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: 811-00204
AllianceBernstein Mid-Cap 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.
AllianceBernstein
Mid-Cap Growth
Fund
Semi-Annual Report
May 31, 2003
[LOGO]AllianceBernstein
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 Alliance mutual funds and an affiliate of AllianceBernstein
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 Mid-Cap Growth Fund (the "Fund") for the semi-annual reporting
period ended May 31, 2003.
Investment Objective and Policies
AllianceBernstein Mid-Cap Growth Fund is an open-end, diversified investment
company that seeks long-term growth of capital and income primarily through
investments in common stocks that Alliance Capital believes will appreciate in
value. The Fund invests predominantly in the stocks of mid-capitalization
companies.
Investment Results
The following table provides the Fund's investment results for the six- and
12-month periods ended May 31, 2003. For comparison, we have also provided
performance for the Fund's benchmark, the Russell MidCap Growth Index, which is
a measure of mid-cap stock performance.
INVESTMENT RESULTS*
Periods Ended May 31, 2003
============================
Returns
============================
6 Months 12 Months
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AllianceBernstein Mid-Cap Growth Fund
Class A 15.14% 1.91%
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Class B 14.55% 0.82%
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Class C 14.91% 1.09%
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Russell MidCap Growth Index 10.00% -5.84%
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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. Past performance is no guarantee
of future results.
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ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 1
The unmanaged Russell MidCap Growth Index measures the performance of those
Russell mid-cap companies with higher price-to-book ratios and higher
forecasted growth values. The stocks are also members of the Russell 1000
Growth Index. An investor cannot invest directly in an index, and its results
are not indicative of any specific investment, including AllianceBernstein
Mid-Cap Growth Fund.
Additional investment results appear on page 4.
During the six- and 12-month periods ended May 31, 2003, the Fund outperformed
its benchmark, the Russell MidCap Growth Index. The Fund's overweight position
in technology and strong stock selection were big drivers of performance during
the period on an absolute and relative basis. We maintained the Fund's
underweight position in consumer discretionary stocks during the period, but
within that sector, the Fund benefited from stock selection in the internet
space. Amazon.com, Inc., Expedia, Inc. and eBay, Inc. contributed significantly
to the Fund's performance. XM Satellite Radio Holdings, Inc. was the single
largest contributor to performance, as the stock was up over 250% during the
period under review. Our decision to underweight financial stocks combined with
good stock selection aided the Fund's performance.
The Fund's underweight position in health care detracted from performance during
the period. Within the health care sector, several of the Fund's biotechnol ogy
stocks were poor performers, with Cerus Corp. down 53.6% during the period. The
Fund's exposure to select energy stocks, an area where the Fund carried less
exposure than its benchmark, was a mild drag on performance. The results in
wireless were mixed: Nextel Communications, Inc's. positive contribution to
performance was not large enough to offset the decline in Sprint Corp. (PCS
Group) during the period.
Market Review and Investment Strategy
After a sharp rise in the equity markets in October and November of 2002, stocks
took a turn for the worse by year-end and hit a low in early March. Before the
onset of war with Iraq, stocks began their rally with most of the major equity
indices closing at highs for the six-month period under review.
The Fund's overweight position in technology stocks helped performance as
technology stocks outperformed the overall market, as represented by the NASDAQ
Composite Index, during the period. The Fund's internet holdings were also large
contributors to performance. During April and May, we took some profits from the
Fund's technology and internet holdings, using the proceeds to rebuild positions
in defense and homebuilding stocks as they pulled back. We maintained the Fund's
underweight position in health care, but we added selectively to existing
biotechnology holdings on their pullbacks. We also increased the energy exposure
of the Fund, and we continued to lower the Fund's exposure to the financial
services sector where we remain underweight.
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2 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
PORTFOLIO SUMMARY
May 31, 2003 (unaudited)
INCEPTION DATES PORTFOLIO STATISTICS
Class A Shares Net Assets ($mil): $601.3
7/7/38 Average Market Capitalization ($mil): $5,773
Class B Shares
3/4/91
Class C Shares
5/3/93
SECTOR BREAKDOWN
41.6% Technology
19.1% Consumer Services
17.0% Health Care
5.3% Finance
4.8% Capital Goods [PIE CHART OMITTED]
4.8% Consumer Manufacturing
4.0% Energy
2.1% Aerospace & Defense
1.3% Basic Industry
All data as of May 31, 2003. The Fund's sector breakdown is expressed as a
percentage of total investments and may vary over time.
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ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 3
INVESTMENT RESULTS
AVERAGE ANNUAL RETURNS AS OF MAY 31, 2003
Class A Shares
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Without Sales Charge With Sales Charge
1 Year 1.91% -2.52%
5 Years -5.66% -6.48%
10 Years 5.94% 5.49%
Class B Shares
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Without Sales Charge With Sales Charge
1 Year 0.82% -3.18%
5 Years -6.49% -6.49%
10 Years 5.23% 5.23%
Class C Shares
- --------------------------------------------------------------------------------
Without Sales Charge With Sales Charge
1 Year 1.09% 0.09%
5 Years -6.51% -6.51%
10 Years 5.02% 5.02%
SEC AVERAGE ANNUAL RETURNS (WITH SALES CHARGES)
AS OF THE MOST RECENT QUARTER-END (JUNE 30, 2003)
Class A Class B Class C
- --------------------------------------------------------------------------------
1 Year 8.70% 8.50% 11.50%
5 Years -6.39% -6.40% -6.42%
10 Years 5.38% 5.10% 4.92%
Since Inception* 10.21% 6.93% 5.48%
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.
The Fund can invest 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.
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.
* Since inception: 7/7/38 Class A; 3/4/91 Class B; 5/3/93 Class C.
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4 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
TEN LARGEST HOLDINGS
May 31, 2003 (unaudited)
Percent of
Company Value Net Assets
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Applera Corp.-Applied Biosystems Group $ 21,063,814 3.5%
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Sprint Corp. (PCS Group) 20,236,626 3.4
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Overture Services, Inc. 19,975,042 3.3
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Network Appliance, Inc. 18,437,019 3.1
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PeopleSoft, Inc. 18,359,028 3.1
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Intuit, Inc. 18,222,281 3.0
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Juniper Networks, Inc. 17,683,120 2.9
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Electronic Arts, Inc. 16,750,648 2.8
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NVIDIA Corp. 16,474,277 2.7
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KLA-Tencor Corp. 15,935,019 2.7
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$ 183,136,874 30.5%
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ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 5
PORTFOLIO OF INVESTMENTS
May 31, 2003 (unaudited)
Company Shares Value
- --------------------------------------------------------------------------------
COMMON STOCKS-100.6%
Technology-41.9%
Communication Equipment-4.9%
Corning, Inc.(a) ............................. 1,633,720 $ 11,942,493
Juniper Networks, Inc.(a) .................... 1,274,000 17,683,120
------------
29,625,613
------------
Computer Peripherals-3.1%
Network Appliance, Inc.(a) ................... 1,082,620 18,437,019
------------
Computer Software-11.3%
BEA Systems, Inc.(a) ......................... 635,990 6,894,132
Documentum, Inc.(a) .......................... 170,260 3,607,809
Electronic Arts, Inc.(a) ..................... 244,321 16,750,648
Intuit, Inc.(a) .............................. 395,363 18,222,281
NetScreen Technologies, Inc.(a) .............. 194,200 4,348,138
PeopleSoft, Inc.(a) .......................... 1,122,190 18,359,028
------------
68,182,036
------------
Internet Media-5.4%
Overture Services, Inc.(a) ................... 1,119,740 19,975,042
Yahoo, Inc.(a) ............................... 410,320 12,248,052
------------
32,223,094
------------
Internet Infrastructure-2.0%
eBay, Inc.(a) ................................ 116,002 11,798,563
------------
Semi-Conductor Capital Equipment-2.7%
KLA-Tencor Corp.(a) .......................... 344,690 15,935,019
------------
Semi-Conductor Components-12.5%
Broadcom Corp. Cl.A(a) ....................... 253,890 6,215,227
Marvell Technology Group, Ltd.(a) ............ 421,440 13,363,862
Maxim Integrated Products, Inc. .............. 298,930 11,721,045
Micron Technology, Inc.(a) ................... 1,223,490 13,849,907
NVIDIA Corp.(a) .............................. 629,510 16,474,277
Silicon Laboratories, Inc.(a) ................ 464,960 13,832,560
------------
75,456,878
------------
251,658,222
------------
Consumer Services-19.2%
Airlines-1.7%
Southwest Airlines Co. ....................... 651,630 10,471,694
------------
Broadcasting & Cable-1.4%
XM Satellite Radio Holdings, Inc. Cl.A(a) .... 713,130 8,086,894
------------
Cellular Communications-5.4%
Nextel Communications, Inc. Cl.A(a) .......... 807,900 12,110,421
Sprint Corp. (PCS Group)(a) .................. 4,537,360 20,236,626
------------
32,347,047
------------
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6 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
Company Shares Value
- --------------------------------------------------------------------------------
Entertainment & Leisure-1.7%
Expedia, Inc.(a) ............................. 136,770 $ 10,045,756
------------
Gaming-1.2%
Wynn Resorts, Ltd.(a) ........................ 393,090 7,401,885
------------
Restaurants & Lodging-1.4%
Starbucks Corp.(a) ........................... 346,000 8,525,786
------------
Retail - General Merchandise-4.8%
Amazon.com, Inc.(a) .......................... 348,910 12,539,826
Tiffany & Co. ................................ 312,800 10,247,328
Williams-Sonoma, Inc.(a) ..................... 216,880 6,165,898
------------
28,953,052
------------
Miscellaneous-1.6%
Cendant Corp.(a) ............................. 566,820 9,522,576
------------
115,354,690
------------
Health Care-17.1%
Biotechnology-11.7%
Affymetrix, Inc.(a) .......................... 653,800 14,873,950
Applera Corp.-Applied Biosystems Group ....... 1,081,860 21,063,814
Compugen, Ltd. (Israel)(a) ................... 64,700 298,914
IDEC Pharmaceuticals Corp.(a) ................ 158,080 6,033,914
InterMune, Inc.(a) ........................... 372,640 9,383,075
MedImmune, Inc.(a) ........................... 183,120 6,491,604
Millennium Pharmaceuticals, Inc.(a) .......... 777,605 12,091,758
------------
70,237,029
------------
Drugs-1.4%
Forest Laboratories, Inc.(a) ................. 167,870 8,477,435
------------
Medical Products-3.5%
Boston Scientific Corp.(a) ................... 157,370 8,198,977
Cerus Corp.(a) ............................... 1,142,040 12,859,370
------------
21,058,347
------------
Medical Services-0.5%
Stericycle, Inc.(a) .......................... 78,270 3,096,361
------------
102,869,172
------------
Finance-5.3%
Banking - Money Center-1.0%
SLM Corp. .................................... 52,510 6,301,200
------------
Brokerage & Money Management-2.2%
Legg Mason, Inc. ............................. 203,000 13,115,830
------------
Insurance-2.1%
AFLAC, Inc. .................................. 204,540 6,731,411
XL Capital, Ltd. Cl.A ........................ 67,480 5,874,134
------------
12,605,545
------------
32,022,575
------------
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ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 7
Company Shares Value
- --------------------------------------------------------------------------------
Capital Goods-4.8%
Electrical Equipment-3.1%
Alliant Techsystems, Inc.(a) ................ 252,145 $ 12,725,758
Johnson Controls, Inc. ...................... 68,740 5,722,605
-------------
18,448,363
-------------
Machinery-1.7%
Navistar International Corp.(a) ............. 342,930 10,569,103
-------------
29,017,466
-------------
Consumer Manufacturing-4.8%
Building & Related-4.8%
D.R. Horton, Inc. ........................... 529,580 13,922,658
Lennar Corp. ................................ 129,610 8,690,351
Masco Corp. ................................. 244,190 6,007,074
-------------
28,620,083
-------------
Energy-4.1%
Domestic Producers-1.3%
Devon Energy Corp. .......................... 145,100 7,545,200
-------------
Oil Service-1.6%
Schlumberger, Ltd (Netherlands-Antilles) .... 201,050 9,775,051
-------------
Miscellaneous-1.2%
Valero Energy Corp. ......................... 188,280 7,060,500
-------------
24,380,751
-------------
Aerospace & Defense-2.1%
Aerospace-2.1%
Northrop Grumman Corp. ...................... 146,610 12,894,350
-------------
Basic Industry-1.3%
Paper & Forest Products-1.3%
Smurfit-Stone Container Corp.(a) ............ 533,900 7,912,398
-------------
Total Investments-100.6%
(cost $454,657,684) ...................... 604,729,707
Other assets less liabilities*-(0.6%) ....... (3,392,528)
-------------
Net Assets-100% ............................. $ 601,337,179
==============
* SECURITY LENDING INFORMATION
Includes cash collateral received of $59,520,150 for securities on loan as of
May 31, 2003 (see Note F). The lending agent invested the cash collateral in a
short-term investment as follows:
Percent
Current of Net
Yield Shares Value Assets
------- ---------- ----------- ------
UBS Private Money Market Fund LLC 1.22% 59,520,150 $59,520,150 9.9%
(a) Non-income producing security.
See notes to financial statements.
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8 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
STATEMENT OF ASSETS & LIABILITIES
May 31, 2003 (unaudited)
Assets
Investments in securities, at value
(cost $454,657,684)................................ $ 604,729,707(a)
Cash ................................................ 176,438
Collateral held for securities loaned................ 59,520,150
Receivable for investment securities sold............ 2,007,701
Receivable for capital stock sold.................... 224,069
Dividends and interest receivable.................... 153,806
---------------
Total assets......................................... 666,811,871
---------------
Liabilities
Payable for collateral received on securities loaned. 59,520,150
Payable for investment securities purchased.......... 4,549,556
Payable for capital stock redeemed................... 591,326
Advisory fee payable................................. 286,446
Distribution fee payable............................. 212,814
Accrued expenses and other liabilities............... 314,400
---------------
Total liabilities.................................... 65,474,692
---------------
Net Assets........................................... $ 601,337,179
===============
Composition of Net Assets
Capital stock, at par................................ $ 1,430,880
Additional paid-in capital........................... 778,571,163
Accumulated net investment loss...................... (2,882,394)
Accumulated net realized loss on investment
transactions....................................... (325,854,493)
Net unrealized appreciation of investments........... 150,072,023
---------------
$ 601,337,179
===============
Calculation of Maximum Offering Price
Class A Shares
Net asset value and redemption price per share
($524,932,856/123,135,689 shares of capital
stock issued and outstanding)...................... $4.26
Sales charge--4.25% of public offering price......... .19
-----
Maximum offering price............................... $4.45
=====
Class B Shares
Net asset value and offering price per share
($47,200,006/12,741,278 shares of capital
stock issued and outstanding)...................... $3.70
=====
Class C Shares
Net asset value and offering price per share
($11,425,811/3,089,751 shares of capital
stock issued and outstanding)...................... $3.70
=====
Advisor Class Shares
Net asset value, redemption and offering price per
share ($17,778,506/4,121,329 shares of capital
stock issued and outstanding)...................... $4.31
=====
(a) Includes securities on loan with a value of $58,061,688 (see Note F).
See notes to financial statements.
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ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 9
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2003 (unaudited)
Investment Income
Dividends............................... $ 825,987
Interest................................ 108,394 $ 934,381
---------------
Expenses
Management fee.......................... 1,856,214
Distribution fee--Class A............... 476,274
Distribution fee--Class B............... 193,425
Distribution fee--Class C............... 48,910
Transfer agency......................... 856,739
Printing................................ 124,651
Custodian............................... 91,082
Administrative.......................... 64,300
Audit and legal......................... 49,666
Registration............................ 36,873
Directors' fees......................... 10,853
Miscellaneous........................... 8,056
---------------
Total expenses.......................... 3,817,043
Less: expense offset arrangement
(see Note B).......................... (268)
---------------
Net expenses............................ 3,816,775
---------------
Net investment loss..................... (2,882,394)
---------------
Realized and Unrealized Gain on
Investment Transactions
Net realized gain on investment
transactions.......................... 16,936,120
Net change in unrealized
appreciation/depreciation
of investments........................ 63,620,738
---------------
Net gain on investment transactions..... 80,556,858
---------------
Net Increase in Net Assets
from Operations....................... $ 77,674,464
===============
See notes to financial statements.
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10 o ALLIANCEBERNSTEIN MID-CAP 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..................... $ (2,882,394) $ (7,710,224)
Net realized gain (loss) on investment
transactions.......................... 16,936,120 (186,108,624)
Net change in unrealized
appreciation/depreciation
of investments........................ 63,620,738 (24,491,326)
--------------- ---------------
Net increase (decrease) in net assets
from operations....................... 77,674,464 (218,310,174)
Capital Stock Transactions
Net decrease............................ (10,954,928) (141,756,741)
--------------- ---------------
Total increase (decrease)............... 66,719,536 (360,066,915)
Net Assets
Beginning of period..................... 534,617,643 894,684,558
--------------- ---------------
End of period........................... $ 601,337,179 $ 534,617,643
=============== ===============
See notes to financial statements.
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ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 11
NOTES TO FINANCIAL STATEMENTS
May 31, 2003 (unaudited)
NOTE A
Significant Accounting Policies
The AllianceBernstein Mid-Cap Growth Fund, Inc. (the "Fund"), formerly Alliance
Mid-Cap Growth Fund, 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% 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 Cshares 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 upon 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 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
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12 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
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. 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, 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 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
lia-
- --------------------------------------------------------------------------------
ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 13
bilities 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.
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.
4. 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.
5. 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.
6. Dividends and Distributions
Dividends and distributions to shareholders, if any, are recorded on the
exdividend date. Income dividends 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
Management Fee and Other Transactions With Affiliates
Under the terms of the management agreement, the Fund pays Alliance Capital
Management L.P. (the "Manager"), a fee at an annual rate of .75% on the first
$500 million of average daily net assets, .65% on the next $500 million of
average daily net assets and .55% on average daily net assets in excess of $1
billion. The fee is accrued daily and paid monthly.
Pursuant to the management agreement, the Fund paid $64,300 to the Manager
representing the cost of certain legal and accounting services provided to the
Fund by the Manager for the six months ended May 31, 2003.
- --------------------------------------------------------------------------------
14 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
The Fund compensates Alliance Global Investor Services, Inc., (AGIS) a
wholly-owned subsidiary of the Manager, under a Transfer Agency Agreement for
providing personnel and facilities to perform transfer agency services for the
Fund. Such compensation amounted to $675,058 for the six months ended May 31,
2003.
For the six months ended May 31, 2003, the Fund's expenses were reduced by $268
under an expense offset arrangement with AGIS.
AllianceBernstein Investment Research and Management, Inc., (the "Distributor"),
formerly Alliance Fund Distributors, Inc., a wholly-owned subsidiary of the
Manager, serves as the distributor of the Fund's shares. The Distributor has
advised the Fund that it has received front-end sales charges of $3,909 from the
sales of Class A shares and $1,210, $29,686 and $238 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 $1,193,756 of which $23,914 was paid to Sanford C.
Bernstein &Co. LLC, an affiliate of the Manager.
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 Class A shares and 1% of the average daily net assets attributable to both
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 $6,990,134 and $1,870,548, 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 current fiscal year for Class A shares.
The Agreement also provides that the Manager may use its own resources to
finance the distribution of the Fund's shares.
- --------------------------------------------------------------------------------
ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 15
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................. $251,897,033 $ 263,456,494
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 are as follows:
Gross unrealized appreciation.......................... $ 156,791,503
Gross unrealized depreciation.......................... (6,719,480)
---------------
Net unrealized appreciation............................ $ 150,072,023
===============
NOTE E
Distributions to Shareholders
The tax character of distributions to be paid for the year ending November 30,
2003 will be determined at the end of the current fiscal year. The tax character
of distributions paid during the fiscal years ended November 30, 2002 and
November 30, 2001 were as follows:
2002 2001
-------------- ---------------
Distributions paid from:
Ordinary income.................... $ -0- $ 28,558,139
Long term capital gains............ -0- 20,547,850
-------------- ---------------
Total taxable distributions........... -0- 49,105,989
-------------- ---------------
Total distributions paid.............. $ -0- $ 49,105,989
-------------- ---------------
As of November 30, 2002, the components of accumulated earnings/(deficit) on a
tax basis were as follows:
Accumulated capital and other losses................... $ (259,304,473)(a)
Unrealized appreciation/(depreciation)................. 2,965,148(b)
---------------
Total accumulated earnings/(deficit)................... $ (256,339,325)
---------------
(a) On November 30, 2002, the Fund had a net capital loss carryforward of
$259,304,473, of which $151,624,656 expires in the year 2009 and
$107,679,817 expires in the year 2010. To the extent future capital gains
are offset by capital loss carryforward, 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.
- --------------------------------------------------------------------------------
16 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
NOTE F
Securities Lending
The Fund has entered into a securities lending agreement with UBS/Paine Webber,
Inc. (the"LendingAgent"). Under the terms of the agreement, the Lending Agent,
on behalf of the Fund, administers the lending of portfolio securities to
certain broker-dealers. In return, the Fund earns fee income from the lending
transactions or it retains a portion of interest on the investment of any cash
received as collateral. The Fund also continues to receive dividends or interest
on the securities loaned. Unrealized gain or loss in the value of the securities
loaned that may occur during the term of the loan will be reflected in the
accounts of the Fund. All loans are continuously secured by collateral exceeding
the value of the securities loaned. All collateral consists of either cash or
U.S. Government securities. The Lending Agent may invest the cash collateral
received in an eligible money market vehicle in accordance with the investment
restrictions of the Fund. The Lending Agent will indemnify the Fund for any loss
resulting from a borrower's failure to return a loaned security when due. As of
May 31, 2003, the Fund had loaned securities with a value of $58,061,688 and
received cash collateral of $59,520,150, which was invested in a money market
fund as included in the footnotes to the accompanying portfolio of investments.
For the six months ended May 31, 2003, the Fund earned fee income of $99,238
which is included in interest income in the accompanying Statement of
Operations.
NOTE G
Capital Stock
There are 12,000,000,000 shares of $0.01 par value capital stock authorized,
divided into four classes, designated Class A, Class B, Class C and Advisor
Class shares. 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 80,179,046 666,869,479 $ 277,700,532 $ 2,604,234,397
- ------------------------------------------------------------------------------------
Shares converted
from Class B 206,514 699,555 734,679 2,861,398
- ------------------------------------------------------------------------------------
Shares redeemed (84,037,233) (684,023,732) (291,008,283) (2,681,824,281)
- ------------------------------------------------------------------------------------
Net decrease (3,651,673) (16,454,698) $ (12,573,072) $ (74,728,486)
- ------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ALLIANCEBERNSTEIN MID-CAP 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
----------------------------------------------------------------------
Class B
Shares sold 1,954,357 3,266,084 $ 6,004,452 $ 11,857,211
- ------------------------------------------------------------------------------------
Shares converted
to Class A (237,295) (796,739) (734,679) (2,861,398)
- ------------------------------------------------------------------------------------
Shares redeemed (1,691,999) (4,391,919) (5,035,049) (14,731,968)
- ------------------------------------------------------------------------------------
Net increase
(decrease) 25,063 (1,922,574) $ 234,724 $ (5,736,155)
- ------------------------------------------------------------------------------------
Class C
Shares sold 1,263,838 1,153,569 $ 3,757,717 $ 4,071,203
- ------------------------------------------------------------------------------------
Shares redeemed (1,541,672) (1,440,877) (4,555,189) (4,987,444)
- ------------------------------------------------------------------------------------
Net decrease (277,834) (287,308) $ (797,472) $ (916,241)
- ------------------------------------------------------------------------------------
Advisor Class
Shares sold 880,833 24,749,469 $ 3,057,176 $ 112,428,321
- ------------------------------------------------------------------------------------
Shares redeemed (258,099) (48,366,425) (876,284) (172,804,180)
- ------------------------------------------------------------------------------------
Net increase
(decrease) 622,734 (23,616,956) $ 2,180,892 $ (60,375,859)
- ------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
18 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
Financial Highlights
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
========================================================================
Class A
========================================================================
Six Months
Ended
May 31, Year Ended November 30,
2003 ---------------------------------------------------------
(unaudited) 2002 2001 2000 1999 1998
-------------------------------------------------------------------------
Net asset value,
beginning of period............ $ 3.70 $ 4.79 $ 5.83 $ 7.55 $ 5.97 $ 8.70
-------------------------------------------------------------------------
Income From Investment
Operations
Net investment loss(a)........... (.02) (.04) (.04) (.04) (.03) (.02)
Net realized and unrealized
gain (loss) on investment
and foreign currency
transactions................... .58 (1.05) (.71) (1.04) 2.00 (.54)
-------------------------------------------------------------------------
Net increase (decrease) in
net asset value from
operations..................... .56 (1.09) (.75) (1.08) 1.97 (.56)
-------------------------------------------------------------------------
Less: Distributions
Distributions from net realized
gain on investment
transactions................... -0- -0- (.29) (.64) (.39) (2.17)
-------------------------------------------------------------------------
Net asset value, end of period $ 4.26 $ 3.70 $ 4.79 $ 5.83 $ 7.55 $ 5.97
-------------------------------------------------------------------------
Total Return
Total investment return based
on net asset value(b).......... 15.14% (22.76)% (13.64)% (15.73)% 35.37% (8.48)%
Ratios/Supplemental Data
Net assets, end of period
(000's omitted)................ $524,933 $469,570 $686,445 $856,956 $1,128,166 $953,181
Ratio of expenses to
average net assets............. 1.46%(c) 1.34% 1.22% 1.04% 1.06% 1.03%
Ratio of net investment loss
to average net assets.......... (1.09)%(c) (1.03)% (.69)% (.55)% (.41)% (.36)%
Portfolio turnover rate.......... 50% 183% 226% 86% 97% 106%
See footnote summary on page 22.
- --------------------------------------------------------------------------------
ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 19
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
========================================================================
Class B
========================================================================
Six Months
Ended
May 31, Year Ended November 30,
2003 ---------------------------------------------------------
(unaudited) 2002 2001 2000 1999 1998
-------------------------------------------------------------------------
Net asset value,
beginning of period............ $ 3.23 $ 4.22 $ 5.21 $ 6.87 $ 5.51 $ 8.25
-------------------------------------------------------------------------
Income From Investment
Operations
Net investment loss(a)........... (.03) (.07) (.07) (.09) (.07) (.07)
Net realized and unrealized
gain (loss) on investment
and foreign currency
transactions................... .50 (.92) (.63) (.93) 1.82 (.50)
-------------------------------------------------------------------------
Net increase (decrease) in
net asset value from
operations..................... .47 (.99) (.70) (1.02) 1.75 (.57)
-------------------------------------------------------------------------
Less: Distributions
Distributions from net realized
gain on investment
transactions................... -0- -0- (.29) (.64) (.39) (2.17)
-------------------------------------------------------------------------
Net asset value, end of period... $ 3.70 $ 3.23 $ 4.22 $ 5.21 $ 6.87 $ 5.51
-------------------------------------------------------------------------
Total Return
Total investment return based
on net asset value(b).......... 14.55% (23.46)% (14.34)% (16.48)% 34.24% (9.27)%
Ratios/Supplemental Data
Net assets, end of period
(000's omitted)................ $47,200 $41,096 $61,816 $81,569 $101,858 $85,456
Ratio of expenses to
average net assets............. 2.34%(c) 2.20% 2.08% 1.87% 1.89% 1.84%
Ratio of net investment loss
to average net assets.......... (1.97)%(c) (1.89)% (1.54)% (1.39)% (1.23)% (1.17)%
Portfolio turnover rate.......... 50% 183% 226% 86% 97% 106%
See footnote summary on page 22.
- --------------------------------------------------------------------------------
20 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
========================================================================
Class C
========================================================================
Six Months
Ended
May 31, Year Ended November 30,
2003 ---------------------------------------------------------
(unaudited) 2002 2001 2000 1999 1998
-------------------------------------------------------------------------
Net asset value,
beginning of period............ $ 3.22 $ 4.21 $ 5.20 $ 6.86 $ 5.50 $ 8.26
-------------------------------------------------------------------------
Income From Investment
Operations
Net investment loss(a)........... (.03) (.06) (.07) (.09) (.08) (.07)
Net realized and unrealized
gain (loss) on investment
and foreign currency
transactions................... .51 (.93) (.63) (.93) 1.83 (.52)
-------------------------------------------------------------------------
Net increase (decrease) in
net asset value from
operations..................... .48 (.99) (.70) (1.02) 1.75 (.59)
-------------------------------------------------------------------------
Less: Distributions
Distributions from net realized
gain on investment
transactions............ ...... -0- -0- (.29) (.64) (.39) (2.17)
-------------------------------------------------------------------------
Net asset value, end of period... $ 3.70 $ 3.22 $ 4.21 $ 5.20 $ 6.86 $ 5.50
-------------------------------------------------------------------------
Total Return
Total investment return based
on net asset value(b).......... 14.91% (23.52)% (14.37)% (16.51)% 34.31% (9.58)%
Ratios/Supplemental Data
Net assets, end of period
(000's omitted)................ $11,426 $10,860 $15,391 $20,068 $28,025 $21,231
Ratio of expenses to
average net assets ............ 2.29%(c) 2.16% 2.04% 1.86% 1.86% 1.84%
Ratio of net investment loss
to average net assets.......... (1.91)%(c) (1.85)% (1.51)% (1.34)% (1.22)% (1.18)%
Portfolio turnover rate.......... 50% 183% 226% 86% 97% 106%
See footnote summary on page 22.
- --------------------------------------------------------------------------------
ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 21
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
========================================================================
Advisor Class
========================================================================
Six Months
Ended
May 31, Year Ended November 30,
2003 ---------------------------------------------------------
(unaudited) 2002 2001 2000 1999 1998
-------------------------------------------------------------------------
Net asset value,
beginning of period............ $ 3.74 $ 4.83 $ 5.86 $ 7.58 $ 5.98 $ 8.69
-------------------------------------------------------------------------
Income From Investment
Operations
Net investment loss(a)........... (.02) (.03) (.03) (.02) (.01) (.01)
Net realized and unrealized
gain (loss) on investment
and foreign currency
transactions................... .59 (1.06) (.71) (1.06) 2.00 (.53)
-------------------------------------------------------------------------
Net increase (decrease) in
net asset value from
operations..................... .57 (1.09) (.74) (1.08) 1.99 (.54)
-------------------------------------------------------------------------
Less: Distributions
Distributions from net realized
gain on investment
transactions................... -0- -0- (.29) (.64) (.39) (2.17)
-------------------------------------------------------------------------
Net asset value, end of period... $ 4.31 $ 3.74 $ 4.83 $ 5.86 $ 7.58 $ 5.98
-------------------------------------------------------------------------
Total Return
Total investment return based
on net asset value(b).......... 15.24% (22.57)% (13.39)% (15.66)% 35.66% (8.19)%
Ratios/Supplemental Data
Net assets, end of period
(000's omitted)................ $17,778 $13,092 $131,032 $8,304 $9,970 $11,305
Ratio of expenses to
average net assets............. 1.25%(c) 1.08% 1.08% .83% .85% .83%
Ratio of net investment loss
to average net assets.......... (.87)%(c) (.81)% (.64)% (.35)% (.20)% (.16)%
Portfolio turnover rate.......... 50% 183% 226% 86% 97% 106%
(a) Based on average shares outstanding.
(b) 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.
(c) Annualized
- --------------------------------------------------------------------------------
22 o ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
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
Thomas J. Bardong, Vice President
John L. Blundin, Vice President
Alan E. Levi, Vice President
Catherine Wood, Vice President
Edmund P. Bergan, Jr., Secretary
Mark D. Gersten, Treasurer & Chief Financial Officer
Vincent S. Noto, Controller
Custodian
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
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, Texas 78278-6003
Toll-Free (800) 221-5672
Independent Auditors
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036-2714
Legal Counsel
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
(1) Member of the Audit Committee.
- --------------------------------------------------------------------------------
ALLIANCEBERNSTEIN MID-CAP GROWTH FUND o 23
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.
- --------------------------------------------------------------------------------
24 O ALLIANCEBERNSTEIN MID-CAP GROWTH FUND
AllianceBernstein Mid-Cap Growth
1345 Avenue of the Americas
New York, NY 10105
(800) 221-5672
[LOGO]AllianceBernstein
Investment Research and Management
SM This service mark used under license from the owner, Alliance Capital
Management L.P.
ALLSR0503
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 Mid-Cap 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