The performance shown represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Portfolio returns reflect reinvestment of dividends and/or capital gains distributions in additional shares.

Portfolio returns are annualized for periods longer than one year. The net asset value (NAV) price is the value of one share of the Portfolio as of the date listed. The NAV does not take into account any initial sales charges that may apply when shares are purchased or redemption charges; if these sales charges were reflected, the Portfolio's quoted performance would be lower. The NAV change is the change in value of one share of the Portfolio from the prior day's value. Year-to-date (YTD) returns are at NAV as of the date listed.

Sales Charges: 1-, 3-, 5- and 10-year and since inception returns include fees, expenses and reinvested distributions and payment of the maximum initial sales charge or contingent redemption charge. The maximum initial sales charge applicable to Alternative A (Class A) shares is 4.25%. The redemption charge applicable to Alternative B (Class B) shares varies according to the number of years from the time a contribution was made until the withdrawal as follows: 4% year 1; 3% year 2; 2% year 3; 1% year 4; 0% year 5 or later. The redemption charge applicable to Alternative C (Class C) shares is 1% for the first year after a contribution is made. The maximum initial sales charge to Alternative RZ (Class RZ) shares is 4.00%.

If you are invested in an Age-Based Portfolio, please refer to the performance for the portfolio that corresponds with the date of birth of the beneficiary.

The investment return and principal value of an investment in a Portfolio will fluctuate as the prices of the individual securities in which it invests fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. You should consider the investment objectives, risks, charges and expenses of the Portfolios carefully before investing. For a free copy of the Program Description, which contains this and other information, visit the Literature and Forms section to view or download the Program Description, or call your financial advisor or AllianceBernstein at (888) 324-5057. Please read the Program Description carefully before you invest.

Special note: The share class designation for accounts established prior to February 8, 2002 as well as certain accounts established after February 8, 2002 has changed. These "old" A, B and C share classes have been renamed AX, BX and CX, respectively. Please refer to your most recent account statement or contact CollegeBoundfund at (888) 324-5057 to determine which class of shares you own.

The investments in CollegeBoundfund are not guaranteed by the State of Rhode Island, the Rhode Island Higher Education Assistance Authority, the State Investment Commission, or any instrumentality thereof.

Investors should consider many factors before deciding which 529 plan is most appropriate. Some of these include: the Plan's investment options and the historical investment performance of these options, the Plan's flexibility and features, the reputation and expertise of the Plan's investment manager, Plan contribution limits and the federal and state tax benefits associated with an investment in the Plan. Some states, for example, offer favorable tax treatment and other benefits to their residents only if they invest in the state's own Qualified Tuition Program. Investors should consult with their financial and tax advisor before investing in any 529 plan or contact their state tax division for more information.

Risk
The Fund can invest in foreign securities which may magnify these fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political or economic uncertainties in foreign countries. While the Fund invests principally in common stocks and other equity securities in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives such as options, futures, forwards, and swaps, which involve special risks. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. This Fund invests in markets of countries other than the United States, which may have more risk because they tend to be more volatile than the U.S. stock market. To the extent that the Fund invests a substantial amount of its assets in a particular country, an investment in the Fund has the risk that market changes or other events affecting that country may have a more significant effect on the Fund's net asset value. Foreign investing also has the risk that market changes or other factors, including political instability and unpredictable economic conditions, may have a significant effect on the Fund's net asset value. These risks are fully discussed in the prospectus. For more complete information on any Alliance mutual fund, including investment objectives and policies, sales charges, expenses, risks and other matters of importance to prospective investors, call your financial representative for a current prospectus. Please read the prospectus carefully before you invest or send money.