0000081443 abcfi1:S000029578Member abcfi1:C000090801Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member abcfi1:C000090802Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member abcfi1:C000090803Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member abcfi1:C000090798Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member abcfi1:C000090799Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member abcfi1:C000090800Member 2011-11-02 2012-11-01 0000081443 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member abcfi1:C000090792Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member abcfi1:C000090793Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member abcfi1:C000090794Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member abcfi1:C000090795Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member abcfi1:C000090797Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member abcfi1:C000090796Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member rr:AfterTaxesOnDistributionsMember abcfi1:C000090801Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member rr:AfterTaxesOnDistributionsAndSalesMember abcfi1:C000090801Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029578Member abcfi1:BankOfAmericaThreeMonthUsTBillIndexMember 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member rr:AfterTaxesOnDistributionsMember abcfi1:C000090792Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member rr:AfterTaxesOnDistributionsAndSalesMember abcfi1:C000090792Member 2011-11-02 2012-11-01 0000081443 abcfi1:S000029577Member abcfi1:BankOfAmericaMlThreeMonthUsTBillIndexMember 2011-11-02 2012-11-01 pure iso4217:USD 0.0079 912 670 485 514 489 472 2430 2238 1995 2303 2235 1821 3852 3783 3423 4019 3919 3152 7029 7172 6664 7748 7610 6285 485BPOS 0.0125 0.0125 0.0125 0.0125 0.0125 0.0125 0.003 0.01 0 0.005 0.0025 0 2012-07-31 0.0509 0.0572 0.0485 0.0514 0.0489 0.0471 ALLIANCEBERNSTEIN CAP FUND, INC. -0.031 0000081443 -0.03 -0.029 -0.0383 -0.0382 -0.02 false 2012-11-01 0.0819 0.0872 2012-11-01 0.0775 0.0897 0.0871 0.0671 2012-11-01 0.0664 0.0647 0.065 0.0722 0.0721 0.0546 SUMMARY INFORMATION ALLIANCEBERNSTEIN MARKET NEUTRAL STRATEGY--U.S. INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE STRATEGY 0.0037 0.0058 0.0053 0.0006 0.0005 0.0002 0.0349 0.0342 0.0355 0.0334 0.0334 0.0341 The Strategys investment objective is to seek long-term growth of capital independent of stock market direction. 0.0278 0.0247 0.0242 0.0382 0.0382 0.0203 0.0425 0 0 0 0 0 0 0.01 0 0 0 0 0 0 0 0 0 0 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. 100000 ALLIANCEBERNSTEIN MARKET NEUTRAL STRATEGY--GLOBAL INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE STRATEGY SHAREHOLDER FEES (fees paid directly from your investment) SHAREHOLDER FEES (fees paid directly from your investment) <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleShareholderFeesAllianceBernsteinMarketNeutralStrategy-Global column period compact * ~</div> ANNUAL STRATEGY OPERATING EXPENSES  (expenses that you pay each year as a percentage of the value of your investment) EXAMPLES PORTFOLIO TURNOVER PRINCIPAL STRATEGIES PRINCIPAL RISKS BAR CHART AND PERFORMANCE INFORMATION BAR CHART PERFORMANCE TABLE AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2011) 0.0425 0 0 0 0 0 0 0.01 0 0 0 0 <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualFundOperatingExpensesAllianceBernsteinMarketNeutralStrategy-Global column period compact * ~</div> <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualTotalReturnsAllianceBernsteinMarketNeutralStrategy-GlobalBarChart column period compact * ~</div> ANNUAL STRATEGY OPERATING EXPENSES   (expenses that you pay each year as a percentage of the value of your investment) The Strategys investment objective is to seek long-term growth of capital independent of stock market direction. This table describes the fees and expenses that you may pay if you buy and hold shares of the Strategy. 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 Strategies--Sales Charge Reduction Programs for Class A Shares on page 24 of this Prospectus and in Purchase of Shares--Sales Charge Reduction Programs for Class A Shares on page 72 of the Strategy’s SAI. The Examples are intended to help you compare the cost of investing in the Strategy with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Strategy for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Strategys operating expenses 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: The Strategy will pay 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 Strategy shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Strategy Operating Expenses or in the Examples, affect the Strategys performance. During the most recent fiscal year, the Strategys portfolio turnover rate was 270% of the average value of its portfolio. <ul type="square"><li>MARKET RISK:  The value of the Strategys assets will fluctuate as the equity market fluctuates. The value of the Strategys investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. </li></ul><ul type="square"><li>DERIVATIVES RISK:  Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Strategy, and may be subject to counterparty risk to a greater degree than more traditional investments. </li></ul><ul type="square"><li>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. </li></ul><ul type="square"><li>EMERGING MARKET RISK:  Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory, or other uncertainties.</li></ul> <ul type="square"><li>CURRENCY RISK:  Fluctuations in currency exchange rates may negatively affect the value of the Strategys investments or reduce its returns. </li></ul><ul type="square"><li>LEVERAGE RISK:  To the extent the Strategy uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Strategys investments.</li></ul> <ul type="square"><li>SHORT SALE RISK:  The Strategy may not always be able to close out a short position on favorable terms. Short sales involve the risk that the Strategy will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by the Strategy). In contrast, the risk of loss from a long position is limited to the Strategy's investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage. To mitigate leverage risk, the Strategy will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily.</li></ul> <ul type="square"><li>ETF RISK:  ETFs are investment companies. When the Strategy invests in an ETF, the Strategy bears its share of the ETF's expenses and runs the risk that the ETF may not achieve its investment objective. </li></ul><ul type="square"><li>LIQUIDITY RISK:  Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Strategy from selling out of these illiquid securities at an advantageous price. Derivatives and securities involving substantial market risk tend to involve greater liquidity risk. </li></ul><ul type="square"><li>MANAGEMENT RISK:  The Strategy 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. The Adviser also relies on its own quantitative models, which depend upon complex mathematical calculations and the correctness of certain historical correlations. There is no guarantee that the Advisers techniques, including the models, will produce the intended results. </li></ul>As with all investments, you may lose money by investing in the Strategy. -0.0346 -0.036 -0.0223 -0.0099 0.0108 0.006 0.0079 0.0108 0.001 -0.0088 -0.0098 -0.008 0.0142 0.0248 0.0198 0.0219 0.0247 0.0011 0.0125 0.0125 0.0125 0.0125 0.0125 0.0125 0.003 0.01 0 0.0025 0.005 0 0.005 0.013 0.0061 0.0006 0.0018 0.0002 0.0169 0.0162 0.017 0.0167 0.0175 0.0168 0.0753 0.076 0.0588 0.0758 0.0802 0.0531 0.075 0.1094 0.0819 0.0933 0.0946 0.0928 0.0905 0.1319 0.0944 0.1108 0.1096 0.1053 -0.0581 -0.0932 -0.0649 -0.0766 -0.0771 -0.076 2010-08-03 2010-08-03 2010-08-03 2010-08-03 2010-08-03 2010-08-03 2010-08-03 0.0293 0.0325 0.0342 0.0295 0.0387 0.0324 BEST QUARTER 0.0087 2011-09-30 WORST QUARTER -0.0142 November 1, 2013 2011-12-31 EXAMPLES The Examples are intended to help you compare the cost of investing in the Strategy with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Strategy for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Strategys operating expenses 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: 2010-08-03 738 296 328 345 298 489 2431 2843 2140 2631 2597 2140 3989 4911 3822 4815 4771 3951 7366 8770 7416 9213 9168 7901 PORTFOLIO TURNOVER The Strategy will pay 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 Strategy shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Strategy Operating Expenses or in the Examples, affect the Strategys performance. During the most recent fiscal year, the Strategys portfolio turnover rate was 212% of the average value of its portfolio. 2.12 PRINCIPAL STRATEGIES The Strategy seeks to limit market risk by balancing long and short positions. To do this, the Strategy will buy, or take long positions in, equity securities of U.S. companies that the Adviser believes are undervalued and more likely to appreciate and, at the same time, sell, or take short positions in, equity securities that the Adviser believes are overvalued and more likely to depreciate. Equity securities include common stocks, preferred stocks and exchange-traded funds, or ETFs, that invest primarily in equity securities. The Strategy will be highly diversified and may invest across different industries, sectors and regions. While the Strategy will not target issuers of a particular size, most issuers will have larger capitalizations. When the Strategy takes a long position, it purchases a stock outright. When the Strategy takes a short position, it sells at the current market price a stock it does not own but has borrowed in anticipation that the market price of the stock will decline. To complete, or close out, the short sale transaction, the Strategy buys the same stock in the market at a later date and returns it to the lender. The Strategy will make money if the market price of the borrowed stock goes down and the Strategy is able to replace it for less than it earned by selling it short. Alternatively, if the price of the stock goes up after the short sale and before the short position is closed, the Strategy will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. The Strategy intends to maintain approximately equal dollar exposures invested in long and short positions under normal circumstances. By employing this long/short market neutral investment strategy, the Strategy seeks to limit its volatility relative to movements in the overall stock market and limit downside risk during market declines. The Strategy may achieve a gain if the securities in its long portfolio outperform the securities in its short portfolio, each taken as a whole. Conversely, it is expected that the Strategy will incur a loss if the securities in its short portfolio outperform the securities in its long portfolio. The Adviser attempts to achieve returns for the Strategy that exceed the return on short-term fixed-income securities. The Strategy may utilize derivatives, such as options, futures contracts, forwards and swaps to a significant extent. Derivatives may provide a more efficient and economical exposure to equity markets than direct investments as well as a less expensive alternative to short selling. The Strategy may also use borrowings or other leverage for investment purposes. In determining when and to what extent to employ leverage or enter into derivatives transactions, the Adviser will consider factors such as the relative risks and returns expected of potential investments and the costs of such transactions. The Adviser will consider the impact of derivatives in making its assessments of the Strategys risks. The resulting exposures to markets, sectors, regions, issuers or specific securities will be continuously monitored by the Adviser. The Adviser selects securities for purchase or sale using both its own fundamental research and proprietary quantitative models. These models seek to assess the risk and return characteristics of the securities the Strategy will buy and sell and the impact those securities will have on the risk and return characteristics of the Strategys portfolio overall, taking into account various factors such as relative return trends (or momentum) and price-to-book values. The Adviser then evaluates these results in light of data concerning an issuers fundamentals and trading considerations. The Strategy expects to engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. A higher rate of portfolio turnover increases transaction expenses, which may negatively affect the Strategys performance. High portfolio turnover also may result in the realization of substantial net short-term capital gains, which, when distributed, are taxable to shareholders. PRINCIPAL RISKS <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAverageAnnualTotalReturnsTransposedAllianceBernsteinMarketNeutralStrategy-Global column period compact * ~</div> <ul type="square"><li>MARKET RISK:  The value of the Strategys assets will fluctuate as the equity market fluctuates. The value of the Strategys investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.</li></ul><ul type="square"><li> DERIVATIVES RISK:  Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Strategy, and may be subject to counterparty risk to a greater degree than more traditional investments.</li></ul><ul type="square"><li>LEVERAGE RISK:  To the extent the Strategy uses leveraging techniques, its net asset value, or NAV, may be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Strategys investments.</li></ul><ul type="square"><li> SHORT SALE RISK:  The Strategy may not always be able to close out a short position on favorable terms. Short sales involve the risk that the Strategy will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by the Strategy). In contrast, the risk of loss from a long position is limited to the Strategys investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage. To mitigate leverage risk, the Strategy will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily.</li></ul><ul type="square"><li> ETF RISK:  ETFs are investment companies. When the Strategy invests in an ETF, the Strategy bears its share of the ETF's expenses and runs the risk that the ETF may not achieve its investment objective.</li></ul><ul type="square"><li> LIQUIDITY RISK:  Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Strategy from selling out of these illiquid securities at an advantageous price. Derivatives and securities involving substantial market risk tend to involve greater liquidity risk.</li></ul><ul type="square"><li>MANAGEMENT RISK:  The Strategy 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. The Adviser also relies on its own quantitative models, which depend upon complex mathematical calculations and the correctness of certain historical correlations. There is no guarantee that the Advisers techniques, including the models, will produce the intended results.</li></ul>As with all investments, you may lose money by investing in the Strategy. As with all investments, you may lose money by investing in the Strategy. BAR CHART AND PERFORMANCE INFORMATION The bar chart and performance information provide an indication of the historical risk of an investment in the Strategy by showing:<ul type="square"><li>how the Strategys performance changed over the life of the Strategy; and</li></ul><ul type="square"><li>how the Strategys average annual returns for one year and over the life of the Strategy compare to those of a broad-based securities market index.</li></ul>You may obtain updated performance information on the Strategys website at www.AllianceBernstein.com (click on Individuals --U.S. then Pricing & Performance). The Strategys past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future. <ul type="square"><li>how the Strategys performance changed over the life of the Strategy; and</li></ul><ul type="square"><li>how the Strategys average annual returns for one year and over the life of the Strategy compare to those of a broad-based securities market index.</li></ul> www.AllianceBernstein.com The Strategys 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 Strategys 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 0.00%. 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. 100000 0.0671 BEST QUARTER 2011-09-30 0.0322 WORST QUARTER 2011-12-31 0.0067 year-to-date unannualized return 2012-09-30 0 The annual returns in the bar chart are for the Strategys Class A shares and do not reflect sales loads. The bar chart and performance information provide an indication of the historical risk of an investment in the Strategy by showing:<ul type="square"><li>how the Strategys performance changed over the life of the Strategy; and</li></ul><ul type="square"><li>how the Strategys average annual returns for one year and over the life of the Strategy compare to those of a broad-based securities market index. </li></ul>You may obtain updated performance information on the Strategys website at www.AllianceBernstein.com (click on Individuals U.S. then Pricing & Performance). The Strategys past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future. <ul type="square"><li>how the Strategys performance changed over the life of the Strategy; and</li></ul><ul type="square"><li>how the Strategys average annual returns for one year and over the life of the Strategy compare to those of a broad-based securities market index. </li></ul> www.AllianceBernstein.com The Strategy seeks to limit global equities market risk by balancing long and short positions. To do this, the Strategy will buy, or take a long position in, equity securities of U.S. and non-U.S. companies that the Adviser believes are undervalued and more likely to appreciate and, at the same time, sell, or take short positions in, equity securities that the Adviser believes are overvalued and more likely to depreciate. Equity securities include common stocks, preferred stocks and ETFs that invest primarily in equity securities. The Strategy will be highly diversified and may invest across different industries, sectors and regions. While the Strategy will not target issuers of a particular size, most issuers will have larger capitalizations. Under normal circumstances, the Strategy invests significantly (at least 40%--unless market conditions are not deemed favorable by the Adviser) in securities of non-U.S. companies. In addition, the Strategy invests, under normal circumstances, in the equity securities of companies located in at least three countries. The Strategy expects to allocate its investments among eight geographic sleeves, with the size of the allocation depending upon the Advisers assessment of relative risks and returns. The sleeves are: the United States; Canada; Japan; Asia (other than Japan); the United Kingdom; Europe (other than the United Kingdom); Oceania (Australia and New Zealand); and the emerging markets. The Strategy intends to maintain approximately equal dollar exposures in long and short positions within each sleeve under normal circumstances. When the Strategy takes a long position, it purchases a stock outright. When the Strategy takes a short position, it sells at the current market price a stock it does not own but has borrowed in anticipation that the market price of the stock will decline. To complete, or close out, the short sale transaction, the Strategy buys the same stock in the market at a later date and returns it to the lender. The Strategy will make money if the market price of the borrowed stock goes down and the Strategy is able to replace it for less than it earned by selling it short. Alternatively, if the price of the stock goes up after the short sale and before the short position is closed, the Strategy will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. By employing this long/short market neutral investment strategy, the Strategy seeks to limit its volatility relative to movements in the overall stock market and limit downside risk during market declines. The Strategy may achieve a gain if the securities in its long portfolio outperform the securities in its short portfolio, each taken as a whole. Conversely, it is expected that the Strategy will incur a loss if the securities in its short portfolio outperform the securities in its long portfolio. The Adviser attempts to achieve returns for the Strategy that exceed the return on short-term fixed-income securities. The Strategy may utilize derivatives, such as options, futures contracts, forwards, and swaps to a significant extent. Derivatives may provide a more efficient and economical exposure to equity markets than direct investments as well as a less expensive alternative to short selling. The Strategy may also use borrowings or other leverage for investment purposes. In determining when and to what extent to employ leverage or enter into derivatives transactions, the Adviser will consider factors such as the relative risks and returns expected of potential investments and the costs of such transactions. The Adviser will consider the impact of derivatives in making its assessments of the Strategys risks. The resulting exposures to markets, sectors, regions, issuers or specific securities will be continuously monitored by the Adviser. Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from the Strategys securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Strategy may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures, options on futures, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives. The Adviser selects securities for purchase or sale using both its own fundamental research and proprietary quantitative models. These models seek to assess the risk and return characteristics of the securities the Strategy will buy and sell and the impact those securities will have on the risk and return characteristics of the Strategys portfolio overall, taking into account various factors such as relative return trends (or momentum) and price-to-book values. The Adviser then evaluates these results in light of data concerning an issuers fundamentals and trading considerations. The Strategy expects to engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. A higher rate of portfolio turnover increases transaction expenses, which may negatively affect the Strategys performance. High portfolio turnover also may result in the realization of substantial net short-term capital gains, which, when distributed, are taxable to shareholders. 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; Are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Are shown for Class A shares only and will vary for Class C and Advisor Class shares because these Classes have different expense ratios; The annual returns in the bar chart are for the Strategys 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 0.88%. PERFORMANCE TABLE AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, 2011) 0.0217 0.0215 0.0143 0.0519 0.072 0.067 0.07 0.0727 0.001 -0.0082 -0.0083 -0.007 0.0168 0.0266 0.0217 0.0245 0.027 0.0011 2010-08-03 2010-08-03 2010-08-03 2010-08-03 2010-08-03 2010-08-03 2010-08-03 2010-08-03 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; Are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Are shown for Class A shares only and will vary for Class C and Advisor Class shares because these Classes have different expense ratios; <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleShareholderFeesAllianceBernsteinMarketNeutralStrategy-U.S. column period compact * ~</div> <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualFundOperatingExpensesAllianceBernsteinMarketNeutralStrategy-U.S. column period compact * ~</div> <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleExpenseExampleAllianceBernsteinMarketNeutralStrategyUS column period compact * ~</div> <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualTotalReturnsAllianceBernsteinMarketNeutralStrategy-U.S.BarChart column period compact * ~</div> <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAverageAnnualTotalReturnsTransposedAllianceBernsteinMarketNeutralStrategy-U.S. column period compact * ~</div> Calendar Year End (%) During the period shown in the bar chart, the Strategys: BEST QUARTER WAS UP 0.87%, 3RD QUARTER, 2011; AND WORST QUARTER WAS DOWN -1.42%, 4TH QUARTER, 2011. As with all investments, you may lose money by investing in the Strategy. <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleExpenseExampleAllianceBernsteinMarketNeutralStrategyGlobal column period compact * ~</div> 0 0 0 0 0 0 Calendar Year End (%) During the period shown in the bar chart, the Strategys: BEST QUARTER WAS UP 3.22%, 3RD QUARTER, 2011; AND WORST QUARTER WAS UP 0.67%, 4TH QUARTER, 2011. November 1, 2013 2.7 This table describes the fees and expenses that you may pay if you buy and hold shares of the Strategy. 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 Strategies--Sales Charge Reduction Programs for Class A Shares on page 24 of this Prospectus and in Purchase of Shares--Sales Charge Reduction Programs for Class A Shares on page 72 of the Strategys Statement of Additional Information (SAI). year-to-date unannualized return 2012-09-30 0.0088 The annual returns in the bar chart are for the Strategys Class A shares and do not reflect sales loads. 2010-08-03 2010-08-03 The Strategys past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future. 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. For Class C shares, the CDSC is 0% after the first year. The Fee Waiver and/or Expense Reimbursement 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 prior to that date. Fees waived and expenses borne by the Adviser are subject to reimbursement until August 2, 2013. No reimbursement payment will be made that would cause the Strategy's Total Annualized Operating Expenses to exceed 1.55%, 2.25%, 1.75%, 1.50%, 1.25% and 1.25% of average daily net assets, respectively, for Class A, Class C, Class R, Class K, Class I and Advisor Class shares, excluding expenses associated with securities sold short, or to cause the Strategy's total payments to exceed the Strategy's total initial offering expenses. Assuming redemption at the end of the period, a 1% CDSC would increase the expenses by approximately $100. 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 CDSC, which may be subject to waiver in certain circumstances. The Fee Waiver and/or Expense Reimbursement 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 prior to that date. Fees waived and expenses borne by the Adviser are subject to reimbursement until August 2, 2013. No reimbursement payment will be made that would cause the Strategy's Total Annualized Operating Expenses to exceed 1.60%, 2.30%, 1.80%, 1.55%, 1.30% and 1.30% of average daily net assets, respectively, for Class A, Class C, Class R, Class K, Class I and Advisor Class shares, excluding expenses associated with securities sold short, or to cause the Strategy's total payments to exceed the Strategy's total initial offering expenses. After-tax returns:-Are shown for Class A shares only and will vary for Class C and Advisor Class shares because these Classes have different expense ratios;-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 investor's tax situation and are likely to differ from those shown; and -Are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Inception date for all Classes is 08/03/10.