497 1 d1009085_497-e.txt AB AllianceBernstein Investments THE ALLIANCEBERNSTEIN VALUE FUNDS -AllianceBernstein Value Fund -AllianceBernstein Growth and Income Fund -AllianceBernstein Focused Growth & Income Fund -AllianceBernstein Balanced Shares -AllianceBernstein Utility Income Fund -AllianceBernstein Global Real Estate Investment Fund -AllianceBernstein International Value Fund -AllianceBernstein Global Value Fund ================================================================================ Supplement dated July 22, 2009 to the Prospectus dated March 2, 2009 of AllianceBernstein Value Fund, AllianceBernstein Growth and Income Fund, AllianceBernstein Focused Growth & Income Fund, AllianceBernstein Balanced Shares, AllianceBernstein Utility Income Fund, AllianceBernstein Global Real Estate Investment Fund, AllianceBernstein International Value Fund and AllianceBernstein Global Value Fund offering Class A, Class B, Class C and Advisor Class shares ("Prospectus 1"), and the Prospectus dated March 2, 2009 of AllianceBernstein Value Fund, AllianceBernstein Growth and Income Fund, AllianceBernstein Focused Growth & Income Fund, AllianceBernstein Balanced Shares, AllianceBernstein Utility Income Fund, AllianceBernstein Global Real Estate Investment Fund, AllianceBernstein International Value Fund and AllianceBernstein Global Value Fund offering Class A, Class R, Class K and Class I shares ("Prospectus 2", and together with Prospectus 1, the "Prospectuses"). Each of the funds listed above are hereinafter referred to as the Funds. * * * * * The following information replaces the second sentence in the Prospectuses under the heading "AllianceBernstein Value Fund -- Objective and Principal Strategies." The Fund invests primarily in a diversified portfolio of equity securities of U.S. companies, generally representing approximately 95-150 companies, with relatively large market capitalizations that the Adviser believes are undervalued. * * * * * The following is added before the second to last paragraph in the Prospectuses under the heading "AllianceBernstein Global Real Estate Investment Fund -- Objective and Principal Strategies." Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge a portion of its currency risk, the Fund may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures, options on futures, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives. * * * * * The following information is added after the last bullet point in the Prospectuses under the heading "AllianceBernstein Global Real Estate Investment Fund -- Principal Risks." o Derivatives Risk o Leverage Risk * * * * * The following information is added after the last bullet point in the Prospectuses under the headings "AllianceBernstein International Value Fund -- Principal Risks" and "AllianceBernstein Global Value Fund -- Principal Risks." o Leverage Risk * * * * * The following information is added above the last paragraph in the Prospectuses under the heading "Risks Summary." LEVERAGE RISK When a Fund borrows money or otherwise leverages its portfolio, it may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. A Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures contracts or by borrowing money. * * * * * The following information replaces certain information in Prospectus 1 under the heading "Fees and Expenses of the Funds." The expense information for the following Funds has been restated to reflect current expenses (i.e., annualized fiscal year-to-date expenses as of May 31, 2009) based on lower assets under management. Actual expenses may be higher or lower than those shown. AllianceBernstein Value Fund ---------------------------- Operating Expenses Advisor Class A Class B Class C Class ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees (a) .30% 1.00% 1.00% None Other expenses: Transfer agent .19% .28% .22% .19% Other expenses .14% .14% .14% .14% ----- ----- ----- ---- Total other expenses .33% .42% .36% .33% ----- ----- ----- ---- Total fund operating expenses 1.18% 1.97% 1.91% .88% ===== ===== ===== ==== Examples Advisor Class A Class B+ Class B++ Class C+ Class C++ Class ------- -------- --------- -------- --------- ------- After 1 year $ 540 $ 600 $ 200 $ 294 $ 194 $ 90 After 3 years $ 784 $ 818 $ 618 $ 600 $ 600 $ 281 After 5 years $1,046 $1,062 $1,062 $1,032 $1,032 $ 488 After 10 years $1,796 $2,091 $2,091 $2,233 $2,233 $1,084 AllianceBernstein Growth and Income Fund ---------------------------------------- Operating Expenses Advisor Class A Class B Class C Class ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees .28% 1.00% 1.00% None Other expenses: Transfer agent .35% .45% .38% .35% Other expenses .08% .08% .08% .08% ----- ----- ----- ---- Total other expenses .43% .53% .46% .43% ----- ----- ----- ---- Total fund operating expenses 1.26% 2.08% 2.01% .98% ===== ===== ===== ==== Examples Advisor Class A Class B+ Class B++ Class C+ Class C++ Class ------ ------ ------ ------ ------ ------ After 1 year $ 548 $ 611 $ 211 $ 304 $ 204 $ 100 After 3 years $ 808 $ 852 $ 652 $ 630 $ 630 $ 312 After 5 years $1,087 $1,119 $1,119 $1,083 $1,083 $ 542 After 10 years $1,883 $2,201 $2,201 $2,338 $2,338 $1,201 AllianceBernstein Focused Growth & Income Fund ---------------------------------------------- Operating Expenses Class A Class B Class C ------- ------- ------- Management Fees .55% .55% .55% Distribution and/or service (12b-1) fees (a) .30% 1.00% 1.00% Other expenses: Transfer agent .38% .46% .41% Other expenses .48% .48% .48% ----- ----- ----- Total other expenses .86% .94% .89% ----- ----- ----- Total fund operating expenses 1.71% 2.49% 2.44% ===== ===== ===== Examples Class A Class B+ Class B++ Class C+ Class C++ ------- -------- --------- -------- --------- After 1 year $ 591 $ 652 $ 252 $ 347 $ 247 After 3 years $ 941 $ 976 $ 776 $ 761 $ 761 After 5 years $1,314 $1,326 $1,326 $1,301 $1,301 After 10 years $2,359 $2,634 $2,634 $2,776 $2,776 AllianceBernstein Balanced Shares --------------------------------- Operating Expenses Advisor Class A Class B Class C Class ------- ------- ------- ------- Management Fees .48% .48% .48% .48% Distribution and/or service (12b-1) fees .29% 1.00% 1.00% None Other expenses: Transfer agent .27% .32% .29% .27% Other expenses .12% .12% .12% .12% ----- ----- ----- ---- Total other expenses .39% .44% .41% .39% ----- ----- ----- ---- Total fund operating expenses 1.16% 1.92% 1.89% .87% ===== ===== ===== ==== Examples Advisor Class A Class B+ Class B++ Class C+ Class C++ Class ------- -------- --------- -------- --------- ------- After 1 year $ 538 $ 595 $ 195 $ 292 $ 192 $ 89 After 3 years $ 778 $ 803 $ 603 $ 594 $ 594 $ 278 After 5 years $1,036 $1,037 $1,037 $1,021 $1,021 $ 482 After 10 years $1,774 $2,046 $2,046 $2,212 $2,212 $1,073 AllianceBernstein Utility Income Fund ------------------------------------- Operating Expenses Advisor Class A Class B Class C Class ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees .30% 1.00% 1.00% None Other expenses: Transfer agent .30% .36% .32% .30% Other expenses .38% .38% .38% .38% ----- ----- ----- ----- Total other expenses .68% .74% .70% .68% ----- ----- ----- ----- Total fund operating expenses 1.53% 2.29% 2.25% 1.23% ===== ===== ===== ===== Examples Advisor Class A Class B+ Class B++ Class C+ Class C++ Class ------- -------- --------- -------- --------- ------- After 1 year $ 574 $ 632 $ 232 $ 328 $ 228 $ 125 After 3 years $ 888 $ 915 $ 715 $ 703 $ 703 $ 390 After 5 years $1,224 $1,225 $1,225 $1,205 $1,205 $ 676 After 10 years $2,171 $2,435 $2,435 $2,585 $2,585 $1,489 AllianceBernstein Global Real Estate Investment Fund ---------------------------------------------------- Operating Expenses Advisor Class A Class B Class C Class ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees .30% 1.00% 1.00% None Other expenses: Transfer agent .51% .65% .56% .51% Other expenses .64% .63% .63% .63% ----- ----- ----- ----- Total other expenses 1.15% 1.28% 1.19% 1.14% ----- ----- ----- ----- Total fund operating expenses 2.00% 2.83% 2.74% 1.69% ===== ===== ===== ===== Examples Advisor Class A Class B+ Class B++ Class C+ Class C++ Class ------- -------- --------- -------- --------- ------- After 1 year $ 619 $ 686 $ 286 $ 377 $ 277 $ 172 After 3 years $1,026 $1,077 $ 877 $ 850 $ 850 $ 533 After 5 years $1,457 $1,494 $1,494 $1,450 $1,450 $ 918 After 10 years $2,653 $2,959 $2,959 $3,070 $3,070 $1,998 AllianceBernstein International Value Fund ------------------------------------------ Operating Expenses Advisor Class A Class B Class C Class ------- ------- ------- ------- Management Fees .71% .71% .71% .71% Distribution and/or service (12b-1) fees .30% 1.00% 1.00% None Other expenses: Transfer agent .28% .38% .32% .28% Other expenses .10% .10% .10% .10% ----- ----- ----- ----- Total other expenses .38% .48% .42% .38% ----- ----- ----- ----- Total fund operating expenses 1.39% 2.19% 2.13% 1.09% ===== ===== ===== ===== Examples Advisor Class A Class B+ Class B++ Class C+ Class C++ Class ------- -------- --------- -------- --------- ------- After 1 year $ 560 $ 622 $ 222 $ 316 $ 216 $ 111 After 3 years $ 846 $ 885 $ 685 $ 667 $ 667 $ 347 After 5 years $1,153 $1,175 $1,175 $1,144 $1,144 $ 601 After 10 years $2,023 $2,321 $2,321 $2,462 $2,462 $1,329 AllianceBernstein Global Value Fund ----------------------------------- Operating Expenses Advisor Class A Class B Class C Class ------- ------- ------- ------- Management Fees .75% .75% .75% .75% Distribution and/or service (12b-1) fees .30% 1.00% 1.00% None Other expenses: Transfer agent .20% .32% .24% .20% Other expenses .35% .35% .35% .35% ----- ----- ----- ----- Total other expenses .55% .67% .59% .55% ----- ----- ----- ----- Total fund operating expenses 1.60% 2.42% 2.34% 1.30% ===== ===== ===== ===== Examples Advisor Class A Class B+ Class B++ Class C+ Class C++ Class ------- -------- --------- -------- --------- ------- After 1 year $ 581 $ 645 $ 245 $ 337 $ 237 $ 132 After 3 years $ 908 $ 955 $ 755 $ 730 $ 730 $ 419 After 5 years $1,259 $1,291 $1,291 $1,250 $1,250 $ 713 After 10 years $2,244 $2,553 $2,553 $2,676 $2,676 $1,568 ---------- (a) Total Fund Operating Expenses for the fiscal year to date expenses as of May 31, 2009 do not reflect the voluntary waiver of certain distribution expenses by the Fund's principal underwriter, AllianceBernstein Investments, Inc. If the waiver were reflected, the Net Expenses of Class B shares for the AllianceBernstein Value Fund would have been 1.27%, and Net Expenses of Class B shares for the AllianceBernstein Focused Growth & Income Fund would have been 1.89%. + Assumes redemption at the end of period and, with respect to shares held for 10 years, conversion of Class B shares to Class A shares after eight years. ++ Assumes no redemption at end of period and, with respect to shares held for 10 years, conversion of Class B shares to Class A shares after eight years. * * * * * The following information replaces certain information in Prospectus 2 under the heading "Fees and Expenses of the Funds." The expense information for the following Funds has been restated to reflect current expenses (i.e., annualized fiscal year-to-date expenses as of May 31, 2009) based on lower assets under management. Actual expenses may be higher or lower than those shown. AllianceBernstein Value Fund ---------------------------- Operating Expenses Class A Class R Class K Class I ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees .30% .50% .25% None Other expenses: Transfer agent .19% .19% .17% .02% Other expenses .14% .14% .14% .14% ----- ----- ----- ---- Total other expenses .33% .33% .31% .16% ----- ----- ----- ---- Total fund operating expenses 1.18% 1.38% 1.11% .71% ===== ===== ===== ==== Examples Class A Class R Class K Class I ------- ------- ------- ------- After 1 year $ 120 $ 140 $ 113 $ 73 After 3 years $ 375 $ 437 $ 353 $ 227 After 5 years $ 649 $ 755 $ 612 $ 395 After 10 years $1,432 $1,657 $1,352 $ 883 AllianceBernstein Growth and Income Fund ---------------------------------------- Operating Expenses Class A Class R Class K Class I ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees .28% .50% .25% None Other expenses: Transfer agent .35% .22% .18% .10% Other expenses .08% .08% .08% .08% ----- ----- ----- ---- Total other expenses .43% .30% .26% .18% ----- ----- ----- ---- Total fund operating expenses 1.26% 1.35% 1.06% .73% ===== ===== ===== ==== Examples Class A Class R Class K Class I ------- ------- ------- ------- After 1 year $ 128 $ 137 $ 108 $ 75 After 3 years $ 400 $ 428 $ 337 $ 233 After 5 years $ 692 $ 739 $ 585 $ 406 After 10 years $1,523 $1,624 $1,294 $ 906 AllianceBernstein Focused Growth & Income Fund ---------------------------------------------- Operating Expenses Class A Class R Class K Class I ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees .30% .50% .25% None Other expenses: Transfer agent .38% .21% .18% .02% Other expenses .48% .48% .48% .48% ----- ----- ----- ----- Total other expenses .86% .69% .66% .50% ----- ----- ----- ----- Total fund operating expenses 1.71% 1.74% 1.46% 1.05% ===== ===== ===== ===== Examples Class A Class R Class K Class I ------- ------- ------- ------- After 1 year $ 174 $ 177 $ 149 $ 107 After 3 years $ 539 $ 548 $ 462 $ 334 After 5 years $ 928 $ 944 $ 797 $ 579 After 10 years $2,019 $2,052 $1,746 $1,283 AllianceBernstein Balanced Shares --------------------------------- Operating Expenses Class A Class R Class K Class I ------- ------- ------- ------- Management Fees .48% .48% .48% .48% Distribution and/or service (12b-1) fees .29% .50% .25% None Other expenses: Transfer agent .27% .23% .18% .10% Other expenses .12% .12% .12% .13% ----- ----- ----- ---- Total other expenses .39% .35% .30% .23% ----- ----- ----- ---- Total fund operating expenses 1.16% 1.33% 1.03% .71% ===== ===== ===== ==== Examples Class A Class R Class K Class I ------- ------- ------- ------- After 1 year $ 118 $ 135 $ 105 $ 73 After 3 years $ 368 $ 421 $ 328 $ 227 After 5 years $ 638 $ 729 $ 569 $ 395 After 10 years $1,409 $1,601 $1,259 $ 883 AllianceBernstein Utility Income Fund ------------------------------------- Operating Expenses Class A Class R Class K Class I ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees .30% .50% .25% None Other expenses: Transfer agent .30% .22% .19% .10% Other expenses .38% .38% .38% .38% ----- ----- ----- ----- Total other expenses .68% .60% .57% .48% ----- ----- ----- ----- Total fund operating expenses 1.53% 1.65% 1.37% 1.03% ===== ===== ===== ===== Examples Class A Class R Class K Class I ------- ------- ------- ------- After 1 year $ 156 $ 168 $ 139 $ 105 After 3 years $ 483 $ 520 $ 434 $ 328 After 5 years $ 834 $ 897 $ 750 $ 569 After 10 years $1,824 $1,955 $1,646 $1,259 AllianceBernstein Global Real Estate Investment Fund ---------------------------------------------------- Operating Expenses Class A Class R Class K Class I ------- ------- ------- ------- Management Fees .55% .55% .55% .55% Distribution and/or service (12b-1) fees .30% .50% .25% None Other expenses: Transfer agent .51% .25% .18% .11% Other expenses .64% .64% .63% .63% ----- ----- ----- ----- Total other expenses 1.15% .89% .81% .74% ----- ----- ----- ----- Total fund operating expenses 2.00% 1.94% 1.61% 1.29% ===== ===== ===== ===== Examples Class A Class R Class K Class I ------- ------- ------- ------- After 1 year $ 203 $ 197 $ 164 $ 131 After 3 years $ 627 $ 609 $ 508 $ 409 After 5 years $1,078 $1,047 $ 876 $ 708 After 10 years $2,327 $2,264 $1,911 $1,556 AllianceBernstein International Value Fund ------------------------------------------ Operating Expenses Class A Class R Class K Class I ------- ------- ------- ------- Management Fees .71% .71% .71% .71% Distribution and/or service (12b-1) fees .30% .50% .25% None Other expenses: Transfer agent .28% .22% .15% .04% Other expenses .10% .10% .10% .10% ----- ----- ----- ---- Total other expenses .38% .32% .25% .14% ----- ----- ----- ---- Total fund operating expenses 1.39% 1.53% 1.21% .85% ===== ===== ===== ==== Examples Class A Class R Class K Class I ------- ------- ------- ------- After 1 year $ 142 $ 156 $ 123 $ 87 After 3 years $ 440 $ 483 $ 384 $ 271 After 5 years $ 761 $ 834 $ 665 $ 471 After 10 years $1,669 $1,824 $1,466 $1,049 AllianceBernstein Global Value Fund ----------------------------------- Operating Expenses Class A Class R Class K Class I ------- ------- ------- ------- Management Fees .75% .75% .75% .75% Distribution and/or service (12b-1) fees .30% .50% .25% None Other expenses: Transfer agent .20% .15% .17% .02% Other expenses .35% .35% .35% .35% ----- ----- ----- ----- Total other expenses .55% .50% .52% .37% ----- ----- ----- ----- Total fund operating expenses 1.60% 1.75% 1.52% 1.12% ===== ===== ===== ===== Examples Class A Class R Class K Class I ------- ------- ------- ------- After 1 year $ 163 $ 178 $ 155 $ 114 After 3 years $ 505 $ 551 $ 480 $ 356 After 5 years $ 871 $ 949 $ 829 $ 617 After 10 years $1,900 $2,062 $1,813 $1,363 * * * * * This Supplement should be read in conjunction with the Prospectuses for the Funds. You should retain this Supplement with your Prospectuses for future reference. -------------------------------------------------------------------------------- AllianceBernstein(R) and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.