UNITED STATES OF AMERICA 

BEFORE THE

SECURITIES AND EXCHANGE COMMISSION

INVESTMENT COMPANY ACT OF 1940

Release No. 35133 / February 20, 2024 

ORDER UNDER SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940 

GRANTING AN EXEMPTION FROM SECTIONS 18(a)(2), 18(c), AND 18(i) OF THE ACT, 

UNDER SECTIONS 6(c) AND 23(c) OF THE ACT GRANTING AN EXEMPTION FROM 

RULE 23c-3 OF THE ACT AND PURSUANT TO SECTION 17(d) AND RULE 17d-1 UNDER 

THE ACT

AB CarVal Opportunistic Credit Fund, et al. filed an application on May 22, 2023, and an 

amendment to the application on August 4, 2023, requesting an order under section 6(c) of the 

Investment Company Act of 1940 (“Act”) granting an exemption from sections 18(a)(2), 18(c), 

and 18(i) of the Act; under sections 6(c) and 23(c) of the Act granting an exemption from rule 

23c-3 under the Act; and pursuant to section 17(d) of the Act and rule 17d-1 under the Act. The 

order permits certain registered closed-end management investment companies to issue multiple 

classes of shares and to impose asset-based distribution and/or service fees, and early withdrawal 

charges.

On January 23, 2024, a notice of the filing of the application was issued (Investment Company

Act Release No. 35095). The notice gave interested persons an opportunity to request a hearing 

and stated that an order disposing of the application would be issued unless a hearing was 

ordered. No request for a hearing has been filed, and the Commission has not ordered a hearing.

In the Matter of

AB CARVAL OPPORTUNISTIC CREDIT FUND

AB CARVAL INVESTORS, L.P.

AB MULTI-MANAGER ALTERNATIVE FUND

ALLIANCEBERNSTEIN L.P.

SANFORD C. BERNSTEIN & COMPANY, L.L.C.

ALLIANCEBERNSTEIN INVESTMENTS, INC.

1601 Utica Avenue South

Suite 1000

Minneapolis, MN 55416 

(812-15468)
The matter has been considered and it is found, on the basis of the information set forth in the 

application, as amended, that granting the requested exemption is appropriate in the public 

interest and consistent with the protection of investors and the purposes fairly intended by the 

policy and provisions of the Act.

It is further found that proposed repurchases will be made in a manner which does not unfairly 

discriminate against any holders of the class or classes of securities to be purchased.

It is further found that the investment company’s proposed institution of asset-based distribution 

and/or service fees is consistent with the provisions, policies, and purposes of the Act, and will not be on 

a basis different from or less advantageous than that of other participants.

Accordingly, in the matter of AB CarVal Opportunistic Credit Fund, et al. (File No. 812-

15468),

IT IS ORDERED, under section 6(c) of the Act, that the requested exemption from sections 

18(a)(2), 18(c) and 18(i) of the Act is granted, effective immediately, subject to the

condition contained in the application, as amended.

IT IS ALSO ORDERED, under sections 6(c) and 23(c)(3) of the Act, that the requested 

exemption from rule 23c-3 of the Act is granted, effective immediately, subject to the

condition contained in the application, as amended.

IT IS ALSO ORDERED, under section 17(d) and rule 17d-1, that the investment company’s 

institution of asset-based distribution and/or service fees is approved, effective immediately, 

subject to the condition contained in the application, as amended.

For the Commission, by the Division of Investment Management, under delegated authority.

Sherry R. Haywood,

Assistant Secretary.