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A World of Choice: Fixed Income Investing at AllianceBernstein

Fund Information

American Income Portfolio

The American Income Portfolio uses a barbell approach combining, two different types of bonds that have historically worked well together. Investment-grade bonds have lower risk—they help provide stable returns for investors—while high-yield bonds have more risk, but also provide more income and potential for capital growth. By combining the two, the Portfolio seeks to give investors the best of both worlds: higher returns with lower risk.

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Asia-Pacific Income Portfolio

We believe the robust economic growth in Asia-Pacific countries is one of the most exciting investment stories in the world today. The Asia-Pacific Income Portfolio provides exposure to that rapid growth, attractive yields and potential gains from rising currencies. The Portfolio uses a barbell approach, combining investment-grade bonds and high-yield bonds, two groups of bonds that have worked well together historically to achieve higher returns with less risk.

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Emerging Market Corporate Debt Portfolio

Over the last decade, the emerging-market corporate bonds market has developed rapidly, outstripping new issuance in the sovereign-bond market. We expect emerging-market corporates to be the fastest-growing sector of the fixed-income markets in the coming years, offering strong fundamentals and attractive yields. The Emerging Market Corporate Debt Portfolio invests in fixed-income securities issued by emerging-market corporations.

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Emerging Markets Debt Portfolio

In just two decades, emerging-market debt has developed from a speculative, potentially high-risk investment category to a well-established marketplace. In many cases, emerging countries’ economic fundamentals are stronger, and their credit quality is higher, than those of developed countries. We believe that emerging markets can be a valuable part of a long-term fixed-income allocation. The Emerging Markets Debt Portfolio invests in a broad universe of sovereign, quasi-sovereign and corporate securities from emerging-market countries.

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Euro High Yield Portfolio

The euro high-yield market has often been eclipsed by its larger, more mature US counterpart. However, in recent years, euro high yield has come of age, broadening and deepening dramatically. We believe that navigating this market requires special expertise, not just in the form of bottom-up research, but also of sovereign-risk and macroeconomic analysis. The Euro High Yield Portfolio seeks to produce high total returns through a combination of income and capital appreciation.

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European Income Portfolio

The European Income Portfolio employs a dynamic investment process that gives it the flexibility to allocate between sectors and credit qualities according to the prevailing expected return and risk outlook. High quality government, government-related, securitised and corporate debt provides stability, while high-yielding debt such as sub–investment grade and emerging-market securities provides income and potential for capital appreciation.

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Global Bond Portfolio

The AllianceBernstein Global Bond fund follows a conservative investment strategy, investing only in investment grade–rated bonds and maintaining a low duration. Our managers have the flexibility to invest in a wide range of countries and sectors to capture global opportunities and benefit from diversification.

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Global High Yield Portfolio

The Global High Yield Portfolio takes a multisector, dynamic approach to high-yield investing. Our portfolio managers have the flexibility to go beyond the sub–investment grade corporate bond universe into any high-yielding issues or sectors that offer an opportunity to enhance risk-adjusted returns. We think that flexibility is crucial, because history has shown that no country or sector wins all the time.

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Global Plus Fixed Income Portfolio

The Global Plus Fixed Income Portfolio takes a dynamic, multisector approach to investing. Our managers have the flexibility to invest in a wide range of countries, sectors and securities in their pursuit of superior risk-adjusted returns. We believe that a dynamic approach is crucial, because history has shown that no country or sector wins all the time. Our portfolio managers seek to shift positions quickly and efficiently as opportunities and risks change.

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RMB Income Plus Portfolio

The RMB Income Plus Portfolio allocates between the offshore RMB bond market and other Asian fixed-income securities, while maintaining maximum renminbi currency exposure. Investors’ appetite for exposure to the Chinese currency has helped fuel rapid growth in the offshore renminbi-denominated bond market, “dim sum” bonds. However, the “dim sum” market is still in its infancy and the volume of investor cash exceeds supply, so we believe a larger pan-Asian opportunity set can increase diversification, income and total return.

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RMB Income Plus II Portfolio

The RMB Income Plus II Portfolio allocates between the offshore RMB bond market and other Asian fixed-income securities, while maintaining maximum renminbi currency exposure. Investors’ appetite for exposure to the Chinese currency has helped fuel rapid growth in the offshore renminbi-denominated bond market, “dim sum” bonds. However, the “dim sum” market is still in its infancy and the volume of investor cash exceeds supply, so we believe a larger pan-Asian opportunity set can increase diversification, income and total return. The RMB Income Plus II Portfolio offers European currency–hedged share classes.

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Short Duration High Yield Portfolio

High-yield bonds have generated exceptional returns since the 2007–2008 financial crisis, but volatility and an uncertain environment have made some investors seek a more conservative approach to high-yield investing. The Short Duration High Yield Portfolio is designed to help investors capture attractive high-yield returns, but with less volatility—potentially resulting in significantly better risk-adjusted returns than the broader high-yield market over the long term.

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Unconstrained Bond Portfolio

The Unconstrained Bond Portfolio is a global, absolute-return focused portfolio that takes full advantage of our best research ideas without the constraints of a traditional bond fund. The unconstrained nature of the Portfolio allows the portfolio managers to pursue opportunities across global fixed-income and currency markets to build a portfolio reflecting our highest-conviction ideas. Tail hedging strategies seek to protect capital in times of severe market stress.

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