# EDGAR Filing Document

**Accession Number:** 0001653463
**File Stem:** 0001193125-23-021575
**Filing Date:** 2023-2
**Character Count:** 26651
**Document Hash:** 00c313284abb9f2b3e31d6f0017e6722
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-021575.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001193125-23-021575

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bernstein Fund Inc
- **CENTRAL INDEX KEY:** 0001653463
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-207065
- **FILM NUMBER:** 23576998

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-969-10000

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

## Series and Classes Contracts Data

### Small Cap Core Portfolio (Series ID: S000051867)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000163300 | Class Z      |  |

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| | |
|:---|:---|
| ![LOGO](g374656g67z55.jpg) | SUMMARY PROSPECTUS January 27, 2023 |

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## Small Cap Core Portfolio
**Ticker:** Class Z

Before you invest, you may want to review the Portfolio's Prospectus, which contains more information about the Portfolio and its risks. The Portfolio's Prospectus and Statement of Additional Information, both dated January 27, 2023 and as may be amended or further supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Portfolio's Prospectus and other information about the Portfolio, go to <u>http://www.alliancebernstein.com/links/pcmf</u>, email a request to prorequest@alliancebernstein.com, or call (collect) (212) 486-5800.

**PRO-0148-SCC-0123** 

**INVESTMENT OBJECTIVE:** 

The Portfolio's investment objective is to provide long-term growth of capital.

**FEES AND EXPENSES OF THE PORTFOLIO:** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**.

**Shareholder Fees** (fees paid directly from your investment)

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| | |
|:---|:---|
| | **Class Z** |
|  Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price) | None |
|  Maximum Deferred Sales Charge (Load)<br> (as a percentage of offering price or redemption proceeds, whichever is lower) | None |
|  Maximum Account Fee | None |

---

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

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| | |
|:---|:---|
| | **Class Z** |
|  Management Fees | 0.80% |
|  Distribution and/or Service (12b-1) Fees |  |
|  Other Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.04% |
|  Total Other Expenses | 0.07% |
|  Total Annual Portfolio Operating Expenses | 0.87% |

---

**Examples** 

The Examples are intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses stay the same. Although your actual costs may be higher or lower, based on these assumptions your costs as reflected in the Examples would be:

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| | |
|:---|:---|
| | **Class Z** |
|  After 1 Year | $89 |
|  After 3 Years | $278 |
|  After 5 Years | $482 |
|  After 10 Years | $1073 |

---

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**Portfolio Turnover** 

The Portfolio 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 Portfolio shares are held in a taxable account.

These transaction costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Examples, affect the Portfolio's performance. For the most recent fiscal year, the Portfolio's portfolio turnover rate was 34% of the average value of its portfolio.

**PRINCIPAL STRATEGIES:** 

The Portfolio invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small-capitalization companies or other securities or instruments with similar economic characteristics, including derivatives related to equity securities. Equity securities are primarily common stocks, although, for purposes of the 80% policy, equity securities may also include preferred stocks, warrants, convertible securities, sponsored or unsponsored American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") and equity real estate investment trusts ("REITs"). You will be notified at least 60 days prior to any change to the Portfolio's 80% investment policy.

AllianceBernstein L.P. serves as the Portfolio's investment manager (the "Manager"). The Manager invests the assets of the Portfolio primarily in a diversified portfolio of equity securities of small-capitalization companies located in the U.S. The Portfolio defines small-capitalization companies as those that, at the time of investment, fall within the capitalization range between the smallest company in the Russell 2000 Index (the "Russell 2000") and the largest company in the Russell 2000. As of May 6, 2022, the market capitalization range of the Russell 2000 was between approximately $240.1 million and $6.4 billion. The market capitalization of the companies included in the Portfolio's definition of "small-capitalization" companies changes over time as the capitalization of the securities included in the Russell 2000 changes.

The Manager utilizes both quantitative analysis and fundamental research to determine which securities will be held by the Portfolio and to manage risk. The Manager applies quantitative analysis to all of the securities in the Portfolio's research universe, which is composed primarily of securities in the Portfolio's benchmark (the Russell 2000 Index). Those securities that score highly on this quantitative analysis are then screened to eliminate those securities that the Manager is recommending against purchasing based on its fundamental research, and a portfolio is constructed from the remaining highly ranked securities based on diversification and risk considerations. In its quantitative analysis, the Manager considers a number of metrics that have historically provided some indication of favorable future returns, including metrics relating to valuation, quality, investor behavior and earnings growth. In general, stocks are purchased when, in the view of the Manager, they provide the highest expected returns, considering their contribution to the estimated risk of the Portfolio's existing investments. Typically, growth in the size of a company's market capitalization relative to other domestically traded companies does not cause the Manager to dispose of the security. The Manager expects to seek to manage the overall portfolio volatility of the Portfolio relative to the Russell 2000 by favoring securities that offer the best balance between return and targeted risk.

The Portfolio may also invest in exchange-traded funds ("ETFs") and other investment companies from time to time.

The Portfolio expects to utilize derivatives, such as options, futures contracts, forwards and swaps. For example, the Portfolio may use stock index futures contracts to equitize cash. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Portfolio's exposure.

**PRINCIPAL RISKS:** 

The share price of the Portfolio will fluctuate and you may lose money. There is no guarantee that the Portfolio will achieve its investment objective.

• **Sector Risk:** The Portfolio may have more risk because of concentrated investments in a particular market
sector, such as the financials, consumer discretionary, information technology or industrials sector. Market or economic factors affecting that sector could have a major effect on the value of the Portfolio's investments.

• **Market Risk:** The Portfolio is subject to market risk, which is the risk that stock prices in general or in
particular countries or sectors may decline over short or extended periods. Stock prices may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency and commodity
price fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts;
cybersecurity events; market disruptions caused by tariffs; trade disputes; measures to address budget deficits; downgrading of sovereign debt; sanctions or other government actions; and other factors. In the past decade, financial markets in the
United States, Europe and elsewhere have experienced increased volatility, decreased liquidity and heightened uncertainty. These market conditions may recur from time to time and have an adverse impact on various securities markets. Governmental and
quasi-governmental authorities and regulators throughout the

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world have provided significant support to financial markets in response to serious economic disruptions, including, but not limited to, buying stocks, providing direct capital infusions into companies, implementing new monetary programs, dramatically lowering interest rates and through other market interventions. Government actions to support the economy and financial markets have resulted in a large expansion of government deficits and debt, the long term consequences of which are not known. Rates of inflation have recently risen. The Federal Reserve, as well as certain foreign central banks have recently raised interest rates as part of their efforts to address rising inflation, and there is a risk that interest rates will continue to rise. Central bank, government or regulatory actions, including increases or decreases in interest rates, or actions that are inconsistent with such actions by different central banks, governments or regulators, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Portfolio invests. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could: increase the risk that the U.S. government may default on payments on certain U.S. government securities; cause the credit rating of the U.S. government to be downgraded or increase volatility in both stock and bond markets; result in higher interest rates; reduce prices of U.S. Treasury securities; and/or increase the costs of certain kinds of debt. <br>

In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation, and these and other events affecting global markets, such as the United Kingdom's exit from the European Union; potential trade imbalances with China or other countries; or sanctions or other government actions against Russia, other nations, or individuals or companies (or countermeasures taken in response to such sanctions), may contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the implications for market participants, may not be fully known for some time.

Economies and financial markets throughout the world are becoming increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, armed conflict, including Russia's military invasion of Ukraine, terrorism, natural disasters (including the spread of infectious illness) and other circumstances in one country or region could have profound impacts on global economies or markets. Following Russia's recent invasion of Ukraine, the United States, the European Union and the regulatory bodies of certain other countries instituted numerous sanctions against certain Russian individuals and Russian entities. These sanctions, and other intergovernmental actions that may be undertaken against Russia in the future, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, and a decline in the value and liquidity of Russian stocks. These sanctions could result in the immediate freeze of Russian securities, including securities in the form of ADRs, impairing the ability of the Portfolio to buy, sell, receive or deliver those securities. Retaliatory action by the Russian government could involve the seizure of U.S. and/or European residents' assets and any such actions are likely to impair the value and liquidity of such assets. The continued disruption of the Russian economy has had severe adverse effects on the region and beyond, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio's investments may be negatively affected.

• **Illiquid Investments Risk:** Illiquid investments risk exists when particular investments are difficult or
impossible to purchase or sell, possibly preventing the Portfolio from purchasing or selling these securities at an advantageous price. In certain cases, governmental actions could prevent sales of securities or repatriation of proceeds. Illiquid
securities may also be difficult to value. If the Portfolio is forced to sell an illiquid asset to meet redemption requests or other cash needs, or to try to limit losses, the Portfolio may be forced to sell at a substantial loss or may not be able
to sell at all.

• **Redemption Risk:** The Portfolio may experience heavy redemptions that could cause the Portfolio to
liquidate its assets at inopportune times or unfavorable prices or increase or accelerate taxable gains or transaction costs and may negatively affect the Portfolio's net asset value, or performance, which could cause the value of your
investment to decline. Redemption risk is heightened during periods of overall market turmoil.

• **Capitalization Risk:** Investments in small-capitalization companies may be more volatile than investments
in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources. The prices of securities of small capitalization
companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market
conditions, including those experienced during a recession. Securities of small capitalization companies may underperform large capitalization companies, may be harder to sell at times or at prices the portfolio managers believe appropriate and may
have greater potential for losses.

• **Allocation Risk:** The Portfolio may seek to focus on different investment disciplines or factors at
different times as a means to achieve its investment objective. In the event that the investment disciplines or factors to which the Portfolio has greater exposure perform worse than the investment disciplines or factors with less exposure, the
Portfolio's returns may be negatively affected.

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• **Derivatives Risk:** The Portfolio may use derivatives in currency hedging as well as for direct investments
to gain access to certain markets, earn income, enhance return and broaden portfolio diversification, which entail greater risk than if used solely for hedging purposes. While hedging can guard against potential risks, there is also a risk
that a derivative intended as a hedge may not perform as expected. In addition to other risks such as the credit risk of the counterparty, derivatives involve the risk that changes in the value of the derivative may not correlate with relevant
assets, rates or indices. Derivatives may be difficult to price or unwind, and small changes may produce disproportionate losses for the Portfolio. A short position in a derivative instrument involves the risk of a theoretically unlimited increase
in the value of the underlying instrument, which could cause the Portfolio to suffer a (potentially unlimited) loss. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Assets required to be
set aside or posted as margin or collateral for derivatives positions may themselves go down in value, and these collateral and other requirements may limit investment flexibility. Some derivatives involve leverage, which can make the Portfolio more
volatile and can compound other risks. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the
counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Portfolio. The U.S. government and certain foreign governments have adopted regulations
governing derivatives markets, including mandatory clearing of certain derivatives as well as additional regulations governing margin, reporting and registration requirements. The ultimate impact of the regulations remains unclear. Additional
regulation may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets.

• **Management Risk:** The Portfolio is subject to management risk because it is an actively-managed investment
portfolio. The Manager will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but these techniques, analyses and decisions may not work as intended or may not produce the desired results, and may,
during certain periods, result in increased volatility for the Portfolio or cause the value of the Portfolio's shares to go down. In some cases, derivatives and other investment techniques may be unavailable, or the Manager may determine not to
use them, possibly even under market conditions where their use could benefit the Portfolio. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts,
reduce risk or otherwise perform as expected. In addition, the Manager may change the Portfolio's investment strategies or policies from time to time. Those changes may not lead to the results intended by the Manager and could have an adverse
effect on the Manager and could also have an adverse effect on the value or performance of the Portfolio.

• **Real Estate Related Securities Risk:** Investing in real estate related securities includes, among others,
the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended
vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or
condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. In addition, global climate change may have an adverse effect on property and security
values and may exacerbate the risks of natural disasters. The COVID-19 pandemic has also impacted certain real estate sectors by accelerating the trend towards online shopping and remote-working environments. Investing in Real Estate Investment
Trusts ("REITs") involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs,
while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Investing in REITs
also involves risks similar to those associated with investing in small-capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price
movements than larger company securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the "dividends paid deduction" under the Internal Revenue Code of 1986, as
amended.

• **Investment in Other Investment Companies Risk:** As with other investments, investments in other investment
companies, including other registered funds advised by the Manager and ETFs, are subject to market and management risk. The market value of the shares of other investment companies and ETFs may differ from their net asset value. In addition,
if the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the investment companies.

**BAR CHART AND PERFORMANCE INFORMATION:** 

The bar chart and performance information provide an indication of the historical risk of an investment in the Portfolio by showing:

• how the Portfolio's performance changed from year to year over the life of the Portfolio; and

• how the Portfolio's average annual returns for one year, five years and over the life of the Portfolio
compare to those of a broad-based securities market index.

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You may obtain updated performance information for the Portfolio at <u>www.bernstein.com</u> (at the bottom of the page, click on "Investments," then "Mutual Fund Performance at a Glance").

The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future. As with all investments, you may lose money by investing in the Portfolio.

**Bar Chart** 

The annual returns in the bar chart are for the Portfolio's Class Z shares.

![LOGO](g374656g29v08.jpg)

During the period shown in the bar chart, the Portfolio's:

**Best Quarter was up 26.77%, 4th quarter, 2020; and Worst Quarter was down -32.51%, 1st quarter, 2020.** 

**Performance Table** 

**Average Annual Total Returns** 

(For the periods ended December 31, 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **1 Year** | **5 Years** | **Since<br>Inception\*** |
| Class Z | Return Before Taxes | -18.87% | 3.90% | 6.27% |
|  | Return After Taxes on Distributions | -20.34% | 2.79% | 5.09% |
|  | Return After Taxes on Distributions and Sale of Portfolio Shares | -10.07% | 2.98% | 4.76% |
| Russell 2000 Index<br>(reflects no deduction for fees, expenses, or taxes) | Russell 2000 Index<br>(reflects no deduction for fees, expenses, or taxes) | -20.44% | 4.13% | 7.56% |

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\* Inception date for Class Z shares: December 29, 2015.

After-tax returns 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 Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**INVESTMENT MANAGER:** 

AllianceBernstein L.P. is the investment manager for the Portfolio.

**PORTFOLIO MANAGERS:** 

The following table lists the persons primarily responsible for day-to-day management of the Portfolio:

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| | | |
|:---|:---|:---|
| **Employee** | **Length of Service** | **Title** |
| Serdar Kalaycioglu | Since 2015 | Senior Vice President of the Manager |
| Samantha Lau | Since 2015 | Senior Vice President of the Manager |
| Erik A. Turenchalk | Since 2020 | Senior Vice President of the Manager |

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**PURCHASE AND SALE OF PORTFOLIO SHARES:** 

**Purchase Minimums** 

The following table describes the initial and subsequent minimum purchase amounts for each class of shares, which are subject to waiver in certain circumstances.

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| | | |
|:---|:---|:---|
| | **Initial** | **Subsequent** |
| Class Z Shares are currently available exclusively to registered investment companies (or their series) managed by the Manager or its affiliates | None | 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). Your purchase or sale price will be the next-determined net asset value after the Portfolio receives your purchase or redemption request in proper form.

**TAX INFORMATION:** 

The Portfolio intends to distribute dividends and/or distributions that may be taxed as ordinary income and/or capital gains.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES:** 

If you purchase shares of the Portfolio through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and related services. These payments provide a financial incentive for the broker-dealer or other financial intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| | |
|:---|:---|
| **PRO-0148-SCC-0123** | ![LOGO](g374656g22c48.jpg) |

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