Research
By  Lewis A. Sanders , Chairman of the Board of Directors and Chief Executive Officer
The turmoil in the capital markets has reached a new phase. While it is difficult to see through the dark clouds that have now formed, better times lie ahead. Our message to clients, as always, is to not get caught up in the emotions of the moment, as it is so easy to do. Righting the economy and the capital markets will take time, but the necessary things have begun to happen, and we continue to believe that we are positioned to recover investment performance in the period ahead. 9/15/2008
Research
When the bad news seems to come in waves, it can be tempting to look elsewhere--anywhere--for a safe place to park your money. Here are three reasons why cash isn't necessarily king. 10/6/2008
United States
By  Joseph G. Carson , Senior Vice President and Director—Global Economic Research
Several negative factors threaten to exacerbate the US economic downturn. But we remain hopeful that the combination of fiscal and monetary stimulus and falling oil prices offer hope for turning around the cycle before it deteriorates into a recession of dangerous proportions. 10/10/2008

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 As of 10/10/2008
 Class A @ NAV 
YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs. *
-44.38
-31.48
-4.32
3.17
2.57
-38.43
-24.16
-3.34
2.53
-1.11
-32.07
-20.39
0.06
4.45
4.45
-51.74
-38.56
-1.27
8.93
8.54
-39.95
-28.72
-0.53
9.64
10.04
-10.93
-4.01
3.90
5.60
8.50

* or Since Inception
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YTD performance information is as of the date shown. Other periods are as of the most recent month-end. Because of ongoing market volatility, a fund's performance may be subject to substantial fluctuations since those dates and may be more or less than that shown. All returns reflect reinvestment of all distributions. NAV returns do not reflect sales charges which would reduce total return figures. For SEC returns and other fund information click on the fund name. SEC returns reflect payment of the maximum 4.25% front-end sales charge. Returns for other classes will vary due to higher expenses charged to these classes. Fund returns less than one year old are cumulative, not annualized. The investment return and principal value of the Funds will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost.

Investment Products Offered:

Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed

Investors should carefully consider the investment objectives and policies, sales charges, expenses, risks and other matters of importance before investing in any AllianceBernstein mutual fund. For a free copy of any Fund's prospectus, which contains this and other information, click here or call AllianceBernstein Investments at (800) 227-4618. Please read the prospectus carefully before you invest.

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.

AllianceBernstein Investments, Inc. is an affiliate of AllianceBernstein L.P., the manager of the funds, and is a member of FINRA.

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