Your SlideShare is downloading. ×
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Montreux book income_final
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Montreux book income_final

457

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
457
On Slideshare
0
From Embeds
0
Number of Embeds
14
Actions
Shares
0
Downloads
6
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. AllianceBernstein Income SolutionsFixed Income SolutionsMay 2013This information is issued by AllianceBernstein Limited, 50 Berkeley Street, London W1J 8HA. Registered number 2551144. AllianceBernstein Limited isauthorised and regulated in the UK by the Financial Conduct Authority (FCA – Reference Number 147956). This information is directed at ProfessionalClients only. It is provided for informational purposes only and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sellany security, product or other instrument, or for AllianceBernstein to enter into or arrange any type of transaction as a consequence of any informationcontained herein. The views and opinions expressed in this document are based on AllianceBernsteins internal forecasts and should not be relied upon as anindication of future market performance. Past performance is no guarantee of future returns. This information is not intended for public use.©2013 AllianceBernsteinFixed Income
  • 2. AllianceBernstein.comA Culture of Research and Thought Leadership for Over 45 Years1As of March 31, 2013*Excluding sell-side analystsSource: AllianceBernsteinSignificant Resources and ExperienceNumberAvg. Yrs.ExperienceResearch Analysts*: 199 14Portfolio Managers: 135 22
  • 3. AllianceBernstein.comAllianceBernstein: Unwavering Focus on Investment Excellence2 Research-Driven Culture: One of the industry’slargest commitments to superior and innovativeresearch Ongoing Investment: Diversification that allowscontinuous investment across the firm, even whena particular asset or style may be out of favor Proven Investment Processes: Highly experiencedteams with distinct investment philosophies andconsistently applied processes Global Scope: Expertise with both global and localmandates in markets around the worldAs of March 31, 2013*Includes Fixed Income Solutions analyst**Includes Defined Contribution, Global Analytics, Asset Allocation, Dynamic Asset Allocationand Quantitative Research Analysts†Includes Currency, FoF, Real Estate, Special Situations and Quantitative Research Analysts‡Total assets under management by AllianceBernstein L.P.; numbers may not sum due to rounding.§Growth includes $17 billion of AUM utilized in Blend Strategies; Value includes $19 billion utilized in Blend Strategies;Index includes $30 billion utilized in Blend Strategies; Fixed Income includes $11 billion utilized in Blend Strategies.Source: AllianceBernsteinFundamental 70 41 0 8 0 119Quantitative 18 9 22 12 12 73Economists 0 7 0 0 0 7Total Analysts 88 57 22 20 12 199Number of Buy-Side AnalystsEquities TotalMulti-Asset** Alternatives†WealthManagementFixedIncome*Assets Under Management (USD Billions)‡By Client GroupInstitutional $225Retail 150Private Client 68Total $443By Investment Discipline§Growth $39Value 61Alternative Strategies 12Index 71Fixed Income 261Total $443Global OrientationService Client DomicileUS64%Non-US36%US47%Non-US53%
  • 4. AllianceBernstein.comAllianceBernstein: A Leader in Fixed Income Investing3As of September 30, 2012*Includes global and regional single and multi-sector mandates Global Resources57Research Analysts 52Portfolio Managers19TradersGlobalMulti-Sector*$68billionEmerging Mkts/High Income$67billionCredit$86billionUS Tax-Exempt$29billionFixed-Income Assets Under Management: $250 BillionAs of March 31, 2013*Includes global and regional single and multi-sector mandates
  • 5. AllianceBernstein.comToday’s Challenge: Increasing Your Income While Preserving Your Capital4With extreme low levels of government and credityields. Interest rates also at very low levels butpoised to rise. Investors require a solution.AllianceBernstein’s Income platform wasdesigned specifically for this challenge and hasdelivered impressive results over timePast performance does not guarantee future results.As of 31 March 2013
  • 6. AllianceBernstein.com 5As of 31 March 2013. Past performance does not guarantee future results.Yields shown are yield to maturityVolatility and yields shown for Global High Yield Portfolio A USD shares, Euro High Yield Portfolio A EUR shares and Global Bond Portfolio A USD sharesSource: AllianceBernsteinHigher Quality• High Quality Government• Government Related• Securitized• High Quality Corporate Debt• Sub-Investment Grade Corporate• Emerging Market Sovereign• Emerging Market Corporate• Other High Yielding DebtA Major Challenge in Today’s MarketsACMBernstein Global High Yield PortfolioYield 6.2%Volatility 7.6%ACMBernstein SICAV – Euro High Yield PortfolioYield 6.8%Volatility 10.8%ACMBernstein Global Bond PortfolioYield 1.0%Volatility 2.0%Higher QualityHigher YieldIncreasing Your Income While Preserving Your Capital
  • 7. AllianceBernstein.com1-Year 3-Year 5-Year 10-YearLife ofFundACMBernstein AmericanIncome Portfolio*Quartile:Rank: 8/115 6/100 4/94 1/66 1/21ACMBernstein Global HighYield Portfolio**Quartile:Rank: 12/78 20/51 8/39 2/24 2/5ACMBernstein EuropeanIncome Portfolio† Quartile:Rank: 4/70 2/55 1/48 1/28 8/20ACMBernstein SICAV –Euro High Yield‡ Quartile:Rank:ACMBernstein SICAV –Asia-Pacific Income Portfolio§ Quartile:Rank: 15/28 13/24AllianceBernstein: Leaders In Income Generation61st 1st 1st 1st 1stPast performance does not guarantee future results.As of 31 March 2013*Inception date of 1 July 1993—Lipper Category: Bond—USD; **Inception date of 22 September 1997—Lipper Category: Bond—Global High Yield; †Inception date of 26 February 1999—LipperCategory: Bond—Europe ; ‡Inception date of 23 May 2011—Lipper Category: Bond—CNY; §Inception date of 8 February 2012—Lipper Category: Bond—Asia PacificLipper rankings are based on total returns at net asset value and do not include the effect of the fund’s maximum front-end sales charge for Class A shares. Results would have been lessfavorable had sales charges been included. The fund is ranked within the Lipper categories as detailed above, which includes funds that have generally similar investment objectives to theAllianceBernstein funds. Rankings shown are for Class A shares only, although other share classes 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 does not represent the performance of any AllianceBernstein mutual fund.Source: Lipper and AllianceBernstein1st 1st 1st 1st1993199920102012Inception2nd1st19971st1st 1st3rd1st 2nd2nd3rd1st
  • 8. AllianceBernstein.comProviding A Solution To The Challenge7As of 31 March 2013Source: AllianceBernsteinHighly rated bonds provide thestability in adverse marketconditionsHigh yielding bonds provide thehigh incomeHigher Quality : Capital StabilityHigher Yield : Income GenerationBarbell Active Risk : Provide BalanceThe Solution: Combine High Quality with High Yield…… with Active Asset Allocation
  • 9. AllianceBernstein.comAllianceBernstein’s Income PlatformOur Experience Shows:8Key requirements for Income Strategies :1. High Income on a Consistent and Stable Basis2. Capital Stability3. Protection During Rising Rate EnvironmentPast performance does not guarantee future resultsAs of 31 March 2013
  • 10. AllianceBernstein.comPast performance does not guarantee future results. Historical information provided for illustrative purposes only.As of 31 December 2012. Net of fees.*Assuming an investment in 143,472 European Income Portfolio A (EUR) shares on 31 December 2007 at a price of 6.97 each.Source: AllianceBernstein02,0004,0006,0008,000-200,000400,000600,000800,0001,000,0001,200,000Dec07Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10Jun10Sep10Dec10Mar11Jun11Sep11Dec11Mar12Jun12Sep12Dec12Income (€)Growth of €1mIncome (right scale) Capital (left scale)European Income PortfolioMonthly Income and Capital Value for €1 million Invested on 31 December 2007*9Stability of Income and CapitalEuropean Income Portfolio: Distributions and Capital Over Time Capital of €1,038,737 at the end and total income of €272,582 earned during the last 5 years.
  • 11. AllianceBernstein.comPast performance does not guarantee future results. Historical information provided for illustrative purposes only.As of 31 December 2012.In US dollar. Net of fees.*Assuming an investment in 116,144 American Income Portfolio A (USD) shares on 31 December 2007 at a price of 8.61 each.Source: AllianceBernstein02,0004,0006,0008,000-200,000400,000600,000800,0001,000,0001,200,000Dec07Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10Jun10Sep10Dec10Mar11Jun11Sep11Dec11Mar12Jun12Sep12Dec12Income ($)Growth of $1mIncome (right scale) Capital (left scale)American Income PortfolioMonthly Income and Capital Value for $1 million Invested on 31 December 2007*10Stability of Income and CapitalAmerican Income Portfolio: Distributions and Capital Over Time Capital of $1,072,009 at the end and total income of $274,297 earned during the last 5 years.
  • 12. AllianceBernstein.com 11Past performance does not guarantee future results.As of 31 March 2013Correlation has been calculated using monthly returns.*US Treasuries as represented by Barclays US TreasurySource: Barclays and AllianceBernstein0.25 0.24 0.19 0.200.391-Year 3-Year 5-Year 7-Year 10-YearNo Correlation 0.0High Correlation 1.0Negative Correlation –1.0American Income Portfolio vs. US Treasuries*Worried About Rising Government Yields?Barbell Approach Provides Low Correlation to Government Bonds
  • 13. AllianceBernstein.com23.9 13.311.7–3.23.48.56.58.814.36.1 4.9 6.44.6–11.325.010.45.89.4–200204095 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 120.25% 0.75% 1.25% 2.00% 1.00%1.00%American Income Portfolio: Standing on Its Own When Rates Rise12Past performance does not guarantee future results. Historical information provided for illustrative purposes only.As of 31 December 2012Portfolio inception date (Class A): 1 July 1993Source: Barclays, Bloomberg, J.P. Morgan and AllianceBernsteinPerformance in Rising Rate Environments1995–2012CreditCrisisPercentFedIncreases:
  • 14. AllianceBernstein.com 13A Multisector Approach: No Sector Wins All the TimePast performance does not guarantee future results. Historical information provided for illustrative purpose only.As of 31 December 2012Returns are hedged to euro and are as of 31 December for each year. Gap calculation may not sum perfectly due to rounding. Returns are represented by the Barclays Pan-European High YieldIndex and the following sub-indices of the Barclays Euro Aggregate Index: Securitized Index, Government Related Index, Corporates Index, Treasuries Index.Source: Barclays and AllianceBernsteinSector Returns (Percent)20102003 2004 2005 2006 2007 2008 2009BestWorstGap 26.0 7.1 2.0 11.2 4.0 41.4 7.480.1201114.2201218.8EuropeanHigh Yield30.1EuropeanHigh Yield13.6EuropeanHigh Yield5.7EuropeanHigh Yield11.0Euro Gov’trelated2.0EuroTreasuries9.3EuropeanHigh Yield84.4EuropeanHigh Yield15.3Euro Gov’trelated4.6EuropeanHigh Yield27.9EuroCorporates6.8EuroTreasuries7.6EuroTreasuries5.4EuroCorporates0.5EuroSecuritized1.7Euro Gov’trelated6.9EuroCorporates15.7EuroCorporates4.8EuroSecuritized3.6EuroCorporates13.6Euro Gov’trelated4.4EuroCorporates7.6Euro Gov’trelated4.4EuroSecuritized0.2EuroTreasuries1.7EuroSecuritized6.0EuroSecuritized7.7Euro Gov’trelated3.7EuroTreasuries3.4EuroSecuritized11.6EuroSecuritized4.4Euro Gov’trelated7.1EuroCorporates4.0Euro Gov’trelated0.1EuroCorporates0.0EuroCorporates–3.8Euro Gov’trelated6.5EuroSecuritized1.3EuroCorporates1.5EuroTreasuries11.0EuroTreasuries4.1EuroSecuritized6.5EuroSecuritized3.7EuroTreasuries–0.2EuropeanHigh Yield–2.0EuropeanHigh Yield–32.1EuroTreasuries4.3EuroTreasuries1.1EuropeanHigh Yield–2.8Euro Gov’trelated9.1Barbell Makeup is Not StaticConstructing the Barbell Through Active Management
  • 15. AllianceBernstein.com020406080100Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10Jun10Sep10Dec10Mar11Jun11Sep11Dec11Mar12Jun12Sep12Dec12Mar13Government-Related* IG Corporates HY Corporates EMD Covered Bonds Other**14Sector weighting will vary over time. As of 31 March 2013*Government-Related includes treasuries, local governments, sovereign agencies, quasi-sovereigns and supranationals.**Other includes inflation-linked bonds, cash and currency instruments.Based on the European Income Portfolio. Numbers may not sum due to rounding.Source: AllianceBernsteinEuropean Income Portfolio Sector WeightsPercent over TimeA Multisector Approach To Constructing The BarbellDynamic Sector Allocation is Key to Generating Income and ReturnsConstruct High Quality End- Government- Covered Bonds- High Quality IG Corporate- Yield Curve FlattenersConstruct High Income End- High Yield Corporate- EMD Corporate/Sovereign- FX Carry Premium
  • 16. AllianceBernstein.comPortfolioVariance(Risk) Number of Securities in PortfolioDiversifiable RiskName Specific / Nonsystematic RiskNon-Diversifiable RiskMarket / Systematic RiskDiversification Matters, Especially in Fixed-Income Investing15Diversification Matters: Contribution to Portfolio Active RiskDiversification allows for pursuit of income opportunities as well as risk protectionCurrent analysis does not guarantee future results.As at 31st March 2013Additional return for high-yield bonds may come from call premiums, change-of-control puts, tender offers, etc.Source: Barclays and AllianceBernsteinTypical Number of IssuesEuropean Income: 200 - 350American Income: 700 - 900Asia Pacific Income: 200 - 350Euro High Yield : 150 - 250Global High Yield: 1,000 - 1,200
  • 17. AllianceBernstein.comThe Expert Corner:Experience, Deep Research and Proven Investment Process16Proven Investment process developed over thepast 40 yearsExperienced team of portfolio managers 22 years experience of the industry 11 years average tenure with AllianceBernstein10 fixed income quantitative analysts7 economists40 credit analystsUS$247bn billion total fixed income assetsunder managementPast performance does not guarantee future resultsAs of 31st March 2013Source: AllianceBernstein
  • 18. AllianceBernstein.comThe AllianceBernstein Income Tool BoxDirect High Income and/or Balanced Income Generating Products17Current distribution yield* and monthly incomeon a €1 million investment**Global High Yield5.58%or€4,625 p.m.Past performance does not guarantee future resultsAs of 31 March 2013. Net of fees.*Distribution yields for Global High Yield Portfolio AT EUR Hedged share class, Euro High Yield Portfolio A EUR shares, American Income Portfolio AT EUR Hedged share class, European IncomePortfolio A (EUR) share class and Asia-Pacific Income Portfolio AT EUR Hedged share class. Distribution yields will vary with daily NAV and potential distribution changes by the managementcompany.**Income for a €1,000,000 investment in Global High Yield Portfolio AT EUR Hedged shares, Euro High Yield Portfolio A EUR shares, American Income Portfolio AT EUR Hedged shares,European Income Portfolio A EUR shares and Asia-Pacific Income Portfolio AT EUR Hedged shares.Source: AllianceBernsteinEuropean Income4.41%or€3,675 p.m.American Income4.19%or€3,491 p.m.Asia-Pacific Income3.72%or€3,100 p.m. Balancing higher yield andstability of invested capital Searching for higher yieldEuro High Yield5.46%or€4,550 p.m.
  • 19. AllianceBernstein.com 18Appendix
  • 20. AllianceBernstein.comThe Expert Corner: Exposures19Willingness toBalanceIncome andStabilityGeographicalExposureExposure toHighly RatedSovereignsBondsExposure toHighly RatedCorporateBondsExposure toHigh YieldingCorporateBondsExposure toEmergingMarket DebtExposure toCMBS, CMO,ABS, BankLoansGlobal High Yield Medium Global    American Income High US    European Income High Europe    Asia-Pacific Income High Asia Pacific    Highly rated bonds providestability in adverse marketsHigh yielding bonds and bondsfrom emerging markets providehigh incomeAs of 31 March 2013Source: AllianceBernstein
  • 21. AllianceBernstein.com 20Long Track Record of Delivering Attractive Income Distributions:Global High Yield, European and American Income FundsPast performance does not guarantee future results.As of 31 March 2013Net distribution yields are for the Global High Yield Portfolio USD A share class; European Income Portfolio EUR A share class; American Income Portfolio USD A share class.Source: AllianceBernsteinAmerican Income Portfolio (USD A Share Class):4.54% Net Distribution YieldEuropean Income Portfolio (EUR A Share Class):4.41% Net Distribution YieldGlobal High Yield Portfolio (USD A Share Class):5.90% Net Distribution Yield  Active sector allocation and security selection usedto maintain a stable income as well as total returns Diversified credit portfolio actively managed to limitissuer-specific credit risk Track record for delivering stable, attractive yieldsacross our suite of income funds05101520250.000.020.040.060.080.1097 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12PercentInUSDMonthly Income Distribution per Fund Unit Annualized Distribution Yield0246810120.000.020.040.060.0893 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12PercentInUSDMonthly Income Distribution per Fund Unit Annualized Distribution Yield02468100.000.020.040.060.0899 00 01 02 03 04 05 06 07 08 09 10 11 12 13PercentInUSDMonthly Income Distribution Per Fund Unitp Annualized Distribution Yield
  • 22. AllianceBernstein.comPast performance does not guarantee future results. Historical information provided for illustrative purposes only.As of 31 December 2012.In US dollar. Net of fees.*Assuming an investment in 208,768 Global High Yield A (USD ) shares on 31 December 2007 at a price of 4.79 each.Source: AllianceBernstein02,0004,0006,0008,000-200,000400,000600,000800,0001,000,0001,200,000Dec07Mar08Jun08Sep08Dec08Mar09Jun09Sep09Dec09Mar10Jun10Sep10Dec10Mar11Jun11Sep11Dec11Mar12Jun12Sep12Dec12Income ($)Growth of $1mIncome (right scale) Capital (left scale)Global High Yield PortfolioMonthly Income and Capital Value for $1 million Invested on 31 December 2007*21Global High Yield Portfolio: Distributions and Capital Over Time Capital of $985,386 at the end, but total income of $347,662 earned during the last 5 years.
  • 23. AllianceBernstein.comIncome Q&A: Creating Distributions, while Maintaining Stability22How does the fund create income distributions? The fund buys bonds and receives coupons form those bonds The coupons constitute the income stream for the distributions (dividends) to investorsWhy does the amount of income change over time? The coupons available in the markets vary depending on the overall market environment A dividend distribution committee convene monthly and sometimes decides to adjust the amount paid pershare, to stay in line with coupons available in the marketsOur goal is to continue to provide stable income to our investors Maintain the balance between our search for high income and the stability of the fund Maintain the balance between maximizing distributions and minimizing changes to distributions
  • 24. AllianceBernstein.comEuropean Income:71 Individual Awards/Honors fromVarious Countries Since 1999Global High Yield:80 Individual Awards/Honors fromVarious Countries Since 1999AllianceBernstein Income Platform: Award Winning “Best in Class”23 68 Lipper Fund Awards 3 Morningstar Fund Awards 2 S&P Fund Awards 2 Asia Asset Management Awards 2 Benchmark Fund of the Year Awards 2 AGEFI Asset Management Award 1 Expansion/Interactive Data Award 1 Smart Taiwan Fund AwardPast performance does not guarantee future results.As of 31 December 2012Source: AllianceBernstein 57 Lipper Fund Awards 4 S&P Fund Awards 1 Benchmark Fund of the Year Awards 1 AGEFI Asset Management Award 8 €URO Fund Awards 80 Lipper Fund Awards 4 Morningstar Fund Award 20 S&P Fund Awards 1 Benchmark Fund of the Year Awards 1 AGEFI Asset Management Award 1 South China Morning Post Award 1 €URO Fund Award 1 Austria Fund Award 1 FERI Fund AwardAmerican Income:110 Individual Awards/Honors fromVarious Countries Since 1999
  • 25. AllianceBernstein.comThe Expert Corner: Dynamic Process to Deliver High Income with Stability24Translates research into portfoliosHigh Income……with StabilityQuantitativeFundamentalResearch Rates andCurrencies Credit EmergingMarkets Securitizations MunicipalsResearch Review Risk Budgeting Country/YieldCurve Sector Allocation SecuritySelection Currency Active RiskManagementPortfolioConstruction
  • 26. AllianceBernstein.comEuropean Contact List25 SwitzerlandPeter Stiefel: +41 22 310 90 82peter.stiefel@alliancebernstein.com FranceOlivier Herson: +33 156 43 50 48olivier.herson@alliancebernstein.com GermanyGunnar Knierim: +49 89 255 40 101gunnar.knierim@alliancebernstein.comMartin Vom Hagen: +49 89 21 66 97 101martin.vomhagen@alliancebernstein.com ItalyNicola Meotti: +39 0200 621 323nicola.meotti@alliancebernstein.comMassimo Dalla Vedova : +39 0200 621 324massimo.dallavedova@alliancebernstein.com BeneluxWillem Van Gijzen: +31 20 799 77 73willem.vangijzen@alliancebernstein.com NordicsSteen Jorgensen: +46 85 35 27 460Steen.jorgensen@alliencebernstein.com
  • 27. AllianceBernstein.comA Word About Risk26Market Risk: The market values of the investments may rise and fall from day to day, so investments may lose value.Interest Rate Risk: Bonds may lose value if interest rates rise or fall—long-duration bonds tend to rise and fall more than short-duration bonds.Credit Risk: A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or capital—the lower the rating, the higher the risk of default.If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline.Allocation Risk: Allocating to different types of assets may have a large impact on returns if one of these asset classes significantly underperforms theothers.Foreign Risk: Investing in overseas assets may be more volatile because of political, regulatory, market and economic uncertainties associated with them.These risks are magnified in assets of emerging or developing markets.Currency Risk: currency fluctuations may have a large impact on returns and the value of an investment may be negatively affected when translated into thecurrency in which the initial investment was made.Capitalization Size Risk (Small/Mid): Holdings in smaller companies are often more volatile than holdings in larger ones.MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. TheMSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed orproduced by MSCI.The value of an investment can go up or down and past performance is neither indicative of, nor a guarantee of, future results. The sale of AllianceBernsteinfunds may be restricted or subject to adverse tax consequences in certain jurisdictions. This information is directed solely at persons in jurisdictionswhere the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors shouldreview the funds full prospectus, together with the fund’s Key Investor Information Document and the most recent financial statements. Copies of thesedocuments, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from AllianceBernstein(Luxembourg) S.A.R.L., by visiting www.alliancebernstein.com or by contacting the local distributor in the jurisdictions in which the funds are authorised fordistribution.AllianceBernstein® and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.©2013 AllianceBernstein L.P. www.alliancebernstein.comIC2013157

×