DELISTED - The Strategy seeks the highest total return over time consistent with its asset mix. Total return includes capital growth and income. To achieve its investment objective, the Strategy invests in a combination of portfolios of The AllianceBernstein Pooling Portfolios representing a variety of asset classes and investment styles (the "Underlying Portfolios"). The Strategy is managed to the specific year of planned retirement included in its name (the "retirement date"). The Strategy's asset mixes will become more conservative each year until reaching the year approximately fifteen years after the retirement date (the "target year") at which time the asset allocation mix will become static. This reflects the objective of pursuing the maximum amount of capital growth, consistent with a reasonable amount of risk, during the investor's pre-retirement and early retirement years. After retirement the Strategy's investment mix anticipates that an investor may take withdrawals from his or her account to provide supplemental retirement income.After the retirement date of the Strategy, its asset mix seeks to minimize the likelihood that an investor in the Strategy experiences a significant loss of capital at a more advanced age. The asset mix for the Strategy will continue to change after the Strategy's retirement date with an increasing exposure to investments in fixed-income securities and short-term bonds until fifteen years after the Strategy's retirement date. Thereafter, the target asset allocation for the Strategy will generally be fixed. The static allocation of the Strategy's asset mix will be 27.5% short-duration bonds, 37.5% other fixed-income securities, 12.5% Volatility Management Portfolio, 15.5% other equities and 7% Multi-Asset Real Return Portfolio.The Underlying Portfolios will include a Portfolio, the Volatility Management Portfolio, that is designed to reduce the overall effect of equity market volatility on the Strategy and the effects of adverse equity market conditions on its performance. The Volatility Management Portfolio will be a component of the Strategy's equity asset allocation. Under normal market conditions, this Underlying Portfolio will invest predominantly in equity securities. If the Adviser determines that the equity markets pose disproportionate risks, the Adviser will reduce (or eliminate) this Underlying Portfolio's equity investments and invest in fixed-income securities or other non-equity asset classes to reduce the risks of the Strategy's investments in equity securities.The Adviser will allow the relative weightings of the Strategy's asset classes to vary in response to the markets, but ordinarily only by plus/minus 5%. Beyond those ranges, the Adviser will generally rebalance the portfolio toward the target asset allocation for the Strategy. However, there may be occasions when those ranges will expand to 10% of the Strategy's portfolio due to, among other things, appreciation of one of the asset classes.The following chart illustrates how the asset mix of the Strategy will vary over time. In general, the asset mix of the Strategy will gradually shift from one comprised largely of Underlying Portfolios that emphasize investments in stocks to one that is comprised of a mixture of Underlying Portfolios that invest in bonds (including short-duration bonds) and stocks. Years Before Retirement 45 40 35 30 25 US Diversified Value 20.50% 20.50% 20.50% 19.50% 18.25% US Large Cap Growth 20.50% 20.50% 20.50% 19.50% 18.25% US SMID Value 6.50% 6.50% 6.50% 6.00% 5.75% US SMID Growth 6.50% 6.50% 6.50% 6.00% 5.75% International Value 18.00% 18.00% 18.00% 17.00% 16.00% International Growth 18.00% 18.00% 18.00% 17.00% 16.00% Multi-Asset Real Return 5.00% 5.00% 5.00% 5.00% 5.00% Volatility Management 0.00% 0.00% 0.00% 5.00% 10.00% High Yield 0.00% 0.00% 0.00% 0.00% 0.00% Global Bonds 5.00% 5.00% 5.00% 5.00% 5.00% Inflation-Protected Securities 0.00% 0.00% 0.00% 0.00% 0.00% Short Duration Bonds 0.00% 0.00% 0.00% 0.00% 0.00% Years Before Retirement 20 15 10 5 US Diversified Value 16.25% 13.75% 11.25% 9.75% US Large Cap Growth 16.25% 13.75% 11.25% 9.75% US SMID Value 5.00% 4.25% 3.50% 2.75% US SMID Growth 5.00% 4.25% 3.50% 2.75% International Value 14.00% 12.00% 9.75% 8.50% International Growth 14.00% 12.00% 9.75% 8.50% Multi-Asset Real Return 7.00% 8.50% 10.00% 10.00% Volatility Management 12.50% 17.50% 20.00% 20.00% High Yield 5.00% 7.00% 7.00% 7.00% Global Bonds 5.00% 7.00% 10.00% 12.00% Inflation-Protected Securities 0.00% 0.00% 4.00% 9.00% Short Duration Bonds 0.00% 0.00% 0.00% 0.00% Retirement Date Years After Retirement 0 5 10 15 20 US Diversified Value 8.50% 6.45% 5.25% 4.00% 4.00% US Large Cap Growth 8.50% 6.45% 5.25% 4.00% 4.00% US SMID Value 2.00% 1.50% 1.00% 0.75% 0.75% US SMID Growth 2.00% 1.50% 1.00% 0.75% 0.75% International Value 8.50% 7.00% 4.00% 3.00% 3.00% International Growth 7.00% 5.30% 4.00% 3.00% 3.00% Multi-Asset Real Return 10.00% 8.50% 7.00% 7.00% 7.00% Volatility Management 20.00% 20.00% 17.50% 12.50% 12.50% High Yield 7.00% 5.00% 2.50% 0.00% 0.00% Global Bonds 14.00% 16.00% 19.50% 22.50% 22.50% Inflation-Protected Securities 14.00% 15.00% 15.00% 15.00% 15.00% Short Duration Bonds 0.00% 9.00% 18.00% 27.50% 27.50%
