Financial Planning - December 2012

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Investments in fixed income securities are subject to decreasing bond prices as interest rates rise and increasing bond prices as interest rates fall. The values of mortgage related securities and asset-backed securities are particularly sensitive to changes in interest rates due to prepayment risk. In addition, a bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline. Investments in debt securities issued by state or local governments may be subject to special political, legal, economic and market factors that can have a significant effect on the portfolio’s yield or value. AllianceBernstein Investments, Inc. is an affiliate of AllianceBernstein L.P., and is a member of FINRA.