The performance shown represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. 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. Class A annualized returns with sales charge reflect the deduction of the maximum sales charge: 3.00% for municipal fixed income funds; 4.25% for all other funds. Prior to October 1, 2009 the maximum front-end sales charge for Class A shares of the municipal fixed income funds was 4.25%. If the Class A annualized returns for the municipal income funds reflected the deduction of the former maximum sales charge, their returns would be lower. 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. Class 2 shares have no front-end or contingent deferred sales charges.

The investment return and principal value of an investment in the Fund 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 Fund carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit our Literature & Forms section to view or download a prospectus, or call your financial advisor or AllianceBernstein at (800) 227-4618. Please read the prospectus carefully before you invest.

*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.

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 U.S. 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.

Substantially all of the Fund’s assets may be invested in lower-rated securities, which may include securities having the lowest rating for non-subordinated debt instruments (i.e., rated C by Moody’s or CCC+ or lower by S&P and Fitch) and unrated securities of equivalent investment quality. The Fund also may invest in investment grade securities and unrated securities. The Fund may use borrowings for investment purposes. The Fund may also make short sales of securities or maintain a short position. The Fund is non-diversified, meaning it may invest more of its assets in a fewer number of issuers.