Bernstein Intermediate Duration Institutional Portfolio 

The portfolio targets an average credit quality of at least 'A' for its investments, as determined by national rating agencies. It may allocate up to 25% of its total assets to non-U.S. Dollar denominated fixed-income securities from international markets, and can invest without limitation in U.S. Dollar denominated fixed-income foreign securities. These international holdings can originate from both established and developing economies. Under typical market circumstances, the fund seeks to maintain an effective duration between three and seven years.