SATOX AllianceBern Tax–Aware Overlay A 1 Forecast, Technical & Fundamental Analysis

The investment seeks to manage the volatility of an equity-oriented asset allocation over the long term, as part of an investor's overall asset allocation managed by Bernstein Private Wealth Management of AllianceBernstein L.P. The fund may invest in a diversified portfolio of securities and other financial instruments, including derivative instruments that provide investment exposure to a variety of asset classes. These asset classes may include: equity securities and fixed-income instruments of issuers located within and outside the United States, real estate related securities, below-investment grade securities, currencies and commodities.