AllianceBernstein— American Income Portfolio

4Q 2014 | AMERICAN INCOME PORTFOLIO
AllianceBernstein—
American Income Portfolio
A Flexible Approach to Balancing Quality and Return Potential
Important Information
1. The portfolio invests in all types of U.S. Government securities and fixed-income securities, including investment grade and high yield, non-investment grade securities of issuers
domiciled within and outside the U.S; and non-US government or their agencies and instrumentalities issuing securities denominated in USD and a variety of mortgage-backed
securities and zero coupon securities.
2. Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, management risk and credit risks. Exposure to lower rated and unrated instruments can
subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a
short period of time. It is possible that the entire value of your investment in the portfolio can be lost.
3. The portfolio is entitled to use derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the
portfolio’s use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.
4. Dividends may be paid from capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to
that original investment. Such dividends may result in an immediate decrease of the Net Asset Value per Share.
5. Investors should not rely on this document alone to make investment decisions.
Mar
Mar2014年3月
2014年3月
AllianceBernstein
AllianceBernstein- American
- America
聯博－美元收益基金
聯博－美元收益基金
▲
*
1
Balanced
The Credit Barbell
EM Sov $
8
AIP
EM Corp
7
Annualized Return
US HY
≥50% Investment Grade
6
5
≥50% High Yield
US Securitized
US Treasury
4
3
2
2
3
4
5
6
7
8
9
10
11
Volatility
Holdings are subject to change. Current analysis does not guarantee future results.
Based on monthly returns from 1 January 2004 through 31 December 2013
US HY is represented by the Barclays Capital US Corporate High Yield Index; US Treasury is represented by the
Barclays Capital US Treasury Index; EM Corp is represented by the JPM CEMBI Broad Diversified Index, EM Sov
$ is represented by the JPM EMBI Global and Securitized Products are represented by the Barclays Capital U.S.
Securitized Index. An investor cannot invest directly in an index or average and they do not include sales charges
or operating expenses associated with an investment in a mutual fund, which would reduce total returns.
Source: Barclays Capital, JPMorgan Chase and AllianceBernstein
Past Performance in Rising Rate
Environments
2
Credit
Crisis
40
25.0
23.8
14.3
13.4 11.7
8.5
3.4
6.5 8.8
6.1 4.9 6.4
4.6
-10.4
t
10.4
5.9
9.4
5.4
-3.2
0
-1.4
-11.3
-20
94
Fed
Increases: 2.50%
95
96
97
0.25%
98
99
00
01
0.75% 1.00%
02
03
04
05
06
07
08
Portfolio
Objective
& Strategy
基金目標與策略
Portfolio
Objective
& Strategy
基金目標與策略
♦
Dividends are not paid for all share classes and are not guaranteed. See Box 3 below for ‘Past Dividend Payment
The The
Portfolio
seeks
to provide
a high
levellevel
of current
income
withwith
the pote
Portfolio
seeks
to provide
a high
of current
income
the p
Record’ information.
09
investing
in a diversified
portfolio
of U.S.
dollar-denominated
fixedfixed
income
se
investing
in a diversified
portfolio
of U.S.
dollar-denominated
incom
in U.S.
dollar
denominated
fixedfixed
income
securities,
including
investment
gr
in U.S.
dollar
denominated
income
securities,
including
investmen
grade
securities
of issuers
domiciled
within
and and
outside
the U.S.
Under
nor
grade
securities
of issuers
domiciled
within
outside
the U.S.
Under
of 50%
of the
assets
will will
be invested
in investment grade securitie
of 50%
of Portfolio
the Portfolio
assets
† be invested in investment grade sec
be issued
by issuers
domiciled
within
the United
States.
be issued
by issuers
domiciled
within
the United
States.
Past Dividend Payout Record
distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See
Important Information 4) Annualized yield is calculated with
^ ^the following formula:
^ ^
Portfolio
Composition
投資組合配置
Portfolio
Composition
投資組合配置
dividend of the month x 12 / ex-dividend price of the month x 100. Positive distribution
yield does not imply positive
return.
The historical
data provided below are for Country
Sector
Allocation
行業分佈
Alloc
Sector
Allocation
行業分佈
Country
Al
information purposes only and do not imply prospective
yields of the Portfolio.
High Yield 高收益 34.49%
Credit
Crisis
20
cash or reinvest the proceeds.
本基金主要透過分散投資於以美元計值的固定收益證券，以獲
本基金主要透過分散投資於以美元計值的固定收益證券，以
本基金只投資於以美元計值的固定收益證券，包括由美國境外及
本基金只投資於以美元計值的固定收益證券，包括由美國境
Class AT Shares
級別及非投資級高收益證券。在正常市場情況下，最少
50%50%
的
級別及非投資級高收益證券。在正常市場情況下，最少
The share class below intend級別的證券。而至少有
to 級別的證券。而至少有
declare and pay monthly
dividends.
Dividend amount/
65%
之資產，必須由美國境內之機構發
65%
之資產，必須由美國境內之機構
Calendar Year Performance
1994 – 2014 YTD
d
Important
Information
重要事項
Important
Information
重要事項
1 Investment
in theinportfolio
may may
also also
involve
fixed-income
securities
risks,risks,
illiquid
1 Investment
the portfolio
involve
fixed-income
securities
illiq

Balances duration and credit
risk
one
portfolio
to interest
manage
macro-economic
risk
risk of
loss
of
principal
and interest
thanthan
higher-rated
securities.
The value
of the
risk
ofin
loss
of principal
and
higher-rated
securities.
The value
o
investment
in thein portfolio
can be
investment
the portfolio
canlost.
be lost.
Diversed
投資於本基金亦可能涉及固定收益證券風險、不流動資產風險、管理
投資於本基金亦可能涉及固定收益證券風險、不流動資產風險、
並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失
並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值

Diversifies risk across2sectors,
industries
andtoissuers
to manage
idiosyncratic
riskand efficient
The
is entitled
use
instruments
for hedging
po
2 portfolio
The portfolio
is entitled
to derivative
use derivative
instruments
for hedging
and efficien
may may
become
ineffective
in hedging
or efficient
portfolio
management
and the
become
ineffective
in hedging
or efficient
portfolio
management
and po
th
Opportunistic
本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及
本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能
基金可能會遭受重大損失。
基金可能會遭受重大損失。

Dynamic and opportunistic
in
its exposures to maximize return
3 Dividends
may may
be paid
fromfrom
capital
of the
which
may may
amount
to a to
part
3 Dividends
be paid
capital
ofPortfolio,
the Portfolio,
which
amount
a
dividends
may may
resultresult
in aninimmediate
decrease
of the
ValueValue
per Share.
dividends
an immediate
decrease
of Net
the Asset
Net Asset
per Sh
本基金可從資本中支付派息，派息金額可能為投資者原本投資的部份
本基金可從資本中支付派息，派息金額可能為投資者原本投資的
Designed for Monthly
Dividend
Payout♦
4 Investors
should
not rely
alonealone
to make
investment
decisions.
4 Investors
should
not on
relythis
on document
this document
to make
investment
decisio
投資者不應只依賴本文件而作出投資決定。
投資者不應只依賴本文件而作出投資決定。
To give investors more flexibility,
a monthly payout option allows investors to receive
3
AllianceBernstein - American Income Portfolio (Class A USD)
Percent
▲
*
Combining Returns and Credit Quality
9
s
*
*
10
11
12
13
14
YTD
1.25% 2.00%1.00%
Past performance does not guarantee future results. Historical information provided for
illustrative purpose only.
Portfolio inception date: 1 July 1993
Source: Barclays Capital, Bloomberg, JPMorgan Chase and AllianceBernstein. Performance calculated based on
Class A (USD), on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 30 September 2014.
Month
NAV (US$)
09/30/14
8.82
08/29/14
8.99
07/31/14
8.91
06/30/14
High Yield 高收益 34.49%
Treasury
國庫債券
25.52%
Treasury
國庫債券
25.52%
機構機構
13.57%
Agency
13.57%Yield
DIVAgency
(US$)
Emerging
Markets
Emerging
Markets
新興市場
12.66%
新興市場
12.66% 4.71%
0.0346
CMBSCMBS
商業按揭抵押證券
6.52%
商業按揭抵押證券
6.52%
IG Corporates
IG Corporates
0.0346
4.62%
投資等級公司債券
4.62%
投資等級公司債券
4.62%
Cash Cash
Equivalents
現金等值
0.12%
Equivalents
現金等值
0.12%
OtherOther
其它其它
2.50%
2.50% 4.66%
0.0346
8.98Allocation
0.0346
Currency
貨幣分佈
Currency
Allocation
貨幣分佈
4.62% Credit
Quality
Credit
Qua
US Dollar
美元美元
100.00%
US Dollar
100.00%
05/30/14
8.99
0.0346
4.62%
04/30/14
8.88
0.0346
4.68%
Source: AllianceBernstein, as of 30 September 2014.
Offered Currencies in USD,
HKD and EUR. AUD, CAD,
EUR, SGD, NZD and GBP
Hedged Share Classes are
^ ^
Holdings
are expressed
as a as
percentage
of total
investments
and may
vary vary
over over
time.ti
Holdings
are expressed
a percentage
of total
and may
alsoinvestments
available.^
投資組合配置比重以總投資比重之百分比表示，可能隨時間而改變。
投資組合配置比重以總投資比重之百分比表示，可能隨時間而改變。
^^ ^^
Highest
of S&P,
Moody’s
and Fitch.
Highest
of S&P,
Moody’s
and Fitch.
4
Why Multisector? Because No Bond Sector
Leads All the Time
5
Fund Profile
Annual Returns in USD
Percent
Best
Performer
Worst
Performer
Gap
between
best
and worst
2010
2011
2012
2013
YTD 2014
US HY
15.1
US
Treasuries
9.8
EM $
18.5
US HY
7.5
EM $
7.3
EM $
12.0
EM $
8.5
US HY
15.8
Bank Loans
6.2
US IG Corp
5.6
Bank
Loans
10.0
US IG Corp
8.2
Bank Loans
9.4
MBS
–1.4
MBS
4.2
US IG Corp
9.0
MBS
6.2
US IG Corp
9.4
Agency
–1.6
US HY
3.5
US
Treasuries
5.9
US HY
5.0
MBS
2.6
US IG Corp
–1.6
US
Treasuries
3.1
MBS
5.4
Agency
4.9
Agency
2.2
US
Treasuries
–2.8
Agency
2.9
Agency
4.6
Bank
Loans
1.8
US
Treasuries
2.0
EM $
–6.6
Bank Loans
2.4
10.5
8.0
16.6
14.1
4.9
Past performance does not guarantee future results. These returns are for illustrative purposes only and do
not reflect the performance of any fund. Diversification does not eliminate the risk of loss.
As of 30 September 2014.
US HY is represented by the Barclays Capital US Corporate High Yield Index; EM $ is represented by the JPM EMBI-Global
Index; USTreasuries are represented by the Barclays Capital US Treasury Index; US IG Corp is represented by the Barclays
Capital US Corporate Investment Grade; MBS is represented by the Barclays Capital US MBS Index; Bank Loans are
represented by the Credit Suisse Leveraged Loan Index; and Agency is represented by the Barclays Capital US Agency
Index. An investor cannotinvest directly in an index or average and they do not include sales charges or operating expenses
associated with an investment in a mutual fund, which would reduce total returns.
Source: Barclays, Credit Suisse, JPMorgan Chase and AllianceBernstein
6
Portfolio Manager:
Paul J. DeNoon, Douglas J. Peebles,
Gershon Distenfeld
Inception Date:
1993/07/01 (Class A, USD)
Base Currency:
USD
^Convenience Pricing/
Reporting Currencies:
HKD, EUR
^Currency hedge Share
Classes:
AUD, EUR, CAD, SGD, GBP, NZD
Class offered:
A, A2, AA, AT, B, B2, BA, BT
Fund Size:
USD 7,572.35 million
Source: AllianceBernstein, as of 30 September 2014.
Portfolio Allocation
Sector Allocation
Country Allocation
High Yield 33.10%
Treasury 20.17%
Agency 17.03%
Emerging Markets – Hard Currency 14.23%
Commercial Mortgage-Backed Securities 6.91%
Corporates – Investment Grade 4.30%
Other 4.26%
United States 78.80%
Brazil 3.74%
Peru 1.24%
Indonesia 1.23%
Turkey 1.12%
Mexico 1.06%
Switzerland 0.99%
Germany 0.97%
Canada 0.95%
Other 9.90%
Holdings are expressed as a percentage of total investments and may vary over time. Numbers may not sum due to rounding.
Source: AllianceBernstein, as of 30 September 2014.
This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds,
investors should review the fund’s full prospectus, together with the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report
and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.alliancebernstein.com.hk or by contacting the local distributor in the jurisdictions in which the funds are
authorized for distribution.
AllianceBernstein – American Income Portfolio is a portfolio of ACMBernstein. AllianceBernstein is the trading name of the mutual investment fund (fonds commun de placement) organized under the laws of
Luxembourg, while its legal name is ACMBernstein.
The information contained herein reflects, as of the date hereof, the views of AllianceBernstein and sources believed by AllianceBernstein to be reliable. No representation or warranty is made concerning the
accuracy of any data compiled herein. In addition, there can be no guarantee that any projection, forecast or opinion in these materials will be realized. The views expressed herein may change at any time
subsequent to the date of issue hereof. These materials are provided for informational purposes only and under no circumstances may any information contained herein be construed as investment advice. Neither
may any information contained herein be construed as any sales or marketing materials with respect to any financial instrument, product or service sponsored or provided by AllianceBernstein or any affiliate or
agent thereof.
Past performance is no guarantee of future results. Total returns, provided by AllianceBernstein, include the change in net asset value and reinvestment of any distributions paid on Portfolio shares for the period
shown, but do not reflect sales charges. Returns listed may not represent actual returns to an investor. Shares of the Portfolio are offered only pursuant to the Portfolio’s current prospectus together with the most
recent financial statements. References, if any, to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AllianceBernstein.
Any specific securities identified and described in the material do not represent all of the securities purchased, sold or recommended for the Portfolio, and may or may not be held by the Portfolio at any given time.
It should not be assumed that investments in the securities were or will be profitable.
Investment Risks—Investment in the Portfolio entails certain risks. Investment returns and principal value of the Portfolio will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than
their original cost. Dividends are not paid for all share classes and are not guaranteed. The Portfolio is meant as a vehicle for diversification and does not represent a complete investment program. These and other
risks are described in the Portfolio’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the Portfolio’s fees and charges with their financial advisor to
determine if the investment is appropriate for them.
^Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in
the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the
ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience
Pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations.
This document has not been reviewed by the Securities and Futures Commission.
Issuer: AllianceBernstein Hong Kong Limited (聯博香港有限公司).
†The past 5 calendar year performance for AllianceBernstein—American Income Portfolio (Class AT, USD): 25.08% (2009), 10.44% (2010), 5.86% (2011), 9.50% (2012), -1.49% (2013) and 5.35% (2014 YTD).
Source: AllianceBernstein, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 30 September 2014.
▲
Lipper, base on Class A (USD), fund performance as of 31 December 2013. Awards are not recommendation to purchase, sell or hold the portfolio.
© 2014 AllianceBernstein L.P.
(Issue date of this document: 20 October, 2014)
www.alliancebernstein.com/investments
AIP–PRF–EN–HK–1014
FIXED INCOME
定息
November 2014 年 11 月
MONTHLY NAV AND DIVIDEND SUMMARY
每月資產淨值及股息摘要
Important Information 重要事項
1.
2.
3.
4.
5.
The portfolio invests in all types of U.S. Government securities and fixed-income securities, including investment grade and high yield, non-investment grade securities of issuers domiciled within and outside the U.S; and non-US
government or their agencies and instrumentalities issuing securities denominated in USD and a variety of mortgage-backed securities and zero coupon securities.
本基金投資於各種美國政府證券、以美元計值的固定收益證券，包括由美國境外及境內註冊發行商發行的投資級別及非投資级高收益證券及非美國政府或其代理及屬下部門所發行的以美元計價的固
定收益證券及各種按揭抵押證券和零票息證券。
Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, management risk and credit risks. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal
and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.
投資於本基金亦可能涉及固定收益證券風險、不流動資產風險、管理風險及信用風險。低評級及無評級工具被視為須承受本金及利息損失的更大風險。基金價格可反覆波動，並可在一段短時期內顯
著下跌。閣下於本基金的投資可能會價值全失。
The portfolio is entitled to use derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolio’s use of derivative instruments may become ineffective in
hedging or efficient portfolio management and the portfolio may suffer significant losses.
本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重大損
失。
Dividends may be paid from capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment. Such dividends may result in an
immediate decrease of the Net Asset Value per Share.
本基金可從資本中支付派息，派息金額可能為投資者原本投資的部份回報或本金或原本投資應佔的任何資本增值，有關股息可能導致每股資產淨值即時下跌。
Investors should not rely on this document alone to make investment decisions.
投資者不應只依賴本文件而作出投資決定。
AllianceBernstein—American Income Portfolio
聯博—美元收益基金
NAV, Dividend and Yield Information as of 11/28/2014
截至 11/28/2014 的資產淨值、股息及年度化息率資料
The share classes below intend to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 4)
以下股份類別旨在每月宣派及派付股息。派息/息率並無保證，派息可從資本中支付。(注意重要事項 4)
Annualized yield is calculated with the following formula: Dividend of the month x 12 / ex-dividend price of the month x 100. Positive distribution yield does not imply positive return. The historical data provided
below are for information purposes only and do not imply prospective yields of the Portfolio.
年度化息率按以下程式計算：以當月之派息 x 12 / 當月除息價格 x 100。正派息率並不表示本基金將錄得正回報。以下所提供的過往數據僅作參閱之用，並不代表基金未來的年息
率。
Class AT shares, USD (ISIN: LU0157308031)
AT 類股份，美元
Month
月份
11/28/2014
10/31/2014
09/30/2014
08/29/2014
07/31/2014
06/30/2014
05/30/2014
04/30/2014
03/31/2014
02/28/2014
01/31/2014
12/31/2013
NAV (US$)
資產淨值 (美元)
8.85
8.87
8.82
8.99
8.91
8.98
8.99
8.88
8.83
8.83
8.73
8.67
DIV (US$)
股息 (美元)
0.0346
0.0346
0.0346
0.0346
0.0346
0.0346
0.0346
0.0346
0.0346
0.0346
0.0346
0.0346
Class AT shares, HKD^ (ISIN: LU0417103065)
AT 類股份，港元^
Annualized Yield
年度化息率
4.69%
4.68%
4.71%
4.62%
4.66%
4.62%
4.62%
4.68%
4.70%
4.70%
4.76%
4.79%
Class AT shares, EUR-Hedged^ (ISIN: LU0539799634)
AT 類股份，歐元對沖^
Month
月份
11/28/2014
10/31/2014
09/30/2014
08/29/2014
07/31/2014
06/30/2014
05/30/2014
04/30/2014
03/31/2014
02/28/2014
01/31/2014
12/31/2013
NAV (€)
資產淨值（歐元）
14.97
15.00
14.92
15.21
15.07
15.19
15.21
15.02
14.93
14.94
14.77
14.66
DIV (€)
股息（歐元）
0.0551
0.0551
0.0589
0.0589
0.0589
0.0589
0.0589
0.0589
0.0589
0.0541
0.0541
0.0541
Month
月份
11/28/2014
10/31/2014
09/30/2014
08/29/2014
07/31/2014
06/30/2014
05/30/2014
04/30/2014
03/31/2014
02/28/2014
01/31/2014
12/31/2013
NAV (HK$)
資產淨值 (港元)
68.63
68.78
68.48
69.67
69.05
69.61
69.70
68.85
68.49
68.52
67.77
67.23
DIV (HK$)
股息 (港元)
0.2683
0.2684
0.2682
0.2682
0.2682
0.2682
0.2683
0.2683
0.2684
0.2684
0.2687
0.2683
Annualized Yield
年度化息率
4.69%
4.68%
4.70%
4.62%
4.66%
4.62%
4.62%
4.68%
4.70%
4.70%
4.76%
4.79%
Class AT shares, CAD-Hedged^ (ISIN: LU0592505407)
AT 類股份，加元對沖^
Annualized Yield
年度化息率
4.42%
4.41%
4.74%
4.65%
4.69%
4.65%
4.65%
4.71%
4.73%
4.35%
4.40%
4.43%
Month
月份
11/28/2014
10/31/2014
09/30/2014
08/29/2014
07/31/2014
06/30/2014
05/30/2014
04/30/2014
03/31/2014
02/28/2014
01/31/2014
12/31/2013
NAV (CAD)
資產淨值（加元）
14.98
15.02
14.94
15.22
15.08
15.20
15.22
15.04
14.95
14.96
14.80
14.69
DIV (CAD)
股息（加元）
0.0686
0.0686
0.0686
0.0686
0.0686
0.0679
0.0679
0.0679
0.0679
0.0679
0.0679
0.0679
Annualized Yield
年度化息率
5.50%
5.48%
5.51%
5.41%
5.46%
5.36%
5.35%
5.42%
5.45%
5.45%
5.51%
5.55%
Class AT shares, AUD-Hedged^ (ISIN: LU0511406216)
AT 類股份，澳元對沖^
Month
月份
11/28/2014
10/31/2014
09/30/2014
08/29/2014
07/31/2014
06/30/2014
05/30/2014
04/30/2014
03/31/2014
02/28/2014
01/31/2014
12/31/2013
NAV (A$)
資產淨值（澳元）
15.21
15.24
15.16
15.46
15.32
15.43
15.46
15.27
15.18
15.20
15.03
14.92
DIV (A$)
股息（澳元）
0.0900
0.0900
0.0900
0.0900
0.0900
0.0900
0.0900
0.0900
0.0900
0.0900
0.0900
0.0900
Class AT shares, SGD-Hedged^ (ISIN: LU0592505829)
AT 類股份，新加坡元對沖^
Annualized Yield
年度化息率
7.10%
7.09%
7.12%
6.99%
7.05%
7.00%
6.99%
7.07%
7.11%
7.11%
7.19%
7.24%
Class AT shares, NZD-Hedged^ (ISIN: LU0805981734)
AT 類股份，紐元對沖^
Month
月份
11/28/2014
10/31/2014
09/30/2014
08/29/2014
07/31/2014
06/30/2014
05/30/2014
04/30/2014
03/31/2014
02/28/2014
01/31/2014
12/31/2013
NAV (NZD)
資產淨值（紐元）
14.38
14.41
14.31
14.60
14.45
14.56
14.58
14.39
14.30
14.31
14.15
14.05
DIV (NZD)
股息（紐元）
0.0930
0.0930
0.0930
0.0930
0.0930
0.0840
0.0840
0.0840
0.0840
0.0840
0.0840
0.0840
Month
月份
11/28/2014
10/31/2014
09/30/2014
08/29/2014
07/31/2014
06/30/2014
05/30/2014
04/30/2014
03/31/2014
02/28/2014
01/31/2014
12/31/2013
NAV (SGD)
資產淨值 (新加坡元)
14.95
14.98
14.90
15.18
15.05
15.16
15.19
15.00
14.91
14.92
14.75
14.66
DIV (SGD)
股息 (新加坡元)
0.0576
0.0576
0.0576
0.0576
0.0576
0.0576
0.0576
0.0576
0.0576
0.0576
0.0576
0.0576
Annualized Yield
年度化息率
4.62%
4.61%
4.64%
4.55%
4.59%
4.56%
4.55%
4.61%
4.64%
4.63%
4.69%
4.71%
Class AT shares, GBP-Hedged^ (ISIN: LU0689625878)
AT 類股份，英鎊對沖^
Annualized Yield
年度化息率
7.76%
7.74%
7.80%
7.64%
7.72%
6.92%
6.91%
7.00%
7.05%
7.04%
7.12%
7.17%
Month
月份
11/28/2014
10/31/2014
09/30/2014
08/29/2014
07/31/2014
06/30/2014
05/30/2014
04/30/2014
03/31/2014
02/28/2014
01/31/2014
12/31/2013
NAV (GBP)
資產淨值（英鎊）
14.99
15.02
14.94
15.22
15.08
15.20
15.22
15.05
14.96
14.97
14.79
14.69
DIV (GBP)
股息（英鎊）
0.0621
0.0621
0.0621
0.0621
0.0621
0.0617
0.0617
0.0617
0.0617
0.0597
0.0597
0.0597
Annualized Yield
年度化息率
4.97%
4.96%
4.99%
4.90%
4.94%
4.87%
4.86%
4.92%
4.95%
4.79%
4.84%
4.88%
The calendar year performance for AllianceBernstein – American Income Portfolio: Class AT, USD – 25.08%(2009), 10.43% (2010), 5.86% (2011), 9.50% (2012), -1.49% (2013) and 6.54% (2014 YTD). Source: AllianceBernstein, calculated on an
NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 28 November 2014.
聯博—美元收益基金歷年的表現：AT 類，美元— 25.08%(2009)，10.43%(2010)，5.86%(2011)，9.50%(2012)，-1.49%(2013)及 6.54%(2014 年初至今)。資料來源：AllianceBernstein，按資產淨值比較計算，股息用於再投
資，以美元計，截至 2014 年 11 月 28 日。
^ Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and
the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the ability to purchase or redeem shares using the currency indicated, which
is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from
currency fluctuations.
^ 貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其它報價貨幣
類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。
AllianceBernstein—American Income Portfolio, is a portfolio of ACMBernstein. AllianceBernstein is the trading name of this mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg, while its legal name is
ACMBernstein. This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors should review the
fund’s full prospectus, together with the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free
of charge from www.alliancebernstein.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.
聯博—美元收益基金為 ACMBernstein 旗下的一個投資組合。聯博(AllianceBernstein)是根據盧森堡法律組成的本互惠投資基金(fonds commun de placement)的營業名稱，法定名稱為 ACMBernstein。此信息只針對本基
金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資聯博基金前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中
包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.alliancebernstein.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。
Past performance is no guarantee of future results. Total returns, provided by AllianceBernstein, include the change in Net Asset Value and reinvestment of any distributions paid on portfolio shares for the period shown, but do not reflect sales
charges. Shares of the portfolio are offered only pursuant to the portfolio’s current Prospectus together with the most recent financial statements.
以往表現並非未來業績的保證。AllianceBernstein 提供的總回報反映資產淨值的變動，並於所示時期內就基金股份所支付的任何分派均用於再投資，但不反映銷售費。所列回報不一定代表投資者所得的實際回
報。本基金股份只可根據本基金的現行認購章程連同最近的財務報表發售。
Investment Risks—Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid
for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or
decrease as a result of foreign exchange currency fluctuations. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and
charges with their financial adviser to determine if the investment is appropriate for them.
投資風險—投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在
作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其
風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。
Source: AllianceBernstein, as of 28 November 2014.
資料來源：AllianceBernstein，截至 2014 年 11 月 28 日。
© 2014 AllianceBernstein L.P. This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Ltd (聯博香港有限公司).
© 2014 AllianceBernstein L.P.此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司 (AllianceBernstein Hong Kong Limited)。
AIP–DYI–EN–CH–HK–1114
www.alliancebernstein.com/investments
(Issue date of this document 本文件刊發日期: 12/15/2014)
Nov 2014年11月
AllianceBernstein - American Income Portfolio
聯博－美元收益基金
*
*
Important Information 重要事項
1 Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, management risk and credit risks. Exposure to lower rated and unrated instruments can subject the Portfolio to greater
risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your
investment in the portfolio can be lost.
投資於本基金亦可能涉及固定收益證券風險、不流動資產風險、管理風險及信用風險。低評級及無評級工具被視為須承受本金及利息損失的更大風險。基金價格可反覆波動，
並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。
2 The portfolio is entitled to use derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolio’s use of derivative instruments
may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.
本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本
基金可能會遭受重大損失。
3 Dividends may be paid from capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment. Such
dividends may result in an immediate decrease of the Net Asset Value per Share.
本基金可從資本中支付派息，派息金額可能為投資者原本投資的部份回報或本金或原本投資應佔的任何資本增值，有關股息可能導致每股資產淨值即時下跌。
4 Investors should not rely on this document alone to make investment decisions.
投資者不應只依賴本文件而作出投資決定。
Portfolio Objective/ Strategy/ Key Features 基金目標/ 策略/ 特色
Profile 基金資料
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, including investment grade and high yield, non-investment
grade 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.
Domicile
註冊地點
本基金主要透過分散投資於以美元計值的固定收益證券，以獲取高收益及本金增值的潛力。
本基金只投資於以美元計值的固定收益證券，包括由美國境外及境內註冊發行商發行的投資
級別及非投資級高收益證券。在正常市場情況下，最少 50% 的投資組合資產將投資於投資
級別的證券。而至少有 65% 之資產，必須由美國境內之機構發行。
Portfolio Composition^ 投資組合配置^
Sector Allocation 行業分佈
High Yield 高收益 32.36%
Treasury 國庫債券 21.35%
Agency 機構 17.35%
Emerging Markets - Hard
Currency
新興市場–強勢貨幣 13.94%
Commercial MortgageBacked Securities
商業抵押擔保證券 6.22%
Corporates - Investment
Grade
公司債券–投資等級 4.41%
Other 其它 4.37%
Currency Allocation 貨幣分佈
US Dollar 美元 100.00%
^
Country Allocation 國家分佈
United States 美國 79.01%
Brazil 巴西 3.12%
Indonesia 印尼 1.30%
Peru 秘魯 1.24%
Turkey 土耳其 1.20%
Mexico 墨西哥 1.12%
Switzerland 瑞士 1.00%
Dominican Republic
多明尼加共和國 0.97%
Canada 加拿大 0.97%
Other 其它 10.07%
Credit Quality^^ 信貸評級^^
AAA 53.08%
AA 0.35%
A 1.53%
BBB 11.53%
BB 19.31%
B 11.98%
CCC & Below CCC 及以下 0.06%
Not Rated 無評級 2.16%
Holdings are expressed as a percentage of total investments and may vary over time.
投資組合配置比重以總投資比重之百分比表示，可能隨時間而改變。
^^ Highest of S&P, Moody’s and Fitch.
選取標準普爾、穆迪及惠譽當中最高評級作分類。
# For details, please refer to the Credit Quality chart under Portfolio Composition.
詳細資料請參閱「投資組合結構」下之「信貸評級」圖。
1. As a percentage of purchase price for Classes A, A2, AA and AT only.
適用於 A 股, A2 股, AA 股及 AT 股之費用，以認購價格之百分比計算。
2. As an annual percentage of average daily Net Asset Value.
以每日平均資產淨值之年度百分比率計費用。
3. 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.
佔所贖回股份的現行資產淨值及原始成本此兩個數字中較低者的有關百分率，並視乎該等股份的持有時間而
定。
Luxembourg 盧森堡
Inception Date
基金成立日
01/07/1993
（Class A – USD）
（ A 股–美元）
Fiscal Year End
財政年度終結
31 August（8 月 31 日）
Net Assets
淨資產
$ 7572.93 Million 百萬美元
Subscription/Redemption
認購/贖回
Daily 每日
Base Currency
基準貨幣
USD 美元
Reporting Currencies
其他報價貨幣
EUR, HKD 歐元，港元
Currency Hedged
Share Classes†
貨幣對冲股份類別†
AUD, CAD, EUR, GBP, SGD, NZD
澳元，加元，歐元，英鎊，新
加坡元，紐西蘭元
Average Duration (Years)
平均存續期 (年)
5.52
Quality#
Average Credit
平均信貸質素#
Charge1
Initial Sales
首次認購費 1
AUp to 最多為 5.00%
（Class A, A2, AA & AT 股）
Management Fee2
管理費 2
1.10%
Management Company Fee2
0.10%
管理公司費 2
Distribution Fee
分銷費 2
2
Contingent Deferred
Sales Charge3
或有遞延銷售費 3
每年 0.7% per annum
（Class B, B2, BA & BT 股）
3%（Year 1 首年），
2%（Year 2 第 2 年），
1%（Year 3 第 3 年），
0%（Thereafter 3 年以後）
（Class B, B2, BA & BT 股）
Total No. Of Holdings
總持股數量
385
Portfolio Management Team
基金管理團隊
Douglas J. Peebles
Paul J. DeNoon
Gershon Distenfeld, CFA
For fees applicable to other share classes, please refer to the offering
documents for details.
有關其他股份類別的費用詳情，請參閱基金銷售文件。
All data as of 所有資料截至 30/11/2014
Nov 2014年11月
Top 10 Holdings 十大持股公司
Holding 持股量
10.74%
6.43%
3.87%
3.62%
3.28%
3.24%
3.08%
3.07%
2.43%
2.34%
42.10%
U.S. Treasury Bonds 8.00%,11/15/21
U.S. Treasury Bonds 7.50%,11/15/24
FNMA 6.625%,11/15/30
U.S. Treasury Bonds 8.75%,8/15/20
U.S. Treasury Bonds 6.25%,5/15/30
Federal Home Loan Banks 5.50%,7/15/36
U.S. Treasury Bonds 6.125%,11/15/27
FHLM 6.25%,7/15/32
U.S. Treasury Bonds 8.125%,8/15/19
FNMA 7.125%,1/15/30
Total 合共
Calendar Year Returns 年度回報%
40
20
0
-20
2009
Class A – USD
A 股–美元
2010
2011
2012
2013
2014 YTD
2009
2010
2011
2012
2013
2014 YTD
年初迄今
25.0
10.4
5.9
9.4
-1.4
6.5
Cumulative Total Returns 總累積回報%
Class A – USD
A 股–美元
1 Year
（年）
3 Year
（年）
5 Year
（年）
10 Year
（年）
Since
Inception
成立迄今
6.1
16.6
35.0
77.0
303.3
Please refer to Profile section for Inception Date of Class A – USD.
請見基金資料有關 A 股 – 美元的成立日。
Source: AllianceBernstein, calculated on an NAV-to-NAV basis, in U.S. Dollars
資料來源：AllianceBernstein，以資產淨值比資產淨值及美元計算。
Past performance is no guarantee of future results. Total returns, provided by AllianceBernstein, include the change in
net asset value and reinvestment of any distributions paid on Portfolio shares for the period shown, but do not reflect sales charges.
The information on this page is for information purposes only and should not be construed as an offer to sell, or solicitation of an
offer to buy, or a recommendation for the securities of the Portfolio.
過往的業績不保證將來的表現。AllianceBernstein 所提供的總回報包括期內之資產淨值變化及股息或利息之再
投資，但是並不反映認購費。本頁資訊僅作參閱之用，不應被視作銷售或誘導讀者購買或推薦本基金之證
券。
NAV, Yield & Dividend Information (as of 30/11/2014)†
資產淨值、息率及股息資料（截至 2014 年 11 月 30 日）†
AT, BT, AA & BA share classes below intend to declare and pay dividends. Dividend
amount/distribution rate is not guaranteed and may be paid from capital of the
Portfolio. (See Important Information 3)
Annualized yield is calculated with the following formula: monthly dividend of
the month x 12 / ex-dividend price of the month x 100. Positive distribution yield
does not imply positive return. The historical data provided below are for
information purposes only and do not imply prospective yields of the Portfolio.
AT, BT, AA 及 BA 股份類別旨在提供每月派息。派息並無保證及可從資本中支
付。(注意重要事項 3)
年度化息率按以下程式計算：以當月份之派息 x 12 / 除息價格 x 100。正派息
率並不表示本基金將錄得正回報。正派息率並不表示本基金將錄得正回報。以
下所提供的過往數據僅作參閱之用，並不代表基金未來的年息率。
NAV
基金淨值
Class A – USD
8.87
A 股–美元
Class AT – USD
8.85
AT 股–美元
Class AT – HKD
68.63
AT 股–港元
Class AT – AUD(H)
15.21
AT 股–澳元（對沖）
Class AT – NZD(H)
14.38
AT 股–紐西蘭元（對沖）
Class AT – EUR(H)
14.97
AT 股–歐元（對沖）
Class AT – CAD(H)
14.98
AT 股–加元（對沖）
Class AT – GBP(H)
14.99
AT 股–英鎊（對沖）
Class AT – SGD(H)
14.95
AT 股–新加坡元（對沖）
Class AA – USD
15.04
AA 股–美元
Class AA – HKD
116.63
AA 股–港元
Class AA – AUD(H)
14.98
AA 股–澳元（對沖）
Class AA – NZD(H)
14.77
AA 股–紐西蘭元（對沖）
Class AA – EUR(H)
14.73
AA 股–歐元（對沖）
Class AA – CAD(H)
14.74
AA 股–加元（對沖）
Class AA – GBP(H)
14.74
AA 股–英鎊（對沖）
Class BT – USD
BT 股–美元
Class BT – HKD
BT 股–港元
Class BT – AUD(H)
BT 股–澳元（對沖）
Class BT – NZD(H)
BT 股–紐西蘭元（對沖）
Class BT – EUR(H)
BT 股–歐元（對沖）
Class BT – CAD(H)
BT 股–加元（對沖）
Class BT – GBP(H)
BT 股–英鎊（對沖）
Class BT – SGD(H)
BT 股–新加坡元（對沖）
Class BA – USD
BA 股–美元
Class BA – AUD(H)
BA 股–澳元（對沖）
Yield
息率
Dividend
股息
Bloomberg
ISIN
4.69
0.0347
ALAMIAI:LX
LU0044957727
4.69
0.0346
AGIAIAT:LX
LU0157308031
4.69
0.2683
ABAIHAT:LX
LU0417103065
7.10
0.0900
ABAATAH:LX
LU0511406216
7.76
0.0930
ABAIATN:LX
LU0805981734
4.42
0.0551
ABAATEH:LX
LU0539799634
5.50
0.0686
ABAATCH:LX
LU0592505407
4.97
0.0621
AAMATSH:LX
LU0689625878
4.62
0.0576
ABAATSH:LX
LU0592505829
6.14
0.0769
ABAIAAU:LX
LU1008671684
6.14
0.5964
ABAMIAA:LX
LU1069345178
8.43
0.1052
ABAUDHI:LX
LU1008671841
9.21
0.1134
ABAANZH:LX
LU1069345418
5.86
0.0719
ABAAEUH:LX
LU1069345509
6.94
0.0852
ABAACAH:LX
LU1069345251
6.42
0.0788
ABAAGBH:LX
LU1069345335
8.91
3.96
0.0294
AGIAIBT:LX
LU0157312140
69.09
3.96
0.2280
ABAIHBT:LX
LU0417105193
15.25
6.36
0.0808
ABABTAH:LX
LU0511406307
14.43
7.03
0.0845
ABAIBTN:LX
LU0805981908
14.98
3.69
0.0461
ABABTEH:LX
LU0539799808
14.84
4.77
0.0590
ALAMBTC:LX
LU0625944037
15.05
4.24
0.0532
AAMBTSH:LX
LU0689624806
14.97
3.90
0.0486
ABABTSH:LX
LU0592506124
14.95
6.17
0.0769
ABAIBAU:LX
LU1008671767
14.87
8.49
0.1052
ABAIBAU:LX
LU1008671767
* Lipper. Ratings are current as of month end. Lipper award is based on Class A–USD, as of 31 December 2013. Past performance is no guarantee of future results.
* 理柏。所示之評級為截至本月底之最近期評級。理柏獎項是根據 2013 年 12 月 31 日 A 股–美元評定。過往表現並非未來業績的保證，
† Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency.
The goal is to deliver returns that track the portfolio’s base currency returns more closely. Stand-alone currency symbols represent convenience pricing, which offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base
currency of the portfolio using a market rate at the time of purchase or redemption. Convenience pricing involves no currency hedging and does not seek to provide any protection from currency fluctuations.
† 對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。單獨的貨幣符號代表其它報價貨幣類別，
即可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。
Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed.
The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuations. These and
other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.
投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在作為分散投資的工具，並非完整
投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其風險因素，並與其理財顧問商討本基金的風險及各項
費用，以確定是否適合投資。
This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors should review the fund’s full prospectus, together with the
fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.alliancebernstein.com.hk or by contacting
the local distributor in the jurisdictions in which the funds are authorized for distribution.
此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資聯博基金前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包
括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.alliancebernstein.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。
A portfolio of ACMBernstein. AllianceBernstein is the trading name of this mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg, while its legal name is ACMBernstein.
ACMBernstein 旗下的一個投資組合。聯博(AllianceBernstein) 是根據盧森堡法律組成的本互惠投資基金(fonds commun de placement) 的營業名稱，法定名稱為 ACMBernstein。
This document is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司) and has not been reviewed by the Securities and Futures Commission.
此文件的發行者為聯博香港有限公司 (AllianceBernstein Hong Kong Limited) 及未經證監會審閱。
©2014 AllianceBernstein L.P. AllianceBernstein®and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.
©2014 AllianceBernstein L.P. AllianceBernstein®及 AB 標誌為註冊商標及服務標記，須獲得其擁有人 AllianceBernstein L.P. 的批准方可使用。
All data as of 所有資料截至 30/11/2014
PRODUCT KEY FACTS
AllianceBernstein
American Income Portfolio
January 2015
This statement provides you with key information about this product.
This statement is a part of the offering document.
You should not invest in this product based on this statement alone.
Quick facts
Management Company:
Investment Manager:
Custodian:
Dealing frequency:
Base currency:
Dividend policy:
Financial year end of this Portfolio:
Ongoing charges over a fiscal year:
Min. investment*:
Classes A, AA, A2, AT, B, BA, B2, BT,
C, C2 and CT Shares (and corresponding
H Shares and DUR PH Shares)
Classes I2 and IT Shares (and
corresponding H Shares other than IT SGD
H Shares)
Classes IT DUR PH, I2 DUR PH and IA
DUR PH Shares
Class IT SGD H Shares
†
AllianceBernstein (Luxembourg) S.à r.l.
AllianceBernstein L.P. (internal delegation, U.S. Delaware)
Brown Brothers Harriman (Luxembourg) S.C.A.
Daily
U.S. Dollar
(i) For Classes A, B and C Shares:
Aims to declare daily and pay monthly or be reinvested as elected by
investor*
(ii) For Classes AA, AT, BA, BT, CT, IA and IT Shares (and corresponding
H and DUR PH Shares):
Aims to declare and pay monthly or be reinvested as elected by
investor*
*Dividends may be paid out of capital or effectively out of capital and reduce
the Portfolio’s Net Asset Value
(iii) For Classes A2, B2, C2 and I2 Shares (and corresponding H and DUR
PH Shares):
None
31 August
Classes A, A2 and Class AA Shares
Classes B, B2 and Class BA Shares
AT Shares (and
(and
BT Shares (and
(and
corresponding H
corresponding H
corresponding H
corresponding H
and DUR PH
and DUR PH
Shares)
Shares)
Shares)
Shares)
1.36%†
1.41%†
2.06%†
2.11%†
Classes C, C2 and CT
Class IA DUR PH
Classes IT and I2 Shares
Shares (and
Shares
(and corresponding H
corresponding H and
and DUR PH Shares)
DUR PH Shares)
0.95%Δ
1.81%†
0.82%†
Initial
Additional
USD2,000 | EUR2,000 | GBP2,000
USD750 | EUR750 | GBP750
HKD15,000 | AUD2,000 | SGD3,000
HKD5,000 | AUD750 | SGD1,000
CAD2,000 | NZD3,000 | ZAR20,000
CAD750 | NZD1,000 | ZAR7,000
USD1 million | EUR1 million
None
AUD1 million | HKD8 million
USD1 million
None
SGD8 million
None
The ongoing charges figure is based on expenses for the year ended 31 August 2014. This figure may vary from year to year. The ongoing charges figure is an
annual figure calculated by adding the applicable charges and payments deducted from the assets of the Portfolio and then dividing by the Portfolio's average
Net Asset Value for the fiscal year attributable to the relevant share class. ∆
The ongoing charges figure of this share class is an estimated figure. The ongoing charges of this share class have been capped at this figure and, accordingly,
the excess over such figure as at the Fund’s fiscal year end will be borne by the Management Company.
*Different minimum, additional and maximum investment limits may apply to different classes of shares denominated in different currencies. Investors should
refer to the offering document of the Fund for details.
What is this product?
The American Income Portfolio (the "Portfolio") is a portfolio of AllianceBernstein (the "Fund"), a mutual investment fund
domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier.
AllianceBernstein
American Income Portfolio
Objectives and Investment Strategy
Objectives
The primary investment objective of the Portfolio is to seek to provide a high level of current income consistent with
preservation of capital by investing in a diversified portfolio of fixed-income securities.
Strategy
The Portfolio's investments may include all types of U.S. Government Securities, including those backed by the full faith and
credit of the U.S. Government, those supported by the right to borrow from the U.S. Treasury and those backed by the credit of
the issuing agency itself. The Portfolio may also invest in fixed-income securities issued by U.S. corporations and by non-U.S.
corporations and by governments other than that of the United States (including, but not limited to, states, provinces and
municipalities) or their agencies and instrumentalities ("governmental entities") issuing securities denominated in Dollars and a
variety of mortgage-backed securities and zero coupon securities.
The Portfolio will maintain investment exposure of at least 65% of its total assets in U.S. issuers. The Investment Manager
anticipates that the Portfolio will maintain investment exposure of at least 50% of its total assets in (i) U.S. Government
Securities, as described in the Prospectus, and (ii) other fixed-income securities that, at the time of investment, are considered
Investment Grade, or if not so rated, are determined by the Investment Manager to be of equivalent quality. Notwithstanding
the foregoing, under certain market conditions the Investment Manager may obtain investment exposure in excess of 50% of the
Portfolio's assets in securities that are rated below Investment Grade if the Investment Manager deems such investments
appropriate in light of current market conditions and the Portfolio's investment objective.
The Investment Manager expects that at any time the Portfolio will maintain investment exposure of at least 80% of its total
assets in fixed-income securities, and in no case will the amount of the Portfolio's investment exposure in such securities be less
than half of the Portfolio's total assets. In no case will the amount of the Portfolio's investment exposure to securities issued by
American issuers be less than two-thirds of the Portfolio's total assets. For these purposes, an "American issuer" is a
government, governmental agency, company or other entity that (i) is domiciled or organized in, or (ii) is established and
conducting business in, or (iii) carries out the preponderant part of its economic activities in North, South or Central America.
The Investment Manager does not expect to utilize bank borrowing in implementing the Portfolio’s investment strategy.
The Portfolio may use financial derivative instruments for hedging, risk management, efficient portfolio management and as an
alternative to investing directly in the underlying securities. Such financial derivatives instruments may include use of
exchange-traded and OTC derivative instruments, including, swaps, options, futures and currency transactions. However,
financial derivative instruments will not extensively be invested in for investment purposes.
What are the key risks?
Investment involves risks. Please refer to the offering document for details including the risk factors.
1. Risk in investing in financial derivative instruments
The Portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes,
which may involve additional risks. In adverse situations, the Portfolio’s use of derivative instruments may become
ineffective in hedging or efficient portfolio management and the Portfolio may suffer significant losses.
2. Credit Risks - General
The Portfolio will invest in fixed-income securities (including bonds) issued by companies and other entities and the
Portfolio will be subject to the risk that a particular issuer may not fulfill its payment or other obligations in respect of
such fixed-income securities.
3. Credit Risk – Downgrading Risk
The Portfolio will invest in fixed-income securities (including bonds). An issuer of such fixed-income securities may
experience an adverse change in its financial condition which may in turn result in a decrease in the credit rating assigned
by an internationally recognized statistical ratings organization to such issuer and fixed-income securities issued by such
issuer. Credit ratings of fixed-income securities reflect the issuer's ability to make timely payments of interest or
principal—the lower the rating, the higher the risk of default. The adverse change in financial condition or decrease in
credit rating(s) of issuer may result in increased volatility in, and adverse impact on, the price of the relevant fixed-income
security and negatively affect liquidity, making any such fixed-income security more difficult to sell.
4. Credit Risk - Sovereign Debt Obligations
The Portfolio will be exposed to the direct or indirect consequences of political, social and economic changes in various
countries by investing in the bonds of governmental entities. These political, social and economic changes in a particular
country may affect a particular government's willingness to make or provide for timely payments of its debt obligations.
The Portfolio may suffer significant losses when there is a default of sovereign debt issuers.
-2-
AllianceBernstein
American Income Portfolio
5.
6.
7.
8.
9.
Fixed Income Securities Risk - Lower Rated and Unrated Instruments
The Portfolio will invest in high yield, high risk fixed-income securities (including bonds) that are rated in the lower
rating categories (i.e. below Investment Grade) or which are unrated. Fixed-income securities below investment grade are
considered to be subject to greater risk of loss of principal and interest than higher-rated securities and are considered to
be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal, which may in any
case decline during sustained periods of deteriorating economic conditions or rising interest rates. The market for lowerrated securities may be thinner and less active than that for higher-quality securities, which can adversely affect the prices
at which these securities can be sold. As a result the Portfolio, and thus the investors of the Portfolio, may suffer losses.
Fixed Income Securities Risk - Interest Rates
The Portfolio invests in fixed-income securities where its value will generally vary inversely with changes in interest rates
and may affect the net asset value of the Portfolio. As interest rates rise, fixed-income securities prices generally fall and
vice versa. Prices of longer-term securities tend to rise and fall more than short-term securities.
Fixed Income Securities Risk - General
The Portfolio will invest in fixed-income securities, the value of which will change in response to fluctuations in interest
rates and currency exchange rates, as well as changes in credit quality of the issuer.
Illiquid Assets Risk
The difficulty of purchasing or selling a security at an advantageous time or price, which may have a negative impact on
the portfolio's performance.
Management Risk
The Portfolio may be subject to management risk because it is an actively managed investment fund. The Investment
Manager will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there
can be no guarantee that its decisions will produce the desired results.
10. Risks associated with payment of dividends out of capital
The Management Company has the sole and absolute discretion to amend the dividend policy, subject to the SFC’s prior
approval and by giving no less than one month’s prior notice to investors. Dividend yield is not indicative of return of the
Portfolio. Dividends may be paid from capital or effectively out of the capital of the Portfolio at the discretion of the
Management Company, which may amount to a partial return or withdrawal of an investor’s original investment or from
any capital gains attributable to that original investment, and result in an immediate decrease of the Net Asset Value per
Share.
How has the Portfolio performed?
The bar chart below shows the past performance of Class AT Shares, which has been designated as the representative share
class by the Management Company as it is a focus share class made available to Hong Kong investors.
Portfolio launch year: 1993
Class AT Shares launch year: 2002
•
•
•
Past performance information is not indicative of future performance. Investors may not get back the full amount invested.
The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.
These figures show by how much Class AT Shares have increased or decreased in value during the calendar year being
shown.
-3-
AllianceBernstein
American Income Portfolio
•
Performance data has been calculated in USD including ongoing charges and excluding any subscription fee and
redemption fee you might have to pay.
Is there any guarantee?
This Portfolio does not have any guarantees. You may not get back the amount of money you invest.
What are the fees and charges?
(Different fee structure apply to different classes of shares. Investors should refer to the offering document of the Fund for
details.)
Charges which may be payable by you
You may have to pay the following fees when dealing in the Shares of the Portfolio:
Fee
Subscription fee
(Initial Sales Charge)
What you pay
Classes A, AA, A2 and AT Shares (and corresponding H and DUR PH
Shares): up to 5% of the purchase price
Classes IA, I2 and IT Shares (and corresponding H and DUR PH Shares): up
to 1.5% of the purchase price
Switching fee
Redemption fee
Contingent Deferred Sales Charge
Not applicable to other Share Classes
Not Applicable
Not Applicable
Classes B, BA, B2 and BT Shares (and corresponding H Shares): Where
applicable up to 3% (depending on years held) of the lesser of the current
Net Asset Value or original cost of the Shares being redeemed
Classes C, C2 and CT Shares (and corresponding H and DUR PH Shares):
Where applicable up to 1% (depending on years held) of the lesser of the
current Net Asset Value or original cost of the Shares being redeemed
Not applicable to other Share Classes
Ongoing fees payable by the fund
What you pay
Management fee*
Classes A, AA, A2, AT, B, BA, B2 and BT Shares (and corresponding H
and DUR PH Shares): 1.10%
Classes C, C2 and CT Shares (and corresponding H and DUR PH Shares):
1.55%
Classes IA, I2 and IT Shares (and corresponding H and DUR PH Shares):
0.55%
As of 31 August 2014, the amounts expressed as a percentage of Net Asset
Value of the Portfolio, of the Administrator fee, Custodian fee and Transfer
Agent fee were less than 0.001%, 0.01% and 0.09% respectively. These fees
may decrease or increase depending on the assets of the Portfolio and
transaction volume or for other reasons.
Not Applicable
Classes B, BA, B2 and BT Shares (and corresponding H Shares): 0.70%
Not applicable to other Share Classes
All Share Classes (and corresponding H and DUR PH Shares): 0.10%
Custodian fee*
Administration fee payable to the
Administrator*
Transfer Agent fee*
Performance fee
Distribution fee*
Administration Fee payable to the
Management Company*
*Percentage per annum of Net Asset Value
-4-
AllianceBernstein
American Income Portfolio
Other fees
You may have to pay other fees when dealing in the shares of the Portfolio.
Additional Information
•
You may generally buy and redeem units at the Portfolio’s next-determined Net Asset Value plus any applicable charges
after the Management Company receives your request in good order on or before 4:00 P.M. U.S. Eastern Time on each
Business Day (business day of both New York Stock Exchange and Luxembourg banks) for USD-denominated share
classes, or on or before 6:00 P.M. Central European Time on each Business Day (business day of both New York Stock
Exchange and Luxembourg banks) for currency hedged share classes, each time being the order cut-off time. Investors
should note that, for applications sent through a Hong Kong distributor, such distributor may have an earlier cut-off time.
•
The Net Asset Value of the Portfolio is calculated on each Business Day for publication daily in the Hong Kong
Economic Times and the South China Morning Post. The Net Asset Value will also be available on the following website
www.alliancebernstein.com/investments.
•
Investors may obtain the past performance information of other share classes offered to Hong Kong investors from
www.alliancebernstein.com/investments.
•
The compositions of the dividends (i.e., the relative amounts paid out of (i) net distributable income and (ii) capital) for
the most recent 12 months can be obtained from the Investment Manager and the Hong Kong Representative on request.
The compositions of the dividends will also be available at: www.alliancebernstein.com/investments.
Important
If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and
makes no representation as to its accuracy or completeness.
The website www.alliancebernstein.com/investments has not been reviewed by the SFC and may contain information on funds
not authorised by the SFC.
-5-

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