Investors should view the AllianceBernstein Retirement Strategies as one part of an entire plan for retirement income, not the whole solution. Because the Retirement Strategies are managed to specific retirement dates, investors may be taking on greater risk if the actual year of retirement differs dramatically from the original estimated date. While diversification and shifting to a more conservative investment mix over time helps to manage risk, it does not guarantee earnings growth. There is the potential to lose money in any investment program. You do not have the ability to actively manage the investments within a Retirement Strategy. The portfolio managers control security selection and asset allocation.

The fund is relatively new and has been in existence for only a short period of time. The returns reflected may not be illustrative of long-term performance. The performance information shown represents past performance and does not guarantee future results. The Fund’s current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that your shares, when redeemed, may be lower or higher than their original cost. View current month-end performance now. Fund returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Fund returns reflect reinvestment of dividends and/or capital gains distributions in additional shares.

Fund returns are annualized for periods longer than one year. The net asset value (NAV) price is the value of one share of the Fund as of the date listed. The NAV does not take into account any sales charges that may apply when shares are purchased or redeemed; if sales charges were reflected, the Fund’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. SEC Annualized Returns reflect the following sales charges: for Class A shares of all Funds, the maximum front-end sales charge is 4.25%. Class B shares of Equity Funds and Diversified Yield are subject to a contingent deferred sales charge equal to 4% in year 1, 3% in year 2, 2% in year 3, and 1% in year 4 (or, for Fixed Income Funds, except Diversified Yield, 3% in year 1, 2% in year 2 and 1% in year 3). Class C shares of all Funds are subject to a 1-year, 1% contingent deferred sales charge. Returns for Advisor Class are at NAV. Returns for Class R shares are at NAV and are without the imposition of a sales charge that would apply if shares were purchased outside of a group retirement plan. Class R shares carry no front-end sales charge or CDSC but are subject to a .50% Rule 12b-1 distribution fee. Fund returns are for Class K shares at net asset value (NAV) and are annualized for periods longer than one year. Class K shares carry no front-end sales charge or CDSC but are subject to a 0.25% Rule 12b-1 distribution fee. Fund returns for I shares are at net asset value (NAV) and are annualized for periods longer than one year. Class I shares carry no front-end sales charge or CDSC.

*Performance for Classes R, K, I and Advisor shares prior to the share class’ inception date is simulated based on the historical performance of the Class A shares, adjusted for typical estimated expenses. Please note the inception dates for the Funds. As of January 31, 2009, Class B shares are no longer available for purchase by new investors. For additional information, see the Fund’s current prospectus.

A Word About Risk
The Strategy allocates its investments among multiple asset classes, which will include U.S. and foreign securities. Within each of these, the Strategy will also allocate its investments in different types of securities, such as growth and value stocks and real-estate investment trusts. The risks associated with each of these classes are described in the prospectus. The Strategy invests in securities of non-U.S. issuers. International investing involves risks not associated with U.S. investments, including currency fluctuations and political and economic changes. The Strategy may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. The use of leverage and other derivatives involves their own specific risks and is not suitable for all investors. The Strategy systematically rebalances its allocations in these asset classes to maintain their target weighting. There can be no assurance that rebalancing will achieve its intended result, and the costs of rebalancing may be significant over time.