ALLIANCEBERNSTEIN CAP FUND, INC.

-AllianceBernstein Emerging Markets Equity Portfolio

Supplement dated September 26, 2013 to the Summary Prospectus and Prospectus (the “Prospectuses”) dated March 1, 2013 for AllianceBernstein Emerging Markets Equity Portfolio (the “Fund”).

At a meeting held on September 25, 2013, the Board of Directors of AllianceBernstein Cap Fund, Inc. approved the liquidation and dissolution of the Fund. The Fund has suspended sales of its shares pending the completion of the liquidation and the payment of liquidating distributions to its shareholders. The Fund expects to make the liquidating distributions on or shortly after November 26, 2013.

In connection with the liquidation, the Board approved the immediate suspension of the Fund’s distribution and/or service (Rule 12b-1) fees. The Board also approved the waiver of contingent deferred sales charges (“CDSCs”) upon redemption of the Fund’s shares on or after the date of this Supplement. This CDSC waiver will also apply to redemptions of shares of other AllianceBernstein Mutual Funds that are acquired through exchange of the Fund’s shares on or after the date of this Supplement.

Shareholders may redeem shares of the Fund, and may exchange shares of the Fund for shares of the same class of other AllianceBernstein Mutual Funds, until November 22, 2013. Shareholders should be aware that the Fund will convert its assets to cash and/or cash equivalents approximately three weeks before the liquidating distributions are made to shareholders. After the Fund converts its assets to cash, the Fund will no longer pursue its stated investment objective or engage in any business activities except for the purposes of winding up its business and affairs, preserving the value of its assets, paying its liabilities, and distributing its remaining assets to shareholders.

This Supplement should be read in conjunction with the Prospectuses for the Fund.

You should retain this Supplement with your Prospectus for future reference.

AllianceBernstein^® and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.

SUP-0103-0913