Past performance does not guarantee future results.
Rankings are based on total returns at net asset value and do not include the effect of each Fund’s sales charge. Results would have been less favorable had sales charges been included. Each fund is ranked within its respective Lipper universe, which includes funds that have generally similar investment objectives to the AllianceBernstein Fund. Rankings shown are for Class A shares only, although other share classes are available for which management fees and sales charges will differ and rankings may vary. Investors can’t invest directly in indices or averages, and their performance does not represent the performance of any AllianceBernstein mutual fund.
Source: Lipper Inc. and AllianceBernstein
 Lipper Award 2013 was based on returns at NAV as of November 30, 2012
There is no assurance that a separately managed account will achieve its investment objective. Separately managed accounts are subject to market risk, the market values of securities owned will fluctuate so that your investment, when redeemed, may be worth more or less than its original cost.
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.alliancebernstein.com or contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.
A Word About Risk
Credit Risk: A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline.
Interest-Rate Risk: As interest rates rise, bond prices fall and vice versa - long-term securities tend to rise and fall more than short-term securities.
Below Investment Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations.
Market Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value.
Inflation Risk: Prices for goods and services tend to rise over time, which may erode the purchasing power of investments.
Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than traditional investments, and may be more volatile, especially in a down market.
Municipal Market Risk: Debt securities issued by state or local governments may be subject to special political, legal, economic and market factors that can have a significant effect on the portfolio’s yield or value.