Mutual Fund Summary Prospectus (497k)
November 01 2012 - 4:46PM
Edgar (US Regulatory)
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SUMMARY PROSPECTUS November 1, 2012
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AllianceBernstein Large Cap Growth Fund
Ticker:
Class AAPGAX; Class BAPGBX; Class
CAPGCX; Class RABPRX; Class KALCKX; Class IALLIX; Advisor ClassAPGYX
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 (SAI), both dated November 1, 2012, 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. Unless otherwise noted, page number references refer to the current Prospectus for this Fund.
PRO-0101-LCG-1112
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. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest
in the future, at least $100,000 in AllianceBernstein Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the FundsSales Charge Reduction Programs for Class A
Shares on page 53 of the Prospectus and in Purchase of SharesSales Charge Reduction Programs for Class A Shares on page 113 of the Funds SAI.
Shareholder Fees
(fees paid directly from your investment)
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Class A
Shares
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Class B Shares
(not currently offered
to new investors)
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Class C
Shares
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Advisor Class
Shares
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Class
R, K and I
Shares
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Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
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4.25%
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None
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None
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None
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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(a)
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4.00%(b)
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1.00%(c)
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None
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None
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Exchange Fee
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None
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None
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None
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None
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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 A
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Class B
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Class C
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Advisor Class
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Class R
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Class K
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Class I
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Management Fees
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.75%
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.75%
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.75%
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.75%
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.75%
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.75%
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.75%
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Distribution and/or Service (12b-1) Fees
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.30%
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1.00%
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1.00%
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None
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.50%
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.25%
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None
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Other Expenses:
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Transfer Agent
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.27%
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.38%
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.31%
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.26%
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.26%
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.20%
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.07%
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Other Expenses
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.05%
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.05%
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.05%
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.06%
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.05%
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.05%
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.05%
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Total Other Expenses
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.32%
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.43%
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.36%
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.32%
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.31%
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.25%
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.12%
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Total Annual Fund Operating Expenses
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1.37%
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2.18%
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2.11%
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1.07%
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1.56%
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1.25%
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.87%
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Fee Waiver and/or Expense Reimbursement
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(.12)%
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(d)
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-0-
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-0-
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-0-
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-0-
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-0-
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-0-
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Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(d)
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1.25%
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2.18%
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2.11%
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1.07%
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1.56%
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1.25%
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.87%
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(a)
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Purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year contingent deferred sales charge
(CDSC), which may be subject to waiver in certain circumstances.
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(b)
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Class B shares automatically convert to Class A shares after eight years. The CDSC decreases over time. For Class B shares the CDSC decreases 1.00% annually to 0% after the
fourth year.
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(c)
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For Class C shares, the CDSC is 0% after the first year.
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(d)
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The fee waiver and/or expense reimbursement agreement will remain in effect until November 1, 2013 and will be automatically extended for one-year periods thereafter unless
terminated by the Adviser upon 60 days notice to the Fund prior to that date.
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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 $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Funds operating expenses
S-1
stay the same and that the fee waiver is in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Class A
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Class B
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Class C
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Advisor Class
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Class R
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Class K
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Class I
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After 1 Year
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$
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547
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$
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621
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$
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314
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$
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109
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$
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159
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$
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127
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$
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89
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After 3 Years
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$
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829
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$
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882
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$
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661
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$
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340
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$
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493
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$
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397
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$
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278
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After 5 Years
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$
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1,132
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$
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1,169
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$
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1,134
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$
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590
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$
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850
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$
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686
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$
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482
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After 10 Years
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$
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1,991
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$
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2,308
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$
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2,441
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$
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1,306
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$
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1,856
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$
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1,511
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$
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1,073
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For the share classes listed below, you would pay the following expenses if you did not redeem your shares at the end of
the period:
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Class B
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Class C
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After 1 Year
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$
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221
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$
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214
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After 3 Years
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$
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682
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$
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661
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After 5 Years
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$
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1,169
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$
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1,134
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After 10 Years
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$
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2,308
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$
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2,441
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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 95% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund invests primarily
in equity securities of a limited number of large, carefully selected, high-quality U.S. companies. The Fund invests primarily in the domestic equity securities of companies selected by the Funds Adviser for their growth potential within
various market sectors. The Fund emphasizes investments in large, seasoned companies and normally invests in approximately 50-70 companies. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of
large-capitalization companies.
For these purposes, large-capitalization companies are those that, at the time of investment, have
market capitalizations within the range of market capitalizations of companies appearing in the Russell 1000 Growth Index. While the market capitalizations of companies in the Russell 1000 Growth Index ranged from approximately $1.4 billion to $540
billion as of June 30, 2012, the Fund normally will invest in common stocks of companies with market capitalizations of at least $5 billion at the time of purchase.
The Adviser expects that normally the Funds portfolio will tend to emphasize investments in securities issued by U.S. companies, although it may invest in foreign securities.
This investment team allocates the Funds investments among broad sector groups based on the fundamental company research conducted by the
Advisers large internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The investment team may vary the percentage allocations among market
sectors and may change the market sectors in which the Fund invests as companies potential for growth within a sector matures and new trends for growth emerge.
The Advisers research focus is in companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive
advantages.
The Fund may, at times, invest in shares of exchange-traded funds (ETFs) in lieu of making direct investments in
securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments.
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 indexes, futures contracts (including futures contracts on individual securities and stock indexes) or shares of 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.
PRINCIPAL RISKS
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Market Risk:
The value of the Funds assets 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 growth, may underperform the market
generally.
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Focused Portfolio Risk:
Investments in a limited number of companies may have more risk because changes in the value of a single security may
have a more significant effect, either negative or positive, on the Funds net asset value or, NAV.
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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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S-2
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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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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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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 returns 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
Individuals U.S. then Pricing & 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 A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown. Through
September 30, 2012, the year-to-date unannualized return for Class A shares was 20.24%.
During the period shown in the bar chart, the Funds:
Best Quarter was up 16.51%, 3rd quarter, 2009; and Worst Quarter was down -16.39%, 2nd quarter, 2002.
Performance Table
Average Annual Total Returns
(For the periods ended December 31, 2011)
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1 Year
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5 Years
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10 Years
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Class A*
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Return Before Taxes
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-5.10%
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2.64%
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1.47%
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Return After Taxes on Distributions
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-5.10%
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2.64%
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1.47%
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Return After Taxes on Distributions and Sale of Fund Shares
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-3.32%
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2.26%
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1.26%
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Class B
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Return Before Taxes
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-5.71%
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2.66%
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1.28%
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Class C
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Return Before Taxes
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-2.75%
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2.71%
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1.13%
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Advisor Class
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Return Before Taxes
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-0.73%
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3.78%
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2.18%
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Class R**
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Return Before Taxes
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-1.18%
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3.39%
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1.76%
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Class K**
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Return Before Taxes
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-0.92%
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3.69%
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2.06%
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Class I**
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Return Before Taxes
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-0.58%
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4.06%
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2.40%
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Russell
1000
®
Growth Index
(reflects no deduction for fees, expenses, or taxes)
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2.64%
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2.50%
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2.59%
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Are shown for Class A shares only and will vary for Class B, Class C and Advisor Class shares because these Classes have different expense ratios;
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Are an estimate, which is 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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**
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Inception dates for Class R shares: 11/3/03, and for Class K and Class I shares: 3/1/05. Performance information for periods prior to the inception of Class R, Class K and Class
I shares is the performance of the Funds Class A shares adjusted to reflect the higher expense ratio of the Class R shares and the lower expense ratios of Class K and Class I shares, respectively.
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S-3
INVESTMENT ADVISER
AllianceBernstein L.P. is the investment adviser for the Fund.
PORTFOLIO MANAGERS
The following table lists the persons 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 2012
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Senior Vice President of the Adviser
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Vincent C. DuPont
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Since 2012
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Senior Vice President of the Adviser
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John H. Fogarty
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Since 2012
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Senior Vice President of the Adviser
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PURCHASE AND SALE OF FUND SHARES
Purchase Minimums
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Initial
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Subsequent
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Class A/Class C Shares, including traditional IRAs and Roth IRAs
(Class B Shares are not currently offered to new shareholders)
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$2,500
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$50
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Automatic Investment Program
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None
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$50
If initial minimum investment is
less than $2,500, then $200
monthly until account balance
reaches $2,500
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Advisor Class Shares (only available to fee-based programs or through other limited arrangements)
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None
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None
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Class A, Class R, Class K and Class I 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 a 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 or by mail (AllianceBernstein Investor Services, Inc., P.O. Box 786003, San Antonio, TX 78278-6003) or telephone (800-221-5672).
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-0101-LCG-1112
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