fixed income primer 0607 (2016_01_25 03_57_23 utc)

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Investments

Fixed Income 101:A Simple Guide to Understanding Bonds

Investment Products Offered

• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

> Bonds are complex instruments, but understanding the basics can take you a long way

> Bonds play key roles in diversified portfolios: income generator, stabilizer and potential source of total return

> Combining bonds with stocks may create a more effective balance between risk and return in your portfolio

Research Insights

> Exploring the opportunitiesand risks of the world’s capital markets and the innovations that can reshape them.

> At AllianceBernstein we think differently—with more than 250 analysts and 450 investment professionals in 24 countries we see markets and the forces that shape them from a unique perspective.

> To gain insight from our perspective on the investment landscape and the impact of innovation over time, contact your fi nancial advisor or visit www.alliancebernstein.com.

Bonds can confuse experienced and novice investors alike—we’ve designed this guide to

help you understand fi xed-income investing.

1

Demystifying Fixed-Income Investing

Bonds are cornerstones of well-diversifi ed portfolios, but they come in many different

forms and they’re not so easy to understand. We designed this guide to cut through the

complexity of bonds and fi xed-income investing.

Making Bonds Easier to Understand

Bonds can confuse experienced and novice investors alike.

They come with a wide variety of features and attributes,

and there are more of them every day as the number of

bond products continues to grow. To get comfortable with

bonds, there’s plenty you need to know.

We’d like to make fixed-income investing easier for you

to understand. Our goals in this guide are to:

> Describe bonds’ fundamental characteristics

> Explain the benefi ts of including fi xed income in your

investment strategy

> Help you make well-informed fi xed-income choices

We’ve also provided index descriptions and a glossary on

pages 11 and 12 that you can refer to for an explanation

of particular words or concepts.

What’s a Bond?

A bond is an investment security that functions like a

loan. When governments want to finance public-works

projects and companies want to raise money for big

capital expenditures like building new offices, they sell

bonds to investors.

In buying a bond, the investor lends money to the bond

issuer in exchange for a specific rate of interest (known

as the coupon rate) to be paid at specific intervals.

The bond’s principal (face value) is repaid at a designated

time in the future.

Bonds are like stocks to the extent that they both

channel money from investors to the issuer and trade

daily. But that’s where the similarities end: stocks are

shares of ownership in the issuing company, don’t have

to pay income, are held primarily to make a profit, and

have no maturity date.

Bonds pay interest in several ways. Your specifi c circumstances should help you determine which type is right for you.

2 Fixed Income 101: A Simple Guide to Understanding Bonds

The Basics of Bonds

Not all bonds are created equal—and there are thousands of them to consider.

Understanding how bonds work can help you make better decisions about your

fi xed-income investments.

Interest Rates: The Key Driver of Bond Prices

It’s a fact of life in bond markets that interest rates and

bond prices tend to move in opposite directions: bond

prices usually go up when interest rates go down, and

vice versa.

It’s a simple matter of supply and demand. If interest rates

fall, existing bonds are more valuable because they pay

higher interest than newly issued bonds. If rates rise, the

opposite is true—the prices of existing bonds fall because

new bonds will pay higher interest.

This is why bond prices usually rally when investors expect

interest rates to fall, and prices tend to fall if investors

expect rates to rise.

How Bonds Pay Interest

Bonds can pay you interest in several ways. Here are some

of the most common:

> Fixed coupon. These bonds pay a fi xed percentage of

the principal amount on a regular schedule (usually

twice a year), and repay the full principal at maturity.

Most bonds are fi xed-coupon.

> Variable/Floating. These bonds pay interest at a rate

that’s adjusted periodically based on a benchmark like

a bank’s prime lending rate.

> Zero coupon. These bonds don’t make periodic interest

payments. Instead, investors are compensated by buying

them at a discount to their principal amount—and

receiving the full amount when the bond matures.Interest rates and bond prices: usually moving in opposite directions.

Bond Prices

Bond Prices

Interest RatesInterest Rates

Source: AllianceBernstein

A bond’s yield is important for two reasons: it tells you the percentage interest you’re

receiving, and can help determine whether the bond is fairly priced.

3

Yield

A bond’s yield is the rate of income it pays you, expressed

as a percentage of its current price.

For example, a $1,000 bond might pay a 5.0% coupon, or

$50. If the bond’s price is $975, then its current yield is

$50 divided by $975, or 5.1%. (Note how the bond’s yield

went up as its price went down.)

Yield is an important factor in how bonds are priced—it’s

a useful way to compare bonds and see whether a

particular bond is under- or overvalued. If two bonds have

similar characteristics but different yields, for instance,

investors might conclude that one bond’s price is

expensive or the other’s is cheap.

Maturity and Duration

A bond’s maturity refers to the date in the future when the

investor receives the bond’s principal and final interest

payment. There are three main categories of bond

maturities—short-term (up to two years), intermediate-

term (two to 10 years) and long-term (10 to 30 years).

Long-term bonds normally offer higher yields than short-

term bonds to compensate investors for taking the extra

risk of waiting many years to get their principal back. The

reverse is also true.

Duration is another key concept for bonds: it’s a

standardized way to measure the sensitivity of a bond’s

price to changes in interest rates, expressed in years.

Duration is higher in longer-maturity bonds because of

their risk iness—they’re most sensitive to changes in

interest rates, and therefore more risky.

Changes in interest rates affect bond prices.

Bond Price Bond Duration Change in Interest Rates Change in Bond Price New Bond Price

100 10 years 1% 10% 110

100 4 Years 1 4 104

100 3 Months (0.25 Year) 1 0.25 100.25


Credit ratings indicate a bond issuer’s creditworthiness—higher credit quality is associated with lower risk, and vice versa.


Quality

Quality, or credit quality, refers to the issuer’s

creditworthiness, or its ability to make interest payments

and repay principal when a bond matures.

There’s always some risk that an issuer might default and

fail to make its interest and principal payments. Independent

credit-rating agencies, notably Moody’s and Standard &

Poor’s, assess the quality of bond issuers and their

likelihood of default. They then assign bonds a credit

rating, which helps investors make informed decisions.

Credit ratings determine more than the quality of bonds:

they also help issuers set the coupon rates of bonds they

intend to issue. Lower-rated issuers will typically pay a

higher rate to compensate investors for their higher risk,

and the opposite is true for higher-quality issuers.

Consider this risk/return trade-off in credit quality when

you’re selecting bonds. And remember that lower-quality

bonds are associated with higher risk and potentially

higher returns, while higher-quality bonds generally offer

lower risk and lower returns.

Credit quality ratings for bonds assess likelihood of default.

Moody’s Rating Indicates S&P Rating

Investment Grade

Aaa Highest Quality AAA

Aa High Quality AA

A Good Quality A

Baa Medium Quality BBB

High Yield

Ba Speculative Elements BB

B Speculative B

Caa More Speculative CCC

Ca Highly Speculative CC

— In Default D

N Not Rated N

Source: Moody’s, Standard & Poor’s and AllianceBernstein

Types of Bonds

Government Bonds

Bonds issued directly by governments, usually with

high credit ratings. Government bonds from developed

countries are generally guaranteed by the issuing

government.

Corporate Bonds

Bonds issued by companies to help finance their

business. These bonds are usually riskier than

government bonds, so their yields are higher. They have a

broad range of ratings and yields because issuers’

financial health can vary widely. Higher-rated corporate

bonds are referred to as investment-grade, while lower-

rated corporates are known as high-yield.

Mortgage-Backed Securities (MBS)

Securities representing pools of loans issued by financial

institutions to finance a borrower’s purchase of a home

or other real estate. MBS investors receive payments of

interest and principal when borrowers make their

mortgage payments. Other types of mortgage-related

securities include collateralized mortgage obligations

and commercial MBS.

Asset-Backed Securities (ABS)

Bonds or notes backed by financial assets like credit-card

receivables, auto loans, manufactured-housing contracts

and home-equity loans. ABS differ from other types of

bonds in the way their credit quality is assessed—it’s

determined by factors other than the issuer’s ability to

repay the loan, such as the way the security is structured.

Municipal Bonds

Bonds issued by a U.S. municipality (typically a state,

county, city or municipal agency). Their yields appear

lower than most comparable taxable bonds. But interest

income from most municipals isn’t taxable at the federal

level and, in many cases, states don’t tax the income

from municipals of in-state issuers—so municipals may

actually yield more than taxables on an after-tax basis.

Convertible Bonds

Bonds that can be exchanged for a fixed number of the

issuing company’s shares at a preset conversion price.

The investor usually pays a premium over the conversion

value, reflecting the fact that the bond pays interest until

it’s converted.

International Bonds

Bonds issued by non-U.S. countries or corporations in

both developed and emerging economies. They’re usually

denominated in their home currency, but sometimes are

denominated in another currency.

Emerging-Market Bonds

Bonds issued by governments and corporations in

emerging economies like Russia and Brazil. These

bonds often have lower credit ratings and their prices

can be particularly volatile due to political and

economic instability.

5

Bonds can play multiple roles in your portfolio: generating income, stabilizing assets to reduce risk, and enhancing total return.


Understanding the Role of Bonds

It’s easy to think of bonds simply as securities that generate income and don’t move around

a lot. But they’re much more than that: they can be a fl exible and vital component of a well-

balanced long-term portfolio.

Diverse Roles: Income, Stabilizer and Core

At AllianceBernstein, we strongly believe in the importance

of well-diversified, sound portfolios built for the long haul.

Bonds can play several key roles in your long-term

investment strategy.

First, there’s the traditional source of income. Bonds

pay regular coupons, which can provide your portfolio

with income.

Bonds can also act as portfolio stabilizers. As we’ll see,

bonds can offset some of the risk of other asset classes

like stocks, and keep your portfolio’s ride smooth even as

financial markets get bumpy.

Finally, bonds can serve as what we call a “core” holding

for their potentially attractive total return—a combination

of income and price appreciation.

Diversifi cation

A well-balanced portfolio contains an assortment of

asset classes and investment styles that perform

differently in varying market cycles. It’s a concept known

as low-correlation investing. Stocks and bonds are classic

low-correlating asset classes.

Low-correlation investing allows investors to effectively

diversify their portfolios. And diversification offers two

essential benefits: reducing risk and adding more potential

sources of return. Think about it—by spreading your

portfolio eggs among several baskets, weak eggs hurt

the portfolio less, and there are more eggs that might

be strong.

Bonds’ diversifi cation value is high because their correlation with U.S. stocks is low.

U.S. TreasuriesU.S. Investment-Grade Bonds

Mortgage BondsMunicipal Bonds

Global BondsGlobal Treasuries

Emerging-Market DebtGlobal High-Yield Bonds

Correlation to U.S. Stocks1996–2006

No Correlation (1.0)

High Correlation 1.0

As of December 31, 2006Source: CSFB, Factset SPAR and Lehman BrothersU.S. stocks are represented by the S&P 500. U.S. Treasuries are repre-sented by the Lehman Brothers U.S. Treasury Index. Global Treasuries are represented by the Lehman Brothers Global Treasury Index. U.S. investment-grade bonds are represented by the Lehman Brothers U.S. Aggregate Bond Index. Global bonds are represented by the Lehman Brothers Global Aggregate Bond Index. Global high-yield bonds are represented by the Lehman Brothers Global High Yield Index. Emerging-markets debt is represented by the JP Morgan Emerging Markets Bond Index Plus. Mortgage bonds are represented by the Lehman Brothers MBS Fixed Rate Index. Municipal bonds are represented by the Lehman Brothers Municipal Bond Index. See page 11 for benchmark defi nitions.

7

Bonds Work Especially Well with Stocks

Bonds and stocks are particularly effective low-correlating

asset classes, they work especially well in combination. In

the past four decades or so, bonds made money in every

bear stock market—sometimes lots of it.

Investors often hesitate to include fixed-income securities

in their portfolios due to a common misconception that

bonds will slow the upside growth potential of stocks.

But adding bonds may substantially reduce the risk of an

all-stock portfolio while still allowing you to benefit from

the greater return potential of stocks.

Adding bonds may reduce the risk of an all-equity portfolio.

3 6 9 12 156

9

12

15

Annualized1996–2006

Return (%)

Risk (%)

100% bonds

80% stocks/20% bonds

100%U.S. stocks



Benefit of diversification

Past performance does not guarantee future results. The risk/return spectrum is based on historical information and cannot be used to predict the future volatility or performance of a particular blend of U.S. stocks and bonds. Risk is measured by the standard devia-tion of monthly returns. U.S. stocks are represented by the S&P 500 Index. U.S. bonds are repre-sented by the Lehman Brothers U.S. Aggregate Bond Index.See page 11 for index descriptions.Source: Lehman Brothers and AllianceBernstein

Bonds have made money in bear stock markets.

U.S. Stock Returns

U.S. BondReturns

Dec 68–Jun 70 (29.2)% 4.7%

Jan 73–Sep 74 (42.6) 7.1

Jan 77–Feb 78 (14.3) 3.2

Dec 80–Jul 82 (16.5) 21.6

Sep 87–Nov 87 (29.6) 2.2

Jun 90–Oct 90 (14.7) 3.0

May 98–Aug 98 (13.4) 3.6

Apr 00–Mar 03 (36.1) 32.4

Average (24.5)% 9.7%

Past performance is no guarantee of future results. U.S. stocks are represented by the S&P 500 with monthly dividends reinvested. U.S. bonds are represented by the 10-year U.S. Treasury bond for periods before 1977, and by the Lehman Brothers U.S. Aggregate Bond Index thereafter. Treasury securities provide fi xed rates of return as well as principal guarantees if held to maturity. See page 11 for index descriptions.Source: Lehman Brothers, Standard & Poor’s and AllianceBernstein


It’s Much More Than a One-Person Job

No matter how comfortable you are with bonds, it’s very

hard to manage a diversified bond portfolio on your own:

it’s a full-time job that takes a lot of resources and

specialized knowledge.

Individuals aren’t equipped to deal with the bond market’s

sheer complexity and size—it dwarfs the size of the stock

market. And emotions create fear and euphoria that can

push bond prices to irrational extremes.

Professionals Have the Tools

Professional managers have the tools to run bond

portfolios: research, technology, investment process and

expertise built up over many years.

It takes a lot of research to evaluate individual bonds and

different market sectors. Economists, credit analysts, sector

specialists and quantitative analysts all play roles in

identifying opportunities and avoiding potential pitfalls.

Portfolio managers look at the big picture and put it all

together. They find combinations of bonds that generate

the best balances of risk and reward.

If managing your bond portfolio is a big job shouldn’t you

leave it to a professional?

The Importance of Professional Management

Understanding how bonds work is one thing, but weaving them into a sound portfolio is

quite another. It’s worth it to have your portfolio managed by fi xed-income professionals—

they know what to look for and can put it all together for you.

The bond market dwarfs the size of the stock market.

Stocks Bonds

Global market index MSCI World Lehman BrothersGlobal Aggregate

Number of index issues 1,904 11,042

An investor cannot invest directly in an index. See page 11 for index descriptions.As of December 31, 2006Source: Lehman Brothers, MSCI and AllianceBernstein

Analyzing bonds is a multidimensional task.

Buy, avoid or sell?

SectorCountry/Region

Duration

Structure Industry/Company


Diversifi ed bond portfolios offer broad exposure to the bond market in a single

vehicle—they make bond investing easier.

9

Sector-Specifi c Portfolios

Professional fixed-income managers can manage all kinds

of bond portfolios. What are some of the most common?

Perhaps the simplest are portfolios that invest only in

bonds of a certain sector. There are many sectors, and we

defined the primary ones on page 5: government bonds,

investment-grade corporate bonds, high-yield corporate

bonds, mortgage-backed securities, asset-backed securities,

municipal bonds, convertible bonds, international bonds

and emerging-market bonds.

There are plenty of diversification opportunities within each

sector. Municipal bonds, for example, span a wide range of

locations, issuer types and credit ratings. Emerging-market

portfolios can choose among bonds issued by numerous

governments and companies in the emerging world,

denominated in domestic or other currencies.

Diversifi ed Portfolios

For investors who want broad exposure to the bond

market in a single vehicle, a diversified bond portfolio

makes more sense. There are many different flavors of

diversified portfolios.

> Core portfolios include only higher-quality U.S. gov-

ernment and corporate bonds. They’re called “Core”

because higher-quality bonds tend to be most stable—

diversifi ed investors would want to own them as a core

part of their overall investment portfolio.

> Core Plus simply means Core with a modest portion

of assets invested in lower-quality issues like high-yield-

corporate or emerging-market bonds. Adding these bonds

further diversifi es the portfolio and may enhance return.

> Global portfolios own government and corporate bonds

from around the world. Their sector mixes can emphasize

varying geographies, issuer types or credit ratings.

Talk to your fi nancial advisor about fi xed income, how it could benefi t you, and how AllianceBernstein could turn bond basics into investment reality.


Putting Bonds to Work for You

When it comes to fi xed income, a little knowledge can go a long way. The benefi ts are big: a

broader perspective, more effective portfolio diversifi cation and better investment decisions.

AllianceBernstein can help you put bonds to work in your portfolio.

It’s easy to get lost in the world of fixed income. There are

so many bonds with so many features and details to

know—trying to understand it all can be overwhelming.

But even a basic knowledge of bonds and what they can

do for you can be powerful. Knowing key concepts like

how interest rates affect bond prices, or how maturity and

credit quality are related to risk, can sharpen your focus

and improve your investment choices.

And that’s only a part of what knowing bond basics can

do for you. They also help you appreciate the bigger

picture: how fixed income fits into your overall portfolio.

Understanding that bonds are an important piece of the

puzzle can make a real difference in enhancing your long-

term investment performance.

That’s where AllianceBernstein comes in. We can help

you make sense out of the fixed-income world, and use

that knowledge to design portfolios that meet your

investment goals.

11

Common Benchmarks

Did my investment outperform or underperform the market? For the answer, investors

usually turn to market indices or benchmarks—collections of securities that represent

capital markets ranging from individual sectors to the entire world. Here are some of the

more common bond benchmarks.

Fixed-Income Benchmarks:

U.S. Treasuries are represented by the Lehman Brothers U.S. Treasury Index, which includes public obligations of the U.S. Treasury that have remaining Treasuries of one year or more.

Global Treasuries are represented by the Lehman Brothers Global Treasury Index, which includes investment-grade, local-currency denominated sovereign debt that is fi xed-rate, nonconvertible and has at least a year to maturity.

U.S. investment-grade bonds are represented by the Lehman Brothers U.S. Aggregate Bond Index, which covers the U.S. investment-grade fi xed-rate bond market, including govern-ment and credit securities, agency mortgage passthrough securities, asset-backed securities and commercial mortgage-backed securities.

Global investment grade bonds are represented by the Lehman Brothers Global Aggregate Bond Index, it’s designed to track the global investment-grade bond market, which includes different types of bonds from around the world.

Global high-yield bonds are represented by the Lehman Brothers Global High Yield Index, which provides a broad-based measure of the global high-yield fi xed-income markets

Emerging market debt is represented by the JP Morgan Emerging Market Bond Index Plus, which tracks total returns for US$ denominated external debt instruments in the emerging markets.

Mortgages are represented by the Lehman Brothers MBS Fixed Rate Index, which covers the mortgage-backed passthrough securities of Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC).

Municipal bonds are represented by the Lehman Brothers Municipal Bond Index, which is a broad-market performance benchmark for the tax-exempt bond market. To be included, bonds must have a minimum credit rating of at least Baa, a remaining maturity of at least one year and be issued as part of a transaction of at least $50 million.

Equity Benchmarks:

U.S. stocks are represented by the S&P 500, which is an unman-aged index composed of 500 stocks traded on U.S. exchanges. It’s a common measure of the overall performance of the U.S. stock market.

International stocks are represented by the MSCI World ex-U.S. Index, which is a free fl oat-adjusted market capitalization index that is designed to measure global developed-market equity performance, excluding the United States.

Growth stocks are represented by the Russell 1000 Growth Index, which measures the performance of the 1,000 largest U.S. companies based on market capitalization with higher price-to-book ratios and higher forecasted growth values.

Value stocks are represented by the Russell 1000 Value Index, which measures the performance of the 1,000 largest U.S. companies based on market capitalization with lower price-to-book ratios and lower forecasted growth values.

An investor cannot invest directly in an index, and its performance does not refl ect the performance of any AllianceBernstein mutual fund.


Glossary

Active ManagementAn investment approach that seeks to outperform the market by applying informed, independent judgment. Its opposite is passive management, or “indexing,” which seeks to replicate market performance.

Asset AllocationAn investor’s global mix of stocks, bonds, cash equivalents and other assets.

Callable BondA bond that the issuer can redeem on a specifi c date prior to maturity for a stated price, typically when interest rates fall. Callability represents a risk for bondholders, who are compensated by extra yield—which may or may not be adequate.

Capital Gain (or Loss)Increase (or decrease) in the market value of a stock, bond, or other investment asset. If the asset is sold, relevant tax laws apply.

CorrelationThe degree to which two assets behave alike under the same conditions. The lower the correlation—the less they behave alike—the more each diversifi es the other, and the more the two reduce portfolio risk when combined.

Developed MarketsThe capital markets of industrialized countries with mature economies, such as the U.S., Japan, Canada and most of Western Europe.

Discount BondsBonds issued below face value, or selling below face value because their interest payments are lower than prevailing rates.

Diversifi cationInvesting in more than one type of asset at the same time in order to reduce risk. As diversifi cation rises, the investor’s risk typically falls.

DurationA standardized measure of a bond’s sensitivity to changes in interest rates, expressed in years. A bond’s price will move roughly 1% for every 1% move in rates.

Fixed-Income SecuritiesBonds, notes, bills, and similar securi-ties representing loans to issuers like governments, government agencies, or corporations for a stated period at a stated interest rate.

Par BondsBonds issued or selling at face value.

Premium BondsBonds issued above face value, or selling above face value because their interest payments are higher than prevailing interest rates.

Putable BondsBond investors can “put” these bonds—that is, force the issuer to repurchase them at specifi ed dates before maturity. The repurchase price is set at the time of issue, and is usually face value.

Total ReturnThe sum of a bond’s income return and any change in its market value.

VolatilityVariability, fl uctuation—a common measure of investment risk. It’s the range of an investment’s movement over a given period: the wider the range, the higher the volatility.

YieldInterest or dividends paid as a percentage of a security’s price, one of two compo-nents of investment return. “Yield” differs from total return because yield doesn’t include the other component: any change in the security’s market value.

Yield CurveA line chart illustrating the yields on bonds of different maturities at a given time, ranging from the shortest-term securities on the left to the longest-term on the right. The line normally is a convex curve, since yields tend to increase sharply from one maturity to the next for shorter-term bonds and much more slowly thereafter.

Yield to MaturityA bond’s yield to maturity (YTM) refl ects the annualized return of the bond if held to maturity. In calculating yield to matu-rity, the bondholder takes into account the difference between the price paid for a bond and par value.

Investments

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1.800.227.4618

www.alliancebernstein.com

Fixed-income investing involves risks, including possible loss of principal. Diversifi cation does not guarantee a profi t or protect against a loss. There is no guarantee that any forecasts or opinions in this material will be realized. Information should not be construed as investment advice.

Past performance does not guarantee future results. If you’re considering an AllianceBernstein mutual fund investment, you should consider the investment objectives, risks, charges and expenses carefully before investing. To obtain a free prospectus, which contains this and other information, call your fi nancial advisor, visit us on the web at www.alliancebernstein.com or call us at 800.227.4618. Please read the prospectus carefully before you invest.

Note to Canadian Readers:AllianceBernstein provides its investment management services in Canada through its affi liates Sanford C. Bernstein & Co., LLC, and AllianceBernstein Canada, Inc.

AllianceBernstein Investments, Inc., is an affi liate of AllianceBernstein L.P. and is a member of the NASD.

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

© 2007 AllianceBernstein L.P.

To learn more about fi xed-income investing, contact either your fi nancial advisor or AllianceBernstein Investments at 800.227.4618.

You can also visit our website at www.alliancebernstein.com.

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GEN–3576–0607

Your investments are important to you—they’re your means of reaching your fi nancial goals and achieving better outcomes in life. At AllianceBernstein Investments, we’re committed to putting our research to work for you:

> Exploring the opportunities and risks of the world’s capital markets and the innovations that can reshape them

> Helping investors overcome their emotions and keep their portfolios on track

> Defi ning the importance of investment planning and portfolio construction in determining investment success

We’ve designed AllianceBernstein Research Insights as a foundation to help investors build better outcomes. Speak to your fi nancial advisor to learn how we can help you reach your goals.

fixed income primer 0607 (2016_01_25 03_57_23 utc)

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