October 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. In order to
facilitate  the voting process, a Bernstein representative may call you if we do
not  receive  your  ballot within the next few weeks. Please note that Bernstein
recommends a vote for the proposals.

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.




                                     (LOGO)
                                   BERNSTEIN
                            Global Wealth Management