US STRATEGIC VALUE COMPOSITE (IN US DOLLARS) 

1. General Notes:
   1. Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   2. Composite Description—The performance results displayed herein represent the investment performance record for the US Strategic Value Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The US Strategic Value investment team seeks premium returns by buying stocks priced below their long-term earnings power. The inception date of this Composite is December 31, 1973. Performance is expressed in US Dollars (USD). Beginning 2012, the Composite includes only fee-paying private client discretionary accounts not subject to significant investment restrictions imposed by clients. From 1993 through 2011, the Composite included only fee-paying private and institutional discretionary accounts not subject to significant investment restrictions imposed by clients. From 1974 through 1992, the Composite includes all private and institutional discretionary US Strategic Value accounts. From 2022 to current, the Composite includes only open, fully managed, fee-paying discretionary private-client accounts custodied by SCB which meet product minimums, do not elect to hold cash, do not hold a margin balance and do not impose significant client-imposed investment restrictions. Prior to October 2023, the minimum account size included in the Composite was $150,000. The minimum account size currently is $100,000.
   3. Rate of Return—Performance returns for each account are calculated monthly using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. Prior to July 1993, all cash flows were assumed to have occurred on the last day of the month. From July 1993 through 2000, if an account’s net monthly cash flows were equal to or exceeded 10% of its beginning market value, the Modified Dietz Method was used to daily-weight the cash flows. When an account’s net monthly cash flows were less than 10% of its beginning market value, the cash flows were assumed to have occurred on the last day of the month. Beginning in 2001, all cash flows are daily weighted using the Modified Dietz Method. Beginning in 1993, the monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite’s beginning market value. Prior to 1993, the Composite results are equal weighted on a quarterly basis. These monthly and quarterly performance figures are geometrically linked to calculate cumulative and/or annualized “time-weighted” rates of return for various time periods. Closed accounts are included in the Composite for each full quarter prior to their closing.
   4. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock market performance.

 

2. Net-of-fee Performance Notes:
   1. Prior to 1983, management fees were not charged; instead, the accounts incurred transaction costs.
   2. From 1983 through 1992, the Composite’s net-of-fee return is the equal-weighted average of the actual after-fee returns of each account in the Composite. From 1993 through June 2012, the Composite’s net-of-fee return is the asset-weighted average of the actual after-fee returns of each account in the Composite.
   3. Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain smaller accounts may be charged an additional servicing fee not reflected in the “Net of Fees” calculation above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods. From July 2012 to October 2022, the Composite’s net-of-fee performance was 125 basis points annually. From November 2022 forward, the maximum fee applied is 150 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information. Actual fees paid by an investor, which may be higher or lower than 150 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information. Net-of-fee returns for the last 10 years are as follows: 2013: 39.6%; 2014: 12.6%; 2015:(7.5)%; 2016: 11.5%; 2017: 12.4%; 2018: (15.8)%; 2019: 19.0%; 2020: 0.5%; 2021: 26.3%; 2022: (7.5)%; 2023: 18.2%.

 

3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s dispersion of returns for the last 10 years is as follows: 2013: 1.2%; 2014: 0.8%; 2015: 0.8%; 2016: 0.6%; 2017: 1.1%; 2018: 0.6%; 2019: 0.9%; 2020: 0.7%; 2021: 0.5%; 2022: 0.3%; 2023: 0.5%.

US STRATEGIC GROWTH COMPOSITE (IN US DOLLARS)

1. General Notes:
   1. Performance Statistics Are Not Financial Statements—There are various methods of compiling and reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   2. Composite Description—The performance results displayed herein represent the investment performance record for the US Strategic Growth Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The US Strategic Growth investment team seeks growth potential from a high conviction, concentrated portfolio that uses bottom-up research. The inception date of this Composite is December 31, 1977. Performance is expressed in US dollars (USD). Note that the Composite includes only those open, fully managed and SCB custodied accounts which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose investment restrictions. The performance results of the US Strategic Growth composite are calculated by geometrically linking the asset-weighted monthly returns of the AllianceBernstein Large Cap Growth composite from 1978 through 2000 to those of Bernstein US Strategic Growth thereafter. These monthly returns are used to calculate cumulative and/or annualized “time-weighted” rates of return for various periods. Bernstein US Strategic Growth differs from AllianceBernstein Large Cap Growth in that, among other things, it offers tax management and may contain fewer stocks. Performance returns for each account are calculated monthly using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. All cash flows are daily weighted using the Modified Dietz Method. The monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite’s beginning market value. Closed accounts are included in the Composite for each full quarter prior to their closing.
   3. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock market performance.

 

2. AllianceBernstein Large Cap Growth Composite Structure (1978-2000)—The Composite includes fee-paying discretionary tax-exempt accounts with assets over $10 million not subject to significant investment restrictions imposed by clients. The Composite includes the equity segment of balanced accounts. In these equity portfolios, the asset-allocation mix is generally determined by client guidelines, and cash flows are allocated in accordance with these guidelines. Fee structures exclude accounts with performance-based fee arrangements. Net-of-fee performance figures reflect the compounding effect of such fees.
3. Bernstein US Strategic Growth Composite Structure (2001-present)—Beginning 2012, the Composite includes only fee-paying discretionary private client accounts. From 2001 through 2011, the Composite includes only fee-paying discretionary accounts, both private and institutional. From 2022 to current, the Composite includes only open, fully managed, fee-paying discretionary private-client accounts custodied by SCB which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose significant client-imposed investment restrictions. Prior to October 2023, the minimum account size included in the Composite was $150,000. The minimum account size currently is $100,000.
4. Net-of-Fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain accounts that do not meet the account minimum requirement may be charged an additional servicing fee not reflected in "Net of Fees" above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods. From 1978 through 1982, 75 basis points annually, the highest annual fee charged to an AllianceBernstein Large Cap Growth account for that period was deducted from the Composite’s gross-of-fee returns. From 1983 through 2000, the actual average quarterly fee charged by Bernstein for the US Strategic Growth service was deducted from the AllianceBernstein Large Cap Growth composite gross-of-fee returns. From January 2001 through June 2012, the Composite’s net-of-fee return is the asset-weighted average of the actual net-of-fee returns of the US Strategic Growth accounts in the Composite. From July 2012 to October 2022, the Composite’s net-of-fee performance was 125 basis points. From November 2022 forward, the maximum fee applied is 150 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information. Net of investment-management fee only returns are as follows: 2012: 15.1%; 2013: 37.2%; 2014: 13.4%; 2015: 10.7%; 2016: 3.1%; 2017: 33.0%; 2018: 1.6%; 2019: 35.7%; 2020: 34.2%; 2021: 27.9%: 2022: (-30.5)%; 2023: 34.0%.
5. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s dispersion of returns for the last 10 years is as follows: 2013: 0.8%; 2014: 0.6%; 2015: 0.5%; 2016: 0.7%; 2017: 0.9%; 2018: 0.4%; 2019: 0.8%; 2020: 1.8%; 2021: 0.8%; 2022: 1.0%; 2023: 0.5%.

US STRATEGIC EQUITIES COMPOSITE (IN US DOLLARS)

1. General Notes: Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   1. Composite Structure—The performance results displayed herein represent the investment performance record for the US Strategic Equities Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The US Strategic Equities investment team seeks to blend quantitative and fundamental research insights to determine security selection and desired factor exposures. The inception date of this Composite is June 30, 2012. From 2022 to current, the Composite includes only open, fully managed, fee-paying discretionary private-client accounts custodied by SCB which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose significant client-imposed investment restrictions. Prior to October 2023, the minimum account size included in the Composite was $150,000. The minimum account size currently is $200,000.
   2. Rate of Return—Performance returns for each account are calculated monthly using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. All cash flows are daily weighted using the Modified Dietz Method. The monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite’s beginning market value. These monthly performance figures are geometrically linked to calculate cumulative and/or annualized “time-weighted” rates of return for various time periods. Closed accounts are included in the Composite for each full month prior to their closing.
   3. Benchmark—The benchmark for the composite is the Russell 3000 Index. The Russell 3000 Index is a capitalization-weighted stock market index, maintained by FTSE Russell, that seeks to be a benchmark of the entire U.S stock market. It measures the performance of the 3,000 largest publicly held companies incorporated in America as measured by total market capitalization and represents approximately 98% of the American public equity market.

 

2. Net-of-Fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain accounts that do not meet the account minimum requirement may be charged an additional servicing fee not reflected in "Net of Fees" above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods. For performance prior to November 2022, the maximum fee applied to the composite return was 125 basis points annually. From November 2022 forward, the maximum fee applied is 150 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information. Net of all fee returns are as follows: 7/1-12/31/12: 4.5%; 2013: 32.0%; 2014: 11.9%; 2015: 2.4%; 2016: 8.7%; 2017: 18.8%; 2018: (5.4)%; 2019: 28.0%; 2020: 16.7%; 2021: 26.9%; 2022: (19.8)%; 2023: 24.2%.
3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s calendar year dispersion is as follows: 2013: 0.7%; 2014: 0.6%; 2015: 0.4%; 2016: 0.3%; 2017: 0.2%; 2018: 0.2%; 2019: 0.3%; 2020: 0.7%; 2021: 0.4%; 2022: 0.4%; 2023: 0.3%.

US LOW VOLATILITY WITH INCOME EQUITY PORTFOLIO COMPOSITE (IN US DOLLARS)

1. General Notes: Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   1. Composite Description—The performance results displayed herein represent the investment performance record for the US Low Volatility with Income Equity Portfolio Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The US Strategic Core Equity with Income investment team seeks balanced exposure to quality, stability, and reasonable prices by providing an annual dividend yield of approximately 1.5x the S&P 00 dividend yield. The inception date of this Composite is March 31, 2020. Performance is expressed in US dollars (USD). From 2022 to current, the Composite includes only open, fully managed, fee-paying discretionary private-client accounts custodied by SCB which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose significant client-imposed investment restrictions. Prior to October 2023, the minimum account size included in the Composite was $150,000. The minimum account size currently is $200,000. The Composite name changed from US Strategic Core with Income on July 5, 2023 to allow for more cohesive marketing of other similar equity products.
   2. Rate of Return—Performance returns for each account are calculated monthly using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. All cash flows are daily weighted using the Modified Dietz Method. The monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite’s beginning market value. These monthly performance figures are geometrically linked to calculate cumulative and/or annualized “time-weighted” rates of return for various time periods. Closed accounts are included in the Composite for each full month prior to their closing.
   3. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock market performance.

 

2. Net-of-Fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain smaller accounts may be charged an additional servicing fee not reflected in the “Net of Fees” calculation above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods. For performance prior to November 2022, the maximum fee applied to the composite return was 95 basis points annually. From November 2022 forward, the maximum fee applied is 150 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information. Actual fees paid by an investor, which may be higher or lower than 150 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information. Net of fee returns for the past 10 years are as follows: 2013: 26.4%; 2014: 14.9%; 2015: 5.1%, 2016: 11.6%; 2017: 12.0%; 2018: (3.1)%; 2019: 26.3%; 2020: 1.4%; 2021: 24.0%; 2022: (5.2)%; 2023: 12.9%.
3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s calendar year dispersion is as follows: 2013: 0.2%; 2014: 0.2%; 2015: 0.3%; 2016: 0.3%; 2017: 0.3%; 2018: 0.4%; 2019: 0.5%; 2020: 0.9%; 2021: 0.7%; 2022: 0.3%; 2023: 0.3%.

US LOW VOLATILITY EQUITY PORTFOLIO COMPOSITE (IN US DOLLARS)

1. General Notes: Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   1. Composite Description—The performance results displayed herein represent the investment performance record for the US Low Volatility Equity Portfolio Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The US Strategic Core Equity investment team seeks balanced exposure to quality, stability, and reasonable prices. The inception date of this Composite is December 31, 2011. Performance is expressed in US dollars (USD). From 2022 to current, the Composite includes only open, fully managed, fee-paying discretionary private-client accounts custodied by SCB which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose significant client-imposed investment restrictions. Prior to October 2023, the minimum account size included in the Composite was $150,000. The minimum account size currently is $200,000. Composite name changed from US Strategic Core on July 5, 2023 to allow for more cohesive marketing of other similar equity products.
   2. Rate of Return—Performance returns for each account are calculated monthly using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. All cash flows are daily weighted using the Modified Dietz Method. The monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite’s beginning market value. These monthly performance figures are geometrically linked to calculate cumulative and/or annualized “time-weighted” rates of return for various time periods. Closed accounts are included in the Composite for each full month prior to their closing.
   3. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock market performance.

 

2. Net-of-Fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain smaller accounts may be charged an additional servicing fee not reflected in the “Net of Fees” calculation above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods. For performance prior to November 2022, the maximum fee applied to the composite return was 95 basis points annually. From November 2022 forward, the maximum fee applied is 150 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information. Actual fees paid by an investor, which may be higher or lower than 150 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information. Net of all fee returns are as follows: 11/1-12/31/11: 4.9%; 2012: 10.1%; 2013: 29.6%; 2014: 17.2%; 2015: 8.2%; 2016: 8.1%; 2017: 16.1%; 2018: (2.3)%; 2019: 30.8%; 2020: 7.7%; 2021: 24.0%: 2022: (10.1)%; 2023: 20.3%.
3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s calendar year dispersion is as follows: 2012: NM; 2013: NM; 2014: 0.5%; 2015: 0.4%; 2016: 0.4%; 2017: 0.6%; 2018: 0.5%; 2019: 0.4%; 2020: 0.7%; 2021: 0.6%; 2022: 0.3%; 2023: 0.3%.

INTERMEDIATE MUNICIPAL BOND COMPOSITE (IN US DOLLARS) ACCOUNTS OVER $3 MILLION

1. General Notes: Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   1. Composite Description—The performance results displayed herein represent the investment performance record for the Intermediate Municipal Bond Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The Intermediate Municipal Bond investment team seeks to provide safely of principal and maximize total return volatility and interest-rate risk by focusing on short to intermediate term bonds. The inception date of this Composite is December 31, 1982. Performance is expressed in US dollars (USD). Note that the Composite includes only those open, fully managed and SCB custodied accounts which meet product minimums, do not elect to hold cash, do not hold a margin balance and do not impose investment restrictions. Closed accounts are included for each full quarter prior to their closing. The minimum account sizes included in Intermediate Municipal Bond composite performance are 1983–1987:3Q: $250,000; 1987:4Q–1994: $5 million; 1995 and thereafter: $3 million.
   2. Rate of Return—Performance returns for each account are calculated monthly using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. Prior to July 1993, all cash flows were assumed to have occurred on the last day of the month. From July 1993 through 2000, if an account’s net monthly cash flows were equal to or exceeded 10% of its beginning market value, the Modified Dietz Method was used to daily-weight the cash flows. When an account’s net monthly cash flows were less than 10% of its beginning market value, the cash flows were assumed to have occurred on the last day of the month. Beginning in 2001, all cash flows are daily weighted using the Modified Dietz Method. Investment results on a quarterly basis for every separately managed Intermediate Municipal Bond account for the entire quarter were added together and the sum divided by the total number of accounts in each quarter through 1992; beginning in 1993, quarterly performance was for all accounts weighted by their market value. These quarterly performance figures were then linked to produce a continuous-performance index. The continuous-performance index from inception was used to create point-to-point comparisons.
   3. Benchmark—The benchmark for the Composite is the Lipper Short/Int Blended Muni Fund Average.

 

2. Investment Management Fees and Notice to Financial Consultants—Investment management fee schedules for varying sizes of accounts are described in AB’s Form ADV, which is on file with the Securities and Exchange Commission and is available on request. Net-of-Fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain accounts that do not meet the account minimum requirement may be charged an additional servicing fee not reflected in “Net of Fees” above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods.
   1. From January 1983 through September 1987, net-of-fee returns for the Composite were calculated by deducting the highest fee payable by an account of this type, 0.75% annually.
   2. From October 1987 through 1992, the Composite’s net-of-fee return is the equal-weighted average of the actual after-fee returns of each account in the Composite.
   3. From 1993 through 2009, the Composite’s net-of-fee return was the asset-weighted average of the actual after-fee returns of each account in the Composite.
   4. From January 2010 to present, the Composite’s net-of-fee performance is 50 basis points (0.50%). Actual fees paid by an investor, which may be higher or lower than 50 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information.
   5. Net-of-fee returns for the last 10 years are as follows: 2012: 3.3%; 2013: (1.4)%; 2014: 4.2%; 2015: 2.1%; 2016: (0.3)%; 2017: 2.9%; 2018: 1.0%; 2019: 5.1%; 2020: 3.8%; 2021: 0.3%; 2022: (6.0)%; 2023: 4.7%.
3. Investment Management Performance Statistics and Dispersion—Performance statistics and dispersion are shown after the deduction of investment management fees. Dispersion, or standard deviation, measures the variability of account returns within a composite. In a normal distribution, approximately two-thirds of the account returns will fall within the range of one standard deviation above and below the equal-weighted mean return. Beginning in 1993, Intermediate Municipal Bond performance is weighted by account size; therefore, dispersion is calculated from the asset-weighted mean. Dispersion of performance for Intermediate Municipal Bond accounts for the last 10 years is as follows: 2013: 0.4%; 2014: 0.5%; 2015: 0.2%; 2016: 0.2%; 2017: 0.2%; 2018: 0.2%; 2019: 0.2%; 2020: 0.4%; 2021: 0.2%; 2022: 0.4%; 2023: 0.3%.

RESPONSIBLE US EQUITIES COMPOSITE (IN US DOLLARS)

1. General Notes: Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   1. Composite Description—The performance results displayed herein represent the investment performance record for the Responsible US Equities Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The Responsible US Equities investment team seeks invest in a portfolio of 80 to 90 stocks listed in the United States. It is optimized to minimize exposure to companies with material exposure to tobacco, defense, guns, fossil fuels and nuclear power while selecting companies with strong or improving environmental, social and governance characteristics. Responsible US Equities seeks to combine several systematic return sources with insights gained from fundamental research performed by separate teams to deliver consistent factor exposure and attractive performance on return, risk and responsibility metrics. The inception date of this Composite is April 30, 2018. From 2022 to current, the Composite includes only open, fully managed, fee-paying discretionary private-client accounts custodied by SCB which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose significant client-imposed investment restrictions. Performance is expressed in US dollars (USD). Accounts enter and exit the Composite at month-ends only. Closed accounts, and accounts that change strategy, are included in the Composite for each full month prior to their closing or strategy change. The minimum account size included in the Composite is $150,000.
   2. Rate of Return— Performance results for accounts are calculated on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. Returns for each account are calculated daily using trade-date accounting. Daily returns are geometrically linked, or compounded, to compute monthly “time-weighted” rates of return. Monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value, adjusted for intra-month cash flows, as a percent of the total Composite’s beginning market value. These monthly performance figures are compounded to calculate cumulative and/or annualized Composite returns for various time periods.
   3. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock market performance.

 

2. Net-of-Fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain accounts that do not meet the account minimum requirement may be charged an additional servicing fee not reflected in "Net of Fees" above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods. For performance prior to November 2022, the maximum fee applied to the composite return was 125 basis points annually. From November 2022 forward, the maximum fee applied is 150 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information. consult your Bernstein advisor for additional information. Net of fee returns are as follows: 5/1-12/31/18: (3.0)%; 2019: 30.6%; 2020: 14.1%; 2021: 27.7%, 2022: (21.8)%; 2023: 25.9%.
3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s calendar year dispersion is as follows: 2018: NM; 2019: 0.5%; 2020: 0.5%; 2021: 0.4%, 2022: 0.3%; 2023: 0.3%.

MUNICIPAL IMPACT STRAGEGY COMPOSITE (IN US DOLLARS)

1. General Notes: Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   1. Composite Description—The performance results displayed herein represent the investment performance record for the Municipal Impact Composite (the “Composite”). The composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The Municipal Impact investment team seeks to invest in municipal bonds that score highly on AB’s environmental, social and governance criteria, and are deemed to have an environmental or social impact in underserved or low socio-economic communities. The strategy will typically have an intermediate duration profile and an investment-grade average quality. Investible sectors include, but are not limited to education, healthcare, clean/renewable energy, mass transit, water/wastewater management and economic development. The inception date of this Composite is November 30, 2016. Performance is expressed in US dollars (USD). From 2022 to current, the Composite includes only open, fully managed, fee-paying discretionary private-client accounts custodied by SCB which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose significant client-imposed investment restrictions. Accounts qualify for inclusion when they are at least 75% invested in municipal impact bonds. Closed accounts and accounts that change strategy are included in the Composite for each full month prior to their closing or strategy change. The minimum account size included in the Composite is $1,500,000.
   2. Rate of Return— Performance results for accounts are calculated on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. Returns for each account are calculated daily using trade-date accounting. Daily returns are geometrically linked, or compounded, to compute monthly “time-weighted” rates of return. Monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value, adjusted for intra-month cash flows, as a percent of the total Composite’s beginning market value. These monthly performance figures are compounded to calculate cumulative and/or annualized Composite returns for various time periods.
   3. Benchmark—The benchmark for the composite is the Lipper Intermediate Municipal Bond Fund Average. This benchmark includes mutual funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years.

 

2. Net-of-fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain accounts that do not meet the account minimum requirement may be charged an additional servicing fee not reflected in "Net of Fees" above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods. For performance between January 2016 to October 2022, the maximum fee applied was 50 basis points annually. After November 1, 2022, the maximum fee applied is 80 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information. Net of all fee returns are as follows: 12/1-12/31/16: 1.0%; 2017: 6.1%; 2018: 0.6%; 2019: 7.2%; 2020: 4.4%; 2021: 1.4%; 2022: (9.3)%; 2023: 6.2%.
3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s calendar year dispersion is as follows: 2017: NM; 2018: 0.2%; 2019: 0.2%; 2020: 0.4%; 2021: 0.5%; 2022: 0.6%; 2023: 0.3%.

SUSTAINABLE US THEMATIC COMPOSITE (IN US DOLLARS)

1. General Notes: Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   1. Composite Description—The performance results displayed herein represent the investment performance record for the Sustainable US Thematic Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The Sustainable US Thematic investment team utilizes bottom-up research to assess a company’s exposure to environmental, social and corporate governance (“ESG”) as well as its prospective earnings growth, valuation and quality. US-domiciled companies that are positively exposed to environmentally or socially oriented sustainable investment themes that are broadly consistent with the United Nations Sustainable Development Goals such as health, climate or empowerment. The inception date of this Composite is December 31, 1981. Performance is expressed in US dollars (USD). From 2022 to current, the Composite includes only open, fully managed, fee-paying discretionary private-client accounts custodied by SCB which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose significant client-imposed investment restrictions. Prior to January 31, 2021, performance is linked to the AllianceBernstein Strategic Research Equity (MA) Composite. Closed accounts and accounts that change strategy are included in the Composite for each full month prior to their closing or strategy change. The minimum account size included in the Composite is $150,000.
   2. Rate of Return— Performance results for accounts are calculated on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. Returns for each account are calculated daily using trade-date accounting. Daily returns are geometrically linked, or compounded, to compute monthly “time-weighted” rates of return. Monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value, adjusted for intra-month cash flows, as a percent of the total Composite’s beginning market value. These monthly performance figures are compounded to calculate cumulative and/or annualized Composite returns for various time periods.
   3. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock market performance.

 

2. Net-of-Fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain accounts that do not meet the account minimum requirement may be charged an additional servicing fee not reflected in "Net of Fees" above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods. For performance prior to November 2022, the maximum fee applied to the composite return was 125 basis points annually. From November 2022 forward, the maximum fee applied is 150 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information. Net-of-fee returns for the last 10 years are as follows: 2013: 34.1%; 2014: 9.7%; 2015: 5.3%; 2016: 3.0%; 2017: 30.8%; 2018: (5.4)%; 2019: 31.4%; 2020: 37.2%; 2021: 25.6%; 2022: (23.5)%; 2023: 20.4%.
3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset-weighted standard deviation of these returns. The Composite’s calendar year dispersion is as follows: 2012: 0.7%; 2013: 0.4%; 2014: 0.2%; 2015: 0.2%; 2016: 0.3%; 2017: 0.1%; 2018: 0.2%; 2019: 0.2%; 2020: 0.7%; 2021: 0.4% ; 2022: 0.3%; 2023: 0.2%.

CONCENTRATED US GROWTH COMPOSITE (IN US DOLLARS)

1. General Notes: Performance Statistics Are Not Financial Statements—There are various methods of compiling or reporting performance statistics. The standards of performance measurement used in compiling these data are in accordance with the methods set forth below. Past performance does not guarantee future results. A portfolio could suffer losses as well as achieve gains.
   1. Composite Description — The performance results displayed herein represent the investment performance record for the Concentrated US Growth (Private Client) Composite (the “Composite”). The Composite includes all fee-paying discretionary accounts that meet the criteria noted below, including, when applicable, pooled investment vehicles. The Concentrated US Growth investment team seeks a long-term growth of capital. The inception date of this Composite is December 31, 1974. Performance is expressed in US dollars (USD). Note that the Composite includes only those open, fully managed and SCB custodied accounts which meet product minimums, do not elect to hold cash, do not hold a margin balance, and do not impose investment restrictions. The Composite includes only fee-paying discretionary private-client accounts not subject to significant investment restrictions imposed by clients. Acquired firm performance has been linked to the Composite performance prior to January 2014 with the acquisition of W.P. Stewart. Prior to October 2023, the minimum account size included in the Composite was $150,000. The minimum account size currently is $200,000.
   2. Rate of Return—Performance returns for each account are calculated monthly using trade-date accounting. Performance results are reported on a total-return basis, which includes all income from dividends and interest, and realized and unrealized gains or losses. All cash flows are daily weighted using the Modified Dietz Method. The monthly Composite returns are calculated by weighting each account’s monthly return by its beginning market value as a percent of the total Composite’s beginning market value. These monthly performance figures are geometrically linked to calculate cumulative and/or annualized “time-weighted” rates of return for various time periods. Closed accounts are included in the Composite for each full month prior to their closing.
   3. Benchmark—The benchmark for the Composite is the S&P 500 Index. The S&P 500 Index is widely regarded as the standard for measuring large-cap US stock market performance.

 

2. Net-of-Fee Performance Notes: Net of Fees represents the highest total cost a client could pay based on our Bernstein fee schedule; provided, however, certain accounts that do not meet the account minimum requirement may be charged an additional servicing fee not reflected in "Net of Fees" above. The Net-of-Fees composite data represents the maximum applicable fee for all time periods.
   1. Prior to 2014, the Composite’s net-of-fee return is the asset-weighted average of the actual after-fee returns of each account in the Composite.
   2. From January 2014 to October 2022, the Composite’s net-of-fee performance is presented in two ways; net of only investment management fees of 40 basis points (0.40%) annually, and net of all fees of 125 basis points. From November 2022 forward, the maximum fee applied is 150 basis points annually. For your actual fees please refer to the Bernstein fee schedule applicable to your account. Please consult your Bernstein advisor for additional information.
   3. Net-of-fee returns for the last 10 years are as follows: 2013: 37.2%; 2014: 13.5%; 2015: 0.1%; 2016: 5.9%; 2017: 22.9%; 2018: 1.1%; 2019: 37.4%; 2020: 20.1%; 2021: 30.6%; 2022: (23.8)%; 2023: 15.5%.

 

3. Dispersion—Dispersion is calculated on the gross-of-fee annual returns of the accounts included in the Composite for all 12 months of the calendar year; it is the asset weighted standard deviation of these returns. The Composite’s calendar year dispersion is as follows: 2012: 1.2%; 2013: 1.3%; 2014: 0.6%; 2015: 0.3%; 2016: 0.6%; 2017: 0.3%; 2018: 0.3%; 2019: 0.6%; 2020: 0.8%; 2021: 0.3%; 2022: 0.3%; 2023: 0.5%.