-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VJXY3AWfmxQ9CrFP+UyYL903VJIbaX9+skWqx03Mfvzg+nI9AxWI5JfBpgHqiv5n LMsvibdDp46rvzmpY4pd2w== 0000936772-03-000307.txt : 20030811 0000936772-03-000307.hdr.sgml : 20030811 20030808173206 ACCESSION NUMBER: 0000936772-03-000307 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030531 FILED AS OF DATE: 20030811 EFFECTIVENESS DATE: 20030811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND INC CENTRAL INDEX KEY: 0001050658 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08527 FILM NUMBER: 03832739 BUSINESS ADDRESS: STREET 1: C/O ALLIANCE CAPITAL MANAGEMENT LP STREET 2: 1345 AVE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2129692292 MAIL ADDRESS: STREET 1: C/O ALLIANCE CAPITAL MANAGEMENT LP STREET 2: 1345 AVE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE INTERNATIONAL PREMIER GROWTH FUND INC DATE OF NAME CHANGE: 19971202 N-CSRS 1 edg9192.txt United States Securities and Exchange Commission Washington, D.C. 20549 Form N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-08527 AllianceBernstein International Premier Growth Fund, Inc. (Exact name of registrant as specified in charter) 1345 Avenue of the Americas, New York, New York 10105 (Address of principal executive offices) (Zip code) Edmund P. Bergan, Jr. Alliance Capital Management, L.P. 1345 Avenue of the Americas New York, New York 10105 (Name and address of agent for service) Registrant's telephone number, including area code: (800) 221-5672 Date of fiscal year end: November 30, 2003 Date of reporting period: May 31, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. - -------------------------------------------------------------------------------- INTERNATIONAL LARGE-CAP - -------------------------------------------------------------------------------- AllianceBernstein International Premier Growth Fund Semi-Annual Report May 31, 2003 [GRAPHIC OMITTED] AllianceBernstein [LOGO](SM) Investment Research and Management Investment Products Offered - ------------------------- o Are Not FDIC Insured o May Lose Value o Are Not Bank Guaranteed - ------------------------- This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current shareholders of the Fund. AllianceBernstein Investment Research and Management, Inc., the principal underwriter of the AllianceBernstein mutual funds and an affiliate of Alliance Capital Management L.P., the manager of the funds, is a member of the NASD. July 9, 2003 Semi-Annual Report We're excited to announce that Alliance Fund Distributors, Inc. has become AllianceBernstein Investment Research and Management, Inc. All of Alliance Capital's domestic mutual funds have been renamed AllianceBernstein. This report provides management's discussion of fund performance for AllianceBernstein International Premier Growth Fund (the "Fund") for the semi-annual reporting period ended May 31, 2003. Investment Objective and Policies This open-end fund seeks long-term growth of capital by investing predominantly in the equity securities of a limited number of carefully selected, international companies that are judged likely to achieve superior earnings growth. Current income is incidental to the Fund's objective. Investment Results The following table provides the performance results for the Fund and its benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index, for the six- and 12-month periods ended May 31, 2003. The MSCI EAFE Growth Index is also included since the Fund generally holds stocks that are categorized as growth stocks as opposed to value stocks. INVESTMENT RESULTS* Periods Ended May 31, 2003 --------------------------------- Returns --------------------------------- 6 Months 12 Months -------------- -------------- AllianceBernstein International Premier Growth Fund Class A -1.92% -14.95% - ------------------------------------------------------------ Class B -2.27% -15.55% - ------------------------------------------------------------ Class C -2.13% -15.42% - ------------------------------------------------------------ MSCI EAFE Index 3.60% -11.94% - ------------------------------------------------------------ MSCI EAFE Growth Index 3.03% -11.57% - ------------------------------------------------------------ * The Fund's investment results are for the periods shown and are based on the net asset value (NAV) of each class of shares as of May 31, 2003. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. All fees and expenses related to the operation of the Fund have been deducted, but no adjustment has been made for sales charges that may apply when shares are purchased or redeemed. Returns for Advisor Class shares will vary due to different expenses associated with this class. Returns for the Fund include the reinvestment of any distributions paid during each period. During the reporting period, the Advisor waived a portion of its advisory fee or reimbursed the Fund for a portion of its expenses to the extent necessary to limit the Fund's expenses to 2.50% for Class A, 3.20% for Class B, 3.20% for Class C and 2.20% for Advisor Class. This waiver extends through the Fund's current fiscal year and may be extended by the Advisor for additional one-year terms. Without the waiver, the Fund's expenses would have been higher and its _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 1 performance would have been lower than that shown above. Past performance is no guarantee of future results. The unmanaged MSCI EAFE Index is a market capitalization-weighted index that measures stock market performance in 21 countries within Europe, Australasia and the Far East. The unmanaged MSCI EAFE Growth Index is a market capitalization-weighted index that measures stock performance in 21 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation. An investor cannot invest directly in an index, and its results are not indicative of any specific investment including AllianceBernstein International Premier Growth Fund. Additional investment results appear on page 4. During the six-month period ended May 31, 2003, the Fund underperformed its benchmark, the MSCI EAFE Index. The largest contributor to underperformance was Infosys Technologies, Ltd., which had to reduce forecasts as pricing in the software/outsourcing business came under greater-than-expected pressure. Secondarily, the quality growth stocks that characterize the Fund did not benefit from the stabilization of the market to the same extent that the third and fourth tier companies did. Beginning in October, corporate credit spreads began to come in, and that, combined with the quick resolution to the Iraqi conflict, gave the market confidence about the state of the economy. This turn in perceptions led those lower tier companies, which the Fund did not own and which had been severely beaten down, to outperform in an improving climate. For the 12-month period ended May 31, 2003, the Fund also lagged its benchmark, as the result of the same forces in world markets. Compelling valuations were to be found during the autumn as rhetoric surrounding the Middle East dominated headlines. The resulting lift benefitted lower quality stocks the most, as balance sheet concerns begin to evaporate for many troubled companies. Market Review and Investment Strategy The past 12 months have been a difficult period for international equities. Geopolitical uncertainty, rising oil prices, anemic economic growth across most of the world's economies and a dismal outlook for corporate earnings created a poor climate for equities. Moreover, just as investor confidence began to improve following the quick end to the Iraqi conflict, the emergence of the SARS epidemic in Asia (the only region experiencing strong economic growth) once again tempered the prospects for a sustained recovery in corporate earnings. As a result, most stock markets around the world posted negative returns, and growth stocks in particular underperformed the market averages. In this uncertain investment climate, the Fund maintained a balance between both economically sensitive and non-economically sensitive stocks. The Fund continued to have an overweight position in technology, focused on those individual companies that had specific product or market opportunities to exploit without reliance on a quick economic rebound. The Fund balanced this with an overweight position among those health care companies affording relatively good earnings visibility. _______________________________________________________________________________ 2 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND PORTFOLIO SUMMARY May 31, 2003 (unaudited) INCEPTION DATES Class A Shares 3/3/98 Class B Shares 3/3/98 Class C Shares 3/3/98 PORTFOLIO STATISTICS Net Assets ($mil): $97.8 Average Market Capitalization ($mil): $22,264 COUNTRY BREAKDOWN 23.9% United Kingdom 22.1% Japan 19.8% France 7.4% Germany 6.2% Switzerland [PIE CHART OMITTED] 3.9% Ireland 2.6% Italy 2.5% Finland 2.2% Netherlands 7.1% Other 2.3% Short-Term SECTOR BREAKDOWN 18.6% Technology 17.9% Finance 14.4% Health Care 13.5% Consumer Services 10.8% Consumer Staples [PIE CHART OMITTED] 7.7% Capital Goods 6.2% Consumer Manufacturing 4.7% Energy 2.3% Basic Industry 1.6% Utilities 2.3% Short-Term All data as of May 31, 2003. The Fund's country and sector breakdowns are expressed as a percentage of total investments and may vary over time. "Other" country weightings represent less than 2% weightings in South Korea, Israel, Hong Kong, Sweden, Taiwan, India and Mexico. _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 3 INVESTMENT RESULTS AVERAGE ANNUAL RETURNS AS OF MAY 31, 2003 Class A Shares Without Sales Charge With Sales Charge - ------------------------------------------------------------------------------- 1 Year -14.95% -18.52% 5 Years -6.44% -7.25% Since Inception* -5.55% -6.32% Class B Shares Without Sales Charge With Sales Charge - ------------------------------------------------------------------------------- 1 Year -15.55% -18.92% 5 Years -7.13% -7.13% Since Inception* -6.23% -6.23% Class C Shares Without Sales Charge With Sales Charge - ------------------------------------------------------------------------------- 1 Year -15.42% -16.27% 5 Years -7.08% -7.08% Since Inception* -6.20% -6.20% SEC AVERAGE ANNUAL RETURNS (WITH SALES CHARGES) AS OF THE MOST RECENT QUARTER-END (JUNE 30, 2003) Class A Class B Class C - ------------------------------------------------------------------------------- 1 Year -13.49% -13.81% -11.23% 5 Years -6.66% -6.54% -6.54% Since Inception* -5.88% -5.81% -5.81% The Fund's investment results represent average annual returns. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The returns reflect reinvestment of dividends and/or capital gains distributions in additional shares without and with the effect of the 4.25% maximum front-end sales charge for Class A or applicable contingent deferred sales charge for Class B (4% year 1, 3% year 2, 2% year 3, 1% year 4); and for Class C shares (1% year 1). Returns for Class A shares do not reflect the imposition of the 1 year, 1% contingent deferred sales charge for accounts over $1,000,000. Returns for Advisor Class shares will vary due to different expenses associated with this class. Substantially all of the Fund's assets will be invested in foreign securities which may magnify fluctuations due to changes in foreign exchange rates and the possibility of substantial volatility due to political and economic uncertainties in foreign countries. Investment in the Fund includes risks not associated with funds that invest primarily in U.S. issues. Because the Fund will invest in foreign currency denominated securities, these fluctuations may be magnified by changes in foreign exchange rates. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. * Inception date: 3/3/98 _______________________________________________________________________________ 4 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND TEN LARGEST HOLDINGS May 31, 2003 (unaudited) Percent of Company U.S. $ Value Net Assets _______________________________________________________________________________ Vodafone Group Plc. $ 5,657,764 5.8% - ------------------------------------------------------------------------------- Royal Bank of Scotland Group Plc. 3,895,550 4.0 - ------------------------------------------------------------------------------- Canon, Inc. 3,515,086 3.6 - ------------------------------------------------------------------------------- Sanofi-Synthelabo, SA 3,076,040 3.1 - ------------------------------------------------------------------------------- L'Oreal, SA 3,034,651 3.1 - ------------------------------------------------------------------------------- British Sky Broadcasting Group Plc. 2,652,414 2.7 - ------------------------------------------------------------------------------- ENI SpA 2,623,341 2.7 - ------------------------------------------------------------------------------- Reckitt Benckiser Plc. 2,565,599 2.6 - ------------------------------------------------------------------------------- Takeda Chemical Industries, Ltd. 2,543,516 2.6 - ------------------------------------------------------------------------------- Swiss Reinsurance Co. 2,500,522 2.6 - ------------------------------------------------------------------------------- $ 32,064,483 32.8% _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 5 PORTFOLIO OF INVESTMENTS May 31, 2003 (unaudited) Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON & PREFERRED STOCKS-99.1% Finland-2.5% Nokia AB OYJ Corp. Series A 135,000 $ 2,430,370 ------------ France-20.1% Alcatel, SA(a) 112,400 1,030,270 BNP Paribas, SA 48,500 2,402,543 Carrefour, SA 25,800 1,155,713 France Telecom, SA 65,700 1,624,197 L'Oreal, SA 41,800 3,034,651 LVMH Moet Hennessy Louis Vuitton, SA 34,900 1,791,259 Sanofi-Synthelabo, SA 48,100 3,076,040 Schneider Electric, SA 37,900 1,733,409 STMicroelectronics NV 37,200 842,599 TFI-TV Francaise 29,300 866,723 Total, SA 14,000 2,050,901 ------------ 19,608,305 ------------ Germany-7.5% Adidas-Salomon AG 5,500 486,015 Altana AG 26,800 1,658,700 Bayerische Motoren Werke AG 45,798 1,562,758 Infineon Technologies AG(a) 41,800 367,404 Porsche AG pfd. 2,900 1,105,580 SAP AG 14,400 1,613,893 Schering AG 11,100 587,737 ------------ 7,382,087 ------------ Hong Kong-1.2% Johnson Electric Holdings, Ltd. 865,500 1,015,474 Li & Fung, Ltd. 120,000 149,257 ------------ 1,164,731 ------------ India-0.8% Infosys Technologies, Ltd. 14,500 824,113 ------------ Ireland-3.9% Allied Irish Banks Plc. 134,464 2,011,602 CRH Plc. 118,481 1,847,191 ------------ 3,858,793 ------------ Israel-1.2% Teva Pharmaceutical Industries, Ltd. (ADR) 23,400 1,186,123 ------------ Italy-2.7% ENI SpA 162,500 2,623,341 ------------ _______________________________________________________________________________ 6 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND Company Shares U.S. $ Value - ------------------------------------------------------------------------------- Japan-22.5% Bridgestone Corp. 13,000 $ 168,640 Canon, Inc. 84,000 3,515,086 Daikin Industries, Ltd. 37,000 628,614 Fujisawa Pharmaceutical Co., Ltd. 50,000 908,064 Funai Electric Co., Ltd. 11,000 1,178,391 Honda Motor Co., Ltd. 34,700 1,251,680 Hoya Corp. 31,700 1,995,096 Keyence Corp. 12,500 2,201,113 Nomura Holdings, Inc. 88,000 894,840 Pioneer Corp. 12,000 252,082 Ricoh Co., Ltd. 96,000 1,430,138 Shin-Etsu Chemical Co., Ltd. 74,700 2,288,170 Shionogi & Co., Ltd. 50,000 705,946 SMC Corp. 25,600 1,962,556 Takeda Chemical Industries, Ltd. 64,800 2,543,516 Tokyo Electron, Ltd. 700 28,882 ------------ 21,952,814 ------------ Mexico-0.6% America Movil, SA de CV Series L (ADR) 31,700 578,842 ------------ Netherlands-2.2% Heineken NV 17,442 626,982 ING Groep NV 96,300 1,552,366 ------------ 2,179,348 ------------ South Korea-1.3% Samsung Electronics Co., Ltd. 4,700 1,259,553 ------------ Sweden-1.1% Sandvik AB 41,800 1,066,217 ------------ Switzerland-6.3% Credit Suisse Group 58,600 1,584,149 Novartis AG 52,100 2,042,627 Swiss Reinsurance Co. 38,900 2,500,522 ------------ 6,127,298 ------------ Taiwan-0.9% Taiwan Semiconductor Manufacturing Co., Ltd.(a) 597,620 922,732 ------------ _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 7 Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------- United Kingdom-24.3% AstraZeneca Plc. 18,600 $ 754,180 Aviva Plc. 93,327 680,938 British Sky Broadcasting Group Plc.(a) 244,000 2,652,414 Capita Group Plc. 510,600 1,959,001 Pearson Plc. 107,600 1,005,599 Reckitt Benckiser Plc. 131,604 2,565,599 Royal Bank of Scotland Group Plc. 149,900 3,895,550 Smith & Nephew Plc. 127,768 775,107 Standard Chartered Plc. 188,978 2,263,442 Tesco Plc. 449,344 1,504,800 Vodafone Group Plc. 2,604,300 5,657,764 ------------ 23,714,394 ------------ Total Common & Preferred Stocks (cost $89,920,629) 96,879,061 ------------ SHORT-TERM INVESTMENT-2.4% Time Deposit-2.4% ING Bank 1.36%, 6/02/03 (cost $2,300,000) $ 2,300 2,300,000 ------------ Total Investments-101.5% (cost $92,220,629) 99,179,061 Other assets less liabilities-(1.5%) (1,423,739) ------------ Net Assets-100% $ 97,755,322 ============ (a) Non-income producing security. Glossary: ADR - American Depositary Receipt See notes to financial statements. _______________________________________________________________________________ 8 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND STATEMENT OF ASSETS & LIABILITIES May 31, 2003 (unaudited) ASSETS Investments in securities, at value (cost $92,220,629) $ 99,179,061 Cash 59,735 Foreign cash, at value (cost $796,705) 793,315 Receivable for investment securities sold 4,066,781 Dividends and Interest receivable 247,318 ------------- Total assets 104,346,210 ------------- LIABILITIES Payable for investment securities purchased 5,261,836 Payable for capital stock redeemed 902,103 Distribution fee payable 57,944 Advisory fee payable 29,432 Accrued expenses and other liabilities 339,573 ------------- Total liabilities 6,590,888 ------------- Net Assets $ 97,755,322 ============= COMPOSITION OF NET ASSETS Capital stock, at par $ 13,923 Additional paid-in capital 231,103,772 Accumulated net investment loss (491,870) Accumulated net realized loss on investment and foreign currency transactions (139,838,329) Net unrealized appreciation of investments and foreign currency denominated assets and liabilities 6,967,826 ------------- $ 97,755,322 ============= CALCULATION OF MAXIMUM OFFERING PRICE Class A Shares Net asset value and redemption price per share ($23,646,512/3,295,981 shares of capital stock issued and outstanding) $7.17 Sales charge-4.25% of public offering price .32 ----- Maximum offering price $7.49 ===== Class B Shares Net asset value and offering price per share ($45,086,561/6,529,766 shares of capital stock issued and outstanding) $6.90 ===== Class C Shares Net asset value and offering price per share ($15,006,022/2,172,953 shares of capital stock issued and outstanding) $6.91 ===== Advisor Class Shares Net asset value, redemption and offering price per share ($14,016,227/1,923,803 shares of capital stock issued and outstanding) $7.29 ===== See notes to financial statements. _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 9 STATEMENT OF OPERATIONS Six Months Ended May 31, 2003 (unaudited) INVESTMENT INCOME Dividends (net of foreign taxes withheld of $110,479) $ 889,573 Interest 5,339 $ 894,912 ----------- EXPENSES Advisory fee 476,471 Distribution fee--Class A 34,966 Distribution fee--Class B 226,752 Distribution fee--Class C 76,828 Transfer agency 397,000 Custodian 144,119 Printing 97,885 Administrative 66,500 Audit and legal 59,645 Registration 40,303 Amortization of organization expenses 13,062 Directors' fees 9,359 Miscellaneous 3,234 ----------- Total expenses 1,646,124 Less: expenses waived and reimbursed by the Adviser (see Note B) (259,200) Less: expense offset arrangement (see Note B) (142) ----------- Net expenses 1,386,782 ----------- Net investment loss (491,870) ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS Net realized gain (loss) on: Investment transactions (7,447,461) Foreign currency transactions 55,848 Net change in unrealized appreciation/depreciation of: Investments 5,268,257 Foreign currency denominated assets and liabilities (857) ----------- Net loss on investment and foreign currency transactions (2,124,213) ----------- NET DECREASE IN NET ASSETS FROM OPERATIONS $(2,616,083) =========== See notes to financial statements. _______________________________________________________________________________ 10 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND STATEMENT OF CHANGES IN NET ASSETS Six Months Ended Year Ended May 31, 2003 November 30, (unaudited) 2002 -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Net investment loss $ (491,870) $ (2,181,378) Net realized loss on investment and foreign currency transactions (7,391,613) (16,304,455) Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities 5,267,400 865,341 ------------ ------------ Net decrease in net assets from operations (2,616,083) (17,620,492) CAPITAL STOCK TRANSACTIONS Net decrease (9,207,589) (36,814,553) ------------ ------------ Total decrease (11,823,672) (54,435,045) NET ASSETS Beginning of period 109,578,994 164,014,039 ------------ ------------ End of period $ 97,755,322 $109,578,994 ============ ============ See notes to financial statements. _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 11 NOTES TO FINANCIAL STATEMENTS May 31, 2003 (unaudited) NOTE A Significant Accounting Policies AllianceBernstein International Premier Growth Fund, Inc. (the "Fund"), formerly Alliance International Premier Growth Fund, Inc. was incorporated as a Maryland Corporation on November 24, 1997 and is registered under the Investment Company Act of 1940, as a diversified, open-end management investment company. The Fund offers Class A, Class B, Class C and Advisor Class shares. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class B shares are currently sold with a contingent deferred sales charge which declines from 4.00% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase. Advisor Class shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. Advisor Class shares are offered to investors participating in fee based programs and to certain retirement plan accounts. All four classes of shares have identical voting, dividend, liquidation and other rights, except that each class bears different distribution expenses and has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Additional information about some of the items discussed in these Notes to Financial Statements is contained in the Fund's Statement of Additional Information, which is available on request. The following is a summary of significant accounting policies followed by the Fund. 1. Security Valuation In accordance with Pricing Policies adopted by the Board of Directors of the Fund (the "Pricing Policies") and applicable law, portfolio securities are valued at current market value or at fair value. The Board of Directors has delegated to the Adviser, subject to the Board's continuing oversight, certain responsibilities with respect to the implementation of the Pricing Policies. Pursuant to the Pricing Policies, securities for which market quotations are readily available are valued at their current market value. In general, the market value of these securities is determined as follows: Securities listed on a national securities exchange or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued _______________________________________________________________________________ 12 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the security is valued in good faith at fair value in accordance with the Pricing Policies. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities not listed on an exchange but traded on The Nasdaq Stock Market, Inc. ("NASDAQ") are valued in accordance with the NASDAQ Official Closing Price; listed put or call options are valued at the last sale price. If there has been no sale on that day, such securities will be valued at the closing bid prices on that day; open futures contracts and options thereon are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuations, the last available closing settlement price is used; securities traded in the over-the-counter market, (but excluding securities traded on NASDAQ) are valued at the mean of the current bid and asked prices as reported by the National Quotation Bureau or other comparable sources; U.S. Government securities and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost if their original maturity was 60 days or less, or by amortizing their fair value as of the 61st day prior to maturity if their original term to maturity exceeded 60 days; fixed-income securities, including mortgage backed and asset backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker/dealers. In cases where broker/dealer quotes are obtained, the Pricing Policies provide that the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security; and OTC and other derivatives are valued on the basis of a quoted bid price or spread from a major broker/dealer in such security. Securities for which market quotations are not readily available are valued at fair value in accordance with the Pricing Policies. 2. Organization Expenses Organization expenses of approximately $273,100 have been deferred and have been fully amortized on a straight-line basis through February, 2003. 3. Currency Translation Assets and liabilities denominated in foreign currencies and commitments under forward exchange currency contracts are translated into U.S. dollars at the mean of the quoted bid and asked prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued. Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holding of foreign currencies, _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 13 currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of investments and foreign currency denominated assets and liabilities. 4. Taxes It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. 5. Investment Income and Investment Transactions Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Investment transactions are accounted for on the date securities are purchased or sold. Investment gains and losses are determined on the identified cost basis. The Fund accretes discounts as adjustments to interest income. 6. Income and Expenses All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except that the Fund's Class B and Class C shares bear higher distribution and transfer agent fees than Class A shares and Advisor Class shares. Advisor Class shares have no distribution fees. 7. Dividends and Distributions Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with accounting principles generally accepted in the United States. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. NOTE B Advisory Fee and Other Transactions with Affiliates Under the terms of an investment advisory agreement, the Fund pays Alliance Capital Management L.P. (the "Adviser") an advisory fee at an annual rate of 1% of the average daily net assets of the Fund. Such fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis to 2.50%, _______________________________________________________________________________ 14 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND 3.20%, 3.20% and 2.20% of the average daily net assets for Class A, Class B, Class C and Advisor Class shares, respectively. For the six months ended May 31, 2003, such waivers and reimbursement amounted to $259,200. Pursuant to the advisory agreement, the Adviser provides certain legal and accounting services for the Fund. For the six months ended May 31, 2003, such fees amounted to $66,500. The Fund compensates Alliance Global Investor Services, Inc. (AGIS), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. Such compensation amounted to $242,859 for the six months ended May 31, 2003. For the six months ended May 31, 2003, the Fund's expenses were reduced by $142 under an expense offset arrangement with AGIS. AllianceBernstein Investment Research and Management, Inc., (the "Distributor"), formerly AllianceFund Distributors, Inc., a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has received front-end sales charges of $954 from the sales of Class A shares and $610, $66,043 and $1,267 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares, respectively, for the six months ended May 31, 2003. Brokerage commissions paid on investment transactions for the six months ended May 31, 2003, amounted to $141,983, of which $10,698 was paid to Sanford C. Bernstein & Co. LLC, an affiliate of the Adviser. NOTE C Distribution Services Agreement The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the average daily net assets attributable to Class A shares and 1% of the average daily net assets attributable to the Class B and Class C shares. There are no distribution and servicing fees on the Advisor Class shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Distributor has advised the Fund that it has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amount of $5,788,602 and $1,165,511 for Class B and Class C shares, respectively; such costs may be recovered from the Fund in future periods so long as the Agreement is in effect. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs, incurred by the Distributor, beyond the cur- _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 15 rent fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares. NOTE D Investment Transactions Purchases and sales of investment securities (excluding short-term investments) for the period ended May 31, 2003, were as follows: Purchases Sales -------------- -------------- Investment securities $ 32,804,826 $ 43,496,300 U.S. government securities -0- -0- The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation (excluding foreign currency transactions) are as follows: Gross unrealized appreciation $ 11,242,654 Gross unrealized depreciation (4,284,222) ------------ Net unrealized appreciation $ 6,958,432 ============ Forward Exchange Currency Contracts The Fund may enter into forward exchange currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sales commitments denominated in foreign currencies and for investment purposes. A forward exchange currency contract is a commitment to purchase or sell a foreign currency on a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Fluctuations in the value of open forward exchange currency contracts are recorded for financial reporting purposes as net unrealized appreciation or depreciation by the Fund. The Fund's custodian will place and maintain cash not available for investment or other liquid assets in a separate account of the Fund having a value at least equal to the aggregate amount of the Fund's commitments under forward exchange currency contracts entered into with respect to position hedges. Risks may arise from the potential inability of the counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the US dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract. _______________________________________________________________________________ 16 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND NOTE E Distributable Earnings As of November 30, 2002, the components of accumulated earnings/(deficit) on a tax basis were as follows: Accumulated capital and other losses $ (127,284,059)(a) Unrealized appreciation/(depreciation) (3,462,231)(b) -------------- Total accumulated earnings/(deficit) $ (130,746,290) ============== (a) On November 30, 2002, the Fund had a net capital loss carryforward of $127,284,059, of which $10,327,674 expires in the year 2008, $97,068,324 expires in the year 2009 and $19,888,061 expires in the year 2010. To the extent future capital gains are offset by capital loss carryforwards, such gains will not be distributed. (b) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales. NOTE F Capital Stock There are 12,000,000,000 shares of $.001 par value capital stock authorized, divided into four classes, designated Class A, Class B, Class C and Advisor Class. Each class consists of 3,000,000,000 authorized shares. Transactions in capital stock were as follows: Shares Amount --------------------------- ----------------------------- Six Months Ended Year Ended Six Months Ended Year Ended May 31, 2003 November 30, May 31, 2003 November 30, (unaudited) 2002 (unaudited) 2002 ------------ ------------ -------------- ------------- CLASS A Shares sold 4,137,824 10,518,407 $ 27,676,000 $ 79,941,057 - ------------------------------------------------------------------------------ Shares converted from Class B 40,492 68,806 272,670 535,221 - ------------------------------------------------------------------------------ Shares redeemed (4,638,834) (11,683,623) (31,220,869) (89,842,194) - ------------------------------------------------------------------------------ Net decrease (460,518) (1,096,410) $ (3,272,199) $ (9,365,916) ============================================================================== CLASS B Shares sold 303,768 1,158,848 $ 1,963,178 $ 8,813,230 - ------------------------------------------------------------------------------ Shares converted to Class A (42,025) (70,983) (272,670) (535,221) - ------------------------------------------------------------------------------ Shares redeemed (1,207,404) (3,504,325) (7,777,123) (26,414,345) - ------------------------------------------------------------------------------ Net decrease (945,661) (2,416,460) $ (6,086,615) $(18,136,336) ============================================================================== CLASS C Shares sold 3,476,948 4,692,416 $ 22,407,478 $ 34,153,384 - ------------------------------------------------------------------------------ Shares redeemed (3,845,562) (5,718,232) (24,909,862) (42,408,853) - ------------------------------------------------------------------------------ Net decrease (368,614) (1,025,816) $ (2,502,384) $ (8,255,469) ============================================================================== _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 17 Shares Amount --------------------------- ------------------------------ Six Months Ended Year Ended Six Months Ended Year Ended May 31, 2003 November 30, May 31, 2003 November 30, (unaudited) 2002 (unaudited) 2002 ------------ ------------ -------------- -------------- ADVISOR CLASS Shares sold 625,400 287,576 $ 4,299,818 $ 2,235,289 - ------------------------------------------------------------------------------ Shares redeemed (245,672) (415,695) (1,646,209) (3,292,121) - ------------------------------------------------------------------------------ Net increase (decrease) 379,728 (128,119) $ 2,653,609 $ (1,056,832) ============================================================================== NOTE G Concentration of Risk Investing in securities of foreign companies involves special risks which include the possibility of future political and economic developments which could adversely affect the value of such securities. Moreover, securities of many foreign companies and their markets may be less liquid and their prices more volatile than those of comparable United States companies. NOTE H Joint Credit Facility A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $750 million revolving credit facility (the "Facility") intended to provide short-term financing if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in the miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended May 31, 2003. _______________________________________________________________________________ 18 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND FINANCIAL HIGHLIGHTS Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class A ---------------------------------------------------------------------------- Six Months Ended March 3, May 31, Year Ended November 30, 1998(a) to 2003 -------------------------------------------------- November 30, (unaudited) 2002 2001 2000 1999 1998 ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $7.31 $8.36 $10.50 $13.22 $9.63 $10.00 INCOME FROM INVESTMENT OPERATIONS Net investment loss(b) (.02)(c) (.09) (.10) (.14) (.15)(c) (.08)(c) Net realized and unrealized gain (loss) on investment and foreign currency transactions (.12) (.96) (2.04) (2.14) 3.74 (.29) Net increase (decrease) in net asset value from operations (.14) (1.05) (2.14) (2.28) 3.59 (.37) LESS: DISTRIBUTIONS Distributions from net realized gain on investment and foreign currency transactions -0- -0- -0- (.44) -0- -0- Total distributions -0- -0- -0- (.44) -0- -0- Net asset value, end of period $7.17 $7.31 $8.36 $10.50 $13.22 $9.63 TOTAL RETURN Total investment return based on net asset value(d) (1.92)% (12.56)% (20.38)% (17.88)% 37.28% (3.70)% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000's omitted) $23,646 $27,456 $40,555 $60,330 $12,851 $7,255 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 2.50%(e) 2.47% 2.17% 1.95% 2.51%(f) 2.50%(e) Expenses, before waivers/ reimbursements 2.99%(e) 2.47% 2.17% 1.95% 3.26% 5.19%(e) Net investment loss (0.63)%(c)(e)(1.17)% (1.06)% (1.07)% (1.34)%(c) (.90)%(c)(e) Portfolio turnover rate 34% 75% 171% 111% 107% 151%
See footnote summary on page 23. _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 19 Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class B ---------------------------------------------------------------------------- Six Months Ended March 3, May 31, Year Ended November 30, 1998(a) to 2003 -------------------------------------------------- November 30, (unaudited) 2002 2001 2000 1999 1998 ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $7.06 $8.12 $10.29 $13.05 $9.58 $10.00 INCOME FROM INVESTMENT OPERATIONS Net investment loss(b) (.04)(c) (.14)(c) (.17) (.23) (.22)(c) (.13)(c) Net realized and unrealized gain (loss) on investment and foreign currency transactions (.12) (.92) (2.00) (2.09) 3.69 (.29) Net increase (decrease) in net asset value from operations (.16) (1.06) (2.17) (2.32) 3.47 (.42) LESS: DISTRIBUTIONS Distributions from net realized gain on investment and foreign currency transactions -0- -0- -0- (.44) -0- -0- Total distributions -0- -0- -0- (.44) -0- -0- Net asset value, end of period $6.90 $7.06 $8.12 $10.29 $13.05 $9.58 TOTAL RETURN Total investment return based on net asset value(d) (2.27)% (13.05)% (21.09)% (18.44)% 36.22% (4.20)% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000's omitted) $45,087 $52,744 $80,353 $122,503 $28,678 $11,710 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 3.20%(e) 3.20% 2.92% 2.67% 3.21%(f) 3.20%(e) Expenses, before waivers/ reimbursements 3.79%(e) 3.25% 2.92% 2.67% 3.93% 6.14%(e) Net investment loss (1.33)%(c)(e)(1.88)%(c) (1.84)% (1.79)% (2.07)%(c) (1.41)%(c)(e) Portfolio turnover rate 34% 75% 171% 111% 107% 151%
See footnote summary on page 23. _______________________________________________________________________________ 20 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class C ---------------------------------------------------------------------------- Six Months Ended March 3, May 31, Year Ended November 30, 1998(a) to 2003 -------------------------------------------------- November 30, (unaudited) 2002 2001 2000 1999 1998 ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $7.06 $8.13 $10.29 $13.05 $9.57 $10.00 INCOME FROM INVESTMENT OPERATIONS Net investment loss(b) (.04)(c) (.14)(c) (.16) (.23) (.22)(c) (.15)(c) Net realized and unrealized gain (loss) on investment and foreign currency transactions (.11) (.93) (2.00) (2.09) 3.70 (.28) Net increase (decrease) in net asset value from operations (.15) (1.07) (2.16) (2.32) 3.48 (.43) LESS: DISTRIBUTIONS Distributions from net realized gain on investment and foreign currency transactions -0- -0- -0- (.44) -0- -0- Total distributions -0- -0- -0- (.44) -0- -0- Net asset value, end of period $6.91 $7.06 $8.13 $10.29 $13.05 $9.57 TOTAL RETURN Total investment return based on net asset value(d) (2.13)% (13.16)% (20.99)% (18.44)% 36.36% (4.30)% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000's omitted) $15,006 $17,942 $28,990 $46,894 $9,235 $3,120 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 3.20%(e) 3.20% 2.88% 2.66% 3.21%(f) 3.20%(e) Expenses, before waivers/ reimbursements 3.73%(e) 3.20% 2.88% 2.66% 3.92% 6.00%(e) Net investment loss (1.33)%(c)(e)(1.90)%(c) (1.80)% (1.79)% (2.06)%(c) (1.69)%(c)(e) Portfolio turnover rate 34% 75% 171% 111% 107% 151%
See footnote summary on page 23. _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 21 Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Advisor Class ---------------------------------------------------------------------------- Six Months Ended March 3, May 31, Year Ended November 30, 1998(a) to 2003 -------------------------------------------------- November 30, (unaudited) 2002 2001 2000 1999 1998 ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $7.41 $8.44 $10.58 $13.27 $9.64 $10.00 INCOME FROM INVESTMENT OPERATIONS Net investment income (loss)(b) (.01)(c) (.07) (.07) (.09) (.12)(c) .01(c) Net realized and unrealized gain (loss) on investment and foreign currency transactions (.11) (.96) (2.07) (2.16) 3.75 (.37) Net increase (decrease) in net asset value from operations (.12) (1.03) (2.14) (2.25) 3.63 (.36) LESS: DISTRIBUTIONS Distributions from net realized gain on investment and foreign currency transactions -0- -0- -0- (.44) -0- -0- Total distributions -0- -0- -0- (.44) -0- -0- Net asset value, end of period $7.29 $7.41 $8.44 $10.58 $13.27 $9.64 TOTAL RETURN Total investment return based on net asset value(d) (1.62)% (12.20)% (20.23)% (17.57)% 37.66% (3.60)% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000's omitted) $14,016 $11,437 $14,116 $18,800 $2,386 $1,386 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 2.20%(e) 2.18% 1.86% 1.61% 2.21%(f) 2.20%(e) Expenses, before waivers/ reimbursements 2.70%(e) 2.18% 1.86% 1.61% 2.96% 6.28%(e) Net investment income (loss) (.26)%(c)(e) (.85)% (.78)% (.68)% (1.06)%(c) .13%(c)(e) Portfolio turnover rate 34% 75% 171% 111% 107% 151%
See footnote summary on page 23. _______________________________________________________________________________ 22 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND (a) Commencement of operations. (b) Based on average shares outstanding. (c) Net of expenses waived/reimbursed by the Adviser. (d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charge or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized. (e) Annualized. (f) Ratios reflect expenses grossed up for expense offset arrangement with the Transfer Agent. For the period shown below, the net expense ratios were as follows: Year Ended November 30, 1999 -------------------- Class A 2.50% Class B 3.20% Class C 3.20% Advisor Class 2.20% _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 23 BOARD OF DIRECTORS John D. Carifa, Chairman and President Ruth Block(1) David H. Dievler(1) John H. Dobkin(1) William H. Foulk, Jr.(1) Clifford L. Michel(1) Donald J. Robinson(1) OFFICERS Bruce W. Calvert, Executive Vice President Edward D. Baker, III, Vice President Gurudutt M. Baliga, Vice President Thomas J. Bardong, Vice President Russell Brody, Vice President Thomas Kamp, Vice President Daniel Nordby, Vice President Edmund P. Bergan, Jr., Secretary Mark D. Gersten, Treasurer & Chief Financial Officer Vincent S. Noto, Controller Custodian Brown Brothers Harriman & Co. 40 Water Street Boston, MA 02109-3661 Principal Underwriter AllianceBernstein Investment Research and Management, Inc. 1345 Avenue of the Americas New York, NY 10105 Transfer Agent Alliance Global Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-free (800) 221-5672 Independent Accountants PricewaterhouseCoopers LLP 1177 Avenue of the Americas New York, NY 10036 Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 (1) Member of the Audit Committee. _______________________________________________________________________________ 24 o ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND ALLIANCEBERNSTEIN FAMILY OF FUNDS U.S. Growth Funds Growth Fund Health Care Fund Mid-Cap Growth Fund Premier Growth Fund Quasar Fund Technology Fund Value Funds Disciplined Value Fund Global Value Fund Growth & Income Fund International Value Fund Real Estate Investment Fund Small CapValue Fund Utility Income Fund Value Fund Blended Style Series U.S. Large Cap Portfolio Global & International Stock Funds All-Asia Investment Fund Global Small Cap Fund Greater China '97 Fund International Premier Growth Fund New Europe Fund Worldwide Privatization Fund Select Investor Series Biotechnology Portfolio Premier Portfolio Technology Portfolio Taxable Bond Funds Americas Government Income Trust Corporate Bond Portfolio Emerging Market Debt Fund Global Strategic Income Trust High Yield Fund Multi-Market Strategy Trust Quality Bond Portfolio U.S. Government Portfolio Tax-Exempt Bond Funds National Intermediate Diversified Insured National Arizona California Intermediate California Insured California Florida Massachusetts Michigan Minnesota New Jersey New York Intermediate New York Ohio Pennsylvania Virginia Asset Allocation Funds Balanced Shares Conservative Investors Fund Growth Investors Fund Closed-End Funds All-Market Advantage Fund ACM Income Fund ACM Government Opportunity Fund ACM Managed Dollar Income Fund ACM Managed Income Fund ACM Municipal Securities Income Fund California Municipal Income Fund National Municipal Income Fund New York Municipal Income Fund The Spain Fund World Dollar Government Fund World Dollar Government Fund II AllianceBernstein also offers AllianceBernstein Exchange Reserves, which serves as the money market fund exchange vehicle for the AllianceBernstein mutual funds. To obtain a prospectus for any AllianceBernstein fund, call your investment professional, or call AllianceBernstein at (800) 227-4618 or visit our web site at www.alliancebernstein.com. _______________________________________________________________________________ ALLIANCEBERNSTEIN INTERNATIONAL PREMIER GROWTH FUND o 25 AllianceBernstein International Premier Growth Fund 1345 Avenue of the Americas New York, NY 10105 (800) 221-5672 AllianceBernstein [LOGO](SM) Investment Research and Management SM This service mark used under license from the owner, Alliance Capital Management L.P. IPGSR0503 ITEM 2. CODE OF ETHICS. Not applicable when filing a Semi-Annual report to shareholders. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable when filing a Semi-Annual report to shareholders. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable when filing a Semi-Annual report to shareholders. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to the registrant. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 10. EXHIBITS. The following exhibits are attached to this Form N-CSR: Exhibit No. DESCRIPTION OF EXHIBIT 10 (b) (1) Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 10 (b) (2) Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 10 (c) Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant): AllianceBernstein International Premier Growth Fund, Inc. By: /s/John D. Carifa --------------------------------- John D. Carifa President Date: July 29, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/John D. Carifa --------------------------------- John D. Carifa President Date: July 29, 2003 By: /s/Mark D. Gersten ------------------------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: July 29, 2003 EX-99.CERT 3 edg9192_ex10b.txt Exhibit 10(b)(1) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER I, John D. Carifa, Chairman and President of AllianceBernstein International Premier Growth Fund, Inc., certify that: 1. I have reviewed this report on Form N-CSR of AllianceBernstein International Premier Growth Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: July 29, 2003 /s/John D. Carifa ------------------------ John D. Carifa Chairman and President Exhibit 10(b)(2) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER I, Mark D. Gersten, Treasurer and Chief Financial Officer of AllianceBernstein International Premier Growth Fund, Inc., certify that: 1. I have reviewed this report on Form N-CSR of AllianceBernstein International Premier Growth Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: July 29, 2003 /s/Mark D. Gersten Mark D. Gersten --------------------------- Treasurer and Chief Financial Officer EX-99.906 CERT 4 edg9192_ex10c.txt Exhibit 10(c) CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AllianceBernstein International Premier Growth Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended May 31, 2003 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: July 29, 2003 By: /s/John D. Carifa --------------------------------- John D. Carifa Chairman and President By: /s/Mark D. Gersten ---------------------------------- Mark D. Gersten Treasurer and Chief Financial Officer This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----