Mutual Fund Summary Prospectus (497k)
31 Januar 2013 - 10:35PM
Edgar (US Regulatory)
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SUMMARY PROSPECTUS January 31, 2013
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AllianceBernstein High Income Fund
Ticker:
Class AAGDAX; Class BAGDBX; Class
CAGDCX; Advisor ClassAGDYX; Class RAGDRX; Class KAGDKX; Class IAGDIX
Before you invest, you may want to review the Funds Prospectus, which contains more information
about the Fund and its risks. The Funds Prospectus and Statement of Additional Information (SAI), both dated January 31, 2013, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the
Funds Prospectus and other information about the Fund, go to
http://www.alliancebernstein.com/links/mf
, email a request to prorequest@alliancebernstein.com, call (800) 227-4618, or ask any financial advisor, bank, or broker-dealer
who offers shares of the Fund. Unless otherwise noted, page number references refer to the current Prospectus for this Fund.
PRO-0115-HI-0113
INVESTMENT OBJECTIVE
The Funds investment objective is to seek to maximize total returns from price appreciation and income.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest
in the future, at least $100,000 in AllianceBernstein Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the FundsSales Charge Reduction Programs for Class A
Shares on page 43 of the Prospectus and in Purchase of SharesSales Charge Reduction Programs for Class A Shares on page 108 of the Funds SAI.
Shareholder Fees
(fees paid directly from your investment)
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Class A
Shares
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Class B Shares
(not currently offered
to new investors)
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Class C
Shares
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Advisor Class
Shares
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Class
R, K and I
Shares
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Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
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4.25%
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None
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None
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None
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None
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Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
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None(a)
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3.00%(b)
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1.00%(c)
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None
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None
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Exchange Fee
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None
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None
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None
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Class A
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Class B
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Class C
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Advisor Class
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Class R
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Class K
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Class I
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Management Fees
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.48%
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.48%
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.48%
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.48%
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.48%
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.48%
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.48%
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Distribution and/or Service (12b-1) Fees
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.30%
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1.00%
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1.00%
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None
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.50%
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.25%
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None
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Other Expenses:
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Transfer Agent
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.08%
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.12%
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.09%
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.08%
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.06%
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.05%
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.02%
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Interest Expense and Related Expenses
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.01%
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.01%
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Other Expenses
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.04%
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.04%
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.03%
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.04%
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.22%
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.15%
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.06%
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Total Other Expenses
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.13%
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.16%
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.13%
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.12%
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.28%
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.20%
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.08%
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Total Annual Fund Operating Expenses(d)
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.91%
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1.64%
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1.61%
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.60%
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1.26%
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.93%
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.56%
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(a)
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Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge
(CDSC), which may be subject to waiver in certain circumstances.
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(b)
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Class B shares automatically convert to Class A shares after six years. The CDSC decreases over time. For Class B shares, the CDSC decreases1.00% annually to 0% after the
third year.
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(c)
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For Class C shares, the CDSC is 0% after the first year.
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(d)
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If interest expenses were excluded, net expenses would be as follows:
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Class A
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Class C
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.90%
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1.60%
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S-1
Examples
The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year and that the Funds operating expenses stay the same. Although your actual costs may be
higher or lower, based on these assumptions your costs would be:
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Class A
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Class B
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Class C
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Advisor Class
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Class R
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Class K
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Class I
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After 1 Year
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$
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514
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$
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467
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$
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263
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$
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61
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$
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128
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$
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95
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$
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57
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After 3 Years
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$
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703
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$
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617
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$
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505
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$
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192
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$
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400
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$
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296
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$
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179
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After 5 Years
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$
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907
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$
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892
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$
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871
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$
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335
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$
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692
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$
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515
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$
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313
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After 10 Years
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$
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1,497
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$
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1,570
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$
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1,900
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$
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750
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$
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1,523
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$
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1,143
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$
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701
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You would pay the following expenses if you did not redeem your shares at the end of period:
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Class B
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Class C
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After 1 Year
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$
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167
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$
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163
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After 3 Years
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$
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517
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$
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505
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After 5 Years
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$
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892
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$
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871
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After 10 Years
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$
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1,570
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$
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1,900
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys or sells securities (or turns over its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the
Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 42% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund pursues income opportunities from government, corporate, emerging market and high-yield sources. It has the flexibility to invest in a broad range of fixed-income securities in both developed and
emerging market countries. The Funds investments may include U.S. and non-U.S. corporate debt securities and sovereign debt securities. The Fund may invest, without limitation, in either U.S. Dollar-denominated or
non-U.S. Dollar-denominated fixed-income securities.
The Adviser selects securities for purchase or sale based on its assessment of the
securities risk and return characteristics as well as the securities impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit
quality and sensitivity to interest rates of the securities under consideration and of the Funds other holdings.
The Fund may invest in
debt securities with a range of maturities from short- to long-term. Substantially all of the Funds assets may be invested in lower-rated securities, which may include securities having the lowest rating for non-subordinated debt instruments
(
i.e.
, rated C by Moodys Investors Service (Moodys) or CCC+ or lower by Standard & Poors Ratings Services (S&P) and Fitch Ratings (Fitch)) and unrated securities of equivalent
investment quality. The Fund also may invest in investment grade securities and unrated securities.
The Fund may invest in mortgage-related
and other asset-backed securities, loan participations, inflation-protected securities, structured securities, variable, floating, and inverse floating rate instruments and preferred stock, and may use other investment techniques. The Fund may also
make short sales of securities or maintain a short position. The Fund may use borrowings or other leverage for investment purposes. The Fund intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar
rolls. The Fund may invest, without limit, in derivatives, such as options, futures, forwards, or swap agreements.
PRINCIPAL RISKS
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Market Risk:
The value of the Funds assets will fluctuate as the stock or bond market fluctuates. The value of its investments may
decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.
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Interest Rate Risk:
Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the
value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or
durations.
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S-2
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Duration Risk:
Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The
duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income
security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.
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Credit Risk:
An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or
unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default causing a loss of the full principal amount of a security. The degree of risk for a particular security may be
reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.
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Below Investment Grade Securities:
Investments in fixed-income securities with lower ratings (commonly known as junk bonds) tend to
have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative
perceptions of the junk bond market generally and less secondary market liquidity.
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Inflation Risk:
This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value
of money. As inflation increases, the value of the Funds assets can decline as can the value of the Funds distributions. This risk is significantly greater if the Fund invests a significant portion of its assets in fixed-income
securities with longer maturities.
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Foreign (Non-U.S.) Risk:
Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may
fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.
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Emerging Market Risk:
Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well
as being subject to increased economic, political, regulatory or other uncertainties.
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Currency Risk:
Fluctuations in currency exchange rates may negatively affect the value of the Funds investments or reduce its returns.
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Leverage Risk:
To the extent the Fund uses leveraging techniques, its net asset value, or NAV, may be more volatile because leverage tends to
exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Funds investments.
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Derivatives Risk:
Investments in derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce
disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional investments.
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Management Risk:
The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment
techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.
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As with all investments, you may lose money by investing in the Fund.
BAR CHART AND PERFORMANCE
INFORMATION
The bar chart and performance information provide an indication of the historical risk of an investment in the Fund by
showing:
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how the Funds performance changed from year to year over ten years; and
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the Funds average annual returns for one, five and ten years.
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You may obtain updated performance information on the Funds website at
www.AllianceBernstein.com
(click on Individuals U.S. then Products &
Performance).
The Funds past performance before and after taxes, of course, does not necessarily indicate how it will perform in
the future.
S-3
Bar Chart
The annual returns in the bar chart are for the Funds Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
During the period shown in the bar chart, the Funds:
Best Quarter was up 23.96% in the 2nd quarter, 2009; and Worst Quarter was down -17.75% in the 4th quarter, 2008.
Performance Table
Average Annual Total Returns
(For the periods ended December 31, 2012)
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1 Year
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5 Years
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10 Years
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Class A*
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Return Before Taxes
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13.53%
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9.97%
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12.58%
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Return After Taxes on Distributions
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10.76%
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6.84%
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9.41%
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Return After Taxes on Distributions and Sale of Fund Shares
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8.67%
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6.58%
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9.05%
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Class B
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Return Before Taxes
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14.85%
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10.08%
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12.54%
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Class C
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Return Before Taxes
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16.75%
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10.05%
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12.19%
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Advisor Class**
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Return Before Taxes
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18.91%
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11.28%
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13.41%
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Class R**
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Return Before Taxes
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18.27%
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10.69%
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12.83%
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Class K**
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Return Before Taxes
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18.53%
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10.99%
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13.13%
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Class I**
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Return Before Taxes
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18.93%
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11.31%
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13.43%
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JPMorgan Emerging Markets Bond Index Global (EMBI Global) (U.S.
Dollar-denominated)
(reflects no deduction for fees, expenses, or taxes)
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18.54%
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10.47%
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11.56%
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JPMorgan Government Bond Index-Emerging Markets (GBI-EM) (local
currency-denominated)
(reflects no deduction for fees, expenses, or taxes)
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19.93%
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6.62%
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10.35%
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Barclays Capital High Yield Index (2% Constrained) (BC High Yield)
(reflects no deduction for fees, expenses, or taxes)
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15.78%
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10.45%
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10.60%
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Composite Benchmark (equal weighted blend of EMBI Global, GBI-EM and BC High Yield)
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18.22%
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9.36%
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10.98%
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Are shown for Class A shares only and will vary for Class B and Class C shares because these Classes have higher expense ratios;
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Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes; actual after-tax
returns depend on an individual investors tax situation and are likely to differ from those shown; and
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Are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
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**
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Inception date for Class R, Class K, Class I and Advisor Class shares: 1/28/08. Performance information for periods prior to the inception of Class R, Class K, Class I and
Advisor Class shares is the performance of the Funds Class A shares adjusted to reflect the higher expense ratio of Class R shares and the lower expense ratio of Advisor Class, Class K and Class I shares, respectively.
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S-4
INVESTMENT ADVISER
AllianceBernstein L.P. is the investment adviser for the Fund.
PORTFOLIO MANAGER
The following table lists the persons responsible for day-to-day management of the Funds portfolio:
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Employee
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Length of Service
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Title
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Paul J. DeNoon
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Since 2002
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Senior Vice President of the Adviser
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Gershon M. Distenfeld
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Since 2008
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Senior Vice President of the Adviser
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Douglas J. Peebles
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Since 2002
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Senior Vice President of the Adviser
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Marco G. Santamaria
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Since 2010
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Vice President of the Adviser
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Matthew S. Sheridan
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Since 2005
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Vice President of the Adviser
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PURCHASE AND SALE OF FUND SHARES
Purchase Minimums
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Initial
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Subsequent
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Class A/Class C Shares, including traditional IRAs and Roth IRAs
(Class B Shares are not currently offered to new shareholders)
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$2,500
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$50
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Automatic Investment Program
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None
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$50
If initial minimum investment is
less than $2,500, then $200
monthly until account balance
reaches $2,500
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Advisor Class Shares (only available to fee-based programs or through other limited arrangements)
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None
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None
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Class A, Class R, Class K and Class I Shares are available at NAV, without an initial sales charge, to 401(k) plans, 457 plans, employer-sponsored
403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans where plan level or omnibus accounts are held on the books of a Fund.
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None
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None
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You may sell (redeem) your shares each day the New York Stock Exchange is open. You may sell your shares through your
financial intermediary or by mail (AllianceBernstein Investor Services, Inc., P.O. Box 786003, San Antonio, TX 78278-6003) or telephone (800-221-5672).
TAX INFORMATION
The Fund may pay income dividends
or make capital gains distributions, which may be subject to federal income taxes and taxable as ordinary income or capital gains, and may also be subject to state and local taxes.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase shares of the Fund
through a broker-dealer or other financial intermediary (such as a bank or a group retirement plan), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict
of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more
information.
S-5
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PRO-0115-HI-0113
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S-6
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