Exhibit (p)(1) 

CODE OF ETHICS OF THE
AB MUTUAL FUNDS

Effective: May 6, 2026

This Code of Ethics (“Code”) has been adopted by each of the AB Mutual Funds listed in Annex A (each, the “Fund”) in accordance with Rule 17j-1 under the Investment Company Act of 1940 (the “Investment Company Act”). This Code shall apply to all Access Persons of the Fund, except as noted in Section 3 below.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of the specific procedures will not shield Access Persons from liability for personal trading or other conduct which violates their fiduciary duties to the Fund. In addition to the specific prohibitions contained in this Code, Access Persons are also subject to a general requirement not to engage in any act or practice that would defraud the Fund. This general prohibition includes, in connection with the purchase or sale, directly or indirectly, of a Security Held or to be Acquired by the Fund:

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^* “Adviser” shall also include any sub-adviser to the Fund.

Certain of the officers and directors or trustees of the Fund are officers and/or directors of the Adviser and/or officers and/or directors of the Distributor. The Adviser reviews and determines investment policies for the Fund and manages the day- to-day investment affairs of the Fund, including selecting securities to be purchased, held and sold, and placing orders for portfolio transactions. The Adviser, the Distributor and their affiliates have their own Code of Ethics pursuant to Rule 17j-l under the Investment Company Act. Any person, who is subject to the Adviser’s or the Distributor’s Code of Ethics and who complies with such Code, shall not be subject to the provisions of this Code. This exemption shall only apply if the directors or trustees of the Fund and the Disinterested Directors of the Fund have approved such Adviser’s or Distributor’s Code of Ethics pursuant to Rule 17j-1.

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Notwithstanding the foregoing requirement, a Disinterested Director of the Fund need only make a quarterly report with respect to a transaction in any Covered Security if such Disinterested Director, at the time of that transaction, knew, or in the ordinary course of fulfilling his or her official duties as a director or trustee of the Fund should have known, that during the 15-day period immediately before or after the transaction, the Fund purchased or sold the Covered Security, or the Fund or the Adviser considered purchasing or selling the Covered Security.

Access Persons should promptly report any practices or actions they believe to be inappropriate or inconsistent with any provisions of this Code. In addition, all Access Persons must promptly report any actual violations of the Code to the Fund Chief Compliance Officer, or in their absence, AB’s General Counsel or AB’s Chief Compliance Officer. Any person reporting a violation in good faith, or asserting any right provided by law or in exercising their duties, will be protected against reprisals.

Upon discovering a violation of this Code, the Compliance Officer shall review the violation and the Board may impose any sanctions as it deems appropriate, including a letter of censure or suspension or termination of the employment of the violator. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board.

On an annual basis, the Compliance Officer shall prepare a written report to the management and the Board setting forth the following:

The Board (including a majority of the Disinterested Directors) must approve this Code of Ethics and any material changes to this Code of Ethics. The Board must base its approval of this Code and any material changes to this Code on a determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Section 1 of this Code. Before approving this Code, the Board must receive a certification from the Fund that it has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Any material change to this Code must be approved within six months.

ANNEX A

AB Active ETFs, Inc.

--AB Ultra Short Income ETF

--AB Tax-Aware Short Duration Municipal ETF

--AB US Low Volatility Equity ETF

--AB US High Dividend ETF

--AB Disruptors ETF

--AB High Yield ETF

--AB US Large Cap Strategic Equities ETF

--AB Conservative Buffer ETF

--AB Core Bond ETF

--AB Core Plus Bond ETF

--AB Corporate Bond ETF

--AB Tax-Aware Intermediate Municipal ETF

--AB Tax-Aware Long Municipal ETF

--AB Short Duration High Yield ETF

--AB Short Duration Income ETF

--AB International Low Volatility Equity ETF

--AB International Buffer ETF

--AB Moderate Buffer ETF

--AB Emerging Markets Opportunities ETF

--AB California Intermediate Municipal ETF

--AB New York Intermediate Municipal ETF

--AB International Growth ETF

--AB US Equity ETF

AB Bond Fund, Inc.

--AB All Market Real Return Portfolio

--AB Bond Inflation Strategy

--AB Income Fund

--AB Municipal Bond Inflation Strategy

--AB Sustainable Thematic Credit Portfolio

--AB Tax-Aware Fixed Income Opportunities Portfolio

AB Cap Fund, Inc.

--AB All China Equity Portfolio

--AB Concentrated Growth Fund

--AB International Growth Portfolio

--AB Emerging Markets Multi-Asset Portfolio

--AB Global Core Equity Portfolio

--AB Mid Cap Value Portfolio

--AB Select US Equity Portfolio

--AB Select US Long/Short Portfolio

--AB Small Cap Growth Portfolio

--AB Small Cap Value Portfolio

AB Core Opportunities Fund, Inc.

AB Corporate Shares

--AB Corporate Income Shares

--AB Impact Municipal Income Shares

--AB Municipal Income Shares

--AB Taxable Multi-Sector Income Shares

--AB Municipal Income Shares C

--AB Municipal Income Shares N

AB Discovery Growth Fund, Inc.

AB Equity Income Fund, Inc.

AB Fixed-Income Shares, Inc.

--AB Government Money Market Portfolio

AB Global Bond Fund, Inc.

AB Global Risk Allocation Fund, Inc.

AB High Income Fund, Inc.

AB Institutional Funds, Inc.

--AB Global Real Estate Investment Fund II

AB Large Cap Growth Fund, Inc.

AB Municipal Income Fund, Inc.

--AB California Portfolio

--AB High Income Municipal Portfolio

--AB National Portfolio

--AB New York Portfolio

AB Municipal Income Fund II

--AB Massachusetts Portfolio

--AB Virginia Portfolio

AB Relative Value Fund, Inc.

AB Sustainable Global Thematic Fund, Inc.

AB Sustainable International Thematic Fund, Inc.

AB Trust

--AB Discovery Value Fund

--AB International Value Fund

--AB Large Cap Value Fund

AB Variable Products Series Fund, Inc.

--AB Balanced Hedged Allocation Portfolio

--AB Dynamic Asset Allocation Portfolio

--AB Sustainable Global Thematic Portfolio

--AB Relative Value Portfolio

--AB International Value Portfolio

--AB Large Cap Growth Portfolio

--AB Small Cap Growth Portfolio

--AB Discovery Value Portfolio

Sanford C. Bernstein Fund, Inc.

--AB Core Bond Portfolio

--Diversified Municipal Portfolio

--Overlay A Portfolio

--Tax-Aware Overlay A Portfolio

--Overlay B Portfolio

--Tax-Aware Overlay B Portfolio

The AB Portfolios

--AB All Market Total Return Portfolio

--AB Growth Fund

--AB Sustainable Thematic Balanced Portfolio

--AB Wealth Appreciation Strategy

--AB Tax-Managed Wealth Appreciation Strategy

Bernstein Fund, Inc.

--International Strategic Equities Portfolio

--International Small Cap Portfolio

--Small Cap Core Portfolio

AllianceBernstein Global High Income Fund, Inc.

AllianceBernstein National Municipal Income Fund, Inc.

AB Multi-Manager Alternative Fund