MUTUAL FUND FACT SHEETS

Transcription

1 MUTUAL FUND FACT SHEETS 11 NOVEMBER 2017

2 TABLE OF CONTENTS FIXED INCOME GLOBAL 3 Diversified Yield Plus Portfolio 5 Emerging Market Corporate Debt Portfolio 7 Emerging Markets Debt Portfolio 9 Global Bond Portfolio 11 Global High Yield Portfolio 13 Global Plus Fixed Income Portfolio 15 Short Duration High Yield Portfolio US 17 American Income Portfolio 19 Mortgage Income Portfolio EUROPE 21 Euro High Yield Portfolio 23 European Income Portfolio ASIA 25 RMB Income Plus Portfolio 27 RMB Income Plus II Portfolio EQUITY GLOBAL 29 Concentrated Global Equity Portfolio 31 Emerging Markets Growth Portfolio 33 Emerging Markets Value Portfolio 35 Global Core Equity Portfolio 37 Global Equity Blend Portfolio 39 Global Real Estate Securities Portfolio 41 Global Value Portfolio 43 International Health Care Portfolio 45 International Technology Portfolio 47 Low Volatility Equity Portfolio 49 Thematic Research Portfolio US 51 American Growth Portfolio 53 Concentrated US Equity Portfolio 55 Select US Equity Portfolio 57 US Small and Mid-Cap Portfolio 59 US Thematic Research Portfolio EUROPE 61 European Equity Portfolio 63 Eurozone Equity Portfolio JAPAN 65 Japan Strategic Value Portfolio ASIA 67 Asia Ex-Japan Equity Portfolio 69 China Opportunity Portfolio 71 India Growth Portfolio ALTERNATIVES US 73 Select Absolute Alpha Portfolio MULTI-ASSET GLOBAL 75 Dynamic Diversified Portfolio 77 Emerging Markets Multi-Asset Portfolio Page 79 Glossary LEARN MORE VISIT TO LEARN MORE ABOUT THE AB FUNDS. 1

3 Fixed Income NOV AB DIVERSIFIED YIELD PLUS PORTFOLIO OBJECTIVE & STRATEGY Seeks to maximize risk-adjusted return by: + Offering an innovative core fixed-income strategy one that is global, flexible and riskaware + Investing in a broad range of fixed-income sectors and securities throughout the world while adjusting country, sector and security exposures according to perceived market opportunities + Employing an absolute return approach that seeks to dynamically manage risk exposure as market conditions change PROFILE + Fund Inception: 16/01/ Domicile: Luxembourg + Fiscal Year-End: 31 May + Subscription/Redemption: Daily + Order Placement Cutoff Time: 4PM US ET; 6PM CET for Currency-Hedged share classes + Base Currency: British Pound + Currency-Hedged Share Classes: Euro, Swiss Franc, US Dollar + Benchmark: 3-Month LIBOR (GBP) 1 PORTFOLIO MANAGEMENT & EXPERIENCE + Scott DiMaggio, CFA: 24 years + Douglas J. Peebles: 30 years + John Taylor: 18 years ONGOING CHARGES FIGURE Class I2 0.90% A2 USD H 1.45 I2 USD H 0.90 Ongoing charges include fees and certain expenses of the Portfolio as of the most recent KIID, and may be subject to a cap which is reflected above if applicable. HYPOTHETICAL GROWTH OF 10,000 Class I2 GBP 15,000 10,000 5,000 10, /17 Hypothetical growth of 10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions and do not reflect a sales charge. Results would be less favorable if a sales charge were included. PERFORMANCE (RETURNS ARE ANNUALIZED FOR PERIODS LONGER THAN ONE YEAR) Class 1 Month YTD 1 Year 5 Years 10 Years Life I2 0.06% 2.10% 2.88% 2.05% 1.97% A2 USD H I2 USD H Benchmark Class ISIN Bloomberg CUSIP Inception Dist. Yield Dividend Net Asset Value 3 I2 LU ABDYPI2:LX 19/05/ A2 USD H LU ABA2USH:LX 19/05/ I2 USD H LU ABI2USH:LX 19/05/ CALENDAR YEAR PERFORMANCE Class I2 0.20% 4.17 % A2 USD H I2 USD H STATISTICAL DATA (CLASS I2 GBP) Volatility 1.98 Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share class currency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but do not reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses. The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations. Currency-hedged share classes use hedging techniques in an attempt to reduce but not eliminate fluctuations between the investor s holdings in a particular currency-hedged share class denominated in the investor s investing currency and the portfolio s base currency. The goal is to deliver returns that track the portfolio s base currency returns more closely. The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d investissement à capital variable) incorporated under the laws of Luxembourg. Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed 3 3

4 AB DIVERSIFIED YIELD PLUS PORTFOLIO NOV Portfolio Statistics Net Assets million Average Duration (Years) 2.95 Average Credit Quality A Yield to Worst 2.19% Total # of Holdings 486 Top Ten Holdings Holding Australia Govt Bond 5.75%, 7/15/ % Japanese Govt CPI Linked Bond 0.10%, 3/10/ US Treasury Notes 2.25%, 11/15/25-8/15/ Canadian Govt Bond 1.50%, 6/01/ US Treasury Inflation Index 0.125%, 4/15/ Mexican Bonos 10.00%, 12/05/ Poland Govt Bond 4.00%, 10/25/ Brazil Notas do Tesouro Nacl 10.00%, 1/01/ US Treasury Inflation Index 0.25%, 1/15/ Canadian Govt Bond 1.00%, 6/01/ Total Source: AB. Portfolio holdings and weightings are subject to change. Top 5 Sectors Global Governments 28.76% Corporates - Investment Grade Inflation-Linked Securities 9.62 Corporates - Non-Investment Grade 8.36 Collateralized Mortgage Obligations 4.11 Net Currency Exposure Great British Pound % Polish Zloty 2.03 Swedish Krona 1.96 Chinese Renminbi 1.46 Argentine Peso 1.00 Brazil Real 0.90 Russian Rouble 0.73 Indonesian Rupiah 0.54 Egyptian Pound 0.25 Other Country Allocation United States 29.09% United Kingdom 9.08 Canada 8.77 Australia 6.31 Japan 5.06 Germany 4.78 Mexico 4.66 Poland 3.62 Supranational 3.39 Other Credit Quality 4 AAA 32.57% AA 2.35 A BBB BB 9.91 B 4.77 CCC & Below 0.38 Not Rated 0.42 Other 3.09 INVESTMENT RISKS TO CONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, portfolio turnover risk, smaller capitalization companies risk, derivatives risk, OTC derivatives counterparties risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund s fees and charges with their financial adviser to determine if the investment is appropriate for them. This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the Fund s full Prospectus, together with the Fund s Key Investor Information Document and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from AllianceBernstein (Luxembourg) S.à r.l. by visiting or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution. 1 LIBOR is the London Interbank Offered Rate, the daily interest rate set by leading London banks to lend to one another. An investor cannot invest directly in the LIBOR, and their results are not indicative of the performance for any specific investment, including an AB fund. The LIBOR does not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. 2 Life performance is from inception date of oldest class shown. See page 1 for inception dates. 3 Net asset value is denominated in the share class currency. 4 The highest of S&P, Moody s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, based on the issuer's financial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change. Note to Canadian Readers: AllianceBernstein provides its investment-management services in Canada through its affiliates Sanford C. Bernstein & Co., LLC and AllianceBernstein Canada, Inc. Morningstar ratings are only shown for the fund's base share class with a 4- or 5-star rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Overall Morningstar Rating is a copyright of Morningstar, Inc., All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results AllianceBernstein L.P. The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein is a registered service mark used by permission of the owner, AllianceBernstein L.P. GBDYPFS

5 Fixed Income NOV AB EMERGING MARKET CORPORATE DEBT PORTFOLIO OBJECTIVE & STRATEGY Seeks to maximize total returns through current income and capital appreciation by: + Investing primarily in fixed-income securities issued by corporations domiciled in emerging markets; the Portfolio can also make use of quasi-sovereign and sovereign securities to improve liquidity + Applying a holistic approach to analyzing credit which considers macro, industry, and credit risks + Leveraging AB s emerging market and global credit process and experience, which uses a unique combination of fundamental and quantitative investment management PROFILE + Fund Inception: 22/02/ Domicile: Luxembourg + Fiscal Year-End: 31 May + Subscription/Redemption: Daily + Order Placement Cutoff Time: 4PM US ET; 6PM CET for Currency-Hedged share classes + Base Currency: US Dollar + Currency-Hedged Share Classes: Canadian Dollar, Euro + Benchmark: JPMorgan CEMBI Broad Diversified 1 PORTFOLIO MANAGEMENT & EXPERIENCE + Paul J. DeNoon: 33 years + Shamaila Khan: 21 years ONGOING CHARGES FIGURE Class A2 1.75% AT 1.75 I NT 2.30 AT CAD H 1.73 Ongoing charges include fees and certain expenses of the Portfolio as of the most recent KIID, and may be subject to a cap which is reflected above if applicable. HYPOTHETICAL GROWTH OF $10,000 Class A2 USD 15,000 10,000 5,000 $13, /17 Hypothetical growth of $10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions and do not reflect a sales charge. Results would be less favorable if a sales charge were included. PERFORMANCE (RETURNS ARE ANNUALIZED FOR PERIODS LONGER THAN ONE YEAR) Class 1 Month YTD 1 Year 5 Years 10 Years Life A2-0.25% 7.65% 9.49% 4.48% 3.77% 5.08% AT I NT AT CAD H Benchmark Class ISIN Bloomberg CUSIP Inception Dist. Yield Dividend Net Asset Value 3 A2 LU ABEMCA2:LX L5529D711 22/02/ AT LU ABEMATU:LX L5529E792 25/02/ I2 LU ABEMCI2:LX L5529D737 22/02/ NT LU ABENTDI:LX L0173W180 20/12/ AT CAD H LU ABEATCH:LX L5529E776 07/09/ CALENDAR YEAR PERFORMANCE Class A2-1.96% 4.37 % % 10.48% AT I NT AT CAD H STATISTICAL DATA (CLASS A2 USD) Volatility 4.65 Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share class currency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but do not reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses. The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations. Currency-hedged share classes use hedging techniques in an attempt to reduce but not eliminate fluctuations between the investor s holdings in a particular currency-hedged share class denominated in the investor s investing currency and the portfolio s base currency. The goal is to deliver returns that track the portfolio s base currency returns more closely. The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d investissement à capital variable) incorporated under the laws of Luxembourg. Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed 5 5

6 AB EMERGING MARKET CORPORATE DEBT PORTFOLIO NOV Portfolio Statistics Net Assets $ million Average Duration (Years) 4.45 Average Credit Quality BB+ Yield to Worst 5.74% Total # of Holdings 342 Top Ten Holdings Holding Ecopetrol 5.875%, 9/18/ % Ukraine Govt Intl Bond 7.75%, 9/01/23-9/01/ USJ Acucar e Alcool 9.875%, 11/09/ Teva Pharmaceutical Finance Netherlands 3.15%, 10/01/ Brazil Notas do Tesouro Nacl 6.00%, 8/15/ Digicel Group 8.25%, 9/30/ Abu Dhabi National Energy 4.375%, 6/22/ YPF 8.50%, 3/23/21-7/28/ Mexican Bonos 10.00%, 12/05/ Turkiye Vakiflar Bankasi 8.00%, 11/01/ Total 9.72 Source: AB. Portfolio holdings and weightings are subject to change. Sector Allocation Corporate Bonds 84.05% Quasi-Sovereign Bonds 6.62 Emerging Markets - Treasuries 2.59 Sovereign Bonds 2.31 Cash Equivalents 1.81 Inflation-Linked Securities 1.41 Treasury Bonds 1.20 Other 0.01 Net Currency Exposure US Dollar 92.56% Brazil Real 1.83 Argentine Peso 1.56 Indian Rupee 0.98 Uruguayan New Peso 0.59 Other 2.48 Country Allocation United States 13.08% China 8.93 Chile 6.00 Mexico 5.80 Argentina 5.43 India 5.17 Peru 4.83 Colombia 4.36 South Korea 3.93 Other Credit Quality 4 AAA 1.70% AA 1.48 A 8.95 BBB BB B CCC & Below 2.82 Not Rated 2.08 Short-Term Investments 0.52 N/A INVESTMENT RISKS TO CONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, focused portfolio risk, derivatives risk, OTC derivatives counterparties risk, structured instruments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund s fees and charges with their financial adviser to determine if the investment is appropriate for them. This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the Fund s full Prospectus, together with the Fund s Key Investor Information Document and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from AllianceBernstein (Luxembourg) S.à r.l. by visiting or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution. 1 The JPMorgan CEMBI (Corporate Emerging Market Bond Index) Broad Diversified includes fixed-rate securities such as fixed, floating, amortizing and capitalizing instruments. Only those bonds issued by corporate entities are eligible in the index. Bonds with a face amount of US$300 million or more are considered for inclusion in the index. Only US dollar-denominated bonds are included; instruments where the amount of coupon or redemption payment is linked to an exchange rate are not eligible. The index includes a specific set of emerging-market countries within Asia ex-japan, Eastern Europe, the Middle East and Latin America. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. 2 Life performance is from inception date of oldest class shown. See page 1 for inception dates. 3 Net asset value is denominated in the share class currency. 4 The highest of S&P, Moody s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, based on the issuer's financial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change. Note to Canadian Readers: AllianceBernstein provides its investment-management services in Canada through its affiliates Sanford C. Bernstein & Co., LLC and AllianceBernstein Canada, Inc. Morningstar ratings are only shown for the fund's base share class with a 4- or 5-star rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Overall Morningstar Rating is a copyright of Morningstar, Inc., All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results AllianceBernstein L.P. The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein is a registered service mark used by permission of the owner, AllianceBernstein L.P. GBEMCD

7 Fixed Income NOV AB EMERGING MARKETS DEBT PORTFOLIO OBJECTIVE & STRATEGY Seeks to maximize total returns from price appreciation and income by: + Investing in a diversified portfolio of hard currency emerging market debt, with an opportunistic allocation to local debt and currencies + Looking for the best balance between yield and risk across a broad universe of sovereign, quasi-sovereign and corporate bonds + Utilizing the research of its global fixed income, global economic and global credit teams PROFILE + Fund Inception: 23/03/ Domicile: Luxembourg + Fiscal Year-End: 31 August + Subscription/Redemption: Daily + Order Placement Cutoff Time: 4PM US ET; 6PM CET for Currency-Hedged share classes + Base Currency: US Dollar + Convenience Pricing/Reporting Currencies: Euro + Currency-Hedged Share Classes: Australian Dollar, Euro, Singapore Dollar, Swiss Franc + Benchmark: JPMorgan EMBI Global 1 PORTFOLIO MANAGEMENT & EXPERIENCE + Paul J. DeNoon: 33 years + Christian DiClementi: 14 years + Shamaila Khan: 21 years ONGOING CHARGES FIGURE Class A 1.38% C 1.83 I 0.84 A NT 1.93 Ongoing charges include fees and certain expenses of the Portfolio as of the most recent KIID, and may be subject to a cap which is reflected above if applicable. HYPOTHETICAL GROWTH OF $10,000 Class A USD 25,000 20,000 15,000 10,000 5,000 $21, /17 Hypothetical growth of $10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions and do not reflect a sales charge. Results would be less favorable if a sales charge were included. PERFORMANCE (RETURNS ARE ANNUALIZED FOR PERIODS LONGER THAN ONE YEAR) Class 1 Month YTD 1 Year 5 Years 10 Years Life A -0.66% 8.95% 11.31% 4.62% 2.72% 6.31% 6.61% C I A NT Benchmark Class ISIN Bloomberg CUSIP Inception Dist. Yield Dividend Net Asset Value 3 A LU ALLEMDA:LX L0167V115 23/03/ % C LU ACMEMDC:LX L0167V131 23/03/ I LU ACMEMDI:LX L0167V198 23/03/ A2 LU ACMEMA2:LX L0167V149 23/03/ NT LU AEMRANT:LX L /10/ CALENDAR YEAR PERFORMANCE Class A 18.96% -7.74% 4.15 % -3.64% % C I A NT STATISTICAL DATA (CLASS A USD) Volatility 6.85 Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share class currency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but do not reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses. The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations. Currency-hedged share classes use hedging techniques in an attempt to reduce but not eliminate fluctuations between the investor s holdings in a particular currency-hedged share class denominated in the investor s investing currency and the portfolio s base currency. The goal is to deliver returns that track the portfolio s base currency returns more closely. The Portfolio is a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg. Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed 7 7

8 AB EMERGING MARKETS DEBT PORTFOLIO NOV Portfolio Statistics Net Assets $1, million Average Duration (Years) 6.87 Average Credit Quality BB Yield to Worst 6.79% Total # of Holdings 302 Top Ten Holdings Holding Argentine Govt Intl 6.875%, 4/22/21-1/26/ % Ukraine Govt Intl Bond 7.75%, 9/01/21-9/01/ Mexico Govt Intl Bond 4.00%, 10/02/ Turkey Govt Intl Bond 4.875%, 4/16/ Russian Foreign Bond 4.50%, 4/04/ Russian Foreign Bond 5.25%, 6/23/ Republic of South Africa Govt Intl Bond 5.875%, 9/16/ Sinopec Group Overseas Development 3.25%, 4/28/25-9/13/ Indonesia Govt Intl Bond 3.85%, 7/18/ Provincia de Buenos Aires/Argentina 9.125%, 3/16/ Total Source: AB. Portfolio holdings and weightings are subject to change. Sector Allocation All Governments 66.03% Quasi-Sovereign Corporates Other 2.73 Net Currency Exposure US Dollar 91.18% Brazil Real 2.10 Argentine Peso 1.64 Egyptian Pound 1.08 Sri Lankan Rupee 0.76 Indian Rupee 0.74 Uruguayan New Peso 0.62 Indonesian Rupiah 0.54 Russian Rouble 0.54 Other 0.80 Country Allocation Mexico 11.00% Argentina Brazil 8.33 Indonesia 7.29 Turkey 6.80 China 5.73 Russia 3.64 Ukraine 3.46 South Africa 3.25 Other Credit Quality 4 A 12.91% BBB BB B CCC & Below 2.58 Short-Term Investments 1.10 Other 0.62 INVESTMENT RISKS TO CONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, liquidity risk, focused portfolio risk, allocation risk, portfolio turnover risk, derivatives risk, OTC derivatives counterparties risk, structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund s fees and charges with their financial adviser to determine if the investment is appropriate for them. This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the Fund s full Prospectus, together with the Fund s Key Investor Information Document and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from AllianceBernstein (Luxembourg) S.à r.l. by visiting or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution. 1 The unmanaged JPMorgan EMBI (Emerging Markets Bond Index) Global tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, eurobonds. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. 2 Life performance is from inception date of oldest class shown. See page 1 for inception dates. 3 Net asset value is denominated in the share class currency. 4 The highest of S&P, Moody s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, based on the issuer's financial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change. Note to Canadian Readers: AllianceBernstein provides its investment-management services in Canada through its affiliates Sanford C. Bernstein & Co., LLC and AllianceBernstein Canada, Inc. Morningstar ratings are only shown for the fund's base share class with a 4- or 5-star rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Overall Morningstar Rating is a copyright of Morningstar, Inc., All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results AllianceBernstein L.P. The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein is a registered service mark used by permission of the owner, AllianceBernstein L.P. GBEMDFS

9 Fixed Income NOV AB GLOBAL BOND PORTFOLIO OBJECTIVE & STRATEGY Seeks high total investment return by: + Investing in a global portfolio of investment grade, fixed-income securities + Hedging non-us dollar-denominated positions to US dollars to minimize the risks of currency fluctuations + Drawing on a large global team to evaluate the top-down factors influencing markets as well as the bottom-up factors affecting bond prices PROFILE + Fund Inception: 14/10/ Domicile: Luxembourg + Fiscal Year-End: 31 August + Subscription/Redemption: Daily + Order Placement Cutoff Time: 4PM US ET; 6PM CET for Currency-Hedged share classes + Base Currency: US Dollar + Convenience Pricing/Reporting Currencies: Euro + Currency-Hedged Share Classes: Australian Dollar, British Pound, Canadian Dollar, Euro + Benchmark: Bloomberg Barclays Global 1-3 Year Treasury Index (USD hedged) 1, 2 PORTFOLIO MANAGEMENT & EXPERIENCE + Scott DiMaggio, CFA: 24 years + Nicholas Sanders: 13 years + John Taylor: 18 years ONGOING CHARGES FIGURE Class A 1.47% C 1.92 I 0.92 A NT 2.02 AT CAD H 1.46 Ongoing charges include fees and certain expenses of the Portfolio as of the most recent KIID, and may be subject to a cap which is reflected above if applicable. HYPOTHETICAL GROWTH OF $10,000 Class A USD 25,000 20,000 15,000 10,000 5,000 $21, /17 Hypothetical growth of $10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions and do not reflect a sales charge. Results would be less favorable if a sales charge were included. PERFORMANCE (RETURNS ARE ANNUALIZED FOR PERIODS LONGER THAN ONE YEAR) Class 1 Month YTD 1 Year 5 Years 10 Years Life A -0.04% 0.51% 0.59% 0.04% -0.13% 1.96% 3.62% C I A NT AT CAD H Benchmark Class ISIN Bloomberg CUSIP Inception Dist. Yield Dividend Net Asset Value 4 A LU ALGLBAI:LX L /10/ % C LU ACMGBCI:LX L /03/ I LU ALGLBII:LX L /11/ A2 LU ACMBATI:LX L /05/ NT LU ABGBPNT:LX L /10/ AT CAD H LU AGBATCH:LX 15/04/ CALENDAR YEAR PERFORMANCE Class A 2.99% -1.03% 0.05% -0.50% 0.33% C I A NT AT CAD H STATISTICAL DATA (CLASS A USD) Volatility 0.68 Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share class currency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but do not reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses. The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations. Currency-hedged share classes use hedging techniques in an attempt to reduce but not eliminate fluctuations between the investor s holdings in a particular currency-hedged share class denominated in the investor s investing currency and the portfolio s base currency. The goal is to deliver returns that track the portfolio s base currency returns more closely. The Portfolio is a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg. Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed 9 9

10 AB GLOBAL BOND PORTFOLIO NOV Portfolio Statistics Net Assets $ million Average Duration (Years) 1.82 Average Credit Quality AA- Yield to Worst 2.28% Total # of Holdings 203 Top Ten Holdings Holding US Treasury Bonds 8.75%, 8/15/ % US Treasury Notes 3.625%, 2/15/ Italy Buoni Poliennali Del Tesoro 4.25%, 9/01/ Canadian Govt Bond 9.75%, 6/01/ US Treasury Inflation Index 0.125%, 4/15/ Japan Govt 5-Yr Bond 0.30%, 3/20/ Mexican Bonos 8.00%, 6/11/ US Treasury Bonds 8.125%, 8/15/ Canadian Govt Bond 10.50%, 3/15/ Japanese Govt CPI Linked Bond 0.10%, 3/10/ Total Source: AB. Portfolio holdings and weightings are subject to change. Sector Allocation Global Governments 44.24% Corporates - Investment Grade Covered Bonds 8.36 Inflation-Linked Securities 7.41 Local Governments - Provincial Bonds 2.76 Collateralized Mortgage Obligations 2.67 Local Governments - Canadian Municipal Bonds 1.85 Governments - Sovereign Agencies 1.82 Quasi-Sovereigns 1.80 Other 1.39 Net Currency Exposure US Dollar % Polish Zloty 1.05 Swedish Krona 0.50 Russian Rouble 0.30 South African Rand 0.02 Other Country Allocation United States 39.58% Canada United Kingdom 8.13 Japan 6.69 Italy 5.08 Germany 4.14 Spain 3.64 France 3.32 Poland 3.05 Other Credit Quality 5 AAA 42.25% AA 9.32 A BBB INVESTMENT RISKS TO CONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Some of the principal risks of investing in the Fund include liquidity risk, portfolio turnover risk, derivatives risk, OTC derivatives counterparties risk, structured investments risk, fixed income securities risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund s fees and charges with their financial adviser to determine if the investment is appropriate for them. This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the Fund s full Prospectus, together with the Fund s Key Investor Information Document and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from AllianceBernstein (Luxembourg) S.à r.l. by visiting or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution. 1 Effective 14 December 2012, the benchmark for the Portfolio has changed as noted above. As of 1 January 2013, performance data reflects the new benchmark. Benchmark performance prior to 1 January 2013 represents the Portfolio s prior benchmark, the Barclays Capital Global Aggregate Index (USD hedged). 2 The Bloomberg Barclays Global 1-3 Year Treasury Index (USD hedged) tracks fixed-rate local-currency government debt of investment-grade countries. The index represents the 1-3 year range of the Treasury sector of the Global Aggregate Index and contains issues from 37 countries denominated in 23 currencies. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. 3 Life performance is from closest month-end after inception date of Class A. See page 1 for inception dates. 4 Net asset value is denominated in the share class currency. 5 The highest of S&P, Moody s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, based on the issuer's financial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change. Note to Canadian Readers: AllianceBernstein provides its investment-management services in Canada through its affiliates Sanford C. Bernstein & Co., LLC and AllianceBernstein Canada, Inc. Morningstar ratings are only shown for the fund's base share class with a 4- or 5-star rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Overall Morningstar Rating is a copyright of Morningstar, Inc., All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results AllianceBernstein L.P. The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein is a registered service mark used by permission of the owner, AllianceBernstein L.P. GBGBPFS

11 Fixed Income NOV AB GLOBAL HIGH YIELD PORTFOLIO OBJECTIVE & STRATEGY Seeks to produce high current income as well as overall total return by: + Applying a global, multi-sector approach to bond investment + Investing mainly in higher yielding, lower-rated (below Investment Grade) securities of issuers located throughout the world, including developed and emerging market countries + Investing in both US dollar and non-us dollar denominated securities PROFILE + Fund Inception: 22/09/ Domicile: Luxembourg + Fiscal Year-End: 31 August + Subscription/Redemption: Daily + Order Placement Cutoff Time: 4PM US ET; 6PM CET for Currency-Hedged share classes + Base Currency: US Dollar + Convenience Pricing/Reporting Currencies: Euro + Currency-Hedged Share Classes: Australian Dollar, Canadian Dollar, Euro, Singapore Dollar, Swiss Franc + Benchmark: Bloomberg Barclays Global High Yield Bond Index (USD hedged) 1 PORTFOLIO MANAGEMENT & EXPERIENCE + Paul J. DeNoon: 33 years + Gershon Distenfeld, CFA: 20 years + Douglas J. Peebles: 30 years + Matthew S. Sheridan, CFA: 20 years ONGOING CHARGES FIGURE Class A 1.79% C 2.24 I 1.25 A NT 2.34 AT CAD H 1.79 Ongoing charges include fees and certain expenses of the Portfolio as of the most recent KIID, and may be subject to a cap which is reflected above if applicable. HYPOTHETICAL GROWTH OF $10,000 Class A USD 40,000 30,000 20,000 10,000 $31, /17 Hypothetical growth of $10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions and do not reflect a sales charge. Results would be less favorable if a sales charge were included. PERFORMANCE (RETURNS ARE ANNUALIZED FOR PERIODS LONGER THAN ONE YEAR) Class 1 Month YTD 1 Year 5 Years 10 Years Life A 0.05% 6.80% 8.90% 4.29% 4.54% 6.10% 5.89% C I A NT AT CAD H Benchmark Class ISIN Bloomberg CUSIP Inception Dist. Yield Dividend Net Asset Value 3 A LU ACMHYAI:LX L /09/ % C LU ACMHYCI:LX L /09/ I LU ACMHYII:LX L /09/ A2 LU ACMHYA2:LX L /03/ NT LU AGHATNT:LX L5528V662 18/10/ AT CAD H LU ABGATCH:LX 15/04/ CALENDAR YEAR PERFORMANCE Class A % 5.09% 1.58% -5.44% 14.02% C I A NT AT CAD H STATISTICAL DATA (CLASS A USD) Volatility 5.36 Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share class currency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but do not reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses. The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations. Currency-hedged share classes use hedging techniques in an attempt to reduce but not eliminate fluctuations between the investor s holdings in a particular currency-hedged share class denominated in the investor s investing currency and the portfolio s base currency. The goal is to deliver returns that track the portfolio s base currency returns more closely. The Portfolio is a portfolio of AB FCP I, a mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg. Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed 11 11

12 AB GLOBAL HIGH YIELD PORTFOLIO NOV Portfolio Statistics Net Assets $25, million Average Duration (Years) 4.33 Average Credit Quality BB Yield to Worst 6.48% Total # of Holdings 1,145 Top 10 Credit and Emerging Market Securities Holding Brazil Notas do Tesouro Nacl 10.00%, 1/01/21-1/01/ % Mexican Bonos 8.00%, 6/11/ Mexican Bonos 6.50%, 6/10/ Turkey Govt Bond 11.10%, 5/15/ Mexican Bonos 10.00%, 12/05/ Turkey Govt Bond 11.00%, 2/24/ Turkey Govt Bond 10.70%, 2/17/ Argentine Govt Intl 6.875%, 4/22/21-1/26/ Turkey Govt Bond 10.40%, 3/27/ Brazil Notas do Tesouro Nacl 6.00%, 5/15/45-8/15/ Total Source: AB. Portfolio holdings and weightings are subject to change. Sector Allocation High Yield 35.27% Emerging Markets - Local Currency Treasuries Emerging Markets - Hard Currency 9.86 CMOs 8.38 Corporates - Investment Grade 5.18 Commercial Mortgage- Backed Securities 4.66 Preferred Stock 3.58 Other 2.03 Net Currency Exposure US Dollar 89.30% Brazil Real 1.99 Argentine Peso 1.76 Russian Rouble 1.47 Mexican Peso 1.31 Other 4.17 Country Allocation United States 50.18% Brazil 6.67 Mexico 5.75 Turkey 4.40 Argentina 3.58 Luxembourg 3.57 United Kingdom 3.04 Indonesia 1.85 Russia 1.66 Other Credit Quality 4 AAA 7.96% AA 0.25 A 6.45 BBB BB B CCC & Below 6.46 Not Rated 5.78 INVESTMENT RISKS TO CONSIDER: Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Some of the principal risks of investing in the Fund include emerging markets risk, liquidity risk, portfolio turnover risk, derivatives risk, OTC derivatives counterparties risk, structured investments risk, fixed income securities risk, lower-rated and unrated instruments risk, sovereign debt obligations risk and corporate debt obligations risk. These and other risks are described in the Fund s prospectus. Prospective investors should read the prospectus carefully and discuss risk and the fund s fees and charges with their financial adviser to determine if the investment is appropriate for them. This financial promotion is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the Fund s full Prospectus, together with the Fund s Key Investor Information Document and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from AllianceBernstein (Luxembourg) S.à r.l. by visiting or in printed form by contacting the local distributor in the jurisdictions in which the funds are authorised for distribution. 1 Bloomberg Barclays Global High Yield Bond Index (USD hedged) provides a broad-based measure of the global high-yield fixed income market. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. 2 Life performance is from closest month-end after inception date of Class A. See page 1 for inception dates. 3 Net asset value is denominated in the share class currency. 4 The highest of S&P, Moody s and Fitch. Not rated securities are those rated by another nationally recognized statistic rating organization and/or AB. Credit quality is a measure of the creditworthiness and risk of a bond or portfolio, based on the issuer's financial condition. AAA is highest and D is lowest. Ratings may not accurately reflect credit risk and are subject to change. Note to Canadian Readers: AllianceBernstein provides its investment-management services in Canada through its affiliates Sanford C. Bernstein & Co., LLC and AllianceBernstein Canada, Inc. Morningstar ratings are only shown for the fund's base share class with a 4- or 5-star rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Overall Morningstar Rating is a copyright of Morningstar, Inc., All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results AllianceBernstein L.P. The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein is a registered service mark used by permission of the owner, AllianceBernstein L.P. GBGHYFS

13 Fixed Income NOV AB GLOBAL PLUS FIXED INCOME PORTFOLIO OBJECTIVE & STRATEGY Seeks high total investment return by: + Investing primarily in investment grade debt securities and opportunistically in noninvestment grade debt + Applying a global multi-sector approach designed to maximize opportunities, including investment in government and corporate debt + Drawing on a large global team to evaluate the top-down factors influencing markets as well as the bottom-up factors affecting bond prices PROFILE + Fund Inception: 03/02/ Domicile: Luxembourg + Fiscal Year-End: 31 May + Subscription/Redemption: Daily + Order Placement Cutoff Time: 4PM US ET; 6PM CET for Currency-Hedged share classes + Base Currency: US Dollar + Currency-Hedged Share Classes: British Pound, Canadian Dollar, Euro + Benchmark: Bloomberg Barclays Global Aggregate Bond Index (USD hedged) 1 PORTFOLIO MANAGEMENT & EXPERIENCE + Scott DiMaggio, CFA: 24 years + Douglas J. Peebles: 30 years + Nicholas Sanders: 13 years + John Taylor: 18 years ONGOING CHARGES FIGURE Class A2 1.39% AT 1.40 C I AT CAD H 1.40 Ongoing charges include fees and certain expenses of the Portfolio as of the most recent KIID, and may be subject to a cap which is reflected above if applicable. HYPOTHETICAL GROWTH OF $10,000 Class A2 USD 15,000 10,000 5,000 $11, /17 Hypothetical growth of $10,000 is for illustrative purposes only. Fund returns assume the reinvestment of distributions and do not reflect a sales charge. Results would be less favorable if a sales charge were included. PERFORMANCE (RETURNS ARE ANNUALIZED FOR PERIODS LONGER THAN ONE YEAR) Class 1 Month YTD 1 Year 5 Years 10 Years Life A2 0.17% 2.74% 3.47% 2.15% 2.24% 2.79% AT C I AT CAD H Benchmark Class ISIN Bloomberg CUSIP Inception Dist. Yield Dividend Net Asset Value 3 A2 LU ABGPFA2:LX L /02/ AT LU ABGPFAT:LX L /02/ C2 LU ABGPFC2:LX L /02/ I2 LU ABGPFI2:LX L /02/ AT CAD H LU ABPATCH:LX 08/08/ CALENDAR YEAR PERFORMANCE Class A2-1.52% 6.70% % 4.38% AT C I AT CAD H STATISTICAL DATA (CLASS A2 USD) Volatility 2.85 Past performance is no guarantee of future results. The value of investments and the income from them will vary. Your capital is at risk. Performance data are provided in the share class currency, and include the change in net asset value and the reinvestment of any distributions paid on Portfolio shares for the period shown. Performance data are net of management fees, but do not reflect sales charges or the effect of taxes. Returns for other share classes will vary due to different charges and expenses. The actual return achieved by investors in other currencies may increase or decrease as a result of currency fluctuations. Currency-hedged share classes use hedging techniques in an attempt to reduce but not eliminate fluctuations between the investor s holdings in a particular currency-hedged share class denominated in the investor s investing currency and the portfolio s base currency. The goal is to deliver returns that track the portfolio s base currency returns more closely. The Portfolio is a portfolio of AB SICAV I, an open-ended investment company with variable capital (société d investissement à capital variable) incorporated under the laws of Luxembourg. Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed 13 13