Footnotes

The Fund's/Portfolio's top 10 holdings, sector weightings, subsector weightings, country breakdown, quality breakdown, maturity breakdown, security type breakdown, and/or currency breakdown are expressed as a percentage of the Fund's/Portfolio's total investments and may vary over time.

Risks: Because each Fund pursues its own unique investment objectives, each Fund has its own set of risks. While the equity Funds invest principally in common stocks and other equity securities and the fixed income Funds invest principally in bonds and other fixed income securities, in order to achieve their investment objectives, the Funds may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. For Funds that can invest in foreign securities, which may include emerging markets securities, risks may be magnified due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. Funds that invest substantially all of their assets in foreign securities include risks not associated with funds that invest primarily in US issues. Because those Funds will invest in foreign currency denominated securities fluctuations may be magnified by changes in foreign exchange rates. These risks are fully discussed in each Fund's prospectus.

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 www.bernstein.com or contact your Bernstein Advisor. Please read the prospectus and/or summary prospectus carefully before investing.