1Q 2018 OVERALL MORNINGSTAR RATING TM Class A USD Shares Rated against 145 funds in the Global Emerging Markets Allocation Category, based on risk-adjusted returns. * 1. Emerging Markets: A World of Opportunities AB— EMERGING MARKETS MULTI-ASSET PORTFOLIO 3 . 2. Source: AB, as of 31 January 2018 Class AD Shares The AD share class below intend to declare and pay monthly dividends. Dividend amount/ distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 6) Month NAV (USD) DIV (USD) 01/31/2018 14.83 0.0513 12/29/2017 13.77 0.0513 11/30/2017 13.51 0.0513 10/31/2017 13.68 0.0513 09/29/2017 13.39 0.0513 08/31/2017 13.75 0.0513 Important Information 1 The Portfolio invests primarily in emerging markets equity and fixed-income securities. 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 commodity related securities, which include securities of companies whose businesses are reliant upon or may be heavily impacted by commodity prices. 4 Investment in the portfolio involves fixed-income securities risks, country risks, currency risk, liquidity risk, equity securities risk and credit risks. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost. 5 The Portfolio will use financial derivative instruments extensively for investment purposes and for the purpose of meeting its investment objective. This may involve additional risks including counterparty default risk or insolvency risk, risk involved with effective management of derivative strategies, risk of mispricing or improper valuation of derivatives, risk of higher volatility, risk of illiquidity in the market for certain derivative strategies. Derivatives may give rise to leverage and the risk of loss might be greater than the amount invested in the derivative. 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. Offered Currencies in USD, EUR and HKD. AUD, CAD, EUR, SGD and GBP Hedged Share Classes are also available.^ Percent Percent Year Year Emerging Markets Developed Markets (6) (4) (2) 0 2 4 6 8 10 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 Emerging Markets Developed Markets Forecast Overall Emerging Markets growth has stabilized after the recent slowdown and is expected to rise modestly (2) 0 2 4 6 8 10 2003 2005 2007 2009 2011 2013 2015 2017 Emerging Markets Stocks Continue to Trade at a Substantial Discount MSCI Emerging Markets vs. MSCI World Price/Earnings (Next 12 months) and Price/Book Value Price/Book Ratio Price/Earnings Ratio (40) (30) (20) (10) 0 10 20 30 08 09 10 11 12 13 14 15 16 17 Year Percent Emerging Markets and Developed Markets growth through 31 March 2017; forecast through 31 December 2018. Past performance and current analysis do not guarantee future results. Source: Haver Analytics, International Monetary Fund (IMF), national sources and AllianceBernstein(AB) Through 30 November 2017 Current analysis does not guarantee future results. Source: Haver Analytics and AB Emerging Markets Equity Valuations Are Relatively Attractive vs. Developed Stocks Past Dividend Payout Record † Historical analysis does not guarantee future results. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. Through 31 December 2017. Source: Factset, MSCI and AB Emerging Markets Growth Has Stabilized and is Improving in Many Countries Emerging Markets Inflation Is Low and Stable Emerging Markets vs. Developed Markets Inflation Year-Over-Year Percent Change Emerging Markets vs. Developed Markets Growth Year-Over-Year Percent Change In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.
Transcript
1Q 2018
OVERALL MORNINGSTAR RATINGTM
Class A USD Shares
Rated against 145 funds in the Global Emerging Markets AllocationCategory, based on risk-adjusted returns.
*
1. Emerging Markets: A World of Opportunities
AB—EMERGING MARKETS MULTI-ASSET PORTFOLIO
3. 2.
Source: AB, as of 31 January 2018
Class AD SharesThe AD share class below intend to declare and pay monthly dividends. Dividend amount/ distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 6)
Month NAV (USD) DIV (USD)01/31/2018 14.83 0.051312/29/2017 13.77 0.051311/30/2017 13.51 0.051310/31/2017 13.68 0.051309/29/2017 13.39 0.0513
08/31/2017 13.75 0.0513
Important Information1 The Portfolio invests primarily in emerging markets equity and fixed-income securities.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 commodity related securities, which include securities of companies whose businesses are reliant upon or may be heavily impacted by
commodity prices.4 Investment in the portfolio involves fixed-income securities risks, country risks, currency risk, liquidity risk, equity securities risk and credit risks. Exposure to lower
rated and unrated instruments can subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.
5 The Portfolio will use financial derivative instruments extensively for investment purposes and for the purpose of meeting its investment objective. This may involve additional risks including counterparty default risk or insolvency risk, risk involved with effective management of derivative strategies, risk of mispricing or improper valuation of derivatives, risk of higher volatility, risk of illiquidity in the market for certain derivative strategies. Derivatives may give rise to leverage and the risk of loss might be greater than the amount invested in the derivative.
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.
Offered Currencies in USD, EUR and HKD.
AUD, CAD, EUR, SGD and GBP Hedged Share Classes are
Overall Emerging Markets growth has stabilized after the recent slowdown and is expected to rise modestly
(2)
0
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2003 2005 2007 2009 2011 2013 2015 2017
Emerging Markets Stocks Continue to Trade at a Substantial DiscountMSCI Emerging Markets vs. MSCI World Price/Earnings (Next 12 months) and Price/Book Value
Price/Book Ratio
Price/Earnings Ratio
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Emerging Markets and Developed Markets growth through 31 March 2017; forecast through 31 December 2018. Past performance and current analysis do not guarantee future results. Source: Haver Analytics, International Monetary Fund (IMF), national sources and AllianceBernstein(AB)
Through 30 November 2017Current analysis does not guarantee future results.Source: Haver Analytics and AB
Emerging Markets Equity Valuations Are Relatively Attractive vs. Developed Stocks
Past Dividend Payout Record†
Historical analysis does not guarantee future results. An investor cannot invest directly in an index, and their results are not indicative of the performance for any specific investment, including an AB fund. Indices do not include sales charges or operating expenses associated with an investment in a mutual fund, which would reduce total returns. Through 31 December 2017. Source: Factset, MSCI and AB
Emerging Markets Growth Has Stabilized and is Improving in Many Countries
Emerging Markets Inflation Is Low and Stable Emerging Markets vs. Developed Markets InflationYear-Over-Year Percent ChangeEmerging Markets vs. Developed Markets Growth
Year-Over-Year Percent Change
In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.
1Q 2018EMERGING MARKETS MULTI-ASSET PORTFOLIO
This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AB funds, investors should review the fund’s full prospectus, together with the fund’s Product Key Facts / Product Highlight Sheets and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com / www.abglobal.com or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.AB SICAV I —Emerging Markets Muli-Asset Portfolio is part of AB SICAV I (referred to as “AB”). AB is an open-ended investment company with variable capital (société d’investissement à capital variable) incorporated under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein SICAV, 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. Shares of the Portfolio are offered only pursuant to the Portfolio’s current prospectus together with the most recent financial statements. References, if any, to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AB. Any specific securities identified and described in the material do not represent all of the securities purchased, sold or recommended for the Portfolio, and may or may not be held by the Portfolio at any given time. It should not be assumed that investments in the securities were or will be profitable.Investment Risks – Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuations. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them.* Overall Morningstar Rating is a copyright of Morningstar, Inc., 2018. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied
or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar rates mutual funds from 1 to 5 stars based on how well they’ve performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive 5 stars and the bottom 10% receive 1 star. Funds are rated for up to three time periods – three-, five-, and 10-years and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They’re a useful tool for identifying funds worthy of further research, but shouldn’t be considered buy or sell signals. As of 31 January 2018.
^ Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience Pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations.
† The calendar year performance for AB—Emerging Markets Multi-Asset Portfolio: Class AD, USD – -5.18% (Since Inception to Year Ended 2013), -0.21% (2014), -6.74% (2015), 11.57% (2016) , 21.65% (2017) and 8.07% (2018 YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 January 2018. Portfolio Inception Date: 21 March 2013.
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.
Holdings are expressed as a percentage of total investments and may vary over time. Numbers may not sum due to rounding.Source: AB, as of 31 January 2018.
All portfolio statistics are subject to change. Numbers may not sum due to rounding. Source: AB, as of 31 January 2018 Source: AB, as of 31 January 2018
Holdings are expressed as a percentage of total investments and may vary over time. Numbers may not sum due to rounding.Source: AB, as of 31 January 2018.
In Singapore: For financial representative use only. Not for inspection by, distribution or quotation to the general public.
MULTI-ASSET 多元資產
March 2018 年 3 月 MONTHLY NAV AND DIVIDEND SUMMARY
每月資產淨值及股息摘要
AB—Emerging Markets Multi-Asset Portfolio 聯博—新興市場股債基金 NAV and Dividend Information as of 03/29/2018 截至 03/29/2018 的資產淨值及股息資料 The share classes below intend to declare and pay monthly dividends. Dividend amount/distribution rate is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 6) 以下股份類別旨在每月宣派及派付股息。派息/息率並無保證，派息可從資本中支付。(注意重要事項 6)
Class AD shares, AUD-Hedged^ (ISIN: LU0683595895) AD類股份，澳元對沖^
Class AD shares, CAD-Hedged^ (ISIN: LU0683596273) AD類股份，加元對沖^
Important Information 重要事項 1. The Portfolio invests primarily in emerging markets equity and fixed-income securities. 本基金主要投資於新興市場股票及定息證券。 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). 投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。 3. The Portfolio may invest in commodity related securities, which include securities of companies whose businesses are reliant upon or may be heavily impacted by commodity prices. 本基金可投資於商品相關證券，包括業務依賴於商品價格或可能嚴重受商品價格影響的公司的證券。 4. Investment in the portfolio involves fixed-income securities risks, country risks, currency risk, liquidity risk, equity securities risk and credit risks. Exposure to lower rated and unrated instruments can subject the Portfolio to greater risk of
loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.
可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。 5. The Portfolio will use financial derivative instruments extensively for investment purposes and for the purpose of meeting its investment objective. This may involve additional risks including counterparty default risk or insolvency risk, risk
involved with effective management of derivative strategies, risk of mispricing or improper valuation of derivatives, risk of higher volatility, risk of illiquidity in the market for certain derivative strategies. Derivatives may give rise to leverage and the risk of loss might be greater than the amount invested in the derivative.
值風險、較高波動性風險、若干衍生工具策略的市場流動性不足風險。衍生工具可能產生槓桿效應，損失高於衍生工具投資額的風險。 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. 本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。 7. Investors should not rely on this document alone to make investment decisions. 投資者不應只依賴本文件而作出投資決定。
EMMA–DYI–EN–CH–HK–0318 (Issue date of this document 本文件刊發日期: 04/11/2018)
Class AD shares, EUR-Hedged^ (ISIN: LU0683596356) AD類股份，歐元對沖^
Class AD shares, GBP-Hedged^ (ISIN: LU0683596430) AD類股份，英鎊對沖^
The calendar year performance for AB—Emerging Markets Multi-Asset Portfolio: Class AD, USD — -5.18% (Since Inception to Year Ended 2013), -0.21% (2014), -6.75% (2015), 11.57% (2016), 21.65% (2017) and 0.85% (2018 YTD). Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 31 March 2018. Portfolio Inception Date: 21 March 2013. 聯博—新興市場股債基金歷年的表現：AD類，美元 — -5.18%（自成立日至 2013 年終），-0.21% （2014 年），-6.75% （2015 年），11.57% （2016年），21.65% （2017 年）及 0.85%（2018 年初至今）。基金成
立日期： 2013 年 3 月 21 日。資料來源：AB，按資產淨值比較計算，股息用於再投資，以美元計，截至 2018 年 3月 31 日。 ^ Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations. ^ 貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其它報價貨幣
類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。 AB SICAV I —Emerging Markets Multi-Asset Portfolio is part of AB SICAV I (referred to as “AB”). AB is an open-ended investment company with variable capital (société d'investissement à capital variable) incorporated under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein SICAV, its trading name was AllianceBernstein. This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the fund’s full prospectus, together with the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be obtained free of charge from www.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution. 聯博—新興市場股債基金為 AB SICAV I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律註冊成立的開放型可變資本投資公司(société d'investissement à capital variable)，法定名稱為 AB SICAV I。在 2016 年 2 月 5 日之前，聯博的法定名稱為 ACMBernstein SICAV，營業名稱為 AllianceBernstein。此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應
審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.abfunds.com.hk或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。 Past performance is no guarantee of future results. Total returns, provided by AB, include the change in Net Asset Value and reinvestment of any distributions paid on portfolio shares for the period shown, but do not reflect sales charges. Shares of the portfolio are offered only pursuant to the portfolio’s current Prospectus together with the most recent financial statements. 以往表現並非未來業績的保證。AB 提供的總回報反映資產淨值的變動，並於所示時期內就基金股份所支付的任何分派均用於再投資，但不反映銷售費。所列回報不一定代表投資者所得的實際回報。本基金
股份只可根據本基金的現行認購章程連同最近的財務報表發售。 Investment Risks—Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Dividends are not paid for all share classes and are not guaranteed. The Fund is meant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuations. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’s fees and charges with their financial adviser to determine if the investment is appropriate for them. 投資風險─投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在
風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。 Source: AB, as of 31 March 2018. 資料來源：AB，截至 2018 年 3 月 31 日。 This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited. 此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司。
AB - Emerging Markets Multi-Asset Portfolio聯博－新興市場股債基金
∆
Important Information 重要事項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).投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。
2 The Portfolio may invest in commodity related securities, which include securities of companies whose businesses are reliant upon or may be heavily impacted by commodity prices.本基金可投資於商品相關證券，包括業務依賴於商品價格或可能嚴重受商品價格影響的公司的證券。
3 Investment in the portfolio involves fixed-income securities risks, country risks, currency risk, liquidity risk, equity securities risk and credit risks. Exposure to lower rated and unrated instrumentscan subject the Portfolio to greater risk of loss of principal and interest than higher-rated securities. The value of the portfolio can be volatile and can go down substantially within a short period oftime. It is possible that the entire value of your investment in the portfolio can be lost.投資於本基金會涉及固定收益證券風險、國家風險、貨幣風險、流動性風險、股本證券風險及信貸風險。低評級及無評級工具被視為須承受本金及利息損失的更大風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。
4 The Portfolio will use financial derivative instruments extensively for investment purposes and for the purpose of meeting its investment objective. This may involve additional risks includingcounterparty default risk or insolvency risk, risk involved with effective management of derivative strategies, risk of mispricing or improper valuation of derivatives, risk of higher volatility, risk ofilliquidity in the market for certain derivative strategies. Derivatives may give rise to leverage and the risk of loss might be greater than the amount invested in the derivative.本基金將廣泛使用金融衍生工具達到投資及實現其投資目標的目的。這可能涉及額外風險如對手方違約風險或無力償付風險、與有效管理衍生工具策略相關的風險、衍生工具錯誤定價或不適當估值風險、較高波動性風險、若干衍生工具策略的市場流動性不足風險。衍生工具可能產生槓桿效應，損失高於衍生工具投資額的風險。
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 investor’s original investment or from any capital gainsattributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。
6 Investors should not rely on this document alone to make investment decisions.投資者不應只依賴本文件而作出投資決定。
Portfolio Objective/ Strategy/ Key Features 基金目標/ 策略/ 特色The Portfolio seeks to maximize total return. The strategy is designed as a solution for investors whoseek long-term growth of capital with moderate volatility by investing in a multi-asset emerging-marketfund. The Investment Manager will actively adjust the Portfolio’s investment exposures to emergingmarket issuers and other financial instruments, including financial derivative instruments that provideinvestment exposures to a variety of asset classes. These asset classes include equity securities, fixedincome instruments, including high-yield securities and currencies.
Net Currency Exposure 淨貨幣分佈US Dollar 美元 41.81%Hong Kong Dollar 港元 18.93%South Korean Won 韓圜 7.42%Indian Rupee 印度盧比 6.76%Mexican Peso墨西哥披索 3.74%South African Rand南非蘭特 3.74%Brazil Real 巴西雷亞爾 3.56%New Taiwan Dollar新台幣 2.88%Philippine Peso菲律賓披索 2.19%Other 其它 8.97%
Country Allocation 國家分佈China 中國 26.18%South Korea 南韓 13.02%Taiwan 台灣 10.29%Brazil 巴西 6.06%Russia 俄羅斯 5.90%South Africa 南非 4.82%India 印度 4.45%Japan 日本 3.31%Turkey 土耳其 3.22%Other 其它 22.75%
Sectors: Top Equity 行業: 最高股票分佈Financials 金融 25.70%
Information Technology 資訊科技 25.12%
Industrials 工業 14.80%
Materials 原物料 9.82%
Energy 能源 7.59%
Sectors: Top Fixed Income 行業: 最高定息債券分佈Emerging Markets - Hard Currency 新興市場–強勢貨
幣
67.04%
Emerging Markets - Local Currency 新興市場–當地
貨幣
20.31%
Emerging Markets - Corporate Bonds 新興市場–公司
債券
12.64%
^ Holdings are expressed as a percentage of total investments and may vary over time.投資組合配置比重以總投資比重之百分比表示，可能隨時間而改變。
# Source: S&P, Moody’s, Fitch and AllianceBernstein (AB).資料來源: 標準普爾、穆迪、惠譽及 AB。
1. As a percentage of purchase price for Classes A and AD only.適用於 A 股及 AD 股之費用，以認購價格之百分比計算。
2. As an annual percentage of average daily Net Asset Value.以每日平均資產淨值之年度百分比率計費用。
Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡
Inception Date基金成立日
01/06/2011（Class A – USD）（ A 股–美元 ）
Fiscal Year End財政年度終結 31 May（5 月 31 日）
Net Assets淨資產 $ 2755.45 Million 百萬美元
Subscription/Redemption認購/贖回
Daily 每日
Base Currency基準貨幣 USD 美元
Reporting Currencies其他報價貨幣 EUR, HKD 歐元，港元
Currency HedgedShare Classes†
貨幣對冲股份類別†
AUD, CAD, EUR, SGD, GBP澳元，加元，歐元，新加坡元，英鎊
Average Credit Quality#
平均信貸質素# BBB-
Initial Sales Charge1
首次認購費 1Up to 最多為 5.00%（Class A, AD 股）
Management Fee2
管理費 2 1.60%
Management CompanyFee2
管理公司費 2
0.05%
Total No. Of Holdings總持股數量
392
Portfolio ManagementTeam基金管理團隊
Henry S. D’Auria, CFAPaul J. DeNoonMorgan C. Harting, CFA, CAIAShamaila Khan
For fees applicable to other share classes, please refer to the offeringdocuments for details.有關其他股份類別的費用詳情，請參閱基金銷售文件。
Mar 2018年3月
All data as of 所有資料截至 31/03/2018
Top 10 Holdings 十大持股
Holding 持股量Tencent Holdings 3.67%Alibaba Group 3.09%Samsung Electronics 2.56%Taiwan Semiconductor 2.46%Industrial Bank of Korea 2.24%CIFI Holdings Group 2.12%Marubeni 2.07%PTT Global Chemical 1.91%Yangzijiang Shipbuilding Holdings 1.91%iShares MSCI Brazil UCITS ETF 1.66%
Total 合共 23.69%
Calendar Year Returns 年度回報%
-20
0
20
40
2013 2014 2015 2016 2017 2018 YTD
2013 2014 2015 2016 2017 2018 YTD年初迄今
Class A – USDA 股–美元
-8.3 -0.2 -6.8 11.5 21.7 0.8
Cumulative Total Returns 總累積回報%
1 Year（年）
3 Year（年）
5 Year（年）
10 Year（年）
SinceInception成立迄今
Class A – USDA 股–美元
12.3 25.7 19.4 - 11.6
Please refer to Profile section for Inception Date of Class A - USD.請見基金資料有關 A 股 – 美元的成立日。Source: AB, calculated on an NAV-to-NAV basis, with dividend reinvested, in U.S. Dollars資料來源：AB，按資產淨值比資產淨值計算，股息用於再投資，以美元計。
Past performance is no guarantee of future results. Total returns, provided by AB, include the change innet asset value and reinvestment of any distributions paid on Portfolio shares for the period shown, butdo not reflect sales charges.The information on this page is for information purposes only and shouldnot be construed as an offer to sell, or solicitation of an offer to buy, or a recommendation for the securitiesof the Portfolio.
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 factsManagement Company: AllianceBernstein (Luxembourg) S.à r.l.Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware)Depositary: Brown Brothers Harriman (Luxembourg) S.C.A.Dealing frequency: DailyBase currency: U.S. DollarDividend policy: (i) For Classes AD, BD and ID Shares (and corresponding H Shares):
Aims to declare and pay monthly or be reinvested as elected by investor**Dividends may be paid out of capital or effectively out of capital and reduce the Portfolio’s Net Asset Value(ii) For Classes A, B, C and I Shares (and corresponding H Shares):
None Financial year end of this Portfolio: 31 MayOngoing charges over a fiscal year: Classes A (and
corresponding H Shares�) and AD GBP H Shares
Classes AD (and corresponding H Shares�) and A GBP H Shares
Class A EUR H Shares
1.83%† 1.82%† 1.84%†
Class A CAD H Shares Class B Shares Class BD Shares1.85%† 2.81%† 2.82%†
Class C Shares Class I Shares Class ID Shares2.27%† 1.01%† 1.06%†
Class I EUR H Shares Class I GBP H Shares1.04%† 1.15%▲
Min. investment*: Initial Additional
Classes A, AD, B●, BD● and C Shares (and corresponding H Shares)
Classes I and ID Shares (and corresponding H Shares)
USD1 million | EUR1 millionGBP500,000
None
�Unless otherwise specified.
▲The ongoing charges of this share class have been capped at this figure and, accordingly, the excess over such figure as at the Fund’s fiscal year end has beenborne by the Management Company.
† The ongoing charges figure is based on expenses for the half year ended 30 November 2017. This figure may vary from year to year. The ongoing charges figure is a semi-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.
*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 and BD Shares are no longer open for subscription by new and existing investors. However, investors may request the exchange of their holdings of Classes B and BD 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 Emerging Markets Multi-Asset Portfolio (the "Portfolio") is a portfolio of AB SICAV I (the "Fund"), an open-ended investment company with variable capital domiciled in Luxembourg and its home regulator is Commission de Surveillance du
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AB SICAV IEmerging Markets Multi-Asset Portfolio
Secteur Financier.
Objectives and Investment Strategy
Objectives
The Portfolio seeks to maximize total return.
Strategy
The Portfolio seeks to maximize total return primarily through asset allocation among stocks and bonds of emerging market issuers, sector and security analysis, interest rate management and country and currency selection.
The term "emerging market issuers" includes those equity and debt issuers domiciled in emerging markets countries as well as countries domiciled outside of emerging markets countries but derive a significant percentage of their revenues from one or more emerging markets countries and in the case of fixed income securities, those issues domiciled outside of emerging markets countries who issue fixed income securities in a currency of one or more emerging market countries. Emerging market issuers will also include those equity and debt issuers included from time-to-time in any of the following indices: the MSCI Emerging Markets Index, the MSCI Emerging Markets Frontier Index, the JP Morgan EMBI Global Index, the JP Morgan Corporate Emerging Bond Index, or any country whose per capita gross domestic product is not classified as "High Income" by the World Bank. The term "emerging market countries" refers to those countries included from time to time in the MSCI Emerging Markets Index, the MSCI Emerging Markets Frontier Index, the JP Morgan EMBI Global Index, the JP Morgan Corporate Emerging Bond Index or defined as emerging market or developing countries by the World Bank.
The Investment Manager will actively adjust the Portfolio’s investment exposures to emerging market issuers and other financial instruments, which provide investment exposures to a variety of asset classes. These asset classes include equity securities,fixed income instruments, including high-yield securities and currencies. The Portfolio is not subject to any limitation on the portion of its net assets that may be invested in equities, fixed income securities or currencies. Therefore, at any point in timethe Portfolio’s investments in one of these asset classes may be more than 50% of its net assets. Neither is the Portfolio limited in its holdings in credit qualities, countries, industry sectors (including commodity-related exposures) or market capitalizations.
The Portfolio may seek commodity-related exposures through investment in equities of commodity producers or other commodity-related issuers. The Portfolio may also obtain indirect exposure to commodities through permitted investments such as certain financial derivative instruments on commodity indices and exchange-traded funds qualified as UCITS or eligible UCI within the meaning of the Law of 2010.
Many types of fixed income instruments may be purchased by the Portfolio including debt obligations issued by sovereign or other governmental or municipal entities. The Portfolio is not subject to any limitation on the portion of its net assets that may be invested in Investment Grade (as defined in the Prospectus of the Fund) versus below-Investment Grade fixed income instruments. Accordingly, the Portfolio may purchase fixed-income instruments rated Investment Grade or below Investment Grade, as well as those instruments which possess no rating.
The Portfolio's investments in debt securities issued by or guaranteed by a country (including a country, its government and any public or local authority of that country) with a credit rating below Investment Grade will not exceed 10% of the Portfolio's net asset value.
The Portfolio may invest in structured securities (both Investment Grade and non-Investment Grade) originated by a wide range of originators and sponsors. The Portfolio’s investments in these structured securities will not exceed 20% of its net assets.
The Portfolio may invest up to 10% of its net assets in fixed-income securities for which there is no ready market.
The Investment Manager may use derivatives (for investment purposes) such as swaps (including interest rate swaps, total rateof return swaps and credit default swaps), swaptions, fixed income and equity options, futures and currency transactions (including forward currency contracts and currency options). This enables the Investment Manager to efficiently gain exposure and hedgeagainst interest rate, credit and currency fluctuations. The Investment Manager can frequently use the derivatives market as an efficient alternative to purchasing the underlying investments. This also enables the Investment Manager to efficiently pursue the Portfolio's investment objective to maximize total return through asset allocation among stocks and bonds of emerging market issuers, sector and security analysis, interest rate management, country and currency selection.
The Portfolio is entitled to use financial derivative instruments and efficient portfolio management techniques for hedging, risk management and efficient portfolio management purposes. The Portfolio may also use financial derivative instruments extensively for investment purposes. Derivatives are used predominantly for efficient portfolio management or hedging purposes; for example, the Investment Manager uses derivatives when the Investment Manager wants to shift from equity to fixed income exposure. Derivatives are generally not used to create additional exposure for this product. The expected level of leverage of the Portfolio is estimated to be in the 0 to 125% range of its net asset value. The expected level of leverage is calculated as the sum of the notionals of the financial derivative instruments held by the Portfolio, which neither takes into account the fact that a particular
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AB SICAV IEmerging Markets Multi-Asset Portfolio
financial derivative instrument increases or decreases the Portfolio’s investment risks nor permits to net financial derivative instruments with reverse positions. The expected level of leverage of the Portfolio as calculated under the commitment approach in accordance with CSSF Circular 11/512 is estimated to be in the range of 0 to 50% of its net asset value. In addition, the actual leverage of the Portfolio may deviate from the above mentioned expected level of leverage.
What are the key risks?Investment involves risks. Please refer to the offering document for details including the risk factors.
1. Risk in investing in financial derivative instruments
The Portfolio will use financial derivative instruments for investment purposes and for the purpose of meeting its investmentobjective. The Portfolio's investment in financial derivative instruments may involve additional risks, for example, counterparty default risk (risk that the direct counterparty of an OTC derivative does not make timely interest or principal payments as contracted) or insolvency risk (risk that the counterparty may not have sufficient funds and files for bankruptcy), risk involved with effective management of derivative strategies (risk that the underlying investments in the derivatives-based investment strategy do not perform as expected), risk of mispricing or improper valuation of derivatives (operational risk that the derivative is not priced properly), risk of higher volatility, risk of illiquidity in the market for certain derivative strategies (risk that certain OTC derivatives may not be as easily exchangeable as others). Derivatives may give rise to leverage and the risk of loss may be greater than the amount invested in the derivative and may expose the fund to significant losses.
2. Country Risk - General
The Portfolio may invest in securities of issuers located in various countries and geographic regions. The economies of individual countries may differ favorably or unfavorably from each other in such respects as growth of gross domestic product or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political or social instability or diplomatic developments could affect adversely the economy of a country or a portfolio's investments in such country.
3. 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.
4. Currency Risk
Underlying investments may be denominated in one or more currencies different from the Portfolio’s base currency. This means currency movements in such underlying investments may significantly affect the Net Asset Value of the Portfolio’s shares.
5. Equities Securities Risk
The Portfolio will invest in equity securities and will be subject to market risk, the value of which may be volatile and fluctuate, sometimes dramatically, in response to the activities and performance of individual companies or because of investment sentiment, political environment, general market and economic conditions, regional and global instability and changes in currency exchange rates and interest rates. If the market value of equity securities in which the Portfolio invests in decreases, its Net Asset Value may be adversely affected and investors may suffer substantial losses.
6. Commodity Related Securities Risk
The Portfolio may invest in commodity related securities, which include securities of companies whose businesses are reliant upon or may be heavily impacted by commodity prices. There are numerous events and circumstances that can impact commodities markets and commodity-related companies, including but not limited to, general economic and political conditions; war, other armed conflicts, acts of terrorism and criminality; fire, flood and other natural disasters; actions by governmental authorities, such as increased regulation, enforcement or restraints on trade; actions by a major producer or producers, such as Organization of the Petroleum Exporting Countries; significant changes in supply and demand, which may be sudden and unforeseen; commodity speculation or other disruptive market effects; disruptions in the delivery of commodities and related raw materials; changes in laws affecting energy companies or other commodity-related businesses; and environmental laws and regulation.
7. Credit Risk - Sovereign Debt Obligations
The Portfolio will be exposed to the direct or indirect consequences of political, social and economic changes in various
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AB SICAV IEmerging Markets Multi-Asset Portfolio
countries by investing in the bonds of governmental entities. These political, social and economic changes in a particular country may affect a particular government's willingness to make or provide for timely payments of its debt obligations. The Portfolio may suffer significant losses when there is a default of sovereign debt issuers.
8. Credit Risk - Corporate Debt Obligations
The Portfolio will be subject to the risk that a particular corporate issuer may not fulfil its payment or other obligations. Additionally, an issuer may experience an adverse change in its financial condition which may in turn result in a decrease inits credit rating, possibly below Investment Grade. Such adverse change may result in increased volatility in the price of an issuer's debt obligations and negatively affect liquidity. The Portfolio may suffer significant losses when there is a default of corporate issuers.
9. Credit Risk – Downgrading Risk
The Portfolio will invest in fixed-income securities (including bonds). An issuer of such fixed-income securities may experience an adverse change in its financial condition which may in turn result in a decrease in the credit rating assigned by an internationally recognized statistical ratings organization to such issuer and fixed-income securities issued by such issuer. Credit ratings of fixed-income securities reflect the issuer's ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. The adverse change in financial condition or decrease in credit rating(s) of issuer may result in increased volatility in, and adverse impact on, the price of the relevant fixed-income security and negatively affect liquidity, making any such fixed-income security more difficult to sell.
10. 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.
11. 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.
12. Fixed Income Securities Risk - Interest Rates
The Portfolio invests in fixed-income securities where its value will generally vary inversely with changes in interest rates and may affect the net asset value of the Portfolio. As interest rates rise, fixed-income securities prices generally fall and vice versa. Prices of longer-term securities tend to rise and fall more than short-term securities.
13. Liquidity Risk
The Portfolio may invest up to 10% of its net assets in securities for which there is no ready market. The Portfolio may therefore not be readily able to sell such securities or experience difficulty purchasing or selling such securities at an advantageous time or price, which may have a negative impact on the Portfolio's performance.
14. Risks associated with payment of dividends out of capital
The Board has the sole and absolute discretion to amend the dividend policy, subject to the SFC’s prior approval and by giving no less than one month’s prior notice to investors. Dividend yield is not indicative of return of the Portfolio. Dividends may be paid from capital or effectively out of the capital of the Portfolio at the discretion of theBoard, 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.
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AB SICAV IEmerging Markets Multi-Asset Portfolio
How has the Portfolio performed?The bar chart below shows the past performance of Class A 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: 2011
Class A Shares launch year: 2011
• 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 A 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. Where no past performance is shown there was insufficient data available in that year to provide performance.
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 paySubscription fee (Initial Sales Charge)
Classes A and AD Shares (and corresponding H Shares): up to 5% of the purchase price
Classes I and ID Shares (and corresponding H Shares): up to 1.50% of the purchase price
Not applicable to other Share ClassesSwitching fee+ Not ApplicableRedemption fee Not Applicable
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AB SICAV IEmerging Markets Multi-Asset Portfolio
Contingent Deferred Sales Charge Classes B and BD Shares: Where applicable up to 4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed
Class C 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 payManagement fee* Classes A, AD, B and BD Shares (and corresponding H Shares): 1.60%
Class C Shares: 2.05%Classes I and ID Shares (and corresponding H Shares): 0.80%
Depositary fee*
Up to 1.00%Administration fee payable to the Administrator*Transfer Agent fee*Performance fee Not ApplicableDistribution fee* Classes B and BD Shares: 1.00%
Not applicable to other Share ClassesAdministration fee payable to the Management Company*
All Share Classes (and corresponding H Shares): 0.05%
*Percentage per annum of Net Asset Value
Other feesYou 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 Portfolio's next-determined Net Asset Value plus any applicable charges
after the Management Company receives your request in good order on or before 4:00 P.M. U.S. Eastern Time on each Business Day (business day of both New York Stock Exchange and Luxembourg banks) for USD-denominated share classes and 6.00 P.M. Central European Time on each Business Day 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 fromwww.alliancebernstein.com.hk.
• The compositions of the dividends (i.e., the relative amounts paid out of (i) net distributable income and (ii) capital) forthe 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.
ImportantIf 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.
