2019 Estimated Capital Gain DIstribution Notice

Mutual Funds

2020 ESTIMATED CAPITAL GAIN DISTRIBUTION NOTICE

Below are estimates of the capital gain distributions scheduled to be paid for AB mutual funds.

Actual distributions will vary from these estimates based on the following:

+ Estimates do not reflect all required tax considerations. Actual capital gain distributions will be affected by all required tax considerations.

+ Estimates are computed through October 31, 2020, and do not include the full measurement period.

+ Portfolio trading between October 31, 2020, and the distribution date may increase or decrease the capital gain.

+ Capital gains are paid on a per-share basis. Changes in the number of shares outstanding could increase or decrease the amount per share.

All investors who own shares, on the record date, of a fund paying a capital gain will receive the capital gain distribution on the payable date listed in the below chart.

The funds listed are currently projected to pay capital gain distributions. Because these are estimates, some of these funds may not pay capital gains or funds not currently on the list could pay capital gains.

We strongly encourage you to discuss the implications of capital gains with your tax consultant and financial advisor prior to making any investment decisions.

2020 CAPITAL GAIN ESTIMATES AND DISTRIBUTION DATES

Estimated Capital Gains per share as of October 31, 2020

AB Funds

Short- Long-

Distribution

Term Term Total* Class A NAV as a % NAV

ALTERNATIVES

Select US Long/Short Portfolio

0.42 0.24

0.66

13.05

5.07%

EQUITY

Concentrated Growth Fund

--

2.18

2.18

Concentrated International Growth Portfolio 0.01 0.24

0.25

Core Opportunities Fund

--

0.62

0.62

Discovery Growth Fund

0.07 2.29

2.36

Equity Income Fund

--

0.13

0.13

FlexFeeTM Emerging Markets Growth Portfolio 0.41 0.03

0.44

FlexFeeTM Large Cap Growth Portfolio

0.34 0.12

0.45

FlexFeeTM US Thematic Portfolio

0.11

0.20

0.31

Growth Fund

--

6.28

6.28

Large Cap Growth Fund

--

2.57

2.57

Select US Equity Portfolio

0.24 0.42

0.66

Small Cap Growth Portfolio

0.78

7.82

8.60

45.00 12.57 19.96 13.45 25.02 11.83 18.16 16.72 94.75 67.73 17.19 66.13

4.84% 1.95% 3.09% 17.52% 0.52% 3.69% 2.50% 1.87% 6.63% 3.79% 3.87% 13.01%

Sustainable Global Thematic Growth Fund

2.75

9.32 12.07

150.38

8.03%

Sustainable International Thematic Fund

0.13

0.26

0.39

19.87

1.94%

* Totals may not sum due to rounding. Values that round to 0.00 are less than a penny.

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

Record

Dates Ex

Payable

12/07/20 12/08/20 12/10/20

12/08/20 12/10/20 12/09/20 12/07/20 12/09/20 12/11/20 12/30/20 12/30/20 12/07/20 12/07/20 12/08/20 12/07/20 12/07/20 12/10/20

12/09/20 12/11/20 12/10/20 12/08/20 12/10/20 12/14/20 12/31/20 12/31/20 12/08/20 12/08/20 12/09/20 12/08/20 12/08/20 12/11/20

12/11/20 12/15/20 12/14/20 12/10/20 12/14/20 12/15/20 01/05/21 01/05/21 12/10/20 12/10/20 12/11/20 12/10/20 12/10/20 12/15/20

2020 CAPITAL GAIN ESTIMATES AND DISTRIBUTION DATES

Estimated Capital Gains per share as of October 31, 2020

Dates

AB Funds

Short- Long-

Distribution

Term Term Total* Class A NAV as a % NAV

Record

Ex

Payable

EQUITY

Tax-Managed Wealth Appreciation Strategy

--

0.04

0.04

16.05

0.23%

12/11/20 12/14/20 12/16/20

Wealth Appreciation Strategy

0.01 0.30

0.31

16.72

1.85%

12/11/20 12/14/20 12/16/20

FIXED INCOME

Global Bond Fund

--

0.06

0.06

8.62

0.69%

12/03/20 12/04/20 12/07/20

Intermediate Duration Portfolio

0.06 0.17

0.24

13.97

1.68%

12/15/20 12/16/20 12/18/20

Total Return Bond Portfolio

0.01

0.15

0.16

11.53

1.37%

12/03/20 12/04/20 12/07/20

MULTI-ASSET

Conservative Wealth Strategy

0.01

--

0.01

12.13

0.06%

12/11/20 12/14/20 12/16/20

* Totals may not sum due to rounding. Values that round to 0.00 are less than a penny.

The status of any capital gains distributed to shareholders (i.e. whether or not they are considered short-term or long-term) depends on how long the fund owned the securities that produced the gain--not how long the shareholder owned shares in the fund. Short-Term Capital Gains: Capital gain income from assets held one year or less and is taxed at the investor's ordinary income tax rates in effect for the year. Long-Term Capital Gains: Capital gain income from assets held longer than one year and are generally taxed at a special long-term capital gains rate.

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing. AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds. The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein? is a registered service mark used by permission of the owner, AllianceBernstein L.P. ? 2020 AllianceBernstein L.P.

UMF-147461-2020-10-20 GEN?5796?1020

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