HYFI

HYFI seeks to provide income and maximize total return by investing in high-yield bonds specifically from global corporate issuers. Maturities of these securities will range from short-term to long-term, giving the fund a broad time horizon exposure. During the security selection process, quantitative and fundamental research are combined with both top-down and bottom-up analysis to achieve the fund's objective of targeting global debt market inefficiencies and taking advantage of them. Although the fund holds a diversified portfolio of global junk bonds, it may tilt to and have an increased exposure to US fixed income securities. Derivatives may also be utilized, such as options, futures contracts, forwards and swaps, to gain desired economic exposure and effectively leverage the fund. HYFI was converted to an ETF with approximately $67 million in assets from the AB High Yield Portfolio, a series of open-ended mutual funds, comprising AB High Yield Portfolio Class A (HIAYZ), AB High Yield Portfolio Class Z (HIZYX), and AB High Yield Portfolio Advisor Class (HIYYX).