The sub-fund invests primarily in a portfolio of high-yielding bonds of issuers located throughout the world, including U.S. issuers and issuers in emerging-market countries. The sub-fund is a feeder fund investing all or substantially all of its assets in a portfolio (“underlying scheme”) under AllianceBernstein. Investor should note that there may be additional fees involved.
Investment in the sub-fund may involve general investment risk and risks of investing in underlying scheme.
The underlying scheme may invest in emerging markets, which are subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk, economic risk, legal and taxation risk, settlement risk and custody risk).
Investment in the underlying scheme may also involve debt securities risk, illiquid assets risk, concentration risk, currency risk and management risk. Exposure to debt securities rated below Investment Grade or unrated can subject the underlying scheme to higher volatility and greater risk of loss of principal and interest than higher-rated securities. The value of the underlying scheme 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 sub-fund or the underlying scheme can be lost.
The underlying scheme is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management, managing duration and volatility, obtaining currency exposure and as an alternative to investing directly in the underlying instruments. This may involve counterparty / credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the underlying scheme or the sub-fund. Exposure to financial derivative instrument may lead to a high risk of significant loss by the sub-fund and the underlying scheme.
Dividends may be paid from capital or effectively out of the capital of the sub-fund, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment and result in an immediate decrease of the net asset value of the relevant units. Distributions and net asset value of currency hedged unit classes may be adversely affected by differences in the interest rates of the class currency of the currency hedged unit classes and the sub-fund’s base currency, resulting in a greater amount of distribution being paid out of capital than other non-hedged unit classes.
Investors should not rely on this document alone to make investment decisions.

_{The Portfolio Composition and Complete Portfolio of Holdings belongs to the underlying scheme.}