AllianceBernstein SINGAPORE PROSPECTUS. > International Health Care Portfolio. > International Technology Portfolio. > Thematic Research Portfolio

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1 AllianceBernstein SINGAPORE PROSPECTUS > International Health Care Portfolio > International Technology Portfolio > Thematic Research Portfolio > Global Real Estate Securities Portfolio > India Growth Portfolio > Euro High Yield Portfolio > US Small and Mid-Cap Portfolio > RMB Income Plus Portfolio SINGAP v

2 Important Notice 25 August 2011 ACMBernstein SICAV is the legal name of an open-ended investment company with variable capital (société d'investissement à capital variable) under the laws of the Grand Duchy of Luxembourg, which conducts business outside of Germany, Austria and Switzerland under the trading name, AllianceBernstein (the "Fund"). This Singapore Prospectus incorporates and should be read in conjunction with the Luxembourg prospectus of the Fund dated May 2011 (as may be amended or supplemented from time to time) (the "Luxembourg Prospectus"). The Fund is constituted outside Singapore. The Portfolios have been recognised for retail distribution in Singapore under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"). The Fund, which is the offeror of shares in the Portfolios, has appointed AllianceBernstein (Singapore) Ltd. as its agent for service of process and as its Singapore representative (whose details appear in Paragraphs 8 and 9 of this Singapore Prospectus). This Singapore Prospectus is authorised for distribution only when accompanied by the Luxembourg Prospectus. Please read this Singapore Prospectus and the Luxembourg Prospectus for full information on the Portfolios. Investors should note that the Thematic Research Portfolio 1, Euro High Yield Portfolio, US Small and Mid-Cap Portfolio and RMB Income Plus Portfolio will make use of exchange-traded and OTC financial derivative instruments, such as for example, options on securities, options on securities indices, futures, forwards and swaps, forward foreign currency exchange contracts, currency futures, currency options, options on currency futures and currency swaps for efficient portfolio management, hedging or investment purposes. 1 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

3 CONTENTS IMPORTANT ADDITIONAL INFORMATION FOR SINGAPORE INVESTORS IN ALLIANCEBERNSTEIN Paragraph Page 1. Singapore Prospectus and Luxembourg Prospectus Singapore Recognition of Portfolios Date of Registration Portfolios Classes of Shares Disclaimers Constitutive Documents Singapore Representative Singapore Directory Track Record of Management Company and Investment Manager Auditor Investment Objective, Focus and Approach Inclusion under the CPF Investment Scheme Fees and Charges Risks Subscription for Shares Redemption of Shares Exchange or Conversion of Shares Obtaining Price Information Suspension of Dealings Performance of Portfolios Soft Dollar Arrangements Conflicts of Interest Reports Certain Singapore Tax Considerations Queries and Complaints SINGAP v

4 IMPORTANT ADDITIONAL INFORMATION FOR SINGAPORE INVESTORS IN ALLIANCEBERNSTEIN IMPORTANT: PLEASE READ AND RETAIN THIS SINGAPORE PROSPECTUS AND THE LUXEMBOURG PROSPECTUS FOR FUTURE REFERENCE 1. SINGAPORE PROSPECTUS AND LUXEMBOURG PROSPECTUS This Singapore Prospectus relating to the following: 1.1 AllianceBernstein International Health Care Portfolio ("International Health Care Portfolio"); 1.2 AllianceBernstein International Technology Portfolio ("International Technology Portfolio"); 1.3 AllianceBernstein Thematic Research Portfolio 2 ("Thematic Research Portfolio"); 1.4 AllianceBernstein Global Real Estate Securities Portfolio ("Global Real Estate Securities Portfolio"); 1.5 AllianceBernstein India Growth Portfolio ("India Growth Portfolio"); 1.6 AllianceBernstein Euro High Yield Portfolio ("Euro High Yield Portfolio"); 1.7 AllianceBernstein US Small and Mid-Cap Portfolio ("US Small and Mid-Cap Portfolio"); and 1.8 AllianceBernstein RMB Income Plus Portfolio ("RMB Income Plus Portfolio"), (collectively, the "Portfolios" and each a "Portfolio"), incorporates and shall be read in conjunction with the Luxembourg Prospectus. Unless the context otherwise requires, terms defined in the Luxembourg Prospectus shall have the same meanings when used in this Singapore Prospectus except where specifically provided for otherwise in this Singapore Prospectus. 2. SINGAPORE RECOGNITION OF PORTFOLIOS The Portfolios offered in this Singapore Prospectus are recognised collective investment schemes under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"). A copy of this Singapore Prospectus has been lodged with and registered by the Monetary Authority of Singapore (the "Authority"). The Authority assumes no responsibility for the contents of this Singapore Prospectus. The registration of this Singapore Prospectus by the Authority does not imply that the SFA or any other legal or regulatory requirements have been complied with. The Authority has not, in any way, considered the investment merits of the Portfolios. 2 The Thematic Research Portfolio was previously known as the Asian Technology Portfolio, but was renamed the Global Thematic Research Portfolio on 30 November 2009, and was subsequently further renamed the Thematic Research Portfolio on 30 April SINGAP v

5 3. DATE OF REGISTRATION The date of registration of this Singapore prospectus is 25 August This Singapore Prospectus shall be valid for a period of 12 months after the date of registration (i.e., up to and including 24 August 2012) and shall expire on 25 August PORTFOLIOS The Portfolios are each a separate portfolio of the Fund, which is an open-ended investment company with variable capital (société d'investissement à capital variable) incorporated on 8 June 2006 with limited liability in the Grand Duchy of Luxembourg under the law of 10 August 1915, as amended, and qualifies as an undertaking for collective investment in transferable securities (a "UCITS") within the meaning of Article 1(2) of the EC Directive 85/611 of 20 December 1985, as amended. Outside of Germany, Austria and Switzerland, the Fund conducts business under the name AllianceBernstein. 5. CLASSES OF SHARES Separate classes of Shares are issued in relation to each Portfolio. The classes of Shares of each Portfolio being offered under this Singapore Prospectus and the relevant Offered Currencies are indicated in the table below. Fund Currency of Share Class Share Class International Health Care Portfolio International Technology Portfolio Thematic Research Portfolio 3 Dollar (Base Currency) Euro (Offered Currency) SGD (Offered Currency) Dollar (Base Currency) Euro (Offered Currency) Dollar (Base Currency) Euro (Offered Currency) SGD (Offered Currency) Dollar (Base Currency) Euro (Offered Currency) Dollar (Base Currency) Euro (Offered Currency) SGD (Offered Currency) Dollar (Base Currency) SGD (Offered Currency)* *Note that only the SGD denominated shares of this Class will be offered under Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class I Class S Class S1 Class AN Class IN 3 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

6 Fund Currency of Share Class Share Class this Singapore Prospectus. Currency Hedged Share Classes AUD Hedged Class A AUD H Class B AUD H Class C AUD H Global Real Estate Securities Portfolio India Growth Portfolio SGD Hedged Dollar (Base Currency) Euro (Offered Currency) SGD (Offered Currency) Dollar (Base Currency) Euro (Offered Currency) SGD (Offered Currency) Class A SGD H Class B SGD H Class A Class B Class C Class I Class A Class B Class C Class I Dollar (Base Currency) Euro (Offered Currency) Currency Hedged Share Classes SGD Hedged Class S Class S1 Class A SGD H Class B SGD H Euro High Yield Portfolio US Small and Mid-Cap Portfolio Euro (Base Currency) Dollar (Offered Currency) Euro (Base Currency) Dollar (Offered Currency) SGD (Offered Currency) Dollar (Base Currency) Euro (Offered Currency) SGD (Offered Currency) Dollar (Base Currency) Euro (Offered Currency) Class A Class A2 Class B Class B2 Class C Class C2 Class I Class I2 Class S Class S1 Class AT Class BT Class A Class B Class C Class I Class S Class S1 Currency Hedged Share Classes Euro Hedged Class A EUR H Class B EUR H Class C EUR H Class S EUR H Class S1 EUR H SINGAP v

7 Fund Currency of Share Class Share Class RMB Income Plus Portfolio SGD Hedged RMB (Base Currency) Dollar (Offered Currency) Euro (Offered Currency) SGD (Offered Currency) Class A SGD H Class B SGD H Class A2 Class AT Class I2 Class S Class S1 The sale of Class S and Class S1 shares (and each applicable H shares) in the Fund is restricted to persons who qualify as institutional investors within the meaning of Article 129 of the Luxembourg law of 20 December 2002 relating to undertakings for collective investment. Class S and Class S1 shares (and each applicable H shares) are reserved for institutional investors that have entered into an agreement with the Management Company and are being charged an investment management fee separately. The other portfolios and classes of Shares referred to in the Luxembourg Prospectus, but which are not included in the list above, are currently not available for offer to the public in Singapore. 6. DISCLAIMERS The managers of the Management Company (the "Managers") have taken all reasonable care to ensure that the information contained in this Singapore Prospectus is true and accurate in all material respects and that there are no other material facts the omission of which makes any statement of fact or opinion in this Singapore Prospectus misleading. The Managers accept responsibility accordingly. The distribution of this Singapore Prospectus and the offering of the Portfolios and the Shares may be restricted in certain jurisdictions. This Singapore Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. Prospective investors should inform themselves as to the legal requirements, exchange control regulations and tax consequences within the countries of their residence and domicile for the acquisition, holding or disposal of Shares and any foreign exchange restrictions that may be relevant to them. Shares that are acquired by persons not entitled under the Articles to hold them may be redeemed by the Management Company on behalf of the Fund at the current Net Asset Value. The Shares referred to in this Singapore Prospectus are offered solely on the basis of the information contained in this Singapore Prospectus and in the Luxembourg Prospectus and in the reports and documents referred to in this Singapore Prospectus and the Luxembourg Prospectus. In connection with the offer made hereby, no person is authorised to give any information or to make any representations other than those contained in this Singapore Prospectus or in the documents referred to herein and read in conjunction with the Luxembourg Prospectus. If given or made, such information or representations must not be relied upon as having been authorised by the Management Company, Singapore Representative or the distributor and any purchase made by any person on the basis of statements or representations which are not contained in or SINGAP v

8 which are inconsistent with the information contained in this Singapore Prospectus, read in conjunction with the Luxembourg Prospectus, shall be solely at the risk of the purchaser. The delivery of this Singapore Prospectus or the issue of Shares shall not, under any circumstances, create any implication that the affairs of the Portfolios or Fund have not changed since the date hereof. To reflect material changes, this Singapore Prospectus may be updated from time to time and investors should investigate whether a more recent Singapore Prospectus is available. Investors are advised to carefully consider the risk factors set out under Paragraph 15 of this Singapore Prospectus, the "Other Portfolio Information Risk Profile" for the relevant Portfolio in Section I of the Luxembourg Prospectus and "Risk Factors and Special Considerations" in Section II of the Luxembourg Prospectus. Investors may wish to consult their independent financial adviser about the suitability of shares of the Portfolios for their investment needs. 7. CONSTITUTIVE DOCUMENTS The constitutive documents of the Fund are its Articles described under the heading "Additional Information" in Section II of the Luxembourg Prospectus. Copies of the Articles as amended or supplemented are available for inspection by investors in Singapore at the registered office of the Singapore Representative, free of charge, during normal Singapore business hours. 8. SINGAPORE REPRESENTATIVE AllianceBernstein (Singapore) Ltd. has been appointed as the representative (the "Singapore Representative") of the Management Company of the Portfolios and the offeror of the Shares in the Portfolios, AllianceBernstein (Luxembourg) S.à r.l., for the purposes of performing administration and other related functions relating to the offer of the Shares under Section 287 of the SFA. The Singapore Representative has also been appointed by the Management Company as its local agent in Singapore to accept service of process on behalf of the Management Company. In addition, the Singapore Representative acts as the agent of the Registrar and Transfer Agent of the Fund, the Management Company or AllianceBernstein Investor Services, a unit of the Management Company, in Singapore to provide the Fund with registrar and transfer agent services in relation to the shareholders of the Portfolios who purchased Shares in Singapore (the "Singapore Shareholders"). A copy of the relevant extracts from the register of the Portfolios relating to the Singapore Shareholders is available for inspection at the registered office of the Singapore Representative, free of charge, during normal Singapore business hours. 9. SINGAPORE DIRECTORY Singapore Representative and Agent for Service of Process in Singapore AllianceBernstein (Singapore) Ltd. Registered Office: SINGAP v

9 30 Cecil Street #28-01 Prudential Tower Singapore Legal Advisers as to Singapore Law Clifford Chance Pte. Ltd. One George Street 19th Floor Singapore TRACK RECORD OF MANAGEMENT COMPANY AND INVESTMENT MANAGER The Management Company of the Fund is AllianceBernstein (Luxembourg) S.à r.l., a company incorporated in Luxembourg whose registered office is at 2-4, rue Eugène Ruppert, L-2453, Luxembourg. The Management Company has been managing funds since The Management Company has appointed AllianceBernstein L.P., as the Investment Manager for the Portfolios. The Investment Manager is a Delaware limited partnership domiciled in Delaware, U.S.A. The Investment Manager has been managing funds since AUDITOR The Board of Directors of the Fund has appointed Ernst & Young S.A., Independent Public Accountants, 7 Parc d'activité Syrdall, L-5365 Munsbach, Luxembourg, as independent auditor of the Fund. Ernst & Young will, with respect to the assets of the Fund, carry out the duties prescribed by the Law of INVESTMENT OBJECTIVE, FOCUS AND APPROACH The main investment objectives of the Portfolios are as follows: Portfolio Investment Objective Profile of Typical Investor International Health Care Portfolio International Technology Portfolio The Portfolio seeks capital appreciation through investments on a worldwide basis in equity securities of companies that are engaged in health care and health science industries. A substantial portion of its portfolio will typically be invested in U.S. companies. Through a bottom-up selection process, the team attempts to determine market leaders with superior research, financial controls and marketing capabilities. The Portfolio seeks growth of capital by investing globally in equity securities of companies expected to benefit from technological advances and improvements. The Portfolio will primarily invest in companies where the The Portfolio will suit higher risk-tolerant investors seeking the longer-term rewards of equity investment. Investors are encouraged to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. The Portfolio will suit higher risk-tolerant investors seeking the longer-term rewards of equity investment. Investors are encouraged to consult their independent financial SINGAP v

10 Portfolio Investment Objective Profile of Typical Investor Thematic Research Portfolio 4 Global Real Estate Securities Portfolio India Growth Portfolio expected benefits to be derived from technology will significantly enhance the company's potential. The investment objective of the Portfolio is to achieve long-term capital appreciation. The Portfolio pursues opportunistic growth by investing in a global universe of companies in multiple industries that may benefit from innovation. The Investment Manager utilizes top-down research to find those secular themes that are the long-term drivers of the market outlook across industries. The Investment Manager also uses bottom-up research to identify the most attractive candidates those with compelling earnings growth prospects and valuations that are aligned with the themes identified in top-down research. The result of this philosophy is a reiterative investment process where the top-down thematic outlook is validated by our bottom up research. It is the combination of the two research views that allow for the conviction to capitalize on compelling investment opportunities that have the potential to add substantial return value. The Portfolio's investment objective is total return from long-term growth of capital and income. In seeking to achieve this investment objective, the Investment Manager expects that at any time at least 80% of the Portfolio's total assets will be invested in the equity securities of real estate investments trusts and other real estate industry companies worldwide, such as real estate operating companies. The investment objective of the Portfolio is to achieve long-term capital appreciation through investment advisors regarding the suitability of Shares of the Portfolio for their investment needs. The Portfolio will suit higher risk-tolerant investors seeking the longer-term rewards of equity investment. Investors are encouraged to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. The Portfolio will suit higher risk-tolerant investors seeking the longer-term rewards of equity investment. Investors are encouraged to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. The Portfolio will suit higher risk-tolerant investors seeking the longer-term rewards of 4 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

11 Portfolio Investment Objective Profile of Typical Investor Euro High Yield Portfolio US Small and Mid-Cap Portfolio primarily in a portfolio of equity and/or equity-related securities of Indian companies, which the Portfolio believes are best positioned to benefit from accelerating growth in the rapidly deregulating Indian economy and have demonstrated ability to adapt and compete in the new environment. The investment objective of the Portfolio is to produce high total return through a combination of income and capital appreciation. The Portfolio seeks to generate returns through a combination of security analysis and selection, sector allocation and country selection, as well as currency-oriented decisions with respect to that portion of the Portfolio's net assets not denominated in or hedged to Euros. The Investment Manager expects that, at any time, no less than 50% of the Portfolio's net assets will be invested in corporate high yield debt obligations rated below Investment Grade debt (at time of purchase), and, at least twothirds of the Portfolio's net assets will be invested in a combination of these below Investment Grade debt securities and those Investment Grade debt securities the Investment Manager deems to possess desirable high yielding characteristics and/or potential for high overall total return (at time of purchase). However within these limits the Portfolio is not prohibited from investing in other types of debt securities of any rating or return potential if the Investment Manager deems appropriate. The Portfolio may invest no more than 20% of the Portfolio's total assets in emerging markets sovereign debt securities regardless of rating. The Portfolio's investment objective is long term capital growth. The Portfolio seeks to meet its investment objective by investing primarily in a diversified portfolio of equity securities of small- to equity investment. Investors are encouraged to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. The Portfolio may suit investors tolerant of substantial risk, including risks associated with financial derivative instruments, who seek the income potential of Investment Grade and non- Investment Grade fixedinterest investment. Investors are encouraged to consult their AllianceBernstein financial advisor or other financial advisor regarding the suitability of Shares of the Portfolio for their investment needs. The Portfolio will suit higher risk-tolerant investors seeking the longer-term rewards of equity investment. Investors are encouraged to consult SINGAP v

12 Portfolio Investment Objective Profile of Typical Investor RMB Income Plus Portfolio mid-capitalization U.S. companies that are determined by the Investment Manager to be undervalued. Under normal circumstances, the Portfolio expects to invest at least 80% of its net assets in these types of securities. The Portfolio's investment objective is to achieve high total returns in Renminbi ("RMB") terms through current income and long-term capital appreciation. The Portfolio seeks to meet its investment objective by investing in both RMB-denominated fixed income securities issued outside mainland China ("offshore RMB bonds") and non-rmbdenominated fixed income securities of Asian issuers. These securities may be issued by any government or government agency, as well as by any government-guaranteed, supra-national or corporate issuer. It is anticipated that the Portfolio's non-rmb exposure will not exceed 20% of the Portfolio's net assets. their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. The Portfolio will suit higher risk-tolerant investors seeking the income potential of a fixed-income investment portfolio denominated in RMB or otherwise hedged to RMB. Investors are encouraged to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. Please refer to the "Investment Objective and Policies" for each Portfolio as set out in Section I of the Luxembourg Prospectus and the section on "Investment Restrictions" in Appendix A of the Luxembourg Prospectus for details on the investment objective, focus and approach of the Portfolios. 13. INCLUSION UNDER THE CPF INVESTMENT SCHEME The International Health Care Portfolio ("CPFIS-Included Fund") is included under the CPF Investment Scheme - Ordinary Account ("CPFIS-OS") and its CPF risk classification is "Higher Risk - Narrowly Focused - Sector Healthcare". The CPF interest rate for the Ordinary Account (OA) is based on the 12-month fixed deposit and month-end savings rates of the major local banks. Under the CPF Act, the Board pays a minimum interest of 2.5% per annum when this interest formula yields a lower rate. The interest rate for the Special, Medisave and Retirement Accounts (SMRA) will be pegged to the yield of 10-year Singapore Government Securities plus 1% or 4%, SINGAP v

13 whichever is higher. For 2011 the minimum interest rate for the SMRA will be 4.0% per annum as prescribed by the CPF Act. After 31 December 2011, the 2.5% per annum minimum interest rate, as prescribed by the CPF Act, will apply to the SMRA. In addition, the CPF Board will pay an extra interest rate of 1% per annum on the first $60,000 of a CPF member's combined balances, including up to $20,000 in the OA. The first $20,000 in the OA and the first $40,000 in the SA will not be allowed to be invested under the CPF Investment Scheme. Please note that with effect from 24 September 2008, the CPFIS-Included Fund was no longer available for investment by CPF members using CPF monies. The CPFIS- Included Fund will however continue to be subject to the investment guidelines issued by the CPF Board (the "CPF Investment Guidelines"), as the same may be modified, amended, re-enacted or reconstituted from time to time by the CPF Board. The CPF Investment Guidelines that are currently applicable are set out in Appendix 1 hereto. The CPFIS-Included Fund may invest in derivatives and/or engage in securities lending in accordance with the CPF Investment Guidelines. 14. FEES AND CHARGES Fees and charges payable by Shareholders Initial sales charge Portfolios without Currency Hedged Share Classes Fund International Health Care Portfolio International Technology Portfolio Global Real Estate Securities Portfolio Initial Sales Charge of Share Class (as a percentage of purchase price) Up to 6.25% None Up to 6.25% None Up to 6.25% None Share Class Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class I Euro High Yield Portfolio Up to 6.25% Class A Class A2 Class AT Up to 3.00% None Class I Class I2 Class B Class B2 Class BT SINGAP v

14 Class C Class C2 Class S Class S1 Initial sales charge Portfolios with Currency Hedged Share Classes Fund Initial Sales Charge of Share Class (as a percentage of purchase price) Share Class Thematic Research Portfolio 5 Up to 6.25% Class A Class AN Class A AUD H Class A SGD H None Class B Class B AUD H Class B SGD H Class C Class C AUD H Class I Class IN Class S Class S1 India Growth Portfolio Up to 6.25% Class A Class A SGD H US Small and Mid-Cap Portfolio None Up to 6.25% Up to 3.00% None Class B Class B SGD H Class C Class I Class S Class S1 Class A Class A EUR H Class A SGD H Class I Class B Class B EUR H Class B SGD H Class C Class C EUR H Class S Class S EUR H Class S1 Class S1 EUR H RMB Income Plus Portfolio Up to 5.00% Class A2 Class AT Up to 2.00% None Class I2 Class S 5 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

15 Fund Initial Sales Charge of Share Class (as a percentage of purchase price) Share Class Class S1 Contingent deferred sales charge ("CDSC") Portfolios without Currency Hedged Share Classes Fund International Health Care Portfolio Contingent deferred sales charge (as a percentage of the lesser of the current Net Asset Value or original cost of the Shares being redeemed and based upon the duration that such shares are held) 0-1 year held = 4.0% 1-2 years held = 3.0% 2-3 years held = 2.0% 3-4 years held = 1.0% 4+ years held = 0.0% Share Class Class B 0-1year held = 1.0% Thereafter 0% Class C (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) None Class A Class I Class S Class S1 International Technology Portfolio 0-1 year held = 4.0% 1-2 years held = 3.0% 2-3 years held = 2.0% 3-4 years held = 1.0% 4+ years held = 0.0% Class B 0-1year held = 1.0% Thereafter 0% Class C (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) None Class A Class I Class S Class S1 SINGAP v

16 Fund Global Real Estate Securities Portfolio Contingent deferred sales charge (as a percentage of the lesser of the current Net Asset Value or original cost of the Shares being redeemed and based upon the duration that such shares are held) 0-1 year held = 4.0% 1-2 years held = 3.0% 2-3 years held = 2.0% 3-4 years held = 1.0% 4+ years held = 0.0% Share Class Class B 0-1year held = 1.0% Thereafter 0% Class C (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) None Class A Class I Euro High Yield Portfolio 0-1 year held = 3.0% 1-2 years held = 2.0% 2-3 years held = 1.0% 3+ years held = 0.0% Class B Class B2 Class BT 0-1 year held = 1.0% Thereafter 0% Class C Class C2 (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) None Class A Class A2 Class AT Class I Class I2 Class S Class S1 SINGAP v

17 Contingent deferred sales charge Portfolios with Currency Hedged Share Classes Fund Contingent deferred sales charge (as a percentage of the lesser of the current Net Asset Value or original cost of the Shares being redeemed and based upon the duration that such shares are held) Thematic Research 0-1 year held = 4.0% Portfolio years held = 3.0% 2-3 years held = 2.0% 3-4 years held = 1.0% 4+ years held = 0.0% 0-1 year held = 1.0% Thereafter 0% (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) None India Growth Portfolio 0-1 year held = 4.0% 1-2 years held = 3.0% 2-3 years held = 2.0% 3-4 years held = 1.0% 4+ years held = 0.0% 0-1 year held = 1.0% Thereafter 0% Share Class Class B Class B AUD H Class B SGD H Class C Class C AUD H Class A Class AN Class A AUD H Class A SGD H Class I Class IN Class S Class S1 Class B Class B SGD H Class C (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) None Class A Class A SGD H Class I Class S Class S1 6 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

18 Fund US Small and Mid-Cap Portfolio Contingent deferred sales charge (as a percentage of the lesser of the current Net Asset Value or original cost of the Shares being redeemed and based upon the duration that such shares are held) 0-1 year held =4.0% 1-2 years held =3.0% 2-3 years held =2.0% 3-4 years held = 1.0% 4+ years held =0.0% 0-1 year held = 1.0% Thereafter 0% (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) None Share Class Class B Class B EUR H Class B SGD H Class C Class C EUR H Class A Class A EUR H Class A SGD H Class I Class S Class S EUR H Class S1 Class S1 EUR H RMB Income Plus Portfolio None Class A2 Class AT Class I2 Class S Class S1 Fees and charges currently payable by the Portfolios (as an annual percentage of average daily Net Asset Value) Management Company Fee Portfolios without Currency Hedged Share Classes Fund International Health Care Portfolio Management Company Fee Share Class (to cover operational and central administrative expenses in Luxembourg) 0.05% Class A Class B Class C Class I Lesser of US$50,000 or 0.01% Class S Class S1 SINGAP v

19 Fund International Technology Portfolio Management Company Fee Share Class (to cover operational and central administrative expenses in Luxembourg) 0.05% Class A Class B Class C Class I Lesser of US$50,000 or 0.01% Class S Class S1 Global Real Estate Securities Portfolio 0.05% Class A Class B Class C Class I Euro High Yield Portfolio 0.05% Class A Class A2 Class AT Class B Class B2 Class BT Class C Class C2 Class I Class I2 Lesser of US$50,000 or 0.01% Class S Class S1 Management Company Fee Portfolios with Currency Hedged Share Classes Fund Management Company Fee (to cover operational and central administrative expenses in Luxembourg) Share Class Thematic Research Portfolio % Class A Class AN Class A AUD H Class A SGD H Class B Class B AUD H Class B SGD H Class C Class C AUD H Class I Class IN Lesser of US$50,000 or 0.01% Class S Class S1 7 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

20 Fund Management Company Fee (to Share Class cover operational and central administrative expenses in Luxembourg) India Growth Portfolio 0.05% Class A Class A SGD H Class B Class B SGD H Class C Class I Lesser of US$50,000 or 0.01% Class S Class S1 US Small and Mid-Cap Portfolio 0.05% Class A Class A EUR H Class A SGD H Class B Class B EUR H Class B SGD H Class C Class C EUR H Class I Lesser of US$50,000 or 0.01% Class S Class S EUR H Class S1 Class S1 EUR H RMB Income Plus Portfolio 0.05% Class A2 Class AT Class I2 Lesser of US$50,000 or 0.01% Class S Class S1 Management Fee (excluding Management Company Fee above) Portfolios without Currency Hedged Share Classes* Fund Management Fee (excluding Management Company Fee above)* + International Health Care 1.80% Portfolio % 2.25% 2.20% 1.00% 0.95% None Share Class Class A Class B Class C Class I Class S 0.90% Class S1 SINGAP v

21 Fund Management Fee (excluding Management Company Fee above)* + International Technology 2.00% Portfolio % 2.45% 2.20% 1.20% 0.95% None Share Class Class A Class B Class C Class I Class S 0.90% Class S1 Global Real Estate Portfolio 1.75% Class A Class B 2.20% Class C 0.95% Class I Euro High Yield Portfolio 1.20% Class A Class A2 Class AT Class B Class B2 Class BT 1.65% Class C Class C2 0.65% Class I Class I2 None Class S 0.60% Class S1 SINGAP v

22 Management Fee (excluding Management Company Fee above) Portfolios with Currency Hedged Share Classes Fund Management Fee (excluding Management Company Fee above)* Share Class Thematic Research Portfolio % Class A Class AN Class A AUD H Class A SGD H Class B Class B AUD H Class B SGD H 2.15% Class C Class C AUD H 0.90% Class I Class IN None Class S 0.70% Class S1 India Growth Portfolio 1.75% Class A Class A SGD H Class B Class B SGD H 2.20% Class C 0.95% Class I None Class S 0.95% Class S1 US Small and Mid-Cap Portfolio 1.60% Class A Class A EUR H Class A SGD H Class B Class B EUR H Class B SGD H 2.05% Class C Class C EUR H 0.80% Class I None Class S Class S EUR H 0.75% Class S1 Class S1 EUR H 8 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

23 Fund Management Fee Share Class (excluding Management Company Fee above)* RMB Income Plus Portfolio 1.10% Class A2 Class AT 0.55% Class I2 Class S1 None Class S * Class S shares are reserved for institutional investors that have entered into an agreement with the Management Company and are being charged an investment management fee separately. + The consecutive fee levels listed apply with respect to (1) the first $300,000,000 of the net assets of the Portfolio and (2) the amount of the net assets of the Portfolio over $300,000,000. From the management fee paid to the Management Company by a Portfolio, the Investment Manager is entitled to the payment of an investment management fee with respect to such Portfolio, accrued daily and payable monthly, at the annual rate, based on the average daily Net Asset Value of the Shares of such Portfolio. SINGAP v

24 Distribution Fee Portfolios without Currency Hedged Share Classes Fund Distribution Fee Share Class International Health Care 1.00% Class B Portfolio None Class A Class C Class I Class S Class S1 International Technology Portfolio Global Real Estate Securities Portfolio 1.00% Class B None Class A Class C Class I Class S Class S1 1.00% Class B None Class A Class C Class I Euro High Yield Portfolio 1.00% Class B Class B2 Class BT None Class A Class A2 Class AT Class C Class C2 Class I Class I2 Class S Class S1 Distribution Fee Portfolios with Currency Hedged Share Classes Fund Distribution Fee Share Class Thematic Research Portfolio % Class B Class B AUD H Class B SGD H None Class A Class A AUD H Class A SGD H Class AN Class C Class C AUD H Class I Class IN Class S Class S1 9 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

25 Fund Distribution Fee Share Class India Growth Portfolio 1.00% Class B Class B SGD H None Class A Class A SGD H Class C Class I Class S Class S1 US Small and Mid-Cap Portfolio 1.00% Class B Class B EUR H Class B SGD H None Class A Class A EUR H Class A SGD H Class C Class C EUR H Class I Class S Class S EUR H Class S1 Class S1 EUR H RMB Income Plus Portfolio None Class A2 Class AT Class I2 Class S1 Class S SINGAP v

26 Other fees and charges Other fees and charges greater than 0.1% of the asset value of each Class of the Portfolios The amount of fees and charges stated apply to all Classes of each Portfolio save for Class S and S1 of each Portfolio (where fees and charges are below 0.1% of the asset value) Type of Fee/Charge International Health Care Portfolio 10 International Technology Portfolio 11 Thematic Research Portfolio 12 Global Real Estate Securities Portfolio 13 Custodian Fee* Transfer Agent Fee* Administrator Fee Any Other Charges greater than 0.1%** 0.01% 0.01% 0.14% 0.05% 0.20% 0.25% 0.27% 0.38% 0.03% 0.01% 0.33%, 0.16%, 0.19% 0.23% 0.32% 0.34% 10 Based on figures as of 31 May 2010 for the International Health Care Portfolio. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons. 11 Based on figures as of 31 May 2010 for the International Technology Fund. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons. 12 Based on figures as of 31 May 2010 for the Thematic Research Portfolio. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons. 13 Based on figures as of 31 May 2010 for the Global Real Estate Securities Portfolio. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons. SINGAP v

27 Other fees and charges greater than 0.1% of the asset value of each Class of the Portfolios The amount of fees and charges stated apply to all Classes of each Portfolio save for Class S and S1 of each Portfolio (where fees and charges are below 0.1% of the asset value) Type of Fee/Charge India Growth Portfolio 14 Euro High Yield Portfolio 15 US Small and Mid-Cap Portfolio 16 RMB Income Plus Portfolio 17 Custodian Fee* Transfer Agent Fee* Administrator Fee Any Other Charges greater than 0.1%** 0.07% 0.04% 0.26% N.A. 0.22% 0.12% 0.06% N.A. 0.00% 0.52% 0.30% N.A. 0.22% 0.58% 2.88% N.A. * Annualised amount expressed as a percentage of the average daily Net Asset Value of each Portfolio **The organisation charges, administrative charges, and miscellaneous charges of each Portfolio for the period indicated are aggregated here. Other charges include Accounting, Audit, Legal, Printing, Organizational, & Miscellaneous expense. The following expenses were not included in the calculation of other fees: investment management fee, distribution fee, management company fee, transfer agent fee, Luxembourg tax, custodian, administrative support, directors fee, & administrative fee. Each of the Administrator, Custodian and Transfer Agent is entitled to receive, out of the assets of each Portfolio, a fee in accordance with the usual practice in Luxembourg. Such fees are a combination of asset-based fees and transaction fees as further described under "Other Portfolio Information Management Company, Administrator, Based on figures as of 31 May 2010 for the India Growth Portfolio. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons. Based on figures as of 31 May 2010 for the Euro High Yield Portfolio. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons. 16 Based on figures as of 31 May 2010 for the US Small and Mid-Cap Portfolio. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons. 17 As the RMB Income Plus Portfolio was established only on 23 May 2011, the annualised amounts expressed as a percentage of the average daily Net Asset Value of the Custodian Fee and Transfer Agent Fee are not available as at the date of this Singapore Prospectus. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or other reasons and may exceed 0.1% from time to time. SINGAP v

28 Custodian and Transfer Agent Fees" in Section I of the Luxembourg Prospectus with respect to each Portfolio. Each Portfolio also bears all of its other expenses. For more information, see "How to Purchase Shares" and "Additional Information Fees and Expenses" in Section II of the Luxembourg Prospectus Voluntary Expense Limits As indicated under the "Summary Information" in Section I of the Luxembourg Prospectus, with respect to some share classes of certain Portfolios, the Management Company has voluntarily undertaken, until Shareholders are notified to the contrary, that if, in any fiscal year, the aggregate fees and expenses with respect to the relevant share classes of the Portfolios (including the management fee and all other fees and expenses summarised above and further described under the heading "Additional Information Fees and Expenses" in Section II of the Luxembourg Prospectus but exclusive of taxes, brokerage, interest on borrowings and any other expenses) exceed the percentages of the relevant Portfolio's average Net Asset Value for the fiscal year attributable to the relevant class of Shares of the Portfolio set out in the table below, the Fund may deduct from the payment to be made to the Management Company, or the Management Company will otherwise bear, such excess fees and expenses. Global Real Estate Securities Portfolio Thematic Research Portfolio 18 Euro High Yield Portfolio US Small and Mid- Cap Portfolio RMB Income Plus Portfolio Voluntary Expense Limits (as a percentage of average daily Net Asset Value) Class A 2.50% 2.25% 1.50% 2.00% - Class A % % Class AN % Class AT % % Class A AUD H % Class A EUR H % - Class A SGD H % % - Class B 3.50% 3.25% 2.50% 3.00% - Class B % - - Class BT % The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

29 Global Real Estate Securities Portfolio Thematic Research Portfolio 18 Euro High Yield Portfolio US Small and Mid- Cap Portfolio RMB Income Plus Portfolio Voluntary Expense Limits (as a percentage of average daily Net Asset Value) Class B AUD H % Class B EUR H % - Class B SGD H % % - Class C 2.95% 2.70% 1.95% 2.45% - Class C % - - Class C AUD H % Class C EUR H % - Class I 1.70% 1.45% 0.95% 1.20% - Class I % % Class IN % Class S % 0.15% 0.15% 0.15% Class S EUR H % - Class S1-0.85% 0.75% 0.90% 0.70% Class S1 EUR H % RISKS 15.1 General Risks As an investment in any of the Portfolios is meant to produce returns over the long-term, investors should not expect to obtain short-term gains from such investment. Investors should be aware that the price of Shares, and the income from them, may fall or rise. Investors should note that they may not get back their original investment. For a chart summarizing the principal risks of the Portfolios and a more detailed discussion of these and other risks applicable to the Portfolio, investors should refer to "Risk Factors and Special Considerations" in Section II of the Luxembourg Prospectus Specific Risks The specific considerations and risks involved in an investment in any of the Portfolios are described under the "Other Portfolio Information Risk Profile" with respect to the SINGAP v

30 relevant Portfolio in Section I of the Luxembourg Prospectus and under "Risk Factors and Special Considerations" in Section II of the Luxembourg Prospectus. The Fund's risk management procedures have been approved by the Luxembourg Commission de Surveillance du Secteur Financier and supplementary information on the risk profile of each Portfolio is available upon request from the Management Company or the Singapore Representative at its registered office, during normal Singapore business hours Sophisticated Portfolios With respect to the Thematic Research Portfolio 19, Euro High Yield Portfolio, US Small and Mid-Cap Portfolio and RMB Income Plus Portfolio, it is intended that these Portfolios will make use of financial derivative instruments and be classified under Luxembourg laws as "Sophisticated" Portfolios. A discussion on the risks of using derivatives may be found on pages II-19 to II-20 of the Luxembourg Prospectus under "Derivatives Risk" Euro High Yield Portfolio Structured Investments. The Portfolio may invest in structured securities (both Investment Grade and below Investment Grade) originated by a wide range of originators and sponsors. Structured securities may include non-agency (i.e., privately issued) mortgage-backed securities ("MBS") and adjustable-rate mortgage securities ("ARMS") and collateralized mortgage obligations ("CMOs"), as well as other assetbacked securities ("ABS"), commercial mortgage-backed securities ("CMBS") and collateralized debt obligations ("CDOs") and related financial derivative instruments and currencies. The Portfolio's investments in structured securities and mortgage- and asset-backed securities will not exceed 20% of its net assets, provided that such limit will not apply to investments in such securities issued or guaranteed by the United States government or any other Eligible State or United States or other Eligible State government sponsored entities. Financial Derivative Instruments. The Investment Manager may use a wide array of derivative products and strategies when implementing the Portfolio's investment strategy. The Portfolio may utilize OTC derivatives for investment purposes as an alternative to investing directly in the underlying investment or to hedge against interest rate exposure, as well as credit and currency fluctuations. Such derivative instruments may include, but are not limited to, swaps (including interest rate swaps, total rate of return swaps and credit default swaps), swaptions, options, futures and various currency-related derivative transactions (including forward currency contracts). The Portfolio intends to utilize credit derivatives, including single-name CDS, CDS index products and CDS sub-index products (e.g., index managed by the International Index Company ("itraxx") and index managed by the CDS Index Company ("CDX")), as well as options on CDS and on CDS indices (e.g., itraxx and CDX) in order to obtain both effective long and covered short exposure to the relevant underlying assets. The Portfolio will be permitted to maintain net short credit exposures. With respect to CDS, the Portfolios may both "sell" protection in order to gain exposure and "buy" protection to both hedge credit exposure and establish synthetic short positions. 19 The Global Thematic Research Portfolio was renamed the Thematic Research Portfolio on 30 April SINGAP v

31 Leverage. The Portfolio may utilize leverage in its investment program through the use of over-the-counter derivative instruments. To the extent leverage is used, net assets of a Portfolio tend to increase or decrease at a rate greater than if leverage had not been used. Currency Decisions. The Investment Manager will manage the Portfolio's non- European currency exposures and will seek active investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives such as currency options and forward contracts. The Portfolio will limit its net exposure (longs net of shorts) to non-european currencies to 15% of its total assets and its gross exposure (longs plus absolute value of shorts) to non-european currencies to 30% of its total assets RMB Income Plus Portfolio RMB Currency Risk. Since 2005, the RMB exchange rate is no longer pegged to the US dollar. RMB has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. The daily trading price of the RMB against other major currencies in the inter-bank foreign exchange market is allowed to float within a narrow band around the central parity published by the People's Bank of China. RMB convertibility from offshore RMB ("CNH") to onshore RMB ("CNY") is a managed currency process subject to foreign exchange control policies of and repatriation restrictions imposed by the Chinese government in coordination with the Hong Kong Monetary Authority ("HKMA"). The value of CNH could differ, perhaps significantly, from that of CNY due to a number of factors including without limitation those foreign exchange control policies and repatriation restrictions pursued by the Chinese government from time-to-time as well as other external market forces. Since 2005, foreign exchange control policies pursued by the Chinese government have resulted in the general appreciation of RMB (both CNH and CNY). This appreciation may or may not continue and there can be no assurance that RMB will not be subject to devaluation at some point. Any devaluation of RMB could adversely affect the value of investors' investments in the Portfolio. The Portfolio participates in the offshore RMB (CNH) market, which allows investors to freely transact CNH outside of mainland China with approved banks in the Hong Kong market (HKMA approved banks). The Portfolio will have no requirement to remit CNH to onshore RMB (CNY). Hedging Risk. It is anticipated that all or substantially all of the Portfolio's non-rmb exposure will be hedged to RMB, subject to a maximum non-rmb exposure of 20% under normal market conditions. For these hedging purposes, the term "RMB" refers to either CNH or CNY, in the Investment Manager's sole discretion). However, there is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve their desired result. There can be no assurance that any currency hedging strategy employed by the Investment Manager will fully and effectively eliminate the Portfolio's underlying currency exposures. Lack of RMB-Denominated Investments. Investors should note that although the market for offshore RMB bonds continues to grow and mature, offshore RMB bonds available for investment by the Portfolio are currently limited and the remaining duration of such instruments may be short. In the absence of available offshore RMB bonds, the SINGAP v