Alliancebernstein Greater China 97 Fund N-CSRS Certified semi-annual shareholder report (management investment company)

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: 811-08201

ALLIANCEBERNSTEIN GREATER CHINA ‘97 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)

Joseph J. Mantineo

AllianceBernstein 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: July 31, 2008

Date of reporting period: January 31, 2008

ITEM 1. REPORTS TO STOCKHOLDERS.

SEMI-ANNUAL REPORT

AllianceBernstein Greater China ’97 Fund

January 31, 2008

Semi-Annual Report

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit our web site at www.alliancebernstein.com or call your financial advisor or AllianceBernstein^® at (800) 227-4618. Please read the prospectus carefully before you invest.

You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AllianceBernstein’s web site at www.alliancebernstein.com, or go to the Securities and Exchange Commission’s (the “Commission”) web site at www.sec.gov, or call AllianceBernstein at (800) 227-4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s web site at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. AllianceBernstein publishes full portfolio holdings for the Fund monthly at www.alliancebernstein.com.

AllianceBernstein Investments, Inc. is an affiliate of AllianceBernstein L.P., the manager of the AllianceBernstein funds, and is a member of FINRA.

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

March 7, 2008

Semi-Annual Report

This report provides management’s discussion of fund performance for AllianceBernstein Greater China ’97 Fund (the “Fund”) for the semi-annual reporting period ended January 31, 2008.

Investment Objective and Policies

The Fund’s investment objective is long-term capital appreciation through investment of at least 80% of its total assets in equity securities of Greater China companies. Under normal circumstances, the Fund will invest at least 80%, and normally substantially all, of its net assets in equity securities of Greater China companies, which are companies in China, Hong Kong and Taiwan. Of these countries, the Fund expects to invest a significant portion of its assets, which may be greater than 50%, in Hong Kong companies and may invest all of its assets in Hong Kong companies or companies of either of the other Greater China countries. The Fund also may invest in convertible securities and equity-linked debt securities issued or guaranteed by Greater China companies or Greater China Governments, their agencies, or instrumentalities. In addition to investing in equity securities of Greater China companies, the Fund may invest up to 20% of its total assets in (i) debt securities issued or guaranteed by Greater China companies or by Greater China Governments, their agencies or instrumentalities and (ii) equity or debt securities issued by issuers other than Greater China companies. The Fund will invest only in investment-grade securities.

Investment Results

The table on page 4 shows the Fund’s performance compared to its benchmark, the Morgan Stanley Capital International (MSCI) Golden Dragon Index (net and gross), as well as the Lipper China Region Funds Average (the “Lipper Average”), for the six- and 12-month periods ended January 31, 2008. The MSCI Golden Dragon Index is a composite index consisting of equity securities of companies based in China, Hong Kong and Taiwan. These are the countries in which the great majority of the Fund’s securities are located. Funds in the Lipper Average have generally similar investment objectives to the Fund, although some may have different investment policies and sales and management fees.

The Fund’s Class A shares without sales charges outperformed the benchmark for both the six- and 12-month periods ended January 31, 2008, even though both the Fund and the benchmark posted negative returns for the six-month period.

For the six-month period, the Fund’s outperformance was due primarily to an underweight in the information technology sector. An overweight in the health care sector detracted from returns.

For the 12-month period, the Fund’s outperformance was due primarily to an underweight in Taiwan and an overweight in China. Also contributing to performance was an underweight in the information technology sector. Returns over both the six- and 12-month periods were not impacted by leverage.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 1

Market Review and Investment Strategy

Stock markets in the Greater China region rallied strongly to reach new highs in October of 2007. However, some of those gains were lost with three successive months of corrections. Uncertainties about the global credit markets and the extent of the U.S. economic slowdown impacted the markets. A reduction of risk appetite among investors and increased volatility were also causes of concern. In China, macro control measures, price controls, adverse weather conditions and uncertainty about the timing of the implementation of China’s Qualified Domestic Institutional Investor Program (QDII) dampened sentiment. (QDII programs allow institutional investors such as banks, funds and investment companies to invest in foreign-based securities.) Despite all these drawbacks, however, domestic consumption and earnings growth continued with expanding household incomes in China. The strength of the Chinese yuan also helped to reduce

imported inflation. In Taiwan, the political climate improved, which led to a greater possibility of business opportunities with mainland China. As a result, the share price of cross-strait-related companies (Taiwan companies doing business with China) increased.

During the period under review, the Fund held overweight positions in Chinese financials and the Hong Kong property sector. An expanding domestic capital market presented opportunities for both banks and insurance companies in China. In Hong Kong, the declining interest-rate environment and increased residential property transactions were favorable to the property sector. Overweight positions in the Chinese health care and consumer sectors were also maintained, given continued strong household income growth. Meanwhile, opportunities in the information technology and utility sectors were limited, so underweights were maintained in both of these sectors.

2 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

HISTORICAL PERFORMANCE

An Important Note About the Value of Historical Performance

The performance shown on the following pages represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.

The investment return and principal value of an investment in the Fund will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit our website at www.alliancebernstein.com or call your financial advisor or AllianceBernstein Investments at 800.227.4618. You should read the prospectus carefully before you invest.

All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund’s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares; the applicable contingent deferred sales charge for Class B shares (4% year 1, 3% year 2, 2% year 3, 1% year 4); a 1% 1 year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

Benchmark Disclosure

The unmanaged Morgan Stanley Capital International (MSCI) Golden Dragon Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Index is an aggregate of the MSCI Hong Kong Index, the MSCI China Index and the MSCI Taiwan Index (at 65%) (the MSCI Taiwan Index has an inclusion weight at 65% of its market capitalization in the MSCI Index series). The Lipper China Region Funds Average (the “Lipper Average”) represents funds that invest in equity securities whose primary trading markets or operations are concentrated in the China region or in a single country within this region. For the six- and 12-month periods ended January 31, 2008, the Lipper Average consisted of 65 and 60 funds, respectively. These funds have generally similar investment objectives to the Fund, although some may have different investment policies and sales and management fees. An investor cannot invest directly in an index or average, and its results are not indicative of the performance for any specific investment, including the Fund.

The MSCI Golden Dragon Index values are calculated using net and gross returns. Net returns approximate the minimum possible dividend reinvestment—the dividend is reinvested after deduction of withholding tax, applying the highest rate possible to non-resident individuals who do not benefit from double taxation treaties. In calculating gross returns, the amount of the dividend reinvested is the dividend distributed to individuals resident in the country of the company, but does not include tax credits.

A Word About Risk

Substantially all of the Fund’s assets will be invested in Greater China (People’s Republic of China (Mainland), Republic of China (Taiwan) and Hong Kong Special Administrative Region) company securities, and so the Fund is subject to greater risk than a fund with a more diversified portfolio. Since the Fund invests in foreign currency denominated securities, fluctuations may be magnified by changes in foreign exchange rates. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Fund’s prospectus.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 3

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

THE FUND VS. ITS BENCHMARK PERIODS ENDED JANUARY 31, 2008	Returns
	6 Months	12 Months
AllianceBernstein Greater China ’97 Fund
Class A	-1.34%	22.99%
Class B	-1.70%	22.15%
Class C	-1.71%	22.09%
Advisor Class*	-1.25%	23.32%
MSCI Golden Dragon Index (net)	-4.28%	18.30%
MSCI Golden Dragon Index (gross)	-4.21%	18.60%
Lipper China Region Funds Average	-4.00%	28.95%
*  Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.

Please keep in mind that high double-digit returns are highly unusual and cannot be sustained.

See Historical Performance and Benchmark disclosures on previous page.

(Historical Performance continued on next page)

4 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2008
	NAV Returns		SEC Returns
Class A Shares
1 Year	22.99	%	17.75	%
5 Years	30.66	%	29.52	%
10 Years	16.70	%	16.20	%
Class B Shares
1 Year	22.15	%	18.15	%
5 Years	29.73	%	29.73	%
10 Years(a)	16.00	%	16.00	%
Class C Shares
1 Year	22.09	%	21.09	%
5 Years	29.63	%	29.63	%
10 Years	15.79	%	15.79	%
Advisor Class Shares†
1 Year	23.32	%	23.32	%
5 Years	31.04	%	31.04	%
10 Years	17.03	%	17.03	%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.71%, 2.45%, 2.42% and 1.40% for Class A, Class B, Class C and Advisor Class, respectively, gross of any fee waivers or expense reimbursements.

(a) Assumes conversion of Class B shares into Class A shares after eight years.

† This share class is offered at net asset value (NAV) to eligible investors and its SEC returns are the same as its NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.

See Historical Performance disclosures on page 3.

(Historical Performance continued on next page)

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 5

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS (WITH ANY APPLICABLE SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (DECEMBER 31, 2007)
	SEC Returns
Class A Shares
1 Year	43.92	%
5 Years	36.29	%
10 Years	16.15	%
Class B Shares
1 Year	45.29	%
5 Years	36.52	%
10 Years(a)	15.95	%
Class C Shares
1 Year	48.31	%
5 Years	36.50	%
10 Years	15.75	%
Advisor Class Shares†
1 Year	50.81	%
5 Years	37.92	%
10 Years	17.00	%

(a) Assumes conversion of Class B shares into Class A shares after eight years.

† Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Funds.

See Historical Performance disclosures on page 3.

6 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Historical Performance

FUND EXPENSES

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value August 1, 2007				Ending Account Value January 31, 2008				Expenses Paid During Period*
	Actual		Hypothetical		Actual		Hypothetical**		Actual		Hypothetical
Class A	$	1,000	$	1,000	$	986.56	$	1,017.65	$	7.44	$	7.56
Class B	$	1,000	$	1,000	$	982.95	$	1,014.03	$	11.02	$	11.19
Class C	$	1,000	$	1,000	$	982.92	$	1,014.08	$	10.97	$	11.14
Advisor Class	$	1,000	$	1,000	$	987.54	$	1,019.15	$	5.95	$	6.04

* Expenses are equal to the classes' annualized expense ratios of 1.49%, 2.21%, 2.20% and 1.19%, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**Assumes 5% return before expenses.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 7

Fund Expenses

PORTFOLIO SUMMARY

January 31, 2008 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $125.9

* All data are as of January 31, 2008. The Fund’s sector and country breakdowns are expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard and Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the Broad Market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Fund’s prospectus.

8 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Portfolio Summary

TEN LARGEST HOLDINGS*

January 31, 2008 (unaudited)

Company	U.S. $ Value		Percent of Net Assets
Industrial & Commercial Bank of China, Ltd. – Class H	$	9,021,857	7.2	%
China Mobile Ltd.		8,661,633	6.9
Sun Hung Kai Properties Ltd.		7,639,881	6.1
Shandong Weigao Group Medical Polymer Co., Ltd. – Class H		5,893,558	4.7
China Construction Bank Corp. – Class H		5,842,262	4.6
China Life Insurance Co., Ltd. – Class H		5,084,446	4.0
Sino Land Co.		4,265,716	3.4
Hong Kong Exchanges and Clearing, Ltd.		4,170,540	3.3
China Shenhua Energy Co., Ltd – Class H		4,155,025	3.3
China Communications Construction Co., Ltd. – Class H		3,810,111	3.0
	$	58,545,029	46.5	%

* Long-Term Investments.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 9

Ten Largest Holdings

PORTFOLIO OF INVESTMENTS

January 31, 2008 (unaudited)

Company	Shares	U.S. $ Value
COMMON STOCKS – 95.8%
Financials – 43.0%
Commercial Banks – 15.4%
China Construction Bank Corp. – Class H	8,340,000	$	5,842,262
China Merchants Bank Co. Ltd. – Class H	425,500		1,500,154
Industrial & Commercial Bank of China Ltd. – Class H	14,987,000		9,021,857
Wing Hang Bank Ltd.	230,500		2,995,012
			19,359,285
Diversified Financial Services – 3.9%
Hong Kong Exchanges and Clearing Ltd.	200,000		4,170,540
Jardine Matheson Holdings Ltd.	30,209		775,000
			4,945,540
Insurance – 6.6%
Cathay Financial Holding Co. Ltd.	1,317,831		3,152,903
Cathay Financial Holding Co. Ltd. (GDR)(a)	4,408		102,750
China Life Insurance Co. Ltd. – Class H	1,412,000		5,084,446
			8,340,099
Real Estate Management & Development – 17.1%
Cheung Kong Holdings Ltd.	192,000		3,113,222
China New Town Development(b)	332,000		104,263
Shun Tak Holdings Ltd.	1,310,000		1,826,569
Sino Land Co.	1,388,218		4,265,716
Sino-Ocean Land Holdings Ltd.(b)	1,613,500		1,533,326
Sun Hung Kai Properties Ltd.	385,000		7,639,881
Swire Pacific Ltd.	212,000		2,878,964
Zhong An Real Estate Ltd.(b)	372,000		183,675
			21,545,616
			54,190,540
Information Technology – 11.9%
Computers & Peripherals – 2.1%
Foxconn Technology Co. Ltd.	122,532		702,805
High Tech Computer Corp.	105,300		1,985,302
			2,688,107
Electronic Equipment & Instruments – 5.4%
AU Optronics Corp.	1,843,503		3,077,692
HON HAI Precision Industry Co. Ltd.	700,650		3,761,324
			6,839,016
Internet Software & Services – 1.4%
Alibaba.com Ltd.(b)	750,000		1,773,657
Semiconductors & Semiconductor Equipment – 3.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	1,976,792		3,704,038
			15,004,818

10 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Portfolio of Investments

Company	Shares	U.S. $ Value
Energy – 11.0%
Energy Equipment & Services – 1.3%
Anton Oilfield Services Group(b)	7,584,000	$	1,595,106
Oil, Gas & Consumable Fuels – 9.7%
China Petroleum & Chemical Corp. – Class H	2,082,000		2,185,239
China Shenhua Energy Co. Ltd. – Class H	797,500		4,155,025
CNOOC Ltd.	2,213,000		3,127,906
PetroChina Co. Ltd. – Class H	2,008,000		2,773,981
			12,242,151
			13,837,257
Industrials – 8.1%
Construction & Engineering – 3.0%
China Communications Construction Co. Ltd. – Class H	1,590,000		3,810,111
Electrical Equipment – 2.7%
Harbin Power Equipment – Class H	700,000		1,585,291
Zhuzhou CSR Times Electric Co. Ltd. – Class H	1,692,000		1,816,696
			3,401,987
Industrial Conglomerates – 0.5%
Melco International Development	456,000		639,357
Machinery – 1.0%
Yangzijiang Shipbuilding Holdings Ltd.(b)	1,400,000		1,277,982
Transportation Infrastructure – 0.9%
Dalian Port PDA Co. Ltd. – Class H	348,000		201,710
Hopewell Holdings	203,000		887,353
			1,089,063
			10,218,500
Telecommunication Services – 6.9%
Wireless Telecommunication Services – 6.9%
China Mobile Ltd.	587,500		8,661,633
Health Care – 6.0%
Health Care Equipment & Supplies – 4.7%
Shandong Weigao Group Medical Polymer Co. Ltd. – Class H	3,492,000		5,893,558
Pharmaceuticals – 1.3%
Simcere Pharmaceutical Group (ADR)(b)	139,700		1,675,003
			7,568,561
Consumer Staples – 4.6%
Food Products – 4.6%
China Mengniu Dairy Co. Ltd.	734,000		1,927,643
China Yurun Food Group Ltd.	2,863,000		3,793,394
			5,721,037

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 11

Portfolio of Investments

Company	Shares		U.S. $ Value
Consumer Discretionary – 3.6%
Automobiles – 1.2%
Great Wall Motor Co. Ltd. – Class H		1,165,000	$	1,438,947
Media – 0.2%
AirMedia Group, Inc. (ADR)(b)		12,600		288,414
Multiline Retail – 1.0%
Lifestyle International Holdings Ltd.		451,000		1,193,019
Specialty Retail – 1.2%
Esprit Holdings Ltd.		118,100		1,538,071
				4,458,451
Materials – 0.7%
Metals & Mining – 0.7%
Aluminum Corp. of China Ltd. – Class H		666,000		932,594
Total Common Stocks (cost $75,195,902)				120,593,391
WARRANTS – 1.1%
Industrials – 1.1%
Transportation Infrastructure – 1.1%
Shenzhen Expressway Co. Ltd., expiring 7/20/09(a)(b) (cost $449,684)		918,700		1,359,676
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 0.5%
Time Deposit – 0.5%
Royal Bank of Canada 3.25%, 2/01/08 (cost $700,000)	$	700		700,000
Total Investments – 97.4% (cost $76,345,586)				122,653,067
Other assets less liabilities – 2.6%				3,263,792
Net Assets –100.0%			$	125,916,859

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2008, the aggregate market value of these securities amounted to $1,462,426 or 1.2% of net assets.

(b) Non-income producing security.

Glossary:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

      See notes to financial statements.

12 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

January 31, 2008 (unaudited)

Assets
Investments in securities, at value (cost $76,345,586)	$	122,653,067
Cash		52,575
Foreign cash, at value (cost $3,623,560)		3,686,137
Receivable for investment securities sold and foreign currency contracts		1,669,685
Receivable for capital stock sold		747,558
Interest receivable		61	��
Total assets		128,809,083
Liabilities
Payable for foreign currency contracts		1,642,299
Payable for capital stock redeemed		950,977
Advisory fee payable		90,587
Distribution fee payable		71,524
Dividends payable		15,696
Transfer Agent fee payable		1,395
Accrued expenses		119,746
Total liabilities		2,892,224
Net Assets	$	125,916,859
Composition of Net Assets
Capital stock, at par	$	5,414
Additional paid-in capital		73,641,528
Accumulated net investment loss		(720,053	)
Accumulated net realized gain on investment and foreign currency transactions		6,620,423
Net unrealized appreciation of investments and foreign currency denominated assets and liabilities		46,369,547
	$	125,916,859

Net Asset Value Per Share—12 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding	Net Asset Value
A	$	58,516,506	2,452,525	$	23.86	*
B	$	24,505,628	1,088,140	$	22.52
C	$	32,598,661	1,451,267	$	22.46
Advisor	$	10,296,064	421,918	$	24.40

* The maximum offering price per share for Class A shares was $24.92 which reflects a sales charge of 4.25 %.

See notes to financial statements.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 13

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2008 (unaudited)

Investment Income
Dividends (net of foreign taxes withheld of $21,978)	$	953,621
Interest		106,373		$	1,059,994
Expenses
Advisory fee (see Note B)		570,118
Distribution fee—Class A		107,734
Distribution fee—Class B		149,201
Distribution fee—Class C		192,306
Transfer agency—Class A		47,360
Transfer agency—Class B		21,755
Transfer agency—Class C		25,971
Transfer agency—Advisor Class		7,894
Custodian		125,276
Administrative		51,500
Registration		33,628
Printing		20,377
Audit		19,773
Legal		18,536
Directors’ fees		3,260
Miscellaneous		21,080
Total expenses		1,415,769
Less: expenses waived by the Adviser (see Note B)		(51,500	)
Less: expense offset arrangement (see Note B)		(4,927	)
Net expenses					1,359,342
Net investment loss					(299,348	)
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					8,409,956
Foreign currency transactions					(110	)
Net change in unrealized appreciation/depreciation of:
Investments					(11,576,347	)
Foreign currency denominated assets and liabilities					59,047
Net loss on investment and foreign currency transactions					(3,107,454	)
Net Decrease in Net Assets from Operations				$	(3,406,802	)

See notes to financial statements.

14 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended January 31, 2008 (unaudited)			Year Ended July 31, 2007
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(299,348	)	$	(123,189	)
Net realized gain on investments and foreign currency transactions		8,409,846			9,749,363
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(11,517,300	)		39,260,326
Net increase (decrease) in net assets from operations		(3,406,802	)		48,886,500
Dividends and Distributions to Shareholders from
Net investment income
Class A		(239,433	)		(181,916	)
Advisor Class		(66,139	)		(43,042	)
Net realized gain on investment and foreign currency transactions
Class A		(4,621,615	)		(1,994,164	)
Class B		(1,927,823	)		(1,166,302	)
Class C		(2,590,112	)		(1,106,598	)
Advisor Class		(728,337	)		(337,507	)
Capital Stock Transactions
Net increase		8,810,166			24,483,341
Total increase (decrease)		(4,770,095	)		68,540,312
Net Assets
Beginning of period		130,686,954			62,146,642
End of period (including accumulated net investment loss of $(720,053) and $(115,133), respectively)	$	125,916,859		$	130,686,954

See notes to financial statements.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 15

Statement of Changes in Net Assets

NOTES TO FINANCIAL STATEMENTS

January 31, 2008 (unaudited)

NOTE A

Significant Accounting Policies

AllianceBernstein Greater China ‘97 Fund, Inc. (the “Fund”) was organized as a Maryland corporation on April 30, 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 sold with a contingent deferred sales charge which declines from 4% 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 the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles 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. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors.

In general, the market value of securities which are readily available and deemed reliable are determined as follows. Securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) 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 at the mean of the closing bid and asked prices on such day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on 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

16 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Notes to Financial Statements

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 valuation, the last available closing settlement price is used; securities traded in the over-the-counter market, (“OTC”) 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, AllianceBernstein L.P. (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 (including restricted securities) or are deemed unreliable are valued at fair value. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange 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, currency gains or losses realized between the trade and settlement dates on foreign

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 17

Notes to Financial Statements

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 and depreciation of investments and foreign currency denominated assets and liabilities.

3. 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. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

4. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. 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 amortizes premiums and accretes discounts as adjustments to interest income.

5. Class Allocations

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 for class specific expenses which are allocated to the respective class. Realized and unrealized gains and losses are allocated among the various share classes based on their respective net assets.

6. 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 U.S. generally accepted accounting principles. 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.

18 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Notes to Financial Statements

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed for the current fiscal year to waive its fee and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis to 2.50%, 3.20%, 3.20%, and 2.20% of average daily net assets, respectively, for the Class A, Class B, Class C and Advisor Class shares. For the six months ended January 31, 2008, there were no fees waived by the Adviser.

Pursuant to the advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended January 31, 2008, the Adviser voluntarily agreed to waive its fees for such services. Such waiver amounted to $51,500.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), 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. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. The compensation retained by ABIS amounted to $56,186 for the six months ended January 31, 2008.

For the six months ended January 31, 2008, the Fund’s expenses were reduced by $4,927 under an expense offset arrangement with ABIS.

AllianceBernstein Investments, Inc. (the “Distributor”), 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 retained front-end sales charges of $17,313 from the sale of Class A shares and received $13,839, $30,205 and $0 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 January 31, 2008.

Brokerage commissions paid on investment transactions for the six months ended January 31, 2008, amounted to $93,290, none of which was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates 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 Fund’s average daily net assets attributable to

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 19

Notes to Financial Statements

Class A shares, 1% of the Fund’s 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 incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $2,354,191 and $1,346,057 for Class B and Class C shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs, incurred by the Distributor beyond the current 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 six months ended January 31, 2008, were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	36,309,179	$	33,015,776
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	$	49,517,241
Gross unrealized depreciation		(3,209,760	)
Net unrealized appreciation	$	46,307,481

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange 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 currency exchange 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 currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and depreciation by the Fund.

20 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Notes to Financial Statements

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 currency exchange contracts entered into with respect to position hedges.

Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares				Amount
	Six Months Ended January 31, 2008 (unaudited)		Year Ended July 31, 2007		Six Months Ended January 31, 2008 (unaudited)			Year Ended July 31, 2007
Class A
Shares sold	796,493		1,783,156		$	23,312,301		$	36,025,741
Shares issued in reinvestment of dividends and distributions	140,926		98,944			4,034,724			1,793,853
Shares converted from Class B	59,709		80,177			1,666,599			1,677,938
Shares redeemed	(973,265	)	(1,142,350	)		(26,810,608	)		(23,520,402	))
Net increase	23,863		819,927		$	2,203,016		$	15,977,130
Class B
Shares sold	204,470		413,799		$	5,551,358		$	8,070,629
Shares issued in reinvestment of dividends and distributions	61,193		57,803			1,655,888			997,678
Shares converted to Class A	(63,175	)	(84,409	)		(1,666,599	)		(1,677,938	)
Shares redeemed	(207,279	)	(377,451	)		(5,395,750	)		(7,439,317	)
Net increase (decrease)	(4,791	)	9,742		$	144,897		$	(48,948	)

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 21

Notes to Financial Statements

	Shares				Amount
	Six Months Ended January 31, 2008 (unaudited)		Year Ended July 31, 2007		Six Months Ended January 31, 2008 (unaudited)			Year Ended July 31, 2007
Class C
Shares sold	386,510		652,865		$	10,689,501		$	12,806,737
Shares issued in reinvestment of dividends and distributions	69,423		46,938			1,873,732			808,277
Shares redeemed	(291,734	)	(405,355	)		(7,645,016	)		(8,101,592	)
Net increase	164,199		294,448		$	4,918,217		$	5,513,422
Advisor Class
Shares sold	230,060		548,633		$	6,745,992		$	11,671,868
Shares issued in reinvestment of dividends and distributions	20,882		15,381			611,213			284,541
Shares redeemed	(208,926	)	(434,389	)		(5,813,169	)		(8,914,672	)
Net increase	42,016		129,625		$	1,544,036		$	3,041,737

NOTE F

Risks Involved in Investing in the Fund

Foreign Securities Risk — Investing in securities of foreign companies or foreign governments involves special risk which include changes in foreign currency exchange rates and the possibility of future political and economic developments which could adversely affect the value of such securities. Moreover, securities of many foreign companies or foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies or of the U.S. government.

The Fund has invested approximately 58% of its net assets in China equity securities. Political, social or economic changes in this market may have a greater impact on the value of the Fund’s portfolio due to this concentration.

Indemnification Risk — In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $250 million revolving credit facility (the “Facility”)

22 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Notes to Financial Statements

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 miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended January 31, 2008.

NOTE H

Distributions to Shareholders

The tax character of distributions paid for the year ending July 31, 2008 will be determined at the end of the current fiscal year.

The tax character of distributions paid during the fiscal years ended July 31, 2007 and July 31, 2006 were as follows:

	2007		2006
Distributions paid from:
Ordinary income	$	224,958	$	105,372
Net long-term capital gains		4,604,571		51,539
Total taxable distributions		4,829,529		156,911
Total distributions paid	$	4,829,529	$	156,911

As of July 31, 2007, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed net investment income	$	2,960,428
Undistributed long-term capital gain		5,540,156
Unrealized appreciation/(depreciation)		57,349,594	(a)
Total accumulated earnings/(deficit)	$	65,850,178

^(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and to the tax treatment of Passive Foreign Investment Companies (“PFIC’s”).

NOTE I

Legal Proceedings

On October 2, 2003, a purported class action complaint entitled Hindo, et al. v. AllianceBernstein Growth & Income Fund, et al. (“Hindo Complaint”) was filed against the Adviser, Alliance Capital Management Holding L.P. (“Alliance Holding”), Alliance Capital Management Corporation, AXA Financial, Inc., the AllianceBernstein Funds, certain officers of the Adviser (“AllianceBernstein defendants”), and certain other unaffiliated defendants, as well as unnamed Doe defendants. The Hindo Complaint was filed in the United States District Court for the Southern District of New York by alleged shareholders of two of the AllianceBernstein Funds. The Hindo Complaint alleges that certain of the AllianceBernstein defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in “late trading” and “market timing” of AllianceBernstein Fund securities, violating Sections 11 and

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 23

Notes to Financial Statements

15 of the Securities Act, Sections 10(b) and 20(a) of the Exchange Act and Sections 206 and 215 of the Advisers Act. Plaintiffs seek an unspecified amount of compensatory damages and rescission of their contracts with the Adviser, including recovery of all fees paid to the Adviser pursuant to such contracts.

Following October 2, 2003, 43 additional lawsuits making factual allegations generally similar to those in the Hindo Complaint were filed in various federal and state courts against the Adviser and certain other defendants. On September 29, 2004, plaintiffs filed consolidated amended complaints with respect to four claim types: mutual fund shareholder claims; mutual fund derivative claims; derivative claims brought on behalf of Alliance Holding; and claims brought under ERISA by participants in the Profit Sharing Plan for Employees of the Adviser. All four complaints include substantially identical factual allegations, which appear to be based in large part on the Order of the SEC dated December 18, 2003 as amended and restated January 15, 2004 (“SEC Order”) and the New York State Attorney General Assurance of Discontinuance dated September 1, 2004 (“NYAG Order”).

On April 21, 2006, the Adviser and attorneys for the plaintiffs in the mutual fund shareholder claims, mutual fund derivative claims, and ERISA claims entered into a confidential memorandum of understanding containing their agreement to settle these claims. The agreement will be documented by a stipulation of settlement and will be submitted for court approval at a later date. The settlement amount ($30 million), which the Adviser previously accrued and disclosed, has been disbursed. The derivative claims brought on behalf of Alliance Holding, in which plaintiffs seek an unspecified amount of damages, remain pending.

It is possible that these matters and/or other developments resulting from these matters could result in increased redemptions of the AllianceBernstein Mutual Funds’ shares or other adverse consequences to the AllianceBernstein Mutual Funds. This may require the AllianceBernstein Mutual Funds to sell investments held by those funds to provide for sufficient liquidity and could also have an adverse effect on the investment performance of the AllianceBernstein Mutual Funds. However, the Adviser believes that these matters are not likely to have a material adverse effect on its ability to perform advisory services relating to the AllianceBernstein Mutual Funds.

NOTE J

Recent Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing a fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would

24 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Notes to Financial Statements

be recorded in the current period. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. On January 31, 2008, the Fund implemented FIN 48 which supplements FASB 109, “Accounting for Income Taxes”. Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years (tax years ended July 31, 2004-2006) for purposes of implementing FIN 48, and has concluded that no provision for income tax is required in the Fund’s financial statements.

On September 20, 2006, the FASB released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. At this time, management is evaluating the implications of FAS 157 and its impact on the financial statements has not yet been determined.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 25

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended January 31, 2008 (unaudited)		Year Ended July 31,
			2007		2006		2005		2004		2003
Net asset value, beginning of period	25.78		$16.19		$ 13.16		$ 10.75		$ 8.82		$ 7.55
Income From Investment Operations
Net investment income (loss)(a)(b)	(.01	)	.04		.12		.07		(.04	)(c)	.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions	(0.02	)	10.72		2.98		2.34		2.01		1.32
Net increase (decrease) in net asset value from operations	(0.03	)	10.76		3.10		2.41		1.97		1.36
Less: Dividends and Distributions
Dividends from net investment income	(.09	)	(.10	)	(.06	)	– 0	–	(.04	)	(.09	)
Distributions from net realized gains on investment and foreign currency transactions	(1.80	)	(1.07	)	(.01	)	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(1.89	)	(1.17	)	(.07	)	– 0	–	(.04	)	(.09	)
Net asset value, end of period	$23.86		$ 25.78		$ 16.19		$ 13.16		$ 10.75		$ 8.82
Total Return
Total investment return based on net asset value(d)	(1.34	)%	69.53	%	23.79	%	22.42	%	22.30	%	18.35	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$58,516		$62,614		$26,050		$20,163		$17,719		$3,958
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	1.49	%(e)	1.63	%	2.02	%(f)	2.32	%(g)	2.38	%	2.50	%
Expenses, before waivers/reimbursements	1.56	%(e)	1.71	%	2.17	%(f)	2.52	%	2.94	%	9.24	%
Net investment income (loss)(b)	(.10	)%(e)	.19	%	.85	%(f)	.60	%	(.37	)%(c)	.58	%
Portfolio turnover rate	23	%	43	%	48	%	42	%	89	%	102	%

See footnote summary on page 30.

26 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class B
	Six Months Ended January 31, 2008 (unaudited)		Year Ended July 31,
			2007		2006		2005		2004		2003
Net asset value, beginning of period	24.43		$ 15.41		$ 12.56		$ 10.33		$ 8.52		$ 7.30
Income From Investment Operations
Net investment loss(a)(b)	(.11	)	(.11	)	– 0	–	(.02	)	(.12	)(c)	(.01	)
Net realized and unrealized gain on investment and foreign currency transactions	– 0	–	10.20		2.86		2.25		1.95		1.27
Net increase (decrease) in net asset value from operations	(.11	)	10.09		2.86		2.23		1.83		1.26
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	– 0	–	– 0	–	– 0	–	(.02	)	(.04	)
Distributions from net realized gains on investment and foreign currency transactions	(1.80	)	(1.07	)	(.01	)	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(1.80	)	(1.07	)	(.01	)	– 0	–	(.02	)	(.04	)
Net asset value, end of period	$22.52		$ 24.43		$ 15.41		$ 12.56		$ 10.33		$ 8.52
Total Return
Total investment return based on net asset value(d)	(1.70	)%	68.40	%	22.84	%	21.59	%	21.41	%	17.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$24,506		$26,697		$16,697		$14,676		$12,872		$4,632
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	2.21	%(e)	2.36	%	2.79	%(f)	3.04	%(g)	3.18	%	3.20	%
Expenses, before waivers/reimbursements	2.28	%(e)	2.45	%	2.94	%(f)	3.24	%	3.79	%	9.98	%
Net investment loss(b)	(.79	)%(e)	(.54	)%	(.02	)%(f)	(.13	)%	(1.11	)%(c)	(.11	)%
Portfolio turnover rate	23	%	43	%	48	%	42	%	89	%	102	%

See footnote summary on page 30.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 27

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class C
	Six Months Ended January 31, 2008 (unaudited)		Year Ended July 31,
			2007		2006		2005		2004		2003
Net asset value, beginning of period	$24.37		$15.38		$ 12.53		$ 10.30		$ 8.50		$ 7.30
Income From Investment Operations
Net investment income (loss)(a)(b)	(.11	)	(.10	)	– 0	–	(.01	)	(.12	)(c)	(.01	)
Net realized and unrealized gain on investment and foreign currency transactions	– 0	–	10.16		2.86		2.24		1.94		1.25
Net increase (decrease) in net asset value from operations	(.11	)	10.06		2.86		2.23		1.82		1.24
Less: Dividends and Distributions
Dividends from net investment income	– 0	–	– 0	–	– 0	–	– 0	–	(.02	)	(.04	)
Distributions from net realized gains on investment and foreign currency transactions	(1.80	)	(1.07	)	(.01	)	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(1.80	)	(1.07	)	(.01	)	– 0	–	(.02	)	(.04	)
Net asset value, end of period	$22.46		$ 24.37		$ 15.38		$ 12.53		$ 10.30		$ 8.50
Total Return
Total investment return based on net asset value(d)	(1.71	)%	68.34	%	22.89	%	21.65	%	21.34	%	17.05	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$32,599		$31,363		$15,266		$12,838		$10,978		$4,856
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	2.20	%(e)	2.34	%	2.75	%(f)	3.02	%(g)	3.15	%	3.20	%
Expenses, before waivers/reimbursements	2.26	%(e)	2.42	%	2.91	%(f)	3.22	%	3.75	%	10.19	%
Net investment income (loss)(b)	(.81	)%(e)	(.50	)%	.02	%(f)	(.10	)%	(1.07	)%(c)	(.15	)%
Portfolio turnover rate	23	%	43	%	48	%	42	%	89	%	102	%

See footnote summary on page 30.

28 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Financial Highlights

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended January 31, 2008 (unaudited)		Year Ended July 31,
			2007		2006		2005		2004		2003
Net asset value, beginning of period	$26.36		$ 16.52		$ 13.43		$ 10.93		$ 8.94		$ 7.66
Income From Investment Operations
Net investment income (loss)(a)(b)	0.03		.07		.22		.07		(.02	)(c)	.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions	(0.03	)	10.98		2.98		2.43		2.05		1.31
Net increase in net asset value from operations	– 0	–	11.05		3.20		2.50		2.03		1.39
Less: Dividends and Distributions
Dividends from net investment income	(.16	)	(.14	)	(.10	)	– 0	–	(.04	)	(.11	)
Distributions from net realized gains on investment and foreign currency transactions	(1.80	)	(1.07	)	(.01	)	– 0	–	– 0	–	– 0	–
Total dividends and distributions	(1.96	)	(1.21	)	(.11	)	– 0	–	(.04	)	(.11	)
Net asset value, end of period	24.40		$ 26.36		$ 16.52		$ 13.43		$ 10.93		$ 8.94
Total Return
Total investment return based on net asset value(d)	(1.25	)%	70.01	%	24.11	%	22.87	%	22.72	%	18.55	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$10,296		$10,013		$4,134		$2,827		$1,379		$309
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	1.19	%(e)	1.32	%	1.74	%(f)	2.00	%(g)	2.14	%	2.20	%
Expenses, before waivers/reimbursements	1.26	%(e)	1.40	%	1.90	%(f)	2.20	%	2.71	%	8.69	%
Net investment income (loss)(b)	.17	%(e)	.35	%	1.54	%(f)	.55	%	(.13	)%(c)	1.14	%
Portfolio turnover rate	23	%	43	%	48	%	42	%	89	%	102	%

See footnote summary on page 30.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 29

Financial Highlights

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Net of expenses waived by the Transfer Agent.

(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 charges 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) The ratio includes expenses attributable to costs of proxy solicitation.

(g) 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 July 31, 2005
Class A	2.31	%
Class B	3.04	%
Class C	3.02	%
Advisor Class	2.00	%

30 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Financial Highlights

BOARD OF DIRECTORS

William H. Foulk, Jr.⁽¹⁾, Chairman

David H. Dievler⁽¹⁾

Garry L. Moody⁽¹⁾

OFFICERS

Marc O. Mayer, President and Chief Executive Officer

Philip L. Kirstein, Senior Vice President and Independent Compliance Officer

Manish Singhai⁽²⁾, Vice President

Vernon Yu⁽²⁾, Vice President

Emilie D. Wrapp, Secretary

Joseph J. Mantineo, Treasurer and Chief Financial Officer

Vincent S. Noto, Controller

Principal Underwriter	Transfer Agent
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
1345 Avenue of the Americas	P.O. Box 786003
New York, NY 10105	San Antonio, TX 78278-6003
	Toll-Free (800) 221-5672
Custodian	Independent Registered Public
Brown Brothers Harriman & Co.	Accounting Firm
40 Water Street	Ernst & Young LLP
Boston, MA 02109	5 Times Square
	New York, NY 10036
Legal Counsel
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of and investment decisions for the Fund’s portfolio are made by the Adviser’s Global Emerging Market Growth Research Team. Mr. Manish Singhai and Mr. Vernon Yu are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 31

Board of Directors

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and AllianceBernstein Greater China ‘97 Fund, Inc. (the “Fund”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Trustees of the Fund, as required by an August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Fund which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Fund grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Fund.

1 It should be noted that the information in the fee summary was completed on April 23, 2007 and presented to the Board of Directors on May 1-3, 2007.

2 Future references to the Fund do not include “AllianceBernstein.”. References in the fee summary pertaining to performance and expense ratios refer to the Class A shares of the Fund.

32 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

FUND ADVISORY FEES, EXPENSE CAPS, REIMBURSEMENTS & RATIOS

The Adviser proposed that the Fund pay the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.³

Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 02/28/07 ($MIL)		Fund
Specialty	75 bp on 1st $2.5 billion 65 bp on next $2.5 billion 60 bp on the balance	$	113.0	Greater China ‘97 Fund, Inc.

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Fund. During the Fund’s most recently completed fiscal year, the Adviser was due to receive $84,000 (0.15% of the Fund’s average daily net assets) for such services but waived the amount in its entirety.

The Adviser has agreed to waive that portion of its management fees and/or reimburse the Fund for that portion of its total operating expenses to the degree necessary to limit the Fund’s expense ratio to the amount set forth below for the Fund’s fiscal year. The waiver is terminable by the Adviser at the end of the Fund’s fiscal year upon at least 60 days written notice prior to the termination date of the undertaking. It should be noted that the Fund was operating below its expense cap as of its most recent fiscal year end; accordingly, the expense limitation undertaking of the Fund was of no effect. Set forth below are the gross expense ratios of the Fund for the most recent semi-annual period:

Fund	Expense Cap Pursuant to Expense Limitation Undertaking		Gross Expense Ratio (01/31/07)4	Fiscal Year End
Greater China ‘97 Fund, Inc.	Class A Class B Class C Adv. Class	2.50% 3.20% 3.20% 2.20%	1.88% 2.62% 2.60% 1.57%	July 31

I.  ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to

3 Most of the AllianceBernstein Mutual Funds, which the Adviser manages, were affected by the Adviser’s settlement with the NYAG.

4 Annualized.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 33

such clients, and different liabilities assumed. Services provided by the Adviser to the Fund that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Fund’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Fund are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, a portion of these expenses are reimbursed by the Fund to the Adviser. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Fund’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. Finally, in recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different and legal and reputational risks are greater, it is worth considering information regarding the advisory fees charged to institutional accounts with a substantially similar investment style as the Fund. However, with respect to the Fund, the Adviser represented that there is no institutional product that has a substantially similar investment style as the Fund.

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg and Japan, and sold to non-United States resident investors. The Adviser charges the following fees for Greater China Portfolio, which is a Luxembourg fund that has a somewhat similar investment style as the Fund:

Fund	Fee
Greater China Portfolio
Class A5	2.00	%
Class I (Institutional)	1.20	%

5 Class A shares of the funds are charged an “all-in” fee, which covers investment advisory services and distribution related services.

34 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

The Adviser represented that it does not sub-advise any registered investment company with a substantially similar investment style as the Fund.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Fund with fees charged to other investment companies for similar services offered by other investment advisers. Lipper’s analysis included the Fund’s ranking with respect to the proposed management fee relative to the median of the Fund’s Lipper Expense Group (“EG”)⁶ at the approximate current asset level of the Fund.⁷

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

Fund	Contractual Management Fee8	Lipper Group Median	Rank
Greater China ‘97 Fund, Inc.	0.750	1.250	1/5

Lipper also analyzed the Fund’s most recently completed fiscal year total expense ratio in comparison to the Fund’s EG and Lipper Expense Universe (“EU”). The EU⁹ is a broader group compared to the EG, consisting of all funds that have the same investment classification/objective and load type as the subject Fund.

6 It should be noted that Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratio than comparable sized funds that have relatively large average account sizes. Note that there are limitations on Lipper expense category data because different funds categorize expenses differently.

7 The contractual management fee is calculated by Lipper using the Fund’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Fund, rounded up to the next $25 million. Lipper’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Fund had the lowest effective fee rate in the Lipper peer group.

8 The contractual management fee does not reflect any expense reimbursements made by the Fund to the Adviser for certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee would not reflect any advisory fee waiver or expense reimbursement made by the Adviser to the Fund for expense caps that would effectively reduce the actual management fee.

9 Except for asset (size) comparability, Lipper uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 35

Fund	Expense Ratio (%)10	Lipper Group Median (%)	Lipper Group Rank	Lipper Universe Median (%)	Lipper Universe Rank
Greater China ‘97 Fund, Inc.	2.020	2.003	4/5	2.020	4/7

Based on this analysis, the Fund has a more favorable ranking on a management fee basis than on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Fund. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Fund’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Fund increased during calendar year 2006, relative to 2005.

In addition to the Adviser’s direct profits from managing the Fund, certain of the Adviser’s affiliates have business relationships with the Fund and may earn a profit from providing other services to the Fund. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Fund and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Fund and receive transfer agent fees, Rule 12b-1 payments, front-end sales loads, contingent deferred sales charges (“CDSC”), and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

AllianceBernstein Investments, Inc. (“ABI”), an affiliate of the Adviser, is the Fund’s principal underwriter. ABI and the Adviser have disclosed in the Fund’s prospectus that they may make revenue sharing payments from their own resources, in addition to resources derived from sales loads and Rule 12b-1 fees,

10 Most recently completed fiscal year end Class A total expense ratio.

36 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

to firms that sell shares of the Fund. In 2006, ABI paid approximately 0.044% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $20.4 million for distribution services and educational support (revenue sharing payments). For 2007, it is anticipated, ABI will pay approximately 0.04% of the average monthly assets of the AllianceBernstein Mutual Funds or approximately $20 million.¹¹ During the Fund’s most recently completed fiscal year, ABI received from the Fund $566, $360,066 and $42,252 in front-end sales charges, Rule 12b-1 and CDSC fees, respectively.

Fees and reimbursements for out of pocket expenses charged by AllianceBernstein Investor Services, Inc. (“ABIS”), the affiliated transfer agent for the Fund, are charged on a per account basis, based on the level of service provided and the class of share held by the account. ABIS also receives a fee per shareholder sub-account for each account maintained by an intermediary on an omnibus basis. ABIS’ after-tax profitability decreased in 2006 in comparison to 2005. During the Fund’s most recently completed fiscal year, ABIS received $63,321 in fees from the Fund.¹²

The Fund may effect brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and/or its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and pay commissions for such transactions. The Adviser represented that SCB’s profitability from any future business conducted with the Fund would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for its clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

An independent consultant, retained by the Senior Officer, made a presentation to the Board of Directors regarding economies of scale and/or scope. Based on the independent consultant’s initial survey, there was a consensus that fund management companies benefited from economies of scale. However, due to the lack of cost data, researchers had to infer facts about the costs from the behavior

11 ABI currently inserts the “Advance” in quarterly account statements and pays the incremental costs associated with the mailing. The incremental cost is less than what an “independent mailing” would cost.

12 The fees disclosed are net of any expense offsets with ABIS. An expense offset is created by the interest earned on the positive cash balance that occurs within the transfer agent account as there is a one day lag with regards to money movement from the shareholder’s account to the transfer agent’s account and then the transfer agent’s account to the Fund’s account. During the Fund’s most recently completed fiscal year, the fees paid by the Fund to ABIS were reduced by $2,743 under the offset agreement between the Fund and ABIS.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 37

of fund expenses; there was a lack of consensus among researchers as to whether economies of scale were being passed on to the shareholders.

The independent consultant conducted further studies of the Adviser’s operations to determine the existence of economies of scale and/or scope within the Adviser. The independent consultant also analyzed patterns related to advisory fees at the industry level. In a recent presentation to the Board of Directors, the independent consultant noted the potential for economies of scale and/or scope through the use of “pooling portfolios” and blend products. The independent consultant also remarked that there may be diseconomies as assets grow in less liquid and active markets. It was also observed that various factors, including fund size, family size, asset class, and investment style, had an impact on advisory fees.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE FUND

With assets under management of approximately $742 billion as of March 31, 2007, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Fund.

The information prepared by Lipper shows the 1, 3, and 5 year performance rankings of the Fund¹³ relative to its Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)¹⁴ for the periods ended December 31, 2006.¹⁵

Greater China ‘97 Fund, Inc.	Fund Return	PG Median	PU Median	PG Rank	PU Rank
1 year	65.53	67.26	67.26	4/5	7/11
3 year	21.76	24.45	24.74	4/4	6/6
5 year	22.62	23.44	23.44	3/3	4/5

13 The performance rankings are for the Class A shares of the Fund. It should be noted that the performance returns of the Fund shown were provided by the Adviser. Lipper maintains its own database that includes the Fund’s performance returns. Rounding differences may cause the Adviser’s Fund returns to be one or two basis points different from Lipper’s own Fund returns. To maintain consistency, the performance returns of the Fund, as reported by the Adviser, are provided instead of Lipper.

14 The Fund’s PG is identical to the Fund’s EG. The Fund’s PU is not identical to the Fund’s EU as the criteria for including or excluding a fund in a PU is somewhat different from that of an EU.

15 Note that the current Lipper investment classification/objective dictates the PG and PU throughout the life of the fund even if a fund had a different investment classification/objective at a different point in time.

38 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

Set forth below are the 1, 3, 5 year and since inception performance returns of the Fund (in bold)¹⁶ versus its benchmark.¹⁷ Fund and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.¹⁸

	Periods Ending December 31, 2006 Annualized Performance
	1 Year (%)	3 Year (%)	5 Year (%)	Since Inception (%)	Annualized		Risk Period (Year)
					Volatility (%)	Sharpe (%)
Greater China ‘97 Fund, Inc.	65.53	21.76	22.62	8.97	18.44	1.07	5
MSCI Golden Dragon Index (Net)	39.06	20.31	15.69	N/A	17.46	0.78	5
Inception Date: September 3, 1997

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Fund is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Fund is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 4, 2007

16 The performance returns and risk measures shown in the table are for the Class A shares of the Fund.

17 The Adviser provided Fund and benchmark performance return information for periods through December 31, 2006. It should be noted that the “since inception” performance returns of the Fund’s benchmark goes back only through the nearest month-end after inception date. In contrast, the Fund’s since inception return goes back to the Fund’s actual inception date.

18 Fund and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be seen as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND  • 39

THIS PAGE IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

ALLIANCEBERNSTEIN FAMILY OF FUNDS

Wealth Strategies Funds

Balanced Wealth Strategy

Wealth Appreciation Strategy

Wealth Preservation Strategy

Tax-Managed Balanced Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

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U.S. Large Cap Portfolio

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Growth Fund

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Greater China ‘97 Fund

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International Research Growth Fund

Value Funds

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Balanced Shares

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Growth & Income Fund

Small/Mid Cap Value Fund

Utility Income Fund

Value Fund

Global & International

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Retirement Strategies Funds

2000 Retirement Strategy	2020 Retirement Strategy	2040 Retirement Strategy
2005 Retirement Strategy	2025 Retirement Strategy	2045 Retirement Strategy
2010 Retirement Strategy	2030 Retirement Strategy	2050 Retirement Strategy
2015 Retirement Strategy	2035 Retirement Strategy	2055 Retirement Strategy

We also offer Exchange Reserves,** which serves as the money market fund exchange vehicle for the AllianceBernstein mutual funds.

You should consider the investment objectives, risks, charges and expenses of any AllianceBernstein fund/portfolio carefully before investing. For free copies of our prospectuses, which contain this and other information, visit us online at www.alliancebernstein.com or contact your financial advisor. Please read the prospectus carefully before investing.

* Prior to March 1, 2007, Global Real Estate Investment Fund was named Real Estate Investment Fund. Prior to May 18, 2007, AllianceBernstein National Municipal Income Fund was named National Municipal Income Fund. Prior to November 5, 2007, Diversified Yield Fund was named Global Strategic Income Trust and Global Bond Fund was named Global Government Income Trust. Prior to January 28, 2008, High Income Fund was named Emerging Market Debt Fund.

** An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

40 •  ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

AllianceBernstein Family of Funds

ALLIANCEBERNSTEIN GREATER CHINA ’97 FUND

1345 Avenue of the Americas

New York, NY 10105

800.221.5672

GC-0152-0108

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. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the Registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. 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-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level 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 changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (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 Greater China ‘97 Fund, Inc.
By:	/s/ Marc O. Mayer
	Marc O. Mayer
	President
Date:	March 28, 2008

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/ Marc O. Mayer
	Marc O. Mayer
	President
Date:	March 28, 2008
By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	March 28, 2008