ABXAX : AB Tax-Managed International Portfolio Class A

Fund Summary

The investment seeks to provide long-term capital growth. The fund invests primarily in equity securities of issuers in countries that make up the Morgan Stanley Capital International ("MSCI") EAFE Index (Europe, Australasia and the Far East) and Canada. The fund's investment manager diversifies the fund among many foreign countries, but not necessarily in the same proportion that the countries are represented in the MSCI EAFE Index. Under normal circumstances, the Manager invests in companies located in at least three countries other than the United States and expects to have exposure to issuers in several different countries.