INVESTMENT RISKS TO CONSIDER These and other risks are described in the Portfolio’s prospectus.
Investment in the Portfolio entails certain risks. Investment returns and principal value of the Portfolio will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Some of the principal risks of investing in the Portfolio include:
Concentrated/Focus Risk: Investing a large portion of its assets in a limited number of industries, sectors or issuers, or within a limited geographical area, it can be riskier and subject to greater volatility than a Portfolio that invests more broadly.
Currency Risk: The Portfolio holds assets that are denominated in currencies other than its Base Currency, any changes in currency exchange rates could reduce investment gains or income, or increase investment losses, in some cases significantly. Hedging may reduce but not eliminate currency risk.
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.
Emerging/frontier Markets Risk: Where the Portfolio invests in emerging markets, these assets are generally smaller and more sensitive to economic and political factors and may be less easily traded, which could cause a loss to the Portfolio.
Equity Securities Risk: The value of equity investments may fluctuate in response to the activities and results of individual companies or because of market and economic conditions. These investments may decline over short- or long-term periods.
The Portfolio is part of AB SICAV I (referred to as “AB”). AB is an open-ended investment company with variable capital (société d’investissement à capital variable) under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein SICAV, its trading name was AllianceBernstein.
On 31 August 2006 the Portfolio was formed by the merger of ACM International Health Care Fund into the current Portfolio. Performance prior to 31 August 2006 and noted “since inception” is actually ACM International Health Care Fund. The investment objective, policies and strategies of the portfolios are substantially the same. The fees and charges for the portfolios were calculated differently, however, their respective estimated total expense ratios are comparable.
Investment in the Fund entails certain risks. 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 (risks typically associated with ordinary market conditions) include concentration/focus risk, currency risk, derivatives risk, emerging/frontier markets risk, equity securities risk, hedging risk, market risk, and securities lending 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. 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.