ALLIANCE PREMIER GROWTH FUND
ANNUAL REPORT
NOVEMBER 30, 1999
ALLIANCE CAPITAL
LETTER TO SHAREHOLDERS ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
January 28, 2000
Dear Shareholder:
We are pleased to provide you with this report on Alliance Premier Growth Fund
(the "Fund"). This report contains investment results and market activity for
the annual period ended November 30, 1999.
INVESTMENT RESULTS
The following table provides performance results for the Alliance Premier
Growth Fund for the six- and 12-month periods ended November 30, 1999. For
comparison, we have also provided the returns for the Standard & Poor's 500
Stock Index (the "S&P 500"), a common measure of the broad U.S. stock market,
and your Fund's benchmark, the Russell 1000 Growth Stock Index, which measures
the performance of large-cap U.S. stocks.
For both the six- and 12-month periods ended November 30, 1999, your Fund has
provided a return well in excess of that of its S&P 500 benchmark. For the most
recent six-month period, the Fund modestly underperformed the Russell 1000
Growth Stock Index, although for the 12-month period, the Fund modestly
outperformed that index. Outperformance for the year overall was attributable
to continued appreciation in selected technology stocks, high-growth
telecommunication suppliers and service companies, media and broadcasting
firms, and brokerage stocks. Performance in the most recent six months was
tempered by declines in pharmaceutical stocks and your Fund's underweight
position in technology stocks relative to the Russell 1000 Growth Stock Index.
INVESTMENT RESULTS*
Period ended November 30, 1999
TOTAL RETURNS
6 MONTHS 12 MONTHS
--------- ---------
ALLIANCE PREMIER GROWTH FUND
Class A 14.33% 33.13%
Class B 13.96% 32.30%
Class C 13.94% 32.31%
S&P 500 7.36% 20.89%
RUSSELL 1000 GROWTH STOCK INDEX 16.85% 31.49%
* TOTAL RETURNS FOR THE FUND ARE BASED ON THE NET ASSET VALUE OF EACH CLASS
OF SHARES AS OF NOVEMBER 30, 1999. 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
THE FUND AND ITS COMPARATIVE BENCHMARKS INCLUDE THE REINVESTMENT OF ANY
DISTRIBUTIONS PAID DURING THE PERIOD. TOTAL RETURN FOR ADVISOR CLASS SHARES
WILL DIFFER DUE TO DIFFERENT EXPENSES ASSOCIATED WITH THAT CLASS. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
THE UNMANAGED S&P 500 INCLUDES 500 U.S. STOCKS AND IS A COMMON MEASURE OF
THE PERFORMANCE OF THE OVERALL U.S. STOCK MARKET. THE UNMANAGED RUSSELL 1000
GROWTH STOCK INDEX REPRESENTS THE PERFORMANCE OF 1000 OF THE LARGEST U.S.
COMPANIES BY MARKET CAPITALIZATION. AN INVESTOR CANNOT INVEST DIRECTLY IN THE
INDICES.
ADDITIONAL INVESTMENT RESULTS APPEAR ON PAGE 3.
ECONOMIC REVIEW
Virtually every portfolio manager and market strategist has drawn attention to
the narrow leadership that has evolved in the market over the last couple of
years. In terms of high earnings growth and strong market positions, it is hard
to argue with the fundamentals behind most of these companies. But the
price-to-earnings multiple divergence between this select group and all others
is hard to fit into any historic experience, at least since the early 1970s.
An unintended consequence of this split in valuations is that it feeds on
itself because of the importance of such names in indices like the Russell 1000
Growth Index and the S&P 500. The Russell 1000 Growth Index, for example, is
now approaching nearly a 45% weighting in highly valued technology stocks. And
by default, therefore, small-cap, mid-cap and value areas suffer as funds are
diverted to keeping up with the major benchmarks irrespective of price
considerations. Based on fundamentals, we continue to be strong bulls on the
U.S. economy and most U.S. companies. But it is hard to swallow today's
relative multiples between groups and, at the
1
ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
same time, feel that the market is being completely rational. To pay very high
absolute and relative multiples for a narrow list of stocks presupposes that
the rubber band will stretch even further in the future, and that what has been
a winning strategy up to this point will continue.
REVIEW OF INVESTMENT STRATEGY
The Fund seeks long-term growth by investing in many of what we believe to be
premier U.S. companies. We are continuing to stay the course with an optimistic
bias, but remain extremely price conscious when looking at one stock against
another. Our own answer to the dilemma of the division in values between the
narrow leadership group and the broader market is to adopt what admittedly some
could say is a compromise position. The Fund's portfolio is not as heavily
invested in the growth favorites, such as technology, to the extent that some
benchmarks would dictate. We are continuing to run the Fund's portfolio with a
broad mix of stocks, and believe a middle road is the correct path given our
positive feeling on fundamentals, yet also our slight discomfort with the
extremes of market price discrepancies. As always, we will continue to make
individual decisions as best we see the marriage of fundamentals and price on
all stocks in the Fund's portfolio at each point of the market's gyrations.
We thank you for your continued interest and investment in the Alliance Premier
Growth Fund and look forward to reporting our progress to you in the coming
periods.
Sincerely,
John D. Carifa
Chairman and President
Alfred Harrison
Executive Vice President
SHARES OF THE FUND ARE NOT DEPOSITS OR OBLIGATIONS OF, GUARANTEED OR ENDORSED
BY, ANY BANK; FURTHER, SUCH SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY.
SHARES OF THE FUND INVOLVE INVESTMENT RISKS, INCLUDING THE POSSIBLE LOSS OF
PRINCIPAL.
2
INVESTMENT OBJECTIVE AND POLICIES ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
Alliance Premier Growth Fund is an open-end, diversified investment company
that seeks long-term growth of capital by investing in the common stocks of a
limited number of large, carefully selected, high-quality U.S. companies that
are judged likely to achieve superior earnings growth. Normally, about 40
companies will be represented in the portfolio, with the 25 most highly
regarded of these usually constituting 70% of the Fund's net assets.
INVESTMENT RESULTS
_______________________________________________________________________________
NAV AND SEC AVERAGE ANNUAL TOTAL RETURNS AS OF NOVEMBER 30, 1999
CLASS A SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 33.13% 27.48%
Five Years 33.49% 32.33%
Since Inception* 24.60% 23.86%
CLASS B SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 32.30% 28.30%
Five Years 32.63% 32.63%
Since Inception* 23.84% 23.84%
CLASS C SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 32.31% 31.31%
Five Years 32.63% 32.63%
Since Inception* 25.36% 25.36%
SEC AVERAGE ANNUAL TOTAL RETURNS AS OF THE MOST RECENT QUARTER-END
(DECEMBER 31, 1999)
CLASS A CLASS B CLASS C
------------ ------------ ------------
1 Year 23.51% 24.13% 27.12%
5 Years 34.86% 35.13% 35.13%
Since Inception* 25.00% 24.97% 26.63%
The Fund's investment results represent average annual total returns. The NAV
and SEC returns reflect reinvestment of dividends and/or capital gains
distributions in additional shares without (NAV) and with (SEC) 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. Total return for Advisor Class shares will differ due to
different expenses associated with that class.
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: 9/28/92, Class A and Class B; 5/3/93, Class C.
3
ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
ALLIANCE PREMIER GROWTH FUND
GROWTH OF A $10,000 INVESTMENT
9/30/92* TO 11/30/99
$49,000
$39,000
$29,000
$19,000
$10,000
$9,000
ALLIANCE PREMIER GROWTH FUND CLASS A: $46,370
RUSSELL 1000 GROWTH INDEX: $39,777
S&P 500 STOCK INDEX: $38,816
9/30/92 11/30/92 11/30/93 11/30/94 11/30/95 11/30/96 11/30/97
11/30/98 11/30/99
This chart illustrates the total value of an assumed $10,000 investment in
Alliance Premier Growth Fund Class A shares (from 9/30/92 to 11/30/99) as
compared to the performance of appropriate broad-based indices. The chart
reflects the deduction of the maximum 4.25% sales charge from the initial
$10,000 investment in the Fund and assumes the reinvestment of dividends and
capital gains. Performance for Class B, Class C and Advisor Class shares will
vary from the results shown above due to differences in expenses charged to
those classes. Past performance is not indicative of future results, and is not
representative of future gain or loss in capital value or dividend income.
The unmanaged Standard &Poor's ("S&P") 500 Stock Index includes 500 U.S. stocks
and is a common measure of the performance of the overall U.S. stock market.
The unmanaged Russell 1000 Growth Index measures the performance of 1000 of the
largest U.S. companies by market capitalization. These large-cap stocks have a
greater-than-average growth orientation.
When comparing Alliance Premier Growth Fund to the indices shown above, you
should note that no charges or expenses are reflected in the performance of the
indices.
Alliance Premier Growth Fund
S&P 500 Stock Index
Russell 1000 GrowthIndex
* Closest month-end after the Fund's Class A share inception date of 9/28/92.
4
TEN LARGEST HOLDINGS
NOVEMBER 30, 1999 ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
PERCENT OF
COMPANY VALUE NET ASSETS
- -------------------------------------------------------------------------------
Dell Computer Corp. $ 794,562,600 5.0%
Home Depot, Inc. 683,068,375 4.3
Cisco Systems, Inc. 682,592,072 4.3
Morgan Stanley Dean Witter & Co. 634,178,097 4.0
Nokia Corp. (ADR) 617,421,750 3.9
Tyco International Ltd. 588,936,938 3.7
Intel Corp. 474,266,175 3.0
MediaOne Group, Inc. 470,190,250 3.0
Warner-Lambert Co. 456,859,156 2.9
Schering-Plough Corp. 450,748,675 2.8
$5,852,824,088 36.9%
MAJOR PORTFOLIO CHANGES
SIX MONTHS ENDED NOVEMBER 30, 1999
_______________________________________________________________________________
SHARES*
- -------------------------------------------------------------------------------
HOLDINGS
PURCHASES BOUGHT 11/30/99
- -------------------------------------------------------------------------------
Atlantic Richfield Co. 2,635,100 2,635,100
Dell Computer Corp. 4,772,100 18,478,200
The Goldman Sachs Group, Inc. 2,950,100 3,300,800
Home Depot, Inc. 2,470,000 8,639,600
Microsoft Corp. 1,578,700 4,021,100
Philip Morris Cos., Inc. 16,064,200 16,064,200
Schering-Plough Corp. 3,288,400 8,816,600
Sprint Corp. 4,395,600 4,395,600
Texas Instruments, Inc. 1,822,200 1,822,200
Vodafone AirTouch Plc 5,110,300 5,110,300
HOLDINGS
SALES SOLD 11/30/99
- -------------------------------------------------------------------------------
AirTouch Communications, Inc. 3,439,300 -0-
Bank of America Corp. 1,111,502 -0-
Dayton Hudson Corp. 1,392,600 719,400
International Business Machines Corp. 2,200,800 -0-
MCI WorldCom, Inc. 2,717,700 2,509,600
McKesson HBOC, Inc. 5,113,199 -0-
Merrill Lynch & Co., Inc. 1,730,700 -0-
Nokia Corp. (ADR) 3,781,500 4,468,000
Safeway, Inc. 2,983,900 -0-
Waste Management, Inc. 1,333,500 -0-
* Adjusted for stock splits.
5
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1999 ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS-98.8%
TECHNOLOGY-27.6%
COMMUNICATION EQUIPMENT-8.0%
EMC Corp. (a) 5,283,800 $ 441,527,537
JDS Uniphase Corp. (a) 25,000 5,718,750
Lucent Technologies, Inc. 2,243,905 163,945,309
Nokia Corp. (ADR) (Finland) 4,468,000 617,421,750
Nortel Networks Corp. 653,300 48,344,200
------------
1,276,957,546
COMPUTER HARDWARE-5.6%
Dell Computer Corp. (a) 18,478,200 794,562,600
Sun Microsystems, Inc. (a) 721,600 95,431,600
------------
889,994,200
COMPUTER SOFTWARE-2.5%
Microsoft Corp. (a) 4,021,100 366,108,589
Oracle Corp. (a) 376,700 25,544,969
------------
391,653,558
CONTRACT MANUFACTURING-1.0%
Solectron Corp. (a) 1,967,200 162,048,100
INTERNET-0.8%
America Online, Inc. 863,400 62,758,388
eBay, Inc. (a) 163,700 27,020,731
Yahoo, Inc. (a) 149,800 31,869,950
------------
121,649,069
NETWORKING SOFTWARE-4.3%
Cisco Systems, Inc. (a) 7,653,450 682,592,072
SEMI-CONDUCTOR CAPITAL EQUIPMENT-1.0%
Applied Materials, Inc. (a) 1,622,900 158,131,319
SEMI-CONDUCTOR COMPONENTS-4.4%
Intel Corp. 6,184,400 474,266,175
Micron Technology, Inc. (a) 662,900 44,497,163
Texas Instruments, Inc. 1,822,200 175,045,087
------------
693,808,425
------------
4,376,834,289
CONSUMER SERVICES-26.1%
AIRLINES-3.1%
Continental Airlines, Inc. C1.B (a) 3,656,600 135,294,200
Delta Airlines, Inc. 1,727,100 85,059,675
KLM Royal Dutch Air 3,241,711 80,637,561
Northwest Airlines Corp. Cl.A (a) 3,624,400 84,946,875
UAL Corp. (a) 1,604,200 110,288,750
------------
496,227,061
BROADCASTING & CABLE-7.7%
AMFM, Inc. (a) 1,813,700 128,205,919
AT&T Corp. - Liberty Media
Group C1.A (a) 5,155,924 215,582,072
CBS Corp. (a) 1,018,400 52,956,800
Clear Channel Communications, Inc. (a) 1,311,000 105,371,625
MediaOne Group, Inc. (a) 5,933,000 470,190,250
Vodafone AirTouch Plc (ADR)
(United Kingdom) 5,110,300 241,142,281
--------------
1,213,448,947
PRINTING & PUBLISHING-0.4%
Gannett Co., Inc. 818,900 58,602,531
RETAIL - GENERAL MERCHANDISE-14.9%
Costco Wholesale Corp. (a) 3,678,800 337,299,975
Dayton Hudson Corp. 719,400 50,762,663
Gap, Inc. 10,175,550 412,109,775
Home Depot, Inc. 8,639,600 683,068,375
Kohl's Corp. (a) 2,468,900 178,223,719
Lowe's Companies, Inc. 6,562,400 326,889,550
Tommy Hilfiger Corp. (a) 3,888,500 95,754,312
Wal-Mart Stores, Inc. 5,000,800 288,171,100
--------------
2,372,279,469
--------------
4,140,558,008
FINANCE-17.5%
BANKING - MONEY CENTER-3.5%
Chase Manhattan Corp. 2,433,700 188,003,325
Citigroup, Inc. 6,752,050 363,766,694
------------
551,770,019
6
ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
BANKING - REGIONAL-0.3%
Fifth Third Bancorp 730,700 $ 51,149,000
BROKERAGE & MONEY MANAGEMENT-5.5%
The Goldman Sachs Group, Inc. 3,300,800 247,972,600
Morgan Stanley Dean Witter & Co. 5,257,435 634,178,097
------------
882,150,697
INSURANCE-1.3%
American International Group, Inc. 2,006,496 207,170,712
MORTGAGE BANKING-2.6%
Federal Home Loan Mortgage Corp. 8,240,700 406,884,563
MISCELLANEOUS-4.3%
Associates First Capital Corp. Cl.A 4,881,800 162,319,850
MBNA Corp. 15,739,130 397,413,032
The CIT Group, Inc. Cl.A 5,759,480 119,509,210
------------
679,242,092
--------------
2,778,367,083
HEALTH CARE-10.4%
DRUGS-9.3%
Bristol-Myers Squibb Co. 3,308,200 241,705,363
Pfizer, Inc. 9,085,100 328,767,056
Schering-Plough Corp. 8,816,600 450,748,675
Warner-Lambert Co. 5,093,900 456,859,156
--------------
1,478,080,250
MEDICAL PRODUCTS-0.2%
Medtronic, Inc. 709,800 27,593,475
MEDICAL SERVICES-0.9%
IMS Health, Inc. 5,897,500 138,959,844
--------------
1,644,633,569
MULTI-INDUSTRY COMPANIES-4.4%
Honeywell, Inc. 375,500 42,032,531
Minnesota Mining & Manufacturing Co. 786,300 75,140,794
Tyco International Ltd. 14,700,454 588,936,938
------------
706,110,263
CONSUMER STAPLES-4.4%
RETAIL - FOOD & DRUG-1.7%
Kroger Co. (a) 6,577,200 140,176,575
Walgreen Co. 4,745,500 138,212,688
------------
278,389,263
TOBACCO-2.7%
Philip Morris Cos., Inc. 16,064,200 422,689,262
------------
701,078,525
UTILITIES-3.2%
TELEPHONE UTILITY-3.2%
MCI WorldCom, Inc. (a) 2,509,600 207,512,550
Sprint Corp. 4,395,600 304,944,750
------------
512,457,300
CONSUMER MANUFACTURING-2.0%
AUTO & RELATED-1.7%
Ford Motor Co. 4,313,200 217,816,600
General Motors Corp. 763,100 54,943,200
------------
272,759,800
BUILDING & RELATED-0.3%
Masco Corp. 1,645,700 41,553,925
------------
314,313,725
ENERGY-1.6%
DOMESTIC INTEGRATED-1.6%
Atlantic Richfield Co. 2,635,100 253,957,762
CAPITAL GOODS-0.9%
MISCELLANEOUS-0.9%
United Technologies Corp. 2,635,500 148,905,750
BASIC INDUSTRY-0.7%
MINING & METALS-0.3%
Alcoa, Inc. 820,100 53,716,550
PAPER & FOREST PRODUCTS-0.4%
International Paper Co. 558,600 29,151,938
Weyerhaeuser Co. 416,100 25,486,125
------------
54,638,063
------------
108,354,613
Total Common Stocks
(cost $13,307,930,544) 15,685,570,887
7
PORTFOLIO OF INVESTMENTS (CONTINUED) ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
PRINCIPAL
AMOUNT
COMPANY (000) VALUE
- -------------------------------------------------------------------------
SHORT-TERM INVESTMENTS-0.8%
COMMERCIAL PAPER-0.8%
General Electric Capital Corp.
5.68%, 12/01/99 $134,098 $ 134,098,000
TIME DEPOSIT-0.0%
State Street Euro Dollar
5.00%, 12/01/99 2,234 2,234,000
Total Short-Term Investments
(amortized cost $136,332,000) 136,332,000
------------
TOTAL INVESTMENTS-99.6%
(cost $13,444,262,544) 15,821,902,887
Other assets less liabilities-0.4% 57,187,601
NET ASSETS-100% $15,879,090,488
(a) Non-income producing security.
Glossary:
ADR - American Depositary Receipt.
See notes to financial statements.
8
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999 ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
ASSETS
Investments in securities, at value
(cost $13,444,262,544) $15,821,902,887
Cash 571
Receivable for investment securities sold 222,537,326
Receivable for capital stock sold 107,530,346
Dividends and interest receivable 7,742,246
Total assets 16,159,713,376
LIABILITIES
Payable for investment securities purchased 222,745,797
Payable for capital stock redeemed 38,230,014
Advisory fee payable 11,850,531
Distribution fee payable 3,106,245
Accrued expenses and other liabilities 4,690,301
Total liabilities 280,622,888
NET ASSETS $15,879,090,488
COMPOSITION OF NET ASSETS
Capital stock, at par $ 459,228
Additional paid-in capital 12,428,070,211
Accumulated net realized gain on investments 1,072,920,706
Net unrealized appreciation of investments 2,377,640,343
$15,879,090,488
CALCULATION OF MAXIMUM OFFERING PRICE
CLASS A SHARES
Net asset value and redemption price per share
($4,285,490,312 / 119,639,169 shares of capital stock
issued and outstanding) $35.82
Sales charge--4.25% of public offering price 1.59
Maximum offering price $37.41
CLASS B SHARES
Net asset value and offering price per share
($8,161,470,587 / 239,725,968 shares of capital stock
issued and outstanding) $34.05
CLASS C SHARES
Net asset value and offering price per share
($2,965,439,710 / 86,986,712 shares of capital stock
issued and outstanding) $34.09
ADVISOR CLASS SHARES
Net asset value, redemption and offering price per share
($466,689,879 / 12,875,805 shares of capital stock
issued and outstanding) $36.25
See notes to financial statements.
9
STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1999 ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
INVESTMENT INCOME
Dividends (net of foreign taxes
withheld of $1,339,904) $ 59,772,573
Interest 12,166,073 $ 71,938,646
EXPENSES
Advisory fee 105,739,475
Distribution fee - Class A 9,781,762
Distribution fee - Class B 57,390,040
Distribution fee - Class C 20,190,491
Transfer agency 18,009,342
Registration 2,692,344
Printing 2,173,838
Taxes 865,089
Custodian 663,572
Audit and legal 132,598
Administrative 129,000
Directors' fees 25,000
Miscellaneous 273,270
Total expenses 218,065,821
Net investment loss (146,127,175)
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
Net realized gain on investment
transactions 1,226,047,789
Net change in unrealized appreciation
of investments 1,427,893,908
Net gain on investments 2,653,941,697
NET INCREASE IN NET ASSETS FROM
OPERATIONS $2,507,814,522
See notes to financial statements.
10
STATEMENT OF CHANGES IN NET ASSETS ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30,
1999 1998
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment loss $ (146,127,175) $ (32,453,991)
Net realized gain on investment
transactions 1,226,047,789 130,077,346
Net change in unrealized appreciation
of investments 1,427,893,908 675,313,803
Net increase in net assets from
operations 2,507,814,522 772,937,158
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments
Class A (32,516,709) (25,682,703)
Class B (67,526,095) (60,400,293)
Class C (20,765,712) (12,552,691)
Advisor Class (5,998,556) (3,662,777)
CAPITAL STOCK TRANSACTIONS
Net increase 8,146,678,528 3,217,836,041
Total increase 10,527,685,978 3,888,474,735
NET ASSETS
Beginning of year 5,351,404,510 1,462,929,775
End of year $15,879,090,488 $5,351,404,510
See notes to financial statements.
11
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1999 ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Premier Growth Fund, Inc. (the "Fund"), organized as a Maryland
corporation on July 9, 1992, 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 purchased before July 11, 1998 will
convert to Class A shares six years after the end of the calendar month of
purchase. Class B shares purchased on or after July 11, 1998 will 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 generally accepted
accounting principles which require management to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities in the
financial statements and amounts of income and expenses during the reporting
period. Actual results could differ from those estimates. The following is a
summary of significant accounting policies followed by the Fund.
1. SECURITY VALUATION
Portfolio securities traded on a national securities exchange or on a foreign
securities exchange (other than foreign securities exchanges whose operations
are similar to those of the United States over-the-counter market) are
generally valued at the last reported sales price or if no sale occurred, at
the mean of the closing bid and asked prices on that day. Readily marketable
securities traded in the over-the-counter market, securities listed on a
foreign securities exchange whose operations are similar to the U.S.
over-the-counter market, and securities listed on a national securities
exchange whose primary market is believed to be over-the-counter, are valued at
the mean of the current bid and asked prices. U.S. government and fixed income
securities which mature in 60 days or less are valued at amortized cost, unless
this method does not represent fair value. Securities for which current market
quotations are not readily available are valued at their fair value as
determined in good faith by, or in accordance with procedures adopted by, the
Board of Directors.
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 price 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 foreign currency gains and losses represent foreign exchange gains
and losses from sales and maturities of debt securities, currency gains and
losses realized between the trade and settlement dates on security transactions
and the difference between the amounts of dividends and interest recorded on
the Fund's books and the U.S. dollar equivalent amounts actually received or
paid. The Fund does not isolate the effect of fluctuations in foreign currency
exchange rates when determining the gain or loss upon the sale of equity
securities. Net currency gains and losses from valuing foreign currency
denominated assets and liabilities at period end exchange rates would be
reflected as a component of net unrealized appreciation 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
12
ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
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 the securities are
purchased or sold. The Fund accretes discount and amortizes premiums as
adjustments to interest income. Investment gains and losses are determined on
the identified cost basis.
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 the Advisory Class shares have no distribution fees.
6. DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions to shareholders are recorded on the ex-dividend
date.
Income dividends and capital gains distributions are determined in accordance
with federal tax regulations and may differ from those determined in accordance
with generally accepted accounting principles. To the extent these differences
are permanent, such amounts are reclassified within the capital accounts based
on their federal tax basis treatment; temporary differences, do not require
such reclassification.
During the current fiscal year, permanent differences, primarily due to a net
investment loss, resulted in a net decrease in net accumulated investment loss
and a corresponding decrease in accumulated net realized gain on investments.
This reclassification had no effect on net assets.
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 equal to the annualized
rate of 1.00% of the Fund's average daily net assets up to $5 billion, .95% of
the next $2.5 billion of the Fund's average daily net assets, .90% of the next
$2.5 billion of the Fund's average daily net assets, and .85% of the Fund's
average daily net assets over $10 billion. Prior to November 1, 1998 the
effective advisory fee was 1% of average daily net assets of the Fund. Such fee
is accrued daily and paid monthly.
Pursuant to the advisory agreement, the Fund paid $129,000 to the Adviser
representing the cost of certain legal and accounting services provided to the
Fund by the Adviser for the year ended November 30, 1999.
The Fund compensates Alliance Fund Services, Inc., 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 $12,077,820 for the year ended November 30, 1999.
In addition, for the year ended November 30, 1999, the Fund's expenses were
reduced by $926,611 under an expense offset arrangement with Alliance Fund
Services, Inc.
Alliance Fund Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary
of the Adviser, serves as the Distributor of the Fund's shares. The Distributor
has advised the Fund that it has received front-end sales charges of $2,941,087
from the sale of Class A shares and $157,564, $9,314,135 and $1,019,542 in
contingent deferred sales charges imposed upon redemptions by shareholders of
Class A, Class B and Class C shares, respectively, for the year ended November
30, 1999.
Brokerage commissions paid on investment transactions for the year ended
November 30, 1999, amounted to $20,120,671, none of which was paid to brokers
utilizing the services of the Pershing Division of Donaldson, Lufkin & Jenrette
Securities Corp. ("DLJ"), an affiliate of the Adviser, nor to DLJ directly.
13
NOTES TO FINANCIAL STATEMENTS (CONTINUED) ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
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 .50% of the 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 $212,989,421 and
$12,643,291 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 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
and U.S. government securities) aggregated $15,802,962,372 and $8,088,531,789,
respectively, for the year ended November 30, 1999. There were purchases of
$333,627,673 and sales of $20,787,185 of U.S. government and government agency
obligations for the year ended November 30, 1999.
At November 30, 1999 the cost of investments for federal income tax purposes
was $13,466,041,959. Gross unrealized appreciation of investments was
$2,820,956,483 and gross unrealized depreciation of investments was
$465,095,555 resulting in net unrealized appreciation of $2,355,860,928.
NOTE E: CAPITAL STOCK
There are 12,000,000,000 shares of $0.001 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
--------------------------- ------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
1999 1998 1999 1998
------------ ------------ -------------- --------------
CLASS A
Shares sold 137,931,934 56,476,036 $4,530,547,629 $1,405,838,706
Shares issued in
reinvestment of
distributions 1,094,113 1,121,642 30,233,841 22,887,704
Shares converted
from Class B 5,382,731 1,419,064 175,781,365 34,681,201
Shares redeemed (76,350,596) (24,392,132) (2,519,837,694) (606,086,880)
Net increase 68,058,182 34,624,610 $2,216,725,141 $ 857,320,731
CLASS B
Shares sold 159,973,069 74,810,864 $4,981,837,124 $1,807,421,381
Shares issued in
reinvestment of
distributions 2,407,963 2,894,527 63,620,433 56,870,690
Shares converted
to Class A (5,643,209) (1,478,067) (175,781,365) (34,681,201)
Shares redeemed (23,337,539) (10,277,797) (733,129,267) (241,201,004)
Net increase 133,400,284 65,949,527 $4,136,546,925 $1,588,409,866
14
ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
SHARES AMOUNT
--------------------------- ------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
1999 1998 1999 1998
------------ ------------ -------------- --------------
CLASS C
Shares sold 79,730,256 40,451,101 $2,489,717,810 $981,761,319
Shares issued in
reinvestment of
distributions 741,503 593,076 19,620,963 11,712,445
Shares redeemed (26,187,273) (16,699,091) (816,561,912) (402,173,143)
Net increase 54,284,486 24,345,086 $1,692,776,861 $591,300,621
ADVISOR CLASS
Shares sold 9,127,148 11,134,237 $ 304,656,716 $275,248,745
Shares issued in
reinvestment of
distributions 208,442 170,458 5,807,195 3,504,261
Shares redeemed (6,261,867) (3,921,835) (209,834,310) (97,948,183)
Net increase 3,073,723 7,382,860 $ 100,629,601 $180,804,823
NOTE F: BANK BORROWING
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
miscellaneous expenses in the statement of operations. The Fund did not utilize
the Facility during the year ended November 30, 1999.
15
FINANCIAL HIGHLIGHTS ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH YEAR
CLASS A
-----------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
-----------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $27.50 $22.00 $17.98 $16.09 $11.41
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.28)(a) (.15)(a) (.10)(a) (.04)(a) (.03)
Net realized and unrealized gain on
investment transactions 9.21 7.11 5.20 3.20 5.38
Net increase in net asset value from
operations 8.93 6.96 5.10 3.16 5.35
LESS: DISTRIBUTIONS
Distributions from net realized gains (.61) (1.46) (1.08) (1.27) (.67)
Net asset value, end of year $35.82 $27.50 $22.00 $17.98 $16.09
TOTAL RETURN
Total investment return based on net
asset value (b) 33.13% 33.94% 30.46% 21.52% 49.95%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (000's omitted) $4,285,490 $1,418,262 $373,099 $172,870 $72,366
Ratio of expenses to average net assets 1.50% 1.59%(c) 1.57% 1.65% 1.75%
Ratio of net investment loss to average
net assets (.85)% (.59)% (.52)% (.27)% (.28)%
Portfolio turnover rate 75% 82% 76% 95% 114%
</TABLE>
See footnote summary on page 19.
16
ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH YEAR
<TABLE>
<CAPTION>
CLASS B
-----------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
-----------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $26.33 $21.26 $17.52 $15.81 $11.29
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.48)(a) (.30)(a) (.23)(a) (.14)(a) (.11)
Net realized and unrealized gain on
investment
transactions 8.81 6.83 5.05 3.12 5.30
Net increase in net asset value from
operations 8.33 6.53 4.82 2.98 5.19
LESS: DISTRIBUTIONS
Distributions from net realized gains (.61) (1.46) (1.08) (1.27) (.67)
Net asset value, end of year $34.05 $26.33 $21.26 $17.52 $15.81
TOTAL RETURN
Total investment return based on net
asset value (b) 32.30% 33.04% 29.62% 20.70% 49.01%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (000's omitted) $8,161,471 $2,799,288 $858,449 $404,137 $238,088
Ratio of expenses to average net assets 2.18% 2.28%(c) 2.25% 2.32% 2.43%
Ratio of net investment loss to average
net assets (1.53)% (1.27)% (1.20)% (.94)% (.95)%
Portfolio turnover rate 75% 82% 76% 95% 114%
</TABLE>
See footnote summary on page 19.
17
FINANCIAL HIGHLIGHTS (CONTINUED) ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH YEAR
CLASS C
-----------------------------------------------------------------
YEAR ENDED NOVEMBER 30,
-----------------------------------------------------------------
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $26.36 $21.29 $17.54 $15.82 $11.30
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.49)(a) (.31)(a) (.24)(a) (.14)(a) (.08)
Net realized and unrealized gain on
investment transactions 8.83 6.84 5.07 3.13 5.27
Net increase in net asset value from
operations 8.34 6.53 4.83 2.99 5.19
LESS:DISTRIBUTIONS
Distributions from net realized gains (.61) (1.46) (1.08) (1.27) (.67)
Net asset value, end of year $34.09 $26.36 $21.29 $17.54 $15.82
TOTAL RETURN
Total investment return based on net
asset value (b) 32.31% 32.99% 29.64% 20.76% 48.96%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (000's omitted) $2,965,440 $862,193 $177,923 $60,194 $20,679
Ratio of expenses to average net assets 2.18% 2.28%(c) 2.24% 2.32% 2.42%
Ratio of net investment loss to average
net assets (1.53)% (1.30)% (1.22)% (.94)% (.97)%
Portfolio turnover rate 75% 82% 76% 95% 114%
</TABLE>
See footnote summary on page 19.
18
ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
ADVISOR CLASS
----------------------------------------------------
OCTOBER 2,
YEAR ENDED NOVEMBER 30, NOVEMBER 30, 1996(D)
------------------------------------- TO
1999 1998 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $27.71 $22.10 $17.99 $15.94
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (a) (.17) (.07) (.06) (.01)
Net realized and unrealized gain on
investment transactions 9.32 7.14 5.25 2.06
Net increase in net asset value from
operations 9.15 7.07 5.19 2.05
LESS: DISTRIBUTIONS
Distributions from net realized gains (.61) (1.46) (1.08) -0-
Net asset value, end of period $36.25 $27.71 $22.10 $17.99
TOTAL RETURN
Total investment return based on net
asset value (b) 33.68% 34.31% 30.98% 12.86%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $466,690 $271,661 $53,459 $1,922
Ratio of expenses to average net assets 1.16% 1.26%(c) 1.25% 1.50%(e)
Ratio of net investment loss to average
net assets (.51)% (.28)% (.28)% (.48)%(e)
Portfolio turnover rate 75% 82% 76% 95%
</TABLE>
(a) Based on average shares oustanding.
(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 investment return calculated for a period of less than one year
is not annualized.
(c) Ratio reflects expenses grossed up for expense offset arrangement with the
Transfer Agent. For the year ended November 30, 1998, the ratios of expenses to
average net assets were 1.58% for Class A shares, 2.27% for Class B shares,
2.27% for Class C shares and 1.25% for Advisor Class shares, respectively.
(d) Commencement of distribution.
(e) Annualized.
19
REPORT OF INDEPENDENT ACCOUNTANTS ALLIANCE PREMIER GROWTH FUND
_______________________________________________________________________________
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
ALLIANCE PREMIER GROWTH FUND, INC.
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Alliance Premier Growth Fund, Inc.
(the "Fund") at November 30, 1999, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the periods
indicated, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at November 30, 1999 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
January 24, 2000
TAX INFORMATION (UNAUDITED)
_______________________________________________________________________________
In order to meet certain requirements of the Internal Revenue Code we are
advising you that the Fund paid $126,807,072 of capital gain distributions
during the fiscal year ended November 30, 1999, which are subject to a maximum
tax rate of 20%. Shareholders should not use the above information to prepare
their tax returns. The information necessary to complete your income tax
returns will be included with your Form 1099 DIV which will be sent to you
separately in January 2000.
20
ALLIANCE PREMIER 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)
DR. JAMES M. HESTER (1)
CLIFFORD L. MICHEL (1)
DONALD J. ROBINSON (1)
OFFICERS
ALFRED HARRISON, EXECUTIVE VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
THOMAS J. BARDONG, VICE PRESIDENT
DANIEL NORDBY, 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
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
Toll-free 1-(800) 221-5672
INDEPENDENT ACCOUNTANTS
PRICEWATERHOUSECOOPERS LLP
1177 Avenue of the Americas
New York, NY 10036-2798
LEGAL COUNSEL
SEWARD & KISSEL LLP
One Battery Park Plaza
New York, NY 10004
(1) Member of the Audit Committee.
21
THE ALLIANCE FAMILY OF MUTUAL FUNDS
_______________________________________________________________________________
FIXED INCOME
Alliance Bond Fund
U.S. Government Portfolio
Corporate Bond Portfolio
Quality Bond Portfolio
Alliance Global Dollar Government Fund
Alliance Global Strategic Income Trust
Alliance High Yield Fund
Alliance Limited Maturity Government Fund
Alliance Mortgage Securities Income Fund
Alliance Multi-Market Strategy Trust
Alliance North American Government Income Trust
Alliance Short-Term U.S. Government Fund
TAX-FREE INCOME
Alliance Municipal Income Fund
California Portfolio
Insured California Portfolio
Insured National Portfolio
National Portfolio
New York Portfolio
Alliance Municipal Income Fund II
Arizona Portfolio
Florida Portfolio
Massachusetts Portfolio
Michigan Portfolio
Minnesota Portfolio
New Jersey Portfolio
Ohio Portfolio
Pennsylvania Portfolio
Virginia Portfolio
MONEY MARKET
AFD Exchange Reserves
GROWTH
The Alliance Fund
Alliance Global Environment Fund
Alliance Growth Fund
Alliance Premier Growth Fund
Select Investors Series - Premier Portfolio
GROWTH & INCOME
Alliance Balanced Shares
Alliance Conservative Investors Fund
Alliance Growth & Income Fund
Alliance Growth Investors Fund
Alliance Real Estate Investment Fund
Alliance Utility Income Fund
AGGRESSIVE GROWTH
Alliance Global Small Cap Fund
Alliance Health Care Fund
Alliance Quasar Fund
Alliance Technology Fund
INTERNATIONAL
Alliance All-Asia Investment Fund
Alliance Greater China '97 Fund
Alliance International Fund
Alliance International Premier Growth Fund
Alliance New Europe Fund
Alliance Worldwide Privatization Fund
INSTITUTIONAL
Premier Growth
Quasar
Real Estate Investment
CLOSED-END FUNDS
Alliance All-Market Advantage Fund
ACM Government Income Fund
ACM Government Opportunity Fund
ACM Government Securities Fund
ACM Government Spectrum Fund
ACM Managed Dollar Income Fund
ACM Managed Income Fund
ACM Municipal Securities Income Fund
Alliance World Dollar Government Fund
Alliance World Dollar Government Fund II
The Austria Fund
The Korean Investment Fund
The Spain Fund
The Southern Africa Fund
CASH MANAGEMENT SERVICES
Alliance Capital Reserves
Alliance Government Reserves
Alliance Institutional Reserves
Prime Portfolio
Government Portfolio
Tax-Free Portfolio
Treasury Portfolio
Trust Portfolio
Alliance Insured Account
Alliance Money Reserves
Alliance Municipal Trust
California Portfolio
Connecticut Portfolio
Florida Portfolio
General Portfolio
Massachusetts Portfolio
New Jersey Portfolio
New York Portfolio
Virginia Portfolio
Alliance Treasury Reserves
Alliance Money Market Fund
Prime Portfolio
General Municipal Portfolio
Government Portfolio
22
ALLIANCE PREMIER GROWTH FUND
1345 Avenue of the Americas
New York, NY 10105
(800) 221-5672
ALLIANCE CAPITAL
THIS REPORT IS INTENDED SOLELY FOR DISTRIBUTION TO CURRENT SHAREHOLDERS
OF THE FUND.
R THESE REGISTERED SERVICE MARKS USED UNDER LICENSE FROM THE OWNER,
ALLIANCE CAPITAL MANAGEMENT L.P.
APGAR1199
