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AllianceBernstein’s FoHF business grows exponentially in four years

FoHF profile

n less than four years, Alliance-Bernstein Alternative Investment Management has grown its multi-manager hedge fund business from $3 billion to more than $8 billion in assets. What is more, the group has achieved this feat as many of its competitors have seen their growth

stalling or their assets shrinking. Marc Gamsin, who co-founded the group along with

Greg Outcalt in 1996 as SunAmerica Alternative Investments, attributes its success to longevity, firmly held beliefs, and the consistency of its investment approach. “We are doing the same things and invest-ing with the same types of funds as we have for 18 years,” he says.

Gamsin is head of AB Alternative Investment Man-agement, while Outcalt is deputy chief investment officer. They also oversee nearly $4 billion in private equity assets. The team was acquired in October 2010 by New York asset management group AllianceBern-stein, but has retained its base in Los Angeles.

The team’s long experience of hedge fund investing means it has access to the highest-quality managers, Gamsin says. It was already a major player in the 1990s when the industry was in its infancy, and the same people are still making the decisions at AB Alter-native Investment Management. From the perspec-tive of its hedge fund managers, “we are viewed as a stable long-term institutional investor and a very good partner for them”, he points out.

The team has also been able to capitalise on its track record. After 2008 and 2009, many multi-manager providers rushed to add commodity trading advisers, short-only managers and other types of tail-risk pro-tection to their portfolios in a bid to prove that they were doing something to prevent a future catastro-phe. As a result, they were not well-positioned to ben-efit from the post-crisis rally.

“We made a different decision,” Gamsin says. He and his team did not think that their portfolios need-ed a radical overhaul. Instead, they believed that much of the market decline was due to illiquidity, and that prices of even the worst-performing assets, such as bank debt and corporate credit, would rebound when liquidity returned. “As a result, we did very well as the markets recovered,” he says.

But neither of these advantages would lead to the rapid growth that the business is experiencing with-out a third element: the ability to adapt to a new and fast-changing hedge fund landscape.

To keep up the pace, the team has received broad support from AllianceBernstein. Over the past four years, the New York-based firm has added systems and people to the alternatives investment team to help cope with its growing asset base. Operational due dili-gence, risk analysis and client reporting have all received a substantial boost.

The latest and most senior new hire was in February 2014, when Michael Conn joined the team in the newly created position of head of strategy, opera-tions and development. Conn had previously been

By Claire Makin

Sustainability of beliefs and a consistent investment approach underpin the secret of the group’s long-term success

I

InvestHedge

© InvestHedge June 2014

FoHF profilemanaging director and head of corporate strategy and development at rival TCW Group.

Gamsin himself was president of the alterna-tive investments group at SunAmerica, and later at AIG Life & Retirement – the domestic life and retirement savings arm of AIG – which acquired SunAmerica in 1999. He was also in charge of AIG L&R’s corporate development and legal affairs. A corporate attorney by train-ing, he had been a partner in the Los Angeles law firm of O’Melveny & Myers, where he repre-sented investment fund sponsors and other financial services clients.

Outcalt had been executive vice president of the alternative investments group at AIG L&R, where he had previously headed the firm’s risk management and investment accounting groups, and contributed to its activities in investment management and corporate development.

The acquisition has worked, primarily because it was a good cultural fit from the start, Gamsin says. He and Outcalt wanted their team to be acquired by a firm that valued long-term client relationships, conscious that they were asking their former colleagues at AIG L&R to become a client. “It was very important to us that our new firm would value that relation-ship as much as we do and AllianceBernstein fit the bill,” he says.

Gamsin and Outcalt also wanted their new parent to be respected by the hedge funds with which they invested. AllianceBernstein has a fundamental research-driven philosophy that is respected by the hedge fund community, and so news of the takeover was well-received by managers, Gamsin says.

AllianceBernstein itself is the result of a merg-er in 2000 between Alliance Capital and San-ford C. Bernstein, an old-established New York private client group. The firm is now a $457 bil-lion global business, 64%-owned by AXA, that encompasses institutional investors and retail mutual funds, as well as private clients.

With the weight of AllianceBernstein behind it, the alternatives team has been attracting new institutional mandates, particularly for customised hedge fund portfolios. The cus-tomised side of the business now accounts for more than $6 billion of AB Alternative Invest-ment Management’s $8.2 billion under man-agement.

Most of AB Alternative Investment Manage-ment’s assets are from very large institutional investors based in the US, Europe and Asia. Gamsin says that the team aims to develop a deep understanding of their needs and portfo-lio objectives, and to maintain close relation-ships with them.

Another source of inflows is Alliance-Bernstein’s private client group, which the alternatives team regards as an attractive institutional client. In October 2012, a closed-end fund was launched under the 1940 Act regulations (InvestHedge, April 2014). The Alli-

anceBernstein Multi-Manager Alternative Fund has already raised more than $1 billion and has returned 10.7% annualised since inception through to the end of March 2014.

The fund is broadly diversified and invests with such blue-chip managers as William Ack-man’s Pershing Square, JANA Nirvana Off-shore, Oaktree, Canyon and Third Point, as well as recent fund launches with limited capacity including Falcon Edge and Nokota. It is run alongside the alternative investment group’s traditional commingled onshore and offshore partnership for qualified investors, the AllianceBernstein Multi-Manager Hedge Fund Portfolio.

The team’s philosophy is based on traditional investment beliefs. One is the superiority of fundamental investment strategies based on bottom-up research. The other is the ability of selected managers to add alpha.

“We made the decision very early on that we didn’t favour quant-driven strategies such as CTAs or market-neutral,” he says. As well as avoiding ‘black box’ strategies, the team also steers clear of strategies or funds that are highly leveraged or rapidly traded.

Its favoured investments fall into three broad categories: long/short equity, credit (distressed debt and relative-value credit), and event-driv-en. The team’s asset allocation decisions have generated about half of the team’s outperform-ance over the years, according to Gamsin.

The rest of the outperformance has been gen-erated by manager selection.

Gamsin outlines several reasons for the team’s competitive edge in manager selection. The first is its longevity. “We have a lot of expe-rience, as we’ve been around longer than most

and were early investors with some of the most successful managers in the industry,” he says.

As a result, the team can draw on a large net-work of managers, investors, prime brokers and other sources for due-diligence purposes. “We can generally find someone who’s worked with a manager and is able to verify his back-ground, track record and reputation for integ-rity,” he adds.

The second differentiator is the team’s will-ingness to invest with new funds. These are not new managers, as Gamsin points out, but experienced managers leaving a prop desk or established hedge fund to start their own shop. The median underlying manager track record is nearly 10 years. One quarter of the team’s investments were made within the first year of a fund’s launch. “As a result, we are viewed as a preferred investor when a high-quality man-ager starts a new fund,” he notes.

Finally, the team never gives up on the poten-tial for capacity with best-in-class closed funds. Nearly 60% of the commingled fund’s manag-ers are closed to other investors. “We try to engage with great funds we want to invest with even if they are closed,” Gamsin says. Investors often pull out unexpectedly, and AB Alterna-tive Investment Management is willing and ready to step in and take up the spare capacity, however small. This policy contrasts with many of its competitors, who will turn down an undersized allocation.

The team has no preference for managers of a particular size, but does require their size to be appropriate for their strategy. Among its smallest managers is a $500 million small-cap long/short manager that has committed to cap its assets at $1 billion. At the other end

“ We made the decision very early on that we didn’t favour quant-driven strategies such as CTAs or market-neutral”

Marc Gamsin Greg Outcalt

InvestHedge

June 2014 © InvestHedge

FoHF profile

of the spectrum are managers who are focused on acquiring portfolios of mortgages or corporate loans from European banks, and require substantial assets under management to be effective.

Once invested, the team tends to stick with its managers, although managers are watched closely for signs of a deteriorating competitive edge. Turnover is a relatively low 10% to 15% a year. Managers on the ‘watch’ list include those who are causing unease because of operations; personnel turnover; a significant change in strategy or portfolio composition; performance that is inconsistent with the strategy; or asset growth that is perceived to be unmanageable.

As for asset allocation, unlike many multi-manager providers, AB Alternative Investment Management is not looking to gain a competi-tive edge by making dramatic shifts between strategies. The team will make top-down calls, but these tend to be incremental and only for compelling reasons. For instance, it increased allocations to distressed debt and residential mortgages after the financial crisis.

“We have never had to make the big alloca-tion bets that other funds have made to gener-ate return,” Gamsin says. In fact, the team’s best overall decision was simply to stick with its traditional asset allocation after 2008, he points out.

Instead of shifting things around, the team prefers to make sure that it has picked the right managers and combined them in a well-constructed portfolio. With this in mind, port-folio construction and risk management are closely intertwined.

Diversification is a core concept. Portfolios are diversified among up to 50 different funds, focusing on different regions and sub-strate-gies. Within the three broad strategy buckets, funds are chosen for unique areas of focus. The long/short equity bucket includes broadly diversified global funds, as well as funds spe-cialising in technology, biotechnology, electric utilities, Asia and Europe, for instance. Dis-tressed-debt managers focus on different seg-ments of the market.

Each manager is vetted for the quality of its own risk management processes and down-side protection.

At the same time, the risk management team, headed by Akhil Jain, monitors any

changes in manager’s underlying exposures, and looks at a raft of other statistics that allow it to identify systemic risks and conduct cross-correlation and scenario analysis.

Jain and his team have also developed a pro-prietary multifactor risk model that helps to explain the performance of a portfolio and its underlying managers. This, in turn, allows them to identify which managers are produc-ing true alpha, as opposed to performance that derives from systematic risks or betas.

The model relies on several factors to explain returns. They include the classic quant factors of value, growth, momentum and volatility, plus more that AB Alternative Investment Man-agement prefers not to name.

These factors can explain the vast majority of betas in the portfolio, according to Gam-sin. He and his team have looked at models based on up to 90 factors, but he says that these only confuse the picture. “We found that by adding a lot of other factors you are adding a lot of noise that tends to mask the idiosyncratic manager-driven return in your portfolio,” he points out.

Many of these additional factors turn out to be transient and, while they may help to explain past performance, they may not apply in the future. As a result, AB Alternative Invest-ment Management prefers to base its model

only on those factors that have been proved to persist over time.

Despite the increasing sophistication of risk modelling and measurement, not all of the group’s clients are heavily focused on volatil-ity targeting and other quantitative measures of risk. Some do not view risk as volatility, but in terms of permanent loss of capital, Gamsin says.

The team’s ability to cater to the needs and objectives of its individual clients is one of the group’s strengths, and customised business has grown fast. Discussions about new mandates often focus on long/short equities and early-stage managers. “These are the areas that seem to resonate with clients,” he says.

Some institutions who are seasoned FoHF investors will typically have underlying invest-ments in larger hedge funds, but are keen to access interesting start-ups. Other clients may be new to hedge fund investing but are looking to add hedge funds to their portfolio.

FoHFs used to be the vehicle of choice for these new investors, but this is no longer the default position. “Some of them want long/short equity managers as a substitute for long-only managers who they see as only providing beta to the market,” Gamsin says.

In response to this changing world, multi-manager providers will have to develop new tactics to survive the next stage in the evolution of the industry, he believes.

The days when a provider could offer only a commingled generic FoHF are long gone, in his opinion. Instead, providers need to tailor their offering to the unique needs of institutional cli-ents, and also reach out to new groups of inves-tors looking to invest in alternatives, such as the retail and private wealth markets, he says.

The key is to provide services and create appropriate products for a very diverse mix of clients.

This is one reason why FoHFs are aligning themselves with larger asset management groups that can support them with the plat-forms and distribution channels they need.

AB Alternative Investment Management has already travelled a long way down this road. “With our institutional relationships, private client group and experience in alternative investing for the retail market, we are very well positioned to grow in an industry that is rapidly changing,” Gamsin says.

Founded: 1996 (as SunAmerica Alternative Investments)Hedge fund assets under management: $8.2 billion as of 31 March 2014 Total team assets including private equity: $11.9 billionCustomised mandates: More than $6 billionTotal in alternatives team: 16 dedicated members, and the team also shares group services across legal, operations and accountingNumber of investment professionals: SixNumber of underlying managers: 85 to 90 relationships across strategies

AllianceBernstein Alternative Investment Management: at a glance

“ We found that by adding a lot of other factors you are adding a lot of noise that tends to mask the idiosyncratic manager-driven return in your portfolio”

InvestHedge

© InvestHedge

AllianceBernstein disclaimer

June 2014

InvestHedge

AllianceBernstein Multi-Manager Alternative Fund (For U.S. accredited investors)

Average Annual Returns as of March 30, 20141-Year 5-Year Since Inception8.04% N/A 10.68%

The Fund’s inception date is 10/1/12 and is the date used to calculate since inception performance. Fund returns are annualized for periods longer than one year.

This Fund is relatively new and the performance reflected may not be illustrative of long-term performance. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision. Performance is shown net of all fees and expenses including Fund management fees of 1.50%, other Fund expenses (which are capped at 0.25% through July 31, 2014), and management/performance fees of the underlying managers (management fees up to 3% and 10-30% performance fees paid to the underlying managers). Please refer to the fund’s prospectus for complete information on fees and expenses.

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions.

Eligible Investors• U.S. accredited investors Individuals with income

in excess of $200,000 in each of the two most recent years, or joint income with a spouse in excess of $300,000 in each of those years.

• Individuals having a net worth (or joint net worth with his or her spouse) of at least $1 million, excluding the value of such individuals’ primary residence.

• Available to tax exempts, including IRAs.

• Institutions or entities having total assets of at least $5 million or entities all of whose beneficial owners are themselves accredited investors.

• Please refer to the prospectus / Offering Materials for a complete description/ understanding of investor requirements and risks associated with the Fund.

Risks to Consider:Investment in this Fund is highly speculative and involves substantial risk, including loss of principal, and therefore may not be suitable for all investors.

General Risk Factors. Alternative investments may exhibit high volatility, and investors may lose all or substantially all of their investment. Investments in illiquid assets and foreign markets and the use of short sales, options, leverage, futures, swaps, and other derivative instruments may create special risks and substantially increase the impact and likelihood of adverse price movements. Interests in alternative investment funds are subject to limitations on transferability and are illiquid, and no secondary market for interests typically exists or is likely to develop. Alternative investment funds are typically not registered with securities regulators and are therefore generally subject to little or no regulatory oversight. Performance compensation may create an incentive to make riskier or more speculative investments. Alternative investment funds typically charge higher fees than many other types of investments, which can offset trading profits, if any. There can be no assurance that any alternative investment fund will achieve it investment objectives.

Tax Risks. The Fund intends to be treated as a regulated investment company (a “RIC”) under the Internal Revenue Code. However, in order to qualify as a RIC and also to avoid having to pay an “excise tax,” the Fund will be subject to certain limitations on its investments and operations, including a requirement that a specified proportion of its income come from qualifying sources, an asset diversification requirement, and minimum distribution requirements. Satisfaction of the various requirements requires significant support and information from the underlying portfolio funds, and such support and information may not be available, sufficient, verifiable, or provided on a timely basis.

Limited Operating History. The Portfolio is a newly formed entity and does not have any operating

history upon which prospective investors can evaluate the anticipated performance of the Fund.

Fund of Funds Considerations. The Portfolio will have no control rights over and limited transparency into the investment programs of the underlying funds in which it invests. In valuing the Portfolio’s holdings, the Investment Manager will generally rely on financial information provided by underlying funds, which may be unaudited, estimated, and/or may not involve third parties. The Fund’s investment opportunities may be limited as a result of withdrawal terms or anticipated liquidity needs (e.g., withdrawal restrictions imposed by underlying hedge funds may delay, preclude, or involve expense in connection with portfolio adjustments by the Investment Manager).

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

Sanford C. Bernstein & Company, LLC (“SCB”) is the distributor of the Fund. SCB is an affiliate of AllianceBernstein L.P., the manager of the Fund, and a FINRA member. Bernstein Global Wealth Management is a unit of AllianceBernstein L.P.

AllianceBernstein mutual funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.

AllianceBernstein does not offer tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

AllianceBernstein® and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.

Investment Products Offered: Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed

© InvestHedge

AllianceBernstein disclaimer

June 2014

InvestHedge

AllianceBernstein Multi-Manager Alternative Fund (For U.S. accredited investors)

Average Annual Returns as of March 30, 20141-Year 5-Year Since Inception8.04% N/A 10.68%

The Fund’s inception date is 10/1/12 and is the date used to calculate since inception performance. Fund returns are annualized for periods longer than one year.

This Fund is relatively new and the performance reflected may not be illustrative of long-term performance. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision. Performance is shown net of all fees and expenses including Fund management fees of 1.50%, other Fund expenses (which are capped at 0.25% through July 31, 2014), and management/performance fees of the underlying managers (management fees up to 3% and 10-30% performance fees paid to the underlying managers). Please refer to the fund’s prospectus for complete information on fees and expenses.

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions.

Eligible Investors• U.S. accredited investors Individuals with income

in excess of $200,000 in each of the two most recent years, or joint income with a spouse in excess of $300,000 in each of those years.

• Individuals having a net worth (or joint net worth with his or her spouse) of at least $1 million, excluding the value of such individuals’ primary residence.

• Available to tax exempts, including IRAs.

• Institutions or entities having total assets of at least $5 million or entities all of whose beneficial owners are themselves accredited investors.

• Please refer to the prospectus / Offering Materials for a complete description/ understanding of investor requirements and risks associated with the Fund.

Risks to Consider:Investment in this Fund is highly speculative and involves substantial risk, including loss of principal, and therefore may not be suitable for all investors.

General Risk Factors. Alternative investments may exhibit high volatility, and investors may lose all or substantially all of their investment. Investments in illiquid assets and foreign markets and the use of short sales, options, leverage, futures, swaps, and other derivative instruments may create special risks and substantially increase the impact and likelihood of adverse price movements. Interests in alternative investment funds are subject to limitations on transferability and are illiquid, and no secondary market for interests typically exists or is likely to develop. Alternative investment funds are typically not registered with securities regulators and are therefore generally subject to little or no regulatory oversight. Performance compensation may create an incentive to make riskier or more speculative investments. Alternative investment funds typically charge higher fees than many other types of investments, which can offset trading profits, if any. There can be no assurance that any alternative investment fund will achieve it investment objectives.

Tax Risks. The Fund intends to be treated as a regulated investment company (a “RIC”) under the Internal Revenue Code. However, in order to qualify as a RIC and also to avoid having to pay an “excise tax,” the Fund will be subject to certain limitations on its investments and operations, including a requirement that a specified proportion of its income come from qualifying sources, an asset diversification requirement, and minimum distribution requirements. Satisfaction of the various requirements requires significant support and information from the underlying portfolio funds, and such support and information may not be available, sufficient, verifiable, or provided on a timely basis.

Limited Operating History. The Portfolio is a newly formed entity and does not have any operating

history upon which prospective investors can evaluate the anticipated performance of the Fund.

Fund of Funds Considerations. The Portfolio will have no control rights over and limited transparency into the investment programs of the underlying funds in which it invests. In valuing the Portfolio’s holdings, the Investment Manager will generally rely on financial information provided by underlying funds, which may be unaudited, estimated, and/or may not involve third parties. The Fund’s investment opportunities may be limited as a result of withdrawal terms or anticipated liquidity needs (e.g., withdrawal restrictions imposed by underlying hedge funds may delay, preclude, or involve expense in connection with portfolio adjustments by the Investment Manager).

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

Sanford C. Bernstein & Company, LLC (“SCB”) is the distributor of the Fund. SCB is an affiliate of AllianceBernstein L.P., the manager of the Fund, and a FINRA member. Bernstein Global Wealth Management is a unit of AllianceBernstein L.P.

AllianceBernstein mutual funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.

AllianceBernstein does not offer tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

AllianceBernstein® and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.

Investment Products Offered: Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed

14-1775AB–7148–0615www.abglobal.com

Investment Products Offered

• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

AB Multi-Manager Alternative Fund (For U.S. accredited investors)

Average Annual Returns as of June 30, 2015

1-Year 5-Year Since Inception

0.77% N/A 6.56%

The Fund’s inception date is 10/1/12 and is the date used to calculate since inception performance. Fund returns are annualized for periods longer than one year.

This Fund is relatively new and the performance reflected may not be illustrative of long-term performance. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision. Performance is shown net of all fees and expenses including Fund management fees of 1.50%, other Fund expenses (which are capped at 0.25% through July 31, 2014), and management/performance fees of the underlying managers (management fees up to 3% and 10-30% performance fees paid to the underlying managers). Please refer to the fund’s prospectus for complete information on fees and expenses.

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions.

Eligible Investors• U.S.accreditedinvestorsIndividualswithincomeinexcessof$200,000

ineachofthetwomostrecentyears,orjointincomewithaspouseinexcessof$300,000ineachofthoseyears.

• Individualshavinganetworth(orjointnetworthwithhisorherspouse)ofatleast$1million,excludingthevalueofsuchindividuals’primary residence.

• Availabletotaxexempts,includingIRAs.

• Institutionsorentitieshavingtotalassetsofatleast$5millionorenti-tiesallofwhosebeneficialownersarethemselvesaccreditedinvestors.

• Pleaserefertotheprospectus/OfferingMaterialsforacompletedescription/understandingofinvestorrequirementsandrisksassoci-atedwiththeFund.

Risks to Consider:Investment in this Fund is highly speculative and involves substantial risk, including loss of principal, and therefore may not be suitable for all investors.

General Risk Factors.Alternativeinvestmentsmayexhibithighvolatility,andinvestorsmayloseallorsubstantiallyalloftheirinvestment.Investmentsinilliquidassetsandforeignmarketsandtheuseofshortsales,options,leverage,futures,swaps,andotherderivativeinstrumentsmaycreatespecialrisksandsubstantiallyincreasetheimpactandlikelihoodofadversepricemovements.Interestsinalternativeinvestmentfundsare

subjecttolimitationsontransferabilityandareilliquid,andnosecondarymarketforintereststypicallyexistsorislikelytodevelop.Alternativeinvestmentfundsaretypicallynotregisteredwithsecuritiesregulatorsandarethereforegenerallysubjecttolittleornoregulatoryoversight.Performancecompensationmaycreateanincentivetomakeriskierormorespeculativeinvestments.Alternativeinvestmentfundstypicallychargehigherfeesthanmanyothertypesofinvestments,whichcanoffsettradingprofits,ifany.Therecanbenoassurancethatanyalternativeinvestmentfundwillachieveitinvestmentobjectives.

Tax Risks.TheFundintendstobetreatedasaregulatedinvestmentcompany(a“RIC”)undertheInternalRevenueCode.However,inordertoqualifyasaRICandalsotoavoidhavingtopayan“excisetax,”theFundwillbesubjecttocertainlimitationsonitsinvestmentsandoperations,includingarequirementthataspecifiedproportionofitsincomecomefromqualifyingsources,anassetdiversificationrequirement,andminimumdistributionrequirements.Satisfactionofthevariousrequirementsrequiressignificantsupportandinformationfromtheunderlyingportfoliofunds,andsuchsupportandinformationmaynotbeavailable,sufficient,verifiable,orprovidedonatimelybasis.

Limited Operating History.ThePortfolioisanewlyformedentityanddoesnothaveanyoperatinghistoryuponwhichprospectiveinvestorscanevaluatetheanticipatedperformanceoftheFund.

Fund of Funds Considerations.ThePortfoliowillhavenocontrolrightsoverandlimitedtransparencyintotheinvestmentprogramsoftheunderlyingfundsinwhichitinvests.InvaluingthePortfolio’sholdings,theInvestmentManagerwillgenerallyrelyonfinancialinformationprovidedbyunderlyingfunds,whichmaybeunaudited,estimated,and/ormaynotinvolvethirdparties.TheFund’sinvestmentopportunitiesmaybelimitedasaresultofwithdrawaltermsoranticipatedliquidityneeds(e.g.,withdrawalrestrictionsimposedbyunderlyinghedgefundsmaydelay,preclude,orinvolveexpenseinconnectionwithportfolioadjustmentsbytheInvestmentManager).

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

Sanford C. Bernstein & Company, LLC (“SCB”) is the distributor of the Fund. SCB is an affiliate of AllianceBernstein L.P., the manager of the Fund, and a FINRA member. Bernstein Global Wealth Management is a unit of AllianceBernstein L.P.

ABmutualfundsmaybeofferedonlytopersonsintheUnitedStatesandbywayofaprospectus.ThiswebsiteshouldnotbeconsideredasolicitationorofferingofanyinvestmentproductsorservicestoinvestorsresidingoutsideoftheUnitedStates.

AB does not offer tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

The[A/B]logoisaservicemarkofAllianceBernsteinandAllianceBernstein® is aregisteredtrademarkusedbypermissionoftheowner,AllianceBernsteinL.P.

©2015AllianceBernsteinL.P.,1345AvenueoftheAmericas,NewYork,NY10105

AB disclaimer

© InvestHedge

AllianceBernstein disclaimer

June 2014

InvestHedge

AllianceBernstein Multi-Manager Alternative Fund (For U.S. accredited investors)

Average Annual Returns as of March 30, 20141-Year 5-Year Since Inception8.04% N/A 10.68%

The Fund’s inception date is 10/1/12 and is the date used to calculate since inception performance. Fund returns are annualized for periods longer than one year.

This Fund is relatively new and the performance reflected may not be illustrative of long-term performance. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision. Performance is shown net of all fees and expenses including Fund management fees of 1.50%, other Fund expenses (which are capped at 0.25% through July 31, 2014), and management/performance fees of the underlying managers (management fees up to 3% and 10-30% performance fees paid to the underlying managers). Please refer to the fund’s prospectus for complete information on fees and expenses.

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions.

Eligible Investors• U.S. accredited investors Individuals with income

in excess of $200,000 in each of the two most recent years, or joint income with a spouse in excess of $300,000 in each of those years.

• Individuals having a net worth (or joint net worth with his or her spouse) of at least $1 million, excluding the value of such individuals’ primary residence.

• Available to tax exempts, including IRAs.

• Institutions or entities having total assets of at least $5 million or entities all of whose beneficial owners are themselves accredited investors.

• Please refer to the prospectus / Offering Materials for a complete description/ understanding of investor requirements and risks associated with the Fund.

Risks to Consider:Investment in this Fund is highly speculative and involves substantial risk, including loss of principal, and therefore may not be suitable for all investors.

General Risk Factors. Alternative investments may exhibit high volatility, and investors may lose all or substantially all of their investment. Investments in illiquid assets and foreign markets and the use of short sales, options, leverage, futures, swaps, and other derivative instruments may create special risks and substantially increase the impact and likelihood of adverse price movements. Interests in alternative investment funds are subject to limitations on transferability and are illiquid, and no secondary market for interests typically exists or is likely to develop. Alternative investment funds are typically not registered with securities regulators and are therefore generally subject to little or no regulatory oversight. Performance compensation may create an incentive to make riskier or more speculative investments. Alternative investment funds typically charge higher fees than many other types of investments, which can offset trading profits, if any. There can be no assurance that any alternative investment fund will achieve it investment objectives.

Tax Risks. The Fund intends to be treated as a regulated investment company (a “RIC”) under the Internal Revenue Code. However, in order to qualify as a RIC and also to avoid having to pay an “excise tax,” the Fund will be subject to certain limitations on its investments and operations, including a requirement that a specified proportion of its income come from qualifying sources, an asset diversification requirement, and minimum distribution requirements. Satisfaction of the various requirements requires significant support and information from the underlying portfolio funds, and such support and information may not be available, sufficient, verifiable, or provided on a timely basis.

Limited Operating History. The Portfolio is a newly formed entity and does not have any operating

history upon which prospective investors can evaluate the anticipated performance of the Fund.

Fund of Funds Considerations. The Portfolio will have no control rights over and limited transparency into the investment programs of the underlying funds in which it invests. In valuing the Portfolio’s holdings, the Investment Manager will generally rely on financial information provided by underlying funds, which may be unaudited, estimated, and/or may not involve third parties. The Fund’s investment opportunities may be limited as a result of withdrawal terms or anticipated liquidity needs (e.g., withdrawal restrictions imposed by underlying hedge funds may delay, preclude, or involve expense in connection with portfolio adjustments by the Investment Manager).

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

Sanford C. Bernstein & Company, LLC (“SCB”) is the distributor of the Fund. SCB is an affiliate of AllianceBernstein L.P., the manager of the Fund, and a FINRA member. Bernstein Global Wealth Management is a unit of AllianceBernstein L.P.

AllianceBernstein mutual funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.

AllianceBernstein does not offer tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

AllianceBernstein® and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.

Investment Products Offered: Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed

© InvestHedge

AllianceBernstein disclaimer

June 2014

InvestHedge

AllianceBernstein Multi-Manager Alternative Fund (For U.S. accredited investors)

Average Annual Returns as of March 30, 20141-Year 5-Year Since Inception8.04% N/A 10.68%

The Fund’s inception date is 10/1/12 and is the date used to calculate since inception performance. Fund returns are annualized for periods longer than one year.

This Fund is relatively new and the performance reflected may not be illustrative of long-term performance. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision. Performance is shown net of all fees and expenses including Fund management fees of 1.50%, other Fund expenses (which are capped at 0.25% through July 31, 2014), and management/performance fees of the underlying managers (management fees up to 3% and 10-30% performance fees paid to the underlying managers). Please refer to the fund’s prospectus for complete information on fees and expenses.

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions.

Eligible Investors• U.S. accredited investors Individuals with income

in excess of $200,000 in each of the two most recent years, or joint income with a spouse in excess of $300,000 in each of those years.

• Individuals having a net worth (or joint net worth with his or her spouse) of at least $1 million, excluding the value of such individuals’ primary residence.

• Available to tax exempts, including IRAs.

• Institutions or entities having total assets of at least $5 million or entities all of whose beneficial owners are themselves accredited investors.

• Please refer to the prospectus / Offering Materials for a complete description/ understanding of investor requirements and risks associated with the Fund.

Risks to Consider:Investment in this Fund is highly speculative and involves substantial risk, including loss of principal, and therefore may not be suitable for all investors.

General Risk Factors. Alternative investments may exhibit high volatility, and investors may lose all or substantially all of their investment. Investments in illiquid assets and foreign markets and the use of short sales, options, leverage, futures, swaps, and other derivative instruments may create special risks and substantially increase the impact and likelihood of adverse price movements. Interests in alternative investment funds are subject to limitations on transferability and are illiquid, and no secondary market for interests typically exists or is likely to develop. Alternative investment funds are typically not registered with securities regulators and are therefore generally subject to little or no regulatory oversight. Performance compensation may create an incentive to make riskier or more speculative investments. Alternative investment funds typically charge higher fees than many other types of investments, which can offset trading profits, if any. There can be no assurance that any alternative investment fund will achieve it investment objectives.

Tax Risks. The Fund intends to be treated as a regulated investment company (a “RIC”) under the Internal Revenue Code. However, in order to qualify as a RIC and also to avoid having to pay an “excise tax,” the Fund will be subject to certain limitations on its investments and operations, including a requirement that a specified proportion of its income come from qualifying sources, an asset diversification requirement, and minimum distribution requirements. Satisfaction of the various requirements requires significant support and information from the underlying portfolio funds, and such support and information may not be available, sufficient, verifiable, or provided on a timely basis.

Limited Operating History. The Portfolio is a newly formed entity and does not have any operating

history upon which prospective investors can evaluate the anticipated performance of the Fund.

Fund of Funds Considerations. The Portfolio will have no control rights over and limited transparency into the investment programs of the underlying funds in which it invests. In valuing the Portfolio’s holdings, the Investment Manager will generally rely on financial information provided by underlying funds, which may be unaudited, estimated, and/or may not involve third parties. The Fund’s investment opportunities may be limited as a result of withdrawal terms or anticipated liquidity needs (e.g., withdrawal restrictions imposed by underlying hedge funds may delay, preclude, or involve expense in connection with portfolio adjustments by the Investment Manager).

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, contact your AllianceBernstein Investments representative. Please read the prospectus and/or summary prospectus carefully before investing.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AllianceBernstein family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

Sanford C. Bernstein & Company, LLC (“SCB”) is the distributor of the Fund. SCB is an affiliate of AllianceBernstein L.P., the manager of the Fund, and a FINRA member. Bernstein Global Wealth Management is a unit of AllianceBernstein L.P.

AllianceBernstein mutual funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.

AllianceBernstein does not offer tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

AllianceBernstein® and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.

Investment Products Offered: Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed

14-1775AB–7148–0615www.abglobal.com

Investment Products Offered

• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

AB Multi-Manager Alternative Fund (For U.S. accredited investors)

Average Annual Returns as of June 30, 2015

1-Year 5-Year Since Inception

0.77% N/A 6.56%

The Fund’s inception date is 10/1/12 and is the date used to calculate since inception performance. Fund returns are annualized for periods longer than one year.

This Fund is relatively new and the performance reflected may not be illustrative of long-term performance. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision. Performance is shown net of all fees and expenses including Fund management fees of 1.50%, other Fund expenses (which are capped at 0.25% through July 31, 2014), and management/performance fees of the underlying managers (management fees up to 3% and 10-30% performance fees paid to the underlying managers). Please refer to the fund’s prospectus for complete information on fees and expenses.

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions.

Eligible Investors• U.S.accreditedinvestorsIndividualswithincomeinexcessof$200,000

ineachofthetwomostrecentyears,orjointincomewithaspouseinexcessof$300,000ineachofthoseyears.

• Individualshavinganetworth(orjointnetworthwithhisorherspouse)ofatleast$1million,excludingthevalueofsuchindividuals’primary residence.

• Availabletotaxexempts,includingIRAs.

• Institutionsorentitieshavingtotalassetsofatleast$5millionorenti-tiesallofwhosebeneficialownersarethemselvesaccreditedinvestors.

• Pleaserefertotheprospectus/OfferingMaterialsforacompletedescription/understandingofinvestorrequirementsandrisksassoci-atedwiththeFund.

Risks to Consider:Investment in this Fund is highly speculative and involves substantial risk, including loss of principal, and therefore may not be suitable for all investors.

General Risk Factors.Alternativeinvestmentsmayexhibithighvolatility,andinvestorsmayloseallorsubstantiallyalloftheirinvestment.Investmentsinilliquidassetsandforeignmarketsandtheuseofshortsales,options,leverage,futures,swaps,andotherderivativeinstrumentsmaycreatespecialrisksandsubstantiallyincreasetheimpactandlikelihoodofadversepricemovements.Interestsinalternativeinvestmentfundsare

subjecttolimitationsontransferabilityandareilliquid,andnosecondarymarketforintereststypicallyexistsorislikelytodevelop.Alternativeinvestmentfundsaretypicallynotregisteredwithsecuritiesregulatorsandarethereforegenerallysubjecttolittleornoregulatoryoversight.Performancecompensationmaycreateanincentivetomakeriskierormorespeculativeinvestments.Alternativeinvestmentfundstypicallychargehigherfeesthanmanyothertypesofinvestments,whichcanoffsettradingprofits,ifany.Therecanbenoassurancethatanyalternativeinvestmentfundwillachieveitinvestmentobjectives.

Tax Risks.TheFundintendstobetreatedasaregulatedinvestmentcompany(a“RIC”)undertheInternalRevenueCode.However,inordertoqualifyasaRICandalsotoavoidhavingtopayan“excisetax,”theFundwillbesubjecttocertainlimitationsonitsinvestmentsandoperations,includingarequirementthataspecifiedproportionofitsincomecomefromqualifyingsources,anassetdiversificationrequirement,andminimumdistributionrequirements.Satisfactionofthevariousrequirementsrequiressignificantsupportandinformationfromtheunderlyingportfoliofunds,andsuchsupportandinformationmaynotbeavailable,sufficient,verifiable,orprovidedonatimelybasis.

Limited Operating History.ThePortfolioisanewlyformedentityanddoesnothaveanyoperatinghistoryuponwhichprospectiveinvestorscanevaluatetheanticipatedperformanceoftheFund.

Fund of Funds Considerations.ThePortfoliowillhavenocontrolrightsoverandlimitedtransparencyintotheinvestmentprogramsoftheunderlyingfundsinwhichitinvests.InvaluingthePortfolio’sholdings,theInvestmentManagerwillgenerallyrelyonfinancialinformationprovidedbyunderlyingfunds,whichmaybeunaudited,estimated,and/ormaynotinvolvethirdparties.TheFund’sinvestmentopportunitiesmaybelimitedasaresultofwithdrawaltermsoranticipatedliquidityneeds(e.g.,withdrawalrestrictionsimposedbyunderlyinghedgefundsmaydelay,preclude,orinvolveexpenseinconnectionwithportfolioadjustmentsbytheInvestmentManager).

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

Sanford C. Bernstein & Company, LLC (“SCB”) is the distributor of the Fund. SCB is an affiliate of AllianceBernstein L.P., the manager of the Fund, and a FINRA member. Bernstein Global Wealth Management is a unit of AllianceBernstein L.P.

ABmutualfundsmaybeofferedonlytopersonsintheUnitedStatesandbywayofaprospectus.ThiswebsiteshouldnotbeconsideredasolicitationorofferingofanyinvestmentproductsorservicestoinvestorsresidingoutsideoftheUnitedStates.

AB does not offer tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

The[A/B]logoisaservicemarkofAllianceBernsteinandAllianceBernstein® is aregisteredtrademarkusedbypermissionoftheowner,AllianceBernsteinL.P.

©2015AllianceBernsteinL.P.,1345AvenueoftheAmericas,NewYork,NY10105

AB disclaimer

16-0408AB—7148—0616

www.abglobal.com

AB Multi-Manager Alternative Fund (For U.S. accredited investors)

Average Annual Returns as of June 30, 2016

1-Year 5-Year Since Inception

-9.28% N/A 2.08%

The Fund’s inception date is 10/1/12 and is the date used to calculate since inception performance. Fund returns are annualized for periods longer than one year.

This Fund is relatively new and the performance reflected may not be illustrative of long-term performance. A fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision. Performance is shown net of all fees and expenses including Fund management fees of 1.50%, other Fund expenses (which are capped at 0.25% through July 31, 2014), and management/performance fees of the underlying managers (management fees up to 3% and 10-30% performance fees paid to the underlying managers). Please refer to the fund’s prospectus for complete information on fees and expenses.

The performance shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes. If applicable, high double-digit returns are highly unusual and cannot be sustained; such returns are primarily achieved during favorable market conditions.

Eligible Investors• U.S. accredited investors Individuals with income in excess of $200,000

in each of the two most recent years, or joint income with a spouse in excess of $300,000 in each of those years.

• Individuals having a net worth (or joint net worth with his or her spouse) of at least $1 million, excluding the value of such individuals’ primary residence.

• Available to tax exempts, including IRAs.

• Institutions or entities having total assets of at least $5 million or enti-ties all of whose beneficial owners are themselves accredited investors.

• Please refer to the prospectus / Offering Materials for a complete description/ understanding of investor requirements and risks associ-ated with the Fund.

Risks to Consider:Investment in this Fund is highly speculative and involves substantial risk, including loss of principal, and therefore may not be suitable for all investors.

General Risk Factors. Alternative investments may exhibit high volatility, and investors may lose all or substantially all of their investment. Investments in illiquid assets and foreign markets and the use of short sales, options, leverage, futures, swaps, and other derivative instruments may create special risks and substantially increase the impact and likelihood of adverse price movements. Interests in alternative investment funds are

subject to limitations on transferability and are illiquid, and no secondary market for interests typically exists or is likely to develop. Alternative investment funds are typically not registered with securities regulators and are therefore generally subject to little or no regulatory oversight. Performance compensation may create an incentive to make riskier or more speculative investments. Alternative investment funds typically charge higher fees than many other types of investments, which can offset trading profits, if any. There can be no assurance that any alternative investment fund will achieve it investment objectives.

Tax Risks. The Fund intends to be treated as a regulated investment company (a “RIC”) under the Internal Revenue Code. However, in order to qualify as a RIC and also to avoid having to pay an “excise tax,” the Fund will be subject to certain limitations on its investments and operations, including a requirement that a specified proportion of its income come from qualifying sources, an asset diversification requirement, and minimum distribution requirements. Satisfaction of the various requirements requires significant support and information from the underlying portfolio funds, and such support and information may not be available, sufficient, verifiable, or provided on a timely basis.

Limited Operating History. The Portfolio is a newly formed entity and does not have any operating history upon which prospective investors can evaluate the anticipated performance of the Fund.

Fund of Funds Considerations. The Portfolio will have no control rights over and limited transparency into the investment programs of the underlying funds in which it invests. In valuing the Portfolio’s holdings, the Investment Manager will generally rely on financial information provided by underlying funds, which may be unaudited, estimated, and/or may not involve third parties. The Fund’s investment opportunities may be limited as a result of withdrawal terms or anticipated liquidity needs (e.g., withdrawal restrictions imposed by underlying hedge funds may delay, preclude, or involve expense in connection with portfolio adjustments by the Investment Manager).

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

Sanford C. Bernstein & Company, LLC (“SCB”) is the distributor of the Fund. SCB is an affiliate of AllianceBernstein L.P., the manager of the Fund, and a FINRA member. Bernstein Global Wealth Management is a unit of AllianceBernstein L.P.

AB mutual funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.

AB does not offer tax, legal, or accounting advice. In considering this material, you should discuss your individual circumstances with professionals in those areas before making any decisions.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

© 2016 AllianceBernstein L.P., 1345 Avenue of the Americas, New York, NY 10105

AB disclaimer

Investment Products Offered

 • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed