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A World of Choice: Fixed Income Investing at AllianceBernstein

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For more than 30 years, our steadfast commitment to innovative research and disciplined portfolio management has helped clients weather the market’s ups and downs. Through comprehensive global, regional, multisector and single-sector services that aim to deliver the highest returns for a targeted level of risk, as well as through tailored investment solutions, we help clients meet their objectives.

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Region Strategy Typical Benchmark Strategy Description
Global Diversified Yield Plus 3-Month LIBOR Invests broadly in the sovereign debt of developed nations, investment-grade and high-yield credits, agencies, mortgages, commercial mortgage-backed securities, asset-backed securities and emerging-market debt. Benchmark unconstrained.
Global Global Aggregate Barclays Global Aggregate Bond Index Invests broadly in the sovereign debt of developed nations, agencies, investment-grade credits and securitized assets. 
Global Global Credit Barclays Global Aggregate Credit Index Invests primarily in investment-grade corporate bonds.
Global Global Dynamic Duration Bank Bill Index Invests only in the most liquid sovereign securities. Emphasis on capital preservation and limiting downside interest-rate volatility.
Global Global Fixed Income Citigroup World Government Bond Index or the J.P. Morgan Global Bond Index Invests primarily in government debt of developed nations, restricting investment to countries and securities with investment-grade credit ratings.
Global Global High Yield Corporate Barclays Global Corporate High-Yield Bond Index Invests primarily in high-yield corporate bonds. 
Global Global-Plus Fixed Income Barclays Global Aggregate Bond Index Invests broadly in the sovereign debt of developed nations, agencies, investment-grade credits and securitized assets. Additionally, it may take opportunistic positions in high-yield and emerging-market debt.
Global Global Short Duration Barclays Global Treasury 1–3 Year Index Invests primarily in investment-grade government bonds of a shorter duration. May also invest in investment-grade corporate bonds and securitized assets. 
Global Low Volatility High Yield Barclays Global High-Yield Corporate BB/B / 1–5 year Index  Invests primarily in higher-yielding securities and related derivatives with an average duration of less than four years. 
Global Unconstrained Bond BofA Merrill Lynch US 3-Month Treasury Bill Index Invests broadly across fixed-income sectors, gaining most of its exposures through investments in highly liquid derivative instruments. Long/short, risk-focused strategy.
Asia Asian Bond Local Currency HSBC Asian Local Bond Index Invests in fixed-income securities issued by Asia-Pacific issuers and related derivatives, or in fixed-income securities denominated in Asia-Pacific currencies.
Asia Greater China Bond N/A Invests in both RMB-denominated fixed-income securities issued outside mainland China (“offshore RMB bonds”) and non-RMB-denominated fixed-income securities of other Asian issuers.  These securities may be issued by sovereign, quasi-sovereign or corporate issuers. 
Emerging Markets Emerging-Market Corporate Debt J.P. Morgan CEMBI Broad Diversified Invests primarily in fixed-income securities issued by corporations domiciled in emerging markets.  It may also invest in sovereign and quasi-sovereign debt from emerging-market issuers.
Emerging Markets Emerging-Market Debt J.P. Morgan EMBI Global Invests broadly in sovereign and quasi-sovereign bonds (in both hard and local currencies), corporate emerging-market debt, and emerging-market currencies.
Emerging Markets Emerging-Market Debt Hard Currency J.P. Morgan EMBI Global Invests in sovereign and corporate debt of emerging-market countries issued in hard currency.
Emerging Markets Emerging-Market High Grade J.P. Morgan EMBI Global Investment Grade Invests in investment-grade sovereign and corporate debt of emerging-market countries, denominated in both local and non-local currency, as well as credit derivatives and options.
Emerging Markets Emerging-Market Local Currency J.P. Morgan GBI-EM Global Diversified Invests in locally denominated debt of emerging-market issuers, primarily sovereign and quasi-sovereign issuers.
Euro Zone Euro Core-Plus/Euro Aggregate Barclays Euro-Aggregate Bond Index Invests primarily in euro-denominated government bonds, investment-grade corporates and securitized assets. Additionally, it may take opportunistic positions in high-yield and emerging-market debt.
Euro Zone Euro Credit Barclays Euro-Aggregate Corporate Index Invests primarily in euro-denominated investment-grade corporate bonds. 
Euro Zone Euro High Yield Barclays Euro High-Yield 2% Constrained Index Invests primarily in euro-denominated high-yield corporate bonds. 
Euro Zone Euro Short Duration BofA Merrill Lynch 1–3 Year German Government Index Invests primarily in euro-denominated investment-grade government bonds of a shorter duration. May also invest in investment-grade corporate bonds and securitized assets.
UK UK Core-Plus Barclays Sterling Aggregate Bond Index Invests primarily in sterling-denominated government bonds, investment-grade corporates and securitized assets. Additionally, it may take opportunistic positions in high-yield and emerging-market debt.
UK UK Short Duration BofA Merrill Lynch Gilt 1–3 Year Index Invests primarily in sterling-denominated investment-grade government bonds of a shorter duration. May also invest in investment-grade corporate bonds and securitized assets.
US US High Yield Barclays US High-Yield 2% Issuer Constrained Index Invests primarily in US dollar–denominated high-yield corporate bonds.
US US Investment-Grade Corporates Barclays US Corporate Bond Index Invests primarily in US dollar–denominated investment-grade corporates.
US US Short Duration BofA Merrill Lynch US Treasury 1–3 Year Index  Invests primarily in sterling-denominated investment-grade government bonds of a shorter duration. May also invest in investment-grade corporate bonds and securitized assets.

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