AMERICAN INCOME PORTFOLIO · situations, the portfolio’s use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may

The Credit and Duration Barbell

Annu

aliz

ed R

etur

n (%

)

Volatility (Price)

American Income

Portfolio#

US HY

US IG Securitized US Treasury

EM Corp. EM Sov (USD)

0.0

4.0

8.0

12.0

1.0 2.0 3.0 4.0 5.0 6.0 7.0

< 50%InvestmentGrade

< 50%High Yield

1. Combining Returns and Stability Results in a Solid Enhanced Core Foundation

AB—AMERICAN INCOME PORTFOLIO

2. 3. Past Dividend Payout Record†

Source: AB, as of 30 September 2019.

Class AT SharesThe share class below intend to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 4) Annualized yield is calculated with the following formula: dividend of the month x 12 / ex-dividend price of the month x 100. Positive distribution yield does not imply positive return. The historical data provided below are for information purposes only and do not imply prospective yields of the Portfolio.

MonthNAV

(US$)DIV

(US$)Annualized

Yield09/30/2019 8.33 0.0351 5.06%08/30/2019 8.38 0.0351 5.03%07/31/2019 8.25 0.0351 5.11%06/28/2019 8.26 0.0351 5.10%05/31/2019 8.16 0.0351 5.16%04/30/2019 8.10 0.0351 5.20%

Important Information1 The portfolio invests in all types of U.S. Government securities and fixed-income securities, including investment grade and high yield, non-investment grade securities

of issuers domiciled within and outside the U.S; and non-US government or their agencies and instrumentalities issuing securities denominated in USD and a variety of mortgage-backed securities and zero coupon securities.

2. Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, management risk, credit risks and Renminbi share class risk. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.

3. 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.

4. Dividends may be paid from capital or effectively out of the capital of the Portfolio, 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.

5. Investors should not rely on this document alone to make investment decisions.

A Disciplined Barbell Approach Has Delivered Positive Returns in Most Market Environments

Offered Currencies inUSD, HKD and EUR.

Hedged Share Classes in AUD,CAD, EUR, GBP, NZD, RMB

and SGD are also available.^

Balance

+ to manage macro-economic risk

Diversification

+ to manage idiosyncratic risk

Opportunistic

+ to maximize return

Historical data included for information purposes only. Holdings are subject to change. Current analysis does not guarantee future results.Based on monthly returns from 1 October 2009 through 30 September 2019.US HY is represented by Bloomberg Barclays US Corporate High Yield; US Treasury by Bloomberg Barclays US Treasury; EM Corp. by J.P. Morgan CEMBI Broad Diversified; EM Sov (USD) by J.P. Morgan EMBI Global; Securitized Products by Bloomberg Barclays US Securitized AAA. An investor cannot invest directly in an index or average and they do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. AIP returns are net of A share class fees.Source: Bloomberg Barclays, JPMorgan Chase and AllianceBernstein (AB), as of 30 September 2019.

Designed for Monthly Dividend Payout♦

To give investors more flexibility, a monthly payout option allows investors to receive cash or reinvest the proceeds.♦ Dividends are not paid for all share classes and are not guaranteed. See Box 3

below for ‘Past Dividend Payout Record’ information.

OVERALL MORNINGSTAR RATINGTMClass A USD Shares

Rated against 245 funds in the USD Flexible BondCategory, based on risk-adjusted returns.

*▲

Perc

ent

MexicanDefault

Global CreditCrisis

RussianDefault

2.5

%

0.2

5%

0.7

5%

1.2

5%

2%

1% Fed Increases1%

0.2

5%

0.2

5%

0.7

5%

1%

TaperTantrum

EnergySell-Off

-10.4

23.8

13.411.7

-3.2

3.4

8.56.5

8.8

14.3

6.1 4.96.4

4.6

-11.3

25.0

10.45.8

9.4

-1.4

5.9

-2.6

7.84.8

-1.1

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18-20

0

20

40

In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.

Past performance does not guarantee future results. Portfolio inception date (Class A): 1 July 1993. Calculated on an NAV-to-NAV basis, in US Dollars. Shaded area indicates time periods when the Fed increased interest rates.Source: Bloomberg and AB, as of 31 December 2018.

4Q 2019

Gap

Bet

wee

n be

st a

nd w

orst Be

stW

orst

Sector Leadership AlternatesAnnualized Sector Returns (Percent)

2011 2012 2013 2014 2015 2016 2017 2018YTD

2019

8.6% 15.9% 16.0% 5.0% 5.7% 16.1% 7.0% 5.5% 5.6%

US TIPS13.6

US Treas.9.8

EMD USD8.5

US IG Corp.8.2

US HY5.0

EMD USD17.9

US HY15.8

US IG Corp.9.8

US TIPS7.0

US Treas.2.0

US HY7.4

US IG Corp.-1.5

US Treas.-2.8

EMD USD-6.8

US TIPS-8.6

US IG Corp.7.5

US Treas.5.6

EMD USD5.5

US TIPS3.6

US HY2.5

EMD USD1.2

US Treas.0.8

US IG Corp.-0.7

US TIPS-1.4

US HY-4.5

US HY17.1

EMD USD10.2

US IG Corp.6.1

US TIPS4.7

US Treas.1.0

EMD USD9.3

US HY7.5

US TIPS3.0

US Treas.2.3

US IG Corp.6.4

US TIPS-1.3

US Treas.0.9

US HY-2.1

US IG Corp.-2.5

EMD USD-4.6

EMD USD12.1

US IG Corp.13.2

US HY11.4

US Treas.7.7

US TIPS7.6

6. Portfolio Allocation United States 77.16%United Kingdom 2.79%France 1.42%Brazil 1.14%Switzerland 1.05%Other 16.44%

Treasuries 24.60%High Yield 17.48%Corporates - Investment Grade 17.24%CMOs 14.13%Emerging Markets - Hard Currency 8.19%Commercial Mortgage - Backed Securities 7.38%Agency 4.08%Other 6.90%

Country AllocationSector Allocation

All ratings are based on ratings of S&P, Moody's and Fitch. Sector Allocation/High Yield uses a split to lower with two different ratings (and a split to middle for three ratings). Holdings are expressed as a percentage of total investments and may vary over time. Numbers may not sum due to rounding. Source: AB, as of 30 September 2019.

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 AB funds, investors should review the fund’s full prospectus, together with the fund’s Product Key Facts/ Product Highlight Sheets 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. The Portfolio is part of AB FCP I (referred to as “AB”). AB is a mutual investment fund (fonds commun de 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.Past performance is no guarantee of future results. Please refer to the Prospectus for the full list of share classes and currencies offered. Total returns, provided by AB, include the change in net asset value and reinvestment of any distributions paid on Portfolio shares for the period shown, but do not reflect sales charges. Returns listed may not represent actual returns to an investor. Shares of the Portfolio are offered only pursuant to the Portfolio’s current prospectus together with the most recent financial statements. References, if any, to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AB. Any specific securities identified and described in the material do not represent all of the securities purchased, sold or recommended for the Portfolio, and may or may not be held by the Portfolio at any given time. It should not be assumed that investments in the securities were or will be profitable.Investment Risks — 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. Dividends are not paid for all share classes and are not guaranteed. The Portfolio is meant as a vehicle for diversification and does not represent a complete investment program. These and other risks are described in the Portfolio’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the Portfolio’s fees and charges with their financial advisor to determine if the investment is appropriate for them.* Overall Morningstar Rating is a copyright of Morningstar, Inc., 2019. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be

copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar rates funds from one star to five stars based on how well the funds have performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods, in three years, five years, and ten years, and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They are a useful tool for identifying funds worthy of further research, but should not be considered buy or sell recommendations. As of 30 June 2019.

^ Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience Pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations.

† The past 5 calendar year performance for American Income Portfolio (Class AT, USD): 5.99% (2014) , -2.58% (2015), 7.76% (2016) , 4.82% (2017) , -1.14% (2018) and 10.57% (2019 YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 30 September 2019. Inception date for Class AT (USD): 16 September 2002.

# The past 5 calendar year performance for American Income Portfolio (Class A, USD): 5.88% (2014) , -2.57% (2015), 7.77% (2016) , 4.82% (2017) , -1.15% (2018) and10.55% (2019 YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 30 September 2019. Inception date for Class A (USD): 1 July 1993.

▲ From Thomson Reuters Lipper Awards, ©2018 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. “Winner of the 2018 Thomson Reuters Lipper Fund Awards Hong Kong” for Bond US Dollar (3 Years), Bond US Dollar (5 Years) and Bond US Dollar (10 Years), based on Class A (USD), fund performance as of 31 December 2017. Awards are not recommendation to purchase, sell or hold the portfolio.

To Hong Kong Readers: This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited.To Singapore Readers: For financial representative use only. Not for inspection by, distribution or quotation to the general public. This document has been issued by AllianceBernstein (Singapore) Ltd. (“ABSL”, Company Registration No. 199703364C). AllianceBernstein (Luxembourg) S.à r.l. is the management company of the portfolio and has appointed ABSL as its agent for service of process and as its Singapore representative. AllianceBernstein (Singapore) Ltd. is regulated by the Monetary Authority of Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore.© 2019 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P.

(Issue date of this document: 15 November 2019)

AIP-PRF-EN-HK-1119

4. 5. Fund Profile

Portfolio Manager:

Paul J. DeNoonScott DiMaggio, CFAGershon Distenfeld, CFADouglas J. PeeblesMatthew S. Sheridan, CFA

Inception Date: 1993/07/01 (Class A, USD)

Base Currency: USD

^Convenience Pricing/ Reporting Currencies:

HKD, EUR

^Currency-hedged Share Classes:

AUD, CAD, EUR, GBP, NZD, RMB, SGD

Class offered: A, A2, AA, AT

Fund Size: USD 24,515.01 million

Source: AB, as of 30 September 2019.

Why Multi-Sector? Increased Opportunity Set and Diversified Exposure to Rates

Holdings are subject to change. Current analysis does not guarantee future results. Historical information provided for illustrative purposes only.As of 30 September 2019. Numbers may not sum due to rounding. These returns are for illustrative purposes only and do not reflect the performance of any fund. Diversification does not eliminate the risk of loss; US Treas. is represented by Bloomberg Barclays US Treasury; US TIPS by Bloomberg Barclays US TIPS; US HY by Bloomberg Barclays US Corporate High Yield; US IG Corp. by Bloomberg Barclays US Corporate Investment Grade; Emerging Market Debt (EMD) USD by J.P. Morgan EMBI-Global; mortgage-backed securities by Bloomberg Barclays US MBS; agencies by Bloomberg Barclays US Agency. An investor cannot invest directly in an index or average and neither includes sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns.Source: Bloomberg Barclays, J.P. Morgan and AB

In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.

4Q 2019AMERICAN INCOME PORTFOLIO

第4季 2019

1. 回報與穩定性兼備，增加核心基礎的穩固性

聯博－美元收益基金

2. 3. 過往派息記錄†

重要事項1 本基金投資於各種美國政府證券、以美元計值的固定收益證券，包括由美國境外及境內註冊發行商發行的投資級別及非投資級高收益證券及非美國政府

或其代理及屬下部門所發行的以美元計價的固定收益證券及各種按揭抵押證券和零票息證券。2 投資於本基金亦可能涉及固定收益證券風險、不流通資產風險、管理風險、信用風險及人民幣類別風險。低評級及無評級工具被視為須承受本金及利息

損失的更大風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。3 本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效

基金管理的目的，且本基金可能會遭受重大損失。4 本基金可從資本中或實際上以資本撥付派息（此舉可構成部分退回或撤回投資者原本的投資）或來自原本投資應佔的任何資本收益，由此即時減低每股資

產淨值。5 投資者不應只依賴本文件而作出投資決定。

所載過往資料僅供參考。持倉可能會有所變動。當前分析並非未來業績的保證。基於2009年10月1日至2019年9月30日的每月回報。美國高收益債券由彭博巴克萊美國高收益公司債券代表；美國國庫債券由彭博巴克萊美國國庫債券代表；新興市場公司債券由摩根大通CEMBI廣泛多元化代表；新興市場主權美元債券由摩根大通EMBI環球代表；證券化產品由彭博巴克萊美國證券化AAA指數代表。投資者不能直接投資於指數或平均值，兩者亦不包括與互惠基金投資有關且會降低總回報的銷售費用或經營開支。美元收益基金的回報已扣除A類股份的費用。資料來源：彭博巴克萊、摩根大通及聯博，截至2019年9月30日。

過往表現並非未來業績的保證。基金成立日期（A類）：1993年7月1日。按資產淨值比資產淨值計算，以美元計值。陰影區域表示聯儲局加息的時間段。資料來源：彭博及聯博，截至2018年12月31日。資料來源：聯博，截至2019年9月30日。

AT類股份以下股份類別旨在每月宣派及派付股息。派息╱息率並無保證，派息可從資本中支付。（注意重要事項4）年度化息率按以下程式計算：以當月之派息x 12/當月除息價格x 100。正派息率並不表示本基金將錄得正回報。以下所提供的過往數據僅作參閱之用，並不代表基金未來的年息率。

月份資產淨值（美元）

股息（美元）

年度化息率

09/30/2019 8.33 0.0351 5.06%

08/30/2019 8.38 0.0351 5.03%

07/31/2019 8.25 0.0351 5.11%

06/28/2019 8.26 0.0351 5.10%

05/31/2019 8.16 0.0351 5.16%

04/30/2019 8.10 0.0351 5.20%

發售貨幣包括美元，港元及歐元。

另備有對沖股份類別，包括澳元、加元、歐元、英鎊、紐西蘭元、

人民幣及新加坡元。^

信貸及存續期啞鈴式

年度化回報率(%)

波動性

美元收益基金#

美國高收益債券

美國投資級別證券化產品美國國庫債券

新興市場公司債券

新興市場主權美元債券

0.0

4.0

8.0

12.0

1.0 2.0 3.0 4.0 5.0 6.0 7.0

≥50%投資級別債券

第4季 2019美元收益基金

此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資聯博基金前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽www.abfunds.com.hk或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。本基金為AB FCP I （即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律組成的互惠投資基金（fonds commun de placement），法定名稱為AB FCP I。在2016年2月5日之前，聯博的法定名稱為ACMBernstein，營業名稱為聯博。以往表現並非未來業績的保證。聯博提供的總回報反映資產淨值的變動，並於所示時期內就基金股份所支付的任何分派均用於再投資，但不反映銷售費。所列回報不一定代表投資者所得的實際回報。本基金股份只可根據本基金的現行認購章程連同最近的財務報表發售。如有提及任何個別證券，目的僅為說明本公司投資理念的應用，不可視為聯博所作推薦。本資料所指明及所述的個別證券，並不代表為本基金買入、賣出或建議的所有證券，本基金於任何特定時間可能持有，亦可能不持有。不應假定投資於此等證券在以往或將來均可獲得利潤。投資風險─投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在作為分散投資的工具，並非完整投資計劃。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程包括風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。* Overall Morningstar Rating是晨星有限公司2019版權所有。晨星提供的資料：(1)為晨星的獨有資產；(2)未經許可不得複製或轉載；及 (3)晨星未就資料的完整性、準確性及即時性作出任何保證。晨星及其內容供應商對於因使用相關資料而作出的交易決定均不承擔任何責任。過往績效紀錄不能保證未來投資結果。晨星將同類型基金比較，以其表現為基礎（經考慮風險及銷售費用而調整後），從一到五星評級。於晨星各分類內，表現首10%的基金評為五星，接下來的22.5%的基金評為四星，中間35%的基金評為三星，接下來22.5%的基金評為兩星，而尾10%的基金評為一星。基金評級分為三個時段：三年、五年和十年；評級會結合並產生一個整體評級。基金成立少於三年並不獲評級。評級是客觀的，完全以歷來表現的數學評價為基礎。評級為鑑定值得進一步研究的基金的有用工具，但不應被視作買入或贖回基金的信號。截至2019年6月30日。

^ 貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其它報價貨幣類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。

† 聯博—美元收益基金（AT類，美元）過去5個曆年的表現：5.99% (2014)，-2.58% (2015)，7.76% (2016)，4.82% (2017)，-1.14% (2018)及10.57% (2019至今 )。資料來源：聯博，按資產淨值比資產淨值計算，股息用於再投資，以美元計，截至2019年9月30日。AT類（美元）的成立日期為2002年9月16日。

# 聯博—美元收益基金（A類，美元）過去5個曆年的表現：5.88% (2014)，-2.57% (2015)，7.77% (2016)，4.82% (2017)，-1.15% (2018)及10.55% (2019至今 )。資料來源：聯博，按資產淨值比資產淨值計算，股息用於再投資，以美元計，截至2019年9月30日。A類（美元）的成立日期為1993年7月1日。

▲ 來自湯森路透的理柏獎項，©2018湯森路透版權所有。經許可使用及受美國版權法保護。未經明確書面許可，禁止印刷、複製、再分發或轉載本內容。"2018得獎者湯森路透理柏基金香港年獎”美元債券（3年）、美元債券（5年）及美元債券（10年）獎以A類（美元）計算，基金表現截至2017年12月31日。

此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司。© 2019 AllianceBernstein L.P. [A/B] 標誌為AllianceBernstein的服務標記，而AllianceBernstein ®為註冊商標，須獲得其擁有人AllianceBernstein L.P. 的批准方可使用。

（本文件刊發日期：2019年11月15日）

AIP-PRF-CH-HK-1119

4.

6. 基金投資組合配置

5. 基金基本資料為何選擇多類別法？增加投資機會及分散利率風險

基金持股可隨時間變更。過往表現及當前分析並非未來業績的保證。所提供的歷史資料僅作說明用途。截至2019年9月30日。由於四捨五入，數字總計可能與實際總和不符。該等回報僅作說明用途，並不反映任何基金的表現。多元化投資方式不會消除損失風險；美國國庫債券代表—彭博巴克萊美國國庫債券；美國抗通脹證券—彭博巴克萊美國抗通脹證券；美國高收益債券—彭博巴克萊美國高收益公司債券；美國投資級別公司債券—彭博巴克萊美國投資級別公司債券；新興市場美元債券—摩根大通EMBI環球；按揭抵押證券由彭博巴克萊美國按揭抵押證券代表；機構債券由彭博巴克萊美國機構債券代表。投資者不能直接投資於指數或平均值，兩者亦不包括與互惠基金投資有關且會降低總回報的銷售費用或經營開支。資料來源：彭博巴克萊、摩根大通及聯博

基金經理：


成立日： 1993/07/01（A類，美元）

基準貨幣：美元

^其他報價貨幣：港元、歐元

^貨幣對沖股份類別：澳元、加元、歐元、英鎊、紐西蘭元、人民幣、新加坡元

發售類別： A, A2, AA, AT

基金規模： 24,515.01百萬美元

資料來源：聯博，截至2019年9月30日。

另類領先類別年度化類別回報（百分比）

最佳與最差表現的比較

最佳

最差

2011 2012 2013 2014 2015 2016 2017 20182019

年初至今

8.6% 15.9% 16.0% 5.0% 5.7% 16.1% 7.0% 5.5% 5.6%

美國抗通脹證券

13.6

美國國庫債券9.8

新興市場美元債券

8.5

美國投資級別公司債券

8.2


5.0


17.9


15.8


9.8


7.0



7.4


-1.5

美國國庫債券-2.8


-6.8


-8.6


7.5



5.5


3.6


2.5


1.2



-0.7


-1.4


-4.5


17.1


10.2


6.1


4.7



9.3


7.5


3.0



6.4


-1.3



-2.1


-2.5


-4.6


12.1


13.2


11.4



7.6

行業分佈國庫債券 24.60%高收益 17.48%公司債券–投資等級 17.24%抵押擔保債務憑證 14.13%新興市場–強勢貨幣 8.19%商業按揭抵押證券 7.38%機構 4.08%其它 6.90%

美國 77.16%英國 2.79%法國 1.42%巴西 1.14%瑞士 1.05%其它 16.44%

國家分佈

所有評級均基於標準普爾、穆迪及惠譽。行業分佈/高收益使用兩個不同評級中較低的評級（及三個不同評級中中等的評級）。持倉以總投資額的百分比呈列及可隨時變更。因四捨五入的關係，各項數據的總和未必等同總額。資料來源：聯博，截至2019年9月30日。

FIXED INCOME 定息

November 2019 年 11 月 MONTHLY NAV AND DIVIDEND SUMMARY

每月資產淨值及股息摘要

AB - American Income Portfolio 聯博 - 美元收益基金 NAV, Dividend and Yield Information as of 11/29/2019 截至 11/29/2019 的資產淨值、股息及年度化息率資料 The share classes below intend to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 4) 以下股份類別旨在每月宣派及派付股息。派息/息率並無保證，派息可從資本中支付。(注意重要事項 4) Annualized yield is calculated with the following formula: Dividend of the month x 12 / ex-dividend price of the month x 100. Positive distribution yield does not imply positive return. The historical data provided below are for information purposes only and do not imply prospective yields of the Portfolio. 年度化息率按以下程式計算：以當月之派息 x 12 / 當月除息價格 x 100。正派息率並不表示本基金將錄得正回報。以下所提供的過往數據僅作參閱之用，並不代表基金未來的年息率。

Class AT shares, AUD-Hedged^ (ISIN: LU0511406216) AT類股份，澳元對沖^

Class AT shares, CAD-Hedged^ (ISIN: LU0592505407) AT類股份，加元對沖^

Month 月份

NAV (A$) 資產淨值（澳元）

DIV (A$) 股息（澳元）

Annualized Yield 年度化息率

Month 月份

NAV (CAD) 資產淨值（加元）

DIV (CAD) 股息（加元）


11/29/2019 14.16 0.0486 4.12% 11/29/2019 13.93 0.0535 4.61% 10/31/2019 14.20 0.0486 4.11% 10/31/2019 13.96 0.0535 4.60% 09/30/2019 14.19 0.0486 4.11% 09/30/2019 13.94 0.0507 4.36% 08/30/2019 14.26 0.0486 4.09% 08/30/2019 14.02 0.0507 4.34% 07/31/2019 14.06 0.0486 4.15% 07/31/2019 13.81 0.0507 4.41% 06/28/2019 14.07 0.0546 4.66% 06/28/2019 13.82 0.0507 4.40% 05/31/2019 13.90 0.0546 4.71% 05/31/2019 13.66 0.0507 4.45% 04/30/2019 13.81 0.0546 4.74% 04/30/2019 13.57 0.0507 4.48% 03/29/2019 13.77 0.0546 4.76% 03/29/2019 13.52 0.0507 4.50% 02/28/2019 13.62 0.0546 4.81% 02/28/2019 13.38 0.0507 4.55% 01/31/2019 13.61 0.0546 4.81% 01/31/2019 13.36 0.0507 4.55% 12/31/2018 13.36 0.0600 5.39% 12/31/2018 13.12 0.0507 4.64%

Class AT shares, USD (ISIN: LU0157308031) AT類股份，美元

Class AT shares, HKD^ (ISIN: LU0417103065) AT類股份，港元^

Month 月份

NAV (US$) 資產淨值 (美元)

DIV (US$) 股息 (美元)


Month 月份

NAV (HK$) 資產淨值 (港元)

DIV (HK$) 股息 (港元)


11/29/2019 8.33 0.0351 5.06% 11/29/2019 65.21 0.2745 5.05% 10/31/2019 8.35 0.0351 5.04% 10/31/2019 65.45 0.2751 5.04% 09/30/2019 8.33 0.0351 5.06% 09/30/2019 65.29 0.2752 5.06% 08/30/2019 8.38 0.0351 5.03% 08/30/2019 65.71 0.2752 5.03% 07/31/2019 8.25 0.0351 5.11% 07/31/2019 64.59 0.2743 5.10% 06/28/2019 8.26 0.0351 5.10% 06/28/2019 64.54 0.2743 5.10% 05/31/2019 8.16 0.0351 5.16% 05/31/2019 63.97 0.2755 5.17% 04/30/2019 8.10 0.0351 5.20% 04/30/2019 63.55 0.2753 5.20% 03/29/2019 8.07 0.0351 5.22% 03/29/2019 63.35 0.2755 5.22% 02/28/2019 7.99 0.0351 5.27% 02/28/2019 62.72 0.2754 5.27% 01/31/2019 7.98 0.0351 5.28% 01/31/2019 62.62 0.2754 5.28% 12/31/2018 7.83 0.0351 5.38% 12/31/2018 61.32 0.2748 5.38%

Important Information 重要事項 1. The portfolio invests in all types of U.S. Government securities and fixed-income securities, including investment grade and high yield, non-investment grade securities of issuers domiciled within and outside the U.S; and non-US

government or their agencies and instrumentalities issuing securities denominated in USD and a variety of mortgage-backed securities and zero coupon securities. 本基金投資於各種美國政府證券、以美元計值的固定收益證券，包括由美國境外及境內註冊發行商發行的投資級別及非投資级高收益證券及非美國政府或其代理及屬下部門所發行的以美元計價的固

定收益證券及各種按揭抵押證券和零票息證券。 2. Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, management risk, credit risk and Renminbi share class risk. Exposure to lower rated and unrated instruments can subject the Portfolio to greater

risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost. 投資於本基金亦可能涉及固定收益證券風險、不流通資產風險、管理風險、信用風險及人民幣類別風險。低評級及無評級工具被視為須承受本金及利息損失的更大風險。基金價格可反覆波動，並可

在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。 3. 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. 本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重大損

失。 4. Dividends may be paid from capital or effectively out of the capital of the Portfolio, 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. 本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。

5. Investors should not rely on this document alone to make investment decisions. 投資者不應只依賴本文件而作出投資決定。

AIP–DYI–EN–CH–HK–1119 (Issue date of this document 本文件刊發日期: 12/10/2019)

Class AT shares, EUR-Hedged^ (ISIN: LU0539799634) AT類股份，歐元對沖^

Class AT shares, GBP-Hedged^ (ISIN: LU0689625878) AT類股份，英鎊對沖^

Month 月份

NAV (€) 資產淨值（歐元）

DIV (€) 股息（歐元）


Month 月份

NAV (GBP) 資產淨值（英鎊）

DIV (GBP) 股息（英鎊）


11/29/2019 13.92 0.0300 2.59% 11/29/2019 13.90 0.0438 3.78% 10/31/2019 13.95 0.0300 2.58% 10/31/2019 13.93 0.0438 3.77% 09/30/2019 13.94 0.0271 2.33% 09/30/2019 13.91 0.0412 3.55% 08/30/2019 14.01 0.0271 2.32% 08/30/2019 13.98 0.0412 3.54% 07/31/2019 13.80 0.0271 2.36% 07/31/2019 13.78 0.0412 3.59% 06/28/2019 13.81 0.0271 2.35% 06/28/2019 13.80 0.0412 3.58% 05/31/2019 13.64 0.0271 2.38% 05/31/2019 13.63 0.0412 3.63% 04/30/2019 13.56 0.0271 2.40% 04/30/2019 13.54 0.0412 3.65% 03/29/2019 13.51 0.0271 2.41% 03/29/2019 13.50 0.0412 3.66% 02/28/2019 13.37 0.0271 2.43% 02/28/2019 13.35 0.0412 3.70% 01/31/2019 13.35 0.0271 2.44% 01/31/2019 13.34 0.0412 3.71% 12/31/2018 13.11 0.0235 2.15% 12/31/2018 13.11 0.0412 3.77%

Class AT shares, NZD-Hedged^ (ISIN: LU0805981734) AT類股份，紐元對沖^

Class AT shares, RMB-Hedged^ (ISIN: LU0778786706) AT類股份，人民幣對沖^

Month 月份

NAV (NZD) 資產淨值（紐元）

DIV (NZD) 股息（紐元）


Month 月份

NAV (RMB) 資產淨值 (人民幣)

DIV (RMB) 股息 (人民幣)


11/29/2019 13.39 0.0474 4.25% 11/29/2019 93.40 0.4549 5.84% 10/31/2019 13.42 0.0474 4.24% 10/31/2019 93.66 0.4549 5.83% 09/30/2019 13.40 0.0519 4.65% 09/30/2019 93.51 0.4234 5.43% 08/30/2019 13.48 0.0519 4.62% 08/30/2019 93.99 0.4234 5.41% 07/31/2019 13.28 0.0519 4.69% 07/31/2019 92.62 0.4234 5.49% 06/28/2019 13.30 0.0519 4.68% 06/28/2019 92.74 0.3940 5.10% 05/31/2019 13.13 0.0519 4.74% 05/31/2019 91.57 0.3940 5.16% 04/30/2019 13.05 0.0519 4.77% 04/30/2019 90.96 0.3940 5.20% 03/29/2019 13.01 0.0519 4.79% 03/29/2019 90.63 0.3599 4.77% 02/28/2019 12.87 0.0519 4.84% 02/28/2019 89.64 0.4197 5.62% 01/31/2019 12.86 0.0519 4.84% 01/31/2019 89.66 0.4197 5.62% 12/31/2018 12.63 0.0519 4.93% 12/31/2018 88.03 0.4672 6.37%

Class AT shares, SGD-Hedged^ (ISIN: LU0592505829) AT類股份，新加坡元對沖^

Month 月份

NAV (SGD) 資產淨值 (新加坡元)

DIV (SGD) 股息 (新加坡元)


11/29/2019 13.95 0.0529 4.55% 10/31/2019 13.99 0.0529 4.54% 09/30/2019 13.96 0.0529 4.55% 08/30/2019 14.04 0.0529 4.52% 07/31/2019 13.83 0.0529 4.59% 06/28/2019 13.84 0.0493 4.27% 05/31/2019 13.67 0.0493 4.33% 04/30/2019 13.57 0.0493 4.36% 03/29/2019 13.52 0.0493 4.38% 02/28/2019 13.38 0.0493 4.42% 01/31/2019 13.36 0.0493 4.43% 12/31/2018 13.12 0.0493 4.51%

The calendar year performance for AB - American Income Portfolio: Class AT, USD — -1.49% (2013), 5.99% (2014), -2.58% (2015), 7.76% (2016), 4.82% (2017), -1.14% (2018) and 11.51% (2019 YTD). Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 30 November 2019. 聯博 - 美元收益基金歷年的表現：AT類，美元—-1.49% （2013 年）， 5.99%（2014 年），-2.58%（2015 年），7.76%（2016 年），4.82%（2017 年），-1.14%（2018年）及 11.51%（2019 年初至今）。資料來源：AB，按資產淨值比較計算，股息用於再投資，以美元計，截至 2019年 11 月 30 日。 ^ Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations. ^ 貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其它報價貨幣類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。 AB FCP I - American Income Portfolio is part of AB FCP I (referred to as “AB”). AB is a mutual investment fund (fonds commun de 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. 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, investors should review the fund’s full prospectus, together with the fund’s Product Key Facts 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.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. 聯博 - 美元收益基金為 AB FCP I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律組成的互惠投資基金 (fonds commun de placement)，法定名稱為 AB FCP I。在 2016 年 2 月 5 日之前，聯博的法定名稱為 ACMBernstein，營業名稱為 AllianceBernstein。此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.abfunds.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。 Past performance is no guarantee of future results. Total returns, provided by AB, include the change in Net Asset Value and reinvestment of any distributions paid on portfolio shares for the period shown, but do not reflect sales charges. Shares of the portfolio are offered only pursuant to the portfolio’s current Prospectus together with the most recent financial statements. 以往表現並非未來業績的保證。AB 提供的總回報反映資產淨值的變動，並於所示時期內就基金股份所支付的任何分派均用於再投資，但不反映銷售費。所列回報不一定代表投資者所得的實際回報。本基金股份只可根據本基金的現行認購章程連同最近的財務報表發售。 Investment Risks—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. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuations. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them. 投資風險—投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。 Source: AB, as of 30 November 2019. 資料來源：AB，截至 2019 年 11 月 30 日。 This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited. 此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司。 ©2019 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P. ©2019 AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein 的服務標記，而AllianceBernstein®為註冊商標，須獲得其擁有人AllianceBernstein L.P. 的批准方可使用。

Nov 2019年11月

All data as of 所有資料截至 30/11/2019

AB - American Income Portfolio聯博－美元收益基金

* ∆

Important Information 重要事項1 Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, management risk, credit risks and Renminbi share class risk. Exposure to lower rated and unrated

instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within ashort period of time. It is possible that the entire value of your investment in the portfolio can be lost.投資於本基金亦可能涉及固定收益證券風險、不流通資產風險、管理風險、信用風險及人民幣類別風險。低評級及無評級工具被視為須承受本金及利息損失的更大風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。

2 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'suse of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重大損失。

3 Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capitalgains attributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。

4 Investors should not rely on this document alone to make investment decisions.投資者不應只依賴本文件而作出投資決定。

Portfolio Objective/ Strategy/ Key Features 基金目標/ 策略/ 特色The Portfolio seeks to provide a high level of current income consistent with preservation of capital byinvesting in a diversified portfolio of U.S. dollar-denominated fixed income securities. The Portfolioinvests solely in U.S. dollar denominated fixed income securities, including investment grade and highyield, non-investment grade securities of issuers domiciled within and outside the U.S. Under normalmarket conditions, a minimum of 50% of the Portfolio assets will be invested in investment gradesecurities. At least 65% of the assets must be issued by issuers domiciled within the United States.

本基金主要透過分散投資於以美元計值的固定收益證券，以獲取與保本相符的高收益。本基金只投資於以美元計值的固定收益證券，包括由美國境外及境內註冊發行商發行的投資級別及非投資級別高收益證券。在正常市場情況下，最少 50% 的投資組合資產將投資於投資級別的證券。而至少有 65% 之資產，必須由美國境內之機構發行。

Portfolio Composition^ 投資組合配置^

Sector Allocation^^ 行業分佈^^Treasuries 國庫債券 26.55%High Yield 高收益 19.53%Corporates - Investment Grade公司債券–投資等級 13.98%CMOs抵押擔保債務憑證 13.62%Emerging Markets -Hard Currency新興市場–強勢貨幣 7.94%Commercial Mortgage-Backed Securities商業按揭抵押證券 7.15%Agency 機構 3.62%Other 其它 7.61%

Country Allocation 國家分佈United States 美國 76.88%United Kingdom 英國 2.28%France 法國 1.38%Brazil 巴西 1.34%Switzerland 瑞士 1.14%Other 其它 16.98%

Currency Allocation 貨幣分佈US Dollar 美元 100.00%

Credit Quality^^ 信貸評級^^AAA 39.03%AA 0.60%A 5.03%BBB 20.83%BB 18.95%B 12.75%CCC & BelowCCC 及以下 0.01%Not Rated 無評級 2.80%

^ Holdings are expressed as a percentage of total investments and may vary over time.投資組合配置比重以總投資比重之百分比表示，可能隨時間而改變。

^^ All ratings are based on ratings of S&P, Moody’s and Fitch. Sector Allocation/High Yield uses a split to lower with twodifferent ratings (and a split to middle for three ratings); Credit Quality uses a split to higher.所有評級均基於標準普爾、穆迪及惠譽。行業分佈/高收益使用兩個不同評級中較低的評級（及三個不同評級中中等的評級）；信貸評級使用較高的評級。

# Source: S&P, Moody’s, Fitch and AllianceBernstein (AB).資料來源: 標準普爾、穆迪、惠譽及 AB。

1. As a percentage of purchase price for Classes A, A2, AA and AT only.適用於 A 股, A2 股, AA 股及 AT 股之費用，以認購價格之百分比計算。

2. As an annual percentage of average daily Net Asset Value.以每日平均資產淨值之年度百分比率計費用。

Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡

Inception Date基金成立日

01/07/1993（Class A – USD）（ A 股–美元）

Fiscal Year End財政年度終結 31 August（8 月 31 日）

Net Assets淨資產 $26,921.71 Million 百萬美元

Subscription/Redemption認購/贖回

Daily 每日

Base Currency基準貨幣 USD 美元

Reporting Currencies其他報價貨幣 EUR, HKD 歐元，港元

Currency HedgedShare Classes†

貨幣對冲股份類別†

AUD, CAD, EUR, GBP, NZD,RMB, SGD澳元，加元，歐元，英鎊，紐西蘭元，人民幣，新加坡元

Average Duration(Years)平均存續期 (年)

4.51

Average Credit Quality#

平均信貸質素#A-

Initial Sales Charge1

首次認購費 1Up to 最多為 5.00%（Class A, A2, AA & AT 股）

Management Fee2

管理費 21.10%

Management CompanyFee2

管理公司費 20.10%

Total No. Of Holdings總持股數量 1,342

Portfolio ManagementTeam基金管理團隊


For fees applicable to other share classes, please refer to the offeringdocuments for details.有關其他股份類別的費用詳情，請參閱基金銷售文件。

Offering documents can bedownloaded here:基金銷售文件可在此下載:

English 中文

Nov 2019年11月

All data as of 所有資料截至 30/11/2019

Top 10 Holdings 十大持股

Holding 持股量US Treasury Bonds 6.125%, 11/15/27 - 8/15/29 7.76%US Treasury Bonds 6.25%, 5/15/30 3.22%US Treasury Bonds 6.00%, 2/15/26 2.98%US Treasury Bonds 7.625%, 2/15/25 2.10%US Treasury Bonds 6.75%, 8/15/26 1.95%FNMA 6.625%, 11/15/30 1.91%US Treasury Bonds 6.375%, 8/15/27 1.84%US Treasury Bonds 8.00%, 11/15/21 1.82%US Treasury Inflation Index 0.125%, 7/15/24 1.54%US Treasury Bonds 7.50%, 11/15/24 1.31%Total 合共 26.43%

Calendar Year Returns 年度回報%

-10

0

10

20

2014 2015 2016 2017 2018 2019 YTD

2014 2015 2016 2017 2018 2019 YTD年初迄今Class A –USDA 股–美元

5.87 -2.57 7.77 4.82 -1.15 11.34

Cumulative Total Returns 總累積回報%

1 Year（年）

3 Year（年）

5 Year（年）

10 Year（年）

SinceInception成立迄今

Class A – USDA 股–美元 12.27 16.42 20.39 62.50 385.50

Please refer to Profile section for Inception Date of Class A – USD.請見基金資料有關 A 股 – 美元的成立日。Source: AB, calculated on an NAV-to-NAV basis, with dividend reinvested, in U.S. Dollars資料來源：AB，按資產淨值比資產淨值計算，股息用於再投資，以美元計。

Past performance is no guarantee of future results. Total returns, provided by AB, include the change in netasset value and reinvestment of any distributions paid on Portfolio shares for the period shown, but do notreflect sales charges. The information on this page is for information purposes only and should not be construedas an offer to sell, or solicitation of an offer to buy, or a recommendation for the securities of the Portfolio.過往的業績不保證將來的表現。AB 所提供的總回報包括期內之資產淨值變化及股息或利息之再投資，但是並不反映認購費。本頁資訊僅作參閱之用，不應被視作銷售或誘導讀者購買或推薦本基金之證券。

*From Thomson Reuters Lipper Awards, ©2018 Thomson Reuters. All rights reserved. Used by permission andprotected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission ofthis Content without express written permission is prohibited. “Winner of the 2018 Thomson Reuters LipperFund Awards Hong Kong” for Bond US Dollar (3 Years), Bond US Dollar (5 Years) and Bond US Dollar (10 Years),based on Class A (USD), fund performance as of 31 December 2017. Awards are not recommendation topurchase, sell or hold the portfolio.*來自湯森路透的理柏獎項，©2018 湯森路透版權所有。經許可使用及受美國版權法保護。未經明確書面許可，禁止印刷、複製、再分發或轉載本內容。"2018 得獎者湯森路透理柏基金香港年獎”美元債券（3年）、美元債券（5 年）及美元債券（10 年）獎以 A 類（美元）計算，基金表現截至 2017 年 12 月 31 日。獎項並非買入、賣出或持有本基金的推薦。

NAV, Yield & Dividend Information (as of 30/11/2019)†資產淨值、息率及股息資料（截至 2019 年 11 月 30 日）†

A, AT & AA share classes below intend to declare and pay dividends. Dividendamount/distribution rate is not guaranteed and may be paid from capital of thePortfolio. (See Important Information 3)Annualized yield is calculated with the following formula: monthly dividend ofthe month x 12 / ex-dividend price of the month x 100. Positive distributionyield does not imply positive return. The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio.

A, AT 及 AA 股份類別旨在提供每月派息。派息並無保證及可從資本中支付。(注意重要事項 3)年度化息率按以下程式計算：以當月份之派息 x 12 / 除息價格 x 100。正派息率並不表示本基金將錄得正回報。以下所提供的過往數據僅作參閱之用，並不代表基金未來的年息率。

NAV基金淨值

Yield息率

Dividend股息 Bloomberg ISIN

Class A – USDA 股–美元 8.33 5.04 0.0350 ALAMIAI:LX LU0044957727

Class A2 – USDA2 股–美元 30.86 - - ALAMITI:LX LU0095030564

Class A2 – HKDA2 股–港元 241.59 - - ABAIA2H:LX LU0417102927

Class A2 – EUR(H)A2 股–歐元（對沖） 19.82 - - ABAA2EH:LX LU0592505589

Class AA – USDAA 股–美元 13.14 6.51 0.0713 ABAIAAU:LX LU1008671684

Class AA – HKDAA 股–港元 102.87 6.50 0.5576 ABAMIAA:LX LU1069345178

Class AA – AUD(H)AA 股–澳元（對沖） 12.96 5.56 0.0601 ABAUDHI:LX LU1008671841

Class AA – CAD(H)AA 股–加元（對沖） 12.72 6.07 0.0643 ABAACAH:LX LU1069345251

Class AA – EUR(H)AA 股–歐元（對沖） 12.75 4.03 0.0428 ABAAEUH:LX LU1069345509

Class AA – GBP(H)AA 股–英鎊（對沖） 12.72 5.24 0.0555 ABAAGBH:LX LU1069345335

Class AA – NZD(H)AA 股–紐西蘭元（對沖） 12.80 5.70 0.0608 ABAANZH:LX LU1069345418

Class AA – RMB(H)AA 股–人民幣（對沖） 85.85 7.30 0.5225 ABAAARM:LX LU1069766787

Class AA – SGD(H)AA 股– 新加坡元（對沖） 12.92 6.00 0.0646 AAIAASH:LX LU1035780433

Class AT – USDAT 股–美元 8.33 5.06 0.0351 AGIAIAT:LX LU0157308031

Class AT – HKDAT 股–港元 65.21 5.05 0.2745 ABAIHAT:LX LU0417103065

Class AT – AUD(H)AT 股–澳元（對沖） 14.16 4.12 0.0486 ABAATAH:LX LU0511406216

Class AT – CAD(H)AT 股–加元（對沖） 13.93 4.61 0.0535 ABAATCH:LX LU0592505407

Class AT – EUR(H)AT 股–歐元（對沖） 13.92 2.59 0.0300 ABAATEH:LX LU0539799634

Class AT – GBP(H)AT 股–英鎊（對沖） 13.90 3.78 0.0438 AAMATSH:LX LU0689625878

Class AT – NZD(H)AT 股–紐西蘭元（對沖） 13.39 4.25 0.0474 ABAIATN:LX LU0805981734

Class AT – RMB(H)AT 股–人民幣（對沖） 93.40 5.84 0.4549 ABAATRH:LX LU0778786706

Class AT – SGD(H)AT 股–新加坡元（對沖） 13.95 4.55 0.0529 ABAATSH:LX LU0592505829

∆ Overall Morningstar Rating is a copyright of Morningstar, Inc., 2019. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is notwarranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.Morningstar rates funds from one star to five stars based on how well the funds have performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods, in three years, five years, and ten years, and these ratings are combined toproduce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They are a useful tool for identifying funds worthy of furtherresearch, but should not be considered buy or sell recommendations.∆ Overall Morningstar Rating 是晨星有限公司 2019 版權所有。晨星提供的資料：(1)為晨星的獨有資產；(2)未經許可不得複製或轉載；及(3)晨星未就資料的完整性、準確性及即時性作出任何保證。晨星及其內容供應商對於因使用相關資料而作出的交易決定均不承擔任何責任。過往績效紀錄不能保證未來投資結果。晨星將同類型基金比較，以其表現為基礎（經考慮風險及銷售費用而調整後），從一到五星評級。於晨星各分類內，表現首 10%的基金評為五星，接下來的 22.5％的基金評為四星，中間 35％的基金評為三星，接下來 22.5％的基金評為兩星，而尾 10%的基金評為一星。基金評級分為三個時段：三年、五年和十年；評級會結合並產生一個整體評級。基金成立少於三年並不獲評級。評級是客觀的，完全以歷來表現的數學評價為基礎。評級為鑑定值得進一步研究的基金的有用工具，但不應被視作買入或贖回基金的信號。† Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investingcurrency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Stand-alone currency symbols represent convenience pricing, which offers the ability to purchase orredeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of purchase or redemption. Convenience pricing involves no currency hedging and does not seekto provide any protection from currency fluctuations.† 對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。單獨的貨幣符號代表其它報價貨幣類別，即可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。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. Dividends are not paid for allshare classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increaseor decrease as a result of foreign exchange currency fluctuations. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and thefund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。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, investors should review the fund’s full prospectus, togetherwith the fund’s Product Key Facts 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 fromwww.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.abfunds.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。The Portfolio is part of AB FCP I (referred to as “AB”). AB is a mutual investment fund (fonds commun de placement) organized under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name wasACMBernstein, its trading name was AllianceBernstein.本基金為 AB FCP I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律組成的互惠投資基金 (fonds commun de placement)，法定名稱為 AB FCP I。在 2016 年 2 月 5 日之前，聯博的法定名稱為 ACMBernstein，營業名稱為 AllianceBernstein。This document is issued by AllianceBernstein Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.此文件的發行者為聯博香港有限公司及未經證監會審閱。©2019 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P.©2019 AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein 的服務標記，而 AllianceBernstein®為註冊商標，須獲得其擁有人 AllianceBernstein L.P. 的批准方可使用。

PRODUCT KEY FACTS AB FCP I

AllianceBernstein (Luxembourg) S.à r.l. American Income Portfolio December 2019

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) Depositary: 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:

Aims to declare daily and pay monthly or be reinvested as elected by investor* (ii) For Classes AA, AT, BA, BT, CT, IT, IA and WT 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 W2 Shares (and corresponding H Shares):

None Financial year end of this Portfolio: 31 August

Ongoing charges over a fiscal year:

Classes A, AA, AT and A2 Shares (and corresponding H Shares )

Class AA SGD H Shares

Class AA CAD H Shares

1.33%† 1.34%† 1.35%† Classes B, BA, B2 and BT Shares (and corresponding H Shares)

Classes C, C2 and CT Shares

Class C2 EUR H Shares

2.03%† 1.78%† 1.79%† Classes IA, IT and I2 Shares (and corresponding H Shares ) and I Shares

Class IA AUD H Shares

Class IT AUD H Shares

0.78%† 0.77%† 0.79%† Classes IT RMB H and WT GBP H Shares

Class IT SGD H Shares

Classes WT (and corresponding H Shares ) and W2 Shares

0.95% Δ 0.80%† 0.62%† Min. investment*: Initial Additional Classes A, AA, A2, AT, B●, BA●, B2●, BT●, C, C2 and CT Shares (and corresponding H Shares)

USD 2,000 | EUR 2,000 | GBP 2,000 HKD 15,000 | AUD 2,000 | SGD 3,000 CAD 2,000 | NZD 3,000 | ZAR 20,000 RMB 10,000

USD 750 | EUR 750 | GBP 750 HKD 5,000 | AUD 750 | SGD 1,000 CAD 750 | NZD 1,000 | ZAR 7,000 RMB 3,750

Classes I, I2, IT, IA, W2 and WT Shares (and corresponding H Shares)

USD 1 million | EUR 1 million AUD 1 million | HKD 8 million SGD 1.5 million | CAD 1 million NZD 1.5 million | GBP 500,000 RMB 5 million

None

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AB FCP I American Income Portfolio

Unless otherwise specified. †The ongoing charges figure is based on expenses for the year ended 31 August 2018. 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. 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. ●Effective 15 December 2016, Classes B, BA, B2 and BT Shares (and corresponding H Shares) are no longer open for subscription by new and existing investors. However, investors may request the exchange of their holdings of Classes B, BA, B2 and BT Shares (and corresponding H Shares) for the same share class of another AB-sponsored Luxembourg-domiciled UCITS fund authorised in Hong Kong for retail distribution or otherwise available through an AB authorised dealer in Hong Kong.

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. Subject to the abovementioned primary investment strategy of the Portfolio, it may invest less than 30% of its net assets in debt instruments with loss-absorption features as defined by the SFC, including, but not limited to, contingent convertible securities. 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.

Use of derivatives / Investment in derivatives The Portfolio’s net derivative exposure may be up to 50% of the Portfolio’s Net Asset Value.

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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. 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. 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 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. Risks relating to Renminbi (“RMB”) class(es) RMB is currently not freely convertible and is subject to exchange controls and restrictions. There can be no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB class(es) of the Portfolio. When calculating the value of the RMB class(es), offshore RMB in Hong Kong (“CNH”) will be used. The CNH rate may be at a premium or discount to the exchange rate for onshore RMB in China (“CNY”) and there may be significant bid and offer spreads. While CNH and CNY represent the same currency,

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they are traded in different and separate markets which operate independently. As such, CNH does not necessarily have the same exchange rate and may not move in the same direction as CNY. Non-RMB based (e.g. Hong Kong) investors may have to convert HKD or other currencies into RMB when investing in the RMB class(es). Subsequently, investors may also have to convert the RMB redemption proceeds (received when selling the shares) and RMB distributions received (if any) back to HKD or other currencies. During these processes, investors will incur currency conversion costs and may suffer losses in the event that RMB depreciates against HKD or such other currencies upon receipt of the RMB redemption proceeds and/or RMB distributions (if any). Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.

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.

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.

Portfolio launch year: 1993 Class AT Shares launch year: 2002

• 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

shown. • Performance data has been calculated in USD including ongoing charges and excluding any subscription fee and

redemption fee you might have to pay.

Is there any guarantee? This Portfolio does not have any guarantees. You may not get back the amount of money you invest.

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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.)

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 I, 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 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

+Any additional fees charged by distributors may still apply.

Ongoing fees payable by the fund

The following expenses will be paid out of the Portfolio. They affect you because they reduce the return you get on your investments. Fee 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 I, I2, IT and IA Shares (and corresponding H Shares): 0.55% Classes W2 and WT Shares (and corresponding H Shares): up to 0.55%

Depositary fee*

Up to 1.00% Administration fee payable to the Administrator* Transfer Agent fee* Performance fee Not Applicable Distribution fee* Classes B, BA, B2 and BT Shares (and corresponding H Shares): 0.70%

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.

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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, on or before 1:00 P.M. Central European Time on each Business Day (business day of both New York Stock Exchange and Luxembourg banks) for RMB hedged 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 other 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 Net Asset Value of the Portfolio is calculated on each Business Day and will be available on the following website www.alliancebernstein.com.hk or alternatively, you may contact AllianceBernstein Hong Kong Limited (as the Hong Kong Representative of the Fund) at +852 2918 7888.

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

產品資料概要聯博

AllianceBernstein (Luxembourg) S.à r.l. 美元收益基金 2019 年 12 月

本概要提供本基金的重要資料，是發售文件的一部分。

請勿單憑本概要作投資決定。

資料便覽

管理公司： AllianceBernstein (Luxembourg) S.à r.l. 投資管理人： AllianceBernstein L.P.（內部委任，美國特拉華州）存管人： Brown Brothers Harriman (Luxembourg) S.C.A. 交易頻密程度：每日基準貨幣：美元股息政策： (i) A 類、B 類、C 類及 I 類股份︰

目標為每日宣派，按月派付或由投資者選擇再投資* (ii) AA 類、AT 類、BA 類、BT 類、CT 類、IT 類、IA 類及 WT 類股份

（及相應 H 類股份）︰目標為按月宣派及派付或由投資者選擇再投資*

*股息可從資本中或實際上以資本撥付並降低本基金的資產淨值 (iii) A2 類、B2 類、C2 類、I2 類及 W2 類股份（及相應 H 類股份）︰

無本基金財政年度終結日： 8 月 31 日財政年度累計費用：

A 類、AA 類、 AT 類及A2 類股份（及相應 H類股份）

AA 類 H 新加坡元股份 AA 類 H 加元股份

1.33%† 1.34%† 1.35%† B 類、BA 類、B2 類及BT 類股份（及相應 H類股份）

C 類、C2 類及 CT 類股份

C2 類 H 歐元股份

2.03%† 1.78%† 1.79%† IA 類、IT 類及 I2 類股份（及相應 H 類股份）及I 類股份

IA 類 H 澳元股份 IT 類 H 澳元股份

0.78%† 0.77%† 0.79%† IT 類 H 人民幣股份及WT 類 H 英鎊股份

IT 類 H 新加坡元股份

WT 類（及相應 H 類股份）及 W2 類股份

0.95%Δ 0.80%† 0.62%† 最低投資額*：首次其後 A 類、AA 類、A2 類、AT 類、B 類●、BA 類●、 B2 類●、BT 類●、C 類、C2 類及 CT 類股份（及相應 H 類股份）

2,000 美元 | 2,000 歐元 2,000 英鎊 | 15,000 港元 2,000 澳元 | 3,000 新加坡元 2,000 加元 | 3,000 紐西蘭元 20,000 南非蘭特 | 人民幣 10,000 元

750 美元 | 750 歐元 750 英鎊 | 5,000 港元 750 澳元 | 1,000 新加坡元 750 加元 | 1,000 紐西蘭元 7,000 南非蘭特 | 人民幣 3,750 元

- 2 -

聯博

美元收益基金

I 類、I2 類、IT 類、IA 類、W2 類及WT 類股份（及相應 H 類股份）

1,000,000 美元 | 1,000,000 歐元 1,000,000 澳元 | 8,000,000 港元 1,500,000 新加坡元 | 1,000,000 加元 1,500,000 紐西蘭元 | 500,000 英鎊人民幣 5,000,000 元

無

除非另行指明。 †累計費用的數值乃根據截至 2018 年 8 月 31 日止年度的開支計算得出。該數值可能因年而異。累計費用的數值乃全年數值，計算方法為適用費用加上從本基金資產扣除的付款，再除以相關股份類別於該財政年度應佔的本基金平均資產淨值。 Δ 此股份類別的累計費用數值為估計數值。此股份類別的累計費用上限已訂為該數值，因此，於本傘子基金財政年度結束時，超過該數值部分的金額將由管理公司承擔。 *不同的最低投資額、其後投資額及最高投資額可適用於以不同貨幣計價的不同股份類別。投資者應參閱本傘子基金的發售文件了解詳情。 ●由 2016 年 12 月 15 日起，B 類、BA 類、B2 類及 BT 類股份（及相應 H 類股份）不再接納新及現有投資者發出的認購單。然而，投資者可要求將其持有的 B 類、BA 類、B2 類及 BT 類股份（及相應 H 類股份）轉換為另一由聯博保薦、於盧森堡成立並在香港獲認可向散戶分銷或以其他方式透過在香港的聯博認可交易商可供認購的 UCITS 基金的相同股份類別。

本基金是甚麼產品�

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AMERICAN INCOME PORTFOLIO · situations, the portfolio’s use of derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may