AB FCP I fcp i... · AB FCP I is a mutual investment fund (fonds commun de placement) organized...

AB FCP I

Product Key Facts

May 2016

AB FCP I is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg.

AllianceBernstein and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.

Multi-Asset/Asset Allocation

> Developed Markets Multi-Asset Income Portfolio

> Dynamic Diversified Portfolio

Equity

> Global Equity Blend Portfolio

> Global Growth Trends Portfolio

> Global Value Portfolio

> Emerging Markets Growth Portfolio

> American Growth Portfolio

> US Thematic Research Portfolio

> Eurozone Strategic Value Portfolio

> European Value Portfolio

> Asia Ex-Japan Equity Portfolio

> Japan Strategic Value Portfolio

> China Opportunity Portfolio

Fixed-Income

> Global Bond Portfolio

> Global High Yield Portfolio

> American Income Portfolio

> European Income Portfolio

> Emerging Markets Debt Portfolio

> Mortgage Income Portfolio

PRODUCT KEY FACTS AB FCP I

Developed Markets Multi-Asset Income Portfolio May 2016

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.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: (i) For Classes AD, BD and CD Shares (and corresponding H Shares):

Aims to declare and pay monthly or be reinvested as elected by investor* (ii) For Classes AX, BX and CX Shares:

Aims to declare and pay quarterly or be reinvested as elected by investor* *Dividends may be paid out of capital or effectively out of capital and reduce the Portfolio’s Net Asset Value (iii) For Classes A, A2X, B, B2X, C and C2X Shares (and corresponding H

Shares): None

Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes A and AD Shares

(and corresponding H Shares)

Classes AX and A2X Shares

Classes B and BD Shares (and corresponding H Shares)

1.85%▲ 1.65%▲ 2.85%▲

Classes BX and B2X Shares

Classes C and CD Shares Classes CX and C2X Shares

2.65%▲ 2.30%▲ 2.10%▲ Min. investment*:

Initial Additional Classes A, AD, B, BD, C and CD Shares (and corresponding H Shares)

USD2,000 | HKD15,000 | AUD2,000 USD750 | HKD5,000 | AUD750 SGD3,000 | EUR2,000 | GBP2,000 CAD2,000 | NZD3,000

SGD1,000 | EUR750 | GBP750 CAD750 | NZD1,000

Classes AX, A2X, BX, B2X, CX and C2X Shares

No longer offered to new investors USD750 | EUR750

▲The ongoing charges of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Fund’s fiscal year end has

been 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.

What is this product?

The Developed Markets Multi-Asset 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 investment objective of the Portfolio is income generation and long-term growth of capital.

Strategy

The Portfolio seeks to meet its investment objective by obtaining exposure primarily to the equity and debt securities of

AllianceBernstein (Luxembourg) S.à r.l.

AB FCP I Developed Markets Multi-Asset Income Portfolio

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developed market issuers. The Investment Manager will actively allocate between equity securities, fixed-income securities, currencies, cash and cash equivalents in seeking to achieve the Portfolio’s investment objective. The Investment Manager may obtain exposure to such instruments through direct investment, the use of financial derivative instruments and by investing in other pooled investment vehicles, including in exchange traded funds. The Investment Manager will utilize its proprietary "Dynamic Asset Allocation" strategy to adjust the Portfolio’s various investment exposures among these asset classes with the goal of producing what the Investment Manager considers to be the Portfolio’s optimal risk/return profile at any particular point in time. The Portfolio is not subject to any limitation on the portion of its net assets that may be invested in equities, fixed income securities or currencies.

It is anticipated that under normal market conditions no more than 30% of the Portfolio’s exposure will be in below-Investment Grade (as defined in the Prospectus of the Fund) securities, as measured at time of purchase, provided that the Portfolio’s exposure to distressed securities will not exceed 10%.

The Investment Manager expects that, under normal market conditions, the Portfolio’s assets will be predominantly invested in the equity and debt securities of developed market issuers. The Portfolio may also invest in the equity and debt securities of emerging markets issuers, provided however that the Portfolio’s investments in such securities generally will not exceed 20% of its NAV. Developed markets include those countries listed by the World Bank as being high income economies.

Equity securities in which the Portfolio may invest include (but are not limited to) the equities of real estate investments trusts (REITs). An investment in the Portfolio is not equivalent to an investment in a REIT. The distributions of the Portfolio are not the same as the distributions of the underlying REITs. The Portfolio may invest in REITs that are not authorised by the SFC.

The Portfolio may invest in structured securities (both Investment Grade and non-Investment Grade) originated by a wide range of originators and sponsors. The Portfolio’s investments in these structured securities will not exceed 20% of its net assets.

The Portfolio may invest up to 10% of its net assets in securities for which there is no ready market.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and as an alternative to investing directly in the underlying investments. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.

The Portfolio may invest up to 10% of its net assets and investment exposure in B-shares listed on the Shenzhen Stock Exchange or Shanghai Stock Exchange. The Portfolio will not invest in or have investment exposure to A-shares listed on the Shenzhen Stock Exchange or Shanghai Stock Exchange. Should this investment policy change in the future, at least one month's prior written notification will be given to shareholders and the offering documents will be updated.

The Portfolio will not invest more than 10% of its net asset value in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below Investment Grade.

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 Portfolio’s use of derivative instruments may become ineffective in hedging or efficient portfolio management and the Portfolio may suffer significant losses.

2. 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.


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3. 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.

4. Equities Securities Risk

The Portfolio will invest in equity securities and will be subject to market risk, the value of which may be volatile and fluctuate, sometimes dramatically, in response to the activities and performance of individual companies or because of investment sentiment, political environment, general market and economic conditions, regional and global instability and changes in currency exchange rates and interest rates. If the market value of equity securities in which the Portfolio invests in decreases, its Net Asset Value may be adversely affected and investors may suffer substantial losses.

5. 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.

6. Country Risk - General

The Portfolio may invest in securities of issuers located in various countries and geographic regions. The economies of individual countries may differ favorably or unfavorably from each other in such respects as growth of gross domestic product or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political or social instability or diplomatic developments could affect adversely the economy of a country or a portfolio's investments in such country.

7. Country Risk - Emerging Markets

The Portfolio will invest in emerging markets, which are subject to higher risks (for example, liquidity risk, currency risk, political risk, regulatory risk and economic risk) and higher volatility than developed markets. Fluctuations in currency exchange rates may negatively affect the value of an investment or reduce returns - these risks are magnified in emerging markets.

8. Currency Risk

Underlying investments may be denominated in one or more currencies different from the Portfolio’s base currency. This means currency movements in such underlying investments may significantly affect the Net Asset Value of the Portfolio’s shares.

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. REITs Risk

The Portfolio may invest in REITs, which involve certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs (especially mortgage REITs) are also subject to interest rate risks.

11. 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 SFC’s prior approval and by giving no less than one month’s 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 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 per Share.


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How has the Portfolio performed? The bar chart below shows the past performance of Class A 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: 2004

Class A Shares launch year: 2014

• 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 A 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. Where no past performance is shown there was insufficient data available in that year to provide performance.

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 structures 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:

Fee What you pay Subscription fee (Initial Sales Charge)

Classes A, AD, AX and A2X Shares (and corresponding H Shares): up to 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 and BD Shares (and corresponding H Shares): Where applicable

up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Classes BX and B2X 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


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Classes CX, C2X, C and CD 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.

Ongoing fees payable by the fund What you pay

Management fee* Classes AX, A2X, BX and B2X Shares: 1.15%

Classes A, AD, B and BD Shares (and corresponding H Shares): 1.50%

Classes CX and C2X Shares: 1.60%

Classes C and CD Shares: 1.95%

Custodian fee* As of 31 August 2015, the amounts expressed as a percentage of Net Asset Value of the Portfolio, of the Administrator fee, Custodian fee and Transfer Agent fee were 0.07%, 0.09% and 0.14% respectively. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons.

Administration fee payable to the Administrator*

Transfer Agent fee*

Performance fee Not Applicable

Distribution fee* Classes B, BX, B2X and BD Shares (and corresponding H Shares): 1.00%

Not applicable to other Share Classes

Administration fee payable to the

Management Company*

All Share Classes (and corresponding H 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 Portfolio's 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 and 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 and HKD-denominated 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.

• The Net Asset Value of the Portfolio is calculated on each Business Day and will be available on the following website www.abglobal.com.hk.

• Investors may obtain the past performance information of other share classes offered to Hong Kong investors from www.abglobal.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.abglobal.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.abglobal.com.hk has not been reviewed by the SFC and may contain information of funds not authorised by the SFC.


AllianceBernstein (Luxembourg) S.à r.l. Dynamic Diversified Portfolio May 2016



Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A

Shares (and corresponding H Shares)

Class AX Shares

Class B Shares (and corresponding H Shares)

Class BX Shares

Class C Shares

1.95%▲ 1.89% † 2.95%▲ 2.89%† 2.25%▲ Min. investment*: Initial Additional Classes A, B and C Shares (and corresponding H Shares)

USD2,000 | EUR2,000 USD750 | EUR750

Classes AX and BX Shares No longer offered to new investors USD750 | EUR750 †The ongoing charges figure is based on expenses for the year ended 31 August 2015. 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 of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Fund’s fiscal year end has been borne by the Management Company.


What is this product? The Dynamic Diversified Portfolio (formerly Global Balanced 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

The Portfolio seeks to maximize total return by investing in a globally diversified portfolio of securities and other financial instruments, including financial derivative instruments that provide investment exposures to a variety of asset classes.

Strategy

The Portfolio may invest in equity securities and fixed-income instruments, including high-yield, real estate-related and commodity-related securities, currencies and alternatives with no prescribed limits. The Portfolio normally invests in mostly equities, including both smaller-capitalization and larger capitalization companies. The Portfolio is not subject to any limitation on the portion of its total assets that may be invested in any one country or region except that the investments in emerging market countries are not expected to exceed 30% of the Portfolio's net assets. The Portfolio utilizes a proprietary "Dynamic Asset Allocation" strategy, which consists of a series of investment forecasting tools that allow short-term risk/return trade-offs to be made among the Portfolio’s exposures to various asset classes.

The Investment Manager may use derivatives such as futures (both short and long), and ‘total return’ or ‘excess return’ swaps to change allocations among various different asset classes within the Portfolio, such as between return-oriented asset classes (e.g., equities) and more stable asset classes (e.g., bonds). This enables the Investment Manager to efficiently pursue the Portfolio’s multi-asset strategy, seeking to capture the positive returns associated with asset classes such as equities when market conditions are favorable, and flexing the allocations towards more stable asset classes such as bonds when market

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AB FCP I Dynamic Diversified Portfolio

conditions become less favorable.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management and efficient portfolio management purposes. The Portfolio may also use financial derivative instruments extensively for investment purposes. The expected level of leverage of the Portfolio (as calculated using the sum of notionals of financial derivative instruments held by the Portfolio) is estimated to be in the 0 to 300% range of its net asset value. The sum of the notionals approach does not takes into account of the fact that a particular financial derivative instrument increases or decreases the Portfolio’s investment risks and does not permit to net financial derivative instruments with reverse positions. With this methodology, the use of derivatives for hedging purposes will automatically increase the level of leverage. The expected level of leverage of the Portfolio as calculated under the commitment approach in accordance with CSSF Circular 11/512 is estimated to be in the range of 0 to 100% of its net asset value. In addition, the actual leverage of the Portfolio may deviate from the above mentioned expected levels of leverage.

What are the key risks? Investment involves risks. Please refer to the offering document for details including the risk factors.


The Portfolio will use financial derivative instruments for investment purposes and for the purpose of meeting its investment objective. The Portfolio's investment in financial derivative instruments may involve additional risks, for example, counterparty default risk (risk that the direct counterparty of an OTC derivative does not make timely interest or principal payments as contracted) or insolvency risk (risk that the counterparty may not have sufficient funds and files for bankruptcy), risk involved with effective management of derivative strategies (risk that the underlying investments in the derivatives-based investment strategy do not perform as expected), risk of mispricing or improper valuation of derivatives (operational risk that the derivative is not priced properly), risk of higher volatility, risk of illiquidity in the market for certain derivative strategies (risk that certain OTC derivatives may not be as easily exchangeable as others). Derivatives may give rise to leverage and the risk of loss may be greater than the amount invested in the derivative and may expose the fund to significant losses.

2. Dynamic Asset Allocation

The Portfolio will allocate to different asset classes, which may have a large impact on returns if one of these asset classes significantly underperforms the others. In addition, as both the direct investments and derivative positions may be periodically rebalanced, there will be transaction costs which may be, over time, significant. There is no guarantee that a manager's asset allocations and risk management techniques will produce the intended results.









7. Management Risk


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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:


Classes A and AX Shares (and corresponding H Shares): up to 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 and BX Shares (and corresponding H Shares): Where applicable

up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed

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Class C 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

Ongoing fees payable by the fund

What you pay

Management fee* Classes A and B Shares (and corresponding H Shares): 1.70%

Classes AX and BX Shares: 1.40%

Class C Shares: 1.90%



Transfer Agent fee*


Distribution fee* Classes B and BX Shares (and corresponding H Shares): 1.00%


Administration fee payable to the Management Company*



Other fees You may have to pay other fees when dealing in the shares of the Portfolio.


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.






Global Equity Blend Portfolio May 2016



Quick facts

Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares Class B Shares Class C Shares 2.10%▲ 3.10%▲ 2.55%▲ Min. investment*:

Initial Additional Classes A, B and C Shares USD2,000 | EUR2,000 USD750 | EUR750 ▲



What is this product? The Global Equity Blend 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 Portfolio seeks to achieve long-term growth of capital by investing in a global portfolio of equity securities.

Strategy The Portfolio expects to invest at least 90% in equity securities and in no case will the amount invested in such securities be less than two-thirds of the Portfolio’s total assets. Normally, the Portfolio is divided equally among global growth and global value stocks. The Investment Manager will allow the strategy's relative weightings to change in response to markets, but only within carefully constructed ranges. The Portfolio invests in equities from both developed and emerging-market countries; the Portfolio's investments in securities of issuers domiciled in emerging-market countries are not expected to exceed 30% of the Portfolio's net assets. The Portfolio is not subject to any limitation on the portion of its total assets that may be invested in any one country or region.

The Portfolio may use hedging techniques that include the use of exchange-traded and "over the counter" (OTC) derivative instruments, including swaps, options, futures and currency transactions.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and investment purposes. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.




2. Turnover Risk

AllianceBernstein (Luxembourg) S.à r.l.

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AB FCP I Global Equity Blend Portfolio

The Portfolio is an actively managed investment fund - a higher rate of portfolio turnover increases brokerage and other expenses, which must be borne by the Portfolio and its investors.

3. Country Risk - General The Portfolio may invest in securities of issuers located in various countries and geographic regions. The economies of individual countries may differ favorably or unfavorably from each other in such respects as growth of gross domestic product or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political or social instability or diplomatic developments could affect adversely the economy of a country or a portfolio's investments in such country.

4. Country Risk – Emerging Markets The Portfolio will invest in emerging markets, which are subject to higher risks (for example, liquidity risk, currency risk, political risk, regulatory risk and economic risk) and higher volatility than developed markets. Fluctuations in currency exchange rates may negatively affect the value of an investment or reduce returns - these risks are magnified in emerging markets.

5. Currency Risk Underlying investments may be denominated in one or more currencies different from the Portfolio’s base currency. This means currency movements in such underlying investments may significantly affect the Net Asset Value of the Portfolio’s shares.

6. Industry / Sector Risk Investing a substantial amount of assets in fewer economic sectors may be more volatile than more diversified strategies. Economic or market conditions affecting a particular sector could have a major impact on the Portfolio's value.

7. 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.




• 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 A 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.

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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.)



Class A Shares: up to 5% of the purchase price Not applicable to other Share Classes

Switching fee Not Applicable Redemption fee Not Applicable Contingent Deferred Sales Charge Class B Shares: Where applicable up to 4% (depending on years held) of

the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C 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


What you pay

Management fee* Classes A and B Shares: 1.6%




Transfer Agent fee*


Distribution fee* Class B Shares: 1.00%



All Share Classes: 0.10%




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, 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.



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AllianceBernstein (Luxembourg) S.à r.l. Global Growth Trends Portfolio May 2016



Quick facts

Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares Class B Shares Class C Shares 2.03%† 3.03%† 2.49%† Min. investment*:

Initial Additional Classes A, B and C Shares USD2,000 | EUR2,000 USD750 | EUR750 †The ongoing charges figure is based on expenses for the year ended 31 August 2015. 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.


What is this product? The Global Growth Trends 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 Portfolio's investment objective is long term growth of capital.

Strategy The Portfolio seeks to achieve its investment objective by investing in an actively managed portfolio of equity securities of issuers from markets around the world, including developed markets as well as emerging markets, including, but not limited to, United States, United Kingdom, Japan, China, Hong Kong, India, France, Switzerland and Germany. In selecting securities for investment, the Investment Manager seeks to identify companies whose growth potential appears likely to outpace market expectations and focus investments on companies exposed to or poised to benefit from secular growth trends. The Investment Manager expects that, under normal market conditions, the Portfolio will maintain investment exposure equal to at least 90% of its assets in equity securities, and in no case will the amount of the Portfolio’s exposure in such securities be less than 2/3 of its assets. The Portfolio’s investments in securities of issuers domiciled in emerging market countries are not expected to exceed 30% of the Portfolio’s net assets, though the Portfolio is not subject to any limitation on the portion of its assets that may be invested in any one country or region. The Portfolio may invest up to 10% of its net assets in securities for which there is no ready market. The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and as an alternative to investing directly in the underlying investments. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes. The Portfolio may invest up to 10% of its net assets and investment exposure in B-shares listed on the Shenzhen Stock Exchange or Shanghai Stock Exchange. The Portfolio will not invest in or have exposure to A-shares listed on the Shenzhen Stock Exchange or Shanghai Stock Exchange. Should this investment policy change in the future, at least one month's prior written notification will be given to shareholders and the offering documents will be updated. The Portfolio will not invest more than 10% of its net asset value in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below Investment Grade (as defined in the Prospectus of the Fund).

AB FCP I Global Growth Trends Portfolio

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What are the key risks? Investment involves risks. Please refer to the offering document for details including the risk factors. 1. Equities Securities Risk


2. Country Risk - Emerging Markets The Portfolio will invest in emerging markets, which are subject to higher risks (for example, liquidity risk, currency risk, political risk, regulatory risk and economic risk) and higher volatility than developed markets. Fluctuations in currency exchange rates may negatively affect the value of an investment or reduce returns - these risks are magnified in emerging markets.

3. Turnover Risk The Portfolio is an actively managed investment fund - a higher rate of portfolio turnover increases brokerage and other expenses, which must be borne by the Portfolio and its investors.

4. 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 Portfolio’s use of derivative instruments may become ineffective in hedging or efficient portfolio management and the Portfolio may suffer significant losses.

5. Industry / Sector Risk Investing a substantial amount of assets in fewer economic sectors may be more volatile than more diversified strategies. Economic or market conditions affecting a particular sector could have a major impact on the Portfolio's value.








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• Performance data has been calculated in USD including ongoing charges and excluding any subscription fee and redemption fee you might have to pay.







Class A Shares: up to 5% of the purchase price Not applicable to other Share Classes

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

Class B Shares: Where applicable up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C 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


What you payManagement fee* Classes A and B Shares: up to 1.7%

Class C Shares: up to 2.15%



Transfer Agent fee*


Distribution fee* Class B Shares: 1.00%



Management Company*

All Share Classes: 0.1%




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Additional Information • You may generally buy and redeem shares at the Portfolio's 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, 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.






AllianceBernstein (Luxembourg) S.à r.l. Global Value Portfolio May 2016



Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy:

(i) For Classes AD and BD Shares (and corresponding H 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 Portfolio's Net Asset Value (ii) For Classes A, B and C Shares (and corresponding H Shares) and Class

S GBP H # Shares: None

Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes A and AD

Shares (and corresponding H Shares�)

Classes A SGD H and AD SGD H Shares

Class AD GBP H Shares

1.90%† 1.94%† 1.91%† Class B Shares Class BD Shares (and

corresponding H Shares�)

Class BD GBP H Shares

2.90%† 2.91%† 2.88%† Class C Shares Class S GBP H# Shares 2.35%† 0.12%▲

Min. investment*:

Initial Additional Classes A, AD, B, BD and C Sharess (and corresponding H Shares)

USD2,000 | EUR2,000 | SGD3,000 CAD2,000 | AUD2,000 | GBP2,000 HKD15,000

USD750 | EUR750 | SGD1,000 CAD750 | AUD750 | GBP750 HKD5,000

Class S GBP H# Shares GBP15 million None �Unless otherwise specified. #Class S GBP H Shares are reserved for institutional investors.

†The ongoing charges figure is based on expenses for the year ended 31 August 2015. 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 of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Fund’s fiscal year end has been 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.

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AB FCP I Global Value Portfolio

What is this product? The Global Value 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

The investment objective of the Portfolio is to achieve long-term capital growth by investing in a global portfolio of equity securities that are determined by the Investment Manager to be undervalued.

Strategy

The Portfolio invests primarily in the equities of established companies across a broad range of industries that the Investment Manager has determined to be undervalued. In selecting stocks, the Investment Manager’s value investment teams seek to identify companies whose long-term earning power and dividend paying capability are not reflected in the current market price of their securities. The Portfolio invests in a geographically diversified mix of equities in both developed and emerging-market countries, and it may invest in currency-related derivatives to manage the Portfolio’s currency risk. The Portfolio is not subject to any limitation on the portion of its total assets that may be invested in any one country or region except that the Portfolios' investments in securities of issuers domiciled in emerging market countries are not expected to exceed 30% of the Portfolio's net assets. The Investment Manager expects that at least 90% of the Portfolio’s total assets will be invested in equity securities, and in no case will the amount invested in such securities be less than two-thirds of the Portfolio’s total assets.








3. Country Risk – Emerging Markets


4. Currency Risk


5. Management Risk

The Portfolio may be subject to management risk because it is an actively managed investment fund. The Investment

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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.




Portfolio launch year: 2001 Class A Shares launch year: 2001











Classes A and AD Shares (and corresponding H Shares): up to 5% of the purchase price Not applicable to other Share Classes

Switching fee Not Applicable Redemption fee Not Applicable

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Contingent Deferred Sales Charge Classes B and BD Shares (and corresponding H Shares): Where applicable up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C 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


Management fee* Classes A, AD, B and BD Shares (and corresponding H Shares): 1.5%





Transfer Agent fee*


Distribution fee* Classes B and BD Shares (and corresponding H Shares): 1.00%



Class S GBP H# Shares: the lesser of USD50,000 or 0.01%

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

*Percentage per annum of Net Asset Value #Class S GBP H Shares are reserved for institutional investors.


Additional Information • You may generally buy and redeem shares at the Portfolio’s 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.





The website www.abglobal.com.hk has not been reviewed by the SFC and may contain information on funds not authorised by the SFC.


AllianceBernstein (Luxembourg) S.à r.l. Emerging Markets Growth Portfolio May 2016



Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares (and corresponding H

Shares�) Class A AUD H Shares

2.03%† 2.04%† Class B Shares (and corresponding H

Shares�) Class B SGD H Shares

3.03%† 3.03%^ Class C Shares (and

corresponding H Shares) Class I Shares Class I AUD H Shares

2.48%† 1.24%† 1.23%† Min. investment*: Initial Additional Classes A, B and C Shares (and corresponding H Shares)

USD2,000 | EUR2,000 | HKD15,000 AUD2,000 | SGD3,000

USD750 | EUR750 | HKD5,000 AUD750 | SGD1,000

Class I Shares (and corresponding H Shares)

USD1 million | EUR1 million None AUD1 million

�Unless otherwise specified.

†The ongoing charges figure is based on expenses for the year ended 31 August 2015. 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 is an estimated figure and is based on the ongoing charges for Class B Shares. Please also refer to note †

above applicable to the ongoing charges figure for Class B Shares.


What is this product? The Emerging Markets Growth 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 The investment objective of the Portfolio is long-term growth of capital.

Strategy The Portfolio seeks to achieve its investment objective by investing in a portfolio of equity securities of companies in emerging markets. Emerging markets include but are not limited to those countries listed in the MSCI Emerging Markets Index. The Portfolio may also invest in frontier markets from time to time. Frontier markets include but are not limited to those countries listed in the S&P Frontier Broad Market Index. In selecting securities for investment, the Investment Manager seeks to invest in high-quality issuers that it believes are well-positioned to grow over the long term.

The Investment Manager expects that, under normal market conditions, the Portfolio’s total assets will be predominantly invested in the equity securities of emerging market and frontier market companies. The Portfolio will invest at least two-thirds of its assets in emerging markets issuers and at least 50% of its net assets in equity securities. The remaining 50% of its

AllianceBernsteinEmerging Markets Growth Portfolio

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AB FCP I Emerging Markets Growth Portfolio

net assets will be invested in currencies, cash and cash equivalents. Emerging market and frontier market companies include any company that (i) is domiciled or organized in; (ii) is established and conducting business in; (iii) conducts a significant part of its economic activities in; or (iv) has business activities that are meaningfully impacted by economic developments in, emerging markets or frontier markets.

The Portfolio may invest up to 10% of its net assets in securities for which there is no ready market.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and as an alternative to investing in the underlying investments. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.

The Portfolio may invest up to 10% of its net assets and investment exposure in B-shares listed on the Shenzhen Stock Exchange or Shanghai Stock Exchange. The Portfolio will not invest in or have exposure to A-shares listed on the Shenzhen Stock Exchange or Shanghai Stock Exchange. Should this investment policy change in the future, at least one month's prior written notification will be given to shareholders and the offering documents will be updated.

The Portfolio will not invest more than 10% of its net asset value in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below Investment Grade (as defined in the Prospectus of the Fund).








4. Smaller Capitalisation Companies Risk

Small- and mid-cap stocks are often more volatile than large-cap stocks—smaller companies generally face higher risks due to their limited product lines, markets and financial resources.



6. Currency Risk


7. Management Risk



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Class A Shares (and corresponding H Shares): up to 5% of the purchase price Class I Shares (and corresponding H 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 Class B Shares (and corresponding H Shares): Where applicable up to 4%

(depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed


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Class C Shares (and corresponding H 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



Class C Shares (and corresponding H Shares): 2.15%

Class I Shares (and corresponding H Shares): 0.90%



Transfer Agent fee*


Distribution fee* Class B Shares (and corresponding H Shares): 1.00%













AllianceBernstein (Luxembourg) S.à r.l. American Growth Portfolio May 2016



Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: (i) For Classes AD and BD Shares (and corresponding H 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 Portfolio's Net Asset Value (ii) For Classes A, B, C and I Shares (and corresponding H Shares):

None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares Class A EUR H Shares Class AD Shares 1.90%† 2.00%† 1.92%†

Class AD AUD H Shares Class B Shares Classes B EUR H and

BD AUD H Shares 1.98%† 2.90%† 2.91%† Class BD Shares Class C Shares Class C EUR H Shares 2.92%† 2.36%† 2.39%† Class I Shares Class I EUR H Shares 1.12%† 1.11%† Min. investment*: Initial Additional Classes A, AD, B, BD and C Shares (and corresponding H Shares)

USD2,000 | EUR2,000 | AUD2,000 HKD15,000

USD750 | EUR750 | AUD750 HKD5,000


USD1 million | EUR1 million None


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. *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.

What is this product? The American Growth 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 investment objective of the Portfolio is long-term growth of capital primarily through investment in equity securities of US issuers.

Strategy Under normal circumstances, 40-60 companies will be represented in the Portfolio, with the 25 most highly regarded of these companies usually constituting approximately 70% of the Portfolio’s net assets. Up to 15% of the Portfolio’s total assets may be invested in the equity securities of non-US issuers, including ADRs. The Investment Manager expects that at any time at least 80% of its total assets will be invested in equity securities of US companies, and in no case will the amount invested in such securities be less than two-thirds of the Portfolio's total assets. Although the Portfolio invests primarily in US stocks, it may invest in non-US securities. For these purposes, a "US company" is a company that (i) is domiciled or organized in the United States, or (ii) is established and conducting business in the United States, or (iii) carries out the preponderant part of its

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AB FCP I American Growth Portfolio

economic activities in the United States. The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and investment purposes. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.




2. Focused Portfolio Risk

The Portfolio may invest in a more limited number of companies than many other funds, and carry more risk because changes in the value of a single security could have a more significant effect, either negative or positive, on the Portfolio's net asset value.

3. Country Risk – Concentration in US Investments

The Portfolio's investments are concentrated in U.S. investments. Concentration in issuers located in a particular country or geographic region may have more risk because of particular market factors affecting that country or region, including political instability or unpredictable economic conditions. The concentrated holding of securities by the Portfolio in one country may make it more volatile than more diversified portfolios.

4. Management Risk







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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.)



Classes A and AD Shares (and corresponding H Shares): up to 5% of the purchase price Class I Shares (and corresponding H 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 and BD Shares (and corresponding H Shares): where applicable up

to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C Shares (and corresponding H 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


What you pay




Custodian fee* As of 31 August 2015, the amounts expressed as a percentage of Net Asset Value of the Portfolio, of the Administrator fee, Custodian fee and Transfer Agent fee were 0.02%, less than 0.002% and 0.09% respectively. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons.


Transfer Agent fee*







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AllianceBernstein (Luxembourg) S.à r.l. US Thematic Research Portfolio May 2016



Quick facts

Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares (and corresponding H

Shares�) Class A GBP H Shares

1.99%▲ 1.94%† Class B Shares (and corresponding H

Shares�) Class B GBP H Shares

2.99%▲ 2.91%† Class B SGD H Shares Class C Shares (and

corresponding H Shares) Class I Shares (and corresponding H Shares)

2.99%∆ 2.44%▲ 1.19%▲ Min. investment*:

Initial Additional Classes A, B and C Shares (and corresponding H Shares)

USD2,000 | EUR2,000 | AUD2,000 CAD2,000 | SGD3,000 | GBP2,000 HKD15,000

USD750 | EUR750 | AUD750 CAD750 | SGD1,000 | GBP750 HKD5,000


USD1 million | EUR1 million None




The ongoing charges of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Fund’s fiscal year end has been borne by the Management Company. ∆

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 Fund’s fiscal year end will be borne by the Management Company.


What is this product? The US Thematic Research 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 investment objective of the Portfolio is to achieve long-term capital appreciation by investing in a universe of US companies in multiple industries that may benefit from economic, demographic, or technological innovation.

Strategy The Portfolio invests primarily in US stocks that may benefit from long-term trends. The Investment Manager expects that at any time at least 80% of the Portfolio will be invested in US equity or equity-related securities, and in no case will the amount of such investments be less than two-thirds of the Portfolio’s total assets. The Investment Manager uses a combination of

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AB FCP I US Thematic Research Portfolio

"top-down" and "bottom-up" investment processes with the goal of identifying the most attractive securities, fitting into the broader themes. Drawing on the global fundamental and quantitative research capabilities of the Investment Manager and its economists' macro-economic insights, the Portfolio's investment strategy seeks to identify long-term trends that will affect multiple industries. The Portfolio invests in both newer, less-seasoned companies as well as well-known, established companies in all market capitalizations, and normally invests in about 40-60 companies.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and investment purposes. These financial derivative instruments may include, but are not limited to, options, futures, forwards, swaps and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.




2. Industry / Sector Risk

Investing a substantial amount of assets in fewer economic sectors may be more volatile than more diversified strategies. Economic or market conditions affecting a particular sector could have a major impact on the Portfolio's value.

3. Turnover Risk

The Portfolio is an actively managed investment fund - a higher rate of portfolio turnover increases brokerage and other expenses, which must be borne by the Portfolio and its investors.



5. Country Risk – Concentration in US Investments

The Portfolio's investments are concentrated in U.S. investments. Concentration in issuers located in a particular country or geographic region may have more risk because of particular market factors affecting that country or region, including political instability or unpredictable economic conditions. The concentrated holding of securities by the Portfolio in one country may make it more volatile than more diversified portfolios.



7. Management Risk


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Class A Shares (and corresponding H Shares): up to 5% of the purchase price Class I Shares (and corresponding H Shares): up to 1.5% of the purchase price Not applicable to other Share Classes


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Contingent Deferred Sales Charge Class B Shares (and corresponding H Shares): Where applicable up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C Shares (and corresponding H 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


What you pay






Transfer Agent fee*


Distribution fee* Class B Shares (and corresponding H Shares): 1.00%













AllianceBernstein (Luxembourg) S.à r.l. Eurozone Strategic Value Portfolio May 2016



Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: Euro Dividend policy: None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares


Class AX Shares Class B Shares Class BX Shares

1.95%▲ 1.90%▲ 2.95%▲ 2.90%▲ Class C Shares (and corresponding H

Shares) Class I USD H Shares

2.40%▲ 1.15%▲ Min. investment*:

Initial Additional Classes A, B and C Shares (and corresponding H Shares)

EUR2,000 | USD2,000 | AUD2,000 SGD3,000

EUR750 | USD750 | AUD750 SGD1,000

Class I USD H Shares USD1million None Classes AX and BX Shares No longer offered to new investors EUR750 | USD750 ▲



What is this product? The Eurozone Strategic Value 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 Portfolio's investment objective is long term capital growth through investment in a portfolio of equity securities of Eurozone companies that are determined by the Investment Manager to be undervalued.

Strategy The Portfolio invests in undervalued Eurozone companies domiciled in a country within the Euro area or a company that carries out the majority of its economic activities in one or more of these countries. The Portfolio will be exposed to companies of different industries, sectors and capitalization ranges. Investments are diversified throughout a number of Eurozone countries, investing in equities of companies based in at least three or more such countries. Under normal market conditions, the Portfolio will invest in a portfolio of approximately 40 to 70 Eurozone companies.

The Investment Manager expects that at any time at least 80% of the Portfolio's total assets will be invested in equity securities of Eurozone companies, and in no case will the amount invested in such securities be less than two-thirds of the Portfolio's total assets.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and investment purposes.These financial derivative instruments may include, but are not limited to, options, futures, forwards, swaps and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.

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AB FCP I Eurozone Strategic Value Portfolio





The Portfolio may invest in securities of issuers located in various countries and geographic regions (in this Portfolio’s case, a member state of the European Union). The economies of individual countries may differ favorably or unfavorably from each other in such respects as growth of gross domestic product or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political or social instability or diplomatic developments could affect adversely the economy of a country or a portfolio's investments in such country.

3. Eurozone Risk

The Portfolio may invest in European securities where the issuers have their registered office or exercise the predominant part of their economic activities in Europe. The value of such European securities may be affected by the market, currency, economic, and political conditions in Europe. In light of the current fiscal conditions and concerns over the sovereign debt risk of certain European countries, there is an increased amount of volatility, liquidity, price and foreign exchange risk associated with investments in Europe. There is the possibility that the economic and financial difficulties in Europe may continue to get worse or spread within and outside Europe and that the measures taken by the relevant government or authorities may not work and may have adverse consequences. A significant deterioration of the European debt crisis could have a significant adverse impact on some of the Portfolio’s investments and thus adversely affect the overall value of the Portfolio.



5. Management Risk


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• Performance data has been calculated in EUR including ongoing charges and excluding any subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.







Classes A and AX Shares (and corresponding H Shares): up to 5% of the purchase price Class I USD H Shares: up to 1.50% of the purchase price Not applicable to other Share Classes

Switching fee Not Applicable Redemption fee Not Applicable Contingent Deferred Sales Charge Classes B and BX Shares: Where applicable up to 4% (depending on years

held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C Shares (and corresponding H Shares): Where applicable up to 1% (depending on years held) of the lesser of the current Net Asset Value or

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original cost of the Shares being redeemed Not applicable to other Share Classes


What you pay


Classes AX and BX Shares: 1.50%


Class I USD H Shares: 0.75%



Transfer Agent fee*


Distribution fee* Classes B and BX Shares: 1.00%







after the Management Company receives your request in good order 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), 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.






AllianceBernstein (Luxembourg) S.à r.l. European Value Portfolio May 2016



Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: Euro Dividend policy: (i) For Classes AD and BD Shares (and corresponding H 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 Portfolio's Net Asset Value (ii) For Classes A, B and C Shares (and corresponding H Shares) and Class

I USD H Shares: None

Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares Classes A AUD H

and A SGD H Shares

Class A USD H Shares

Class AD Shares (and corresponding H Shares�)

2.03%† 2.02%† 2.01%† 1.99%† Class AD SGD H

Shares Class B Shares Class BD Shares Classes BD AUD

H and BD USD H Shares

2.00%† 3.03%† 3.00%† 2.99%† Class C Shares (and corresponding H

Shares) Class I USD H Shares

2.48%† 1.23%† Min. investment*:

Initial Additional Classes A, AD, B, BD and C Shares (and corresponding H Shares)

EUR2,000 | USD2,000 | AUD2,000 SGD3,000

EUR750 | USD750 | AUD750 SGD1,000

Class I USD H Shares USD1million None �

Unless otherwise specified. †The ongoing charges figure is based on expenses for the year ended 31 August 2015. This figure may vary from year to year. The ongoing charges figure is an



What is this product? The European Value 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 Portfolio's investment objective is long-term capital growth through investment in a portfolio of equity securities of predominantly European companies that are determined by the Investment Manager to be undervalued.

Strategy

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AB FCP I European Value Portfolio

The Portfolio invests in equities of predominantly European companies that the Investment Manager determines to be undervalued. For these purposes, "European company" is defined as a company that (i) is domiciled or organized in Europe, or (ii) is established and conducting business in Europe, or (iii) carries out the preponderant part of its economic activities in Europe. Investments are diversified throughout a number of European countries, and the Portfolio invests in equities of companies based in at least three countries. Under normal market conditions, the portfolio will invest in approximately 70 to 90 large and medium-sized established companies within their respective markets, although the Portfolio may invest in companies of any size. The Investment Manager expects that at any time at least 80% of the Portfolio's total assets will be invested in equity securities of European companies, and in no case will the amount of the Portfolio's total assets invested in such securities be less than two-thirds of the Portfolio's total assets. The Portfolio's investments in securities of issuers domiciled in emerging market countries are not expected to exceed 30% of the Portfolio's net assets.






The Portfolio may invest in securities of issuers located in various countries and geographic regions (in this Portfolio’s case, European countries comprising Western, Central and Eastern Europe – both European Union and non European Union members, as well as Turkey). The economies of individual countries may differ favorably or unfavorably from each other in such respects as growth of gross domestic product or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political or social instability or diplomatic developments could affect adversely the economy of a country or a portfolio's investments in such country.



4. Eurozone Risk


5. Industry / Sector Risk

Investing a substantial amount of assets in fewer economic sectors may be more volatile than more diversified strategies. Economic or market conditions affecting a particular sector could have a major impact on the Portfolio's value.

6. Currency Risk


7. Management Risk



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• Performance data has been calculated in EUR including ongoing charges and excluding any subscription fee and redemption fee you might have to pay.







Classes A and AD Shares (and corresponding H Shares): up to 5% of the purchase price Class I USD H Shares: up to 1.50% of the purchase price Not applicable to other Share Classes

Switching fee Not Applicable Redemption fee Not Applicable Contingent Deferred Sales Charge Classes B and BD Shares (and corresponding H Shares): Where applicable up

to 4% (depending on years held) of the lesser of the current Net Asset Value

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or original cost of the Shares being redeemed Class C Shares (and corresponding H 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


What you pay



Class I USD H Shares: 0.70%



Transfer Agent fee*
















AllianceBernstein (Luxembourg) S.à r.l. Asia Ex-Japan Equity Portfolio May 2016



Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: 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 (and corresponding H Shares): None

(ii) For Classes AD, BD and ID Shares (and corresponding H 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 Portfolio’s Net Asset Value

Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes A (and

corresponding H Shares�) and AD NZD H Shares

Classes A SGD H and AD SGD H Shares

Class AD Shares (and corresponding H Shares�)

Class AD GBP H Shares

2.02%† 2.05%▲ 2.01%† 1.91%† Class AD EUR H

Shares Classes B and BD Shares

Classes B AUD H and BD CAD H Shares

Class B SGD H Shares

2.00%† 3.03%† 3.00%† 3.05%∆ Class BD AUD H Shares Class BD GBP H Shares Class BD NZD H Shares

3.02%† 2.91%† 3.01%† Class BD EUR H Shares Class C Shares Class C AUD H Shares

2.98%† 2.45%† 2.46%† Class I Shares Classes ID and I AUD H

Shares Class ID AUD H Shares

1.22%† 1.25%▲ 1.21%† Min. investment*: Initial Additional Classes A, AD, B, BD and C Shares (and corresponding H Shares)

USD2,000 | EUR2,000 | HKD15,000 USD750 | EUR750 | HKD5,000 AUD2,000 | SGD3,000 | CAD2,000 AUD750 | SGD1,000 | CAD750 GBP2,000 | NZD3,000 GBP750 | NZD1,000

Classes I and ID Shares (and corresponding H Shares)

USD1 million | EUR1 million None AUD1 million





∆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 Fund’s 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.

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AB FCP I Asia Ex-Japan Equity Portfolio


The Asia Ex-Japan Equity 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

The investment objective of the Portfolio is long-term growth of capital and income by investing in a portfolio of equity securities of companies in the Asia ex-Japan region that are determined by the Investment Manager to be undervalued.

Strategy

The Portfolio mainly invests in countries in the MSCI AC (All Country) Asia ex Japan Index and the MSCI Frontier Markets Index. The Investment Manager identifies Asia ex-Japan securities considered to be undervalued or attractively priced relative to their future earnings power. The Investment Manager expects that at any time at least 80% of the Portfolio's total assets will be invested in equity securities of Asia ex-Japan companies, and in no case will the amount of the Portfolio's total assets invested in such securities be less than two-thirds of the Portfolio's total assets. Under normal circumstances, the Portfolio holds 60 to 100 companies. The Investment Manager may employ a currency overlay strategy, which means that the Investment Manager may use currency derivatives to increase or decrease the currency exposure of the Portfolio’s securities in order to manage currency risk or improve upon the return potential of the Portfolio, in relation to the Portfolio’s base currency.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and investment purposes. These financial derivative instruments may include, but are not limited to, "local access products" (such as equity linked certificates, participation notes, and warrants), and securities convertible into common stock, futures and options on futures on stock indices. These financial derivative instruments will not extensively be invested in for investment purposes.









4. Currency Risk


5. Management Risk

The Portfolio may be subject to management risk because it is an actively managed investment fund. The Investment Manager

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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.






• 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 A Shares have increased or decreased in value during the calendar year being


redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.







Classes A and AD Shares (and corresponding H Shares): up to 5% of the purchase price Classes I and ID Shares (and corresponding H Shares): up to 1.5% of the

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purchase price Not applicable to other Share Classes


up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C Shares (and corresponding H 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


What you pay



Classes I and ID Shares (and corresponding H Shares): 0.90%



Transfer Agent fee*





Management Company*




Additional Information • You may generally buy and redeem shares at the Portfolio’s next-determined Net Asset Value plus any applicable

charges after the Management Company receives your request in good order 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 and for USD-denominated 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.







AllianceBernstein (Luxembourg) S.à r.l. Japan Strategic Value Portfolio May 2016



Quick facts

Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: Yen Dividend policy: (i) For Classes AD and BD Shares (and corresponding H Shares):


*Dividends may be paid out of capital or effectively out of capital and reduce the Portfolio’s Net Asset Value (ii) For Classes A, B, C, I, S# and S1# Shares (and corresponding H Shares):

None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares

(and corresponding H Shares�)

Class A SGD H Shares

Class A USD H Shares

Classes A AUD H, AD AUD H and AD NZD H Shares

1.85%† 1.90%† 1.86%† 1.89%† Class A NZD H

Shares Class AD Shares (and corresponding H Shares�)

Class AD SGD H Shares

Class B Shares (and corresponding H Shares�)

1.84%† 1.88%† 2.15%∆ 2.85%† Class B EUR H

Shares Class B NZD H Shares

Class BD Shares

Classes BD AUD H and BD USD H Shares

3.15%∆ 2.84%† 2.88%† 2.89%† Class C Shares


Class I Shares Class I EUR H Shares

Class I SGD H Shares

2.30%† 1.04%† 1.10%† 1.35%∆ Class I USD H

Shares Class S# Shares Class S EUR H#

Shares Class S USD H# Shares

1.07%† 0.07%† 0.08%† 0.15%∆ Class S1# Shares Class S1 USD H# Shares Class S1 EUR H# Shares 0.75%† 0.76%† 0.80%∆ Min. investment*:

Initial Additional Classes A, AD, B, BD and C Shares (and corresponding H Shares)

JPY200,000 | USD2,000 | EUR2,000 AUD2,000 | NZD3,000 | SGD3,000 HKD15,000

JPY80,000 | USD750 | EUR750 AUD750 | NZD1,000 | SGD1,000 HKD5,000


JPY100 million | USD1 million EUR1 million | SGD1.5 million

None

Classes S# and S1# Shares (and corresponding H Shares)

JPY2.5 billion | USD25 million EUR20 million

None


#Classes S and S1 Shares are reserved for institutional investors.

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AB FCP I Japan Strategic Value Portfolio


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. ΔThe 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 Fund’s fiscal year end will be borne by the Management Company.


What is this product? The Japan Strategic Value 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 The investment objective of the Portfolio is long-term capital growth by investing in a portfolio of equity securities of Japanese companies that are determined by the Investment Manager to be undervalued.

Strategy The Portfolio expects to invest at least 80% of its total assets in equity securities of Japanese companies, and in no case will the amount invested in such securities be less than two-thirds of the Portfolio's total assets. For these purposes, a "Japanese company" is a company that (i) is domiciled or organized in Japan, or (ii) is established and conducting business in Japan or (iii) carries out the preponderant part of its economic activities in Japan. The Portfolio normally invests in 30 to 50 companies. The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and investment purposes. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions. These 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


2. Country Risk – Concentration in Japan Investments The Portfolio's investments are concentrated in Japan investments. Concentration in issuers located in a particular country or geographic region may have more risk because of particular market factors affecting that country or region, including political instability or unpredictable economic conditions. The concentrated holding of securities by the Portfolio in one country may make it more volatile than more diversified portfolios.

3. Focused Portfolio Risk The Portfolio may invest in a more limited number of companies than many other funds, and carry more risk because changes in the value of a single security could have a more significant effect, either negative or positive, on the Portfolio's net asset value.


5. 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 SFC’s prior approval and by giving no less than one month’s prior notice to investors. Dividend yield is not indicative of return of the Portfolio. Dividends may be paid from capital or effectively out of capital of the Portfolio at the discretion of the Management Company, 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 such dividends may result in an immediate decrease of the Net Asset Value per Share.

- 3 -








• Performance data has been calculated in YEN including ongoing charges and excluding any subscription fee and redemption fee you might have to pay.







Classes A and AD Shares (and corresponding H Shares): up to 5% of the purchase price Class I Shares (and corresponding H Shares): up to 1.5% of the purchase price Not applicable to other Share Classes


up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed

- 4 -


Class C Shares (and corresponding H 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


What you pay




Class S1# Shares (and corresponding H Shares): 0.65%

Class S# Shares (and corresponding H Shares): None



Transfer Agent fee*





All Share Classes (and corresponding H Shares): up to 0.05%












AllianceBernstein (Luxembourg) S.à r.l. China Opportunity Portfolio May 2016



Quick facts

Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: (i) For Classes AD and BD Shares (and corresponding H Shares):


*Dividends may be paid out of capital or effectively out of capital and reduce the Portfolio’s Net Asset Value (ii) For Classes A, B, C and I Shares:

None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Class A Shares Class AD Shares (and

corresponding H Shares�)

Classes AD AUD H, AD CAD H and AD EUR H Shares

2.52%† 2.53%† 2.54%† Class AD NZD H

Shares Class AD SGD H Shares Classes B and BD NZD

H Shares 2.48%† 2.51%† 3.53%†

Class BD Shares (and corresponding H Shares�)

Class BD CAD H Shares

Class BD EUR H Shares

3.54%† 3.50%† 3.55%† Class BD GBP H Shares Class C Shares Class I Shares

3.59%† 2.98%† 1.71%†

Min. investment*: Initial Additional Classes A, AD, B, BD and C Shares (and corresponding H Shares)

USD2,000 | EUR2,000 AUD2,000 | SGD3,000 CAD2,000 | GBP2,000 NZD3,000 | HKD15,000

USD750 | EUR750 AUD750 | SGD1,000 CAD750 | GBP750 NZD1,000 | HKD5,000

Class I Shares USD1,000,000 | EUR1,000,000 None �

Unless otherwise specified.


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.


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AB FCP I China Opportunity Portfolio

What is this product? The China Opportunity 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

The Portfolio's investment objective is to achieve long-term capital appreciation.

Strategy

The Portfolio will seek to achieve its investment objective by investing at least 80% of its total assets in securities which provide exposure to China companies. For these purposes, "China" includes the People's Republic of China and the Hong Kong Special Administrative Region, and a "China company" is a company that meets any of the following criteria: (i) is domiciled or organized in China; (ii) is established and conducting business in China; (iii) conducts a significant part of its economic activities in China; or (iv) has business activities that are meaningfully impacted by economic developments in China.

The Portfolio may invest in any China company, industry sector and type of security with the potential for capital appreciation. When selecting securities, the Investment Manager considers the economic and political outlook, the values of specific securities relative to other investments, trends in the determinants of corporate profits and management capability and practices.

The Investment Manager does not expect to utilise bank borrowing in implementing the Portfolio’s investment strategy.

The Portfolio is entitled to use financial derivative instruments for investment purposes such as hedging, efficient portfolio management or risk management purposes. These financial derivative instruments may include, but are not limited to, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.








4. Country Risk – Concentration in China Investments

The Portfolio's investments are concentrated in China region. The Portfolio's investments may be concentrated in a particular country or geographic region from time to time. Investments in issuers located in a particular country or geographic region may have more risk because of particular market factors affecting that country or region, including political instability or unpredictable economic conditions.

5. Currency Risk


6. 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

- 3 -


there can be no guarantee that its decisions will produce the desired results.
















Classes A and AD Shares (and corresponding H Shares): up to 5% of the purchase price Class I Shares: up to 1.5% of the purchase price

- 4 -


Not applicable to other Share Classes Switching fee Not Applicable Redemption fee Not Applicable Contingent Deferred Sales Charge Classes B and BD Shares (and corresponding H Shares): Where applicable

up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C 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


What you pay

Management fee*

Classes A, AD, B and BD Shares (and corresponding H Shares): up to 2%

Class C Shares: up to 2.45%

Class I Shares: up to 1.2%



Transfer Agent fee*
















AllianceBernstein (Luxembourg) S.à r.l. Global Bond Portfolio May 2016



Quick facts

Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: (i) For Classes A, B, C, S# and S1# Shares:

Aims to declare daily and pay monthly or be reinvested as elected by investor*

(ii) For Classes AA, AT, BA, BT, CT and IT Shares (and corresponding H 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 Portfolio’s Net Asset Value (iii) For Classes A2, B2, C2, I2, S EUR H# and S1 EUR H# Shares:

None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes A, A2 and

AT Shares (and corresponding H Shares�)

Classes AA, AT EUR H and AT SGD H Shares

Class AA AUD H Shares

Classes AA CAD H and AA SGD H Shares

1.47%† 1.48%† 1.51%† 1.43%†

Classes AA GBP H and AT NZD H Shares

Class AA NZD H Shares

Class A2 EUR H Shares

Class A2 SGD H Shares

1.46%† 1.44%† 1.45%† 1.38%†

Classes B and BT CAD H Shares

Class BA Shares

Class BA AUD H Shares

Class B2 Shares

2.46%† 2.54%† 2.52%† 2.48%†

Class B2 EUR H Shares

Class B2 SGD H Shares

Class BT Shares (and corresponding H Shares�)

Class BT SGD H Shares

2.42%† 2.48%^ 2.47%† 2.47%^

Classes C, C2 and CT Shares

Class C2 EUR H Shares

Class I2 Shares Classes I2 AUD H and IT Shares

1.92%† 1.94%† 0.94%† 0.92%† Class I2 EUR H Shares Class IT AUD H Shares Class S# Shares 0.93%† 0.87%† 0.09%† Class S EUR H# Shares Class S1# Shares Class S1 EUR H# Shares 0.11%† 0.65%∆ 0.60%† Min. investment*:

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

USD2,000 | EUR2,000 | HKD15,000 AUD2,000 | CAD2,000 | GBP2,000 SGD3,000 | NZD3,000

USD750 | EUR750 | HKD5,000 AUD750 | CAD750 | GBP750 SGD1,000 | NZD1,000

Classes I2 and IT Shares (and corresponding H Shares)

USD1 million | EUR1 million AUD1 million | HKD8 million

None

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AB FCP I Global Bond Portfolio

Classes S# and S1# Shares (and corresponding H Shares)

USD25 million | EUR20 million HKD200 million

None




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 is an estimated figure and is based on the ongoing charges figures for the relevant share classes. Please also refer to note

† above

applicable to the ongoing charges figures for the relevant share classes. ∆




The Global Bond 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

The Portfolio’s investment objective is high total investment return through investments predominantly in investment-grade fixed-income securities denominated in various currencies.

Strategy

The Portfolio invests in investment-grade, fixed-income securities denominated in various currencies. These securities include debt obligations issued by sovereign, government, governmental entities, corporate or other entities as well as entities established to promote global, regional or country-specific economic reconstruction or development. Holdings may include debt-securities with a range of maturities, from short to long-term bonds. Under normal market conditions, the Portfolio expects that at least 70% of the Portfolio’s assets will be invested in securities denominated in or hedged to the US dollar. At any time the Investment Manager will invest at least two-thirds of the Portfolio’s total assets in straight bonds, i.e., non-convertible bonds. Securities held by the Portfolio will possess upon initial purchase an investment-grade credit rating or will be determined by the Investment Manager to be of comparable quality. The Investment Manager seeks to reduce the risks inherent in the Portfolio’s investment in fixed-income securities through diversification, in its discretion, and the Investment Manager’s internal credit and economic analysis resources, as well as information obtained from other sources. The Portfolio is not subject to any limitation on the portion of its total assets that may be invested in any one country or region.

Under normal market conditions, the Portfolio’s weighted average duration will not exceed five years. Duration is a measure of the sensitivity of the price of a fixed-income investment to a change in interest rates.

The Portfolio may invest in structured securities (both Investment Grade (as defined in the Prospectus of the Fund) and non-Investment Grade) originated by a wide range of originators and sponsors. The Portfolio’s investments in these structured securities will not exceed 20% of its net assets, provided that such limit will not apply to investments in such securities issued or guaranteed by the United States government or any other eligible state (such as any member state of the Organisation for Economic Co-operation and Development) or United States or other eligible state government sponsored entities.





The Portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes,

- 3 -


which may involve additional risks. In adverse situations, the Portfolio’s use of derivative instruments may become ineffective in hedging or efficient portfolio management and the Portfolio may suffer significant losses.



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 principal—the 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 - 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.





8. Eurozone Risk


9. Management Risk



- 4 -



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.


Class AT Shares launch year: 2002



• These figures show by how much Class AT Shares have increased or decreased in value during the calendar year being shown.






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


- 5 -


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 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


What you pay

Management fee* Classes A, AA, A2, AT, B, BA, B2 and BT Shares (and corresponding H Shares): 1.10%

Classes C, C2 and CT Shares (and corresponding H Shares): 1.55%

Classes I2 and IT Shares (and corresponding H Shares): 0.55%





Transfer Agent fee*


Distribution fee* Classes B, BA, B2 and BT Shares (and corresponding H Shares): 1.00%















AllianceBernstein (Luxembourg) S.à r.l. Global High Yield Portfolio May 2016


You should not invest in this product based on this statement alone. Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: (i) For Classes A, B and C Shares:


(ii) For Classes AA, AT, BA, BT, CT, IT and IA Shares (and corresponding H 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 Portfolio’s Net Asset Value (iii) For Classes A2, B2, C2, I2, S# and S1# Shares (and corresponding H

Shares): None

Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes A, A2, AA

and AT Shares (and corresponding H Shares�)

Classes AA NZD H, AT AUD H and AT SGD H Shares

Classes AA EUR H and AA GBP H Shares

Classes B, BA, B2 and BT Shares (and corresponding H Shares�)

1.80%† 1.79%† 1.81%† 2.80%† Classes B2 SGD H

and BT SGD H Shares

Classes BT AUD H and BT CAD H Shares

Classes C and CT Shares

Class C2 Shares

2.80%^ 2.79%† 2.25%† 2.23%† Class C2 EUR H

Shares Class CT EUR H Shares

Classes I2 (and corresponding H Shares�) and IT AUD H Shares

2.24%† 2.25%^ 1.24%† Classes I2 AUD H and

IT Shares Class I2 SGD H Shares Classes IT SGD H, IT EUR

H, IT CAD H, IT GBP H, IT NZD H and IA AUD H Shares

1.25%† 1.28%† 1.25%^ Class S# Shares (and

corresponding H Shares)

Class S1# Shares Class S1# EUR H Shares

0.10%Δ 0.94%† 1.00%Δ Min. investment*:

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

USD2,000 | EUR2,000 | HKD15,000 USD750 | EUR750 | HKD5,000 AUD2,000 | SGD3,000 | CAD2,000 AUD750 | SGD1,000 | CAD750 GBP2,000 | NZD3,000 | ZAR20,000 GBP750 | NZD1,000 | ZAR7,000

Classes I2 and IT Shares (and corresponding H Shares) and Class IA AUD H Shares

USD1 million | EUR1 million AUD1 million | HKD8 million SGD1.5 million | CAD1 million

None

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AB FCP 1 Global High Yield Portfolio

GBP500,000 | NZD 1.5 million Classes S# and S1# Shares (and corresponding H Shares)

USD25 million | EUR20 million GBP15 million

None




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 is an estimated figure and is based on the ongoing charges figures for the relevant share classes. Please also refer to note

† above applicable to the ongoing charges figures for the relevant share classes. ΔThe 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 Fund’s 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.

What is this product? The Global High Yield 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 investment objective of the Portfolio is to produce high current income as well as overall total return by investing primarily in a portfolio of high-yielding debt securities of issuers located throughout the world, including U.S. issuers and issuers in emerging-market countries.

Strategy The Portfolio invests primarily and at any time at least two-thirds of its assets in high yielding bonds of issuers located throughout the world, including U.S. issuers and issuers in emerging-market countries. The Portfolio intends to allocate assets among high-yield non-Investment Grade (as defined in the Prospectus of the Fund) corporate bonds in the U.S., non-Investment Grade debt securities of issuers located in emerging-market countries as well as sovereign debt issued by emerging market countries. It may invest in Investment Grade securities if such securities possess desirable yield and/or total return characteristics. The Portfolio will not invest more than 20% of its total assets in one country except for U.S. issuers. Holdings may include debt-securities with a range of maturities, from short- to long-term bonds. The Portfolio anticipates that a substantial portion of its assets may be denominated in currencies other than the US Dollar.

The Investment Manager does not expect to utilize bank borrowing in implementing the Portfolio’s 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. Efficient portfolio management and hedging techniques 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.









- 3 -


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. 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.



8. Currency Risk


9. Management Risk







- 4 -










Classes A, AA, A2 and AT Shares (and corresponding H Shares): up to 5% of the purchase price Classes I2, IT (and corresponding H Shares) and IA AUD H 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 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


What you pay

Management fee* Classes A, AA, A2, AT, B, BA, B2 and BT Shares (and corresponding H Shares): up to 1.7%

Classes C, C2 and CT Shares (and corresponding H Shares): up to 2.15%

Classes I2, IT (and corresponding H Shares) and IA AUD H Shares: up to 1.15%



Custodian fee* As of 31 August 2015, the amounts expressed as a percentage of Net Asset Value of the Portfolio, of the Administrator fee, Custodian fee and Transfer Agent fee were less than 0.001%, 0.01% and 0.07% respectively. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons.


Transfer Agent fee*




- 5 -




*Percentage per annum of Net Asset Value #Classes S and S1 Shares are reserved for institutional investors.










AllianceBernstein (Luxembourg) S.à r.l. American Income Portfolio May 2016



Quick facts

Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Custodian: 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:


(ii) For Classes AA, AT, BA, BT, CT, IT and IA 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 Portfolio’s Net Asset Value (iii) For Classes A2, B2, C2 and I2 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 and AT

(and corresponding H Shares�), A2 EUR H, AA CAD H, AA EUR H and AA SGD H Shares

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

Class AA NZD H Shares

Classes B and BT (and corresponding H Shares�) and B2 SGD H Shares

1.35%† 1.36%† 1.38%† 2.05%† Classes BA and B2 (and corresponding H Shares�), BT GBP H and BT NZD H Shares

Classes C, C2 and CT Shares (and corresponding DUR PH Shares)

Class C2 EUR H Shares

Classes IT AUD H and I2 Shares

2.06%† 1.80%† 1.79%† 0.81%† Classes I and IT� (and corresponding H and DUR PH Shares�), IA DUR PH, I2 EUR H and I2 DUR PH Shares

Classes IA (and corresponding H Shares), I2 AUD H, I2 SGD H, IT CAD H, IT EUR H, IT GBP H and IT NZD H Shares

Class IT SGD Shares

0.80%† 0.95%∆ 0.80%^ Min. investment*: Initial Additional Classes A, AA, A2, AT, B, BA, B2, BT, C, C2 and CT Shares (and corresponding H Shares and DUR PH Shares)

USD2,000 | EUR2,000 | GBP2,000 USD750 | EUR750 | GBP750 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 and IA Shares (and corresponding H Shares)

USD1 million | EUR1 million None AUD1 million | HKD8 million

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AB FCP I American Income Portfolio

SGD1.5 million | CAD 1 million NZD 1.5 million | GBP 500,000

Classes IT DUR PH, I2 DUR PH and IA DUR PH Shares

USD1 million None



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 is an estimated figure and is based on the ongoing charges figure for Class IT USD Shares. Please also refer to the note†

above applicable to the ongoing charges figure for Class IT Shares. *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.

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 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 Portfolio’s 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.

- 3 -




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 principal—the 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.

9. Management Risk


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 SFC’s prior approval and by giving no less than one month’s 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 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 per Share.

- 4 -












Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the 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

- 5 -




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 and IA Shares (and corresponding H and DUR PH Shares): 0.55%

Custodian fee* As of 31 August 2015, the amounts expressed as a percentage of Net Asset Value of the Portfolio, of the Administrator fee, Custodian fee and Transfer Agent fee were less than 0.003%, 0.01% and 0.07% respectively. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons.


Transfer Agent fee*





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











AllianceBernstein (Luxembourg) S.à r.l. European Income Portfolio May 2016



Quick facts

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


(ii) For Classes AA, AT, BA, BT, IT and IA Shares (and corresponding H Shares) and Classes CT USD H 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 Portfolio’s Net Asset Value (iii) For Classes A2, B2, C2 and I2 Shares (and corresponding H Shares):

None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes A, AA,

A2 and AT Shares (and corresponding H Shares�)

Classes AA HKD H and AT SGD H Shares

Class A2 SGD H Shares

Class A2 USD H Shares

1.36%† 1.37%† 1.38%† 1.39%† Classes B, B2,

and BT Shares (and corresponding H Shares)

Class BA Shares (and corresponding H Shares)

Class C Shares Class C2 Shares

2.06%† 2.07%† 1.81%† 1.82%† Classes C2 USD

H and CT USD H Shares

Class I2 Shares (and corresponding H Shares�)

Classes I2 AUD H and IT USD H Shares

Classes IA and IT Shares (and corresponding H Shares�)

1.79%† 0.81%† 0.80%† 0.86%Δ Min. investment*: Initial Additional Classes A, AA, A2, AT, B, BA, B2, BT, C and C2 Shares (and corresponding H Shares) and Class CT USD H Shares

EUR2,000 | USD2,000 | AUD2,000 SGD3,000 | HKD15,000

EUR750 | USD750 | AUD750 SGD1,000 | HKD5,000

Class I2, IT and IA Shares (and corresponding H Shares)

EUR1 million | USD1 million AUD1 million | SGD1.5 million HKD 8 million

None




- 2 -

AB FCP I European Income Portfolio

ΔThe 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 Fund’s fiscal year end will be borne by the Management Company.



The European 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

The investment objective of the Portfolio is to achieve high total return by maximizing current income and, to the extent consistent with that objective, capital appreciation.

Strategy

The Portfolio invests in a diversified portfolio of Euro- or European currency-denominated investment-grade and non investment grade fixed-income securities of European companies and governments. The Investment Manager will invest at any time at least two-thirds of the Portfolio's total assets in securities of European companies and governments. The Portfolio may also invest up to one third of the portfolio in Euro- or European currency-denominated fixed-income securities of non-European issuers. The Portfolio has no limitation as to the amount of its total assets that may be invested in a single country or a single industry. The Portfolio may invest up to 25% of its total assets in newly developing markets that are not Investment Grade (as defined in the Prospectus of the Fund) rated. The Investment Manager expects that approximately 65% of the Portfolio's total assets will be invested in Investment Grade fixed-income securities, with approximately 35% in securities rated below Investment Grade. However, if the Investment Manager deems such investments appropriate, the Portfolio may invest up to 50% of its total assets in securities that are rated below-investment grade. The Portfolio may seek to hedge against securities market and currency fluctuations through the use of listed futures and options, and OTC derivative instruments, including swaps, options and currency transactions.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and investment purposes. These financial derivative instruments may include, but are not limited to, swaps, options and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.










The Portfolio will be exposed to the direct or indirect consequences of political, social and economic changes in various

- 3 -


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 - 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.


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.



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.


The Portfolio may invest in securities of issuers located in various countries and geographic regions (in this Portfolio’s case, European countries comprising Western, Central and Eastern Europe – both European Union and non European Union members, as well as Turkey). The economies of individual countries may differ favorably or unfavorably from each other in such respects as growth of gross domestic product or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political or social instability or diplomatic developments could affect adversely the economy of a country or a portfolio's investments in such country.

10. Country Risk - Emerging or Developing Markets

The Portfolio may invest in emerging or developing markets, which are subject to higher risks (for example, liquidity risk, currency risk, political risk, regulatory risk and economic risk) and higher volatility than portfolios investing in developed market. Fluctuations in currency exchange rates may negatively affect the value of the investment or reduce returns - these risks are magnified in emerging or developing markets.

11. Eurozone Risk


12. Management Risk


- 4 -










• Performance data has been calculated in EUR including ongoing charges and excluding any subscription fee and redemption fee you might have to pay.



Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Portfolio: Fee What you pay Subscription fee (Initial Sales Charge)

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

Switching fee Not Applicable

- 5 -


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 and C2 Shares (and corresponding H Shares) and Class CT USD H 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


What you pay


Classes C and C2 Shares (and corresponding H Shares) and Class CT USD H Shares: 1.55%

Classes I2, IT and IA Shares (and corresponding H Shares): 0.55%



Transfer Agent fee*









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 Euro-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.







AllianceBernstein (Luxembourg) S.à r.l. Emerging Markets Debt Portfolio May 2016



Quick facts

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


(ii) For Classes AA, AT, BA, BT, CT and IT Shares (and corresponding H 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 Portfolio’s Net Asset Value (iii) For Classes A2, B2, C2, I2 and S# Shares (and corresponding H Shares)

and Classes S1 EUR H# and S1 GBP H# Shares: None

Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes A, AA and AT

(and corresponding H Shares�) and A2 SGD H Shares

Classes AA CAD H, AA GBP H and AA SGD H Shares

Classes AA EUR H and A2 EUR H Shares

1.40%† 1.37%† 1.38%† Class AA NZD H Shares Class A2 Shares Classes B, BA, B2 and

BT Shares (and corresponding H Shares�)

1.41%† 1.39%† 2.40%† Class B2 EUR H Shares Classes B2 SGD H and

BT SGD H Shares Class BT CAD H Shares

2.39%† 2.50%∆ 2.41%† Classes C and C2 Shares Classes C2 EUR H and

CT Shares Classes I2 and IT Shares (and corresponding H Shares�)

1.85%† 1.84%† 0.85%† Class I2 AUD H Shares Classes IT AUD H and

IT SGD H Shares Class S# Shares

0.95%∆ 0.82%† 0.05%†

Classes S EUR H# and S GBP H#

Shares Classes S1 EUR H# and S1 GBP H# Shares

0.03%† 0.58%† Min. investment*: Initial Additional Classes A, AA, A2, AT, B, BA, B2, BT, C, C2 and CT Shares (and corresponding H Shares)

USD2,000 | EUR2,000 | HKD15,000 USD750 | EUR750 | HKD5,000 AUD2,000 | SGD3,000 | NZD3,000 AUD750 | SGD1,000 | NZD1,000 GBP2,000 | CAD2,000 | ZAR20,000 GBP750 | CAD750 | ZAR7,000

- 2 -

AB FCP I Emerging Markets Debt Portfolio

Classes I2 and IT Shares (and corresponding H Shares)

USD1 million | EUR1 million None AUD1 million | HKD8 million SGD1.5 million

Classes S# Shares (and corresponding H Shares) and Classes S1 EUR H# and S1 GBP H# Shares

USD25 million | EUR20 million GBP15 million

None


#Classes S Shares (and corresponding H Shares) and Classes S1 EUR H and S1 GBP H Shares are reserved for institutional investors.


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. ∆



What is this product? The Emerging Markets Debt 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 The Portfolio’s investment objective is to maximize total returns from price appreciation and income.

Strategy The Portfolio invests in sovereign-debt obligations and non-US corporate fixed-income securities from issuers in emerging and developing countries. The Portfolio invests in both US dollar and non-US dollar denominated securities. The Investment Manager expects that at any time at least 80% of the Portfolio's total assets will be invested in emerging market debt securities, and at all times at least two-thirds of the total portfolio assets must be emerging-market debt securities. The Portfolio may invest in structured securities. 50% or more of the Portfolio’s assets may be held in below-investment-grade securities at any time.

The Portfolio may invest in non-U.S. Dollar-denominated fixed-income securities; however, the Investment Manager intends to limit the Portfolio's currency exposure to (i) 5% in any single non-U.S. Dollar currency and (ii) 20% in aggregate non-U.S. Dollar currency.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, efficient portfolio management and as an alternative to investing directly in the underlying investments. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.








- 3 -



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.


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 (as defined in the Prospectus of the Fund)) 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.









10. Management Risk




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Portfolio launch year: 2006 Class AT Shares launch year: 2006

• 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


redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.




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


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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 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


What you pay


Classes C, C2 and CT Shares (and corresponding H Shares): 1.55%

Classes I2 and IT Shares (and corresponding H Shares) and Classes S1 EUR H# and S1 GBP H# Shares: up to 0.55%




Transfer Agent fee*






*Percentage per annum of Net Asset Value #

Classes S Shares (and corresponding H Shares) and Classes S1 EUR H and S1 GBP H Shares are reserved for institutional investors.










AllianceBernstein (Luxembourg) S.à r.l. Mortgage Income Portfolio May 2016



Quick facts

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


(ii) For Classes AA, AT, ATX, BA, BT and BTX Shares (and corresponding H 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 Portfolio’s Net Asset Value (iii) For Classes A2, A2X, B2, B2X, C2, C2X, I2 and I2X Shares:

None Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes AA and

AT Shares (and corresponding H Shares�)

Classes AA SGD H and AT SGD H Shares

Classes AX, A2X and ATX Shares

Class A Shares

1.37%† 1.33%† 1.25%▲ 1.35%†

Classes A2 and AT AUD H Shares

Classes B and BT Shares

Class BA Shares Class BA AUD H Shares

1.36%† 2.33%† 2.37%† 2.36%†

Classes BX, B2X, BTX, CX and C2X Shares

Class B2 Shares Classes C and C2 Shares

1.70%▲ 2.44%† 1.81%† Classes IX and I2X

Shares Class I Shares Class I2 Shares

0.70%▲ 0.84%† 0.80%† Min. investment*:

Initial Additional Classes A, A2, AA, AT, B, B2, BA, BT, C and C2 Shares (and corresponding H shares)

USD2,000 | EUR2,000 | AUD2,000 SGD3,000 | HKD15,000

USD750 | EUR750 | AUD750 SGD1,000 | HKD5,000

Classes I and I2 Shares USD1,000,000 | EUR1,000,000 None Classes AX, A2X, ATX, BX, B2X, BTX, CX and C2X Shares

No longer offered to new investors USD750 | EUR750

Classes IX and I2X Shares No longer offered to new investors None �

Unless otherwise specified. †The ongoing charges figure is based on expenses for the year ended 31 August 2015. 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 of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Fund’s fiscal year end has

been borne by the Management Company.


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AB FCP I Mortgage Income Portfolio

What is this product? The Mortgage 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 investment objective of the Portfolio is to achieve a high risk-adjusted total return.

Strategy The Portfolio seeks to achieve its objective by investing in mortgage-related securities and other asset-backed securities. The Portfolio may invest in securities of both Investment Grade (as defined in the Prospectus of the Fund) and non-Investment Grade quality originated by a wide array of originators and sponsors. The Portfolio's investments may include fixed and floating rate securities, including agency mortgage-backed securities and non-agency (i.e., privately issued) mortgage-backed securities as well as other asset-backed securities, commercial mortgage-backed securities, and collateralized debt obligations and related financial derivative instruments and currencies. The Portfolio will have at least two-thirds of its total assets invested in mortgage-related securities.

The Investment Manager does not expect to utilize bank borrowing in implementing the Portfolio’s investment strategy.

The Portfolio may use financial derivative instruments for investment purposes such as: hedging against interest rate, credit and currency fluctuations, manage duration and as an alternative to investing directly in the underlying securities. These financial derivative instruments may include, but are not limited to, options, futures and currency transactions. These financial derivative instruments will not extensively be invested in for investment purposes.



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 principal—the 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. Fixed Income Securities Risk – Prepayment Risk for Mortgage-related and Asset-backed Securities As interest rates rise, bond prices fall and vice versa - long-term securities tend to rise and fall more than short-term securities. The values of mortgage-related and asset-backed securities are particularly sensitive to changes in interest rates due to prepayment risk. Prepayments may cause losses on securities purchased at a premium, and unscheduled prepayments, which will be made at par, will cause a portfolio to experience a loss equal to any unamortised premium.

5. 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.

6. 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.

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7. Country Risk – Concentration in US Investments The Portfolio's investments are concentrated in U.S. investments. Concentration in issuers located in a particular country or geographic region may have more risk because of particular market factors affecting that country or region, including political instability or unpredictable economic conditions. The concentrated holding of securities by the Portfolio in one country may make it more volatile than more diversified portfolios.



10. 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.

11. 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 SFC’s prior approval and by giving no less than one month’s 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 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 per Share.








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Classes A, A2, AX, A2X, AA, AT and ATX Shares (and corresponding H Shares): up to 5% of the purchase price Classes I, I2, IX and I2X 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, BX, B2, B2X, BT and BTX 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, CX, C2 and C2X 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


Management fee* Classes A, A2, AA, AT, B, B2, BA and BT Shares (and corresponding H Shares): 1.10%

Classes AX, A2X, ATX, BX, B2X and BTX Shares: up to 1.05%

Classes C and C2 Shares: 1.55%

Classes CX and C2X Shares: up to 1.50%

Classes I and I2 Shares: 0.55%

Classes IX and I2X Shares: up to 0.50%

Custodian fee* As of 31 August 2015, the annualized amounts expressed as a percentage of Net Asset Value of the Portfolio of the Administrator fee, Custodian fee and Transfer Agent fee were 0.02%, 0.01% and 0.05% respectively. These fees may decrease or increase depending on the assets of the Portfolio and transaction volume or for other reasons.


Transfer Agent fee*



Classes BX, B2X and BTX Shares: 0.45%






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Additional Information • You may generally buy and redeem shares at the Portfolio’s next-determined Net Asset Value plus any applicable







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