September 2010

To Our Bernstein
Mutual Fund Shareholders

The  enclosed  material pertains to an upcoming shareholder vote--in particular,
the  election of members to the Funds' Boards of Directors. For the mutual funds
you  hold,  we've  included  a proxy statement(s) providing details on the vote,
along with a proxy card(s) containing specific voting instructions.

Your  vote  is  important,  and  we encourage you to vote promptly. If we do not
receive  your  ballot, a Bernstein representative may call you to facilitate the
voting  process.  Please  note  that Bernstein recommends a vote in favor of the
election of each of the nominees as Director.

We  appreciate your attention to this important Fund matter. Should you have any
questions about the proposals or the voting process, please feel free to contact
your Bernstein Advisor.



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