KEY RISKS TO CONSIDER
Country Risks in the US: Investments in issuers located in the US may have more market, political and economic risks because of particular factors affecting that country.
Credit Risk: 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 fulfil its payment or other obligations in respect of such fixed-income securities. Generally, debt instruments with a lower credit rating or that are unrated are more susceptible to the credit risk of the issuers. In the event of a default or credit rating downgrading of the issuers of the fixed income securities, the Portfolio’s value will be adversely affected and investors may suffer a substantial loss as a result.
Derivatives Risk: The Portfolio is entitled to use derivative instruments for hedging and/or EPM purposes which may involve additional risks different from, and, in certain cases, greater than, the risks presented by more traditional investments.
Fixed-Income Securities Risk: The NAV of a portfolio invested in fixed-income securities will change in response to fluctuations in interest rates and currency exchange rates, as well as changes in credit quality of the issuer.
Liquidity Risk: The risk that arises when adverse market conditions affect the ability to sell assets when necessary. Reduced liquidity may have a negative impact on the price of the assets.
The Portfolio is part of AB FCP I (referred to as “AB”). AB is a mutual investment fund (fondscommunde placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein, its trading name was AllianceBernstein.
Investment in the Fund entails certain risks. Past performance is not a guide to future performance. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Some of the principal risks of investing in the Fund include country risk, currency hedged share class risk, illiquid assets risk, focused portfolio risk, portfolio turnover risk, management risk, derivatives risk, borrowing risk, taxation risk, fixed income securities risk, interest rate risk, lower rated and unrated investments risk, prepayment risk, sovereign debt obligations risk and lower-or unrated securities risk. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus and Product Highlights Sheet carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.
This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors should review the fund’s full prospectus, together with the fund’s Product Highlights Sheet and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com/ www.alliancebernstein.com or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.