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Pricing & Performance

The net asset value (NAV) price is the value of one share of the Portfolio as of the date listed. The NAV does not take into account any initial sales charges that may apply when shares are purchased or redemption charges; if these sales charges were reflected, the Portfolio'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.

Distribution yield is calculated on a 30-day rolling basis by annualizing the average of the dividends distributed over the most recent 30 day period, and dividing that figure by the current per share net asset value. For the Bond Inflation Strategy Fund and the Municipal Bond Inflation Strategy, distribution yield is calculated by annualizing the most recent monthly dividend distribution, and dividing that figure by the current per share net asset value. The distribution yield calculation does not include long-term or short-term capital gains distributions.

†Alpha is the risk-adjusted measurement of “excess return” over a benchmark.

*A short sale is a market transaction in which borrowed securities are sold in anticipation of a price decline; an equal number of shares is required to be returned in the future.


The performance shown represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.

To view the most recent month-end performance, please click on the tab labeled “Month-End”, and to view quarter-end performance, please click on “Quarter-End”.

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Net Expense Ratio reflects the Adviser’s contractual waiver of a portion of its advisory fee and/or reimbursement of a portion of the Fund’s operating expenses.  This waiver and/or reimbursement extends through a particular date as specified in the Fund’s current prospectus, and may be further extended or terminated by the Adviser as set forth in the prospectus.  Absent waivers and/or reimbursements, performance would have been lower.

Performance for Classes R, K, I, Z 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.

If applicable, please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

Fund returns are annualized for periods longer than one year. 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. 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 the Unconstrained Bond Fund 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 Unconstrained Bond, 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, Class R, Class K, Class Z, Class I and Class 2 are at NAV and carry no front-end or contingent deferred sales charges. Returns for Class R shares are without the imposition of a sales charge that would apply if shares were purchased outside of a group retirement plan.

Lipper rankings are based on total returns at net asset value, without the imposition of a sales charge which would reduce total return figures.

Lipper averages represent the average returns of funds contained in the Lipper universe. Funds in the Lipper averages generally have similar investment objectives to the Funds, although some may have different investment policies. Investors can’t invest directly in indices or averages, and their returns don’t represent the performance of any AllianceBernstein mutual fund.


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.



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.



Funds that invest in fixed income securities are subject to decreasing bond prices as interest rates rise and increasing bond prices as interest rates fall. The values of mortgage related securities and asset-backed securities are particularly sensitive to changes in interest rates due to prepayment risk. In addition, 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. Funds that invest in 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.




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.


AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.


AllianceBernstein mutual funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.