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