# EDGAR Filing Document

**Accession Number:** 0000003794
**File Stem:** 0001193125-23-019295
**Filing Date:** 2023-1
**Character Count:** 22403
**Document Hash:** f786242af82ffcdd800d6a39ef264b4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-019295.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001193125-23-019295

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230130

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB BOND FUND, INC.
- **CENTRAL INDEX KEY:** 0000003794
- **IRS NUMBER:** 132754393
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-48227
- **FILM NUMBER:** 23569554

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN BOND FUND INC
- **DATE OF NAME CHANGE:** 20030319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE BOND FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### AB Municipal Bond Inflation Strategy (Series ID: S000027379)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000082624 | Class A       | AUNAX           |
| C000082625 | Class C       | AUNCX           |
| C000082626 | Advisor Class | AUNYX           |

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| | |
|:---|:---|
| ![LOGO](g418280g67z55.jpg) | SUMMARY PROSPECTUS January 31, 2023 |

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## AB Municipal Bond Inflation Strategy
**Ticker:** Class A–AUNAX; Class C–AUNCX; Advisor Class–AUNYX

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information ("SAI"), both dated January 31, 2023, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund's Prospectus, reports to shareholders and other information about the Fund, go to <u>www.abfunds.com/go/prospectus</u>, email a request to prorequest@alliancebernstein.com, call (800) 227-4618, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund. The Fund's reports to shareholders are also available at <u>www.abfunds.com/go/MBIS</u>.

**PRO-0125-MBIS-0123** 

**INVESTMENT OBJECTIVE** 

The Fund's investment objective is to maximize real after-tax return for investors subject to federal income taxes, without undue risk to principal.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.** You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AB Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Funds—Sales Charge Reduction Programs for Class A Shares on page 38 of the Fund's Prospectus, in Appendix C—Financial Intermediary Waivers of the Fund's Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 113 of the Fund's SAI.

**Shareholder Fees** (fees paid directly from your investment)

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| | | | |
|:---|:---|:---|:---|
| | **Class A<br>Shares** | **Class C<br>Shares** | **Advisor Class<br>Shares** |
|  Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price) | 3.00% |  |  |
|  Maximum Deferred Sales Charge (Load)<br> (as a percentage of offering price or redemption proceeds, whichever is lower) | None(a) | 1.00%(b) |  |
|  Exchange Fee |  |  |  |

---

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Advisor Class** |
|  Management Fees | .50% | .50% | .50% |
|  Distribution and/or Service (12b-1) Fees | .25% | 1.00% |  |
|  Other Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | .04% | .04% | .04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | .03% | .04% | .04% |
|  Total Other Expenses | .07% | .08% | .08% |
|  Total Annual Fund Operating Expenses | .82% | 1.58% | .58% |
|  Fee Waiver and/or Expense Reimbursement(c) | (.07)% | (.08)% | (.08)% |
|  Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | .75% | 1.50% | .50% |

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(a) Purchases of Class A shares in amounts of $500,000 or more, or by certain group retirement plans, may be subject to a
1%, 1-year contingent deferred sales charge ("CDSC"), which may be subject to waiver in certain circumstances.

(b) For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A
shares after eight years.

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(c) The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund until
January 31, 2024 to the extent necessary to prevent total Fund operating expenses (excluding extraordinary expenses, interest expense, and acquired fund fees and expenses other than the advisory fees of any AB Mutual Funds in which the Fund may
invest), on an annualized basis, from exceeding .75%, 1.50% and .50% of average daily net assets, respectively, for Class A, Class C and Advisor Class shares ("expense limitations"). The expense limitations will remain in
effect until January 31, 2024 and may only be terminated or changed with the consent of the Fund's Board of Directors. In addition, the expense limitations will be automatically extended for one-year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period.

**Examples** 

The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund's operating expenses stay the same and that any fee waiver and/or expense limitation is in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| | **Class A** | **Class C** | **Advisor Class** |
|  After 1 Year | $374 | $253 \* | $51 |
|  After 3 Years | $547 | $491 | $178 |
|  After 5 Years | $735 | $853 | $316 |
| After 10 Years | $1277 | $1667 | $718 |

---

\* If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. 

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys or sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% of the average value of its portfolio.

**PRINCIPAL STRATEGIES** 

The Fund seeks real after-tax return for investors subject to federal income taxes. Real return is the rate of return after adjusting for inflation. The Fund pursues its objective by investing principally in high-quality, predominantly investment-grade, municipal securities that pay interest exempt from federal taxation. As a fundamental policy, the Fund will invest at least 80% of its net assets in municipal securities. These securities may be subject to the federal alternative minimum tax ("AMT") for some taxpayers.

The Fund will invest at least 80% of its total assets in fixed-income securities rated A or better or the equivalent by one or more nationally recognized statistical rating organizations (or deemed to be of comparable credit quality by the Adviser). The Fund may invest up to 20% of its total assets in below investment grade fixed-income securities ("junk bonds"). If the rating of a fixed-income security falls below investment grade, the Fund will not be obligated to sell the security and may continue to hold it if, in the Adviser's opinion, the investment is appropriate under the circumstances.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund's other holdings. The Fund may invest in fixed-income securities with any maturity and duration.

To provide inflation protection, the Fund will typically enter into inflation swaps. The Fund may use other inflation-indexed instruments. Payments to the Fund pursuant to swaps will result in taxable income, either ordinary income or capital gains, rather than income exempt from federal income taxation. It is expected that the Fund's primary use of derivatives will be for the purpose of inflation protection.

The Fund may also invest in:

• forward commitments;

• zero-coupon municipal securities and variable, floating and inverse
floating-rate municipal securities;

• certain types of mortgage-related securities; and

• derivatives, such as options, futures contracts, forwards and swaps.

The Fund may utilize leverage for investment purposes through the use of tender option bond ("TOB") transactions. The Adviser considers the impact of TOB transactions, swaps and other derivatives in making its assessments of the Fund's risks. The resulting exposures to markets, sectors, issuers or specific securities will be continuously monitored by the Adviser.

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**PRINCIPAL RISKS** 

• **Market Risk:** The value of the Fund's assets will fluctuate as the bond market fluctuates. The value
of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global
conflicts, that affect large portions of the market.

• **Credit Risk:** An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or
other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest.
The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.
Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

• **Municipal Market Risk:** This is the risk that special factors may adversely affect the value of municipal
securities and have a significant effect on the yield or value of the Fund's investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the
tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state's municipal securities, the Fund is vulnerable to events adversely affecting that
state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or
earthquakes. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer's ability
to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of
municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Fund. The Fund's investments in certain municipal securities with principal and
interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a
significant effect on the project's ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

• **Interest Rate Risk:** Changes in interest rates will affect the value of investments in fixed-income
securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for
fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effect of potential
central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

• **Duration Risk:** Duration is a measure that relates the expected price volatility of a fixed-income security
to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates
rise.

• **Inflation Risk:** This is the risk that the value of assets or income from investments will be less in the
future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. This risk is significantly greater for fixed-income securities with longer
maturities.

• **Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may
produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited
loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side
of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

• **Leverage Risk:** To the extent the Fund uses leveraging techniques, such as TOBs, its net asset value
("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

• **Illiquid Investments Risk:** Illiquid investments risk exists when certain investments are or become
difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large
positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

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• **Management Risk:** The Fund is subject to management risk because it is an actively-managed investment fund.
The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative
models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

As with all investments, you may lose money by investing in the Fund.

**BAR CHART AND PERFORMANCE INFORMATION** 

The bar chart and performance information provide an indication of the historical risk of an investment in the Fund by showing:

• how the Fund's performance changed from year to year over ten years; and

• how the Fund's average annual returns for one, five and ten years compare to those of a broad-based
securities market index.

You may obtain updated performance information on the website at <u>www.abfunds.com</u> (click on "Investments—Mutual Funds").

The Fund's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.

**Bar Chart** 

The annual returns in the bar chart are for the Fund's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.

![LOGO](g418280g88d83.jpg)

During the period shown in the bar chart, the Fund's:

**Best Quarter was up 4.29%, 2nd quarter, 2020; and Worst Quarter was down -6.55%, 1st quarter, 2020.** 

**Performance Table** 

**Average Annual Total Returns** 

(For the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **1 Year** | **5 Years** | **10 Years** |
| Class A\* | Return Before Taxes | -7.80% | 1.64% | 1.11% |
|  | Return After Taxes on Distributions | -7.83% | 1.61% | 1.08% |
|  | Return After Taxes on Distributions and Sale of Fund Shares | -4.13% | 1.66% | 1.20% |
| Class C | Return Before Taxes | -6.72% | 1.50% | 0.66% |
| Advisor Class | Return Before Taxes | -4.83% | 2.52% | 1.67% |
| Bloomberg TIPS 1-10 Year Index<br> (reflects no deduction for fees, taxes or expenses) | Bloomberg TIPS 1-10 Year Index<br> (reflects no deduction for fees, taxes or expenses) | -7.34% | 2.50% | 1.29% |

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\* After-tax returns:

– Are shown for Class A shares only and will vary for Class C and Advisor Class shares because these Classes have different expense ratios;

– Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and are likely to differ from those shown; and

– Are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**INVESTMENT ADVISER** 

AllianceBernstein L.P. is the investment adviser for the Fund.

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**PORTFOLIO MANAGERS** 

The following table lists the persons responsible for day-to-day management of the Fund's portfolio:

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| | | |
|:---|:---|:---|
| **Employee** | **Length of Service** | **Title** |
| Daryl Clements | Since September 2022 | Senior Vice President of the Adviser |
| Terrance T. Hults | Since 2010 | Senior Vice President of the Adviser |
| Matthew J. Norton | Since 2016 | Senior Vice President of the Adviser |
| Andrew D. Potter | Since 2017 | Vice President of the Adviser |

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**PURCHASE AND SALE OF FUND SHARES** 

**Purchase Minimums** 

The following table describes the initial and subsequent minimum purchase amounts for each class of shares, which are subject to waiver in certain circumstances.

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| | | |
|:---|:---|:---|
| | **Initial** | **Subsequent** |
| Class A/Class C shares, including traditional IRAs and Roth IRAs | $2500 | $50 |
| Automatic Investment Program |  | $50<br>If initial minimum investment is<br>less than $2,500, then<br>$200 monthly until account<br>balance reaches $2,500 |
| Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) |  |  |
| Class A shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans, where in each case plan level or omnibus accounts are held on the books of the Fund. |  |  |

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You may sell (redeem) your shares any day the New York Stock Exchange is open. You may sell your shares through your financial intermediary or by mail (AllianceBernstein Investor Services, Inc., P.O. Box 786003, San Antonio, TX 78278-6003) or telephone ((800) 221-5672).

**TAX INFORMATION** 

The Fund may make capital gains distributions, which may be subject to federal income taxes and taxable as ordinary income or capital gains, and may also be subject to state and local taxes. The Fund may pay income dividends, which may be exempt from federal income tax, except to the extent the Fund invests in swaps transactions, but may be subject to AMT and state and local income taxes.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| | |
|:---|:---|
| **PRO-0125-MBIS-0123** | ![LOGO](g418280g22c48.jpg) |

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