LOGO    SUMMARY PROSPECTUS    November 1, 2012

AllianceBernstein International Growth Fund

Ticker: Class A–AWPAX; Class B–AWPBX; Class C–AWPCX; Class R–AWPRX; Class K–AWPKX; Class I–AWPIX; Advisor Class–AWPYX

 

Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. The Fund’s 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 Fund’s 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-IG-1112

 

INVESTMENT OBJECTIVE

The Fund’s 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 Funds—Sales Charge Reduction Programs for Class A Shares on page 53 of the Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 113 of the Fund’s SAI.

Shareholder Fees (fees paid directly from your investment)

 

      Class A
Shares 		    Class B Shares
(not currently offered
to new investors) 		    Class C
Shares 		    Advisor Class
Shares 		    Class
R, K and I
Shares 		 

Maximum Sales Charge (Load) Imposed on Purchases

(as a percentage of offering price)

    4.25%        None        None        None        None   

Maximum Deferred Sales Charge (Load)

(as a percentage of offering price or redemption proceeds, whichever is lower)

    None (a)      4.00% (b)      1.00% (c)      None        None   
Exchange Fee     None        None        None        None        None   

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

 

      Class A     Class B     Class C     Advisor Class     Class R     Class K     Class I  
Management Fees     .75%        .75%        .75%        .75%        .75%        .75%        .75%   
Distribution and/or Service (12b-1) Fees     .30%        1.00%        1.00%        None        .50%        .25%        None   
Other Expenses:              

Transfer Agent

    .26%        .33%        .29%        .25%        .26%        .20%        .05%   

Other Expenses

    .09%        .10%        .09%        .10%        .09%        .09%        .10%   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Other Expenses     .35%        .43%        .38%        .35%        .35%        .29%        .15%   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Total Annual Fund Operating Expenses     1.40%        2.18%        2.13%        1.10%        1.60%        1.29%        .90%   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

 

(a) 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.

 

(b) 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.

 

(c) For Class C shares, the CDSC is 0% after the first year.

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 Fund’s operating expenses stay the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 

      Class A     Class B     Class C     Advisor Class     Class R     Class K     Class I  
After 1 Year   $ 561      $ 621      $ 316      $ 112      $ 163      $ 131      $ 92   
After 3 Years   $ 849      $ 882      $ 667      $ 350      $ 505      $ 409      $ 287   
After 5 Years   $ 1,158      $ 1,169      $ 1,144      $ 606      $ 871      $ 708      $ 498   
After 10 Years   $ 2,033      $ 2,316      $ 2,462      $ 1,340      $ 1,900      $ 1,556      $ 1,108   

 

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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:

 

         Class B        Class C  

After 1 Year

     $ 221         $ 216   

After 3 Years

     $ 682         $ 667   

After 5 Years

     $ 1,169         $ 1,144   

After 10 Years

     $ 2,316         $ 2,462   

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 Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 63% of the average value of its portfolio.

PRINCIPAL STRATEGIES

The Fund invests primarily in an international portfolio of equity securities of companies selected by the Adviser for their growth potential within various market sectors. Examples of the types of market sectors in which the Fund may invest include, but are not limited to, information technology (which includes telecommunications), health care, financial services, infrastructure, energy and natural resources, and consumer groups. The Adviser’s growth analysts seek to identify companies or industries that other investors have underestimated earnings potential—for example, some hidden earnings driver (including, but not limited to, reduced competition, market share gain, better margin trend, increased customer base, or similar factors) that would cause a company to grow faster than market forecasts.

Sector heads are responsible for the construction of the portfolio. This investment team allocates the Fund’s investments among broad sector groups utilizing the fundamental company research conducted by the Adviser’s 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 Fund invests, under normal circumstances, in the equity securities of companies located in at least three countries (and normally substantially more) other than the United States. The Fund invests in securities of companies in both developed and emerging market countries. Geographic distribution of the Fund’s investments among countries or regions also will be a product of the stock selection process rather than a pre-determined allocation. The Fund may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities. The Adviser expects that normally the Fund’s portfolio will tend to emphasize investments in larger capitalization companies, although the Fund may invest in smaller or medium capitalization companies. The Fund normally invests in approximately 90-130 companies.

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.

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 securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Fund 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 Fund may enter into other 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 Fund’s portfolio from a decline in value, sometimes within certain ranges.

PRINCIPAL RISKS

•  

Market Risk: The value of the Fund’s 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.

 

•  

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.

 

•  

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.

 

•  

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

 

•  

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

 

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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.

 

•  

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.

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:

 

•  

how the Fund’s performance changed from year to year over ten years; and

 

•  

how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based securities market index.

You may obtain updated performance information on the Fund’s website at www.AllianceBernstein.com (click on “Individuals – U.S.” then “Pricing & Performance”).

The Fund’s 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 Fund’s 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
 -10.31%.

 

LOGO

During the period shown in the bar chart, the Fund’s:

Best Quarter was up 24.65%, 2nd quarter, 2009; and Worst Quarter was down -27.28%, 3rd quarter, 2008.

Performance Table

Average Annual Total Returns

(For the periods ended December 31, 2011)

 

             1 Year        5 Years        10 Years  
Class A*   Return Before Taxes      -20.05%           -5.69%           6.51%   
   

 

  

 

 

      

 

 

      

 

 

 
    Return After Taxes on Distributions      -20.01%           -6.10%           6.25%   
   

 

  

 

 

      

 

 

      

 

 

 
    Return After Taxes on Distributions and Sale of Fund Shares      -12.73%           -4.64%           5.89%   
Class B   Return Before Taxes      -20.53%           -5.61%           6.33%   
Class C   Return Before Taxes      -17.92%           -5.55%           6.20%   
Advisor Class   Return Before Taxes      -16.32%           -4.59%           7.31%   
Class R**   Return Before Taxes      -16.78%           -5.12%           6.73%   
Class K**   Return Before Taxes      -16.50%           -4.83%           7.02%   
Class I**   Return Before Taxes      -16.16%           -4.46%           7.38%   

MSCI World Index (ex. U.S.) (Net)

(reflects no deduction for fees, expenses, or taxes except the
reinvestment of dividends net of non-U.S. withholding taxes)

     -12.21%           -4.09%           5.14%   

MSCI AC World Index (ex. U.S.) (Net)

(reflects no deduction for fees, expenses, or taxes except the
reinvestment of dividends net of non-U.S. withholding taxes)

     -13.71%           -2.92%           6.31%   

 

* After-tax returns:

 

  – 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;

 

  – 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 dates for Class R, 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 Fund’s 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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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 Fund’s portfolio:

 

Employee    Length of Service    Title
Robert Alster    Since 2011    Senior Vice President of the Adviser
     
William A. Johnston    Since 2011    Senior Vice President of the Adviser
     
Daniel C. Roarty    Since 2011    Senior Vice President of the Adviser
     
Tassos Stassopoulos    Since 2011    Senior Vice President of the Adviser
     
Christopher M. Toub    Since 2005    Senior Vice President of the Adviser

PURCHASE AND SALE OF FUND SHARES

Purchase Minimums

 

       Initial    Subsequent

Class A/Class C Shares, including traditional IRAs and Roth IRAs

(Class B Shares are not currently offered to new shareholders)

   $2,500    $50
Automatic Investment Program    None   

$50

If initial minimum investment is
less than $2,500, then $200
monthly until account balance
reaches $2,500

Advisor Class Shares (only available to fee-based programs or through other limited arrangements)    None    None
Class A, Class R, Class K and Class I Shares are available at net asset value, 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.    None    None

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 intermediary’s website for more information.

 

PRO-0101-IG-1112     LOGO     

 

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