:Canadian Dollar, Euro, Singapore Dollar


PORTFOLIO MANAGEMENT& EXPERIENCE+ Daniel C. Roarty, CFA: 27 years


Class

A 1.75%B 2.75C 2.20I 0.95A CAD H 1.75



0

5,000

10,000

15,000

20,000

25,000

30,000

01 03 05 07 09 11 13 15 17 19 04/20

Class A USD

$26,760




A 14.65% -2.30% 7.08% 12.99% 10.26% 11.69% 5.31%B 14.54 -2.63 6.01 11.86 9.16 10.57 4.29C 14.59 -2.44 6.60 12.48 9.75 11.18 5.11I 14.71 -2.04 7.94 13.89 11.14 12.58 6.19A CAD H 14.42 -3.51 5.13 11.43 9.15 — 13.19Benchmark 12.78 -9.46 0.26 8.40 8.45 11.00 6.192


Net AssetValue3

A LU0124676726 ACMBAVA:LX L5528E124 24/04/2001 — — 26.76B LU0124677880 ACMBAVB:LX L5528E132 24/04/2001 — — 22.21C LU0129372610 ACMBAEU:LX L5528E207 10/07/2001 — — 25.53I LU0128316170 ACMBAVI:LX L5528E173 07/05/2001 — — 31.27A CAD H LU0689626686 ABUTACH:LX L5528V530 14/10/2011 — — 43.24


Class 2015 2016 2017 2018 2019

A 5.14 % 2.66% 32.57 % -6.41 % 33.15 %B 4.09 1.64 31.27 -7.39 31.85C 4.59 2.23 32.01 -6.89 32.57I 5.99 3.51 33.60 -5.67 34.23A CAD H 5.30 1.93 31.93 -7.67 31.52


5 Years


5 Years



Equity APR 30.04.20

ABSUSTAINABLEUSTHEMATIC PORTFOLIO





Bio-Rad Laboratories Health Care 3.37%West Pharmaceutical Health Care 3.27Procter & Gamble Consumer Staples 3.18MSCI Financials 3.08Intercontinental Exchange Financials 2.95Danaher Health Care 2.92Xylem Industrials 2.90Microsoft Information Technology 2.88Salesforce.com Information Technology 2.78Nike Consumer Discretionary 2.66Total 29.99


Sector Allocation4

Information Technology 34.11%Health Care 17.36Consumer Discretionary 13.10Financials 8.86Industrials 8.86Utilities 3.98Consumer Staples 3.18Materials 2.49Real Estate 1.34Other 6.72







APR 30.04.20AB SUSTAINABLE US THEMATIC PORTFOLIO

GBAVPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term capital growth by:+ Investing primarily in small and mid-capitalization US stocks that offer compellinglong-term return potential at attractivevaluations


+ Leveraging a dedicated small and mid-capinvestment team aswell as the global insightsof AB’s worldwide research organization







+ Convenience Pricing/ReportingCurrencies: Euro, Hong Kong Dollar, SingaporeDollar

+ Currency-Hedged Share Classes:Euro, Singapore Dollar

+ Benchmark: Russell 2500 Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ JamesMacGregor, CFA: 27 years

+ Erik Turenchalk: 24 years


Class

A 1.94%B 2.94C 2.39I 1.14



0

5,000

10,000

15,000

20,000

25,000

10 12 14 16 18 04/20

Class A USD$16,893




A 13.53% -27.75% -25.86% -7.32% -1.71% 4.65% 5.31%B 13.37 -28.01 -26.60 -8.24 -2.69 3.60 4.27C 13.48 -27.81 -26.16 -7.72 -2.14 4.18 4.85I 13.59 -27.55 -25.25 -6.58 -0.92 5.49 6.17Benchmark 14.52 -19.62 -14.62 0.66 3.15 8.22 8.722


Net AssetValue3

A LU0493246853 ABUSMAU:LX L00216504 15/03/2010 — — 25.34B LU0493247232 ABUSMBU:LX L00216546 15/03/2010 — — 22.90C LU0493247588 ABUSMCU:LX L00216579 15/03/2010 — — 24.24I LU0493247828 ABUSMIU:LX L00216165 15/03/2010 — — 27.50


Class 2015 2016 2017 2018 2019

A -6.75 % 24.51 % 11.63% -16.19 % 18.44%B -7.69 23.25 10.52 -17.01 17.25C -7.16 23.97 11.13 -16.58 17.91I -6.00 25.48 12.53 -15.49 19.37


5 Years


5 Years



Equity APR 30.04.20

ABUSSMALLANDMID-CAPPORTFOLIO





Nuance Communications Information Technology 1.88%Papa John's Intl Consumer Discretionary 1.85CommVault Systems Information Technology 1.77Williams-Sonoma Consumer Discretionary 1.72Nomad Foods Consumer Staples 1.71Alliant Energy Utilities 1.70STAG Industrial Real Estate 1.65Hain Celestial Group Consumer Staples 1.64Masonite Intl Industrials 1.59Camden Property Trust Real Estate 1.56Total 17.07


Sector Allocation4

Financials 19.13%Information Technology 16.64Industrials 14.30Real Estate 13.97Consumer Discretionary 13.36Consumer Staples 5.77Materials 4.81Utilities 4.38Health Care 3.43Energy 2.80Communication Services 0.60Other 0.81

Country Allocation

United States 94.11%United Kingdom 1.72Singapore 1.57Ireland 1.33Luxembourg 0.67France 0.60


1 Russell 2500 Index represents the performance of 2500 small- to mid-cap companies in the US. An investor cannot invest directly in an index, and their results are not indicative of the performance for anyspecific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.





APR 30.04.20AB US SMALL ANDMID-CAP PORTFOLIO

GBSMCPFS420www.alliancebernstein.com


Class A EUR Shares

★★★★Rated against 310 funds in the Europe Large-Cap Value Equity


OBJECTIVE & STRATEGYSeeks long-term capital growth by:+ Investing in stocks of companies throughoutEurope that offer compelling long-term returnpotential and attractive valuations










+ Currency-Hedged Share Classes:US Dollar

+ Benchmark:MSCI Europe Index1


+ AndrewBirse: 18 years


Class

A 1.81%B 2.81C 2.26I 1.01A USD H 1.81



0

5,000

10,000

15,000

20,000

01 03 05 07 09 11 13 15 17 19 04/20

Class A EUR

€13,920




A 8.16% -22.41% -18.31% -5.47% -1.30% 4.08% 1.76%B 7.95 -22.71 -19.19 -6.44 -2.29 3.04 0.76C 8.08 -22.56 -18.73 -5.92 -1.76 3.62 3.54I 8.18 -22.24 -17.69 -4.73 -0.52 4.91 3.03A USD H 8.18 -21.73 -15.88 -2.98 0.58 — 3.12Benchmark 6.12 -17.85 -11.58 -1.78 -0.56 5.36 2.412


Net AssetValue3

A LU0124675678 ACMBEVE:LX L0024Q317 29/05/2001 — — 13.92B LU0124681056 ACMBEBE:LX L0024M431 29/05/2001 — — 11.54C LU0129373261 ACMBECE:LX L5528E249 29/10/2002 — — 12.84I LU0128316840 ACMBEVI:LX L0024Q325 29/08/2001 — — 17.45A USD H LU1035777561 ACMAUSH:LX L0025J106 06/03/2014 — — 18.12


Class 2015 2016 2017 2018 2019

A 15.09% 3.11 % 13.72 % -14.13 % 22.96%B 13.97 2.07 12.48 -14.98 21.78C 14.62 2.64 13.14 -14.52 22.45I 16.06 3.93 14.58 -13.44 23.98A USD H 14.13 4.19 15.85 -11.90 26.57


5 Years


5 Years



Equity APR 30.04.20

ABEUROPEANEQUITYPORTFOLIO



Net Assets €423.04 millionTotal # of Holdings 49Active Share 85%


Roche Health Care 6.33%RWE Utilities 3.70GlaxoSmithKline Health Care 3.66Tesco Consumer Staples 3.37Energias de Portugal Utilities 3.33CA Immobilien Anlagen Real Estate 3.23Enel Utilities 3.18Novo Nordisk Health Care 3.14Alstom Industrials 2.69Avast Information Technology 2.61Total 35.24


Sector Allocation4

Health Care 17.29%Financials 14.15Industrials 12.77Utilities 10.20Consumer Staples 10.16Information Technology 7.73Consumer Discretionary 6.68Materials 5.61Real Estate 5.49Energy 4.13Communication Services 2.95Other 2.84

Country Allocation

United Kingdom 22.97%France 15.82Germany 10.79Switzerland 9.91Netherlands 9.47Sweden 6.33Italy 4.27Denmark 4.11Norway 3.55Portugal 3.42Other 9.36

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, portfolio turnover risk, smaller capitalization companies risk,derivatives risk, OTC derivatives counterparties risk, and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectuscarefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance in Europe. The MSCI Europe Index consists of 16 developed-market country indices. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales chargesor operating expenses associated with an investment in a mutual fund, which would reduce total returns.





APR 30.04.20AB EUROPEAN EQUITY PORTFOLIO

GBEVPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term capital growth by:+ Investing in stocks across the Eurozone thatoffer compelling long-term return potential andattractive valuations









+ Convenience Pricing/ReportingCurrencies: Singapore Dollar, US Dollar

+ Currency-Hedged Share Classes:Polish Zloty, US Dollar

+ Benchmark:MSCI EMU Index1


+ AndrewBirse: 18 years


Class

A 1.82%C 2.27I 1.02A USD H 1.82



0

5,000

10,000

15,000

20,000

10 12 14 16 18 04/20

Class A EUR€14,487




A 7.36% -24.07% -20.23% -5.70% -0.27% — 3.93%C 7.27 -24.23 -20.61 -6.12 -0.73 — 3.46I 7.42 -23.90 -19.60 -4.94 0.52 — 4.76A USD H 7.43 -23.55 -18.05 -3.24 1.69 — 3.76Benchmark 6.49 -20.23 -14.95 -3.55 -0.75 — 4.412


Net AssetValue3

A LU0528102642 ACMESAE:LX L0017Z423 15/09/2010 — — 21.73C LU0528103459 ACMESCE:LX L0017Z431 15/09/2010 — — 20.80I LU0528103707 ACMESIE:LX L0024Q424 15/09/2010 — — 23.47A USD H LU1035778379 ABESAUH:LX L00217551 20/03/2014 — — 18.80


Class 2015 2016 2017 2018 2019

A 16.84% 5.63% 16.98% -12.44% 21.01 %C 16.29 5.15 16.49 -12.85 20.50I 17.82 6.49 17.91 -11.73 21.99A USD H 16.37 7.04 19.23 -10.02 24.51


5 Years


5 Years



Equity APR 30.04.20

ABEUROZONEEQUITYPORTFOLIO



Net Assets €1,307.54 millionTotal # of Holdings 46Active Share 80%


Sanofi Health Care 6.26%Enel Utilities 4.38Energias de Portugal Utilities 3.76RWE Utilities 3.68Allianz Financials 3.55Pernod Ricard Consumer Staples 3.54Total SA Energy 3.11Koninklijke Ahold Delhaize Consumer Staples 3.07ASM International Information Technology 2.79Alstom Industrials 2.69Total 36.83


Sector Allocation4

Financials 14.95%Industrials 14.41Consumer Staples 12.21Utilities 11.82Materials 8.86Health Care 8.29Information Technology 6.91Real Estate 6.13Communication Services 5.33Energy 5.16Consumer Discretionary 3.89Other 2.04

Country Allocation

France 31.89%Germany 22.24Netherlands 16.14Italy 6.62Ireland 5.73Spain 4.07Portugal 3.84Austria 2.79Belgium 2.46United Kingdom 2.26Other 1.96

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, portfolio turnover risk, smaller capitalization companies risk,derivatives risk, OTC derivatives counterparties risk, and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectuscarefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The MSCI EMU (European Economic and Monetary Union) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of countries withinEMU. The MSCI EMU Index consists of 11 developed market country indices. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment,including an AB fund. Indices do not include sales charges or operation expenses associated with an investment in a mutual fund, which would reduce total returns.





APR 30.04.20AB EUROZONE EQUITY PORTFOLIO

GBEZSVPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term capital growth by:+ Investing primarily in Japanese stocks that offercompelling long-term return potential atattractive valuations








+ Base Currency: Yen

+ Convenience Pricing/ReportingCurrencies: Euro, US Dollar

+ Currency-Hedged Share Classes:Euro, US Dollar

+ Benchmark: TOPIX1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Atsushi Horikawa: 31 years


Class

A 2.05%B 3.05C 2.50I 1.25A USD H 2.05I USD H 1.25


HYPOTHETICAL GROWTH OF ¥10,000

0

5,000

10,000

15,000

05 07 09 11 13 15 17 19 04/20

Class A JPY

¥8,753

Hypothetical growth of ¥10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions anddo not reflect a sales charge. Results would be less favorable if a sales charge were included.



A 3.84% -18.61% -14.39% -5.99% -3.95% 2.61% -0.92%B 3.75 -18.89 -15.24 -6.93 -4.91 1.59 -1.92C 3.80 -18.74 -14.77 -6.42 -4.38 2.14 -1.39I 3.93 -18.40 -13.66 -5.22 -3.17 3.43 -0.13A USD H 4.03 -18.68 -13.18 -4.42 -3.38 — 6.05I USD H 4.08 -18.48 -12.54 -3.67 -2.62 — 6.89Benchmark 4.35 -13.86 -7.10 0.86 0.59 6.32 1.482


Net AssetValue3

A LU0239027880 ACMJVAA:LX L0166Q372 15/12/2005 — — 8753.00B LU0239028268 ACMJVAB:LX L5528M258 22/09/2006 — — 7633.00C LU0239028938 ACMJVAC:LX L5528M274 22/09/2006 — — 8213.00I LU0239029407 ACMJVAI:LX L5528M266 22/09/2006 — — 9764.00A USD H LU0689626330 ABJSAUH:LX L5528V480 14/10/2011 — — 24.77I USD H LU0689626413 ABJSIUH:LX L5528V522 14/10/2011 — — 26.51


Class 2015 2016 2017 2018 2019

A 6.22 % 3.21 % 21.67 % -22.94% 10.81 %B 5.16 2.19 20.45 -23.70 9.71C 5.74 2.76 21.11 -23.29 10.31I 7.08 4.05 22.64 -22.32 11.75A USD H 5.71 1.46 23.10 -21.51 13.45I USD H 6.58 2.26 24.09 -20.89 14.35

STATISTICALDATA (CLASS A JPY)

5 Years


5 Years



Equity APR 30.04.20

AB JAPANSTRATEGIC VALUEPORTFOLIO



Net Assets ¥8,461.90 millionTotal # of Holdings 48Active Share 84%


Nintendo Communication Services 5.17%Nippon Telegraph & Telephone Communication Services 5.16JXTG Holdings Energy 3.84Fujitsu Information Technology 3.65Mitsubishi UFJ Financial Financials 3.26Japan Tobacco Consumer Staples 3.10SCREEN Holdings Information Technology 3.00Mitsubishi Industrials 2.91East Japan Railway Industrials 2.88Tosoh Materials 2.85Total 35.82


Sector Allocation4

Information Technology 12.78%Communication Services 12.49Materials 11.78Consumer Discretionary 11.42Industrials 11.12Consumer Staples 10.35Health Care 8.47Financials 7.50Energy 3.84Real Estate 2.50Utilities 2.15Other 5.60


1 The TOPIX is a market-value weighted index that consists of approximately 1,500 companies listed on the First Section of the Tokyo Stock Exchange. An investor cannot invest directly in an index, and theirresults are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, whichwould reduce total returns.





APR 30.04.20AB JAPAN STRATEGIC VALUE PORTFOLIO

GBJSVPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital and income by:+ Investing in undervalued stocks in the Asiaex-Japan region that offer compelling long-term return potential


+ Leveraging the local knowledge of AB’s Asian-based investment team aswell as the globalinsights of the firm’s worldwide researchorganization







+ Convenience Pricing/ReportingCurrencies: Euro, Hong Kong Dollar, SingaporeDollar

+ Currency-Hedged Share Classes:Australian Dollar, Canadian Dollar, SingaporeDollar

+ Benchmark:MSCI ACAsia ex-Japan Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Rajeev Eyunni: 23 years



Class

A 2.04%C 2.49I 1.24AD 2.04ID 1.24AD CAD H 2.04



0

5,000

10,000

15,000

20,000

09 11 13 15 17 19 04/20

Class A USD

$12,767




A 8.68% -16.30% -12.32% -1.50% -1.71% 1.37% 2.37%C 8.62 -16.41 -12.66 -1.93 -2.14 0.92 1.92I 8.72 -16.08 -11.59 -0.71 -0.92 2.19 3.20AD 8.69 -16.27 -12.34 -1.50 -1.71 1.38 2.38ID 8.76 -16.08 -11.58 -0.70 -0.90 2.20 3.21AD CAD H 8.35 -17.57 -14.38 -3.10 -3.14 — -0.86Benchmark 8.96 -11.07 -7.45 3.25 1.66 4.45 5.022


Net AssetValue4

A LU0469268469 ASXJPNA:LX L5528L300 30/11/2009 — — 19.15C LU0469270366 ASXJPNC:LX L5528L250 30/11/2009 — — 18.28I LU0469271091 ASXJPNI:LX L5528L268 30/11/2009 — — 20.82AD LU0469268972 ASXJPAD:LX L5528L318 30/11/2009 4.14 0.0449 13.02ID LU0469271257 ASXJPID:LX L5528L276 30/11/2009 4.98 0.0541 13.03AD CAD H LU0592506397 AXJADCH:LX — 15/04/2011 3.72 0.0301 9.70


Class 2015 2016 2017 2018 2019

A -9.56% 5.25% 40.52% -19.89% 19.35%C -9.95 4.83 39.82 -20.24 18.86I -8.85 6.12 41.60 -19.23 20.32AD -9.60 5.32 40.44 -19.88 19.33ID -8.86 6.22 41.67 -19.23 20.28AD CAD H -10.24 3.82 39.35 -21.19 17.94


5 Years


5 Years



Equity APR 30.04.20

ABASIA EX-JAPANEQUITYPORTFOLIO





Samsung Electronics Information Technology 8.11%Taiwan Semiconductor Information Technology 3.48Weichai Power Industrials 2.95SK Hynix Information Technology 2.89Anhui Conch Cement Materials 2.88Ping An Insurance Financials 2.73Guangzhou Automobile Group Consumer Discretionary 2.58WH Group Consumer Staples 2.45Nanya Technology Information Technology 2.45KB Financial Financials 2.35Total 32.87


Sector Allocation5

Information Technology 22.79%Financials 20.56Real Estate 10.10Materials 9.66Consumer Discretionary 7.59Industrials 5.77Utilities 5.67Consumer Staples 5.33Communication Services 4.36Energy 2.54Health Care 2.19Other 3.44

Country Allocation

China 48.56%South Korea 21.52Taiwan 13.39India 6.59Hong Kong 5.03Indonesia 2.05Singapore 1.68Philippines 1.05Vietnam 0.13

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include country risk, emerging markets risk, portfolio turnover risk, smaller capitalization companies risk, derivativesrisk, OTC derivatives counterparties risk, and equity securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully anddiscuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The MSCI AC (All Country) Asia ex-Japan Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. An investorcannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associatedwith an investment in a mutual fund, which would reduce total returns.







APR 30.04.20AB ASIA EX-JAPAN EQUITY PORTFOLIO

GBAEJEFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term capital appreciation by:+ Investing primarily in Chinese and China-related stocks that offer compelling returnpotential

+ Constructing a portfolio of high-convictioninvestments from across multiple industries,sectors or styles

+ Employing a disciplined, bottom-up approachthat combines fundamental researchwithproprietary quantitative tools to identifyattractive investment opportunities whilemanaging risk








+ Currency-Hedged Share Classes:Euro, Polish Zloty

+ Benchmark:MSCI China Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ John Lin: 18 years



Class

A 2.47%B 3.47C 2.92I 1.67



0

20,000

40,000

60,000

80,000

97 99 01 03 05 07 09 11 13 15 17 19 04/20

Class A USD

$56,160




A 6.93% -8.03% -1.89% 6.86% 0.74% 3.65% 7.98%B 6.84 -8.34 -2.86 5.80 -0.26 2.62 6.91C 6.87 -8.17 -2.33 6.38 0.28 3.18 1.97I 7.01 -7.79 -1.09 7.72 1.56 4.49 8.84Benchmark 6.31 -4.55 -2.05 8.31 1.66 5.06 4.252


Net AssetValue3

A LU0084234409 ACMGCAI:LX L0023L103 10/11/1997 — — 56.16B LU0084234581 ACMGCBI:LX L0023L111 10/11/1997 — — 44.83C LU0277860069 ABGRCCU:LX L0173F336 09/02/2007 — — 52.92I LU0084967578 ACMGCII:LX L0023L129 10/11/1997 — — 67.01


Class 2015 2016 2017 2018 2019

A -6.30% -1.40% 48.83% -19.73 % 29.58%B -7.26 -2.37 47.36 -20.50 28.31C -6.72 -1.85 48.16 -20.09 29.01I -5.49 -0.61 50.01 -19.10 30.65


5 Years


5 Years



Equity APR 30.04.20

ABCHINAOPPORTUNITYPORTFOLIO





Tencent Holdings Communication Services 9.99%Alibaba Group Consumer Discretionary 9.85Ping An Insurance Financials 4.47China Mobile Communication Services 3.75China Construction Bank Financials 3.49NetEase Communication Services 2.62Times China Holdings Real Estate 2.59Li Ning Consumer Discretionary 2.59AB China A Shares EquityPortfolio Funds and Investment Trusts 2.57

China Resources CementHoldings Materials 2.57


Sector Allocation4

Consumer Discretionary 19.37%Communication Services 16.37Industrials 12.67Financials 11.32Information Technology 9.04Real Estate 8.70Consumer Staples 8.38Utilities 3.89Health Care 3.19Materials 3.17Other 3.90

Country Allocation

China 88.49%Taiwan 3.96Hong Kong 2.61Luxembourg 2.61Switzerland 1.19Brazil 0.64France 0.50


1 The MSCI China Index provides coverage of the large- and mid-cap segments in China and is constructed according to the MSCI Global Investable Market Indices Methodology. An investor cannot investdirectly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with aninvestment in a mutual fund, which would reduce total returns.

2 Life performance is from closest month-end after inception date of oldest class shown. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.4 Excludes sectors with no portfolio holdings.




APR 30.04.20AB CHINA OPPORTUNITY PORTFOLIO

GBGCPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term capital appreciation by:+ Investing primarily in stocks of Indiancompanies with strong fundamentals that offercompelling growth potential and are expectedto benefit from growth in the Indian economy

+ Emphasizing companies with sustainable long-term growth prospects and strong competitiveadvantages






+ Order Placement Cutoff Time:11AMCET



+ Currency-Hedged Share Classes:Polish Zloty, Singapore Dollar

+ Benchmark: S&PBombay Stock Exchange 200Index1

PORTFOLIO MANAGEMENT& EXPERIENCE+ SergeyDavalchenko: 23 years

+ Laurent Saltiel: 27 years

+ Guojia Zhang, CFA: 19 years


Class

A 2.04%B 3.04C 2.49I 1.24AX 1.83



0

5,000

10,000

15,000

20,000

25,000

09 11 13 15 17 19 04/20

Class A USD

$12,620




A 15.39% -24.93% -26.31% -12.22% -4.07% -0.84% 2.16%B 15.29 -25.18 -27.05 -13.10 -5.02 -1.82 1.63C 15.33 -25.04 -26.65 -12.62 -4.50 -1.28 0.95I 15.46 -24.72 -25.72 -11.52 -3.30 -0.04 13.84AX2 15.40 -24.85 -26.14 -12.03 -3.85 -0.60 9.63Benchmark 15.56 -22.12 -20.89 -3.34 1.81 2.37 4.953


Net AssetValue4

A LU0430678424 ALLIGAU:LX L5073X204 15/06/2009 — — 126.20B LU0430678770 ALLIGBU:LX L5073X303 24/06/2009 — — 119.23C LU0430679075 ALLIGCU:LX L5073X402 05/08/2009 — — 110.65I LU0086551628 ALLILII:LX L5073X121 27/02/1998 — — 124.18AX LU0047987325 ALLILAI:LX L5073X105 10/12/1993 — — 113.06


Class 2015 2016 2017 2018 2019

A -4.70% -3.72 % 50.87% -23.39% 1.72 %B -5.65 -4.68 49.38 -24.15 0.72C -5.13 -4.14 50.19 -23.73 1.27I -3.93 -2.94 52.06 -22.77 2.54AX -4.48 -3.50 51.21 -23.22 1.94


5 Years


5 Years



Equity APR 30.04.20

AB INDIAGROWTHPORTFOLIO





Infosys Information Technology 8.33%Tata Consultancy Services Information Technology 7.37HDFC Bank Financials 7.02Housing Development Finance Financials 6.92Muthoot Finance Financials 5.75Reliance Industries Energy 5.20Bharti Airtel Communication Services 4.09Manappuram Finance Financials 3.59Indraprastha Gas Utilities 3.06ITC Consumer Staples 3.05Total 54.38


Sector Allocation5

Financials 28.49%Information Technology 20.24Industrials 10.14Energy 6.81Communication Services 6.48Consumer Staples 5.71Utilities 4.81Consumer Discretionary 2.80Real Estate 1.58Other 12.94

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, allocation risk, portfolio turnover risk, smaller capitalizationcompanies risk, derivatives risk, OTC derivatives counterparties risk, equity securities risk and REITs risk. These and other risks are described in the Fund’s prospectus. Prospective investors shouldread the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 The S&P Bombay Stock Exchange 200 Index (BSE-200) represents the equity shares of 200 companies selected primarily on the basis of current market capitalization from the specified and non-specifiedlists of the Bombay Stock Exchange. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not includesales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.

2 Class AX is closed to new investors.3 Life performance is from inception date of Class A. See page 1 for inception dates.4 Net asset value is denominated in the share class currency.5 Excludes sectors with no portfolio holdings.




APR 30.04.20AB INDIA GROWTH PORTFOLIO

GBILFFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks long-term growth of capital by:+ Employing an absolute return strategy bytaking both long and short positions in USequities—buying attractive stockswhileshorting securities that are expected to decline

+ Emphasizing US large and mid-cap stocks,while maintaining the flexibility to invest innon-US issuers and smaller-cap companies

+ Conducting in-depth, bottom-up analysis todifferentiate between companies withcompelling growth potential and thosewithless favorable return prospects

+ Managing risk by adjusting expectations andportfolio positioning based on the near-termmarket environment, including reducing netexposurewhen market risk is high (marketexposure is typically 30-70% net long)







+ Currency-Hedged Share Classes:British Pound, Euro, Polish Zloty, SingaporeDollar, Swiss Franc


PORTFOLIO MANAGEMENT& EXPERIENCE+ Kurt Feuerman: 38 years

+ AnthonyNappo, CFA: 24 years


Class

A 2.03%I 1.23


INCENTIVE FEE: 20% of excess returnCalculated on excess return and subject to high watermark.


0

10,000

20,000

30,000

40,000

50,000

60,000

99 01 03 05 07 09 11 13 15 17 19 04/20

Strategy

$50,325




Strategy 5.32% -5.91% -0.68% 4.59% 4.06% 5.09% 8.27%A 4.72 -5.23 -0.53 3.85 3.11 — 3.99I 4.95 -4.83 0.27 4.67 3.92 — 4.83Benchmark 12.78 -9.46 0.26 8.40 8.45 11.00 4.832


Net AssetValue3

Strategy — — — 31/12/1999 — — —A LU0736558973 ABSAALA:LX L5529D505 02/03/2012 — — 20.64I LU0736559948 ABSAALI:LX L5529D562 02/03/2012 — — 22.05


Class 2015 2016 2017 2018 2019

Strategy -0.27% 3.76% 10.37% -1.30% 14.34%A -1.69 3.49 8.85 -2.85 13.91I -0.93 4.27 9.95 -2.27 14.70


5 Years

Beta 0.48Sharpe Ratio 0.28

5 Years

Volatility 7.16

Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share classcurrency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but donot reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses.The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations.The results displayed above represent the investment performance record for the institutionally marketed AllianceBernstein Select US Equity Long/Short Strategy and are presented assupplemental information only. The performance of the Strategy is not the same as the Select Absolute Alpha Portfolio and, although similar, they do not have an identical portfolio construction orfee structure. The past performance of the Strategy is not a reliable indicator of future performance. Furthermore, the Strategy performance is shown in U.S. Dollar terms and,accordingly, the actual return achieved by a non-U.S. Dollar based investormay increase or decrease due to currency fluctuations. The performance of the Strategy includes all fee-paying discretionary accounts and, when applicable, pooled investment vehicles. Performance reflects net of all fees and expenses (including a 1% management fee and a 20% incentive fee).The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d’investissement à capital variable) incorporatedunder the laws of the Grand Duchy of Luxembourg.

For Professional Investor Use Only Alternatives APR 30.04.20

ABSELECTABSOLUTEALPHAPORTFOLIO

71


Net Assets $754.78 millionTotal # of Holdings 106

Top Long Holdings Sector Holding

Microsoft Software 4.01%

Berkshire HathawayDiversified FinancialServices 3.40

AppleTechnology Hardware,Storage & Peripherals 3.20

Procter & Gamble Household Products 3.08

Amazon.comInternet & DirectMarketing Retail 2.66

Total 16.35

Top Short Holdings Sector Holding

MSABWARR Funds and Investment Trusts -0.56%

Tanger Factory Outlet CentersEquity Real EstateInvestment Trusts (REITs) -0.06

SL Green RealtyEquity Real EstateInvestment Trusts (REITs) -0.06

Brixmor Property GroupEquity Real EstateInvestment Trusts (REITs) -0.05

Regency CentersEquity Real EstateInvestment Trusts (REITs) -0.05

Total -0.78Source: AB. Portfolio holdings and weightings are subject to change.

Sector Allocation Long % Short %

Information Technology 12.84% -0.14%Health Care 10.57 -0.13Financials 9.02 -0.19Communication Services 7.36 —Industrials 6.31 -0.11Consumer Staples 5.57 —Consumer Discretionary 5.30 -0.25Utilities 2.41 —Energy 1.15 —Materials 0.58 —Real Estate 0.28 -0.47Funds and Investment Trusts — -0.56Equity Index Futures — -0.44

Exposure

Gross Short -2.29%Gross Long 61.39Net Exposure 59.10

Holdings

# of Total Holdings:Long 66

# of Total Holdings:Short 40



2 Life performance is from inception date of the Strategy. See page 1 for inception dates.3 Net asset value is denominated in the share class currency.




APR 30.04.20AB SELECT ABSOLUTE ALPHA PORTFOLIO

GBSAAFS420 IPwww.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks income generation and long-term growthby:+ Investing across a broad universe of globalfixed income, global equities and non-traditional assets and strategies

+ Dynamically adjusting exposures by allocatingacross asset classes based on changingmarket conditions

+ Leveraging asset class experts at AB to providesuperior security selection







+ Currency-Hedged Share Classes:Australian Dollar, British Pound, Canadian Dollar,Euro, NewZealand Dollar, Singapore Dollar,South African Rand, Swiss Franc

PORTFOLIO MANAGEMENT& EXPERIENCE+ Morgan C. Harting, CFA, CAIA: 28 years

+ Daniel Loewy, CFA: 25 years

+ KarenWatkin: 20 years


Class

A 1.84%C 2.29I 1.04N 2.29AD 1.84



0

5,000

10,000

15,000

14 16 18 04/20

Class A USD

$10,273




A 3.28% -17.24% -11.99% -1.73% -0.27% — 0.50%C 3.19 -17.41 -12.40 -2.20 -0.72 — -0.13I 3.28 -17.07 -11.31 -0.98 0.53 — 1.30N 3.22 -17.38 -12.38 -2.18 -0.71 — 0.09AD 3.24 -17.26 -12.04 -1.75 -0.27 — 0.53


Net AssetValue2

A LU1127386735 ACDMAUA:LX L0025L143 11/12/2014 — — 15.41C LU1127390927 ADMAIPA:LX L0025L457 29/12/2014 — — 14.90I LU1127391495 ACDMIUA:LX L0025L283 11/12/2014 — — 16.08N LU1127392113 ACDNAUS:LX L0025L325 18/12/2014 — — 15.07AD LU1127387386 ACDAADU:LX L0025L176 18/12/2014 9.76 0.0830 10.20


Class 2015 2016 2017 2018 2019

A -3.59% 6.75% 10.71 % -6.35% 15.87%C -3.95 6.21 10.25 -6.79 15.35I -2.79 7.51 11.68 -5.63 16.81N -4.04 6.22 10.27 -6.78 15.37AD -3.55 6.65 10.80 -6.42 15.89


5 Years

Volatility 9.85


Multi-Asset APR 30.04.20

ABALLMARKET INCOMEPORTFOLIO



Net Assets $1,221.04 millionAverage Duration (Years) 3.61Average Credit Quality BBB-

Top Five Equity Holdings

Microsoft 1.31%Apple 0.99Digital Realty Trust 0.70Roche 0.70Merck 0.53Total 4.23

Top Five Fixed Income Holdings

Brazil Notas do Tesouro Nacl 10.00%, 1/01/21 - 1/01/25 1.92%Mexican Bonos 8.00%, 9/05/24 - 11/07/47 0.64Indonesia Treasury Bond 10.00%, 9/15/24 0.63Colombian TES 10.00%, 7/24/24 0.55Bahrain Govt Intl Bond 7.00%, 10/12/28 0.43Total 4.17


Current Allocation

Equity 34.60%Fixed Income 55.22Non-Traditional 10.18

Country Allocation

United States 61.10%United Kingdom 3.61Brazil 3.23Japan 2.18Canada 1.86Switzerland 1.81Mexico 1.66Netherlands 1.44Australia 1.34Other 21.77


Global Credit FixedIncome 41.52%

Low Volatility Equities 15.37High Dividend Equities 11.69Equity OptionsStrategies 10.18

Non-US Sovereigns 7.48US Sovereigns 6.22Preferred REITs 5.54Common REITs 2.00

Credit Quality3

AAA 20.74%AA 0.11A 2.85BBB 15.45BB 29.82B 19.13CCC & Below 5.00Not Rated 6.59Short-Term Investments 0.31

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, dynamic asset allocation risk, allocation risk, portfolio turnover risk, derivatives risk,OTC derivatives counterparties risk, structured investments risk, equity securities risk, fixed income securities risk, lower-rated and unrated instruments risk, credit risk, sovereign debt obligations riskand corporate debt obligations risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund’s fees andcharges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.

1 Yields are calculated based on the latest available distribution rate per share for a particular class. For distributing classes, a Portfolio may pay dividends from gross income (before reduction for fees andexpenses), realized and unrealized gains, and capital attributable to the relevant class. Investors should note that distributions in excess of net income (gross income less fees and expenses) may represent areturn of the investor’s original investment amount and as such may result in a decrease in the net asset value per unit for the relevant class. Distributions out of capital may be taxed as income in certainjurisdictions.

2 Net asset value is denominated in the share class currency.3 The highest of S&P, Moody’s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of





APR 30.04.20AB ALL MARKET INCOME PORTFOLIO

GBGLCPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks to maximize total return by:+ Utilizing a proprietary “Dynamic AssetAllocation” strategy to build a globally-diversified, multi-asset fundwith an attractiverisk/return profile

+ Actively adjusting exposures to equity, fixedincome, real estate-related securities,currencies, commodity-related securities andalternative investments

+ Determining the relative attractiveness ofvarious asset classes based on changingmarket conditions and the InvestmentManager’s outlook









+ Benchmark: 3-Month LIBOR (USD)1

PORTFOLIO MANAGEMENT& EXPERIENCE+ Alexander Barenboym: 23 years

+ Daniel Loewy, CFA: 25 years


Class

A 1.95%B 2.95C 2.25I 1.25AX 1.90



0

5,000

10,000

15,000

11 13 15 17 19 04/20

Class A USD

$12,147




A 5.93% -10.95% -6.18% 1.08% 0.97% — 2.17%B 5.85 -11.25 -7.09 0.08 -0.04 — 1.15C 5.94 -10.98 -6.40 0.80 0.66 — 1.93I 6.00 -10.75 -5.50 1.79 1.67 — 2.80AX 5.94 -10.92 -6.12 1.13 1.01 2.75 2.49


Net AssetValue2

A LU0592678923 ABDYDAU:LX L0173W206 15/04/2011 — — 18.22B LU0592679228 ABDYDBU:LX L0173W305 15/04/2011 — — 16.64C LU0592679731 ABDYDCU:LX L0173W404 15/04/2011 — — 17.83I LU0592680234 ABDYDIU:LX L0173W503 15/04/2011 — — 19.26AX LU0203202907 ACMBALA:LX L0167U620 02/11/2004 — — 21.95


Class 2015 2016 2017 2018 2019

A -3.28% 3.20% 13.90% -7.28% 15.59%B -4.21 2.13 12.83 -8.24 14.47C -3.54 2.86 13.59 -7.60 15.25I -2.52 3.90 14.73 -6.70 16.46AX -3.22 3.23 14.00 -7.27 15.68


5 Years

Volatility 9.03



ABDYNAMICDIVERSIFIEDPORTFOLIO



Net Assets $40.37 millionTotal # of Holdings 581

Top 5 Holdings: Equity Holding

Microsoft 2.12%Facebook 1.11Intl Flavors & Fragrances 0.97Alphabet 0.96Nestle 0.81Total 5.97

Top 5 Holdings: Fixed Income Holding

Uniform Mortgage-Backed Security 3.50%, TBA 1.17%Italy Buoni Poliennali Del Tesoro 1.85%, 7/01/25 1.10US Treasury Inflation Index 0.125%, 7/15/24 - 7/15/26 1.04Uniform Mortgage-Backed Security 2.50%, TBA 0.98Spain Govt Bond 1.95%, 4/30/26 0.97Total 5.26



Equity 59.42%Fixed Income 37.08Short-Term 3.50

Country Allocation

United States 48.98%Japan 12.36United Kingdom 5.33France 4.12Italy 3.39Switzerland 2.67Netherlands 2.49Germany 2.18China 2.15Other 16.33

Sector Exposure: Equity

Information Technology 23.62%Health Care 15.96Financials 10.96Industrials 10.62Communication Services 10.07Other 28.77

Sector Exposure: Fixed Income

Global Governments 36.43%Corporates -Investment Grade 20.64

Mortgage Pass-Throughs 11.87Short-Term Investments 8.63Inflation-LinkedSecurities 5.23

Other 17.20

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, dynamic asset allocation risk, allocation risk, portfolio turnover risk, smallercapitalization companies risk, derivatives risk, OTC derivatives counterparties risk, commodity-related risk, structured investments risk, equity securities risk, fixed income securities risk, lower-ratedand unrated instruments risk, credit risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund’s prospectus. Prospective investorsshould read the prospectus carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.






APR 30.04.20AB DYNAMIC DIVERSIFIED PORTFOLIO

GBDDPFS420www.alliancebernstein.com

OBJECTIVE & STRATEGYSeeks to maximize total return by:+ Dynamically adjusting exposure to emergingmarkets by investing across asset classes,which include equities, fixed income andcurrencies

+ Building an unconstrained portfolio tomaximize total return and minimize volatility

+ Employing a disciplined investment processthat draws on our global research platform andmulti-asset capabilities








+ Currency-Hedged Share Classes:British Pound, Canadian Dollar, Euro, SwissFranc


PORTFOLIO MANAGEMENT& EXPERIENCE+ Henry S. D’Auria, CFA: 37 years

+ Morgan C. Harting, CFA, CAIA: 28 years



Class

A 1.84%AD 1.84C 2.29I 1.04N 2.29AD CAD H 1.84



0

5,000

10,000

15,000

11 13 15 17 19 04/20

Class A USD

$9,120




A 6.29% -17.49% -12.42% -3.13% -0.79% — -1.03%AD 6.34 -17.53 -12.48 -3.13 -0.77 — -0.18C 6.31 -17.61 -12.80 -3.56 -1.22 — -1.47I 6.44 -17.26 -11.70 -2.33 0.04 — -0.21N 6.31 -17.61 -12.78 -3.55 -1.21 — -0.94AD CAD H 6.08 -18.67 -14.31 -4.61 -2.02 — -0.98Benchmark 9.16 -16.60 -12.00 0.57 -0.10 — -0.182


Net AssetValue4

A LU0633140560 ABEMAAU:LX L5529H316 01/06/2011 — — 13.68AD LU0633140727 ABEMADU:LX L0173P656 21/03/2013 6.01 0.0502 10.02C LU0633141295 ABEMACU:LX L5529H357 01/06/2011 — — 13.15I LU0633141378 ABEMIUI:LX L5529H373 01/06/2011 — — 14.72N LU0861578291 ABEMNDA:LX L0173W198 20/12/2012 — — 13.99AD CAD H LU0683596273 ABEMADC:LX L0173W321 21/03/2013 5.57 0.0438 9.44


Class 2015 2016 2017 2018 2019

A -6.78% 11.53% 21.70% -15.18 % 17.76 %AD -6.75 11.57 21.65 -15.14 17.75C -7.13 11.01 21.11 -15.51 17.18I -5.92 12.43 22.60 -14.44 18.68N -7.14 11.06 21.12 -15.57 17.27AD CAD H -7.26 10.46 20.68 -16.29 16.24


5 Years

Beta 0.78Volatility 14.49

5 Years

Volatility: MSCI EM 17.57



ABEMERGINGMARKETSMULTI-ASSETPORTFOLIO



Net Assets $1,136.54 millionAverage Credit Quality BB+Total # of Holdings 625


Samsung Electronics 3.72%Alibaba Group Holding 2.90Tencent Holdings 2.14Taiwan Semiconductor 1.84China CITIC Bank 1.22Russian Foreign Bond 5.25%, 6/23/47 1.22Qatar Govt Intl Bond 4.40%, 4/16/50 1.21Anhui Conch Cement 1.10Vedanta 1.10Lukoil 1.07Total 17.52


Asset Allocation

Equity 51.50%Fixed Income 42.74Short-term 5.76

Sectors: Top Equity

Information Technology 21.69%Financials 20.33Materials 12.76Consumer Discretionary 11.45Communication Services 7.68

Sectors: Top Fixed Income

Emerging Markets -Hard Currency 74.82%

Emerging Markets -Corporate Bonds 23.12

Emerging Markets -Local Currency 2.06

Country Allocation

China 23.14%South Korea 7.83Taiwan 7.25Russia 4.34Mexico 4.08Brazil 3.55Chile 3.44Indonesia 3.32South Africa 3.02Other 40.03


US Dollar 52.44%Chinese Renminbi 16.74South Korean Won 5.25New Taiwan Dollar 5.09Indian Rupee 4.47South African Rand 3.95Russian Rouble 2.96Mexican Peso 2.37Brazilian Real 1.56Other 5.17

INVESTMENTRISKSTOCONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed,may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent acomplete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, allocation risk, portfolio turnover risk, smaller capitalization companies risk,derivatives risk, OTC derivatives counterparties risk, commodity-related risk, structured investments risk, equity securities risk, REITs risk, fixed income securities risk, lower-rated and unratedinstruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectuscarefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered orwhomay otherwise lawfully receive it. Beforeinvesting, investors should review the Fund’s full Prospectus, together with the Fund’s Key Investor Information Document and the most recent financial statements. Copies ofthese documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge fromAllianceBernstein (Luxembourg)S.à r.l. by visiting www.alliancebernstein.com, or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution.








APR 30.04.20AB EMERGING MARKETS MULTI-ASSET PORTFOLIO

GBEMMAPFS420www.alliancebernstein.com

GEN–GLO–EN–GN–0917www.alliancebernstein.com

GLOSSARY

Shares of AB funds are offered only pursuant to the current prospectus together with the most recent financial statements. The information on this page is for information purposes only and should not be construed as an offer to sell, or solicitation of an offer to buy, or a recommendation for the securities of any AB fund.

ACTIVE SHARE Active share measures the percentage of fund holdings that are different from the benchmark. A fund with an active share of 80% means that 80% of its assets differ from its benchmark, while the remaining 20% mirror the benchmark.

ALPHA A measure that helps you understand whether a fund is performing well versus its benchmark given the level of risk the fund is taking. A positive alpha is the extra return awarded to the investor for taking additional risk rather than accepting the benchmark return. Alpha measures more than the difference between the return and the benchmark. It reflects the average of the monthly fund returns, the average of the monthly benchmark returns and the fund’s beta.

BETA A measure of the fund’s volatility relative to its benchmark. A fund that has a beta of 1 is as volatile as the market benchmark. Funds with betas higher than 1 are more volatile than the benchmark; funds with betas below 1 are less volatile. A fund with a beta of 1.05 is 5% more volatile than the market.

DISTRIBUTION YIELDRepresents income per share paid by the fund to its shareholders, which is determined by annualizing the fund’s current monthly income dividend per share (i.e. multiplying it by 12, or 365 days in the case of daily dividend rate) and dividing by the net asset value (NAV) per share at the determination date (i.e., month end). The yield is retrospective, and so is not necessarily representative of the yield an investor will receive on their investment in the future.

DOWNSIDE CAPTURE RATIO A measure of a fund’s overall performance in down-markets relative to its benchmark during periods when that benchmark has dropped. Downside capture ratios are calculated by taking the fund’s monthly return during the periods of negative benchmark performance and dividing it by the benchmark return. A downside capture ratio less than 100 has outperformed the index during the down-market. For example, a fund with a downside capture ratio of 80 indicates that the fund declined only 80% as much as the benchmark during the period in question.

INFORMATION RATIOA measure of a fund’s performance relative to its benchmark that takes into account both excess return versus a benchmark and tracking error. (Technically, it measures the excess return of the fund divided by the tracking error.) A fund with a positive information ratio of 0.23 has outperformed its benchmark by 0.23%. The higher the ratio the better, as it reflects the extent to which the fund has outperformed the benchmark.

INVESTMENT GRADEBonds that are rated BBB- or higher by Standard & Poor’s.

SHARPE RATIOA measure of how much excess return you are receiving for the extra volatility that you endure for holding a riskier asset. The higher a fund’s sharpe ratio, the better a fund’s returns have been relative to the risk it has taken on.

TRACKING ERRORA measure of the difference between the risk of a fund and the risk of the benchmark. Unlike volatility, it focuses on differences in a fund’s excess returns relative to its benchmark. A fund with a tracking error of 5.00 or below has risk and return characteristics that are relatively close to its benchmark. A fund with a tracking error of 10.00 or above may be taking on significantly more risk than its benchmark.

UPSIDE CAPTURE RATIO A measure of a fund’s overall performance in up-markets relative to its benchmark. Upside capture ratios for funds are calculated by taking the fund’s monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. An upside capture ratio greater than 100 has outperformed the benchmark during the up-market. For example, a fund with an up-market capture ratio of 120 indicates that the fund outperformed the market by 20% during the specified period.

VOLATILITYA measure of the historical fluctuations in a fund’s price or returns. It measures the difference between the fund’s returns and the fund’s average rate of return over time. A high level of volatility implies a high level of risk. A volatility of less than five is generally considered low. A volatility of greater than 20 is generally considered high.

YIELDThe income return earned on an investment. This includes the interest or dividends received from a security and is usually expressed as an annual percentage based on the investment’s cost, its current market value or its face value.

YIELD TO WORSTThe lowest potential yield that can be received on a bond without the issuer actually defaulting. Yield to worst is calculated by making worst-case scenario assumptions on the bond by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer.

79

APR

IL 2020

GEN–FSB–EN–GN–0420www.alliancebernstein.com

MUTUAL FUN

D FACT SHEETS

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