0000081443 abcfi5:S000039195Member abcfi5:C000120608Member 2011-12-05 2012-12-04 0000081443 abcfi5:S000039195Member abcfi5:C000120609Member 2011-12-05 2012-12-04 0000081443 abcfi5:S000039195Member abcfi5:C000120605Member 2011-12-05 2012-12-04 0000081443 abcfi5:S000039195Member abcfi5:C000120612Member 2011-12-05 2012-12-04 0000081443 abcfi5:S000039195Member abcfi5:C000120611Member 2011-12-05 2012-12-04 0000081443 abcfi5:S000039195Member abcfi5:C000120610Member 2011-12-05 2012-12-04 0000081443 abcfi5:S000039195Member 2011-12-05 2012-12-04 0000081443 2011-12-05 2012-12-04 pure iso4217:USD 0.017 0.017 0.017 0.017 0.017 0.017 0.003 0.01 0 0.005 0.0025 0 -0.0051 -0.0067 -0.0053 697 254 304 279 254 1259 1077 782 930 856 782 <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleShareholderFeesAllianceBernsteinSelectUSLong/ShortPortfolio column period compact * ~</div> <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualFundOperatingExpensesAllianceBernsteinSelectUSLong/ShortPortfolio column period compact * ~</div> The Fund’s investment objective is long-term growth of capital. 2012-12-04 485BPOS ALLIANCEBERNSTEIN CAP FUND, INC. 0000081443 2012-12-11 2012-12-11 false 2012-12-11 SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) EXAMPLES PORTFOLIO TURNOVER PRINCIPAL STRATEGIES PRINCIPAL RISKS PERFORMANCE INFORMATION 0 0 0.01 0 0 0 0.00 0.00 0.001 0.0012 0.001 0.0026 0.002 0.0012 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0066 0.0066 0.0066 0.0066 0.0066 0.0066 0.0132 0.0134 0.0132 0.0148 0.0142 0.0134 0.0332 0.0404 0.0302 0.0368 0.0337 0.0304 0.0281 0.0351 0.0251 0.0301 0.0276 0.0251 -0.0053 -0.0051 -0.0061 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 Fund’s operating expenses stay the same and that the fee waiver remains in effect as agreed upon. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 354 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 Fund’s performance. The Fund is expected to have a very high portfolio turnover rate. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies, short positions in such securities, and cash and U.S. cash equivalents. The Adviser selects investments for the Fund’s long positions through an intensive “bottom-up” approach that places an emphasis on companies that are engaged in business activities with solid long-term growth potential and high barriers to entry, that have strong cash flows and other financial metrics, and that have transparent financial statements and business models. The Adviser also evaluates the quality of company management based on a series of criteria, including: (1) management’s focus on shareholder returns, such as through a demonstrated commitment to dividends and dividend growth, share buybacks or other shareholder-friendly corporate actions; (2) management’s employment of conservative accounting methodologies; (3) management incentives, such as direct equity ownership; and (4) management accessibility. The Adviser seeks to identify companies where events or catalysts may drive the company’s share price higher, such as earnings and/or revenue growth above consensus forecasts, potential market recognition of undervaluation or overstated market-risk discount, or the institution of any of the shareholder-friendly practices discussed in the preceding sentence. In light of this catalyst-focused approach, the Adviser expects to engage in active and frequent trading for the Fund. The Adviser may reduce or eliminate the Fund’s holdings in a company’s securities for a number of reasons, including if its evaluation of the above factors changes adversely, if the anticipated events or catalysts do not occur or do not affect the price of the securities as expected, or if the anticipated events or catalysts do occur and cause the securities to be, in the Adviser’s view, overvalued or fully valued. At any given time the Fund may emphasize growth stocks over value stocks, or vice versa. In determining securities to be sold short, the Adviser looks for companies facing near-term difficulties such as high valuations, quality of earnings issues, or weakness in demand due to economic factors or long-term issues such as changing technology or competitive concerns in their industries. The Fund may also sell securities of exchange-traded funds, or ETFs, short, including to hedge its exposure to specific market sectors or if it believes a specific sector or asset will decline in value. When the Fund sells securities short, it sells a stock that it does not own (but has borrowed) at its current market price in anticipation that the price of the stock will decline. To complete, or close out, the short sale transaction, the Fund buys the same stock in the market at a later date and returns it to the lender. The Adviser derives the ratio between long and short positions for the Fund based on its bottom-up analysis supplemented with macro-economic and market analyses. Under normal market conditions, the net long exposure of the Fund (long exposure minus short exposure) will range between 30% and 70%. The Adviser seeks to minimize the variability of Fund returns through industry diversification as well as by managing long and short exposures and/or by holding a material level of cash and/or cash equivalents. For example, the Fund may hold long positions in equity securities with a value equal to 60% of its net assets and have short sale obligations equal to 15% of its net assets, resulting in 45% net long exposure. Assuming a 60% long exposure, 40% of Fund assets will be held in cash or cash equivalents, including cash and cash equivalents held to cover the Fund’s short sale obligations. During periods of excessive market risk, the Adviser may reduce the net long exposure of the Fund. The Fund may at times hold long and short positions that in the aggregate exceed the value of its net assets (i.e., so that the Fund is effectively leveraged). The Fund’s investments will be focused on securities of companies with large and medium market capitalizations, but it may also take long and short positions in securities of small-capitalization companies. The Fund may invest in non-U.S. companies, but currently intends to limit its investments in such companies to no more than 10% of its net assets. The Fund may purchase securities in initial public offerings and expects to do so on a regular basis. The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps, as part of its investment strategies or for hedging or other risk management purposes. These transactions may be used, for example, as a means to take a short position in a security or sector without actually selling securities short. No performance information is available for the Fund because it has not yet been in operation for a full calendar year. <ul type="square"><li style="margin-left:-20px">MARKET RISK: The value of the Fund’s assets will fluctuate as the stock, bond or currency markets fluctuate. The value of the Fund’s 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 style="margin-left:-20px">SHORT SALE RISK: Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security. The amount of such loss is theoretically unlimited, as it will be based on the increase in value of the security sold short. In contrast, the risk of loss from a long position is limited to the Fund’s investment in the security, because the price of the security cannot fall below zero. The Fund may not always be able to close out a short position on favorable terms.</li></ul><ul type="square"><li style="margin-left:-20px">DERIVATIVES RISK: 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.</li></ul><ul type="square"><li style="margin-left:-20px">LEVERAGE RISK: To the extent the Fund uses leveraging techniques, the value of its shares may be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments.</li></ul><ul type="square"><li style="margin-left:-20px">CAPITALIZATION RISK: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in these companies may have additional risks because these companies may have limited product lines, markets or financial resources.</li></ul><ul type="square"><li style="margin-left:-20px">DIVERSIFICATION RISK: The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.</li></ul><ul type="square"><li style="margin-left:-20px">ACTIVE TRADING RISK: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate is expected to greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.</li></ul><ul type="square"><li style="margin-left:-20px">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, but there is no guarantee that its techniques will produce the intended results.</li></ul>As with all investments, you may lose money by investing in the Fund. No performance information is available for the Fund because it has not yet been in operation for a full calendar year. <ul type="square"><li style="margin-left:-20px">DIVERSIFICATION RISK: The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s net asset value, or NAV.</li></ul> As with all investments, you may lose money by investing in the Fund. 100000 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. December 12, 2015 0.0425 0 0 0 0.00 0 0 0.00 0.00 0.00 SUMMARY INFORMATION ALLIANCEBERNSTEIN SELECT US LONG/SHORT PORTFOLIO INVESTMENT OBJECTIVE 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 Fund--Sales Charge Reduction Programs for Class A Shares on page 18 of this Prospectus and in Purchase of Shares--Sales Charge Reduction Programs for Class A Shares on page 65 of the Fund’s Statement of Additional Information (“SAI”). <div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleExpenseExampleAllianceBernsteinSelectUSLongShortPortfolio column period compact * ~</div> Total Other Expenses are based on estimated amounts for the current fiscal year. 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. Total Other Expenses are based on estimated amounts for the current fiscal year. The Adviser has agreed to waive its management fees and/or to bear expenses of the Fund through December 12, 2015 to the extent necessary to prevent total Fund operating expenses (excluding expenses associated with securities sold short, acquired fund fees and expenses other than the advisory fees of any AllianceBernstein Mutual Funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annualized basis, from exceeding 2.25%, 2.95%, 1.95%, 2.45%, 2.20% and 1.95% of average daily net assets, respectively, for Class A, Class C, Advisor Class, Class R, Class K and Class I shares ("expense limitations"). Any fees waived and expenses borne by the Adviser may be reimbursed by the Fund until December 12, 2015, provided that no reimbursement payment will be made that would cause the Fund's Total Annual Fund Operating Expenses to exceed the expense limitations or cause the total of the payments to exceed the Fund's total initial offering expenses. Assuming redemption at the end of the period, a 1% CDSC would increase the expenses by approximately $100.