Strong total return over time, consistent with its asset mix

Fund Overview

  • A diversified multi-manager target-date fund. The “target date” is the approximate year investors expect to retire and start withdrawing from their accounts – typically those born between 1968-1972
  • The Fund’s investment mix becomes progressively more conservative over time, reaching its most conservative level 15 years after the “target” retirement date

Primary Investments

  • Combines mutual funds and exchange-traded funds managed by AB and other fund companies, making a diversified mix of asset classes and investment styles
  • Includes stocks, bonds, inflation-sensitive instruments (e.g., TIPS) and other diversifiers to varying degrees over time
  • Uses AB’s dynamic asset-allocation process to modify the impact of short-term market risks to help deliver more consistent results

Management Team

Daniel Loewy, CFA

Chief Investment Officer and Head—Multi-Asset Solutions

Christopher Nikolich

Head of Glide Path Strategies (US)—Multi-Asset Solutions

Brian Huckstep, CFA

Senior Portfolio Manager, Morningstar Investment Management LLC

The performance shown 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 shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.

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

The net asset value (NAV) price is the value of one share of the Portfolio as of the date listed. The NAV does not take into account any initial sales charges that may apply when shares are purchased or redemption charges when shares are sold; if these sales charges were reflected, the Portfolio’s quoted performance would be lower. The NAV change is the change in value of one share of the Portfolio from the prior day’s value.

Total Returns
Peer Comparison

Class A annualized returns with sales charge reflect the deduction of the maximum 4.25% sales charge. Class B shares are subject to a contingent deferred sales charge equal to 4% in year 1, 3% in year 2, 2% in year 3, and 1% in year 4. Class C shares are subject to a 1-year, 1% contingent deferred sales charge. Returns for Advisor Class, Class R, Class K, Class I and Class 2 are at NAV and carry no front-end or contingent deferred sales charges. Returns for Class R shares are without the imposition of a sales charge that would apply if shares were purchased outside of a group retirement plan.

Performance for Classes R, K, I, Z and Advisor shares prior to the share class’ inception date is simulated based on the historical performance of the Class A shares, adjusted for typical estimated expenses. Please note the inception dates for the Funds.

As of January 31, 2009, Class B shares are no longer available for purchase by new investors. For additional information, see the Fund’s current prospectus.

If applicable, please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions. Fund returns are annualized for periods longer than one year. The NAV does not take into account any sales charges that may apply when shares are purchased or redeemed; if sales charges were reflected, the Fund’s quoted performance would be lower.

© Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Morningstar RatingTM for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The star rating is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10.0% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35.0% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10.0% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36–59 months of total returns, 60% five-year rating/40% three-year rating for 60–119 months of total returns and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Lipper ratings are based on total returns at net asset value, without the imposition of a sales charge, which would reduce total return figures. Funds in the Lipper category generally have similar investment objectives for the funds, although some may have different investment policies.

Net expense ratio, if applicable, reflects the contractual waiver of a portion of the Advisor’s fee and/or reimbursement of a portion of the Fund’s operating expenses. This waiver and/or reimbursement extends through a particular date, as specified in the Fund’s current prospectus, and may be further extended or terminated by the Advisor, as set forth in the prospectus. Absent waivers and/or reimbursements, performance would have been lower.

For all Multi-Manager Select Funds, expenses are targeted at 0.83% for A and K share classes; 1.58% for C share classes; 1.08% for R share classes; and 0.58% for Advisor, I and Z share classes. Targets include the Funds’ share of underlying mutual fund and ETF fees and expenses except for interest expenses and certain costs related to short sales.

The reinvest price is the net asset value (NAV) price. The NAV price is the value of one share of the Fund as of the Ex Date. The NAV does not take into account any sales charges that may apply when shares are purchased or redeemed.

Holdings and characteristics shown include underlying investments of pooled vehicles.

The Fund’s/Portfolio’s holdings (including derivatives) are expressed as a percentage of total investments and may vary over time. They are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Each fund, other than Retirement Allocation, is named for a “target date”—the approximate year when you expect to retire and start withdrawing from your account. Funds furthest from their target dates emphasize growth potential by investing almost entirely in equities. As investors move closer to—and into—retirement, the funds automatically adjust to a more conservative asset mix. Investments in Multi-Manager Select Retirement Funds are not guaranteed against loss of principal: at any time, your account value can be more or less than the original amount contributed—including at the time of the fund’s target date. Also, investing in Multi-Manager Select Retirement Funds does not guarantee sufficient income in retirement.

Morningstar Investment Management LLC is a registered investment adviser and subsidiary of Morningstar, Inc. Morningstar Investment Management is acting as a sub-adviser to AllianceBernstein, L.P. with regard to the AB Multi-Manager Select Retirement Funds. Morningstar Investment Management is not affiliated with AB or its affiliates. The Morningstar name and logo are the property of Morningstar, Inc.

Risks To Consider

Market Risk: The market values of the portfolio’s holdings rise and fall from day to day, so investments may lose value.

Credit Risk: A bond's credit rating reflects the issuer's ability to make timely payments of interest or principal - the lower the rating, the higher the risk of default. If the issuer's financial strength deteriorates, the issuer's rating may be lowered and the bond's value may decline.

Municipal Market Risk: Debt securities issued by state or local governments may be subject to special political, legal, economic and market factors that can have a significant effect on the portfolio's yield or value.

Interest Rate Risk: As interest rates rise, bond prices fall and vice versa, long-term securities tend to rise and fall more than short-term securities.

Inflation Risk: Prices for goods and services tend to rise over time, which may erode the purchasing power of investments.

Leverage Risk: Trying to enhance investment returns by borrowing money or using other leverage tools magnify both gains and losses, resulting in greater volatility.

Derivatives Risk: Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than traditional investments, and may be more volatile, especially in a down market.

Below Investment Grade Securities Risk: 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.

Local Economy Risk: This portfolio may contain municipal securities issued by the Commonwealth of Puerto Rico as well as other local governments whose current economic conditions could exacerbate the risks associated with investing in these securities.

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit our Literature Center or 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.

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.

Investment Products Offered:

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

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