AB AMERICAN INCOME PORTFOLIO - Income Portfolio 50% Investment Grade 50% High Yield The Credit and Duration Barbell Annualized Return(%) Volatility US HY US IG Securitized

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  • American Income

    Portfolio 50%InvestmentGrade

    < 50%High Yield

    The Credit and Duration Barbell

    Annu

    aliz

    ed R

    etur

    n(%

    )

    Volatility

    US HY

    US IG Securitized

    US Treasury

    EM Corp.EM Sov (USD)

    2.0

    4.0

    6.0

    8.0

    10.0

    2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0

    1. Combining Returns and Stability Results in a Solid Enhanced Core Foundation

    ABAMERICAN INCOME PORTFOLIO

    2. 3. Past Dividend Payout Record

    Source: AB, as of 31 January 2018

    Class AT SharesThe share class 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) 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.

    Month NAV (US$) DIV (US$)Annualized

    Yield01/31/2018 8.27 0.0330 4.79%12/29/2017 8.34 0.0330 4.75%11/30/2017 8.34 0.0330 4.75%10/31/2017 8.39 0.0330 4.72%09/29/2017 8.40 0.0330 4.71%08/31/2017 8.49 0.0330 4.66%

    A Disciplined Barbell Approach Has Delivered Positive Returns in Most Rising Rate Environments

    Offered Currencies in USD, HKD and EUR. AUD, CAD, EUR,

    SGD, NZD and GBP Hedged Share Classes are also available.^

    Balance

    + to manage macro-economic risk

    Diversification

    + to manage idiosyncratic risk

    Opportunistic

    + to maximize return

    Historical data included for information purposes only. Holdings are subject to change. Current analysis does not guarantee future results.Based on monthly returns from 1 January 2008 through 31 December 2017. US HY is represented by Bloomberg Barclays US Corporate High Yield; US Treasury by Bloomberg Barclays US Treasury; EM Corp. by J.P. Morgan CEMBI Broad Diversified; EM Sov (USD) by J.P. Morgan EMBI Global; US IG Securitized by Bloomberg Barclays US Securitized. 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: Bloomberg Barclays, JPMorgan Chase and AllianceBernstein (AB), as of 31 December 2017.

    Designed for Monthly Dividend Payout

    To give investors more flexibility, a monthly payout option allows investors to receive cash or reinvest the proceeds. Dividends are not paid for all share classes and are not guaranteed. See Box

    3 below for Past Dividend Payout Record information.

    Past performance and current analysis do not guarantee future results.1 basis point (bps) = 1/100 of a percent.Shaded area includes time periods when the 10 year Treasury increased by 1% or more. American Income Portfolio returns are cumulative returns for the A share class. HY by Bloomberg Barclays US Corporate High Yield Index.Source: Bloomberg, Bloomberg Barclays and AB, as of 31 December 2017.

    OVERALL MORNINGSTAR RATINGTM

    Class A USD Shares

    Rated against 267 funds in the USD Flexible BondCategory, based on risk-adjusted returns.

    *

    1Q 2018

    0

    400

    800

    1200

    1600

    2000

    0

    2

    4

    6

    8

    10

    1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

    Basis

    Poin

    tsPerc

    ent

    Declining Yields Rising Yields

    10 Year UST Yield (Left Scale)

    HY Spreads

    9.0% +3.1% +9.3% +2.4% +14.9% +25.0% +2.0% +1.7% 0.4%

    AIP Returns#

    In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.

    Important Information1 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 financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolios 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 or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investors 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.

    5. Investors should not rely on this document alone to make investment decisions.

  • Gap

    Bet

    wee

    n be

    st a

    nd w

    orst Be

    stW

    orst

    Sector Leadership AlternatesAnnualized Sector Returns (Percent)

    8.6% 15.9% 16.0% 5.0% 5.7%

    2011 20132012 2014 2015 2016 2017 YTD

    16.1% 7.0%

    US TIPS13.6

    EMD USD17.9

    US HY7.4

    US IG Corp.7.5

    EMD USD1.2

    EMD USD9.3

    US Treas.9.8

    US HY15.8

    US HY7.5

    US IG Corp.-1.5

    US Treas.5.6

    US Treas.0.8

    EMD USD8.5

    US IG Corp.9.8

    US Treas.-2.8

    EMD USD5.5

    US IG Corp.-0.7

    US IG Corp.8.2

    US Treas.3.0

    US TIPS7.0

    EMD USD-6.8

    US TIPS3.6

    US TIPS-1.4

    US HY5.0

    US Treas.2.0

    US TIPS2.3

    US TIPS-8.6

    US HY2.5

    US HY-4.5

    US HY17.1

    EMD USD10.2

    US IG Corp.6.1

    US TIPS4.7

    US Treas.1.0

    US IG Corp.6.4

    6. Portfolio AllocationUnited States 78.55%Brazil 2.87%Argentina 1.75%United Kingdom 1.36%France1.35%Other 14.12%

    Treasuries 34.76%High Yield 19.92%Emerging Markets - Hard Currency 13.04%CMOs 12.91%Commercial Mortgage-Backed Securities 9.01%Agency 5.16%Other 5.20%

    Country AllocationSector Allocation^^

    Holdings are expressed as a percentage of total investments and may vary over time. Numbers may not sum due to rounding. Source: AB, as of 31 January 2018.

    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 AB funds, investors should review the funds full prospectus, together with the funds Product Key Facts/ Product Highlight Sheets 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.abfunds.com/ www.abglobal.com or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. The Portfolio is part of AB FCP I (referred to as AB). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, ABs legal name was ACMBernstein, its trading name was AllianceBernstein.Past performance is no guarantee of future results. Please refer to the Prospectus for the full list of share classes and currencies offered. Total returns, provided by AB, 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 Portfolios 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 AB. 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 investors 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 Portfolios prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the Portfolios fees and charges with their financial advisor to determine if the investment is appropriate for them.* Overall Morningstar Rating is a copyright of Morningstar, Inc., 2018. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3)

    is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar rates mutual funds from 1 to 5 stars based on how well theyve performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive 5 stars and the bottom 10% receive 1 star. Funds are rated for up to three time periods three-, five-, and 10-years and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. Theyre a useful tool for identifying funds worthy of further research, but shouldnt be considered buy or sell signals. As of 31 January 2018.

    ^ Currency-hedged share classes use hedging techniques in an attempt to reducebut not eliminatefluctuations between the investors holdings in a particular currency-hedged share class denominated in the investors investing currency and the portfolios base currency. The goal is to deliver returns that track the portfolios 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.

    The past 5 calendar year performance for American Income Portfolio (Class AT, USD): -1.49% (2013), 5.99% (2014) , -2.58% (2015), 7.76% (2016) , 4.82% (2017) and -0.44% (2018 YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 January 2018. Inception date for Class AT (USD): 16 September 2002.

    # The past 5 calendar year performance for American Income Portfolio (Class A, USD): -1.36% (2013), 5.88% (2014) , -2.57% (2015), 7.76% (2016) , 4.82% (2017) and -0.44% (2018 YTD).. Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 January 2018. Inception date for Class A (USD): 1 July 1993.

    From Thomson Reuters Lipper Awards, 2017 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Thomson Reuters Lipper Fund Awards 2015 for Bond US Dollar (3 Years), Bond US Dollar (5 Years) and Bond US Dollar (10 Years), based on Class A (USD), fund performance as of 31 December 2014. Winner of the 2017 Thomson Reuters Lipper Fund Awards Hong Kong for Bond US Dollar (3 Years), Bond US Dollar (5 Years) and Bond US Dollar (10 Years), based on Class A (USD), fund performance as of 31 December 2016. Awards are not recommendation to purchase, sell or hold the portfolio.

    To Hong Kong Readers: This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited.To Singapore Readers: For financial representative use only. Not for inspection by, or distribution or quotation to, the general public. This document has been issued by AllianceBernstein (Singapore) Ltd. ("ABSL", Company Registration No. 199703364C) and has not been reviewed by the Monetary Authority of Singapore (MAS). ABSL is a holder of a Capital Markets Services Licence issued by the Monetary Authority of Singapore to conduct regulated activity in fund management and dealing in securities. AllianceBernstein (Luxembourg) S. r.l. is the management company of the portfolio and has appointed ABSL as its agent for service of process and as its Singapore representative. This document has not been reviewed by the MAS. 2018 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein is a registered trademark used by permission of the owner, AllianceBernstein L.P.

    (Issue date of this document: 28 February 2018)

    AIP-PRF-EN-HK-0218

    4. 5. Fund ProfilePortfolio Manager:

    Paul J. DeNoonGershon Distenfeld, CFADouglas J. PeeblesMatthew S. Sheridan, CFA

    Inception Date: 1993/07/01 (Class A, USD)

    Base Currency: USD

    ^Convenience Pricing/ Reporting Currencies:

    HKD, EUR

    ^Currency-hedged Share Classes:

    AUD, EUR, CAD, SGD, GBP, NZD

    Class offered: A, A2, AA, AT

    Fund Size: USD 12251.50 million

    Source: AB, as of 31 January 2018

    Why Multi-Sector? Increased Opportunity Set and Diversified Exposure to Rates

    Holdings are subject to change. Current analysis does not guarantee future results. Historical information provided for illustrative purposes only.As of 31 December 2017. Numbers may not sum due to rounding. These returns are for illustrative purposes only and do not reflect the performance of any fund. Diversification does not eliminate the risk of loss; US Treas. is represented by Bloomberg Barclays US Treasury; US TIPS by Bloomberg Barclays US TIPS; US HY by Bloomberg Barclays US Corporate High Yield; US IG Corp. by Bloomberg Barclays US Corporate Investment Grade; Emerging Market Debt (EMD) USD by J.P. Morgan EMBI-Global; mortgage-backed securities by Bloomberg Barclays US MBS; agencies by Bloomberg Barclays US Agency. An investor cannot invest directly in an index or average and neither includes sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.Source: Bloomberg Barclays, J.P. Morgan and AB

    1Q 2018AMERICAN INCOME PORTFOLIO

    ^^ All ratings are based on ratings of S&P,Moodys and Fitch. Sector Allocation/High Yield uses a split to lower with two different ratings (and a split to middle for three ratings).

    In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.

  • FIXED INCOME

    March 2018 3

    MONTHLY NAV AND DIVIDEND SUMMARY

    ABAmerican Income Portfolio

    NAV, Dividend and Yield Information as of 03/29/2018

    03/29/2018

    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)

    /( 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.

    x 12 / x 100

    Class AT shares, EUR-Hedged^ (ISIN: LU0539799634)

    AT^

    Class AT shares, CAD-Hedged^ (ISIN: LU0592505407)

    AT^ Month

    NAV ()

    DIV ()

    Annualized Yield

    Month

    NAV (CAD)

    DIV (CAD)

    Annualized Yield

    03/29/2018 13.67 0.0309 2.71% 03/29/2018 13.68 0.0470 4.12% 02/28/2018 13.70 0.0309 2.71% 02/28/2018 13.69 0.0470 4.12% 01/31/2018 13.88 0.0239 2.07% 01/31/2018 13.88 0.0470 4.06% 12/29/2017 13.99 0.0351 3.01% 12/29/2017 13.99 0.0554 4.75% 11/30/2017 14.01 0.0351 3.01% 11/30/2017 14.00 0.0554 4.75% 10/31/2017 14.09 0.0351 2.99% 10/31/2017 14.08 0.0554 4.72% 09/29/2017 14.12 0.0351 2.98% 09/29/2017 14.11 0.0497 4.23% 08/31/2017 14.27 0.0351 2.95% 08/31/2017 14.27 0.0497 4.18% 07/31/2017 14.23 0.0382 3.22% 07/31/2017 14.22 0.0526 4.44% 06/30/2017 14.23 0.0382 3.22% 06/30/2017 14.22 0.0526 4.44% 05/31/2017 14.25 0.0382 3.22% 05/31/2017 14.24 0.0526 4.43% 04/28/2017 14.24 0.0382 3.22% 04/28/2017 14.23 0.0526 4.44%

    Class AT shares, USD (ISIN: LU0157308031)

    AT

    Class AT shares, HKD^ (ISIN: LU0417103065)

    AT^ Month

    NAV (US$)

    () DIV (US$)

    () Annualized Yield

    Month

    NAV (HK$)

    () DIV (HK$)

    () Annualized Yield

    03/29/2018 8.15 0.0330 4.86% 03/29/2018 63.96 0.2590 4.86% 02/28/2018 8.16 0.0330 4.85% 02/28/2018 63.84 0.2582 4.85% 01/31/2018 8.27 0.0330 4.79% 01/31/2018 64.69 0.2580 4.79% 12/29/2017 8.34 0.0330 4.75% 12/29/2017 65.17 0.2581 4.75% 11/30/2017 8.34 0.0330 4.75% 11/30/2017 65.15 0.2578 4.75% 10/31/2017 8.39 0.0330 4.72% 10/31/2017 65.46 0.2574 4.72% 09/29/2017 8.40 0.0330 4.71% 09/29/2017 65.62 0.2576 4.71% 08/31/2017 8.49 0.0330 4.66% 08/31/2017 66.44 0.2582 4.66% 07/31/2017 8.46 0.0346 4.91% 07/31/2017 66.08 0.2702 4.91% 06/30/2017 8.46 0.0346 4.91% 06/30/2017 66.06 0.2698 4.90% 05/31/2017 8.47 0.0346 4.90% 05/31/2017 66.00 0.2695 4.90% 04/28/2017 8.46 0.0346 4.91% 04/28/2017 65.80 0.2690 4.91%

    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 financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. In adverse situations, the portfolios 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 or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investors 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.

    ()

    5. Investors should not rely on this document alone to make investment decisions.

  • AIPDYIENCHHK0318 (Issue date of this document : 04/11/2018)

    Class AT shares, AUD-Hedged^ (ISIN: LU0511406216)

    AT^

    Class AT shares, SGD-Hedged^ (ISIN: LU0592505829)

    AT^ Month

    NAV (A$)

    DIV (A$)

    Annualized Yield

    Month

    NAV (SGD)

    () DIV (SGD)

    () Annualized Yield

    03/29/2018 13.95 0.0565 4.86% 03/29/2018 13.65 0.0520 4.57% 02/28/2018 13.96 0.0565 4.86% 02/28/2018 13.67 0.0520 4.56% 01/31/2018 14.16 0.0565 4.79% 01/31/2018 13.87 0.0520 4.50% 12/29/2017 14.27 0.0625 5.26% 12/29/2017 13.98 0.0520 4.46% 11/30/2017 14.28 0.0625 5.25% 11/30/2017 13.99 0.0520 4.46% 10/31/2017 14.36 0.0625 5.22% 10/31/2017 14.07 0.0520 4.43% 09/29/2017 14.39 0.0625 5.21% 09/29/2017 14.10 0.0520 4.43% 08/31/2017 14.55 0.0625 5.15% 08/31/2017 14.26 0.0520 4.38% 07/31/2017 14.50 0.0653 5.40% 07/31/2017 14.21 0.0549 4.64% 06/30/2017 14.50 0.0696 5.76% 06/30/2017 14.21 0.0549 4.64% 05/31/2017 14.52 0.0696 5.75% 05/31/2017 14.23 0.0549 4.63% 04/28/2017 14.51 0.0696 5.76% 04/28/2017 14.23 0.0549 4.63%

    Class AT shares, NZD-Hedged^ (ISIN: LU0805981734)

    AT^

    Class AT shares, GBP-Hedged^ (ISIN: LU0689625878)

    AT^ Month

    NAV (NZD)

    DIV (NZD)

    Annualized Yield

    Month

    NAV (GBP)

    DIV (GBP)

    Annualized Yield

    03/29/2018 13.17 0.0604 5.50% 03/29/2018 13.66 0.0413 3.63% 02/28/2018 13.19 0.0604 5.50% 02/28/2018 13.69 0.0413 3.62% 01/31/2018 13.37 0.0604 5.42% 01/31/2018 13.88 0.0355 3.07% 12/29/2017 13.48 0.0604 5.38% 12/29/2017 13.98 0.0446 3.83% 11/30/2017 13.48 0.0604 5.38% 11/30/2017 14.00 0.0446 3.82% 10/31/2017 13.56 0.0604 5.35% 10/31/2017 14.08 0.0446 3.80% 09/29/2017 13.59 0.0635 5.61% 09/29/2017 14.11 0.0446 3.79% 08/31/2017 13.74 0.0635 5.55% 08/31/2017 14.27 0.0446 3.75% 07/31/2017 13.69 0.0662 5.80% 07/31/2017 14.22 0.0475 4.01% 06/30/2017 13.70 0.0662 5.80% 06/30/2017 14.22 0.0475 4.01% 05/31/2017 13.71 0.0662 5.79% 05/31/2017 14.24 0.0475 4.00% 04/28/2017 13.71 0.0662 5.79% 04/28/2017 14.23 0.0475 4.01%

    The calendar year performance for AB American Income Portfolio: Class AT, USD -1.49% (2013), 5.99% (2014), -2.58% (2015), 7.76% (2016), 4.82% (2017) and -1.09% (2018 YTD). Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 March 2018.

    AT-1.49% 2013 5.99% 2014 -2.58% 2015 7.76% 20164.82% 2017 -1.09%2018AB

    2018 3 31 ^ Currency-hedged share classes use hedging techniques in an attempt to reducebut not eliminatefluctuations between the investors holdings in a particular currency-hedged share class denominated in the investors investing currency and the portfolios base currency. The goal is to deliver returns that track the portfolios 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.

    ^

    AB FCP I American Income Portfolio is part of AB FCP I (referred to as AB). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, ABs legal name was ACMBernstein, its trading name was AllianceBernstein. 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, investors should review the funds full prospectus, together with the funds 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.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.

    AB FCP I (fonds commun de placement) AB FCP I 2016 2 5

    ACMBernstein AllianceBernstein

    www.abfunds.com.hk

    Past performance is no guarantee of future results. Total returns, provided by AB, 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 portfolios current Prospectus together with the most recent financial statements.

    AB

    Investment RisksInvestment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investors 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 Funds prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the funds fees and charges with their financial adviser to determine if the investment is appropriate for them.

    Source: AB, as of 31 March 2018.

    AB 2018 3 31 This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited.

    2018 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein is a registered trademark used by permission of the owner, AllianceBernstein L.P.

    2018 AllianceBernstein L.P. [A/B] AllianceBernstein AllianceBernsteinAllianceBernstein L.P.

  • Mar 20183

    All data as of 31/03/2018

    AB - American Income Portfolio

    *

    Important Information 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 possiblethat the entire value of your investment in the portfolio can be lost.

    2 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 useof derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.

    3 Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investors original investment or from any capital gainsattributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.()

    4 Investors should not rely on this document alone to make investment decisions.

    Portfolio Objective/ Strategy/ Key Features / / The Portfolio seeks to provide a high level of current income consistent with preservation of capital byinvesting in a diversified portfolio of U.S. dollar-denominated fixed income securities. The Portfolioinvests solely in U.S. dollar denominated fixed income securities, including investment grade and highyield, non-investment grade securities of issuers domiciled within and outside the U.S. Under normalmarket conditions, a minimum of 50% of the Portfolio assets will be invested in investment gradesecurities. At least 65% of the assets must be issued by issuers domiciled within the United States.

    50% 65%

    Portfolio Composition^ ^

    Sector Allocation^^ ^^Treasuries 38.55%High Yield 15.14%CMOs 12.27%Emerging Markets -Hard Currency 9.85%Corporates - InvestmentGrade 8.38%Commercial Mortgage-Backed Securities 8.06%Agency 4.53%Other 3.22%

    Country Allocation United States 76.28%Brazil 2.71%United Kingdom 1.75%Argentina 1.73%France 1.59%Other 15.94%

    Currency Allocation US Dollar 100.00%

    Credit Quality^^ ^^AAA 40.38%AA 1.58%A 2.21%BBB 15.46%BB 22.56%B 15.55%CCC & BelowCCC 0.18%Not Rated 2.08%

    ^ Holdings are expressed as a percentage of total investments and may vary over time.

    ^^ All ratings are based on ratings of S&P,Moodys and Fitch. Sector Allocation/High Yield uses a split to lower with two differentratings (and a split to middle for three ratings); Credit Quality uses a split to higher./

    # Source: S&P, Moodys, Fitch and AllianceBernstein (AB).: AB

    1. As a percentage of purchase price for Classes A, A2, AA and AT only. A , A2 , AA AT

    2. As an annual percentage of average daily Net Asset Value.

    Profile Domicile Luxembourg

    Inception Date

    01/07/1993Class A USD A

    Fiscal Year End 31 August8 31

    Net Assets $ 11193.98 Million

    Subscription/Redemption/

    Daily

    Base Currency USD

    Reporting Currencies EUR, HKD

    Currency HedgedShare Classes

    AUD, CAD, EUR, GBP, SGD,NZD

    Average Duration (Years) ()

    5.58

    Average Credit Quality##

    A-

    Initial Sales Charge1 1

    Up to 5.00%Class A, A2, AA & AT

    Management Fee2 2

    1.10%

    Management CompanyFee2 2

    0.10%

    Total No. Of Holdings

    729

    Portfolio ManagementTeam

    Paul J. DeNoonGershon Distenfeld, CFADouglas J. PeeblesMatthew S. Sheridan, CFA

    For fees applicable to other share classes, please refer to the offeringdocuments for details.

  • Mar 20183

    All data as of 31/03/2018

    Top 10 Holdings

    Holding US Treasury Bonds 8.00%,11/15/21 9.27%US Treasury Notes 2.25%,8/15/27 4.93%US Treasury Bonds 8.125%,5/15/21 - 8/15/21 2.61%FNMA 6.625%,11/15/30 2.54%US Treasury Bonds 6.375%,8/15/27 2.30%US Treasury Bonds 7.50%,11/15/24 2.29%US Treasury Bonds 7.125%,2/15/23 1.81%US Treasury Bonds 6.625%,2/15/27 1.45%FNMA 7.125%,1/15/30 1.42%US Treasury Bonds 6.125%,11/15/27 1.32%

    Total 29.94%

    Calendar Year Returns %

    -5

    0

    5

    10

    2013 2014 2015 2016 2017 2018 YTD

    2013 2014 2015 2016 2017 2018 YTD

    Class A USDA

    -1.4 5.9 -2.6 7.8 4.8 -1.1

    Cumulative Total Returns %

    1 Year

    3 Year

    5 Year

    10 Year

    SinceInception

    Class A USDA

    2.0 7.0 13.0 61.9 336.3

    Please refer to Profile section for Inception Date of Class A USD. A Source: AB, calculated on an NAV-to-NAV basis, with dividend reinvested, in U.S. DollarsAB

    Past performance is no guarantee of future results. Total returns, provided by AB, include the change in net assetvalue and reinvestment of any distributions paid on Portfolio shares for the period shown, but do not reflect salescharges. The information on this page is for information purposes only and should not be construed as an offer tosell, or solicitation of an offer to buy, or a recommendation for the securities of the Portfolio.

    AB

    *From Thomson Reuters Lipper Awards, 2017 Thomson Reuters. All rights reserved. Used by permission andprotected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission ofthis Content without express written permission is prohibited. Winner of the 2017 Thomson Reuters Lipper FundAwards Hong Kong for Bond US Dollar (3 Years), Bond US Dollar (5 Years) and Bond US Dollar (10 Years), basedon Class A (USD), fund performance as of 31 December 2016. Awards are not recommendation to purchase, sellor hold the portfolio.*2017 "2017 35 10 A 2016 12 31

    NAV, Yield & Dividend Information (as of 31/03/2018)

    2018 03 31

    A, AT & AA share classes below intend to declare and pay dividends. Dividendamount/distribution rate is not guaranteed and may be paid from capital of thePortfolio. (See Important Information 3)Annualized yield is calculated with the following formula: monthly dividend ofthe month x 12 / ex-dividend price of the month x 100. Positive distribution yielddoes not imply positive return. The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio.

    A, AT AA ( 3) x 12 / x 100

    NAV

    Yield

    Dividend Bloomberg ISIN

    Class A USDA 8.16 4.85 0.0330 ALAMIAI:LX LU0044957727

    Class AT USDAT 8.15 4.86 0.0330 AGIAIAT:LX LU0157308031

    Class AT HKDAT 63.96 4.86 0.2590 ABAIHAT:LX LU0417103065

    Class AT AUD(H)AT 13.95 4.86 0.0565 ABAATAH:LX LU0511406216

    Class AT NZD(H)AT 13.17 5.50 0.0604 ABAIATN:LX LU0805981734

    Class AT EUR(H)AT 13.67 2.71 0.0309 ABAATEH:LX LU0539799634

    Class AT CAD(H)AT 13.68 4.12 0.0470 ABAATCH:LX LU0592505407

    Class AT GBP(H)AT 13.66 3.63 0.0413 AAMATSH:LX LU0689625878

    Class AT SGD(H)AT 13.65 4.57 0.0520 ABAATSH:LX LU0592505829

    Class AA USDAA 13.18 6.30 0.0692 ABAIAAU:LX LU1008671684

    Class AA HKDAA 103.43 6.30 0.5430 ABAMIAA:LX LU1069345178

    Class AA AUD(H)AA 13.06 6.31 0.0687 ABAUDHI:LX LU1008671841

    Class AA NZD(H)AA 12.90 6.96 0.0748 ABAANZH:LX LU1069345418

    Class AA EUR(H)AA 12.81 4.14 0.0442 ABAAEUH:LX LU1069345509

    Class AA CAD(H)AA 12.78 5.57 0.0593 ABAACAH:LX LU1069345251

    Class AA GBP(H)AA 12.80 5.07 0.0541 ABAAGBH:LX LU1069345335

    Class AA SGD(H)AA 12.96 6.03 0.0651 AAIAASH:LX LU1035780433

    Class A2 USDA2 27.70 - - ALAMITI:LX LU0095030564

    Class A2 HKDA2 217.38 - - ABAIA2H:LX LU0417102927

    Overall Morningstar Rating is a copyright of Morningstar, Inc., 2018. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate,complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.Morningstar rates mutual funds from 1 to 5 stars based on how well they've performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds. Within each Morningstar Category, the top 10% of fundsreceive 5 stars and the bottom 10% receive 1 star. Funds are rated for up to three time periods-three-, five-, and 10-years and these ratings are combined to produce an overall rating. Funds with less than three years of history are notrated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell signals. Overall Morningstar Rating 2018 (1)(2)(3) Currency-hedged share classes use hedging techniques in an attempt to reducebut not eliminatefluctuations between the investors holdings in a particular currency-hedged share class denominated in the investors investing currencyand the portfolios base currency. The goal is to deliver returns that track the portfolios base currency returns more closely. Stand-alone currency symbols represent convenience pricing, which offers the ability to purchase or redeem sharesusing 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 anyprotection from currency fluctuations. Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all shareclasses 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 decreaseas a result of foreign exchange currency fluctuations. These and other risks are described in the Funds prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the funds fees andcharges with their financial adviser to determine if the investment is appropriate for them.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, investors should review the funds full prospectus, togetherwith the funds 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 fromwww.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. www.abfunds.com.hk The Portfolio is part of AB FCP I (referred to as AB). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, ABs legal name was ACMBernstein,its trading name was AllianceBernstein. AB FCP I (fonds commun de placement) AB FCP I 2016 2 5 ACMBernstein AllianceBernsteinThis document is issued by AllianceBernstein Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.2018 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein is a registered trademark used by permission of the owner, AllianceBernstein L.P.2018 AllianceBernstein L.P. [A/B] AllianceBernstein AllianceBernstein AllianceBernstein L.P.

  • PRODUCT KEY FACTS AB FCP I

    AllianceBernstein (Luxembourg) S. r.l. American Income Portfolio April 2018

    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: AllianceBernstein (Luxembourg) S. r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Depositary: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: (i) For Classes A, B, C, and I Shares:

    Aims to declare daily and pay monthly or be reinvested as elected by investor* (ii) For Classes AA, AT, BA, BT, CT, IT, IA and WT 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 Portfolios Net Asset Value (iii) For Classes A2, B2, C2, I2 and W2 Shares (and corresponding H and DUR PH Shares):

    None Financial year end of this Portfolio: 31 August

    Ongoing charges over a fiscal year:

    Classes A, AA and A2 (and corresponding H and DUR PH Shares), AT EUR H, AT SGD H, AT NZD H and AT DUR PH Shares

    Classes AT (and corresponding H Shares), AA SGD H and A2 DUR PH Shares

    Class A2 SGD H Shares

    1.34% 1.33% 1.35% Classes B, BA, B2 and BT Shares (and corresponding H Shares)

    Class BT NZD H Shares Classes C, CT (and corresponding DUR PH Shares), C2 EUR H and C2 DUR PH Shares

    2.03% 2.04% 1.78% Class C2 Shares Classes I, IT (and

    corresponding H Shares) and I2 EUR H Shares

    Classes IA (and corresponding H and DUR PH Shares), IT NZD H, I2 SGD H and I2 DUR PH Shares

    1.79% 0.79% 0.78% Classes I2 and IT CAD H Shares Classes IT SGD H and IT

    GBP H Shares Classes WT (and corresponding H Shares) anAmd W2 Shares

    0.80% 0.81% 0.95%

    Class IT DUR PH Shares 0.77%

    Min. investment*: Initial Additional USD2,000 | EUR2,000 | GBP2,000

    USD750 | EUR750 | GBP750

  • - 2 -

    AB FCP I American Income Portfolio

    Classes A, AA, A2, AT, B, BA, B2, BT, C, C2 and CT Shares (and corresponding H Shares and DUR PH Shares)

    HKD15,000 | AUD2,000 | SGD3,000

    HKD5,000 | AUD750 | SGD1,000

    CAD2,000 | NZD3,000 | ZAR20,000

    CAD750 | NZD1,000 | ZAR7,000

    Classes I, I2, IT, IA, W2 and WT Shares (and corresponding H Shares)

    USD1 million | EUR1 million AUD1 million | HKD8 million SGD1.5 million | CAD 1 million NZD 1.5 million | GBP 500,000

    None

    Classes IT DUR PH, I2 DUR PH and IA DUR PH Shares Not offered to new investors None

    Unless otherwise specified. The ongoing charges figure is based on expenses for the year ended 31 August 2017. 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 Funds 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. Effective 15 December 2016, Classes B, BA, B2 and BT Shares (and corresponding H Shares) are no longer open for subscription by new and existing investors. However, investors may request the exchange of their holdings of Classes B, BA, B2 and BT Shares (and corresponding H Shares) for the same share class of another AB-sponsored Luxembourg-domiciled UCITS fund authorised in Hong Kong for retail distribution or otherwise available through an AB authorised dealer in Hong Kong. Effective 30 July 2017 to 29 July 2018, DUR PH Shares are open for subscription by existing investors only. DUR PH Shares will no longer be open for subscription by new and existing investors from 30 July 2018.

    What is this product?

    The American Income Portfolio (the "Portfolio") is a portfolio of AB FCP I (the "Fund"), a mutual investment fund domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier.

    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 (as defined in the Prospectus of the Fund), 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

  • - 3 -

    AB FCP I American Income Portfolio

    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 Portfolios 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 Portfolios 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 principalthe 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.

    5. 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 lower-rated 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.

    6. 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.

    7. 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.

    8. 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.

  • - 4 -

    AB FCP I American Income Portfolio

    9. 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 SFCs prior approval and by giving no less than one months 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 investors 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. 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:

  • - 5 -

    AB FCP I American Income Portfolio

    Fee What you pay Subscription fee (Initial Sales Charge)

    Classes A, AA, A2 and AT Shares (and corresponding H and DUR PH Shares): up to 5% of the purchase price Classes I, I2, IT and IA Shares (and corresponding H and DUR PH Shares): up to 1.5% of the purchase price Not applicable to other Share Classes

    Switching fee+ Not Applicable Redemption fee Not Applicable Contingent Deferred Sales Charge 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

    +Any additional fees charged by distributors may still apply.

    Ongoing fees payable by the fund The following expenses will be paid out of the Portfolio. They affect you because they reduce the return you get on your investments. Fee 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 I, I2, IT, IA, W2 and WT Shares (and corresponding H and DUR PH Shares): 0.55%

    Depositary fee*

    Up to 1.00% Administration fee payable to the Administrator* Transfer Agent fee* Performance fee Not Applicable Distribution fee* Classes B, BA, B2 and BT Shares (and corresponding H Shares): 0.70%

    Not applicable to other Share Classes Administration fee payable to the Management Company*

    All Share Classes (and corresponding H and DUR PH Shares): 0.10%

    *Percentage per annum of Net Asset Value

    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 shares at the Portfolios 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.

  • - 6 -

    AB FCP I American Income Portfolio

    The Net Asset Value of the Portfolio is calculated on each Business Day and will be available on the following website www.alliancebernstein.com.hk or alternatively, you may contact AllianceBernstein Hong Kong Limited (as the Hong Kong Representative of the Fund) at +852 2918 7888.

    Investors may obtain the past performance information of other share classes offered to Hong Kong investors from www.alliancebernstein.com.hk.

    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.hk.

    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.hk has not been reviewed by the SFC and may contain information on funds not authorised by the SFC.

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