Company Press Release

AllianceBernstein Launches Digital Education Campaign for Liquid Alternatives Designed to Help Financial Advisors Demystify Alternatives for Clients

AllianceBernstein offers broad suite of alternative mutual funds
?Newest fund led by veteran manager Kurt Feuerman
NEW YORK, Nov. 6, 2013 -- AllianceBernstein L.P. (AllianceBernstein), announced today it has launched a digital education campaign to equip financial advisors with the right tools to help their clients navigate the growing liquid alternative investments category. The cornerstone of AllianceBernstein's education initiative is an interactive website designed to demystify the array of liquid alternative strategies available to retail investors, illustrate how they might fit into diversified portfolios, and explain how they may be used to either mitigate risk or enhance returns. The site also features a 12-question challenge called "Bring your 'A' Game" that assesses one's knowledge of liquid alternative investments and is designed to guide advisors in helping clients to better understand the category. Advisors and individual investors can view the site and test their alternative investment IQ at: www.alliancebernstein.com/go/alternatives 

"Many investors today prefer information that is both digital and interactive, so we think it is essential that advisors have the most dynamic resources available that will allow them to easily walk their clients through the benefits of liquid alternative investments," said Robert Keith, Head of AllianceBernstein's Client Group. "Many investors have rightly recognized that they may need to look beyond the traditional 60/40 investment portfolio and incorporate alternative strategies that focus on balancing risk and return in today's more volatile market and this campaign is about giving investors the tools to make the decision that is right for them."

AllianceBernstein continues to expand its diverse client-focused offerings

In response to client demand for diversification beyond the traditional stock and bond portfolio, AllianceBernstein has evolved its business and launched more than 75 new global retail offerings that have collectively gathered more than $30 billion in new assets since 2009. These include offerings in equities, fixed income, multi-asset and alternatives. Today, AllianceBernstein offers a full suite of liquid alternative funds for U.S. investors, many with three year track records, including Unconstrained Bond Fund (AGSAX), Real Asset Strategy Fund (AMTAX), Market Neutral Strategy - US (AMUAX), Market Neutral Strategy - Global (AANNX), Global Real Estate Investment Portfolio (AREAX) and Dynamic All Market Fund (ADAAX).

In addition to developing liquid alternative funds in-house, in 2011 AllianceBernstein hired veteran alternative fund manager Kurt Feuerman and his team from Caxton Associates, a leading New York-based hedge fund.  With 31 years of investment experience, Feuerman has a venerable track record and has demonstrated remarkable long-term success investing for institutional and high net worth clients. Last year, AllianceBernstein launched a mutual fund of Feuerman's flagship strategy, Select US Long/Short (ASYLX), which is focused on protecting investors' capital by participating in rising equity markets while also reducing losses from downturns by managing risk, including net equity exposure. The strategy, available to institutional clients as well as retail clients as Luxembourg-based UCITS funds and US retail 40-Act funds, has gathered more than $800 million in assets across all channels globally in the past year. The U.S. mutual fund Select US Long/Short has outperformed its peer group year-to-date with a 13.19% return for Advisor Share Class vs. 10.35% for its Lipper Alternative Long/Short Equity Fund Peers.

"Whether we choose to build, buy or partner, we are taking a very client-centric approach to providing investors with the most comprehensive mutual fund strategies that will meet their evolving needs for breadth and balance in their portfolios," noted Keith. "Our liquid alternative line-up gives retails investors access to a spectrum of highly specialized funds run by the best institutional managers, yet with the daily liquidity, high transparency and regulation they couldn't get in traditional hedge funds."

About AllianceBernstein

?AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private clients in major world markets.

At September 30, 2013, AllianceBernstein Holding L.P. owned approximately 34.8% of the issued and outstanding AllianceBernstein Units and AXA, one of the largest global financial services organizations, owned an approximate 64.6% economic interest in AllianceBernstein.

Additional information about AllianceBernstein may be found on our internet site,www.alliancebernstein.com.  

Past performance does not guarantee future results.
?Select US Long/Short Portfolio
?Advisor Share Class Performance as of September 30, 2013
Average Annual Total Returns
?YTD: 13.19%
?Since Inception: 13.30%
?Inception: 12/12/2012
Expense Ratio as of November 1, 2012
?Gross Expense: 3.02%
?Net Expense: 2.51%
?Net Expense (excluding interest expense): 1.95%
This 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 extends through December 12, 2015. 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 the performance 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 less than their original cost. Advisor Class shares have no front-end or contingent deferred sales charges, however when purchased through a financial advisor additional fees may apply. Returns for other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions. This Fund is relatively new and the performance reflected may not be illustrative of long-term performance. A fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Word About Risk

?Market Risk: The market values of the portfolio's holdings rise and fall from day to day, so investments may lose value.
Capitalization Size Risk (Small/Mid): Small- 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.
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.
Short Sale Risk: The risk that the Portfolio will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short and the amount of such loss is theoretically unlimited.
Leverage Risk: Trying to enhance investment returns by borrowing money or using other leverage tools -- magnify both gains and losses, resulting in greater volatility.
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 atwww.alliancebernstein.com 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® and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P. © 2013 AllianceBernstein L.P. www.alliancebernstein.com

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