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GLOBAL CAPITAL MARKETS OUTLOOKGROWTH CONTINUES BUT INFLATION STAYS LOW…FOR NOW
Guy Bruten Senior Economist—Asia Pacific
Anthony Chan Asian Sovereign Strategist
Third Quarter 2017
This presentation is provided by AllianceBernstein Australia Limited. This presentation does not constitute “personal advice,” as defined in the Corporations Act 2001.This presentation booklet has been
provided to you for use in a private and confidential meeting to discuss a potential or existing investment advisory relationship. This presentation is not an advertisement, is not intended for retail or
public use or distribution beyond our private meeting and must be returned to us immediately upon demand. AllianceBernstein Australia Limited ABN 53 095 022 718 AFSL 230 698
For Investment Professional use only. Not for inspection by, distribution or quotation to, the general public.
1|GCMO 3Q 2017
As of 30 June 2017
Past performance does not guarantee future results.
Global high yield, global corporates, and Japan and euro-area government bonds in hedged USD terms. All other non-US returns in unhedged USD terms. Emerging-market debt
returns are for dollar-denominated bonds as represented by the J.P. Morgan Emerging Markets Bond Index Global. An investor cannot invest directly in an index, and its
performance does not reflect the performance of any AB portfolio. The unmanaged index does not reflect the fees and expenses associated with the active management of a
portfolio.
*Real estate investment trusts. †Returns reflect HFRI index returns (see disclaimer pages for index definitions).
Source: Bloomberg Barclays, FactSet, FTSE, HFR, J.P. Morgan, Morningstar, MSCI, Standard & Poor’s (S&P) Dow Jones and AB
Returns in US Dollars (Percent)
Returns Continued in the Second Quarter...but with Differences
1.0
10.6
7.7
5.5
5.0
11.8
4.4
4.9
1.0
6.2
9.9
15.6
11.2
2.4
1.4
12.0
7.5
–0.7
1.8
0.6
2.3
3.0
–3.0
1.0
0.4
1.2
1.9
2.2
2.2
6.3
5.2
7.5
3.1
4.0
Equities
Government Bonds
Credit
Alternative Assets
Japan
Global High-Yield
US
Euro-Area
Emerging-Market Debt
Emerging-Market
Commodities
Global REITs*
Global Corporate
Europe
World
Japan
US
Alternative
Strategies†
Long/Short Equity
Event-Driven
Relative Value
Macro
Full-Year 2016 Returns 2Q:2017 Returns
–0.8
4.3
2.9
6.3
5.4
–5.3
–0.1
0.4
1.9
3.1
6.2
5.3
18.4
9.9
16.6
9.3
10.7
1H:2017 Returns
2|GCMO 3Q 2017
As of 30 June 2017
Past performance does not guarantee future results.
Global high yield, global corporates, and Japan and euro-area government bonds in hedged USD terms. All other non-US returns in unhedged USD terms. Emerging-market debt
returns are for dollar-denominated bonds as represented by the J.P. Morgan Emerging Markets Bond Index Global. An investor cannot invest directly in an index, and its
performance does not reflect the performance of any AB portfolio. The unmanaged index does not reflect the fees and expenses associated with the active management of a
portfolio.
*Real estate investment trusts. †Returns reflect HFRI index returns (see disclaimer pages for index definitions).
Source: Bloomberg Barclays, FactSet, FTSE, HFR, J.P. Morgan, Morningstar, MSCI, Standard & Poor’s (S&P) Dow Jones and AB
Returns in AUD (Percent)
Returns Continued in the Second Quarter...but with Differences
5.5
12.5
2.9
6.1
6.3
2.3
7.4
10.9
16.8
12.1
11.8
4.0
0.1
12.9
8.0
2.4
–3.5
1.0
1.2
0.6
1.4
2.1
2.0
2.4
5.8
–1.6
5.3
6.8
3.2
3.5
Equities
Government Bonds
Credit
Alternative Assets
Japan
Global High-Yield
US
Euro-Area
Emerging-Market Debt
Emerging-Market
Commodities
Global REITs*
Global Corporate
Europe
World
Japan
US
Full-Year 2016 Returns 2Q:2017 Returns
–0.5
–10.6
2.3
0.3
0.8
2.3
3.5
5.5
5.6
12.0
3.1
5.2
8.9
9.6
4.5
1H:2017 Returns
Australia
Australia
3|GCMO 3Q 2017
Global Forecasts Dashboard
Economic Growth
Solid growth likely to continue in
2018; similar to 2017
Risks tilted in more positive
direction, supported by data. But
probability of significant fiscal boost
has fallen
Weaker Stronger
Inflation
Energy-related rise in headline
inflation has run its course
Inflation expectations move center
stage. Labor market and wage
outcomes now key benchmarks
Monetary Policy
Gradual Fed tightening (Fed funds
1.88% by end of 2018)
ECB tapering and deposit rate hike
to move onto the agenda in 2H:2017
BoJ to stay the course; focus on
yield level, not volume of purchases
Lower Higher Easier Tighter
Key Risks
Politics and protectionism
Fiscal over/underdelivery
China credit crunch/hard landing
Key Risks
Uncertain labor-market slack
Can we trust the Phillips curve?
Key Risks
Shift in central bank reaction functions
More aggressive tightening
PBOC: growth vs. deleveraging
4|GCMO 3Q 2017
US Aggregate Yield to Worst and Level of S&P 500 Index
Policy, Populism and Fundamentals: a US Perspective
As of 30 June 2017
Past performance and current assessment and forecasts do not guarantee future results.
After the Beta Trade is from 1 March 2015, through 30 June 2017. Post-election recap is from 9 November 2016, through 30 June 2017.
Source: Bloomberg, S&P and AB
1,800
1,900
2,000
2,100
2,200
2,300
2,400
2,500
1.7
1.9
2.1
2.3
2.5
2.7
2.9
Sep 14 Jan 15 May 15 Sep 15 Jan 16 May 16 Sep 16 Jan 17 May 17
Inde
x
Yie
ld-t
o-W
ors
t
US Agg Yield
(Left Scale)
S&P Level
US Election
The Pre-Election Picture
Moderate growth/low inflation
Accommodative monetary policy
Lower expected returns
Higher volatility/more dispersion
Post-Election 1: Populist Ascendancy
Yields rose sharply
Equities broadly surged
Stocks priced as winners/losers
according to expected policy impacts
Post-Election 2: Reality Check
New administration’s ability to implement
some policies seen as challenged
Investor focus returned to economic and
financial-market realities
Euphoria ebbed as investors sought
opportunities in areas of economic growth
5|GCMO 3Q 2017
Reflation Revisited
Core CPI & Five-Year-Forward Break-
Even Inflation
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
2.1
2.3
2.5
10 11 12 13 14 15 16 17
Pe
rcen
t
Three Key Non-Policy Drivers Supporting Recent Performance
Left and right displays as of 30 June 2017; middle display through 31 May 2017
Historical analysis and current forecasts do not guarantee future results.
Beta Trade is from 1 October 2010, through February 2015. After Beta Trade is from 1 March 2015, through 30 October 2016. Post-election is from 9 November 2016, through 30
June 2017. 1H:2017 is from 1 January 2017, through 30 June 2017.
Source: Bloomberg, CBOE, Haver Analytics, IHS Markit and AB
Global Growth
Still Moderate, but Broadly Improved
(PMIs)
Volatility Is Lower than Low
S&P 500 VIX
Long-Term Average
19.57
46
48
50
52
54
56
58
10 11 12 13 14 15 16 17
Ind
ex
Five-Year BEI
Core CPI EM
DM
17.7216.37
12.8311.56
BetaTrade
AfterBeta
Trade
Post-Election
1H:2017
6|GCMO 3Q 2017
Global Growth Projections and Monetary Policy Outlooks
As of 30 June 2017
Historical and current analyses and forecasts do not guarantee future results.
GDP represents forecast year-over-year change in real terms. Inflation represents forecast year-over-year change in Consumer Price Index. Expectations for monetary policy are
through end of 2017. *FX change is currency spot return for last 12 months vs. US dollar. FX forecast is AB economists’ return projections for next six months vs. US dollar.
Source: Bloomberg and AB
Country/
Region
GDP (%) Inflation (%)
Expected
Policy Rate
Path
FX
Change*
(%)
FX
Forecast The Latest2017 2018 2017 2018
Global 2.9 2.8 2.4 2.5 — — —
Solid growth; risks tilted in more positive direction but probability of
significant fiscal boost has fallen; global headline inflation softer with
focus now on core inflation
Developed
Countries2.1 1.8 1.5 1.7 — — —
Gradual withdrawal of monetary accommodation; however, the Bank of
Japan likely to lag the US and Europe; modest inflation
Emerging
Countries4.2 4.5 3.9 3.7
— — — Growth has stabilized overall; inflation mostly benign (with some
exceptions); many countries have room to ease monetary policy
US 2.1 1.8 1.8 2.1 — —
Expectations of moderate growth with subdued inflation; one more
increase in official rates likely in 2017; gradual reduction in the Fed’s
balance sheet expected later this year
UK 1.5 1.5 2.7 2.2 –2.2Political uncertainty likely to weigh on growth; higher inflation but the
Bank of England is likely to resist near-term pressure for higher rates
Euro Area 2.1 2.0 1.4 1.3 +2.9
Growth is improving, while inflation is subdued; the European Central
Bank is likely to announce and possibly begin tapering of its asset
purchases by year-end
Japan 1.5 1.3 0.4 0.9 –8.2Continued yield-curve control leading to weaker JPY; less focus on volume
of purchases
China 6.4 5.9 1.5 2.2 –2.0Economy is expected to slow; clear desire to contain leverage risk, but
supporting growth a priority
Brazil 0.6 2.1 3.8 4.1 –2.9Reforms are expected to stay on course, though slowed due to political
risks; monetary easing likely to continue as inflation stabilized
7|GCMO 3Q 2017
Left and right displays as of 30 June 2017; middle display as of 31 March 2017
Historical analysis and current forecasts do not guarantee future results.
Source: IHS Markit, Thomson Reuters Datastream and AB
US Growth—Same Old Same Old: Ongoing Job Gains Drive Moderate,
Healthy Consumption Gains
Rolling Averages Highlight Ongoing
Payrolls Trend
Rolling 12-, 6- and 1-Mo. (Spot) Rates
–1000
–800
–600
–400
–200
0
200
400
00 02 04 06 08 10 12 14 16
Jo
bs (
Th
ou
san
ds)
Workers Living Within Their Means
Earning vs. Spending
–6
–4
–2
0
2
4
6
8
10
00 02 04 06 08 10 12 14 16
Yo
Y P
erc
en
t C
han
ge
Large Gap Between “Hard” and
“Soft” US Macro Data Widens
–5
–4
–3
–2
–1
0
1
2
3
07 08 09 10 11 12 13 14 15 16
Blo
om
berg
US
Eco
no
mic
Su
rprise
In
de
x Soft Data
Hard Data
Personal Consumption
Expenditures
Paychecks
One
Month
Six
Month
12
Month
8|GCMO 3Q 2017
Emerging Markets: Select Opportunities
Select High-Yield USD Sovereigns
Are Attractive
As of 30 June 2017
Historical analysis does not guarantee future results.
EM local is represented by J.P. Morgan Government Bond–Emerging Markets Global Diversified. An investor cannot invest directly in an index, and its performance does not reflect
the performance of any AB portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio.
*Eastern Europe, Middle East and Africa
†Yields are for representative sovereign bonds close to three- and 10-year maturities. For Ivory Coast yields are for the 10-year maturities.
Source: Bloomberg, J.P. Morgan and AB
Local-Currency Debt Offers Higher
Yields than US High Yield
Improved Fundamentals Mean EM
Less Vulnerable to Rising Rates
Capital Account and Current Account
Balances
–2
0
2
4
6
8
10
10 11 12 13 14 15 16 17
Yie
ld (
Pe
rce
nt)
US Treasury
10-Year
EM Local
Japanese
Government
Bond 10-Year German
Bund 10-Year
US High Yield
Supported by:
High carry
Some stability in commodity prices
Stable global growth
Examples†:
Argentina: 3.4%–6.4% Yield
Ivory Coast: 6.3% Yield
Brazil: Opportunities in
corporates
–150
–100
–50
0
50
100
150
200
250
00 02 04 06 08 10 12 14 16
US
D B
illio
ns
Africa Asia ex China
EEMEA* LatAm
Total
Turkey: 3.6%–5.1% Yield
9|GCMO 3Q 2017
China: Deleveraging Is the Policy Focus but Over-tightening Unlikely
As of June 2017
*Second derivative change of TSF stock
†Weighted average of nominal growth of fixed asset investment, retail sales and imports
Source: CEIC Data and AB
Credit Impulse and Domestic Demand
YoY Percent Change
Formal vs. Informal Lending
–40
–20
0
20
40
60
80
100
120
0
5
10
15
20
25
30
35
05 06 07 08 09 10 11 12 13 14 15 16 17 18
Domestic Demand Proxy†
(Left Scale)
Credit Impulse
(Forward Six Months)*0.0
0.4
0.8
1.2
1.6
12 13 14 15 16 17
RM
B T
rilli
on
Bank Loans
Shadow Credits
10|GCMO 3Q 2017
China: Supporting SOEs and Priority Sectors at the Expense of Private
As of June 2017
Source: CEIC Data and AB
Manufacturing PMI by Sector Fixed Investment by Sector
44
46
48
50
52
54
Jan16
Mar16
May16
Jul16
Sep16
Nov16
Jan17
Mar17
May17
Ind
ex
Large Enterprise
Medium-Sized Enterprise
Small-Sized Enterprise
–20
–10
0
10
20
30
40
50
60
70
07 08 09 10 11 12 13 14 15 16 17
Yo
Y P
erc
en
t C
ha
nge
(3M
MA
)
Manufacturing
Infrastructure
Housing
11|GCMO 3Q 2017
Asia Inflation: Continued Tame Trajectory Ahead
Historical data through March 31, 2017, forecast through June 30, 2018
Source: Haver Analytics, CEIC Data and AB forecasts
–1
0
1
2
3
4
5
6
7
8
–8
–4
0
4
8
12
16
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Yo
Y P
erc
en
t C
ha
nge
Regional CPI
Regional PPI (Left Scale)
Regional Core
12|GCMO 3Q 2017
Western Populism Could Run Through Several Electoral Cycles…
How Populism Could Reshape Policy
Common Themes
Source: AB
RAISING THE DRAWBRIDGE
Increasing trade protection
Restrictions on capital flows,
foreign direct investment
Increased restrictions on
immigration/cross-border flows
of labour
Withdrawal from supranational
relationships
INSTITUTIONAL EROSION
Erosion of monetary policy
independence: fiscal dominance
Greater use of fiscal policy;
structural budget deficits; loose
constraints
Regulation and the rule of law?
Renationalization of key
industries
REDISTRIBUTION
Increased taxation on
companies and high-income
earners
Minimum-wage increases/
labour market regulation/
universal basic income
Return of collective bargaining
Use of price controls
13|GCMO 3Q 2017
…Resulting in Policies that Fuel a Rise in Inflation Expectations
Populist Policies Tend to Be Inflationary
From Policy Change to Economic Outcomes
Source: AB
RAISING THE DRAWBRIDGE
Lower Growth
Higher Inflation
INSTITUTIONAL EROSION
Greater Macroeconomic Volatility
Higher Inflation
REDISTRIBUTION
Lower Profit Share
Higher Inflation
14|GCMO 3Q 2017
Inflation May Affect Countries Differently This Time
Heading for the Tipping Point…
House Price Indices
…and Recovering from It
Through 31 December 2016
Source: Bank for International Settlements
World’s Hottest Housing Markets Are in Key Commodity Economies
0
100
200
300
400
500
95 97 99 01 03 05 07 09 11 13 15 17
Nom
ina
l, 1
99
5 =
10
0
Norway
Canada
New Zealand
Australia
Sweden
0
100
200
300
400
500
95 97 99 01 03 05 07 09 11 13 15 17
No
min
al, 1
99
5 =
10
0
Ireland
UK
US
Spain
CAGR (% pa) AU CA NZ SD NO
Mar 09–Mar 17 5.3 5.3 5.4 5.4 5.3
CAGR (% pa) US UK ES IE
Mar 09–Mar 17 3.0 3.3 –2.6 –1.5
15|GCMO 3Q 2017
High Investment Activity May Signal a Harder Landing…
*Three-year rolling average
As of 31 March 2017
Source: CEIC Data and Datastream
If High Activity Causes a Hard Fall…
Housing Investment (Percent of GDP)
…Could Demographics Cushion It?
Population Growth*
0
2
4
6
8
10
12
14
16
AU CA NZ SD NW
Max Min Now Average
–1.0
–0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
AU CA NZ SD NW
Max Min Now Average
16|GCMO 3Q 2017
…Just as Trends Turn Ominous for Australia
As of 30 March 2017
Source: Bloomberg, CEIC Data and Datastream
Retail Spending Volumes (Year-over-Year) Residential Building Permits (Starts, Year-over-Year)
–1
0
1
2
3
4
5
6
AU CA NZ SD NW
Six Months Ago Latest 10 Year Average
–20
–15
–10
–5
0
5
10
15
20
AU CA NZ SD NW
Six Months Ago Latest
17|GCMO 3Q 2017
Investing Through the Pendulum Swings
As of 30 June 2017
Current assessment does not guarantee future results.
Source: AB
Evergreen Advice Environment Suggested Actions
Focus Portfolio Design
on Better Up/Down
Capture Generation
Better betas, efficient
structures, targeted alpha
Go Global
Economies/policies not
moving in lockstep
Stay Balanced
Amid uncertainty, don’t
overload
Be Selective/Active
Security and sector
dispersion on the rise
Growth Inflation Favor These… …over These
Heating Up
Small-cap equity
High yield
Inflation protection
Government
bonds
Questionable Balanced rates & credit
Quality & growth equity Inflation protection
Surprise Slip Hedged equities
Government bonds
High yield
Equity
Inflation protection
18|GCMO 3Q 2017
Source: AB
APAC Senior Economists
Guy Bruten joined AllianceBernstein in 2004 and is a member of the firm’s Global Economic
Research team. He is responsible for developing outlooks for the Japanese, Australian and New
Zealand economies, and for incorporating those outlooks into forecasts for interest rates and
currencies. These fundamental forecasts are a key input into the AllianceBernstein Fixed Income
investment process. Prior to joining the firm, Bruten spent four years as Chief Economist for
Macquarie Bank’s Funds Management Group, and five years as a Senior Economist and Interest-
Rate Strategist at SBC Warburg in Sydney and London. Bruten started his career at the
Commonwealth Department of the Treasury in Canberra. He holds a Master’s Degree in
Economics from the Australian National University and a B.Ec with Honours from the University of
Adelaide. Location: Melbourne
Guy Bruten
Senior Economist—
Asia Pacific
Anthony Chan
Asian Sovereign Strategist
Anthony Chan is Asian Sovereign Strategist with primary responsibility for macroeconomic
forecasts and sovereign/interest-rate strategy for the Asian fixed-income markets. Before joining
the firm in 1999, Chan was the chief group economist (Asia) for HSBC Economics and
Investment Strategy, chief regional economist of MeesPierson Securities (Asia), and senior
China/Hong Kong economist of the Economist Intelligence Unit. He holds a BSc (with honours) in
applied economics from the University of East London and an MSc in economic forecasting from
the University of Leeds. He was appointed by the Hong Kong Special Administrative Region
government to serve as an advisor to the Central Policy Unit from 1998 to 2000. Location: Hong
Kong
19|GCMO 3Q 2017
A Word About Risk
The information contained here reflects the views of AllianceBernstein L.P. or its affiliates and sources it believes are reliable as of the date of this publication.
AllianceBernstein L.P. makes no representations or warranties concerning the accuracy of any data. There is no guarantee that any projection, forecast or opinion
in this material will be realized. Past performance does not guarantee future results. The views expressed here may change at any time after the date of this
publication. This document is for informational purposes only and does not constitute investment advice. AllianceBernstein L.P. does not provide tax, legal or
accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual
circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or
solicitation for the purchase or sale of any financial instrument, product or service sponsored by AllianceBernstein L.P. or its affiliates.
Important Risk Information Related to Investing in Equity and Short Strategies
All investments involve risk. Equity securities may rise and decline in value due to both real and perceived market and economic factors as well as general
industry conditions.
A short strategy may not always be able to close out a short position on favorable terms. Short sales involve the risk of loss by subsequently buying a security at a
higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of
the security sold short). In contrast, the risk of loss from a long position is limited to the investment in the long position, since its value cannot fall below zero. Short
selling is a form of leverage. To mitigate leverage risk, a strategy will always hold liquid assets (including its long positions) at least equal to its short position
exposure, marked-to-market daily.
Important Risk Information Related to Investing in Emerging Markets and Foreign Currencies
Investing in emerging-market debt poses risks, including those generally associated with fixed-income investments. Fixed-income securities may lose value due to
market fluctuations or changes in interest rates. Longer-maturity bonds are more vulnerable to rising interest rates. A bond issuer’s credit rating may be lowered
due to deteriorating financial condition; this may result in losses and potentially default, or failure to meet payment obligations. The default probability is higher in
bonds with lower, noninvestment-grade ratings (commonly known as “junk bonds”).
There are other potential risks when investing in emerging-market debt. Non-US securities may be more volatile because of the associated political, regulatory,
market and economic uncertainties; these risks can be magnified in emerging-market securities. Emerging-market bonds may also be exposed to fluctuating
currency values. If a bond’s currency weakens against the US dollar, this can negatively affect its value when translated back into US-dollar terms.
Bond Ratings Definition
A measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition, and not based on the financial condition of the fund itself. AAA
is highest (best) and D is lowest (worst). Ratings are subject to change. Investment-grade securities are those rated BBB and above. If applicable, the Pre-
Refunded category includes bonds which are secured by US government securities and therefore are deemed high-quality investment grade by the advisor.
20|GCMO 3Q 2017
Index DefinitionsFollowing are definitions of the indices referred to in this presentation. It is important to recognize that all indices are unmanaged and
do not reflect fees and expenses associated with the active management of a mutual fund portfolio. Investors cannot invest directly in
an index, and its performance does not reflect the performance of any AB fund.
• MSCI World Index: A market capitalization–weighted index that measures the performance of stock markets in 24 countries. (Represents World equities)
• S&P 500 Index: Includes a representative sample of 500 leading companies in leading industries of the US economy. (Represents US equities)
• MSCI Europe Index: A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in
Europe. It consists of 15 developed market country indices. (Represents European equities)
• Topix: A free-float adjusted market capitalization-weighted index that is calculated based on all the domestic Japanese common stocks listed on the Tokyo Stock Exchange
(TSE) First Section. (Represents Japanese equities)
• S&P/ASX 300 Index: A float-adjusted and includes up to 300 of Australia’s largest securities by float-adjusted market capitalization. (Represents Australian equities)
• MSCI Emerging Markets Index: A free float–adjusted, market capitalization–weighted index designed to measure equity-market performance in the global emerging markets. It
consists of 21 emerging-market country indices. (Represents Emerging Markets equities)
• Barclays Global High Yield Index: Provides a broad-based measure of the global high-yield fixed-income markets. It represents the union of the US High Yield, Pan-European
High Yield, US Emerging Markets High Yield, CMBS High Yield and Pan-European Emerging Markets High Yield Indices. (Represents Global High Yield)
• Barclays EM USD Aggregate Index: A flagship hard-currency emerging-market-debt benchmark that includes USD-denominated debt from sovereign, quasi-sovereign and
corporate EM issuers. The index is broad based in its coverage by sector and by country, and reflects the evolution of EM benchmarking from traditional sovereign bond indices
to aggregate-style benchmarks that are more representative of the EM investment choice set. (Represents Emerging-Market Debt)
• Barclays Global Aggregate–Corporate Bond Index: Tracks the performance of investment-grade corporate bonds publicly issued in the global market found in the Global
Aggregate. (Represents Global Corporates)
• Barclays US Treasury Index: Includes fixed-rate, local-currency sovereign debt that makes up the US Treasury sector of the Global Aggregate Index. (Represents US
Government Bonds)
• Barclays Global Treasury: Japan Bond Index: Includes fixed-rate, local-currency sovereign debt that makes up the Japanese Treasury sector of the Global Aggregate Index.
(Represents Japan Government Bonds)
• Barclays Global Treasury: Euro Bond Index: Includes fixed-rate, local-currency sovereign debt that makes up the Euro Area Treasury sector of the Global Aggregate Index.
(Represents Euro-Area Government Bonds)
• Bloomberg Composite Bond Index: measure performance of Australian government, semi-government, and investment-grade corporate debt. It is a composite of the UBS
Government Bond Index and the UBS Non-Government Bond Index. (Represents Australian Government Bonds)
• Dow Jones-UBS Commodities Index Total Return: Consists of exchange-traded futures on 19 physical commodities that are weighted to account for economic significance
and market liquidity. (Represents Commodities)
• FTSE EPRA/NAREIT Global Real Estate Index: Designed to represent general trends in eligible real estate equities worldwide. (Represents Global REITs)
21|GCMO 3Q 2017
Disclosures and Important Information
Disclosure on Security Examples
References to specific securities are presented to illustrate the application of our investment philosophy only and are not to be
considered recommendations by AllianceBernstein. The specific securities identified and described in this presentation do not represent
all of the securities purchased, sold or recommended for the Fund, and it should not be assumed that investments in the securities
identified were or will be profitable. Upon request, we will furnish a listing of all investments made during the prior one-year period.
Past performance is not a guide to future performance.
Additional Information
The value of investments and the income from them can fall as well as rise and you may not get back the original amount invested.
The value of securities denominated in a currency other than the Fund’s base currency (USD) will be subject to exchange-rate
fluctuations.
The views and opinions expressed in this presentation are based on AllianceBernstein’s internal forecasts and should not be relied
upon as an indication of future market performance or any guarantee of return from an investment in the Fund or any AllianceBernstein
services.
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contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial
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