2.

High Yield BondsStrong Returns, Less Volatile Than StocksHistorical Performance#, 1 October 1997 to 31 October 2017

1. High Yield: Equity-Like Returnswith Less Volatility

ABGLOBAL HIGH YIELD PORTFOLIO

3. Past Dividend Payout Record

Source: AB, as of 31 January 2018

Class AT SharesThe 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 6) Annualized yield is calculated with the following formula: monthly 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.

Month NAV (US$) DIV (US$)Annualized

Yield01/31/2018 4.31 0.0221 6.15%12/29/2017 4.28 0.0221 6.20%11/30/2017 4.28 0.0221 6.15%10/31/2017 4.31 0.0221 6.15%09/29/2017 4.33 0.0221 6.12%08/31/2017 4.33 0.0221 6.12%

Important Information1 The portfolio invests primarily in a portfolio of high yield, non-investment grade, debt securities of issuers located throughout the world.2. Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic risk).3. The portfolio may invest in non-investment grade debt securities (for example, convertible securities, mortgage or other asset-backed securities) of issuers in emerging market

countries. Such investments may be subject to high volatility and involve significant risk, including leverage risk, market risk, liquidity risk and the risk of issuer or counterparty default or insolvency, which may potentially result in a total loss of your investment in the portfolio.

4. Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, country risk, currency risk, management risk and credit risks. 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.

5. 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.

6. 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.

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

Historical information provided for illustrative purpose only.*Based on Moodys average recovery rate for developed market High Yield bondsSource: J.P. Morgan and AB, as of 31 December 2017

Understanding of Risk and Return

Offered Currencies in USD, HKD and EUR. AUD, CAD, EUR,

SGD, NZD and GBP Hedged Share Classes are also available.^

Historical analysis does not guarantee future results. An investor cannot invest directly in an index.GHY Portfolio is represented by ABGlobal High Yield Portfolio class A USD. MSCI ACWI is represented by MSCI All Country World Index (GDR).Source: AB, as of 31 January 2018

Historical data included for information purposes only. Past performance does not guarantee future results.Portfolio inception date (Class A): 22 September 1997. Calculated on an NAV-to-NAV basis, in US Dollars.Source: Bloomberg and AB, as of 31 December 2017

A Global Multi Sector Approach Has Delivered Positive Returns in Most Rising Rate Environments

ABGlobal High Yield Portfolio Annual Returns Since Inception0.25% 0.25% 0.75%

-40

-20

0

20

40

60

80

-15.6

18.8

-4.2-10.4

5.3

36.4

11.1 8.0 12.6 5.9

-32.3

60.6

15.6

0.2

16.35.1 1.6

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Global CreditCrisis

Oil Prices DropRussianDefault

Perc

ent

0.75% 1.25% 2.00%1.00% Fed Increases1.00%

Dot-ComBubble

15

-5.4

16 17

14.0 7.3

Global High Yield Default* Experience vs. US HY Market (Percent)

6.83%

15.57%

6.02%

12.23%

Annualized Return Annualized Volatility

MSCI ACWI Index GHY Portfolio

GHY Portfolio JPMorgan US High Yield Index

0.6

5.4

1.30.7 0.5 0.4

0.9 1.2

2.62.3

10.3

0.81.8

1.1 0.7

3.0

1.8

3.3

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

(Year)

0.5

2.0

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

1Q 2018

6. Portfolio Allocation

Holdings are expressed as a percentage of total investments and may vary over time. ^^All ratings are based on ratings of S&P,Moodys and Fitch. Sector Allocation/High Yield uses a split to lower with two different ratings (and a split to middle for three ratings); Credit Quality uses a split to higher.Source: AB, as of 31 January 2018.

Country AllocationCredit Quality^^

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 funds full prospectus, together with the funds 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.abglobal.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, ABs 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 Portfolios current prospectus together with the most recent financial statements. Investment RisksInvestment in the Portfolio entails certain risks. Investment returns and principal value of the Portfolio will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. The Portfolio is meant as a vehicle for diversification and does not represent a complete investment program. Although the Global High Yield Portfolio is entitled to use derivative instruments for investment purposes, the Portfolio will not use derivative instruments for investment purposes. These and other risks are described in the Portfolios prospectus. Prospective investors should read the prospectus carefully including risk factors and discuss risk and the Portfolios fees and charges with their financial advisor to determine if the investment is appropriate for them. A Fitch Fund Quality Rating provides an in-depth assessment of a funds key attributes and consistency of longer-term returns relative to its peer group and/or benchmarks. Ratings are

as follows from highest to lowest: Excellent, Strong, Satisfactory, Weak, Inadequate, Qualifying. Past performance is no guarantee of future results. ^ Currency-hedged share classes use hedging techniques in an attempt to reduce-but not eliminate-fluctuations between the investors holdings in a particular currency-hedged share class

denominated in the investors investing currency and the portfolios base currency. The goal is to deliver returns that track the portfolios 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 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 ABGlobal High Yield Portfolio (Class A, USD): 5.09% (2013), 1.58% (2014), -5.44% (2015) , 14.02% (2016) , 7.34% (2017) and 1.21% (2018YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 January 2018. Inception date for Class A (USD): 22 September 1997.

The past 5 calendar year performance for ABGlobal High Yield Portfolio (Class AT, USD): 5.08% (2013), 1.54% (2014), -5.31% (2015) , 13.83% (2016) , 7.38% (2017) and 1.22% (2018YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 January 2018. Inception date for Class AT (USD): 26 September 2002.

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, or distribution or quotation to, the general public. This document has been issued by AllianceBernstein (Singapore) Ltd. ("ABSL", Company Registration No. 199703364C) and has not been reviewed by the Monetary Authority of Singapore (MAS). ABSL is a holder of a Capital Markets Services Licence issued by the Monetary Authority of Singapore to conduct regulated activity in fund management and dealing in securities. AllianceBernstein (Luxembourg) S. 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. This document has not been reviewed by the MAS. 2018 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: 1 March 2018)

4. 5. Fund ProfilePortfolio Manager:

Paul J. DeNoon Gershon Distenfeld, CFA Douglas J. PeeblesMatthew S. Sheridan, CFA

Inception Date: 1997/09/22 (Class A, USD)

Base Currency: USD

^Convenience Pricing/ Reporting Currencies:

EUR, HKD

^Currency-hedged Share Classes:

AUD, EUR, CAD, GBP, SGD, NZD

Class offered: A, A2, AA, AT

Fund Size: USD 25,122.50 million

Source: AB, as of 31 January 2018

Dynamic Market Allocation in Action

Sector weightings will vary over time.*Securitized include Commercial Mortgage-Backed Securities, Collateralized Mortgage Obligations and Asset-Backed Securities .**Cash/Other includes Preferred Stock, Bank Loans, Municipals, Agencies, Supranationals, Net Cash Equivalents, Currency Instruments, Treasuries and Derivative Offsets.Source: AB Internal System: RAP, as of 31 December 2017.

20%

0%

40%

60%

80%

100%

EM Local CurrencyHigh YieldEM Quasi-Sovereigns

IG CorporatesSecuritized*

EM Hard CurrencyCash/Other**

Q109

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416

Q117

Q217

Q317

Q417

Shifted EM allocation to high yield to increase exposure to a sector poised to benefit from the US economic recovery and to increase portfolio diversification across industries and issuers

Diversifying sources of income into securitized assets and EM

We see value in EM Local and FX

AAA 6.36%AA 0.15%A 5.37%BBB 17.36%BB 31.72%B 26.52%CCC & Below 6.64%Not Rated 5.88%

United States 48.65%Brazil 9.00%Turkey 4.77%Mexico 4.59%Luxembourg 3.70%Argentina 3.32%United Kingdom 3.09%Indonesia 1.87%Russia 1.74%Other 19.27%

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

GHY-PRF-EN-HK-0318

1Q 2018GLOBAL HIGH YIELD PORTFOLIO

FIXED INCOME

March 2018 3 MONTHLY NAV AND DIVIDEND SUMMARY

AB Global High Yield Portfolio NAV, Dividend and Yield Information as of 03/29/2018 03/29/2018 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 6) /( 6) 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. x 12 / x 100

Class AT shares, EUR-Hedged^ (ISIN: LU0448041581) AT^

Class AT shares, CAD-Hedged^ (ISIN: LU0592507361) AT^

Month

NAV ()

DIV ()

Annualized Yield

Month

NAV (CAD)

DIV (CAD)

Annualized Yield

03/29/2018 14.62 0.0504 4.14% 03/29/2018 13.22 0.0614 5.57% 02/28/2018 14.74 0.0504 4.10% 02/28/2018 13.32 0.0614 5.53% 01/31/2018 14.99 0.0433 3.47% 01/31/2018 13.54 0.0614 5.44% 12/29/2017 14.89 0.0554 4.46% 12/29/2017 13.45 0.0696 6.21% 11/30/2017 14.90 0.0554 4.46% 11/30/2017 13.45 0.0696 6.21% 10/31/2017 15.00 0.0554 4.43% 10/31/2017 13.54 0.0696 6.17% 09/29/2017 15.09 0.0554 4.41% 09/29/2017 13.62 0.0640 5.64% 08/31/2017 15.10 0.0554 4.40% 08/31/2017 13.63 0.0640 5.63% 07/31/2017 15.16 0.0554 4.39% 07/31/2017 13.68 0.0640 5.61% 06/30/2017 15.07 0.0554 4.41% 06/30/2017 13.60 0.0640 5.65% 05/31/2017 15.17 0.0554 4.38% 05/31/2017 13.70 0.0640 5.61% 04/28/2017 15.17 0.0554 4.38% 04/28/2017 13.70 0.0640 5.61%

Class AT shares, USD (ISIN: LU0156897901) AT

Class AT shares, HKD^ (ISIN: LU0417103578) AT^

Month

NAV (US$) ()

DIV (US$) ()

Annualized Yield

Month

NAV (HK$) ()

DIV (HK$) ()

Annualized Yield

03/29/2018 4.21 0.0221 6.30% 03/29/2018 33.04 0.1734 6.30% 02/28/2018 4.24 0.0221 6.25% 02/28/2018 33.17 0.1729 6.26% 01/31/2018 4.31 0.0221 6.15% 01/31/2018 33.71 0.1728 6.15% 12/29/2017 4.28 0.0221 6.20% 12/29/2017 33.44 0.1728 6.20% 11/30/2017 4.28 0.0221 6.20% 11/30/2017 33.43 0.1726 6.20% 10/31/2017 4.31 0.0221 6.15% 10/31/2017 33.63 0.1724 6.15% 09/29/2017 4.33 0.0221 6.12% 09/29/2017 33.82 0.1725 6.12% 08/31/2017 4.33 0.0221 6.12% 08/31/2017 33.89 0.1729 6.12% 07/31/2017 4.35 0.0221 6.10% 07/31/2017 33.98 0.1726 6.10% 06/30/2017 4.32 0.0221 6.14% 06/30/2017 33.73 0.1724 6.13% 05/31/2017 4.35 0.0221 6.10% 05/31/2017 33.89 0.1721 6.09% 04/28/2017 4.35 0.0221 6.10% 04/28/2017 33.84 0.1718 6.09%

Important Information 1. The portfolio invests primarily in a portfolio of high yield, non-investment grade, debt securities of issuers located throughout the world.

2. Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic risk).

3. The portfolio may invest in non-investment grade debt securities (for example, convertible securities, mortgage or other asset-backed securities) of issuers in emerging market countries. Such investments may be subject to high volatility

and involve significant risk, including leverage risk, market risk, liquidity risk and the risk of issuer or counterparty default or insolvency, which may potentially result in a total loss of your investment in the portfolio.

4. Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, country risk, currency risk, management risk and credit risks. 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.

5. 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.

6. 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 investors 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. ()

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

GHYDYIENCHHK0318 (Issue date of this document : 04/11/2018)

Class AT shares, AUD-Hedged^ (ISIN: LU0511405911) AT^

Class AT shares, SGD-Hedged^ (ISIN: LU0592507528) AT^

Month

NAV (A$)

DIV (A$)

Annualized Yield

Month

NAV (SGD) ()

DIV (SGD) ()

Annualized Yield

03/29/2018 14.76 0.0776 6.31% 03/29/2018 13.27 0.0668 6.04% 02/28/2018 14.87 0.0776 6.26% 02/28/2018 13.37 0.0668 6.00% 01/31/2018 15.12 0.0776 6.16% 01/31/2018 13.60 0.0668 5.89% 12/29/2017 15.03 0.0840 6.71% 12/29/2017 13.52 0.0668 5.93% 11/30/2017 15.02 0.0840 6.71% 11/30/2017 13.51 0.0668 5.93% 10/31/2017 15.12 0.0840 6.67% 10/31/2017 13.60 0.0668 5.89% 09/29/2017 15.21 0.0840 6.63% 09/29/2017 13.69 0.0668 5.86% 08/31/2017 15.22 0.0840 6.62% 08/31/2017 13.69 0.0668 5.86% 07/31/2017 15.28 0.0840 6.60% 07/31/2017 13.75 0.0668 5.83% 06/30/2017 15.19 0.0881 6.96% 06/30/2017 13.67 0.0668 5.86% 05/31/2017 15.29 0.0881 6.91% 05/31/2017 13.76 0.0668 5.83% 04/28/2017 15.29 0.0881 6.91% 04/28/2017 13.76 0.0668 5.83%

Class AT shares, NZD-Hedged^ (ISIN: LU0805983789) AT^

Class AT shares, GBP-Hedged^ (ISIN: LU0689626256) AT^

Month

NAV (NZD)

DIV (NZD)

Annualized Yield

Month

NAV (GBP)

DIV (GBP)

Annualized Yield

03/29/2018 13.49 0.0783 6.97% 03/29/2018 14.71 0.0621 5.07% 02/28/2018 13.59 0.0783 6.91% 02/28/2018 14.82 0.0621 5.03% 01/31/2018 13.82 0.0783 6.80% 01/31/2018 15.08 0.0561 4.46% 12/29/2017 13.73 0.0783 6.84% 12/29/2017 14.98 0.0660 5.29% 11/30/2017 13.73 0.0783 6.84% 11/30/2017 14.98 0.0660 5.29% 10/31/2017 13.82 0.0783 6.80% 10/31/2017 15.08 0.0660 5.25% 09/29/2017 13.91 0.0816 7.04% 09/29/2017 15.17 0.0660 5.22% 08/31/2017 13.91 0.0816 7.04% 08/31/2017 15.19 0.0660 5.21% 07/31/2017 13.97 0.0816 7.01% 07/31/2017 15.25 0.0660 5.19% 06/30/2017 13.90 0.0816 7.04% 06/30/2017 15.16 0.0660 5.22% 05/31/2017 13.98 0.0816 7.00% 05/31/2017 15.26 0.0660 5.19% 04/28/2017 13.98 0.0816 7.00% 04/28/2017 15.26 0.0660 5.19%

The calendar year performance for ABGlobal High Yield Portfolio: Class AT, USD 5.08% (2013), 1.54% (2014), -5.31% (2015), 13.83% (2016), 7.38% (2017) and -0.09% (2018 YTD). Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 March 2018. AT 5.08% 2013 1.54% 2014 -5.31% 2015 13.83% 2016 7.38% 2017-0.09%2018 AB 2018 3 31 ^ Currency-hedged share classes use hedging techniques in an attempt to reducebut not eliminatefluctuations between the investors holdings in a particular currency-hedged share class denominated in the investors investing currency and the portfolios base currency. The goal is to deliver returns that track the portfolios 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. ^ With effect from 15 December 2009, the Portfolio has expanded its investment power in financial derivative instruments. Please refer to the prospectus for further details. 2009 12 15 AB FCP I Global High Yield 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, ABs 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 funds full prospectus, together with the funds 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. AB FCP I (fonds commun de placement) AB FCP I 2016 2 5 ACMBernstein AllianceBernstein www.abfunds.com.hk 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 portfolios current Prospectus together with the most recent financial statements. AB Investment RisksInvestment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investors 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. 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 Funds prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the funds fees and charges with their financial adviser to determine if the investment is appropriate for them.

Source: AB, as of 31 March 2018. AB 2018 3 31 This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited.

2018 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. 2018 AllianceBernstein L.P. [A/B] AllianceBernstein AllianceBernsteinAllianceBernstein L.P.

Mar 20183

All data as of 31/03/2018

AB - Global High Yield Portfolio

*

Important Information 1 Invest in emerging markets is subject to higher volatility and higher risks (e.g. liquidity risk, currency risk, political risk, regulatory risk and economic risk).

2 The portfolio may invest in non-investment grade debt securities (for example, convertible securities, mortgage or other asset-backed securities) of issuers in emerging market countries. Suchinvestments may be subject to high volatility and involve significant risk, including leverage risk, market risk, liquidity risk and the risk of issuer or counterparty default or insolvency, which maypotentially result in a total loss of your investment in the portfolio.

3 Investment in the portfolio may also involve fixed-income securities risks, illiquid assets risk, country risk, currency risk, management risk and credit risks. The value of the portfolio can be volatileand 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.

4 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 useof derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses.

5 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 investors original investment or from any capital gainsattributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.()

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

Portfolio Objective/ Strategy/ Key Features / / The Portfolio seeks to produce high current income as well as overall total return by investing primarily in a portfolio ofhigh yield, non-investment grade, debt securities of issuers located throughout the world, including the U.S. and emergingcountries. The Portfolio invests in both U.S. dollar and non-U.S. dollar denominated securities. The Investment Managerutilizes the investment research of both its global fixed income and high yield teams.

Portfolio Composition^ ^

Sector Allocation~^^

~^^

High Yield 36.55%Treasuries 20.14%Emerging Markets -Local Currency 13.85%Emerging Markets -Hard Currency 9.06%CMOs 6.06%Corporates - InvestmentGrade 4.63%Commercial Mortgage-Backed Securities 4.43%Preferred Stock 3.44%Other 1.84%

Country Allocation United States 52.87%Brazil 7.39%Turkey 4.42%Luxembourg 3.98%Argentina 3.31%United Kingdom 3.26%Indonesia 1.98%Russia 1.70%Canada 1.42%Other 19.67%

Net Currency Exposure US Dollar 95.41%Brazil Real 1.41%Argentine Peso 1.40%Egyptian Pound 0.86%Indonesian Rupiah 0.78%Other 0.14%

Credit Quality^^ ^^AAA 8.78%AA 0.16%A 1.09%BBB 19.87%BB 30.02%B 27.09%CCC & BelowCCC 6.84%Not Rated 6.15%

^ Holdings are expressed as a percentage of total investments and may vary over time.

~ Treasuries includes US Treasuries which are held as collateral against credit derivatives and Treasury futures which are used to manageduration.

^^ All ratings are based on ratings of S&P,Moodys and Fitch. Sector Allocation/High Yield uses a split to lower with two different ratings (anda split to middle for three ratings); Credit Quality uses a split to higher./

# Source: S&P, Moodys, Fitch and AllianceBernstein (AB).: AB

Calculated from the net assets of the Portfolio. 1. As a percentage of purchase price for Classes A, A2, AA and AT only.

A , A2 , AA AT 2. As an annual percentage of average daily Net Asset Value.

Profile Domicile Luxembourg

Inception Date

22/09/1997Class A USD A

Fiscal Year End 31 August8 31

Net Assets $ 23706.10 Million

Subscription/Redemption/

Daily

Base Currency USD

Reporting Currencies EUR, HKD

Currency HedgedShare Classes

AUD, CAD, EUR, GBP, NZD,SGD

Average Duration (Years) ()

4.88

Average Credit Quality##

BB

Initial Sales Charge1 1

Up to 5.00%Class A, A2, AA & AT

Management Fee2 2

First $5b: 1.70%

Over $5b: 1.50%

50 : 1.70% 50 : 1.50%

Management CompanyFee2 2

0.10%

Total No. Of Holdings

1141

Portfolio ManagementTeam

Paul J. DeNoonGershon Distenfeld, CFADouglas J. PeeblesMatthew S. Sheridan, CFA

For fees applicable to other share classes, please refer to the offeringdocuments for details.

Mar 20183

All data as of 31/03/2018

Top Ten Credit and Emerging Market Securities

Holding Brazil Notas do Tesouro Nacl 10.00%,1/01/25 - 1/01/27 4.95%Turkey Govt Bond 11.10%,5/15/19 1.44%Turkey Govt Bond 11.00%,2/24/27 0.94%Turkey Govt Bond 10.70%,2/17/21 0.89%Argentine Govt Intl 6.875%,4/22/21 - 1/26/27 0.72%Brazil Notas do Tesouro Nacl 6.00%,5/15/45 - 8/15/50 0.70%Russian Federal Bond 7.50%,8/18/21 0.67%Republic of South Africa Govt Bond 8.00%,1/31/30 0.61%Russian Federal Bond 6.40%,5/27/20 0.59%Turkey Govt Bond 10.40%,3/27/19 0.58%

Total 12.09%

Calendar Year Returns %

-10

0

10

20

2013 2014 2015 2016 2017 2018 YTD

2013 2014 2015 2016 2017 2018 YTD

Class A USDA

5.1 1.6 -5.4 14.0 7.3 -0.1

Cumulative Total Returns %

1 Year

3 Year

5 Year

10 Year

SinceInception

Class A USDA

3.6 14.3 20.6 87.3 218.9

Please refer to Profile section for Inception Date of Class A USD. A Source: AB, calculated on an NAV-to-NAV basis, with dividend reinvested, in U.S. DollarsAB

Past performance is no guarantee of future results. Total returns, provided by AB, include the change in net assetvalue and reinvestment of any distributions paid on Portfolio shares for the period shown, but do not reflect salescharges. The information on this page is for information purposes only and should not be construed as an offer tosell, or solicitation of an offer to buy, or a recommendation for the securities of the Portfolio.

AB

Currency-hedged share classes use hedging techniques in an attempt to reducebut not eliminatefluctuationsbetween the investors holdings in a particular currency-hedged share class denominated in the investorsinvesting currency and the portfolios base currency. The goal is to deliver returns that track the portfolios basecurrency returns more closely. Stand-alone currency symbols represent convenience pricing, which offers theability to purchase or redeem shares using the currency indicated, which is then converted into the base currencyof the portfolio using a market rate at the time of purchase or redemption. Convenience pricing involves no currencyhedging and does not seek to provide any protection from currency fluctuations.

* A Fitch Fund Quality Rating provides an in-depth assessment of a funds key attributes and consistency of longer-term returns relative to its peer group and/or benchmarks. Ratings are as follows from highest to lowest: Excellent,Strong, Satisfactory, Weak, Inadequate, Qualifying. Past performance is no guarantee of future results.*

NAV, Yield & Dividend Information (as of 31/03/2018)

2018 03 31

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 5)Annualized yield is calculated with the following formula: monthly dividend ofthe month x 12 / ex-dividend price of the month x 100. Positive distribution yielddoes not imply positive return. The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio.

A, AT AA ( 5) x 12 / x 100

NAV

Yield

Dividend Bloomberg ISIN

Class A USDA 4.25 6.27 0.0222 ACMHYAI:LX LU0081336892

Class AT USDAT 4.21 6.30 0.0221 ACGHYAT:LX LU0156897901

Class AT HKDAT 33.04 6.30 0.1734 ABHYHAT:LX LU0417103578

Class AT AUD(H)AT 14.76 6.31 0.0776 ABGATAH:LX LU0511405911

Class AT NZD(H)AT 13.49 6.97 0.0783 AGHATNH:LX LU0805983789

Class AT EUR(H)AT 14.62 4.14 0.0504 ACATEUH:LX LU0448041581

Class AT CAD(H)AT 13.22 5.57 0.0614 ABGATCH:LX LU0592507361

Class AT GBP(H)AT 14.71 5.07 0.0621 ABHYATG:LX LU0689626256

Class AT SGD(H)AT 13.27 6.04 0.0668 ABGATSH:LX LU0592507528

Class AA USDAA 12.44 8.32 0.0862 ACMATAA:LX LU1008669860

Class AA HKDAA 97.63 8.31 0.6764 ABGHIAA:LX LU1069345681

Class AA AUD(H)AA 12.26 8.32 0.0850 ACMAAUH:LX LU1008670108

Class AA NZD(H)AA 12.25 8.97 0.0916 ABGHYAN:LX LU1069345921

Class AA EUR(H)AA 12.24 6.13 0.0625 ABAEURH:LX LU1069345848

Class AA CAD(H)AA 12.13 7.58 0.0766 ABGHYCH:LX LU1069346069

Class AA GBP(H)AA 12.18 7.07 0.0718 ABAGBPH:LX LU1069345764

Class AA SGD(H)AA 12.30 8.06 0.0826 ACMAASH:LX LU1035779344

Class A2 USDA2 15.42 - - ACMHYA2:LX LU0102830865

Class A2 HKDA2 121.01 - - ABHYA2H:LX LU0417103495

Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all shareclasses 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 decreaseas a result of foreign exchange currency fluctuations.These and other risks are described in the Funds prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the funds fees andcharges with their financial adviser to determine if the investment is appropriate for them.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 funds full prospectus, togetherwith the funds 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. www.abfunds.com.hk 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, ABs legal name was ACMBernstein,its trading name was AllianceBernstein. AB FCP I (fonds commun de placement) AB FCP I 2016 2 5 ACMBernstein AllianceBernsteinThis document is issued by AllianceBernstein Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.2018 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.2018 AllianceBernstein L.P. [A/B] AllianceBernstein AllianceBernstein AllianceBernstein L.P.

PRODUCT KEY FACTS AB FCP I

AllianceBernstein (Luxembourg) S. r.l. Global High Yield Portfolio April 2018

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. 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 and C 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 Portfolios Net Asset Value (iii) For Classes A2, B2, C2, I2, S# and S1# Shares (and corresponding H

Shares): None

Financial year end of this Portfolio: 31 August Ongoing charges over a fiscal year: Classes A and A2 EUR

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

Classes B, BA, B2 and BT Shares (and corresponding H Shares)

1.79% 1.80% 2.79% Classes BA ZAR H, BT

CAD H and BT GBP H Shares

Classes C, C2 and CT Shares

Class C2 EUR H Shares

2.80% 2.24% 2.25% Classes I2, IT (and

corresponding H Shares) and IA AUD H Shares

Classes I2 SGD H, IT AUD H and IT NZD H Shares

Class IT EUR H Shares

1.25% 1.24% 1.25%^ Class WT Shares Class S EUR H# Shares Class S1# Shares

1.00%^

0.04% 0.94%

Min. investment*:

Initial Additional Classes A, AA, A2, AT, B, BA, B2, BT, C, C2 and CT Shares (and corresponding H Shares)

USD2,000 | EUR2,000 | HKD15,000 AUD2,000 | SGD3,000 | CAD2,000 GBP2,000 | NZD3,000 | ZAR20,000

USD750 | EUR750 | HKD5,000 AUD750 | SGD1,000 | CAD750 GBP750 | NZD1,000 | ZAR7,000

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AB FCP 1 Global High Yield Portfolio

Classes I2 and IT Shares (and corresponding H Shares), Class IA AUD H Shares and Class WT Shares

USD1 million | EUR1 million AUD1 million | HKD8 million SGD1.5 million | CAD1 million GBP500,000 | NZD 1.5 million

None

Classes S# and S1# Shares (and corresponding H Shares)

USD25 million | EUR20 million GBP15 million

None

Unless otherwise specified. #Classes S and S1 Shares are reserved for institutional investors. The ongoing charges figure is based on expenses for the year ended 31 August 2017. 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. ^The ongoing charges figure is an estimated figure and is based on the ongoing charges figures for the relevant share classes. Please also refer to note above applicable to the ongoing charges figures for the relevant share classes. *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 Global High Yield 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 investment objective of the Portfolio is to produce high current income as well as overall total return by investing primarily in a portfolio of high-yielding debt securities of issuers located throughout the world, including U.S. issuers and issuers in emerging-market countries.

Strategy

The Portfolio invests primarily and at any time at least two-thirds of its assets in high yielding bonds of issuers located throughout the world, including U.S. issuers and issuers in emerging-market countries. The Portfolio intends to allocate assets among high-yield non-Investment Grade (as defined in the Prospectus of the Fund) corporate bonds in the U.S., non-Investment Grade debt securities of issuers located in emerging-market countries as well as sovereign debt issued by emerging market countries. It may invest in Investment Grade securities if such securities possess desirable yield and/or total return characteristics. The Portfolio will not invest more than 20% of its total assets in one country except for U.S. issuers. Holdings may include debt-securities with a range of maturities, from short- to long-term bonds. The Portfolio anticipates that a substantial portion of its assets may be denominated in currencies other than the US Dollar.

The Investment Manager does not expect to utilize bank borrowing in implementing the Portfolios investment strategy.

The Portfolio may use financial derivative instruments and efficient portfolio management techniques for hedging, risk management, efficient portfolio management, managing duration and volatility, obtaining currency exposure and as an alternative to investing directly in the underlying instruments. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions. However, financial derivative instruments will not extensively be invested in for investment purposes.

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

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AB FCP 1 Global High Yield Portfolio

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 Portfolios 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 principalthe 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. 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.

5. 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.

6. 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.

7. Country Risk - Emerging Markets The Portfolio will invest in emerging markets, which are subject to higher risks (for example, liquidity risk, currency risk, political risk, regulatory risk and economic risk) and higher volatility than developed markets. Fluctuations in currency exchange rates may negatively affect the value of an investment or reduce returns - these risks are magnified in emerging markets.

8. Currency Risk Underlying investments may be denominated in one or more currencies different from the Portfolios base currency. This means currency movements in such underlying investments may significantly affect the Net Asset Value of the Portfolios shares.

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 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 SFCs prior approval and by giving no less than one months 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 investors 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?

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AB FCP 1 Global High Yield Portfolio

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: 1997 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.

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 I2, IT (and corresponding H Shares) and IA AUD 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

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AB FCP 1 Global High Yield Portfolio

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): up to 1.7% Classes C, C2 and CT Shares (and corresponding H Shares): up to 2.15% Classes I2, IT (and corresponding H Shares), IA AUD H and WT Shares: up to 1.15% Class S# Shares (and corresponding H Shares): None Class S1# Shares (and corresponding H Shares): 0.90%

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): 1.00%

Not applicable to other Share Classes Administration fee payable to the Management Company*

All Share Classes (and corresponding H Shares): up to 0.10%

*Percentage per annum of Net Asset Value #Classes S and S1 Shares are reserved for institutional investors.

Other fees You may have to pay other fees when dealing in the shares of the Portfolio.

Additional Information You may generally buy and redeem shares at the Portfolios 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, 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 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.

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AB FCP 1 Global High Yield Portfolio

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.