Before investing for retirement, there are many factors to consider, including your time horizon, retirement needs, goals and assets (income and investments outside of those in your employer-sponsored retirement plan).

Missouri Target Date Funds' underlying investments include international companies, which involve such risks as currency fluctuations, economic instability and political developments. The strategies also invest some of their assets in small and midsize companies. Such investments increase the risk of greater price fluctuations. In addition, the strategies have a portion of their assets in bonds. Investments in bonds are subject to interest-rate risk, credit risk and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds have more exposure to interest-rate risk than short-term bonds. Lower-rated bonds may offer higher yields in return for more risk. As with all investments, there is a risk of not meeting your retirement income needs. Because the Missouri Target Date Funds are managed to specific retirement dates, you may be taking on greater risk if your actual year of retirement differs dramatically from what you estimated.

Each Target Date Fund is a daily-priced separate account that invests in a set of underlying investment options. Separate accounts are not registered mutual funds and interests in the Missouri Target Date Funds are not deposits of AllianceBernstein Trust Company, LLC or AllianceBernstein Investments and are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency. The Missouri Target Date Funds have not been registered under the Securities Act of 1933 and are exempted from investment company registration under the Investment Company Act of 1940. Therefore, Participating Plans and their Participants will not be entitled to the protections under these Acts. Management of the Missouri Target Date Funds, however, is generally subject to the fiduciary duty and prohibited transaction rules under the Employee Retirement Income Security Act of 1974, as amended (ERISA). AllianceBernstein L.P. is the asset allocation provider and manager. The investment portfolios underlying the Missouri Target Date Funds are managed by a number of investment providers selected by MOSERS.

Past performance does not guarantee future results. You should consider the investment objectives, risks, charges and expenses of the Missouri Target Date Funds carefully before investing.

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