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AllianceBernstein Funds/
Inception Date 1-Year 5-Year
10-Year/Since
Inception
ALTERNATIVES
Real Asset Strategy
(3/8/10) AMTAX ᕤ
—
ᕢ
Lipper Global Flexible
Portfolio Funds
271/310 60/226
Market Neutral Strategy—US
(8/3/10) AMUAX ᕡ
—
ᕢ
Lipper Equity Market
Neutral Funds
8/89 33/76
Market Neutral Strategy—
Global
(8/3/10) AANNX
ᕣ
—
ᕢ
Lipper Equity Market
Neutral Funds
46/89 30/76
EQUITIES
Small/Mid Cap Value Fund
(3/29/01) ABASX ᕤ ᕡ ᕢ
Lipper Small Cap Value Funds 240/314 50/231 44/128
Small/Mid-Cap Growth Fund
(7/7/38) CHCLX ᕢ ᕡ ᕡ
Lipper Mid-Cap Growth Funds 102/391 65/304 33/198
Small Cap Growth Portfolio
(2/12/69) QUASX ᕡ ᕡ ᕡ
Lipper Small-Cap
Growth Funds
30/503 18/387 44/251
Lipper Quartile & Rank
AllianceBernstein Funds/
Inception Date 1-Year 5-Year
10-Year/Since
Inception
TAXABLE BONDS
Global Bond Fund
(3/27/92) ANAGX ᕡ ᕢ ᕡ
Lipper Global Income Funds 40/174 27/102 7/72
High Income Fund
(2/25/94) AGDAX ᕢ ᕡ ᕡ
Lipper High Current
Yield Funds
204/500 1/362 1/245
MUNICIPALS
Municipal Income Fund
National Portfolio
(12/29/86) ALTHX
ᕣ ᕢ ᕢ
Lipper General Municipal
Debt Funds
155/246 78/192 55/166
High Income Municipal
Portfolio (1/26/10) ABTHX ᕡ
—
ᕡ
Lipper High Yield Municipal
Debt Funds
14/125 10/117
EQUITY INCOME
Equity Income Fund
(10/18/93) AUIAX ᕢ ᕡ ᕡ
Lipper Equity Income Funds 125/294 43/214 2/109
Featured Funds
Check 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 more
information about our funds or call your AllianceBernstein representative at 1.800.247.4154.
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3'#01$#%;*016%8"7'%5'',%1'##%)"7*("51'%8"6%#"1'#%-8"(/'#%5'',%.,-106'62%<8'%)0,6%.#%(",4'6%;.$8.,%$8'%=.&&'(%0,.7'(#'%.,-106'#%)0,6#%$8"$%8"7'%/','("11>%
#.+.1"(%.,7'#$+',$%*5?'-$.7'#%$*%$8'%@11.",-'A'(,#$'.,%90,62%3",4.,/#%#8*;,%"('%)*(%B1"##%@%#8"('#%*,1>C%"1$8*0/8%*$8'(%#8"('%-1"##'#%"('%"7".1"51'%)*(%;8.-8%
+","/'+',$%)''#%",6%#"1'#%-8"(/'#%;.11%6.))'(%",6%(",4.,/#%+">%7"(>2%D,7'#$*(#%-",:$%.,7'#$%6.('-$1>%.,%.,6.-'#%*(%"7'("/'#C%",6%$8'.(%&'()*(+",-'%6*'#%,*$%
('&('#',$%$8'%&'()*(+",-'%*)%",>%@11.",-'A'(,#$'.,%+0$0"1%)0,62
E*0(-'F%=.&&'(C%D,-2%",6%@11.",-'A'(,#$'.,%
@11%.,7'#$+',$#%.,7*17'%(.#4C%.,-106.,/%&*##.51'%1*##%*)%&(.,-.&"12%!1'"#'%#''%'"-8%)0,6:#%&(*#&'-$0#%)*(%)0,6%(.#4#2
90,6#%;.$8%8./8%(",4.,/#%.#%,*$%",%.,6.-"$.*,%*)%&*#.$.7'%&'()*(+",-'%('#01$#2
Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus
or summary prospectus, which contain this and other information, visit us online at www.alliancebernstein.com or contact your AllianceBernstein Investments
representative. Please read the prospectus and/or summary prospectus carefully before investing.
AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager
of the funds.
AllianceBernstein® and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.
© 2012 AllianceBernstein L.P., 1345 Avenue of the Americas, New York, NY 10105 www.alliancebernstein.com
For financial representative use only. Not for inspection by, distribution or quotation to, the general public.
Investment Products Offered • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed
11-2205
FGEN–FLY–0176–0312
<8'%G./8%D,-*+'%90,6%;*,%"%=.&&'(%@;"(6%HIJH%*0$%*)%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(*;$8%B"$'/*(>%)*(%$8'%KP>'"(%&'(.*62
5. !"#"$%&'
()*")&+,&-
Short-Duration (ADPAX) Global Bond (ANAGX)
Intermediate Bond (ABQUX)
Unconstrained Bond (AGSAX)
Bond Inflation Strategy(ABNAX)
High Income (AGDAX)
Limited Duration
High Income (ALHAX)
./0,1,2"%'
()*")&+,&-
Intermediate Diversified (AIDAX)
Single-State Intermediate
CA–(AICAX), NY–(ANIAX)
Municipal Bond Inflation
Strategy (AUNAX)
Muni National (ALTHX)
Single-State Funds
CA–(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.com
12-1006 | FIX–6786–0412
Past 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% maximum
front-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 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 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 the
issuer’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 may
be 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 market
factors 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 and
fall 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 to
enhance 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 or
selling 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 traditional
investments 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 of
our prospectus or summary prospectus, which contain this and other information, visit us online at www.alliancebernstein.com or contact your
AllianceBernstein 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.P
Less
More
More
Core
High
Income
Stability
Risk
Return/IncomePotential
3%%,"01&4&*0-)&,0'
5,+6'70189&':/0;',-'
)6&'<,00&*'8=')6&'5,+6'
>/**&0)'?,&%;'1")&+8*@A'
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A Broad Range of Fixed Income Solutions
We live to decipher the complexities of global bond markets, with innovative solutions for institutional
and individual investors all over the world. Tell us what your clients need…we can help.
AllianceBernstein Funds: Solutions Depending on Your Investment Objective
6. GLOBAL EQUITIES—MAY 2012
We see exceptional investment opportunities in emerging
Asia stocks. These economies are expected to significantly
outstrip developed-world growth. While not immune to a
global slowdown, they are less vulnerable than they used
to be. Their populations are richer, their companies are
more productive, and their domestic personal and business
consumption is a bigger driver of growth. Emerging Asia
nations also have less debt and higher savings rates than
their developed counterparts and, thus, enjoy greater fiscal
and monetary flexibility.
Even after a recent rally, however, Asia ex Japan stock
valuations remain well below long-term averages. Moreover,
valuation spreads between the cheapest and most expensive
Asia ex Japan stocks are unusually wide today, suggesting
outsize return potential for research-driven value investing
strategies as current market anxieties ease. History shows that
value investing has been highly effective in Asia, outperforming
strategies that emphasize growth and quality by a wide
margin, and with comparable or less volatility. Our research
also suggests that buying Asia ex Japan stocks when they are
as cheap as they are today can be particularly rewarding.
Despite similar quality metrics, our Asia ex Japan portfolio
trades at a significant discount to the market and pays a
higher dividend yield. It also has some of the strongest value
credentials among competing Asia ex Japan portfolios.
As such, we believe it is exceptionally well positioned to
take advantage of the burgeoning opportunities in emerging
Asia 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 experience
investing in Asia
Why Asia Equity?
AllianceBernstein Asia Ex-Japan Equity Portfolio
Asia Ex Japan Stocks Are Cheap Versus History
Ratio(×)
1.0
1.5
2.0
2.5
3.0
04 05 06 07 08 09 10 11
Average
Price/Book: MSCI AC Asia ex Japan Index
Key Features of the AllianceBernstein Asia Ex-Japan Equity Portfolio
Value Investing Outperforms Other Strategies in Asia
Historical analysis does not guarantee future results.
Annualized performance and volatility of highest quintile relative to lowest quintile in the
Bernstein Asia ex Japan universe based on factors shown, as ranked by the Bernstein global
expected-return model. Asia ex Japan market data are from January 1992 through March 2012.
Source: MSCI and AllianceBernstein
Through March 31, 2012
Source: MSCI and AllianceBernstein
Factor Returns and Volatility
Jan 1992–Mar 2012
Volatility of Return Spreads (%) MoreLess
AnnualizedReturnSpreads(%)
0
2
6
10
14
8 10 12 14 16 18 20 22 24 26 28 30
(2)
Sales
Growth
Return
on Equity
Price
Momentum
Price/Book
Price/SalesPrice/Earnings
Earnings
Growth
Size
! Distinctive Value Approach
Our value focus distinguishes us from other Asia ex Japan services
and uniquely positions us to capture the burgeoning opportunity
in emerging Asia equities.
! Depth and Breadth of Research
Our collaborative global team of fundamental and quantitative
research analysts provides the deep company knowledge and
insights that drive our stock selection.
! Seasoned Investment Team
Drawing on our firm’s 20 years of experience in value
investing in Asia, our portfolio has delivered consistent
long-term outperformance.
7. INS-6795-0512
www.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 material
will 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 for
informational 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 personal
investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This
information 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 by
AllianceBernstein or its affiliates. AllianceBernstein and its affiliates may have positions in, and may effect transactions in, the markets, industry sectors and companies described
herein. 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 be
further 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 AllianceBernstein
Institutional 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 only
intended 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 for
persons 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 Capital
Markets 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 institutional
investors 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 needs
of 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 not
purport 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 fund
management 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 in
Malaysia. Without prejudice to the generality of the foregoing, AllianceBernstein does not hold a capital markets services license under the Capital Markets & Services Act 2007 of
Malaysia, 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 planning
services in Malaysia.
Bernstein Value Equities (referred to as Bernstein herein), Alliance Growth Equities (referred to as Alliance herein), AllianceBernstein Blend Strategies, AllianceBernstein Fixed Income
and 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, 2012
Based on the eVestment Alliance Asia ex Japan manager universe, including 25 managers that
reported both P/E and P/B as of March 31, 2012
Source: eVestment Alliance and AllianceBernstein
Buying at Below-Average Valuations Has Been
Particularly Rewarding
Portfolio Exceptionally Well Positioned for a Value Rally
PricetoEarningsRatio
(Trailing12Months)
Price to Book Ratio (Trailing)
1.0
4.0
8.0
12.0
16.0
20.0
1.5 2.0 2.5 3.0
AllianceBernstein
Asia Ex-Japan
MSCI AC Asia
ex Japan
Benchmark
GROW
TH
VALUE
Value Characteristics of Asia ex Japan Manager Universe
Results shown are for Bernstein Asia ex Japan stock universe from February 1987 through
December 31, 2011. Unlike the results shown in an actual performance record, these results do not
represent actual trading. No representation is being made that investors will achieve returns or a
volatility profile similar to those being shown.
*Average returns of stocks 12 months after multiples reached one standard deviation below
long-term averages, based on metrics shown
†Average 12-month rolling returns for full period covered
Source: FactSet and AllianceBernstein
Price/
Book Value
40%
28%
14%
Price/
Forward Earnings
Price/
Trailing Earnings
10%
Long-Term
Average
Average 12-Month-Forward Returns
if Stocks Bought at Below-Average Valuations*
†