The portfolio invests primarily in equity securities of companies in health care and health care-related industries. These companies may be located anywhere in the world, including Emerging Markets.
Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk, economic risk, legal and taxation risk, settlement risk and custody risk).
Investment in the portfolio may also involve general investment risk, equities securities risk, health care industries risks, concentration risk and currency risk. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.
The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve counterparty / credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element / component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the Portfolio. Exposure to financial derivative instrument may lead to a high risk of significant loss by the Portfolio.
Investors should not rely on this document alone to make investment decisions.

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_{On 31 August 2006 the Portfolio was formed by the merger of ACM International Health Care Fund into the current Portfolio. Performance prior to 31 August 2006 and noted “since inception” is actually ACM International Health Care Fund. The investment objective, policies and strategies of the portfolios are substantially the same. The fees and charges for the portfolios were calculated differently, however, their respective estimated total expense ratios are comparable.}

_{For enquiries regarding the Net Asset Value (NAV) of AllianceBernstein funds, please call (852) 2918 7888.}