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AllianceBernstein Income Solutions Fixed Income Solutions
May 2013
Date
Quarter
Doc ID
This information is issued by AllianceBernstein Limited, 50 Berkeley Street, London W1J 8HA. Registered number 2551144. AllianceBernstein Limited is
authorised and regulated in the UK by the Financial Conduct Authority (FCA – Reference Number 147956). This information is directed at Professional
Clients only. It is provided for informational purposes only and is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell
any security, product or other instrument, or for AllianceBernstein to enter into or arrange any type of transaction as a consequence of any information
contained herein. The views and opinions expressed in this document are based on AllianceBernstein's internal forecasts and should not be relied upon as an
indication of future market performance. Past performance is no guarantee of future returns. This information is not intended for public use.
©2013 AllianceBernstein
Fixed Income
AllianceBernstein.com
A Culture of Research and Thought Leadership for Over 45 Years
1
As of March 31, 2013
*Excluding sell-side analysts
Source: AllianceBernstein
Significant Resources and Experience
Number
Avg. Yrs.
Experience
Research Analysts*: 199 14
Portfolio Managers: 135 22
AllianceBernstein.com
AllianceBernstein: Unwavering Focus on Investment Excellence
2
Research-Driven Culture: One of the industry’s
largest commitments to superior and innovative
research
Ongoing Investment: Diversification that allows
continuous investment across the firm, even when
a particular asset or style may be out of favor
Proven Investment Processes: Highly experienced
teams with distinct investment philosophies and
consistently applied processes
Global Scope: Expertise with both global and local
mandates in markets around the world
As of March 31, 2013
*Includes Fixed Income Solutions analyst
**Includes Defined Contribution, Global Analytics, Asset Allocation, Dynamic Asset Allocation
and Quantitative Research Analysts †Includes Currency, FoF, Real Estate, Special Situations and Quantitative Research Analysts ‡Total assets under management by AllianceBernstein L.P.; numbers may not sum due to rounding. §Growth includes $17 billion of AUM utilized in Blend Strategies; Value includes $19 billion utilized in Blend Strategies;
Index includes $30 billion utilized in Blend Strategies; Fixed Income includes $11 billion utilized in Blend Strategies.
Source: AllianceBernstein
Fundamental 70 41 0 8 0 119
Quantitative 18 9 22 12 12 73
Economists 0 7 0 0 0 7
Total Analysts 88 57 22 20 12 199
Number of Buy-Side Analysts
Equities Total Multi-
Asset** Alternatives†
Wealth Management
Fixed Income*
Assets Under Management (USD Billions)‡
By Client Group
Institutional $225
Retail 150
Private Client 68
Total $443
By Investment Discipline§
Growth $39
Value 61
Alternative Strategies 12
Index 71
Fixed Income 261
Total $443
Global Orientation
Service Client Domicile
US
64%
Non-US
36%
US
47%
Non-US
53%
AllianceBernstein.com
AllianceBernstein: A Leader in Fixed Income Investing
3 As of September 30, 2012
*Includes global and regional single and multi-sector mandates
Global Resources
57 Research Analysts 52 Portfolio Managers 19 Traders
Global
Multi-Sector*
$68billion
Emerging Mkts/
High Income
$67billion
Credit
$86billion
US Tax-Exempt
$29billion
Fixed-Income Assets Under Management: $250 Billion
As of March 31, 2013
*Includes global and regional single and multi-sector mandates
AllianceBernstein.com
Today’s Challenge: Increasing Your Income While Preserving Your Capital
4
With extreme low levels of government and credit
yields. Interest rates also at very low levels but
poised to rise. Investors require a solution.
AllianceBernstein’s Income platform was
designed specifically for this challenge and has
delivered impressive results over time
Past performance does not guarantee future results.
As of 31 March 2013
AllianceBernstein.com 5
As of 31 March 2013. Past performance does not guarantee future results.
Yields shown are yield to maturity
Volatility and yields shown for Global High Yield Portfolio A USD shares, Euro High Yield Portfolio A EUR shares and Global Bond Portfolio A USD shares
Source: AllianceBernstein
Higher Quality
• High Quality Government
• Government Related
• Securitized
• High Quality Corporate Debt
• Sub-Investment Grade Corporate
• Emerging Market Sovereign
• Emerging Market Corporate
• Other High Yielding Debt
A Major Challenge in Today’s Markets
ACMBernstein Global High Yield Portfolio
Yield 6.2%
Volatility 7.6%
ACMBernstein SICAV – Euro High Yield Portfolio
Yield 6.8%
Volatility 10.8%
ACMBernstein Global Bond Portfolio
Yield 1.0%
Volatility 2.0%
Higher Quality Higher Yield
Increasing Your Income While Preserving Your Capital
AllianceBernstein.com
1-Year 3-Year 5-Year 10-Year
Life of
Fund
ACMBernstein American
Income Portfolio* Quartile:
Rank: 8/115 6/100 4/94 1/66 1/21
ACMBernstein Global High
Yield Portfolio** Quartile:
Rank: 12/78 20/51 8/39 2/24 2/5
ACMBernstein European
Income Portfolio† Quartile:
Rank: 4/70 2/55 1/48 1/28 8/20
ACMBernstein SICAV –
Euro High Yield‡ Quartile:
Rank:
ACMBernstein SICAV –
Asia-Pacific Income Portfolio§ Quartile:
Rank: 15/28 13/24
AllianceBernstein: Leaders In Income Generation
6
1st 1st 1st 1st 1st
Past performance does not guarantee future results.
As of 31 March 2013
*Inception date of 1 July 1993—Lipper Category: Bond—USD; **Inception date of 22 September 1997—Lipper Category: Bond—Global High Yield; †Inception date of 26 February 1999—Lipper
Category: Bond—Europe ; ‡Inception date of 23 May 2011—Lipper Category: Bond—CNY; §Inception date of 8 February 2012—Lipper Category: Bond—Asia Pacific
Lipper rankings are based on total returns at net asset value and do not include the effect of the fund’s maximum front-end sales charge for Class A shares. Results would have been less
favorable had sales charges been included. The fund is ranked within the Lipper categories as detailed above, which includes funds that have generally similar investment objectives to the
AllianceBernstein funds. Rankings shown are for Class A shares only, although other share classes are available for which management fees and sales charges will differ and rankings may vary.
Investors can’t invest directly in indices or averages, and their performance does not represent the performance of any AllianceBernstein mutual fund.
Source: Lipper and AllianceBernstein
1st 1st 1st 1st
1993
1999
2010
2012
Inception
2nd 1st 1997
1st
1st 1st
3rd
1st 2nd
2nd
3rd
1st
AllianceBernstein.com
Providing A Solution To The Challenge
7
As of 31 March 2013
Source: AllianceBernstein
Highly rated bonds provide the
stability in adverse market
conditions
High yielding bonds provide the
high income
Higher Quality : Capital Stability
Higher Yield : Income Generation
Barbell Active Risk : Provide Balance
The Solution: Combine High Quality with High Yield…… with Active Asset Allocation
AllianceBernstein.com
AllianceBernstein’s Income Platform Our Experience Shows:
8
Key requirements for Income Strategies :
1. High Income on a Consistent and Stable Basis
2. Capital Stability
3. Protection During Rising Rate Environment
Past performance does not guarantee future results
As of 31 March 2013
AllianceBernstein.com
Past performance does not guarantee future results. Historical information provided for illustrative purposes only.
As of 31 December 2012. Net of fees.
*Assuming an investment in 143,472 European Income Portfolio A (EUR) shares on 31 December 2007 at a price of 6.97 each.
Source: AllianceBernstein
0
2,000
4,000
6,000
8,000
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Dec07
Mar08
Jun08
Sep08
Dec08
Mar09
Jun09
Sep09
Dec09
Mar10
Jun10
Sep10
Dec10
Mar11
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Dec12
Income (€) Growth of €1m Income (right scale) Capital (left scale)
European Income Portfolio Monthly Income and Capital Value for €1 million Invested on 31 December 2007*
9
Stability of Income and Capital European Income Portfolio: Distributions and Capital Over Time
Capital of €1,038,737 at the end and total income of €272,582 earned during the last 5 years.
AllianceBernstein.com
Past performance does not guarantee future results. Historical information provided for illustrative purposes only.
As of 31 December 2012.
In US dollar. Net of fees.
*Assuming an investment in 116,144 American Income Portfolio A (USD) shares on 31 December 2007 at a price of 8.61 each.
Source: AllianceBernstein
0
2,000
4,000
6,000
8,000
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Dec07
Mar08
Jun08
Sep08
Dec08
Mar09
Jun09
Sep09
Dec09
Mar10
Jun10
Sep10
Dec10
Mar11
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Dec12
Income ($) Growth of $1m Income (right scale) Capital (left scale)
American Income Portfolio Monthly Income and Capital Value for $1 million Invested on 31 December 2007*
10
Stability of Income and Capital American Income Portfolio: Distributions and Capital Over Time
Capital of $1,072,009 at the end and total income of $274,297 earned during the last 5 years.
AllianceBernstein.com 11
Past performance does not guarantee future results.
As of 31 March 2013
Correlation has been calculated using monthly returns.
*US Treasuries as represented by Barclays US Treasury
Source: Barclays and AllianceBernstein
0.25 0.24 0.19 0.20
0.39
1-Year 3-Year 5-Year 7-Year 10-Year
No Correlation 0.0
High Correlation 1.0
Negative Correlation –1.0
American Income Portfolio vs. US Treasuries*
Worried About Rising Government Yields? Barbell Approach Provides Low Correlation to Government Bonds
AllianceBernstein.com
23.9 13.3 11.7
–3.2
3.4
8.5 6.5
8.8
14.3
6.1 4.9 6.4
4.6
–11.3
25.0
10.4
5.8 9.4
–20
0
20
40
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
0.25% 0.75% 1.25% 2.00% 1.00% 1.00%
American Income Portfolio: Standing on Its Own When Rates Rise
12
Past performance does not guarantee future results. Historical information provided for illustrative purposes only.
As of 31 December 2012
Portfolio inception date (Class A): 1 July 1993
Source: Barclays, Bloomberg, J.P. Morgan and AllianceBernstein
Performance in Rising Rate Environments 1995–2012
Credit
Crisis
Pe
rcen
t
Fed
Increases:
AllianceBernstein.com 13
A Multisector Approach: No Sector Wins All the Time
Past performance does not guarantee future results. Historical information provided for illustrative purpose only.
As of 31 December 2012
Returns are hedged to euro and are as of 31 December for each year. Gap calculation may not sum perfectly due to rounding. Returns are represented by the Barclays Pan-European High Yield
Index and the following sub-indices of the Barclays Euro Aggregate Index: Securitized Index, Government Related Index, Corporates Index, Treasuries Index.
Source: Barclays and AllianceBernstein
Sector Returns (Percent) 2010 2003 2004 2005 2006 2007 2008 2009
Best
Worst
Gap 26.0 7.1 2.0 11.2 4.0 41.4 7.4 80.1
2011
14.2
2012
18.8
European
High Yield
30.1
European
High Yield
13.6
European
High Yield
5.7
European
High Yield
11.0
Euro Gov’t
related
2.0
Euro
Treasuries
9.3
European
High Yield
84.4
European
High Yield
15.3
Euro Gov’t
related
4.6
European
High Yield
27.9
Euro
Corporates
6.8
Euro
Treasuries
7.6
Euro
Treasuries
5.4
Euro
Corporates
0.5
Euro
Securitized
1.7
Euro Gov’t
related
6.9
Euro
Corporates
15.7
Euro
Corporates
4.8
Euro
Securitized
3.6
Euro
Corporates
13.6
Euro Gov’t
related
4.4
Euro
Corporates
7.6
Euro Gov’t
related
4.4
Euro
Securitized
0.2
Euro
Treasuries
1.7
Euro
Securitized
6.0
Euro
Securitized
7.7
Euro Gov’t
related
3.7
Euro
Treasuries
3.4
Euro
Securitized
11.6
Euro
Securitized
4.4
Euro Gov’t
related
7.1
Euro
Corporates
4.0
Euro Gov’t
related
0.1
Euro
Corporates
0.0
Euro
Corporates
–3.8
Euro Gov’t
related
6.5
Euro
Securitized
1.3
Euro
Corporates
1.5
Euro
Treasuries
11.0
Euro
Treasuries
4.1
Euro
Securitized
6.5
Euro
Securitized
3.7
Euro
Treasuries
–0.2
European
High Yield
–2.0
European
High Yield
–32.1
Euro
Treasuries
4.3
Euro
Treasuries
1.1
European
High Yield
–2.8
Euro Gov’t
related
9.1
Barbell Makeup is Not Static
Constructing the Barbell Through Active Management
AllianceBernstein.com
0
20
40
60
80
100
Ma
r 0
8
Ju
n 0
8
Sep
08
Dec 0
8
Ma
r 0
9
Ju
n 0
9
Sep
09
Dec 0
9
Ma
r 1
0
Ju
n 1
0
Sep
10
Dec 1
0
Ma
r 1
1
Ju
n 1
1
Sep
11
Dec 1
1
Ma
r 1
2
Ju
n 1
2
Sep
12
Dec 1
2
Ma
r 1
3
Government-Related* IG Corporates HY Corporates EMD Covered Bonds Other**
14
Sector weighting will vary over time. As of 31 March 2013
*Government-Related includes treasuries, local governments, sovereign agencies, quasi-sovereigns and supranationals.
**Other includes inflation-linked bonds, cash and currency instruments.
Based on the European Income Portfolio. Numbers may not sum due to rounding.
Source: AllianceBernstein
European Income Portfolio Sector Weights Percent over Time
A Multisector Approach To Constructing The Barbell Dynamic Sector Allocation is Key to Generating Income and Returns
Construct High Quality End
- Government
- Covered Bonds
- High Quality IG Corporate
- Yield Curve Flatteners
Construct High Income End
- High Yield Corporate
- EMD Corporate/Sovereign
- FX Carry Premium
AllianceBernstein.com
Po
rtfo
lio V
aria
nce
(R
isk)
Number of Securities in Portfolio
Diversifiable Risk
Name Specific / Nonsystematic Risk
Non-Diversifiable Risk
Market / Systematic Risk
Diversification Matters, Especially in Fixed-Income Investing
15
Diversification Matters: Contribution to Portfolio Active Risk
Diversification allows for pursuit of income opportunities as well as risk protection
Current analysis does not guarantee future results.
As at 31st March 2013
Additional return for high-yield bonds may come from call premiums, change-of-control puts, tender offers, etc.
Source: Barclays and AllianceBernstein
Typical Number of Issues
European Income: 200 - 350
American Income: 700 - 900
Asia Pacific Income: 200 - 350
Euro High Yield : 150 - 250
Global High Yield: 1,000 - 1,200
AllianceBernstein.com
The Expert Corner: Experience, Deep Research and Proven Investment Process
16
Proven Investment process developed over the
past 40 years
Experienced team of portfolio managers
22 years experience of the industry
11 years average tenure with AllianceBernstein
10 fixed income quantitative analysts
7 economists
40 credit analysts
US$247bn billion total fixed income assets
under management
Past performance does not guarantee future results
As of 31st March 2013
Source: AllianceBernstein
AllianceBernstein.com
The AllianceBernstein Income Tool Box Direct High Income and/or Balanced Income Generating Products
17
Current distribution yield* and monthly income
on a €1 million investment**
Global High Yield
5.58%
or
€4,625 p.m.
Past performance does not guarantee future results
As of 31 March 2013. Net of fees.
*Distribution yields for Global High Yield Portfolio AT EUR Hedged share class, Euro High Yield Portfolio A EUR shares, American Income Portfolio AT EUR Hedged share class, European Income
Portfolio A (EUR) share class and Asia-Pacific Income Portfolio AT EUR Hedged share class. Distribution yields will vary with daily NAV and potential distribution changes by the management
company.
**Income for a €1,000,000 investment in Global High Yield Portfolio AT EUR Hedged shares, Euro High Yield Portfolio A EUR shares, American Income Portfolio AT EUR Hedged shares,
European Income Portfolio A EUR shares and Asia-Pacific Income Portfolio AT EUR Hedged shares.
Source: AllianceBernstein
European Income
4.41%
or
€3,675 p.m.
American Income
4.19%
or
€3,491 p.m.
Asia-Pacific Income
3.72%
or
€3,100 p.m.
Balancing higher yield and
stability of invested capital
Searching for higher yield
Euro High Yield
5.46%
or
€4,550 p.m.
AllianceBernstein.com 18
Appendix
AllianceBernstein.com
The Expert Corner: Exposures
19
Willingness to
Balance
Income and
Stability
Geographical
Exposure
Exposure to
Highly Rated
Sovereigns
Bonds
Exposure to
Highly Rated
Corporate
Bonds
Exposure to
High Yielding
Corporate
Bonds
Exposure to
Emerging
Market Debt
Exposure to
CMBS, CMO,
ABS, Bank
Loans
Global High Yield Medium Global
American Income High US
European Income High Europe
Asia-Pacific Income High Asia Pacific
Highly rated bonds provide
stability in adverse markets
High yielding bonds and bonds
from emerging markets provide
high income
As of 31 March 2013
Source: AllianceBernstein
AllianceBernstein.com 20
Long Track Record of Delivering Attractive Income Distributions: Global High Yield, European and American Income Funds
Past performance does not guarantee future results.
As of 31 March 2013
Net distribution yields are for the Global High Yield Portfolio USD A share class; European Income Portfolio EUR A share class; American Income Portfolio USD A share class.
Source: AllianceBernstein
American Income Portfolio (USD A Share Class):
4.54% Net Distribution Yield
European Income Portfolio (EUR A Share Class):
4.41% Net Distribution Yield
Global High Yield Portfolio (USD A Share Class):
5.90% Net Distribution Yield Active sector allocation and security selection used
to maintain a stable income as well as total returns
Diversified credit portfolio actively managed to limit
issuer-specific credit risk
Track record for delivering stable, attractive yields
across our suite of income funds
0
5
10
15
20
25
0.00
0.02
0.04
0.06
0.08
0.10
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
Perc
ent In
US
D
Monthly Income Distribution per Fund Unit Annualized Distribution Yield
0
2
4
6
8
10
12
0.00
0.02
0.04
0.06
0.08
93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
Perc
ent In
US
D
Monthly Income Distribution per Fund Unit Annualized Distribution Yield
0
2
4
6
8
10
0.00
0.02
0.04
0.06
0.08
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13P
erc
ent In
US
D
Monthly Income Distribution Per Fund Unitp Annualized Distribution Yield
AllianceBernstein.com
Past performance does not guarantee future results. Historical information provided for illustrative purposes only.
As of 31 December 2012.
In US dollar. Net of fees.
*Assuming an investment in 208,768 Global High Yield A (USD ) shares on 31 December 2007 at a price of 4.79 each.
Source: AllianceBernstein
0
2,000
4,000
6,000
8,000
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Dec07
Mar08
Jun08
Sep08
Dec08
Mar09
Jun09
Sep09
Dec09
Mar10
Jun10
Sep10
Dec10
Mar11
Jun11
Sep11
Dec11
Mar12
Jun12
Sep12
Dec12
Income ($) Growth of $1m Income (right scale) Capital (left scale)
Global High Yield Portfolio Monthly Income and Capital Value for $1 million Invested on 31 December 2007*
21
Global High Yield Portfolio: Distributions and Capital Over Time
Capital of $985,386 at the end, but total income of $347,662 earned during the last 5 years.
AllianceBernstein.com
Income Q&A: Creating Distributions, while Maintaining Stability
22
How does the fund create income distributions?
The fund buys bonds and receives coupons form those bonds
The coupons constitute the income stream for the distributions (dividends) to investors
Why does the amount of income change over time?
The coupons available in the markets vary depending on the overall market environment
A dividend distribution committee convene monthly and sometimes decides to adjust the amount paid per
share, to stay in line with coupons available in the markets
Our goal is to continue to provide stable income to our investors
Maintain the balance between our search for high income and the stability of the fund
Maintain the balance between maximizing distributions and minimizing changes to distributions
AllianceBernstein.com
European Income:
71 Individual Awards/Honors from
Various Countries Since 1999
Global High Yield:
80 Individual Awards/Honors from
Various Countries Since 1999
AllianceBernstein Income Platform: Award Winning “Best in Class”
23
68 Lipper Fund Awards
3 Morningstar Fund Awards
2 S&P Fund Awards
2 Asia Asset Management Awards
2 Benchmark Fund of the Year Awards
2 AGEFI Asset Management Award
1 Expansion/Interactive Data Award
1 Smart Taiwan Fund Award
Past performance does not guarantee future results.
As of 31 December 2012
Source: AllianceBernstein
57 Lipper Fund Awards
4 S&P Fund Awards
1 Benchmark Fund of the Year Awards
1 AGEFI Asset Management Award
8 €URO Fund Awards
80 Lipper Fund Awards
4 Morningstar Fund Award
20 S&P Fund Awards
1 Benchmark Fund of the Year Awards
1 AGEFI Asset Management Award
1 South China Morning Post Award
1 €URO Fund Award
1 Austria Fund Award
1 FERI Fund Award
American Income:
110 Individual Awards/Honors from
Various Countries Since 1999
AllianceBernstein.com
The Expert Corner: Dynamic Process to Deliver High Income with Stability
24
Translates research into portfolios
High Income…
…with Stability
Quantitative
Fundamental
Research
Rates and
Currencies
Credit
Emerging
Markets
Securitizations
Municipals
Research Review
Risk Budgeting
Country/Yield
Curve
Sector Allocation
Security
Selection
Currency
Active Risk
Management
Portfolio
Construction
AllianceBernstein.com
European Contact List
25
Switzerland
Peter Stiefel: +41 22 310 90 82
France
Olivier Herson: +33 156 43 50 48
Germany
Gunnar Knierim: +49 89 255 40 101
Martin Vom Hagen: +49 89 21 66 97 101
Italy
Nicola Meotti: +39 0200 621 323
Massimo Dalla Vedova : +39 0200 621 324
Benelux
Willem Van Gijzen: +31 20 799 77 73
Nordics
Steen Jorgensen: +46 85 35 27 460
AllianceBernstein.com
A Word About Risk
26
Market Risk: The market values of the investments may rise and fall from day to day, so investments may lose value.
Interest Rate Risk: Bonds may lose value if interest rates rise or fall—long-duration bonds tend to rise and fall more than short-duration bonds.
Credit Risk: A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or capital—the lower the rating, the higher the risk of default.
If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline.
Allocation Risk: Allocating to different types of assets may have a large impact on returns if one of these asset classes significantly underperforms the
others.
Foreign Risk: Investing in overseas assets may be more volatile because of political, regulatory, market and economic uncertainties associated with them.
These risks are magnified in assets of emerging or developing markets.
Currency Risk: currency fluctuations may have a large impact on returns and the value of an investment may be negatively affected when translated into the
currency in which the initial investment was made.
Capitalization Size Risk (Small/Mid): Holdings in smaller companies are often more volatile than holdings in larger ones.
MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The
MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or
produced by MSCI.
The value of an investment can go up or down and past performance is neither indicative of, nor a guarantee of, future results. The sale of AllianceBernstein
funds may be restricted or subject to adverse tax consequences in certain jurisdictions. This information is directed solely at persons in jurisdictions
where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors should
review the fund's full prospectus, together with the fund’s Key Investor Information Document 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 AllianceBernstein
(Luxembourg) S.A.R.L., by visiting www.alliancebernstein.com or by contacting the local distributor in the jurisdictions in which the funds are authorised for
distribution.
AllianceBernstein® and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.
©2013 AllianceBernstein L.P. www.alliancebernstein.com
IC2013157