A Word About Risk: Because each Fund pursues its own unique investment objectives, each Fund has its own set of risks which are fully discussed in its prospectus. In order to achieve their investment objectives, some 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. Portfolios that hold a smaller number of securities may be more volatile than more diversified portfolios.
Short Sale Risk: The Strategy may not always be able to close out a short position on favorable terms. Short sales involve the risk that the Strategy will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by the Strategy.) In contrast, the risk of loss from a long position is limited to the Strategy’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage. To mitigate leverage risk, the Strategy will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily.
Funds that invest in small-cap and mid-cap stocks are often more volatile than large-cap stocks—smaller companies generally face higher risks due to their limited product lines, markets and financial resources. Funds that invest in real estate are subject to a variety of factors affecting the real estate market, such as economic conditions, mortgage rates and availability, which can cause the value of such investments to decline. REITs may have additional risks due to limited diversification and the impact of tax law changes.
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.
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, click here or contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.
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