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  • 1. SpotifyUSAInc769thAvenueSuite111011thFloorNewYork,NY10011USA
  • 2. SpotifySwedenABBirgerJarlsgatan61,10tr1356StockholmSweden
  • 3. Lipper Quartile & RankAllianceBernstein Funds/Inception Date 1-Year 5-Year10-Year/SinceInceptionALTERNATIVESReal Asset Strategy(3/8/10) AMTAX ᕤ—ᕢLipper Global FlexiblePortfolio Funds271/310 60/226Market Neutral Strategy—US(8/3/10) AMUAX ᕡ—ᕢLipper Equity MarketNeutral Funds8/89 33/76Market Neutral Strategy—Global(8/3/10) AANNXᕣ—ᕢLipper Equity MarketNeutral Funds46/89 30/76EQUITIESSmall/Mid Cap Value Fund(3/29/01) ABASX ᕤ ᕡ ᕢLipper Small Cap Value Funds 240/314 50/231 44/128Small/Mid-Cap Growth Fund(7/7/38) CHCLX ᕢ ᕡ ᕡLipper Mid-Cap Growth Funds 102/391 65/304 33/198Small Cap Growth Portfolio(2/12/69) QUASX ᕡ ᕡ ᕡLipper Small-CapGrowth Funds30/503 18/387 44/251Lipper Quartile & RankAllianceBernstein Funds/Inception Date 1-Year 5-Year10-Year/SinceInceptionTAXABLE BONDSGlobal Bond Fund(3/27/92) ANAGX ᕡ ᕢ ᕡLipper Global Income Funds 40/174 27/102 7/72High Income Fund(2/25/94) AGDAX ᕢ ᕡ ᕡLipper High CurrentYield Funds204/500 1/362 1/245MUNICIPALSMunicipal Income FundNational Portfolio(12/29/86) ALTHXᕣ ᕢ ᕢLipper General MunicipalDebt Funds155/246 78/192 55/166High Income MunicipalPortfolio (1/26/10) ABTHX ᕡ—ᕡLipper High Yield MunicipalDebt Funds14/125 10/117EQUITY INCOMEEquity Income Fund(10/18/93) AUIAX ᕢ ᕡ ᕡLipper Equity Income Funds 125/294 43/214 2/109Featured FundsCheck out these funds that have been outpacing their peers!Lipper Quartile Rankings Class A as of March 31, 2012.Visit www.alliancebernstein.com/investments/us for complete performance and moreinformation about our funds or call your AllianceBernstein representative at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nvestors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectusor summary prospectus, which contain this and other information, visit us online at www.alliancebernstein.com or contact your AllianceBernstein Investmentsrepresentative. Please read the prospectus and/or summary prospectus carefully before investing.AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the managerof the funds.AllianceBernstein® and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.© 2012 AllianceBernstein L.P., 1345 Avenue of the Americas, New York, NY 10105 www.alliancebernstein.comFor financial representative use only. Not for inspection by, distribution or quotation to, the general public.Investment Products Offered • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed11-2205FGEN–FLY–0176–0312<8%G./8%D,-*+%90,6%;*,%"%=.&&(%@;"(6%HIJH%*0$%*)%KLM%)0,6#%.,%$8%G./8%B0((,$%N.16%B"$/*(>%)*(%$8%OP>"(%&(.*62<8%E+"11%B"&%Q(*;$8%!*($)*1.*%;*,%"%=.&&(%@;"(6%HIJH%*0$%*)%LKR%)0,6#%.,%$8%E+"11%B"&%Q(*;$8%B"$/*(>%)*(%$8%KP>"(%&(.*62
  • 4. !"#"$%&()*")&+,&-Short-Duration (ADPAX) Global Bond (ANAGX)Intermediate Bond (ABQUX)Unconstrained Bond (AGSAX)Bond Inflation Strategy(ABNAX)High Income (AGDAX)Limited DurationHigh Income (ALHAX)./0,1,2"%()*")&+,&-Intermediate Diversified (AIDAX)Single-State IntermediateCA–(AICAX), NY–(ANIAX)Municipal Bond InflationStrategy (AUNAX)Muni National (ALTHX)Single-State FundsCA–(ALCAX), NY–(ALNYX),AZ–(AAZAX), MA–(AMAAX),MI–(AMIAX), MN–(AMNAX),NJ–(ANJAX), OH–(AOHAX),PA–(APAAX), VA–(AVAAX)High Income Municipal (ABTHX)1345 Avenue of the Americas, New York, NY 10105 I 1.800.247.4154 I www.alliancebernstein.com12-1006 | FIX–6786–0412Past performance is no guarantee of future results. Rankings are based on total returns at net asset value and do not include the effect of the Fund’s 4.25% maximumfront-end sales charge for Class A shares. Results would have been less favorable had sales charges been included. The fund is ranked within the Lipper High Current Yield universe,which includes funds that have generally similar investment objectives to the AllianceBernstein High Income Fund. Rankings shown are for Class A shares only, although other shareclasses are available for which management fees and sales charges will differ and rankings may vary. Investors can’t invest directly in indices or averages, and their performance doesnot represent the performance of any AllianceBernstein mutual fund.Source: Lipper Inc.Word About Risk—Market Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value.Credit Risk: A bond’s credit rating reflects theissuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating maybe lowered and the bond’s value may decline.Municipal Market Risk: Debt securities issued by state or local governments may be subject to special political, legal, economic and marketfactors that can have a significant effect on the portfolio’s yield or value.Interest-Rate Risk: As interest rates rise, bond prices fall and vice versa—long-term securities tend to rise andfall more than short-term securities.Inflation Risk: Prices for goods and services tend to rise over time, which may erode the purchasing power of investments.Leverage Risk: Trying toenhance investment returns by borrowing money or using other leverage tools—magnify both gains and losses, resulting in greater volatility.Liquidity Risk: The difficulty of purchasing orselling a security at an advantageous time or price.Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps, which can be riskier than traditionalinvestments and may be more volatile especially in a down market.Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies ofour prospectus or summary prospectus, which contain this and other information, visit us online at www.alliancebernstein.com or contact yourAllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.For financial representative use only. Not for inspection by, distribution or quotation to, the general public.AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P.,the manager of the funds.AllianceBernstein® and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.© 2012 AllianceBernstein L.PLessMoreMoreCoreHighIncomeStabilityRiskReturn/IncomePotential3%%,"01&4&*0-)&,05,+670189&:/0;,-)6&<,00&*8=)6&5,+6>/**&0)?,&%;1")&+8*@A8/)8=BCD=/0;-A=8*)6&EF@&"*2&*,8;GA Broad Range of Fixed Income SolutionsWe live to decipher the complexities of global bond markets, with innovative solutions for institutionaland individual investors all over the world. Tell us what your clients need…we can help.AllianceBernstein Funds: Solutions Depending on Your Investment Objective
  • 5. GLOBAL EQUITIES—MAY 2012We see exceptional investment opportunities in emergingAsia stocks. These economies are expected to significantlyoutstrip developed-world growth. While not immune to aglobal slowdown, they are less vulnerable than they usedto be. Their populations are richer, their companies aremore productive, and their domestic personal and businessconsumption is a bigger driver of growth. Emerging Asianations also have less debt and higher savings rates thantheir developed counterparts and, thus, enjoy greater fiscaland monetary flexibility.Even after a recent rally, however, Asia ex Japan stockvaluations remain well below long-term averages. Moreover,valuation spreads between the cheapest and most expensiveAsia ex Japan stocks are unusually wide today, suggestingoutsize return potential for research-driven value investingstrategies as current market anxieties ease. History shows thatvalue investing has been highly effective in Asia, outperformingstrategies that emphasize growth and quality by a widemargin, and with comparable or less volatility. Our researchalso suggests that buying Asia ex Japan stocks when they areas cheap as they are today can be particularly rewarding.Despite similar quality metrics, our Asia ex Japan portfoliotrades at a significant discount to the market and pays ahigher dividend yield. It also has some of the strongest valuecredentials among competing Asia ex Japan portfolios.As such, we believe it is exceptionally well positioned totake advantage of the burgeoning opportunities in emergingAsia stocks, particularly in a value recovery.! Offers exposure to the world’s fastest-growing economies! Employs a distinctive value strategy with a strong history of success in Asia! Relies on collaborative global and local research and portfolio management teams with extensive experienceinvesting in AsiaWhy Asia Equity?AllianceBernstein Asia Ex-Japan Equity PortfolioAsia Ex Japan Stocks Are Cheap Versus HistoryRatio(×)1.01.52.02.53.004 05 06 07 08 09 10 11AveragePrice/Book: MSCI AC Asia ex Japan IndexKey Features of the AllianceBernstein Asia Ex-Japan Equity PortfolioValue Investing Outperforms Other Strategies in AsiaHistorical analysis does not guarantee future results.Annualized performance and volatility of highest quintile relative to lowest quintile in theBernstein Asia ex Japan universe based on factors shown, as ranked by the Bernstein globalexpected-return model. Asia ex Japan market data are from January 1992 through March 2012.Source: MSCI and AllianceBernsteinThrough March 31, 2012Source: MSCI and AllianceBernsteinFactor Returns and VolatilityJan 1992–Mar 2012Volatility of Return Spreads (%) MoreLessAnnualizedReturnSpreads(%)02610148 10 12 14 16 18 20 22 24 26 28 30(2)SalesGrowthReturnon EquityPriceMomentumPrice/BookPrice/SalesPrice/EarningsEarningsGrowthSize! Distinctive Value ApproachOur value focus distinguishes us from other Asia ex Japan servicesand uniquely positions us to capture the burgeoning opportunityin emerging Asia equities.! Depth and Breadth of ResearchOur collaborative global team of fundamental and quantitativeresearch analysts provides the deep company knowledge andinsights that drive our stock selection.! Seasoned Investment TeamDrawing on our firm’s 20 years of experience in valueinvesting in Asia, our portfolio has delivered consistentlong-term outperformance.
  • 6. INS-6795-0512www.alliancebernstein.com© 2012 AllianceBernstein L.P.Note to All Readers: The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this publication.AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion in this materialwill be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this publication. This document is forinformational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personalinvestment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. Thisinformation should not be construed as sales or marketing material or an offer on solicitation for the purchase or sale of, any financial instrument, product or service sponsored byAllianceBernstein or its affiliates. AllianceBernstein and its affiliates may have positions in, and may effect transactions in, the markets, industry sectors and companies describedherein. This document is not an advertisement and is not intended for public use or additional distribution.MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not befurther redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.Note to Canadian Readers: This publication has been provided by AllianceBernstein Canada, Inc. or Sanford C. Bernstein & Co., LLC and is for general information purposes only.It should not be construed as advice as to the investing in or the buying or selling of securities, or as an activity in furtherance of a trade in securities. Neither AllianceBernsteinInstitutional Investments nor AllianceBernstein L.P. provides investment advice or deals in securities in Canada.Note to UK Readers: This document has been provided by AllianceBernstein Limited. Authorised and regulated in the UK by the Financial Services Authority.Note to Japanese Institutional Readers:This document has been provided by AllianceBernstein Japan Ltd.AllianceBernstein Japan Ltd. is a registered investment management company(registration number: Kanto Local Financial Bureau no. 303). It is also a member of Japan Securities Investment Advisers Association and the Investment Trusts Association, Japan.Note to Australian Readers: This document has been issued by AllianceBernstein Australia Limited (ABN 53 095 022 718 and AFSL 230698). Information in this document is onlyintended for persons that qualify as “wholesale clients,” as defined in the Corporations Act 2001 (Cth of Australia), and should not be construed as advice.Note to New Zealand Readers: This document has been issued by AllianceBernstein New Zealand Limited (AK 980088, FSP17141). Information in this document is only intended forpersons who qualify as “wholesale clients,” as defined by the Financial Advisers Act 2008 (New Zealand), and should not be construed as advice.Note to Singapore Readers: This document has been issued by AllianceBernstein (Singapore) Ltd. (Company Registration No. 199703364C). The Company is a holder of a CapitalMarkets Services Licence issued by the Monetary Authority of Singapore to conduct regulated activity in fund management.Note to Hong Kong Readers: This document is issued in Hong Kong by AllianceBernstein Hong Kong Limited, a licensed entity regulated by the Securities and Futures Commission.This document has not been reviewed by the Securities and Futures Commission.Note to Readers in Vietnam, the Philippines, Brunei, Thailand, Indonesia, China, Taiwan and India:This document is provided solely for the informational purposes of institutionalinvestors and is not investment advice, nor is it intended to be an offer or solicitation, and does not pertain to the specific investment objectives, financial situation or particular needsof any person to whom it is sent. This document is not an advertisement and is not intended for public use or additional distribution. AllianceBernstein is not licensed to, and does notpurport to, conduct any business or offer any services in any of the above countries.Note to Readers in Malaysia: Nothing in this document should be construed as an invitation or offer to subscribe to or purchase any securities, nor is it an offering of fundmanagement services, advice, analysis or a report concerning securities. AllianceBernstein is not licensed to, and does not purport to, conduct any business or offer any services inMalaysia. Without prejudice to the generality of the foregoing, AllianceBernstein does not hold a capital markets services license under the Capital Markets & Services Act 2007 ofMalaysia, and does not, nor does it purport to, deal in securities, trade in futures contracts, manage funds, offer corporate finance or investment advice, or provide financial planningservices in Malaysia.Bernstein Value Equities (referred to as Bernstein herein), Alliance Growth Equities (referred to as Alliance herein), AllianceBernstein Blend Strategies, AllianceBernstein Fixed Incomeand AllianceBernstein Alternative Investments (all referred to as AllianceBernstein herein) are units of AllianceBernstein L.P.AllianceBernstein® and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.As of March 31, 2012Based on the eVestment Alliance Asia ex Japan manager universe, including 25 managers thatreported both P/E and P/B as of March 31, 2012Source: eVestment Alliance and AllianceBernsteinBuying at Below-Average Valuations Has BeenParticularly RewardingPortfolio Exceptionally Well Positioned for a Value RallyPricetoEarningsRatio(Trailing12Months)Price to Book Ratio (Trailing)1.04.08.012.016.020.01.5 2.0 2.5 3.0AllianceBernsteinAsia Ex-JapanMSCI AC Asiaex JapanBenchmarkGROWTHVALUEValue Characteristics of Asia ex Japan Manager UniverseResults shown are for Bernstein Asia ex Japan stock universe from February 1987 throughDecember 31, 2011. Unlike the results shown in an actual performance record, these results do notrepresent actual trading. No representation is being made that investors will achieve returns or avolatility profile similar to those being shown.*Average returns of stocks 12 months after multiples reached one standard deviation belowlong-term averages, based on metrics shown†Average 12-month rolling returns for full period coveredSource: FactSet and AllianceBernsteinPrice/Book Value40%28%14%Price/Forward EarningsPrice/Trailing Earnings10%Long-TermAverageAverage 12-Month-Forward Returnsif Stocks Bought at Below-Average Valuations*†