AllianceBernstein 1 SINGAPORE PROSPECTUS Global Wealth Strategies > Global Conservative Portfolio > Dynamic Diversified Portfolio 2 > Global Equity Blend Portfolio Equity > Global Growth Trends Portfolio > Global Value Portfolio > Emerging Markets Growth Portfolio > American Growth Portfolio > US Thematic Research Portfolio > zone Strategic Value Portfolio > pean Value Portfolio > Asia Ex-Japan Equity Portfolio > Japan Strategic Value Portfolio > Greater China Portfolio Fixed-Income > Global Bond Portfolio > Global High Yield Portfolio > American Income Portfolio > pean Income Portfolio > Emerging Markets Debt Portfolio > Short Maturity Portfolio 1 ACMBernstein is the legal name of a mutual investment fund (fonds commun de placement) organized 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"). The Fund is constituted outside Singapore. This Singapore Prospectus incorporates and should be read in conjunction with the Luxembourg prospectus of the Fund dated January 2012 (as may be amended or supplemented from time to time) (the "Luxembourg Prospectus"). 2 Prior to 15 April 2011, the Dynamic Diversified Portfolio was known as the Global Balanced Portfolio.
Important Notice 6 FEBRUARY 2012 This Singapore Prospectus replaces the original Singapore prospectus of the above portfolios of the Fund ("Portfolios") registered by the Monetary Authority of Singapore ("Authority") on 6 September 2011 (which incorporated the Luxembourg prospectus of the Fund dated March 2011) as the same was replaced by a first replacement prospectus dated 7 September 2011 (which incorporated the Luxembourg prospectus of the Fund dated March 2011), and is a replacement prospectus lodged with the Authority on the above date pursuant to Section 298 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"). The Portfolios have been recognised for retail distribution in Singapore under the Securities and Futures Act, Chapter 289 of Singapore. AllianceBernstein (Luxembourg) S.à.r.l., the management company of the Portfolios and 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 Dynamic Diversified Portfolio, US Thematic Research Portfolio, Asia Ex-Japan Equity Portfolio, Global High Yield Portfolio, Emerging Markets Debt Portfolio and zone Strategic Value Portfolio may invest in financial derivative instruments for investment purposes in addition to hedging and/or efficient portfolio management purposes, details of which are set out in paragraph 15 of this Singapore Prospectus and relevant sections of the Luxembourg Prospectus.
CONTENTS IMPORTANT ADDITIONAL INFORMATION FOR SINGAPORE INVESTORS IN ALLIANCEBERNSTEIN Paragraph Page 1. Singapore Prospectus and Luxembourg Prospectus... 2 2. Singapore Recognition of Portfolios... 3 3. Date of Registration... 3 4. Portfolios... 3 5. Classes of Shares... 3 6. Disclaimers... 10 7. Constitutive Documents... 11 8. Singapore Representative... 11 9. Singapore Directory... 11 10. Track Record of Management Company and Investment Manager... 12 11. Auditor... 12 12. Investment Objective, Focus and Approach... 12 13. Inclusion under the CPF Investment Scheme... 18 14. Fees and Charges... 19 15. Risks... 58 16. Subscription for Shares... 59 17. Redemption of Shares... 72 18. Exchange or Conversion of Shares... 74 19. Obtaining Price Information... 74 20. Suspension of Dealings... 74 21. Performance of Portfolios... 74 22. Soft Arrangements... 106 23. Conflicts of Interest... 106 24. Reports... 106 25. Certain Singapore Tax Considerations... 106 26. Queries and Complaints... 107 SINGAP-1-152763-v7 17-40434914
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 Global Conservative Portfolio ("Global Conservative Portfolio"); 1.2 AllianceBernstein Dynamic Diversified Portfolio ("Dynamic Diversified Portfolio"); 3 1.3 AllianceBernstein Global Equity Blend Portfolio ("Global Equity Blend Portfolio"); 1.4 AllianceBernstein Global Growth Trends Portfolio ("Global Growth Trends Portfolio"); 1.5 AllianceBernstein Global Value Portfolio ("Global Value Portfolio"); 1.6 AllianceBernstein Emerging Markets Growth Portfolio ("Emerging Markets Growth Portfolio"); 1.7 AllianceBernstein American Growth Portfolio ("American Growth Portfolio"); 1.8 AllianceBernstein US Thematic Research Portfolio 4 ("US Thematic Research Portfolio"); 1.9 AllianceBernstein zone Strategic Value Portfolio 5 ("zone Strategic Value Portfolio"); 1.10 AllianceBernstein pean Value Portfolio ("pean Value Portfolio"); 1.11 AllianceBernstein Asia Ex-Japan Equity Portfolio ("Asia Ex-Japan Equity Portfolio"); 1.12 AllianceBernstein Japan Strategic Value Portfolio ("Japan Strategic Value Portfolio"); 1.13 AllianceBernstein Greater China Portfolio ("Greater China Portfolio"); 1.14 AllianceBernstein Global Bond Portfolio ("Global Bond Portfolio"); 1.15 AllianceBernstein Global High Yield Portfolio ("Global High Yield Portfolio"); 1.16 AllianceBernstein American Income Portfolio ("American Income Portfolio"); 1.17 AllianceBernstein pean Income Portfolio ("pean Income Portfolio"); 1.18 AllianceBernstein Emerging Markets Debt Portfolio ("Emerging Markets Debt Portfolio"); and 1.19 AllianceBernstein Short Maturity Portfolio ("Short Maturity Portfolio"), 3 Prior to 15 April 2011, the Dynamic Diversified Portfolio was known as the Global Balanced Portfolio. 4 Prior to 30 June 2010, the US Thematic Research Portfolio was known as the American Value Portfolio. 5 Prior to 30 August 2010, the zone Strategic Value Portfolio was known as the pean Growth Portfolio. SINGAP-1-152763-v7-2 - 17-40434914
(collectively, the "Portfolios" and each a "Portfolio") incorporates and shall be read in conjunction with the Luxembourg prospectus of the Fund dated January 2012 (as may be amended or supplemented from time to time) (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 the original Singapore prospectus had 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 or the original Singapore prospectus. The registration of the original 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. 3. DATE OF REGISTRATION This Singapore Prospectus replaces the original Singapore prospectus of the Portfolios registered by the Authority on 6 September 2011 (which incorporated the Luxembourg prospectus of the Fund dated March 2011) as the same was replaced by a first replacement prospectus dated 7 September 2011 (which incorporated the Luxembourg prospectus of the Fund dated March 2011), and is a replacement prospectus lodged with the Authority on 6 February 2012 pursuant to Section 298 of the SFA. This Singapore Prospectus shall be valid for a period of 12 months after the date of registration (i.e., up to and including 5 September 2012) and shall expire on 6 September 2012. 4. PORTFOLIOS The Fund is structured as an "umbrella fund" comprising separate pools of assets of portfolios. The Portfolios are each a separate portfolio of the Fund, which is an umbrella mutual investment fund (fonds commun de placement) organised under the laws of the Grand Duchy of Luxembourg as an unincorporated co-proprietorship of its securities and qualifies as an undertaking for collective investment in transferable securities (a "UCITS") within the meaning of Article 1(2) of the EC Directive 2009/65 of 13 July 2009, 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 Global Conservative Portfolio (Base Currency) (Offered Currency) SGD (Offered Currency) Class A Class A2 Class B Class B2 Class C Class C2 Class I SINGAP-1-152763-v7-3 - 17-40434914
Fund Currency of Share Class Share Class Dynamic Diversified Portfolio (Base Currency) (Offered Currency) SGD (Offered Currency) (Base Currency) Currency Hedged Share Classes 6 Class A Class B Class C Class I Class S Class S1 Global Equity Blend Portfolio Global Growth Trends Portfolio Global Value Portfolio zone Strategic Value Portfolio EUR Hedged (Base Currency) (Offered Currency) SGD (Offered Currency) (Base Currency) (Offered Currency) SGD (Offered Currency) (Base Currency) (Offered Currency) SGD (Offered Currency) (Base Currency) (Offered Currency) SGD (Offered Currency) Class A EUR H Class B EUR H Class C EUR H Class I EUR H Class S EUR H Class S1 EUR H 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 A Class B Class C Class I Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class I 6 The various Currency Hedged Share Classes of the respective Portfolios shall only commence to be available for subscriptions starting after June 30, 2010 and onward. The Management Company shall have the discretion to determine when to commence accepting applications for Shares in each Currency Hedged Share Class at any time, and different Currency Hedged Share Classes of different Portfolios may have different commencement dates. Investors should check with Singapore distributors on whether the particular Currency Hedged Share Class which they are interested in is available for subscription. SINGAP-1-152763-v7-4 - 17-40434914
Fund Currency of Share Class Share Class pean Value Portfolio Greater China Portfolio pean Income Portfolio Short Maturity Portfolio (Base Currency) (Offered Currency) SGD (Offered Currency) (Base Currency) (Offered Currency) SGD (Offered Currency) (Base Currency) (Offered Currency) SGD (Offered Currency) Currency Hedged Share Classes 5 AUD Hedged USD Hedged (Base Currency) (Offered Currency) Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class I Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class A Class A2 Class AT Class B Class B2 Class BT Class C Class C2 Class CT Class I Class I2 Class S Class S1 Class A2 Class AT Class B2 Class BT Class C2 Class I2 Class AT AUD H Class BT AUD H Class I2 AUD H Class AT USD H Class BT USD H Class I2 USD H Class A Class A2 Class AT Class B Class B2 Class BT Class C Class C2 Class I SINGAP-1-152763-v7-5 - 17-40434914
Fund Currency of Share Class Share Class Emerging Markets Growth Portfolio American Growth Portfolio US Thematic Research Portfolio Asia Ex-Japan Equity Portfolio SGD (Offered Currency) (Base Currency) (Offered Currency) SGD (Offered Currency) (Base Currency) (Offered Currency) Currency Hedged Share Classes 5 AUD Hedged SGD Hedged (Base Currency) (Offered Currency) SGD (Offered Currency) (Base Currency) (Offered Currency) SGD (Offered Currency) Currency Hedged Share Classes 5 Hedged SGD Hedged (Base Currency) (Offered Currency) Class I2 Class S Class S1 Class A2 Class AT Class B2 Class BT Class C2 Class I2 Class A Class B Class C Class I Class S Class S1 Class A AUD H Class B AUD H Class C AUD H Class I AUD H Class A SGD H Class B SGD H Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class I Class A Class B Class C Class I Class S Class S1 Class A Class B Class C Class I Class A EUR H Class B EUR H Class C EUR H Class I EUR H Class A SGD H Class B SGD H Class A Class AD SINGAP-1-152763-v7-6 - 17-40434914
Fund Currency of Share Class Share Class SGD (Offered Currency) Class B Class BD Class C Class I Class ID Class S Class S1 Class A Class AD Class B Class BD Class C Class I Class ID Japan Strategic Value Portfolio Global Bond Portfolio Currency Hedged Share Classes 5 AUD Hedged SGD Hedged Yen (Base Currency) (Offered Currency) (Offered Currency) SGD (Offered Currency) Yen (Base Currency) (Offered Currency) (Offered Currency) Currency Hedged Share Classes 5 Hedged EUR Hedged (Base Currency) (Offered Currency) SGD (Offered Currency) Class A AUD H Class AD AUD H Class B AUD H Class BD AUD H Class C AUD H Class I AUD H Class ID AUD H Class A SGD H Class B SGD H Class A Class B Class C Class I Class S Class S1 Class S USD H Class A EUR H Class B EUR H Class C EUR H Class I EUR H Class A Class A2 Class AT Class B Class B2 Class BT Class C Class C2 Class CT Class I Class I2 Class S Class S1 Class A2 Class AT Class B2 SINGAP-1-152763-v7-7 - 17-40434914
Fund Currency of Share Class Share Class Currency Hedged Share Classes 5 Class BT Class C2 Class CT Class I2 Global High Yield Portfolio Hedged AUD Hedged (Base Currency) (Offered Currency) SGD (Offered Currency) Currency Hedged Share Classes 5 Hedged AUD Hedged SGD Hedged Class A2 EUR H Class AT EUR H Class B2 EUR H Class BT EUR H Class C2 EUR H Class I2 EUR H Class S EUR H Class S1 EUR H Class AT AUD H Class BT AUD H Class I2 AUD H Class A Class A2 Class AT Class B Class B2 Class BT Class C Class C2 Class CT Class I Class I2 Class S Class S1 Class A2 Class AT Class B2 Class BT Class C2 Class I2 Class A2 EUR H Class AT EUR H Class B2 EUR H Class BT EUR H Class C2 EUR H Class CT EUR H Class I2 EUR H Class S EUR H Class S1 EUR H Class AT AUD H Class BT AUD H Class I2 AUD H Class A2 SGD H Class AT SGD H Class B2 SGD H Class BT SGD H SINGAP-1-152763-v7-8 - 17-40434914
Fund Currency of Share Class Share Class American Income Portfolio Emerging Markets Debt Portfolio RMB 7 Hedged (Base Currency) (Offered Currency) (Base Currency) (Offered Currency) SGD (Offered Currency) Currency Hedged Share Classes 5 AUD Hedged SGD Hedged EUR Hedged (Base Currency) (Offered Currency) SGD (Offered Currency) Currency Hedged Share Classes 5 Class AT RMB H Class BT RMB H Class I2 RMB H Class A Class AT Class B Class BT Class C Class CT Class I Class I2 Class S Class S1 Class A2 Class B2 Class BT Class C2 Class I2 Class AT AUD H Class BT AUD H Class I2 AUD H Class A2 SGD H Class AT SGD H Class B2 SGD H Class BT SGD H Class A2 EUR H Class AT EUR H Class BT EUR H Class C2 EUR H Class I2 EUR H Class A Class A2 Class AT Class B Class B2 Class BT Class C Class C2 Class CT Class I Class I2 Class S Class S1 2 Class A2 Class AT Class B2 Class BT Class C2 Class I2 7 "RMB" refers to offshore RMB (known as CNH) and not onshore RMB (known as CNY) SINGAP-1-152763-v7-9 - 17-40434914
Fund Currency of Share Class Share Class Hedged AUD Hedged SGD Hedged Class A2 EUR H Class AT EUR H Class B2 EUR H Class BT EUR H Class C2 EUR H Class I2 EUR H Class S EUR H Class S1 EUR H Class AT AUD H Class BT AUD H Class I2 AUD H Class A2 SGD H Class AT SGD H Class B2 SGD H Class BT SGD H The sale of class S and S1 shares in the Fund is restricted to persons who qualify as institutional investors within the meaning of Article 174 of the law of 17 December 2010 relating to undertakings for collective investment (the Law of 2010 ). 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 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 Management Regulations 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 SINGAP-1-152763-v7-10 - 17-40434914
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 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 "Risk Profile" set out in Section I of the Luxembourg Prospectus relating to each Portfolio 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 Management Regulations described under the heading "Management and Administration" in Section II of the Luxembourg Prospectus. Copies of the Management Regulations 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 (formerly known as ACM Global 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: 30 Cecil Street #28-01 Prudential Tower Singapore 049712 SINGAP-1-152763-v7-11 - 17-40434914
Legal Advisers as to Singapore Law Clifford Chance Pte. Ltd. One George Street 19th Floor Singapore 049145 10. TRACK RECORD OF MANAGEMENT COMPANY AND INVESTMENT MANAGER The Management Company of the Fund is AllianceBernstein (Luxembourg) S.à.r.l. (formerly known as AllianceBernstein (Luxembourg) S.A.), 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 1990. Effective as of 11 April 2011, AllianceBernstein (Luxembourg) S.A. has changed its corporate form from a société anonyme (public limited company) to a société à responsabilité limitée (private limited company). It therefore changed its name from AllianceBernstein (Luxembourg) S.A. to AllianceBernstein (Luxembourg) S.à r.l.. It constitutes the same legal entity and will continue to operate as a UCITS-compliant Management Company subject to the supervision of the Commission de Surveillance du Secteur Financier, the Luxembourg financial supervisory authority. Therefore, its articles of incorporation were amended on 25 March 2011. 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 1971. 11. AUDITOR The Management Company 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 2010. 12. INVESTMENT OBJECTIVE, FOCUS AND APPROACH The main investment objectives of the Portfolios are as follows: Portfolio Investment Objective and Strategy Profile of Typical Investor Global Conservative Portfolio The Portfolio seeks to achieve a high total return without, in the opinion of the Investment Manager, undue risk to principal. The strategy is designed for investors who seek some opportunities for equity returns if the related risks are broadly diversified and overall portfolio volatility reflects a preponderance of debt securities. The Portfolio will suit medium-to-higher risktolerant investors seeking the longer-term rewards of fixed-income and equity investment. Investors are encouraged to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. Dynamic The Portfolio seeks to maximize total return. The Portfolio is designed SINGAP-1-152763-v7-12 - 17-40434914
Portfolio Investment Objective and Strategy Profile of Typical Investor Diversified Portfolio Global Equity Blend Portfolio Global Growth Trends Portfolio Global Value Portfolio The Portfolio invests in a globally diversified portfolio of securities and other financial instruments, including financial derivative instruments, that provide investment exposures to a variety of asset classes. The Portfolio seeks to achieve long-term growth of capital by investing in a portfolio of equity securities. The strategy is designed for investors who seek equity returns but also want broad diversification of related risks across styles, capitalization and geographic regions. The Portfolio seeks long-term capital growth by investing in a global portfolio of equity securities. The Portfolio currently consists of four subportfolios, each managed by a sector head. Currently, these sectors consist of technology, consumer, finance and industrial cyclicals. Applying a research-driven, bottom-up stock selection process, each of the sub-portfolio analyst-managers uses the Investment Manager s proprietary research to seek attractive companies in their sectors. The Portfolio seeks long-term capital growth by investing in a global portfolio of equity securities that are determined by the Investment Manager to be undervalued. The Investment Manager combines a fundamental value approach with a disciplined investment process to evaluate a company s intrinsic value. as a solution for investors who seek long-term growth of capital with moderate volatility by investing in a multi-asset fund which dynamically adjusts investment exposures. 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 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-1-152763-v7-13 - 17-40434914
Portfolio Investment Objective and Strategy Profile of Typical Investor advisors regarding the suitability of Shares of the Portfolio for their investment needs. Emerging Markets Growth Portfolio American Growth Portfolio US Thematic Research Portfolio The Portfolio seeks long-term growth of capital by investing in a global portfolio of equities allocated among specific geographic regions chosen for their growth potential. Researchdriven stock selection is divided among locally based regional teams. Each research team seeks to identify superior growth opportunities within each region. Stocks selected for the Portfolio are considered to possess the best combination of growth potential, valuation attractiveness, and management quality. The Portfolio is a U.S. large capitalization equity portfolio seeking long-term capital appreciation through investments in equity securities of United States issuers. The Portfolio primarily invests in a limited number of high quality, wellestablished companies based in the United States. These companies are generally targeted by the Portfolio Manager for their superior industry positions, strong management capabilities, and attractive growth rates. The investment objective of the Portfolio is to achieve long-term capital appreciation. The Portfolio pursues opportunistic growth by investing in a universe of US companies in multiple industries that may benefit from economic, demographic, or technological innovation. The Investment Manager employs a combination of "top-down" and "bottom-up" investment processes with the goal of identifying the most attractive securities, fitting into our broader themes. Drawing on the global fundamental and quantitative research capabilities of the Investment Manager, and its economists macro-economic insights, the Portfolio s investment strategy seeks to identify long-term trends that will affect multiple industries. 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 equity investment. Investors are encouraged to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. SINGAP-1-152763-v7-14 - 17-40434914
Portfolio Investment Objective and Strategy Profile of Typical Investor zone Strategic Value Portfolio pean Value Portfolio Asia Ex-Japan Equity Portfolio Japan Strategic Value Portfolio The Portfolio's investment objective is long term capital growth. The Portfolio seeks to meet its investment objective by investing in a portfolio of equity securities of zone companies that are determined by the Investment Manager to be undervalued. The Portfolio seeks long-term capital growth by investing in a portfolio of pean companies determined by the Investment Manager to be undervalued. The Portfolio combines a fundamental value approach-including field research and long term financial forecasts-with a disciplined investment process to evaluate a company s intrinsic value. The Portfolio seeks to capture misvaluations through an investment process which integrates fundamental and quantitative research to determine expected returns, in an effort to generate a performance premium. Based on our intensive research, we select approximately 60 to 100 stocks in the Asia ex Japan region that are trading at a discount to their long-term earnings-power potential. The Portfolio seeks long-term capital growth by investing in a portfolio of equity securities of Japanese companies that are considered by the Investment Manager to be undervalued. The Investment Manager s fundamental value approach seeks to identify securities that are attractively priced relative to their future earnings power. 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 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 SINGAP-1-152763-v7-15 - 17-40434914
Portfolio Investment Objective and Strategy Profile of Typical Investor Portfolio for their investment needs. Greater China Portfolio Global Bond Portfolio Global High Yield Portfolio American Income Portfolio The Portfolio seeks long-term capital appreciation through investment primarily in companies located in the Greater China region. When selecting securities, the Investment Manager considers the economic and political outlook, the values of specific securities relative to other investments, trends in the determinants of corporate profits and management capability and practices. The investment strategies implemented will be developed by a team of highly-focused regional research analysts. The Portfolio seeks a high total investment return by investing in a global portfolio of investment grade, fixed income securities. Non- U.S. dollar denominated positions may be hedged into U.S. dollars in an effort to minimize the risks of currency fluctuations. In evaluating securities, the Investment Manager will utilize its internal credit analysis resources as well as financial and economic information obtained from other sources. The Portfolio seeks to produce high current income as well as overall total return by investing primarily in a portfolio of high yield debt securities of issuers located throughout the world, including the U.S. and emerging countries. The Portfolio invests in both U.S. dollar and non-u.s. dollar denominated securities. The Investment Manager utilizes the investment research of both its global fixed income and high yield teams. The Portfolio seeks to provide a high level of current income with the potential for capital appreciation by investing in a diversified portfolio of U.S. dollar-denominated fixed income securities. The Portfolio invests solely in U.S. dollar denominated fixed income securities, 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 medium risk-tolerant investors seeking the income potential of Investment Grade fixedincome 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 income potential of fixedincome 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 income potential of fixedincome investment. Investors are encouraged SINGAP-1-152763-v7-16 - 17-40434914
Portfolio Investment Objective and Strategy Profile of Typical Investor including investment grade and high yield securities of issuers domiciled within and outside the U.S. Under normal market conditions, a minimum of 50% of the Portfolio assets will be invested in investment grade securities. At least 65% of the assets must be issued by issuers domiciled within the United States. to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. pean Income Portfolio Emerging Markets Debt Portfolio Short Maturity Portfolio The Portfolio seeks to achieve a high current income with the potential for capital appreciation by investing in a diversified portfolio of -or pean currency-denominated investment grade and non-investment grade fixed income securities. The Portfolio may invest up to 50% of its total assets in securities that are rated below investment grade. In evaluating securities, the Investment Manager utilizes its internal credit analysis resources as well as financial and economic information obtained from other sources. The Portfolio seeks to maximize total returns from price appreciation and income by investing in sovereign debt obligations and non-u.s. corporate fixed-income securities from issuers in emerging and developing countries. The Portfolio invests in both U.S. dollar and non-u.s. dollar denominated securities. A significant portion of the portfolios assets may be held in below investment grade securities at any time. The Investment Manager utilizes the research of its global fixed income, global economic, and global credit teams in managing the Portfolio. The Portfolio seeks the highest level of current income, consistent with low volatility of net asset value, that is available from a portfolio primarily consisting of high quality mortgage-related and asset-backed securities. Typically, the Portfolio will have at least 65% of the value of its total assets invested in mortgage-related and assetbacked securities. The highly liquid nature of the portfolio permits the Investment Manager to alter portfolio structure as outlook in the market changes. The Portfolio will suit higher risk-tolerant investors seeking the income potential of fixedincome 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 income potential of fixedincome 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 medium risk-tolerant investors seeking the income potential of short maturity Investment Grade fixed-income investment. Investors are encouraged to consult their independent financial advisors regarding the suitability of Shares of the Portfolio for their investment needs. SINGAP-1-152763-v7-17 - 17-40434914
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 Three of the Portfolios 8, Global Conservative Portfolio, Global Equity Blend Portfolio and Global Growth Trends Portfolio, have been included under the Central Provident Fund Investment Scheme - Ordinary Account ("CPFIS-OA") for investment by CPF members using CPF monies ("CPFIS- Included Funds") 9. The risk classification is set out in the table below. Portfolio CPF Risk Classification Global Conservative Portfolio Global Equity Blend Portfolio Global Growth Trends Portfolio Medium to High Risk - Broadly Diversified Higher Risk - Broadly Diversified Higher Risk - Broadly Diversified 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 CPF Board pays a minimum interest of 2.5% per annum when this interest formula yields a lower rate. The interest rate for the Special and Medisave Account (SMA) and the Retirement Account (RA) will be pegged to the 12-month average yield of 10-year Singapore Government Securities plus 1% or 4% whichever is higher. For 2011 and from 1 January 2012 to 31 March 2012, the minimum interest rate for the SMA will be 4.0% per annum. For 2012, the minimum interest rate for the RA will be 4.0% per annum. In addition, the CPF Board will pay an extra interest rate of 1% per annum on the first S$60,000 of a CPF member's combined balances, including up to S$20,000 in the OA. The first S$20,000 in the Ordinary Account and the first S$40,000 in the Special Account will not be allowed to be invested under the CPF Investment Scheme. The CPFIS-Included Funds are 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 Funds may invest in derivatives and/or engage in securities lending in accordance with the CPF Investment Guidelines. Please note that as the Global Equity Blend Portfolio and Global Growth Trends Portfolio were unable to meet the expense ratio caps stipulated by the CPF Board for the financial year ended 31 8 Prior to 15 April 2011, the Dynamic Diversified Portfolio was known as the Global Balanced Portfolio and was included under the CPFIS-OA. The investment objectives and strategies of the Global Balanced Portfolio have however been changed as of 15 April 2011 and following the same, the Global Balanced Portfolio has been de-listed from the CPFIS-OA with effect from the same date. 9 Investors should note that only Classes A and A2 for the Global Conservative Portfolio are available for CPF investment. Given that the Global Equity Blend Portfolio and Global Growth Trends Portfolio were unable to meet the CPF Board's expense ratio requirements for the financial year ended 31 August 2009, these Portfolios have ceased to accept new CPF monies since 24 December 2009. SINGAP-1-152763-v7-18 - 17-40434914
August 2009, these Portfolios have ceased to accept new CPF subscription monies with effect from 24 December 2009. Existing CPF investors would be given options for switching, redeeming or holding their shares. These Portfolios will however continue to be subject to the CPF Investment Guidelines. 14. FEES AND CHARGES Fees and Charges payable by Shareholders Initial sales charge Portfolios without Currency Hedged Share Classes Fund Initial Sales Charge of Share Class Share Class (as a percentage of purchase price) Global Conservative Up to 6.25% Class A Portfolio 10 Class A2 Up to 1.50% (applicable as from 31 March 2012) Class I Class B Class B2 Class C Class C2 Class I* Global Equity Blend Up to 6.25% Class A Global Growth Trends Portfolio Up to 1.50% (applicable as from 31 March 2012) Up to 6.25% Class I Class B Class C Class I * Class S Class S1 Class A Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class I Class B Class C Class S Class S1 Global Value Portfolio Up to 6.25% Class A Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class I 10 As required by the CPF Board, distributors may not charge CPF investors more than 3% for the initial sales charge of a CPFIS Included Fund with effect from 1 July 2007. SINGAP-1-152763-v7-19 - 17-40434914
Fund Initial Sales Charge of Share Class Share Class (as a percentage of purchase price) zone Strategic Value Portfolio Up to 6.25% Class B Class C Class S Class S1 Class A Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class I Class B Class C Class S Class S1 pean Value Portfolio Up to 6.25% Class A Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class I Class B Class C Class S Class S1 SINGAP-1-152763-v7-20 - 17-40434914
Fund Initial Sales Charge of Share Class Share Class (as a percentage of purchase price) Greater China Portfolio Up to 6.25% Class A Short Maturity Portfolio Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Up to 6.25% Class I Class B Class C Class S Class S1 Class A Class A2 Class AT Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class I2 * Class I Class I2 Class B Class B2 Class BT Class C Class C2 Class S Class S1 American Growth Portfolio Up to 6.25% Class A *Applicable up to 30 March 2012. Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class I Class B Class C Class S Class S1 Initial sales charge Portfolios with Currency Hedged Share Classes Fund Dynamic Diversified Portfolio Initial Sales Charge of Share Class (as a percentage of purchase price) Up to 6.25% Up to 1.50% (applicable as from 31 March 2012) Share Class Class A Class A EUR H Class I Class I EUR H Class B Class B EUR H SINGAP-1-152763-v7-21 - 17-40434914
Fund Initial Sales Charge of Share Class (as a percentage of purchase price) Share Class Emerging Markets Growth Portfolio US Thematic Research Portfolio Asia Ex-Japan Equity Portfolio Up to 6.25% Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Up to 6.25% Class C Class C EUR H Class I * Class I EUR H * Class S Class S EUR H Class S1 Class S1 EUR H Class A Class A AUD H Class A SGD H Class I AUD H * Class I Class I AUD H Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Up to 6.25% Class B Class B AUD H Class B SGD H Class C Class C AUD H Class S Class S1 Class A Class A EUR H Class A SGD H Class I EUR H * Class I Class I EUR H Class B Class B EUR H Class B SGD H Class C Class C EUR H Class S Class S1 Class A Class A AUD H Class A SGD H Class AD Class AD AUD H Up to 3% Class I AUD H * Up to 1.50% (applicable as from 31 March 2012) Class ID AUD H * Class I Class ID Class I AUD H Class ID AUD H Class B Class B AUD H Class B SGD H SINGAP-1-152763-v7-22 - 17-40434914
Fund Initial Sales Charge of Share Class (as a percentage of purchase price) Share Class Japan Strategic Value Portfolio Up to 6.25% Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class BD Class BD AUD H Class C Class C AUD H Class I * Class ID * Class S Class S1 Class A Class A EUR H Class I EUR H * Class I Class I EUR H Class B Class B EUR H Class C Class C EUR H Class S Class S USD H Class S1 Global Bond Portfolio Up to 6.25% Class A Class A2 Class A2 EUR H Class AT EUR H Class AT Class AT AUD H Up to 1.50% (applicable as from 31 March 2012) Up to 1.00% Class I * Class I Class I2 Class I2 EUR H Class I2 AUD H Class I2 * Class I2 EUR H * Class I2 AUD H * Class B Class B2 Class B2 EUR H Class BT EUR H Class BT AUD H Class BT Class C Class C2 Class C2 EUR H Class CT Class S Class S EUR H Class S1 Class S1 EUR H SINGAP-1-152763-v7-23 - 17-40434914
Fund Initial Sales Charge of Share Class (as a percentage of purchase price) Share Class Global High Yield Portfolio Up to 6.25% Class A Class A2 Class A2 EUR H Class A2 SGD H Class AT Class AT EUR H Class AT SGD H Class AT AUD H Class AT RMB H Up to 3.00% Class I * Up to 1.50% Up to 1.50% (applicable as from 31 March 2012) Class I2 * Class I2 EUR H * Class I2 AUD H * Class I2 RMB H Class I Class I2 Class I2 EUR H Class I2 AUD H Class B Class B2 Class B2 EUR H Class B2 SGD H Class BT Class BT EUR H Class BT AUD H Class BT SGD H Class BT RMB H Class C Class C2 Class C2 EUR H Class CT Class CT EUR H Class S Class S EUR H Class S1 Class S1 EUR H American Income Portfolio Up to 6.25% Class A Class A2 Class A2 SGD H Class A2 EUR H Class AT Class AT AUD H Class AT SGD H Class AT EUR H Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class I2 * Class I2 EUR H* Class I2 AUD H * Class I Class I2 Class I2 EUR H Class I2 AUD H Class B Class B2 SINGAP-1-152763-v7-24 - 17-40434914
Fund Initial Sales Charge of Share Class (as a percentage of purchase price) Share Class Class B2 SGD H Class BT Class BT AUD H Class BT SGD H Class BT EUR H Class C Class C2 Class C2 EUR H Class CT Class S Class S1 pean Income Portfolio Up to 6.25% Class A Class A2 Class AT Class AT AUD H Class AT USD H Emerging Markets Debt Portfolio Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Up to 6.25% Up to 3.00% Class I * Up to 1.50% (applicable as from 31 March 2012) Class I2 * Class I2 AUD H* Class I2 USD H * Class I Class I2 Class I2 USD H Class I2 AUD H Class B Class B2 Class BT Class BT AUD H Class BT USD H Class C Class C2 Class CT Class S Class S1 Class A Class A2 Class A2 EUR H Class A2 SGD H Class AT Class AT EUR H Class AT AUD H Class AT SGD H Class I2 * Class I2 EUR H * Class I2 AUD H * Class I Class I2 Class I2 EUR H Class I2 AUD H Class B Class B2 Class B2 EUR H Class B2 SGD H SINGAP-1-152763-v7-25 - 17-40434914
Fund Initial Sales Charge of Share Class (as a percentage of purchase price) Share Class *Applicable up to 30 March 2012. Class BT Class BT EUR H Class BT AUD H Class BT SGD H Class C Class C2 Class C2 EUR H Class CT Class S Class S EUR H Class S1 EUR H Class S1 2 Contingent deferred sales charge ("CDSC") Portfolios without Currency Hedged Share Classes Fund Global Conservative Portfolio Short Maturity Portfolio Contingent deferred sales charge 11 0-1 year held = 3.0% 1-2 years held = 2.0% 2-3 years held = 1.0% 3+ years held = 0.0% 0-1year held = 1.0% Thereafter 0% (Currently all Singapore distributors have elected to waive CDSC for Class C and C2 Shares.) 0-1 year held = 3.0% 1-2 years held = 2.0% 2-3 years held = 1.0% 3+ years held = 0.0% 0-1year held = 1.0% Thereafter 0% (Currently all Singapore distributors have elected to waive CDSC for Class C and C2 Shares.) Share Class Class B Class B2 Class C Class C2 Class A Class A2 Class I Class B Class B2 Class BT Class C Class C2 Class A Class A2 Class AT Class I Class I2 11 Expressed 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. SINGAP-1-152763-v7-26 - 17-40434914
Fund Global Equity Blend Portfolio Global Growth Trends Portfolio Contingent deferred sales charge 11 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.) 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 S Class S1 Class B Class C Class A Class I Class S Class S1 Class B Class C (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) Global Value 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% Class A Class I Class S Class S1 Class B Class C zone Strategic Value Portfolio (Currently all Singapore distributors have elected to waive CDSC for Class C Shares.) 0-1 year held = 4.0% 1-2 years held = 3.0% 2-3 years held = 2.0% 3-4 years held = 1.0% Class A Class I Class S Class S1 Class B SINGAP-1-152763-v7-27 - 17-40434914