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3Q2012AllianceBernsteinMutual Fund Fact SheetsInvestment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed

Visit our website at www.alliancebernstein.comto view fact sheets for all our funds, includingMunicipal Bond Fund Portfolios.** Visit our website for a complete list of the AllianceBernstein municipalbond mutual funds for investors seeking tax-free income.Contact UsOnline Fund and Account ndfund.comAccount Information by PhoneAllianceBernstein AnswerMutual funds, IRAs, CollegeBoundfund accounts:800.251.0539Group retirement accounts: 800.932.2530Customer Service by PhoneAllianceBernstein Investor Services800.221.56728:30 am–7:00 pm Eastern Standard TimeCollegeBoundfund888.324.50578:30 am–7:00 pm Eastern Standard TimeRetirement Plans800.326.50898:30 am–6:00 pm Eastern Standard TimeOrder Literature800.227.4618

AllianceBernstein Mutual Fund Fact SheetsTable of ContentsPage2 CUSIPs, Ticker Symbols and Fund Numbers5 Sales Charges6 Commission ScheduleAsset Allocation/Multi-Asset FundsBlended Funds7 International Portfolio9 Tax-Managed International PortfolioWealth Strategies11 Wealth Appreciation StrategyValue FundsDomestic47 Balanced Shares49 Core Opportunities Fund51 Growth & Income Fund53 Small/Mid Cap Value Fund13 Balanced Wealth Strategy55 Equity Income Fund15 Conservative Wealth Strategy57 Value Fund17 Tax-Managed Wealth Appreciation Strategy19 Tax-Managed Balanced Wealth Strategy21 Tax-Managed Conservative Wealth StrategyGlobal and International59 Global Real Estate Investment Fund61 Global Value Fund63 International Value FundAlternatives23 Market Neutral Strategy—US25 Market Neutral Strategy—Global27 Real Asset Strategy Fund29 Unconstrained Bond FundFixed Income FundsTaxable Bond Funds65 Bond Fund — Bond Inflation Strategy67 Bond Fund — Intermediate Bond Portfolio69 Global Bond FundGrowth FundsDomestic31 Growth Fund33 Large Cap Growth Fund35 Small/Mid Cap Growth Fund37 Small Cap Growth Portfolio39 US Strategic Research PortfolioGlobal and International41 Global Thematic Growth Fund43 International Growth Fund45 International Discovery Equity Portfolio71 High Income Fund73 Limited Duration High Income Fund75 Short Duration PortfolioMunicipal Bond Funds77 Municipal Bond Inflation Strategy79 Municipal Income Fund California Portfolio81 Municipal Income Fund National Portfolio83 Municipal Income Fund New York Portfolio85 High Income Municipal PortfolioIntermediate Municipal Bond Funds87 Intermediate California Municipal Portfolio89 Intermediate Diversified Municipal Portfolio91 Intermediate New York Municipal Portfolio1

2Third Quarter 2012AllianceBernstein Fund ListingsCUSIPs, Ticker Symbols and Fund NumbersFund NameCUSIP NumberTicker SymbolFund YX127301International Managed International th Appreciation anced Wealth servative Wealth -Managed Wealth 2Tax-Managed Balanced naged Conservative 55201877E537ABAEXABCEXABYEX99300AllianceBernstein 2000 Retirement Strategy01879T88801879T862LTAAXLTACXLTAVX2200 2400AllianceBernstein 2005 Retirement Strategy01879T84701879T821LTBAXLTSCXLTBVX2201 2401AllianceBernstein 2010 Retirement Strategy01879T79701879T77LTDAXLTDCXLTDVX2202 2402AllianceBernstein 2015 Retirement Strategy01879T75501879T730LTEAXLTECXLTEVX2203 2403AllianceBernstein 2020 Retirement Strategy01879T71401879T680LTHAXLTHCXLTHVX2204 2404AllianceBernstein 2025 Retirement Strategy01879T66401879T649LTIAXLTICXLTIVX2205 2405AllianceBernstein 2030 Retirement Strategy01879T62301879T599LTJAXLTJCXLTJVX2206 2406AllianceBernstein 2035 Retirement Strategy01879T57301879T557LTKAXLTKCXLTKVX2207 2407AllianceBernstein 2040 Retirement Strategy01879T53201879T516LTLAXLTLCXLTLVX2208 2408AllianceBernstein 2045 Retirement Strategy01879T48201879T466LTPAXLTPCXLTPVX2209 2409AllianceBernstein 2050 Retirement Strategy01880E80501880E870LTQAXLTQCXLTQVX2210 2410AllianceBernstein 2055 Retirement Strategy01880E82101880E797LTWAXLTWCXLTWVX2211 2411Asset Allocation/Multi-AssetAsset AllocationDynamic All MarketBlended FundsWealth StrategiesMulti-AssetEmerging Markets Multi-Asset PortfolioRetirement Strategies

AllianceBernstein Mutual Fund Fact SheetsFund NameCUSIP NumberTicker SymbolFund NumberACACAdvisorACAllianceBernstein Market Neutral 169368AllianceBernstein Market Neutral 39Real Asset Strategy rained Bond Fund01859N10901859N307AGSAXAGCCXAGSIX124324Growth p Growth Fund01877C10101877C309APGAXAPGCXAPGYX78378Select US /Mid Cap Growth Fund018636100018636308CHCLXCHCCXCHCYX44344Small Cap Growth Portfolio01877E10701877E404QUASXQUACXQUAYX26326US Strategic Research obal Thematic Growth ional Growth tional Discovery Equity ternational Focus 40 lanced Shares018525105018525402CABNXCBACXCBSYX96396Core Opportunities Fund01879K10101879K309ADGAXADGCXADGYX102302Growth & Income d Cap Value Fund018914101018914309ABASXABCSXABYSX157357Equity Income Fund018791103018791301AUIAXAUICXAUIYX9309Value Fund018915108018915306ABVAXABVCXABVYX153353Global Real Estate Investment Fund01877G10201877G300AREAXARECXARSYX110310Global Value tional Value tivesGrowth FundsDomesticGlobal and InternationalValue FundsDomesticGlobal and International3

4Third Quarter 2012Fund NameCUSIP NumberTicker SymbolFund NumberACACAdvisorACBond Inflation bal Bond Fund01853W105 01853W303ANAGXANACXANAYX55355Limited Duration High Income018528349018528323ALHAXALHCXALHYX137393High Income Fund01859M101 01859M309AGDAXAGDCXAGDYX166366Intermediate Bond ort Duration Portfolio085568749085568723ADPAXADPCX—189389High Income Municipal 1864E607AMNAXAMNCX—61361New Jersey01864E80501864E870ANJAXANJCX—69369New 64E680AVAAXAVACX—121321Municipal Bond Inflation ermediate Diversified ermediate ermediate New York085568848085568822ANIAXANMCX—14134101879M107 01879M305AEAXXAECXXAEYXX136336Fixed Income FundsTaxable Bond FundsMunicipal Bond FundsIntermediate Municipal Bond FundsCash ManagementExchange Reserves

AllianceBernstein Mutual Fund Fact SheetsAllianceBernstein Mutual FundsSales ChargesAllianceBernstein Equity and Fixed Income FundsShare ClassPurchase AmountChargesConcessionsAnnual Trail1 (paid quarterly)Class A Shares(Equity and Taxable Fixed Income Funds) 0 to 99,99924.25%4.00%0.25% 100,000 to 249,9993.253.000.25 250,000 to 499,9992.252.000.25 500,000 to 999,9991.751.500.25 1,000,000 or more 30.00Tiered 40.25 0 to 99,9993.00%3.00%0.25% 100,000 to 249,9992.002.000.25 250,000 to 499,9991.001.000.25 500,000 or more 30.00Tiered 50.25Class B Shares,6 Equity Funds(and Unconstrained Bond) 0 to 100,000 2,70.00%4.00%0.25%Class B Shares,6 Fixed Income Funds(not including Unconstrained Bond) 0 to 100,000 2,70.00%3.00%0.25%Class C Shares 8 0 to 1,000,000 20.00%1.00%1.00%Class A Shares(Municipal Fixed Income Funds)AllianceBernstein Exchange Reserves1ChargesConcessionsAnnual Trail1 (paid quarterly)Share ClassPurchase AmountClass A SharesAnyNoneNone0.00%Class B Shares 6 0 to 100,000 7None4.00%0.00%Class C Shares 0 to 1,000,000None1.00%0.00%For purchases under 1 million, the 0.25% trail is effective immediately, payable quarterly. For purchases of 1 million or more on Class A shares, a 1% CDSC mayapply for the first year. The 0.25% annual trail, payable quarterly, will begin in the 13th month. Class C shares 1% annual trail begins in the 13th month. EffectiveOctober 1, 2009, annual trail payments for AllianceBernstein Exchange Reserves have been suspended.2 The minimum initial investment amount is 2,500 and the minimum subsequent investment amount is 50.3 Class A shares that are received in exchange for AllianceBernstein Fund Class A shares that were not subject to an initial sales charge when originally purchasedbecause the amount purchased was 1,000,000 or more for equity and taxable fixed income funds or 500,000 or more for municipal fixed income funds may besubject to a 1% deferred sales charge on redemptions within one year of purchase.4 Concessions for purchases of 1 million or more: 1.00% on amounts over 1,000,000 but less than 3,000,000 plus 0.75% on amounts over 3,000,000 but lessthan 5,000,000 plus 0.50% on amounts over 5,000,000.5 Concessions for purchases of 500,000 or more for municipal fixed income funds: 1.00% on amounts over 500,000 but less than 3,000,000 plus 0.75% onamounts over 3,000,000 but less than 5,000,000 plus 0.50% on amounts over 5,000,0006 As of January 31, 2009, Class B shares are no longer available for purchase by new investors. For additional information, see the funds’ current prospectus.7 Class B shares for fixed income funds, except AllianceBernstein Unconstrained Bond Fund, convert to Class A shares after six years. Class B shares for equity funds andAllianceBernstein Unconstrained Bond Fund, and AllianceBernstein Exchange Reserves convert to Class A shares after eight years.8 The maximum purchase for all AllianceBernstein municipal fixed income funds Class C shares is 500,000.5

6Third Quarter 2012AllianceBernstein Mutual FundsCommission ScheduleCDSC ScheduleClass B Shares 9Years OwnedClass C SharesEquity and Exchange ReservesFixed IncomeEquity, Exchange Reserves and Fixed IncomeYear 14.00%3.00%1.00%Year 23.002.000.00Year 32.001.000.00Year 41.000.000.00Year 50.000.000.009Class B shares for fixed income funds, except AllianceBernstein Unconstrained Bond Fund, convert to Class A shares after six years. Class B shares for equity fundsand AllianceBernstein Unconstrained Bond Fund, and AllianceBernstein Exchange Reserves convert to Class A shares after eight years. As of January 31, 2009,Class B shares are no longer available for purchase by new investors. For additional information, see the funds’ current prospectus.

3Q9/30/12AllianceBernstein Blended Style FundsInternational PortfolioObjectiveA Diversified StrategyLong-term growth of capital through investments in equity securities of established foreign companies comprising the MSCI EAFE Index, plus Canada.Investment Strategy䡲Provides effective style diversification by blending two style-pureinternational growth and value portfolios.䡲Geographically diversified across many regions, excluding the US.䡲Asset-class weightings are periodically rebalanced to maintain targetportfolio allocation.Value50%50%GrowthPrimary Investments䡲The underlying portfolios invest in equities from countries that make up theMSCI EAFE Index and Canada.䡲The combined Portfolio normally maintains an approximately equal splitbetween its underlying growth and value portfolios.Portfolio ManagementBlend Solutions Team: Building better portfolios requirescommitment and skill—qualities embodied by our entire BlendStrategies team. We boast investment professionals all exclusivelydevoted to constructing Blend Strategies, leveragingthe firm’s style pure building blocks.TotalAvg. YearsExperienceAvg. Yearswith ABBlendPortfolio Management4227.Firm’s Fundamental irm’s Economists7227Word About RiskMarket Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value.Foreign (Non-US) Risk: Non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities.Fluctuations in currency exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets.Allocation Risk: Allocating to different types of assets may have a large impact on returns if one of these asset classes significantly underperforms the others.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.Capitalization Size Risk (Small/Mid): Small- and mid-cap stocks are often more volatile than large-cap stocks—smaller companies generally face higher risksdue to their limited product lines, markets and financial resources.Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies ofour prospectus or summary prospectus, which contain this and other information, visit us online at www.alliancebernstein.com or contact yourAllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed7BLEND STRATEGIESAs of March 2012

3Q9/30/12Average Annual Total Returns: Class A Share PerformanceExpense Ratios as of 1/31/12SinceYTD1 Year3 Years5 Years10 Years†InceptionInternational Portfolio (without sales charge)5.74%8.32% – 2.83% – 11.26%—0.38%.International Portfolio (with max 4.25% sales charge)1.243.68– 4.22– 12.03—– 0.12.GrossNet‡1.69%—MSCI EAFE Index (Net)10.0813.752.12– 5.24—4.53.Lipper International Large-Cap Core Average10.3114.602.59– 5.24—3.96†The Fund’s Class A share inception date is 1/30/04 and is the date used to calculate since inception annualized performance.If applicable, this reflects the Adviser’s contractual waiver of a portion of its advisory fee and/or reimbursement of a portion of the Fund’s operatingexpenses. Absent reimbursements or waivers, performance would have been lower.‡The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than theperformance information shown. You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or lessthan their original cost. Returns for other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributionsand does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achievedduring favorable market conditions.Annual Performance for Class A Shares without Sales ChargeTotalReturn40%14.3423.808.90– 49.1125.694.69– 19.26200Top Ten Holdings1Brit.Amer. tertek Group1.81– 20Sector Breakdown1– 3.99.Energy12.17.Consumer Staples11.61– 1.51.Royal Dutch 4.TelecomServices4.28.Other2.95Country Breakdown1General Fund InformationInception DateCusipTicketing SymbolClass A1/30/04085568673AIZAXClass 07.France9.71.Switzerland7.37.Hong ralia2.60.Other16.79Net Currency Exposure11Holdings are expressed as a percentage of total investments and may vary over time. They are providedfor informational purposes only and should not be deemed as a recommendation to buy or sell thesecurities mentioned.2Beta measures a fund’s volatility relative to its benchmark. A fund with a beta higher than 1 has beenmore volatile than the benchmark over the period of measurement. Conversely, a fund with a beta lessthan 1 has been less volatile than the benchmark over the given period of time.3Standard Deviation is a measure of the dispersion of a portfolio’s return from its mean. The morespread apart the returns, the higher the deviation.4Portfolio Turnover Rate is a measure of how frequently assets within a fund are bought and sold by themanagers.Source: FactSet, Lipper Inc. and AllianceBernstein.MSCI EAFE Index (Europe, Australasia, Far East) (free float-adjusted market capitalization weighted)represents the equity market performance of develop