Mutual Fund Summary Prospectus (497k)
October 15 2013 - 5:11PM
Edgar (US Regulatory)
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SUMMARY PROSPECTUS October 15, 2013
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AllianceBernstein Growth and Income Fund
Ticker:
Class ZCBBZX
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, both dated October 15, 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.
PRO-0103-GI-Z-1013
INVESTMENT OBJECTIVE
The Funds investment objective is long-term growth of capital.
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.
Shareholder Fees
(fees paid directly from your investment)
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Class Z
Shares
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Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
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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
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Exchange Fee
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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 Z
Shares
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Management Fees
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.55%
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Distribution and/or Service (12b-1) Fees
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None
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Other Expenses:
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Transfer Agent
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.02%
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Other Expenses
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.05%
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Total Other Expenses*
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.07%
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Total Annual Fund Operating Expenses
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.62%
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Total Other Expenses are based on estimated amounts for the current fiscal year.
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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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5%
return each year and that the Funds operating expenses stay the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Class Z
Shares
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After 1 Year
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$
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63
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After 3 Years
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$
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199
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After 5 Years
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$
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347
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After 10 Years
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$
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787
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S-1
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 79% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund invests primarily in the equity securities of U.S. companies that the Adviser believes are undervalued, focusing on dividend-paying securities.
The Adviser believes that, over time, a companys stock price will come to reflect its intrinsic economic value. The Fund may invest in companies of any size and in any industry.
The Adviser depends heavily upon the fundamental analysis and research of its large internal research staff in making investment decisions for the Fund. The research staff follows a primary research
universe of approximately 500, largely U.S., companies. In determining a companys intrinsic economic value, the Adviser takes into account many fundamental and financial factors that it believes bear on the companys ability to perform in
the future, including earnings growth, prospective cash flows, dividend growth and growth in book value. The Adviser then ranks each of the companies in its research universe in the relative order of disparity between their intrinsic economic values
and their current stock prices, with companies with the greatest disparities receiving the highest rankings (
i.e.
, being considered the most undervalued). The Adviser anticipates that the Funds portfolio normally will include
approximately 60-90 companies, with substantially all of those companies ranking in the top three deciles of the Advisers valuation model.
The Adviser recognizes that the perception of what is a value stock is relative and the factors considered in determining whether a stock is a
value stock may, and often will, have differing relative significance in different phases of an economic cycle. Also, at different times, and as a result of how individual companies are valued in the market, the Fund may be attracted to
investments in companies with different market capitalizations (
i.e.
, large-, mid- or small-capitalization) or companies engaged in particular types of business (
e.g.
, banks and other financial institutions), although the Fund does not
intend to concentrate in any particular industries or businesses. The Funds portfolio emphasis upon particular industries or sectors will be a by product of the stock selection process rather than the result of assigned targets or ranges.
The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies
involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of
exchange-traded funds, or ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Funds portfolio from a decline in
value, sometimes within certain ranges.
The Fund may, at times, invest in shares of ETFs in lieu of making direct investments in equity
securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Fund seeks to invest than direct investments.
PRINCIPAL RISKS
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Market Risk:
The value of the Funds investments 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. It includes the risk that a particular style of investing, such as the Funds value approach, may be
underperforming the market generally.
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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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Currency Risk:
Fluctuations in currency exchange rates may negatively affect the value of the Funds investments or reduce its returns.
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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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Industry/Sector Risk:
Investments in a particular industry or group of related industries may have more risk because market or economic factors
affecting that industry could have a significant effect on the value of the Funds 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 for the Fund, but there is no guarantee that its techniques will produce the intended results.
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S-2
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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how the Funds average annual return for one, five and ten years compare to those of a broad-based securities market index.
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You may obtain updated performance information on the Funds website at
www.AllianceBernstein.com
(click on
IndividualsU.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.
Bar Chart
The annual returns in the bar chart are for the Funds Class Z shares (which is the performance of the Funds Class A shares adjusted to reflect the lower expense ratio of the Class Z
shares) and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through September 30, 2013, the year-to-date unannualized return for the Class Z shares was 22.47%.
During the period shown in the bar chart, the Funds:
Best Quarter was up 17.54%, 2nd quarter, 2003; and Worst Quarter was down -19.95%, 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 Z*, **
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Return Before Taxes
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17.88%
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0.41%
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6.94%
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Return After Taxes on Distributions
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17.74%
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0.23%
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6.62%
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Return After Taxes on Distributions and Sale of Fund Shares
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11.82%
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0.31%
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6.08%
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Russell 1000 Value Index
(reflects no deductions for fees, expenses or taxes)
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17.51%
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0.59%
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7.38%
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Are estimates 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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Inception date: 10/15/2013. Performance information for periods prior to the inception of Class Z shares is the performance of the Funds Class A shares adjusted to
reflect the lower expense ratio of Class Z shares.
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INVESTMENT ADVISER
AllianceBernstein L.P. is the investment adviser for the Fund.
PORTFOLIO MANAGERS
The following table lists the person 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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Frank V. Caruso
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Since 2004
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Senior Vice President of the Adviser
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S-3
PURCHASE AND SALE OF FUND SHARES
Purchase Minimums
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Initial
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Subsequent
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Class Z 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 the 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.
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.
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PRO-0103-GI-Z-1013
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