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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/28/20 AB Core Opportunities Fund, Inc. 497K 2/28/20 1:199K Donnelley … Solutions/FA → AB Core Opportunities Fund, Inc. ⇒ Advisor Class (ADGYX) — Class A (ADGAX) — Class C (ADGCX) — Class I (ADGIX) — Class K (ADGKX) — Class R (ADGRX) — Class Z (ADGZX) |
Document/Exhibit Description Pages Size 1: 497K Ab Core Opportunities Fund, Inc. HTML 86K
| AB Core Opportunities Fund, Inc. |
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SUMMARY PROSPECTUS February 28, 2020 |
AB Core Opportunities Fund
Ticker: Class A–ADGAX; Class C–ADGCX; Advisor Class–ADGYX;
Class R–ADGRX; Class K–ADGKX; Class I–ADGIX; Class Z–ADGZX
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 February 28, 2020, as may be amended or supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund’s Prospectus, reports to shareholders and other information about the Fund, go to www.abfunds.com/go/prospectus, 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.
PRO-0103-CO-0220
Beginning January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling the Fund at (800) 221-5672.
You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call the Fund at (800) 221-5672. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Mutual Funds you hold.
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 AB 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 68 of the Fund’s Prospectus, in Appendix B—Financial Intermediary Waivers of the Fund’s Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 131 of the Fund’s SAI.
You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.
Shareholder Fees (fees paid directly from your investment)
| Class A Shares |
Class C Shares |
Advisor Class Shares |
Class R, K, I, and Z Shares | |||||
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
4.25% | None | None | None | ||||
| Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) |
None(a) | 1.00%(b) | None | None | ||||
| Exchange Fee |
None | None | None | None |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
| Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
| Management Fees |
.55% | .55% | .55% | .55% | .55% | .55% | .55% | |||||||||||||||||||||
| Distribution and/or Service (12b-1) Fees |
.25% | 1.00% | None | .50% | .25% | None | None | |||||||||||||||||||||
| Other Expenses: |
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| Transfer Agent |
.11% | .11% | .11% | .24% | .19% | .10% | .02% | |||||||||||||||||||||
| Other Expenses |
.20% | .20% | .20% | .20% | .20% | .20% | .20% | |||||||||||||||||||||
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| Total Other Expenses |
.31% | .31% | .31% | .44% | .39% | .30% | .22% | |||||||||||||||||||||
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| Acquired Fund Fees and Expenses |
.01% | .01% | .01% | .01% | .01% | .01% | .01% | |||||||||||||||||||||
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| Total Annual Fund Operating Expenses |
1.12% | 1.87% | .87% | 1.50% | 1.20% | .86% | .78% | |||||||||||||||||||||
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| Fee Waiver and/or Expense Reimbursement(c) |
(.01)% | (.01)% | (.01)% | (.10)% | (.05)% | (.01)% | (.01)% | |||||||||||||||||||||
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| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement |
1.11% | 1.86% | .86% | 1.40% | 1.15% | .85% | .77% | |||||||||||||||||||||
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| (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, or CDSC, which may be subject to waiver in certain circumstances. |
| (b) | For Class C shares, the CDSC is 0% after the first year. Class C shares automatically convert to Class A shares after ten years. |
| (c) | The Adviser has contractually agreed to waive its management fees and/or to bear certain expenses of the Fund. In addition to that agreement, in connection with the Fund’s investments in AB Government Money Market Portfolio (the “Money Market Portfolio”) (except for the investment of any cash collateral from securities lending), the Adviser has contractually agreed to waive its management fee from the Fund and/or reimburse other expenses of the Fund in an amount equal to the Fund’s pro rata share of the Money Market Portfolio’s effective management fee, as included in “Acquired Fund Fees and Expenses”. Each of the agreements will remain in effect until February 28, 2021 and may only be terminated or changed with the consent of the Fund’s Board of Directors. In addition, each of the agreements will be automatically extended for one-year terms unless the Adviser provides notice of termination to the Fund at least 60 days prior to the end of the period. |
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, that the Fund’s operating expenses stay the same and that any fee waiver and/or expense limitation 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:
| Class A | Class C | Advisor Class | Class R | Class K | Class I | Class Z | ||||||||||||||||||||||
| After 1 Year |
$ | 533 | $ | 289 | * | $ | 88 | $ | 143 | $ | 117 | $ | 87 | $ | 79 | |||||||||||||
| After 3 Years |
$ | 765 | $ | 587 | $ | 277 | $ | 464 | $ | 376 | $ | 273 | $ | 248 | ||||||||||||||
| After 5 Years |
$ | 1,015 | $ | 1,010 | $ | 481 | $ | 809 | $ | 655 | $ | 476 | $ | 432 | ||||||||||||||
| After 10 Years | $ | 1,729 | $ | 2,190 | $ | 1,072 | $ | 1,782 | $ | 1,450 | $ | 1,060 | $ | 965 | ||||||||||||||
| * | If you did not redeem your shares at the end of the period, your expenses would be decreased by approximately $100. |
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 81% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund invests primarily in the equity securities of U.S. companies that the Adviser believes are attractively valued. The Adviser relies primarily upon the fundamental analysis and research of its dedicated investment team for the Fund in conducting research and making investment decisions. The team initially screens a primary research universe of largely U.S. companies for attractive security valuation and business models. Once appropriate candidates have been identified for further analysis, the team conducts fundamental research to better understand the economics of the company’s business model. In evaluating a company for potential inclusion in the Fund, the Adviser takes into account many factors that it believes bear on the company’s ability to perform in the future, including competitive advantages and fundamentals such as strong cash-flow generation, sustainable growth and strong balance sheets.
At different times, and as a result of how individual companies are valued in the market, the Fund may be attracted to investments in companies with different market capitalizations (i.e., large-, mid- or small-capitalization) or companies engaged in particular types of business (e.g., banks and other financial institutions), although the Fund does not intend to concentrate in any particular
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industries or businesses. The Fund’s portfolio emphasis upon particular industries or sectors will be a by-product of the stock selection process rather than the result of assigned targets or ranges. In managing the Fund, the Adviser will not seek to have a bias either towards securities typically considered growth stocks or securities typically considered value stocks.
The Fund may enter into 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 indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds. 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 investments 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 the Fund’s value approach, may be underperforming the market generally. |
| • | 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 have limited product lines, markets or financial resources. |
| • | Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns. |
| • | Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk to a greater degree than more traditional investments. |
| • | Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may 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. |
| • | 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. 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. |
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.abfunds.com (click on “Investments—Mutual Funds”).
The Fund’s past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
S-3
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.
During the period shown in the bar chart, the Fund’s:
Best Quarter was up 14.55%, 3rd quarter, 2010; and Worst Quarter was down -15.02%, 3rd quarter, 2011.
Performance Table
Average Annual Total Returns
(For the periods ended December 31, 2019)
| 1 Year | 5 Years | 10 Years | ||||||||||||||||
| Class A* | Return Before Taxes | 21.49% | 10.48% | 13.23% | ||||||||||||||
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| Return After Taxes on Distributions | 19.73% | 8.08% | 11.62% | |||||||||||||||
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| Return After Taxes on Distributions and Sale of Fund Shares | 13.61% | 7.73% | 10.67% | |||||||||||||||
| Class C | Return Before Taxes | 24.95% | 10.62% | 12.90% | ||||||||||||||
| Advisor Class** | Return Before Taxes | 27.25% | 11.73% | 14.04% | ||||||||||||||
| Class R | Return Before Taxes | 26.49% | 11.14% | 13.47% | ||||||||||||||
| Class K | Return Before Taxes | 26.83% | 11.42% | 13.75% | ||||||||||||||
| Class I | Return Before Taxes | 27.24% | 11.74% | 14.07% | ||||||||||||||
| Class Z** | Return Before Taxes | 27.34% | 11.82% | 14.09% | ||||||||||||||
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) |
31.49% | 11.70% | 13.56% | |||||||||||||||
| Russell 1000® Value Index# (reflects no deduction for fees, expenses or taxes) |
26.54% | 8.29% | 11.80% | |||||||||||||||
| * | After-tax returns: |
| – | Are shown for Class A shares only and will vary for the other Classes of shares because these Classes have different expense ratios; |
| – | Are estimates 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: 3/31/10 for Advisor Class shares and 10/15/13 for Class Z shares. Performance information for periods prior to the inception of Advisor Class and Class Z shares is the performance of the Fund’s Class A shares adjusted to reflect the expense ratios of Advisor Class and Class Z shares, respectively. |
| # | The information for the Russell 1000® Value Index is presented to show how the Fund’s performance compares with the returns of an index of securities similar to those in which the Fund invests. |
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 | ||
| Frank V. Caruso | Since 1999 | Senior Vice President of the Adviser | ||
| John H. Fogarty | Since 2018 | Senior Vice President of the Adviser | ||
| Vinay Thapar | Since 2018 | Senior Vice President of the Adviser | ||
S-4
PURCHASE AND SALE OF FUND 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.
| Initial | Subsequent | |||
| Class A/Class C shares, including traditional IRAs and Roth IRAs | $2,500 | $50 | ||
| Automatic Investment Program | None | $50 If initial minimum investment is | ||
| Advisor Class shares (only available to fee-based programs or through other limited arrangements and certain commission-based brokerage arrangements) | None | None | ||
| Class A, Class R, Class K, Class I and Class Z 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 and, for Class Z shares, to persons participating in certain fee-based programs sponsored by a financial intermediary, where in each case plan level or omnibus accounts are held on the books of the 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.
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| PRO-0103-CO-0220 |
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S-6
| This ‘497K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 2/28/21 | ||||
| 1/1/21 | ||||
| Filed on / Effective on: | 2/28/20 | 485BPOS | ||
| 12/31/19 | ||||
| List all Filings | ||||
