4Q
12.31.14
FEATURED FUNDS
EXPLORE OUR TOP
MORNINGSTAR-RATED FUNDS
Overall Morningstar Ratings™ Based on Risk-Adjusted Performance Advisor Share Class
TAXABLE BONDS
EQUITIES
High Income Fund (AGDYX)
Against 214 Multisector Bond Funds
Core Opportunities Fund (ADGYX)
Against 1,528 Large Growth Funds
Bond Inflation Strategy (ABNYX)
Against 192 Inflation-Protected Bond Funds
Growth and Income Fund (CBBYX)
Against 1,106 Large Value Funds
Global Bond Fund (ANAYX)
Against 290 World Bond Funds
Large Cap Growth Fund (APGYX)
Against 1,528 Large Growth Funds
Intermediate Bond Fund (ABQYX)
Against 913 Intermediate-Term Bond Funds
Select US Equity Fund (AUUYX)
Against 1,528 Large Growth Funds
MUNICIPALS
Small Cap Growth Portfolio (QUAYX)
Against 645 Small Growth Funds
High Income Municipal Portfolio (ABTYX)
Against 155 High Yield Muni Funds
ALTERNATIVES
Municipal Income Fund National (ALTVX)
Against 268 Muni National Interm Funds
Muni Income Fund California (ALCVX)
Against 49 Muni California Intermediate Funds
Global Real Estate (ARSYX)
Against 180 Global Real Estate Funds
Unconstrained Bond Fund (AGSIX)
Against 216 Nontraditional Bond Funds
Muni Income Fund New York (ALNVX)
Against 44 Muni New York Intermediate Funds
Intermediate Diversified Municipal
Portfolio (AIDAX) A Shares*
Against 173 Muni National Short Funds
OUR NEWEST FUNDS FOR TODAY’S MARKET
Funds with Track Records Under Three Years Are not Rated by Morningstar
FIXED INCOME
ALTERNATIVES
High Yield Portfolio (HIYYX)
Single-sector focus on generating a high level of income
Credit Long/Short Portfolio (ALYSX)
Attractive absolute total returns with interest-rate protection and
low correlation to traditional stock and bond performance
Tax-Aware Fixed Income Portfolio (ATTYX)
Attractive after-tax return potential from both tax-exempt and
taxable bonds
Long/Short Multi-Manager Fund (LSYMX)
Broad diversification across alternative long/short equity
managers in a single, professionally managed investment
Multi-Manager Alternatives Strategies Fund (ALTYX)
Broad diversification across hedge-fund strategies in a single,
professionally managed investment
Select US Long/Short (ASYLX)
Participation in the market’s upside potential while
providing downside protection
*Advisor share class not available.
Effective January 20, 2015 mutual fund names have changed from AllianceBernstein to AB. CUSIPs and ticker symbols remain the same.
Investment Products Offered • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed
LEARN MORE
VISIT WWW.ABGLOBAL.COM FOR COMPLETE PERFORMANCE OR CALL YOUR AB REPRESENTATIVE AT (800) 247 4154.
Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or
summary prospectus, which contain this and other information, visit us online at www.abglobal.com or contact your AB representative. Please read the prospectus
and/or summary prospectus carefully before investing.
Morningstar ratings for the funds shown reflect performance as of September 30, 2014. The value of the Portfolio will fluctuate as the market fluctuates. The market values
of the Portfolio’s holdings rise and fall from day to day, so investments may lose value. Morningstar rankings are only one metric of performance and do not represent absolute
performance of any fund. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year
(if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted
Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on
downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3
stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Each share class is counted as a fraction of one fund within this scale and rated separately, which may
cause slight variations in the distribution percentages. Morningstar Rating is for the Advisor share class only; other classes may have different performance characteristics. Past
performance is no guarantee of future results.
Morningstar Category
3-Year
5-Year
10-Year
High Income Fund
Multisector Bond
5 stars among 214 Funds
5 stars among 169 Funds
N/A
Bond Inflation Strategy
Inflation-Protected Bond 4 stars among 192 Funds
N/A
N/A
Global Bond Fund
World Bond
4 stars among 290 Funds
4 stars among 233 Funds
5 stars among 140 Funds
Intermediate Bond Fund
Intermediate-Term Bond 4 stars among 913 Funds
4 stars among 807 Funds
4 stars among 588 Funds
High Income Municipal Portfolio
High Yield Muni
5 stars among 155 Funds
N/A
N/A
Intermediate Diversified Municipal Portfolio
Muni National Short
4 stars among 173 Funds
4 stars among 142 Funds
4 stars among 103 Funds
Municipal Income Fund National
Muni National Interm
5 stars among 268 Funds
5 stars among 230 Funds
5 stars among 166 Funds
Muni Income Fund California
Muni California
Intermediate
5 stars among 49 Funds
5 stars among 43 Funds
5 stars among 38 Funds
Muni Income Fund New York
Muni New York
Intermediate
5 stars among 44 Funds
5 stars among 42 Funds
5 stars among 38 Funds
Core Opportunities Fund
Large Growth
4 stars among 1,528 Funds 5 stars among 1,324 Funds 3 stars among 909 Funds
Growth and Income Fund
Large Value
4 stars among 1,106 Fund
Large Cap Growth Portfolio
Large Growth
5 stars among 1,528 Funds 3 stars among 1,324 Funds 5 stars among 909 Funds
Select US Equity Fund
Large Growth
4 stars among 1,528 Funds N/A
N/A
Small Cap Growth Portfolio
Small Growth
3 stars among 645 Funds
5 stars among 566 Funds
4 stars among 394 Funds
Global Real Estate
Global Real Estate
4 stars among 180 Funds
4 stars among 153 Funds
3 stars among 33 Funds
Unconstrained Bond Fund
Nontraditional Bond
3 stars among 216 Funds
3 stars among 103 Funds
4 stars among 30 Funds
5 stars among 975 Funds
3 stars among 666Funds
AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of
the funds.
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.
© 2015 AllianceBernstein L.P., 1345 Avenue of the Americas, New York, NY 10105
15-0093
FGEN–FLY–0176–0115