US STRATEGIC VALUE

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. 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 minimum account size included in the Composite is $150,000.
   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. From July 2012 to present, 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 (1.25%). Performance net of 40 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. Actual fees paid by an investor, which may be higher or lower than 125 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information.
   4. Net of investment-management fee only returns for the last 10 years calculated by applying the 0.40% annual fee rate since July 2012 are as follows: 2012: 13.5%; 2013: 40.8%; 2014: 13.6%; 2015: (6.7)%; 2016: 12.4%; 2017: 13.4%; 2018: (15.1)%; 2019: 20.0%; 2020: 1.4%; 2021: 27.4%. Net-of-fee returns for the last 10 years calculated by applying the 1.25% annual fee rate since July 2012 are as follows: 2012: 13.1%; 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%.

    

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: 2011: 0.8%; 2012: 0.7%; 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%.

US STRATEGIC GROWTH

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.
4. Net-of-Fee Performance Figures—Net-of-fee performance figures for the Composite have been calculated as follows:
   1. From 1978 through 1982, 0.75%, the highest annual fee charged to an AllianceBernstein Large Cap Growth account for that period (excluding accounts with performance-based fee arrangements), 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 Value (all accounts) 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 present, 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 (1.25%). Performance net of 40 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. Actual fees paid by an investor, which may be higher or lower than 125 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information.
   2. Net of investment-management fee only returns for the past 10 years calculated by applying the 0.40% annual fee rate since July 2012 are as follows: 2012: 15.6%; 2013: 38.4%; 2014: 14.4%; 2015: 11.6%; 2016: 4.0%; 2017: 34.2%; 2018: 2.5%; 2019: 36.9%; 2020: 35.3%; 2021: 28.9%. Net-of-fee returns for the past 10 years calculated by applying the 1.25% annual fee rate since July 2012 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%.

    

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: 2012: 0.7%; 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%.

US STRATEGIC EQUITIES

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 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. 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. The minimum account size included in the Composite is $150,000.
   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. 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 quarter prior to their closing.
   4. 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 US 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:
   1. Performance is presented net of management fees of 40 basis points, and net of total fees of 125 basis points (1.25%). Performance net of 40 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. Actual fees paid by an investor, which may be higher or lower than 125 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information.
   2. Net of investment-management fee only returns for the Composite since its 6/30/2012 inception are as follows: 7/1-12/31/12: 4.9%; 2013: 33.1%; 2014: 12.9%; 2015: 3.3%; 2016: 9.6%; 2017: 19.8%; 2018: (4.6)%; 2019: 29.0%; 2020: 17.7%; 2021: 27.9%. 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%.
   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%.

US STRATEGIC CORE EQUITY WITH INCOME

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 Core Equity with Income 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 500 dividend yield. The inception date of this Composite is March 31, 2020. 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 Bernstein US Strategic Core with Income composite includes only fee-paying discretionary private-client accounts not subject to significant investment restrictions imposed by clients. The minimum account size included in the Composite is $150,000.
   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. 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.
   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. Performance is presented net of management fees of 40 basis points, and net of total fees of 95 basis points. Performance net of 40 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. Actual fees paid by an investor, which may be higher or lower than 95 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information.
   2. Net of investment-management fee only returns for the Composite since its 3/31/2012 inception are as follows: 4/1-12/31/2012: 5.9%; 2013: 27.1%; 2014: 15.6%; 2015: 5.7%; 2016: 12.2%; 2017: 12.6%; 2018: (2.6)%; 2019: 26.9%; 2020: 2.0%; 2021: 24.7%. Net of all fee returns are as follows: 4/1-12/31/2012: 5.5%; 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%.
   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%.

US STRATEGIC CORE EQUITY

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 Core Equity 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). 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 Bernstein US Strategic Core composite includes only fee-paying discretionary private-client accounts not subject to significant investment restrictions imposed by clients. The minimum account size included in the Composite is $150,000.
   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. 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.
   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. Performance is presented net of management fees of 40 basis points, and net of total fees of 95 basis points. Performance net of 40 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. Actual fees paid by an investor, which may be higher or lower than 95 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information.
   2. Net of investment-management fee only returns for the Composite since its 10/31/2011 inception are as follows: 11/1-12/31/11: 5.0%; 2012: 10.7%; 2013: 30.3%; 2014: 17.9%; 2015: 8.8%; 2016: 8.7%; 2017: 16.7%; 2018 (1.8)%; 2019: 31.5%; 2020: 8.3%; 2021: 24.7%. 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%.
   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%.

INTERMEDIATE MUNICIPAL BOND COMPOSITE (ACCOUNTS OVER $3 MILLION)

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.
   2. 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.
   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. 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.
   4. 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.
   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. 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. 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. From January 2010 to present, the Composite’s net-of-fee performance is presented in two ways; net of only investment management fees of 36 basis points (0.36%) annually, and net of all fees of 50 basis points (0.50%). Performance net of 36 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. 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.
   2. Net of investment-management fee only returns for the last 10 years are as follows: 2012: 3.4%; 2013: (1.3)%; 2014: 4.3%; 2015: 2.2%; 2016: (0.1)%; 2017: 3.1%;2018: 1.1%; 2019: 5.3%; 2020: 4.0%; 2021: 0.4% . 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: 0.5%.

    

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: 2012: 0.4%; 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%.

RESPONSIBLE US EQUITIES

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 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. 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. Performance is expressed in US dollars (USD). The Composite includes fully discretionary private-client accounts not subject to significant investment restrictions imposed by clients. 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.
   3. 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.
   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. Performance is presented net of management fees of 40 basis points, and net of total fees of 125 basis points (1.25%). Performance net of 40 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. Actual fees paid by an investor, which may be higher or lower than 125 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information.
   2. Net of investment-management fee only returns for the Composite since its 4/30/2018 inception are as follows: 5/1-12/31/18: (2.5)%; 2019: 31.7%; 2020: 15.1%; 2021: 28.7%. Net of all fee returns are as follows: 5/1-12/31/18: (3.0)%; 2019: 30.6%; 2020: 14.1%; 2021: 27.7%.

    

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%.

MUNICIPAL IMPACT STRAGEGY

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 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). 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. 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.
   3. 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.
   4. 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:
   1. Performance is presented net of management fees of 36 basis points, and net of total fees of 50 basis points (0.50%). Performance net of 36 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. 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.
   2. Net of investment-management fee only returns for the Composite since its 11/30/2016 inception are as follows: 12/1-12/31/16: 1.0%; 2017: 6.3%; 2018: 0.8%; 2019: 7.3%; 2020: 4.5%; 2021: 1.6% 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%.

    

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%.

NM=not meaningful, fewer than two accounts were included in the composite for the full year or not all accounts were included for the entire 12 month period.

SUSTAINABLE US THEMATIC

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 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). 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. Performance prior to January 31, 2021 has been 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.
   3. 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.
   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. 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 (1.25%). Performance net of 40 basis points is intended to illustrate the portfolio’s performance net of investment management fees only. Actual fees paid by an investor, which may be higher or lower and 125 basis points, are based on the fee schedule applicable to your Bernstein account. Consult your Bernstein advisor for additional information.
   2. Net of investment-management fee only returns for the last 10 years are as follows: 2012: 20.8%; 2013: 35.2%; 2014: 10.7%; 2015: 6.2%; 2016: 3.9%; 2017: 31.9%; 2018: (4.6)%; 2019: 32.5%; 2020: 38.4%; 2021: 26.7%. Net-of-fee returns for the last 10 years are as follows: 2012: 19.8%; 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%.

    

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: NM.

NM=not meaningful, fewer than two accounts were included in the composite for the full year or not all accounts were included for the entire 12 month period.

GROWTH PORTFOLIO: 80% STOCK/20% BOND MIX

The Growth Portfolio Simulation (GPS) is a simulated portfolio intended to illustrate the investment experience of a Bernstein taxable client who was invested in an 80% equity/20% fixed-income (municipal-bond) allocation of Bernstein investment services. The specific allocations within the GPS have changed over time as new investment services were introduced, or as a result of changes in Bernstein’s asset-allocation recommendation. It is presented for illustrative purposes only, and no representation is made that an investor will, or is likely to, achieve profits or experience losses similar to those shown. From January 1983 through December 2005, the GPS is rebalanced to an 80/20 allocation on a quarterly basis. From January 2006 to present, the GPS is rebalanced to an 80/20 allocation on a monthly basis. Each return is calculated by multiplying the actual return of the product by its weight in the blend, then summing these weighted returns. These returns are then geometrically linked, or compounded, to calculate cumulative and/or annualized rates of return for various time periods. Although an 80/20 allocation was maintained over time, the specific blend of products in the portfolio changed with the inception of new products.

The specific allocations for returns were as follows:

1. From January 1983 through June 1992: 40% Bernstein US Strategic Value, 40% Bernstein US Strategic Growth, 20% Bernstein Intermediate Municipal Bonds (accounts over $3 million).
2. From July 1992 through December 1995: 28% Bernstein US Strategic Value, 28% Bernstein US Strategic Growth, 20% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 24% developed foreign markets pooled investment vehicle. See “Disclosures” on pooled investment vehicles.
3. From January 1996 through June 2001: 28% Bernstein US Strategic Value, 28% Bernstein US Strategic Growth, 20% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 20% developed foreign markets pooled investment vehicle, 4% emerging markets pooled investment vehicle.
4. From July 2001 through March 2007: 25.5% Bernstein US Strategic Value, 25.5% Bernstein US Strategic Growth, 15.0% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 20.0% developed foreign markets pooled investment vehicle, 4.0% emerging markets pooled investment vehicle, 10.0% real estate pooled investment vehicle.
5. From April 2007 through December 2008: 26.25% Bernstein US Strategic Value, 26.25% Bernstein US Strategic Growth, 15.00% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 18.75% developed foreign markets pooled investment vehicle, 3.75% emerging markets pooled investment vehicle, 10.00% global real estate pooled investment vehicle.
6. From January 2009 through March 2010: 28% Bernstein US Strategic Value, 28% Bernstein US Strategic Growth, 20% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 20% developed foreign markets pooled investment vehicle, 4% emerging markets pooled investment vehicle.
7. From April 2010 through June 2012: 19.6% Bernstein US Strategic Value, 19.6% Bernstein US Strategic Growth, 14.0% intermediate diversified municipal bonds pooled investment vehicle, 14.0% developed foreign markets pooled investment vehicle, 2.8% emerging markets pooled investment vehicle, 30.0% Tax-Aware Overlay A pooled investment vehicle.
8. From July 2012 through September 2012: 39.2% Bernstein US Strategic Equities, 14.0% intermediate diversified municipal bonds pooled investment vehicle, 14.0% developed foreign markets pooled investment vehicle, 2.8% emerging markets pooled investment vehicle, 30.0% Tax-Aware Overlay A pooled investment vehicle.
9. From October 2012 through October 2014: 30.97% Bernstein US Strategic Equities, 11.06% intermediate diversified municipal bonds pooled investment vehicle, 11.06% developed foreign markets pooled investment vehicle, 2.21% emerging markets pooled investment vehicle, 23.70% Tax-Aware Overlay A pooled investment vehicle, 21.0% Multi-Manager Alternative (RIC) pooled investment vehicle.
10. From November 2014 through February 2016: 32.68% Bernstein US Strategic Equities, 11.18% intermediate diversified municipal bonds pooled investment vehicle, 11.18% developed foreign markets pooled investment vehicle, 2.58% emerging markets pooled investment vehicle, 4.3% All Market Real Return pooled investment vehicle, 24.08% Tax-Aware Overlay A pooled investment vehicle, 14.0% Multi-Manager (RIC) pooled investment vehicle.
11. From March 2016 through August 2017: 32.6% Bernstein US Strategic Equities, 11.2% Intermediate diversified Municipal bonds pooled investment vehicle, 5.77% developed foreign markets pooled investment vehicle, 1.27% Emerging markets pooled investment vehicle, 24.0% Tax-Aware Overlay A pooled investment vehicle, 14.12% Multi Manager Alternative (RIC) pooled investment vehicle, 4.19% International Strategic Equities pooled investment vehicle, 2.74% International Small Cap pooled investment vehicle, 4.11% All Market Real Return pooled investment vehicle.
12. From September 2017 through February 2018: 30.27% Bernstein US Strategic Equities, 24% Tax Aware Overlay A pooled investment vehicle, 14.12% Multi Manager Alternative (RIC) pooled investment vehicle, 11.20% Intermediate diversified municipal bonds pooled investment vehicle, 8.15% International Strategic Equities pooled investment vehicle, 4.56% Developed foreign markets pooled investment vehicle, 4.11% all Market Real Return pooled investment vehicle, 2.45% International Small Cap pooled investment vehicle, 1.14% Emerging markets pooled investment vehicle.
13. From March 2018 through August 2018: 27.94% Bernstein US Strategi Equities, 24% Tax Aware Overlay A pooled investment vehicle, 14.12% Multi Manager Alternative (RIC) pooled investment vehicle, 11.2% Intermediate diversified municipal bonds pooled investment vehicle, 9.31% International Strategic Equities pooled investment vehicle, 5.22% Developed foreign markets pooled investment vehicle, 4.11% All Market Real Return pooled investment vehicle, 2.8% International Small Cap Pooled investment vehicle, 1.3% Emerging markets pooled investment vehicle.
14. From September 2018 through May 2020: 30.94% Bernstein US Strategi Equities, 30% Tax Aware Overlay A pooled investment vehicle, 14% Intermediate diversified municipal bonds pooled investment vehicle, 10.31% International Strategic Equities pooled investment vehicle, 5.78% Developed foreign markets pooled investment vehicle, 4.44% All Market Real Return pooled investment vehicle, 3.09% International Small Cap Pooled investment vehicle, 1.44% Emerging Markets pooled investment vehicle.
15. From June 2020 through November 2020: 30.94% Bernstein US Strategi Equities, 30% Tax Aware Overlay A pooled investment vehicle, 14% Intermediate diversified municipal bonds pooled investment vehicle, 10.31% International Strategic Equities pooled investment, 2.89% Developed foreign markets pooled investment vehicle, 4.44% All Market Real Return pooled investment vehicle, 3.09% International Small Cap Pooled investment vehicle, 2.89% High Income pooled investment vehicle, 1.44% Emerging markets pooled investment vehicle.
16. From December 2020 through Present: 30.94% Bernstein US Strategi Equities, 30% Tax Aware Overlay A pooled investment vehicle, 14% Intermediate diversified municipal bonds pooled investment vehicle, 13.2% International Strategic Equities pooled investment vehicle, 4.44% All Market Real Return pooled investment vehicle, 3.09% International Small Cap Pooled investment vehicle, 2.89% High Income pooled investment vehicle, 1.44% Emerging markets pooled investment vehicle.

GROWTH PORTFOLIO: 80% STOCK/20% BOND MIX (TAX-EXEMPT)

The Growth Portfolio Simulation (GPS) is a simulated portfolio intended to illustrate the investment experience of a Bernstein client who was invested in an 80% equity/20% fixed-income (taxable-bond) allocation of Bernstein investment services. It is presented for illustrative purposes only, and no representation is made that an investor will or is likely to achieve profits or experience losses similar to those shown. From January 1991 through December 2005, the GPS was rebalanced to an 80/20 allocation on a quarterly basis. From January 2006 to present the GPS has been rebalanced to an 80/20 allocation on a monthly basis. Each return is calculated by multiplying the actual return of the product by its weight in the blend, then summing these weighted returns. These returns are then geometrically linked, or compounded, to calculate cumulative and/or annualized rates of return for various time periods; for additional information, please contact your Bernstein Advisor. Although an 80/20 allocation was maintained over time, the specific blend of products in the portfolio changed with the inception of new products or the introduction of new asset-allocation recommendations.

The specific allocations for returns were as follows:

1. From January 1991 through June 1992: 40% Bernstein US Strategic Value, 40% Bernstein US Strategic Growth, 20% US Core Plus Fixed Income Composite.
2. From July 1992 through December 1995: 28% Bernstein US Strategic Value, 28% Bernstein US Strategic Growth, 20% US Core Plus Fixed Income Composite, 24% developed foreign-markets pooled investment vehicle.
3. From January 1996 through June 2001: 28% Bernstein US Strategic Value, 28% Bernstein US Strategic Growth, 20% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 20% developed foreign markets pooled investment vehicle, 4% emerging markets pooled investment vehicle.
4. From January 1996 through June 2001: 28% Bernstein US Strategic Value, 28% Bernstein US Strategic Growth, 20% US Core Plus Fixed Income Composite, 20% developed foreign-markets pooled investment vehicle, 4% emerging-markets pooled investment vehicle.
5. From July 2001 through March 2007: 25.5% Bernstein US Strategic Value, 25.5% Bernstein US Strategic Growth, 15% US Core Plus Fixed Income Composite, 20% developed-foreign-markets pooled investment vehicle, 4% emerging-markets pooled investment vehicle, 10% US-real-estate pooled investment vehicle.
6. From April 2007 through March 2010: 26.25% Bernstein US Strategic Value, 26.25% Bernstein US Strategic Growth, 15% US Strategic Core Plus Fixed Income Composite, 18.75% developed foreign-markets pooled investment vehicle, 3.75% emerging-markets pooled investment vehicle, 10% global-real-estate pooled investment vehicle.
7. From April 2010 through July 2011: 18.13% Bernstein US Strategic Value, 18.13% Bernstein US Strategic Growth, 9.8% intermediate-duration fixed-income pooled investment vehicle, 12.95% developed foreign-markets pooled investment vehicle, 2.59% emerging-markets pooled investment vehicle, 8.4% global-real estate pooled investment vehicle, 30% Overlay A pooled investment vehicle.
8. From August 2011 through June 2012: 16.66% Bernstein US Strategic Value, 16.66% Bernstein US Strategic Growth, 14% intermediate-duration fixed-income pooled investment vehicle, 11.9% developed- foreign-markets pooled investment vehicle, 2.38% emerging markets pooled investment vehicle, 8.4% global-real-estate pooled investment vehicle, 30% Overlay A pooled investment vehicle.
9. From July 2012 through September 2012: 33.32% Bernstein US Strategic Equities, 14% intermediate-duration fixed-income pooled investment vehicle, 11.9% developed-foreign-markets pooled investment vehicle, 2.38% emerging-markets pooled investment vehicle, 8.4% global-real-estate pooled investment vehicle, 30% Overlay A pooled investment vehicle.
10. From October 2012 to December 2012: 26.323% Bernstein US Strategic Equities, 11.06% intermediate-duration fixed-income pooled investment vehicle, 9.401% developed-foreign-markets pooled investment vehicle, 1.88% emerging-markets pooled investment vehicle, 6.636% global-real-estate pooled investment vehicle, 23.7% Overlay A pooled investment vehicle, 21% Multi-Manager Alternative (RIC) pooled investment vehicle.
11. From January 2013 to October 2014: 26.323% Bernstein US Strategic Equities, 11.06% intermediate-duration fixed-income pooled investment vehicle, 9.401% developed-foreign-markets pooled investment vehicle, 1.88% emerging-markets pooled investment vehicle, 6.636% real-asset-strategy pooled investment vehicle, 23.7% Overlay A pooled investment vehicle, 21% Multi-Manager Alternative (RIC) pooled investment vehicle.
12. From November 2014 to February 2016: 32.68% Bernstein US Strategic Equities, 5.16% intermediate-duration fixed-income pooled investment vehicle, 11.18% developed foreign-markets pooled investment vehicle, 2.58% emerging-markets pooled investment vehicle, 4.3% all-market real return pooled investment vehicle, 6.02% Global Bond pooled investment vehicle, 24.08% Overlay A pooled investment vehicle, 14% Multi-Manager Alternative (RIC) pooled investment vehicle.
13. From March 2016 through August 2017: 32.65% Bernstein US Strategic Equities, 5.6% intermediate-duration fixed income pooled investment vehicle, 5.6% Global Bond pooled investment vehicle, 5.78% developed foreign markets pooled investment vehicle, 1.27% Emerging markets pooled investment vehicle, 24.0% Overlay A pooled investment vehicle, 13.94% Multi Manager Alternative (RIC) pooled investment vehicle, 4.22% All market Real Return pooled investment vehicle, 4.2% International Strategic Equities pooled investment vehicle, 2.74% International Small Cap pooled investment vehicle.
14. From September 2017 through February 2018: 30.32% Bernstein US Strategic Equities, 24% Overlay A pooled investment vehicle, 13.94% Multi Manager Alternative (RIC) pooled investment vehicle, 8.16% International Strategic Equities pooled investment vehicle, 5.6% Global Bond pooled investment vehicle, 5.6% Intermediate Duration pooled investment vehicle, 4.57% Developed foreign markets pooled investment vehicle, 4.22% All Market Real Return pooled investment vehicle, 2.45% International Small Cap pooled investment vehicle, 1.14% Emerging markets pooled investment vehicle.
15. From March 2018 through August 2018: 27.98% Bernstein US Strategic Equities, 24% Overlay A pooled investment vehicle, 13.94% Multi Manager Alternative (RIC) pooled investment vehicle, 9.33% International Strategic Equities pooled investment vehicle, 5.6% Global Bond pooled investment vehicle, 5.6% Intermediate Duration pooled investment vehicle, 5.22% Developed foreign markets pooled investment vehicle, 4.22% All Market Real Return pooled investment vehicle, 2.8% International Small Cap pooled investment vehicle, 1.31% Emerging markets pooled investment vehicle.
16. From September 2018 through May 2020: 30.81% Bernstein US Strategic Equities, 30% Overlay A pooled investment vehicle, 7% Global Bond pooled investment vehicle, 7% Intermediate Duration pooled investment vehicle, 10.27% International Strategic Equities pooled investment vehicle, 5.75% Developed foreign markets pooled investment vehicle, 4.65% All Market Real Return pooled investment vehicle, 3.08% International Small Cap pooled investment vehicle, 1.44% Emerging Markets pooled investment vehicle.
17. From June 2020 through November 2020: 30.81% Bernstein US Strategic Equities, 30% Overlay A pooled investment vehicle, 7% Global Bond pooled investment vehicle, 7% Intermediate Duration pooled investment vehicle, 10.27% International Strategic Equities pooled investment vehicle, 2.3% Developed foreign markets pooled investment vehicle, 4.65% All Market Real Return pooled investment vehicle, 3.08% International Small Cap pooled investment vehicle, 3.45% High Income pooled investment vehicle, 1.44% Emerging Markets pooled investment vehicle.
18. From December 2020 to Present: 30.81% Bernstein US Strategic Equities, 30% Overlay A pooled investment vehicle, 7% Global Bond pooled investment vehicle, 7% Intermediate Duration pooled investment vehicle, 12.57% International Strategic Equities pooled investment vehicle, 4.65% All Market Real Return pooled investment vehicle, 3.08% International Small Cap pooled investment vehicle, 3.45% High Income pooled investment vehicle, 1.44% Emerging Markets pooled investment vehicle.

MODERATE PORTFOLIO: 60% STOCK/40% BOND MIX

The Moderate Portfolio Simulation (MPS) is a simulated portfolio intended to illustrate the investment experience of a Bernstein taxable client who was invested in a 60% equity/40% fixed-income (municipal-bond) allocation of Bernstein investment services. The specific allocations within the MPS have changed over time as new investment services were introduced, or as a result of changes in Bernstein’s asset-allocation recommendation. It is presented for illustrative purposes only, and no representation is made that an investor will, or is likely to, achieve profits or experience losses similar to those shown. From January 1983 through December 2005, the MPS is rebalanced to a 60/40 allocation on a quarterly basis. From January 2006 to present, the MPS is rebalanced to a 60/40 allocation on a monthly basis. Each return is calculated by multiplying the actual return of the product by its weight in the blend, then summing these weighted returns. These returns are then geometrically linked, or compounded, to calculate cumulative and/or annualized rates of return for various time periods. Although a 60/40 allocation was maintained over time, the specific blend of products in the portfolio changed with the inception of new products.

The specific allocations for returns were as follows:

1. From January 1983 through June 1992: 30% Bernstein US Strategic Value, 30% Bernstein US Strategic Growth, 40% Bernstein Intermediate Municipal Bonds (accounts over $3 million).
2. From July 1992 through December 1995: 21% Bernstein US Strategic Value, 21% Bernstein US Strategic Growth, 40% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 18% developed foreign markets pooled investment vehicle. See “Disclosures” for details on pooled investment vehicles.
3. From January 1996 through June 2001: 21% Bernstein US Strategic Value, 21% Bernstein US Strategic Growth, 40% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 15% developed foreign markets pooled investment vehicle, 3% emerging markets pooled investment vehicle.
4. From July 2001 through March 2007: 18.5% Bernstein US Strategic Value, 18.5% Bernstein US Strategic Growth, 35.0% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 15.0% developed foreign markets pooled investment vehicle, 3.0% emerging markets pooled investment vehicle, 10.0% real estate pooled investment vehicle.
5. From July 2001 through March 2007: 25.5% Bernstein US Strategic Value, 25.5% Bernstein US Strategic Growth, 15% US Core Plus Fixed Income Composite, 20% developed-foreign-markets pooled investment vehicle, 4% emerging-markets pooled investment vehicle, 10% US-real-estate pooled investment vehicle.
6. From April 2007 through December 2008: 19.2% Bernstein US Strategic Value, 19.2% Bernstein US Strategic Growth, 35.0% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 13.8% developed foreign markets pooled investment vehicle, 2.8% emerging markets pooled investment vehicle, 10.0% global real estate pooled investment vehicle.
7. From January 2009 through March 2010: 21% Bernstein US Strategic Value, 21% Bernstein US Strategic Growth, 40% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 15% developed foreign markets pooled investment vehicle, 3% emerging markets pooled investment vehicle.
8. From April 2010 through June 2012: 14.7% Bernstein US Strategic Value, 14.7% Bernstein US Strategic Growth, 28.0% intermediate diversified municipal bonds pooled investment vehicle, 10.5% developed foreign markets pooled investment vehicle, 2.1% emerging markets pooled investment vehicle, 18.0% Tax-Aware Overlay A pooled investment vehicle, 12.0% Tax-Aware Overlay B pooled investment vehicle.
9. From July 2012 through September 2012: 29.4% Bernstein US Strategic Equities, 28.0% intermediate diversified municipal bonds pooled investment vehicle, 10.5% developed foreign markets pooled investment vehicle, 2.1% emerging markets pooled investment vehicle, 18.0% Tax-Aware Overlay A pooled investment vehicle, 12.0% Tax-Aware Overlay B pooled investment vehicle.
10. From October 2012 through October 2014: 25.34% Bernstein US Strategic Equities, 24.14% intermediate diversified municipal bonds pooled investment vehicle, 9.05% developed foreign markets pooled investment vehicle, 1.81% emerging markets pooled investment vehicle, 15.52% Tax-Aware Overlay A pooled investment vehicle, 10.34% Tax-Aware Overlay B pooled investment vehicle, 13.80% Multi-Manager Alternative (RIC) pooled investment vehicle.
11. From November 2014 through February 2016: 25.52% Bernstein US Strategic Equities, 23.76% intermediate diversified municipal bonds pooled investment vehicle, 8.8% developed foreign markets pooled investment vehicle, 1.76% emerging markets pooled investment vehicle, 0.88% Muni Bond Inflation pooled investment vehicle, 1.76% All Market Real Return pooled investment vehicle, 16.72% Tax-Aware Overlay A pooled investment vehicle, 8.8% Tax-Aware Overlay B pooled investment vehicle, 12.0% Multi-Manager Alternative (RIC) pooled investment vehicle.
12. From November 2014 to February 2016: 32.68% Bernstein US Strategic Equities, 5.16% intermediate-duration fixed-income pooled investment vehicle, 11.18% developed foreign-markets pooled investment vehicle, 2.58% emerging-markets pooled investment vehicle, 4.3% all-market real return pooled investment vehicle, 6.02% Global Bond pooled investment vehicle, 24.08% Overlay A pooled investment vehicle, 14% Multi-Manager Alternative (RIC) pooled investment vehicle.
13. From September 2017 through February 2018: 23.16% Bernstein US Strategic Equities, 22.8% Intermediate diversified municipal bonds pooled investment vehicle, 16.44% Tax Aware Overlay A pooled investment vehicle, 12.29% Multi Manager Alternative (RIC) pooled investment vehicle, 9.87% Tax Aware Overlay B pooled investment vehicle, 6.24% International Strategic Equities pooled investment vehicle, 3.49% Developed foreign markets pooled investment vehicle, 1.87% International Small Cap pooled investment vehicle, 1.84% All Market Real Return pooled investment vehicle, 1% Emerging markets pooled investment vehicle, 1% Muni bond Inflation pooled investment vehicle.
14. From March 2018 through August 2018: 21.46% Bernstein US Strategic Equities, 22.8% Intermediate diversified municipal bonds pooled investment vehicle, 16.44% Tax Aware Overlay A pooled investment vehicle, 12.29% Multi Manager Alternative (RIC) pooled investment vehicle, 9.87% Tax Aware overlay B pooled investment vehicle, 7.15% International Strategic Equities pooled investment vehicle, 4% Developed foreign markets pooled investment vehicle, 2.15% International Small Cap pooled investment vehicle, 1.84% All Market Real Return pooled investment vehicle, 1% Emerging markets pooled investment vehicle, 1% Muni bond Inflation pooled investment vehicle.
15. From September 2018 through May 2020: 23.6% Bernstein US Strategic Equities, 25.56% Intermediate diversified municipal bonds pooled investment vehicle, 18% Tax Aware Overlay A pooled investment vehicle, 12% Tax Aware overlay B pooled investment vehicle, 7.87% International Strategic Equities pooled investment vehicle, 4.41% Developed foreign markets pooled investment vehicle, 2.36% International Small Cap pooled investment vehicle, 2.66% All Market Real Return pooled investment vehicle, 2.44% Muni bond Inflation pooled investment vehicle, 1.1% Emerging markets pooled investment vehicle.
16. From June 2020 through November 2020: 23.6% Bernstein US Strategic Equities, 25.56% Intermediate diversified municipal bonds pooled investment vehicle, 18% Tax Aware Overlay A pooled investment vehicle, 12% Tax Aware overlay B pooled investment vehicle, 7.87% International Strategic Equities pooled investment vehicle, 2.20% Developed foreign markets pooled investment vehicle, 2.36% International Small Cap pooled investment vehicle, 2.66% All Market Real Return pooled investment vehicle, 2.44% Muni bond Inflation pooled investment vehicle, 2.2% High Income pooled investment vehicle, 1.1% Emerging markets pooled investment vehicle.
17. From December 2020 to Present: 23.6% Bernstein US Strategic Equities, 25.56% Intermediate diversified municipal bonds pooled investment vehicle, 18% Tax Aware Overlay A pooled investment vehicle, 12% Tax Aware overlay B pooled investment vehicle, 10.07% International Strategic Equities pooled investment vehicle, 2.36% International Small Cap pooled investment vehicle, 2.66% All Market Real Return pooled investment vehicle, 2.44% Muni bond Inflation pooled investment vehicle, 2.2% High Income pooled investment vehicle, 1.1% Emerging markets pooled investment vehicle.

MODERATE PORTFOLIO: 60% STOCK/40% BOND MIX (TAX-EXEMPT)

The Moderate Portfolio Simulation (MPS) is a simulated portfolio intended to illustrate the investment experience of a Bernstein client who was invested in a 60% equity/40% fixed-income (taxable-bond) allocation of Bernstein investment services. It is presented for illustrative purposes only, and no representation is made that an investor will or is likely to achieve profits or experience losses similar to those shown. From January 1991 through December 2005, the MPS was rebalanced to a 60/40 allocation on a quarterly basis. From January 2006 to present the MPS has been rebalanced to a 60/40 allocation on a monthly basis. Each return is calculated by multiplying the actual return of the product by its weight in the blend, then summing these weighted returns. These returns are then geometrically linked, or compounded, to calculate cumulative and/or annualized rates of return for various time periods; for additional information, please contact your Bernstein Advisor. Although a 60/40 allocation was maintained over time, the specific blend of products in the portfolio changed with the inception of new products or the introduction of new asset-allocation recommendations.

The specific allocations for returns were as follows:

1. From January 1991 through June 1992: 30% Bernstein US Strategic Value, 30% Bernstein US Strategic Growth, 40% US Core Plus Fixed Income Composite.
2. From July 1992 through December 1995: 21% Bernstein US Strategic Value, 21% Bernstein US Strategic Growth, 40% US Core Plus Fixed Income Composite, 18% developed-foreign-markets pooled investment vehicle.
3. From January 1996 through June 2001: 21% Bernstein US Strategic Value, 21% Bernstein US Strategic Growth, 40% US Core Plus Fixed Income Composite, 15% developed-foreign-markets pooled investment vehicle, 3% emerging-markets pooled investment vehicle.
4. From July 2001 through March 2007: 18.5% Bernstein US Strategic Value, 18.5% Bernstein US Strategic Growth, 35% US Core Plus Fixed Income Composite, 15% developed-foreign-markets pooled investment vehicle, 3% emerging-markets pooled investment vehicle, 10% US-real-estate pooled investment vehicle.
5. From April 2007 through March 2010: 19.2% Bernstein US Strategic Value, 19.2% Bernstein US Strategic Growth, 35% US Strategic Core Plus Fixed Income Composite, 13.8% developed-foreign-markets pooled investment vehicle, 2.8% emerging-markets pooled investment vehicle, 10% global-real-estate pooled investment vehicle.
6. From April 2010 through July 2011: 13.67% Bernstein US Strategic Value, 13.67% Bernstein US Strategic Growth, 25.06% intermediate-duration fixed-income pooled investment vehicle, 9.77% developed-foreign-markets pooled investment vehicle, 1.95% emerging-markets pooled investment vehicle, 5.88% global-real-estate pooled investment vehicle, 18% Overlay A pooled investment vehicle, 12% Overlay B pooled investment vehicle.
7. From August 2011 through June 2012: 12.64% Bernstein US Strategic Value, 12.64% Bernstein US Strategic Growth, 28% intermediate-duration fixed-income pooled investment vehicle, 9.03% developed-foreign-markets pooled investment vehicle, 1.81% emerging-markets pooled investment vehicle, 5.88% global-real-estate pooled investment vehicle, 18% Overlay A pooled investment vehicle, 12% Overlay B pooled investment vehicle.
8. From July 2012 through September 2012: 25.28% Bernstein US Strategic Equities, 28% intermediate-duration fixed-income pooled investment vehicle, 9.03% developed-foreign-markets pooled investment vehicle, 1.81% emerging-markets pooled investment vehicle, 5.88% global-real-estate pooled investment vehicle, 18% Overlay A pooled investment vehicle, 12% Overlay B pooled investment vehicle.
9. From October 2012 to December 2012: 21.79% Bernstein US Strategic Equities, 24.14% intermediate-duration fixed-income pooled investment vehicle, 7.78% developed-foreign-markets pooled investment vehicle, 1.56% emerging-markets pooled investment vehicle, 5.07% global-real-estate pooled investment vehicle, 15.52% Overlay A pooled investment vehicle, 10.34% Overlay B pooled investment vehicle,13.80% Multi-Manager Alternative (RIC) pooled investment vehicle.
10. From January 2013 to October 2014: 21.79% Bernstein US Strategic Equities, 24.14% intermediate-duration fixed-income pooled investment vehicle, 7.78% developed-foreign-markets pooled investment vehicle, 1.56% emerging-markets pooled investment vehicle, 5.07% real-asset-strategy pooled investment vehicle, 15.52% Overlay A pooled investment vehicle, 10.34% Overlay B pooled investment vehicle,13.80% Multi-Manager Alternative (RIC) pooled investment vehicle.
11. From November 2014 to February 2016: 24.3% Bernstein US Strategic Equities, 10.8% intermediate-duration fixed-income pooled investment vehicle, 9.0% developed-foreign-markets pooled investment vehicle, 1.8% emerging-markets pooled investment vehicle, 3.6% all-market real return pooled investment vehicle, 11.7% Global Bond pooled investment vehicle, 0.9% Bond Inflation pooled investment vehicle, 18.0% Overlay A pooled investment vehicle, 9.9% Overlay B pooled investment vehicle,10.0% Multi-Manager Alternative (RIC) pooled investment vehicle.
12. From March 2016 through August 2017: 24.79% Bernstein US Strategic Equities, 11.52% intermediate-duration fixed income pooled investment vehicle, 11.52% Global Bond pooled investment vehicle, 4.95% developed foreign markets pooled investment vehicle, 1.09% Emerging markets pooled investment vehicle, 0.76% Bond Inflation pooled investment vehicle, 17.54% Overlay A pooled investment vehicle, 9.56% Overlay B pooled investment vehicle, 9.67% Multi Manager Alternative (RIC) pooled investment vehicle, 4.02% All market Real Return pooled investment vehicle, 3.18%International Strategic Equities pooled investment vehicle, 1.40% International Small Cap pooled investment vehicle.
13. From September 2017 through February 2018: 22.93% Bernstein US Strategic Equities, 17.54% Overlay A pooled investment vehicle, 11.40% Global Bond pooled investment vehicle, 11.4%Intermediate Duration pooled investment vehicle, 9.67% Multi Manager Alternative (RIC) pooled investment vehicle, 9.56% Overlay B pooled investment vehicle, 6.17% International Strategic Equities pooled investment vehicle, 4.02% All Market Real Return pooled investment vehicle, 3.46% Developed foreign markets pooled investment vehicle, 1.85% International Small Cap pooled investment vehicle, 1% Emerging markets pooled investment vehicle, 1% Bond Inflation pooled investment vehicle.
14. From March 2018 through August 2018: 21.24% Bernstein US Strategic Equities, 17.54% Overlay A pooled investment vehicle, 11.4% Global Bond pooled investment vehicle, 11.4% Intermediate Duration pooled investment vehicle, 9.67% Multi Manager Alternative (RIC) pooled investment vehicle, 9.56% Overlay B pooled investment vehicle, 7.08% International Strategic Equities pooled investment vehicle, 4.02% All Market Real Return pooled investment vehicle, 3.97% Developed foreign pooled investment vehicle, 2.12% International Small Cap pooled investment vehicle, 1% Emerging markets pooled investment vehicle, 1% Bond Inflation pooled investment vehicle.
15. From September 2018 through May 2020: 22.97% Bernstein US Strategic Equities, 18% Overlay A pooled investment vehicle, 12.9% Global Bond pooled investment vehicle, 12.9% Intermediate Duration pooled investment vehicle, 12% Overlay B pooled investment vehicle, 7.65% International Strategic Equities pooled investment vehicle, 4.28% Developed foreign pooled investment vehicle, 3.73% All Market Real return pooled investment vehicle, 2.3% International Small Cap pooled investment vehicle, 2.2% Bond Inflation pooled investment vehicle, 1.07% Emerging markets pooled investment vehicle.
16. From June 2020 through November 2020: 22.97% Bernstein US Strategic Equities, 18% Overlay A pooled investment vehicle, 12.9% Global Bond pooled investment vehicle, 12.9% Intermediate Duration pooled investment vehicle, 12% Overlay B pooled investment, 7.65% International Strategic Equities pooled investment vehicle, 1.72% Developed foreign pooled investment vehicle, 3.73% All Market Real return pooled investment vehicle, 2.3% International Small Cap pooled investment vehicle, 2.56% High Income pooled investment vehicle, 2.2% Bond Inflation pooled investment vehicle, 1.07% Emerging markets pooled investment vehicle.
17. From December 2020 through present: 22.97% Bernstein US Strategic Equities, 18% Overlay A pooled investment vehicle, 12.9% Global Bond pooled investment vehicle, 12.9% Intermediate Duration pooled investment vehicle, 12% Overlay B pooled investment, 9.37% International Strategic Equities pooled investment vehicle, 3.73% All Market Real return pooled investment vehicle, 2.3% International Small Cap pooled investment vehicle, 2.56% High Income pooled investment vehicle, 2.2% Bond Inflation pooled investment vehicle, 1.07% Emerging markets pooled investment vehicle.

CONSERVATIVE PORTFOLIO: 30% STOCK/70% BOND MIX

The Conservative Portfolio Simulation (CPS) is a simulated portfolio intended to illustrate the investment experience of a Bernstein taxable client who has invested in a 30% equity/70% fixed-income (municipal-bond) allocation of Bernstein investment services. The specific allocations within the CPS have changed over time as new investment services were introduced, or as a result of changes in Bernstein’s asset-allocation recommendation. It is presented for illustrative purposes only, and no representation is made that an investor will, or is likely to, achieve profits or experience losses similar to those shown. From January 1983 through December 2005, the CPS is rebalanced to a 30/70 allocation on a quarterly basis. From January 2006 to present, the CPS is rebalanced to a 30/70 allocation on a monthly basis. Each return is calculated by multiplying the actual return of the product by its weight in the blend, then summing these weighted returns. These returns are then geometrically linked, or compounded, to calculate cumulative and/or annualized rates of return for various time periods. Although a 30/70 allocation was maintained over time, the specific blend of products in the portfolio changed with the inception of new products.

The specific allocations for returns were as follows:

1. From January 1983 through June 1992: 15% Bernstein US Strategic Value, 15% Bernstein US Strategic Growth, 70% Bernstein Intermediate Municipal Bonds (accounts over $3 million).
2. From July 1992 through December 1995: 10.5% Bernstein US Strategic Value, 10.5% Bernstein US Strategic Growth, 70.0% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 9.0% developed foreign markets pooled investment vehicle. See “Disclosures” for details on pooled investment vehicles.
3. From January 1996 through June 2001: 10.5% Bernstein US Strategic Value, 10.5% Bernstein US Strategic Growth, 70.0% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 7.5% developed foreign markets pooled investment vehicle, 1.5% emerging markets pooled investment vehicle.
4. From July 2001 through March 2007: 8.25% Bernstein US Strategic Value, 8.25% Bernstein US Strategic Growth, 65.50% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 7.50% developed foreign markets pooled investment vehicle, 1.50% emerging markets pooled investment vehicle, 9.00% real estate pooled investment vehicle.
5. From April 2007 through December 2008: 8.93% Bernstein US Strategic Value, 8.93% Bernstein US Strategic Growth, 65.50% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 6.38% developed foreign markets pooled investment vehicle, 1.28% emerging markets pooled investment vehicle, 9.00% global real estate pooled investment vehicle.
6. From January 2009 through March 2010: 10.5% Bernstein US Strategic Value, 10.5% Bernstein US Strategic Growth, 70.0% Bernstein Intermediate Municipal Bonds (accounts over $3 million), 7.5% developed foreign markets pooled investment vehicle, 1.5% emerging markets pooled investment vehicle.
7. From April 2010 through June 2012: 7.35% Bernstein US Strategic Value, 7.35% Bernstein US Strategic Growth, 49.00% intermediate diversified municipal bonds pooled investment vehicle, 5.25% developed foreign markets pooled investment vehicle, 1.05% emerging markets pooled investment vehicle, 30.0% Tax-Aware Overlay B pooled investment vehicle.
8. From July 2012 through September 2012: 14.70% Bernstein US Strategic Equities, 49.0% intermediate diversified municipal bonds pooled investment vehicle, 5.25% developed foreign markets pooled investment vehicle, 1.05% emerging markets pooled investment vehicle, 30.0% Tax-Aware Overlay B pooled investment vehicle.
9. From October 2012 through October 2014: 14.26% Bernstein US Strategic Equities, 47.53% intermediate diversified municipal bonds pooled investment vehicle, 5.09% developed foreign markets pooled investment vehicle, 1.02% emerging markets pooled investment vehicle, 29.10% Tax-Aware Overlay B pooled investment vehicle, 3.0% Multi-Manager Alternative (RIC) pooled investment vehicle. From November 2014 through February 2016: 12.22% Bernstein US Strategic Equities, 40.42% intermediate diversified municipal bonds pooled investment vehicle, 4.7% developed foreign markets pooled investment vehicle, 0.94% emerging markets pooled investment vehicle, 9.4% Muni Bond Inflation pooled investment vehicle, 26.32% Tax-Aware Overlay B pooled investment vehicle, 6.0% Multi-Manager Alternative (RIC) pooled investment vehicle.
10. From March 2016 through August 2017: 12.52% Bernstein US Strategic Equities, 40.58% Intermediate diversified Municipal bonds pooled investment vehicle, 2.32% developed foreign markets pooled investment vehicle, 0.59% Emerging markets pooled investment vehicle, 9.53% Muni Bond Inflation pooled investment vehicle, 25.56% Tax-Aware Overlay B pooled investment vehicle, 6.44% Multi Manager Alternative (RIC) pooled investment vehicle, 1.66% International Strategic Equities pooled investment vehicle, 0.80% International Small Cap pooled investment vehicle.
11. From September 2017 through February 2018: 31.37% Intermediate diversified municipal bonds pooled investment vehicle, 25.56% Tax-Aware Overlay B pooled investment vehicle, 18.74% Muni bond Inflation pooled investment vehicle, 11.9% Bernstein US Strategic Equities, 6.44% Multi Manager Alternative (RIC) pooled investment vehicle, 3.2% International Strategic Equities pooled investment vehicle, 1.79% Developed foreign markets pooled investment vehicle, 1% International Small Cap pooled investment vehicle.
12. From March 2018 through August 2018: 31.37% Intermediate diversified municipal bonds pooled investment vehicle, 25.56% Tax-Aware Overlay B pooled investment vehicle, 18.74% Muni bond Inflation pooled investment vehicle, 10.43% Bernstein US Strategic Equities, 6.44% Multi Manager Alternative (RIC) pooled investment vehicle, 3.48% International Strategic Equities pooled investment vehicle, 1.94% Developed foreign markets pooled investment vehicle, 1.04% International Small Cap pooled investment vehicle, 1% Emerging markets pooled investment vehicle.
13. From September 2018 through May 2020: 29.4% Intermediate diversified municipal bonds pooled investment vehicle, 30% Tax-Aware Overlay B pooled investment vehicle, 19.6% Muni bond Inflation pooled investment vehicle, 12.35% Bernstein US Strategic Equities, 4.11% International Strategic Equities pooled investment vehicle, 2.3% Developed foreign markets pooled investment vehicle, 1.24% International Small Cap pooled investment vehicle, 1% Emerging markets pooled investment vehicle.
14. From June 2020 through November 2020: 29.4% Intermediate diversified municipal bonds pooled investment vehicle, 30% Tax-Aware Overlay B pooled investment vehicle, 19.6% Muni bond Inflation pooled investment vehicle, 12.35% Bernstein US Strategic Equities, 4.11% International Strategic Equities pooled investment vehicle, 1.15% Developed foreign markets pooled investment vehicle, 1.24% International Small Cap pooled investment vehicle, 1% Emerging markets pooled investment vehicle, 1.15% High Income pooled investment vehicle.
15. From December 2020 through Present: 29.4% Intermediate diversified municipal bonds pooled investment vehicle, 30% Tax-Aware Overlay B pooled investment vehicle, 19.6% Muni bond Inflation pooled investment vehicle, 12.35% Bernstein US Strategic Equities, 5.26% International Strategic Equities pooled investment vehicle, 1.24% International Small Cap pooled investment vehicle, 1% Emerging markets pooled investment vehicle, 1.15% High Income pooled investment vehicle.

CONSERVATIVE PORTFOLIO: 30% STOCK/70% BOND MIX

The Conservative Portfolio Simulation (CPS) is a simulated portfolio intended to illustrate the investment experience of a Bernstein client who has invested in a 30% equity/70% fixed-income (taxable-bond) allocation of Bernstein investment services. It is presented for illustrative purposes only, and no representation is made that an investor will or is likely to achieve profits or experience losses similar to those shown. From January 1991 through December 2005, the CPS was rebalanced to a 30/70 allocation on a quarterly basis. From January 2006 to present the CPS has been rebalanced to a 30/70 allocation on a monthly basis. Each return is calculated by multiplying the actual return of the product by its weight in the blend, then summing these weighted returns. These returns are then geometrically linked, or compounded, to calculate cumulative and/or annualized rates of return for various time periods; for additional information, please contact your Bernstein Advisor. Although a 30/70 allocation was maintained over time, the specific blend of products in the portfolio changed with the inception of new products or the introduction of new asset-allocation recommendations. The specific allocations for returns were as follows:

The specific allocations for returns were as follows:

1. From January 1991 through June 1992: 15% Bernstein US Strategic Value, 15% Bernstein US Strategic Growth, 70% US Core Plus Fixed Income Composite.
2. From July 1992 through December 1995: 10.5% Bernstein US Strategic Value, 10.5% Bernstein US Strategic Growth, 70% US Core Plus Fixed Income Composite, 9% developed-foreign-markets pooled investment vehicle.
3. From January 1996 through June 2001: 10.5% Bernstein US Strategic Value, 10.5% Bernstein US Strategic Growth, 70% US Core Plus Fixed Income Composite, 7.5% developed-foreign-markets pooled investment vehicle, 1.5% emerging-markets pooled investment vehicle.
4. From July 2001 through March 2007: 8.25% Bernstein US Strategic Value, 8.25% Bernstein US Strategic Growth, 65.5% US Core Plus Fixed Income Composite, 7.5% developed-foreign-markets pooled investment vehicle, 1.5% emerging-markets pooled investment vehicle, 9% US-real-estate pooled investment vehicle.
5. From April 2007 through March 2010: 8.925% Bernstein US Strategic Value, 8.925% Bernstein US Strategic Growth, 65.5% US Strategic Core Plus Fixed Income Composite, 6.375% developed-foreign-markets pooled investment vehicle, 1.275% emerging-markets pooled investment vehicle, 9% global-real-estate pooled investment vehicle.
6. From April 2010 through July 2011: 6.98% Bernstein US Strategic Value, 6.98% Bernstein US Strategic Growth, 47.95% intermediate-duration fixed-income pooled investment vehicle, 4.99% developed-foreign-markets pooled investment vehicle, 1.0% emerging-markets pooled investment vehicle, 2.1% global-real-estate pooled investment vehicle, 30% Overlay B pooled investment vehicle.
7. From August 2011 through June 2012: 6.615% Bernstein US Strategic Value, 6.615% Bernstein US Strategic Growth, 49% intermediate-duration fixed income pooled investment vehicle, 4.725% developed-foreign-markets pooled investment vehicle, 0.945% emerging-markets pooled investment vehicle, 2.1% global-real-estate pooled investment vehicle, 30% Overlay B pooled investment vehicle.
8. From July 2012 through September 2012: 13.23% Bernstein US Strategic Equities, 49% intermediate-duration fixed-income pooled investment vehicle, 4.725% developed-foreign-markets pooled investment vehicle, 0.945% emerging-markets pooled investment vehicle, 2.1% global-real-estate pooled investment vehicle, 30% Overlay B pooled investment vehicle.
9. From October 2012 to December 2012: 12.833% Bernstein US Strategic Equities, 47.53% intermediate-duration fixed-income pooled investment vehicle, 4.583% developed-foreign-markets pooled investment vehicle, 0.917% emerging-markets pooled investment vehicle, 2.037% global-real-estate pooled investment vehicle, 29.1% Overlay B pooled investment vehicle, 3% Multi-Manager Alternative (RIC) pooled investment vehicle.
10. From January 2013 to October 2014: 12.833% Bernstein US Strategic Equities, 47.53% intermediate-duration fixed-income pooled investment vehicle, 4.583% developed-foreign-markets pooled investment vehicle, 0.917% emerging-markets pooled investment vehicle, 2.037% real-asset-strategy pooled investment vehicle, 29.1% Overlay B pooled investment vehicle, 3% Multi-Manager Alternative (RIC) pooled investment vehicle.
11. From November 2014 to February 2016: 12.61% Bernstein US Strategic Equities, 20.37% intermediate-duration fixed-income pooled investment vehicle, 4.85% developed-foreign-markets pooled investment vehicle, 0.97% emerging-markets pooled investment vehicle, 1.94% all-market real return pooled investment vehicle, 21.34% Global Bond pooled investment vehicle, 6.79% Bond Inflation pooled investment vehicle, 28.13% Overlay B pooled investment vehicle, 3% Multi-Manager Alternative (RIC) pooled investment vehicle.
12. From March 2016 through August 2017: 12.49% Bernstein US Strategic Equities, 20.55% intermediate-duration fixed income pooled investment vehicle, 20.55% Global Bond pooled investment vehicle, 2.31% developed foreign markets pooled investment vehicle, 0.58% Emerging markets pooled investment vehicle, 6.82% Bond Inflation pooled investment vehicle, 28.7% Overlay B pooled investment vehicle, 3.3% Multi Manager Alternative (RIC) pooled investment vehicle, 2.25% All market Real Return pooled investment vehicle, 1.65% International Strategic Equities pooled investment vehicle, 0.80% International Small Cap pooled investment vehicle.
13. From September 2017 through February 2018: 28.7% Overlay B pooled investment vehicle, 17.25% Global Bond pooled investment vehicle, 17.25% Intermediate Duration fixed income pooled investment vehicle, 13.41% Bond Inflation pooled investment vehicle, 11.86% Bernstein US Strategic Equities, 3.3% Multi Manager Alternative (RIC) pooled investment vehicle, 3.19% International Strategic Equities pooled investment vehicle, 2.25% All Market Real Return pooled investment vehicle, 1.79% Developed-foreign-markets pooled investment vehicle, 1% International Small Cap pooled investment vehicle.
14. From March 2018 through August 2018: 28.7% Overlay B pooled investment vehicle, 17.25% Global Bond pooled investment vehicle, 17.25% Intermediate Duration fixed income pooled investment vehicle, 13.41% Bond Inflation pooled investment vehicle, 11.01% Bernstein US Strategic Equities, 3.3% Multi Manager Alternative (RIC) pooled investment vehicle, 3.03% International Strategic Equities pooled investment vehicle, 2.25% All Market Real Return pooled investment vehicle, 1.7% Developed foreign markets pooled investment vehicle, 1.1% International Small Cap Pooled investment vehicle, 1% Emerging Mkts pooled investment vehicle.
15. From September 2018 through May 2020: 30% Overlay B pooled investment vehicle, 17.15% Global Bond pooled investment vehicle, 17.15% Intermediate Duration fixed income pooled investment vehicle, 14.7% Bond Inflation pooled investment vehicle, 10.9% Bernstein US Strategic Equities, 3.64% International Strategic Equities pooled investment vehicle, 2.33% All Market Real Return pooled investment vehicle, 2.04% Developed foreign markets pooled investment vehicle, 1.09% International Small Cap pooled investment vehicle, 1% Emerging Mkts pooled investment vehicle.
16. From June 2020 through November 2020: 30% Overlay B pooled investment vehicle, 17.15% Global Bond pooled investment vehicle, 17.15% Intermediate Duration fixed income pooled investment vehicle, 14.7% Bond Inflation pooled investment vehicle, 10.91% Bernstein US Strategic Equities, 3.64% International Strategic Equities pooled investment vehicle, 2.33% All Market Real Return pooled investment vehicle, 1.22% High Income pooled investment vehicle, 1.09% International Small Cap pooled investment vehicle, 1% Emerging Mkts pooled investment vehicle, 0.81% Developed foreign pooled investment vehicle.
17. From December 2020 through Present: 30% Overlay B pooled investment vehicle, 17.15% Global Bond pooled investment vehicle, 17.15% Intermediate Duration fixed income pooled investment vehicle, 14.7% Bond Inflation pooled investment vehicle, 10.91% Bernstein US Strategic Equities, 4.45% International Strategic Equities pooled investment vehicle, 2.33% All Market Real Return pooled investment vehicle, 1.22% High Income pooled investment vehicle, 1.09% International Small Cap pooled investment vehicle, 1% Emerging Mkts pooled investment vehicle.