GERKEN R JAY 4

What Happened
R. Jay Gerken, a member of the Board of Trustees of AB Multi-Manager Alternative Fund, disposed of 11,276.408 shares by tendering them for repurchase under the issuer's tender offer. The reported per-share amount used for the filing is $12.24, giving a reported transaction value of $138,023. This is a disposition (sale/tender), which is often routine in the context of fund repurchase programs rather than an open-market sale.

Key Details

• Transaction date (Period of Report): 2026-06-23; Form 4 filed: 2026-06-25.
• Reported price used for calculation: $12.24 per share; reported total value: $138,023.
• Shares tendered: 11,276.408 shares (includes 2,362.995 shares acquired via dividend reinvestment since the reporting person's last Form 4 on Feb 12, 2021).
• Transaction code: J (other acquisition or disposition) — here used for tendering shares for repurchase.
• Final repurchase amount is subject to adjustment based on the unaudited net asset value per share as of the Valuation Date (Sept 30, 2026); $12.24 was the NAV as of May 31, 2026 but may change.
• Payment terms: initial payment of 95% of repurchase value ~45 days after the Sept 30, 2026 valuation date; remaining balance paid after the issuer’s next annual audit (expected May 2027).
• Shares beneficially owned after the tender offer were not finalized in this filing and will be adjusted based on the final NAV.

Context
This was a tender/repurchase through the fund's formal tender offer (filed May 15, 2026 under Sections 14(e)(1)/13(e)(1)), not an open-market sale. The economics (final proceeds and post-transaction holdings) depend on the NAV determined Sept 30, 2026 and the subsequent audit; the filing provides the current reported NAV used for calculation but notes adjustments may follow.