ALLIANCE TECHNOLOGY FUND
ANNUAL REPORT
NOVEMBER 30, 1997
ALLIANCE CAPITAL
LETTER TO SHAREHOLDERS ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
December 22, 1997
Dear Shareholders,
The Chinese have a saying: "May you live in interesting times." This year has
certainly proved to be interesting. The year began and ended with corrections
in the technology sector, while the middle of the year was more rewarding. The
effect of all this volatility on our performance is reported in the table below.
As we indicated in our last letter (for the period ended May 31, 1997), we are
confident in the long-term growth prospects for the technology sector. This
confidence was rewarded in the second and third quarters of calendar 1997 as we
saw a strong recovery in the technology market.
While the Fund's performance was slightly below that of the Pacific Stock
Exchange (PSE) High Tech Index for the most recent six months, it is almost
entirely the Fund's underperformance earlier in the year that caused it to
significantly underperform its benchmarks for the 12-month period. As we noted
in our last report, this underperformance was largely due to our investment
commitment to networking stocks and our unwillingness to sell these securities
when short-term issues arose.
INVESTMENT RESULTS
TOTAL RETURNS
(THROUGH NOVEMBER 30, 1997)
6 MONTHS 12 MONTHS
---------- ------------
ALLIANCE TECHNOLOGY FUND
Class A 6.27% 7.32%
Class B 5.90% 6.57%
Class C 5.88% 6.55%
S&P 500 13.54% 28.50%
PSE HIGH TECH INDEX 7.84% 21.86%
BOTH THE S&P 500 AND THE PSE HIGH TECH INDEX ARE UNMANAGED. TOTAL RETURNS FOR
ADVISOR CLASS SHARES WILL DIFFER DUE TO DIFFERENT EXPENSES.
PORTFOLIO DISCUSSION
The swings of emotion which surround technology stocks can make the overall
stock market's volatility seem tame. The market's normal pendulum of fear
versus greed can look more like panic versus euphoria when it comes to the tech
sector, and 1997 illustrated that point only too well. Although the secular
growth outlook of this industry remains very much intact, in our view,
confusion and doubt plagued these stocks repeatedly this year. While we have
seen this apprehension, and the price corrections it leads to, more than once,
examining negative psychology is always necessary to determine where it may
have merit. The main points of today's concerns, as well as our own views about
them, are highlighted below.
THE ASIAN FLU
Events in the Far East have become a daily drama. The timing and nature of a
final resolution to this region's economic difficulties are unclear and tech
stocks have suffered because of this. It's obvious that this part of the world
has been an important source of growth for many technology companies and this
driver has become more uncertain. The price correction we have witnessed in
technology stocks since October, however, takes some of this into account.
Some things which are not taken into account at present include: a) the fact
that technology products and systems are essential to these countries if their
dream of economic progress is to be realized; and b) the competitive position
of U.S. (and some selected European) technology companies is stronger now than
it has been in decades because of the turmoil in Asia. Thus, the opportunity
exists for market share gains.
THE SUB $1,000 PC
If a powerful personal computer can now be purchased for less than U.S. $1,000,
won't this undermine the profitability of PC companies as well as their
suppliers? Probably not. Although a $1,000 PC is powerful versus earlier
generation products, it cannot easily process much of today's software (both
business and consumer).
Corporations have shown no interest in these stripped down models to date, and
their role seems to be as a second PC in the home or as a first PC for families
who cannot afford complete systems. Even in these cases, people are usually
spending more than $1,000. These less expensive PCs are actually serving to
expand the overall market for PCs and, in the process, creating the opportunity
for future upgrades to better systems.
1
ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
EXCESS SEMICONDUCTOR CAPACITY
A rapid buildup in semiconductor manufacturing capacity in 1996 and early 1997
has created excess inventories and weak pricing in some components, especially
DRAMs. Some of this reflects an aggressive campaign by Korean producers to
capture market share and, as that country tends to its affairs, that part of
the problem should self-correct in 1998.
Other factors which will help this capacity issue, by driving demand, include a
new microprocessor generation from Intel next year, new operating systems from
Microsoft in 1998 (both Windows 98 and NT 5.0) and a host of new consumer
products, including DVD, digital photography and digital cellular. The point is
that excess semiconductor capacity is a temporary and industry- specific issue
and that weaker component pricing does not reflect a slowdown in end markets.
THE YEAR 2000 CHALLENGE
Older computers need to be reprogrammed if they are to accurately process
information when the millennium arrives. The concern which technology investors
have about this unusual circumstance is that corporations may reduce their
ongoing technology budgets temporarily in 1998 or 1999 if they panic in their
preparation for this deadline. We don't have a good answer for this worry and
in fact do anticipate some disruptions over the next two years. Still, two
things make us feel somewhat better. First, the issue is neither new nor
unpublicized. Most corporations and governments are aware of the problem and
have been spending significant amounts for a significant time to get ready,
especially in the U.S. A few will panic, but most will not. Secondly, resolving
this issue presents a choice--fix the old or replace it with the new. The
latter is obviously the better way and most corporations are doing exactly
that. This actually benefits technology vendors with up-to-date solutions, and
it is precisely this kind of company we have been focusing on in the portfolio.
The perverse truth of the investment business is that fear and discomfort can
be good things. They often suggest that price corrections are running their
course and that short-term myopia is creating unusual buying opportunities in
solid, well-positioned companies. We can't forecast the precise bottom in
technology stocks but we remain convinced that most of the companies in your
portfolio have exceptional opportunities ahead. We are also convinced that
today's nervousness about technology is a precursor to tomorrow's enthusiasm.
As always, we want to express our thanks for your continued support of the
Alliance Technology Fund and look forward with you to the exciting future which
these companies share.
Sincerely,
John D. Carifa
President
Peter Anastos
Senior Vice President
Gerald T. Malone
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 TECHNOLOGY FUND
_______________________________________________________________________________
Alliance Technology Fund is a diversified investment company that emphasizes
growth of capital and invests for capital appreciation, and only incidentally
for current income. The Fund may seek income by writing listed call options.
The Fund invests primarily in securities of companies expected to benefit from
technological advances and improvements. The Fund normally will have
substanially all of its assets invested in equity securities, but it also
invests in debt securities offering appreciation potential. The Fund may invest
in listed and unlisted U.S. and foreign securities and has the flexibility to
invest both in well-known, established companies and in new, unseasoned
companies. The Fund's policy is to invest in any company and industry and in
any type of security with potential for capital appreciation.
INVESTMENT RESULTS
_______________________________________________________________________________
AVERAGE ANNUAL TOTAL RETURNS AS OF NOVEMBER 30, 1997
CLASS A SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 7.32% 2.76%
Five Years 26.21% 25.12%
Ten Years 20.90% 20.37%
CLASS B SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 6.57% 2.57%
Since Inception* 26.98% 26.98%
CLASS C SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 6.55% 5.55%
Since Inception* 26.97% 26.97%
The average annual total returns reflect reinvestment of dividends and/or
capital gains distributions in additional shares with and without 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 returns 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.
* The inception date for Class B and C shares was 5/3/93.
3
ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
ALLIANCE TECHNOLOGY FUND
GROWTH OF A $10,000 INVESTMENT
11/30/87 TO 11/30/97
$64,000
$55,000
$46,000
$37,000
$28,000
$19,000
$10,000
11/30/87 11/30/88 11/30/89 11/30/90 11/30/91 11/30/92
11/30/93 11/30/94 11/30/95 11/30/96 11/30/97
TECHNOLOGY FUND CLASS A: $63,870
PSEHIGH TECH INDEX: $57,565
S&P 500 STOCK INDEX: $55,485
This chart illustrates the total value of an assumed $10,000 investment in
Alliance Technology Fund Class A shares (from 11/30/87 to 11/30/97) 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 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 Pacific Stock Exchange (PSE) High Tech Index measures the
performance of technology stocks traded on the Pacific Stock Exchange.
When comparing Alliance Technology Fund to the indices shown above, you should
note that no charges or expenses are reflected in the performance of the
indices.
Technology Fund
Standard &Poor's 500 Stock Index
Pacific Stock Exchange High Tech Index
4
TEN LARGEST HOLDINGS
NOVEMBER 30, 1997 ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
PERCENT OF
COMPANY VALUE NET ASSETS
- -------------------------------------------------------------------------------
Cisco Systems, Inc. $ 116,523,750 5.7%
Dell Computer Corp. 109,393,237 5.4
COMPAQ Computer Corp. 109,265,625 5.4
Altera Corp. 80,377,062 4.0
Oracle Corp. 70,141,134 3.5
Bay Networks, Inc. 64,047,856 3.1
Intel Corp. 64,040,625 3.1
HBO & Co. 62,663,450 3.1
Microsoft Corp. 54,846,815 2.7
Applied Materials, Inc. 52,243,290 2.6
$ 783,542,844 38.6%
MAJOR PORTFOLIO CHANGES
SIX MONTHS ENDED NOVEMBER 30, 1997
_______________________________________________________________________________
SHARES*
- -------------------------------------------------------------------------------
HOLDINGS
PURCHASES BOUGHT 11/30/97
- -------------------------------------------------------------------------------
Altera Corp. 515,000 1,717,000
Bay Networks, Inc. 634,690 2,130,490
Cadence Design Systems, Inc. 1,113,800 1,113,800
Cirrus Logic, Inc. 2,480,000 2,480,000
Lucent Technologies, Inc. 360,000 360,000
Network Associates, Inc. 663,000 663,000
PeopleSoft, Inc. 724,000 724,000
SunGard Data Systems, Inc. 964,600 964,600
Taiwan Semiconductor
Manufacturing Co., Ltd. (ADR) 2,164,700 2,164,700
Xilinx, Inc. 589,000 589,000
HOLDINGS
SALES SOLD 11/30/97
- -------------------------------------------------------------------------------
Ascend Communications, Inc. 511,300 -0-
Cabletron Systems, Inc. 643,400 -0-
Cascade Communications Corp. 742,800 -0-
CFM Technologies, Inc. 441,900 -0-
Lam Research Corp. 258,000 -0-
Netscape Communications Corp. 670,000 -0-
Rational Software Corp. 656,600 -0-
Scientific-Atlanta, Inc. 655,000 -0-
Seagate Technology, Inc. 578,000 -0-
VLSI Technology, Inc. 947,600 -0-
* Adjusted for stock splits and other corporate actions.
5
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1997 ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS-91.3%
TECHNOLOGY-88.7%
COMMUNICATIONS EQUIPMENT-8.9%
Ericsson (L.M.) Telephone
Co. Cl.B (ADR) (a) 900,000 $ 36,393,750
Lucent Technologies, Inc. 360,000 28,845,000
Motorola, Inc. 307,690 19,346,009
Nokia Corp. (ADR) (b) 454,000 37,738,750
PairGain Technologies, Inc. (c) 616,600 14,567,175
Tellabs, Inc. (c) 864,000 44,928,000
-------------
181,818,684
COMPUTER HARDWARE-11.7%
Apex PC Solutions, Inc. (c) 397,400 8,742,800
COMPAQ Computer Corp. (c) 1,750,000 109,265,625
Dell Computer Corp. (c) 1,299,400 109,393,237
Sun Microsystems, Inc. (c) 290,000 10,440,000
-------------
237,841,662
COMPUTER PERIPHERALS-0.8%
Iomega Corp. (c) 500,000 16,437,500
COMPUTER SERVICES-9.1%
Computer Sciences Corp. (c) 501,000 39,672,937
DST Systems, Inc. (c) 641,800 23,786,712
E*TRADE Group, Inc. (c) 360,700 9,040,044
First Data Corp. 669,300 18,949,556
Fiserv, Inc. (c) 314,800 15,267,800
Galileo International, Inc. 376,600 10,097,588
Gartner Group, Inc. Cl.A (c) 756,600 22,035,975
PMT Services, Inc. (c) 554,700 8,736,525
Registry, Inc. (c) 257,600 11,350,500
SunGard Data Systems, Inc. (c) 964,600 24,959,025
-------------
183,896,662
COMPUTER SOFTWARE-16.5%
Cadence Design Systems, Inc. (c) 1,113,800 28,123,450
Concord Communications, Inc. (c) 34,100 745,938
HBO & Co. 1,396,400 62,663,450
I2 Technologies, Inc. (c) 139,400 6,342,700
Industri-Matematik International Corp. (c) 462,600 12,605,850
J.D. Edwards & Co. (c) 257,400 8,815,950
Microsoft Corp. (c) 387,610 54,846,815
Network Associates, Inc. (c) 663,000 30,332,250
New Era of Networks, Inc. (c) 136,100 1,760,794
Oracle Corp. (c) 2,105,550 70,141,134
Pegasystems, Inc. (c) 500,500 9,634,625
PeopleSoft, Inc. (c) 724,000 47,376,750
SCM Microsystems, Inc. (c) 27,800 721,931
-------------
334,111,637
NETWORKING SOFTWARE-12.1%
3Com Corp. (c) 581,000 21,061,250
Bay Networks, Inc. (c) 2,130,490 64,047,856
Cisco Systems, Inc. (c) 1,351,000 116,523,750
Fore Systems (c) 886,000 15,338,875
Newbridge Networks Corp. (c) 668,000 28,139,500
-------------
245,111,231
SEMI-CONDUCTOR CAPITAL EQUIPMENT-4.8%
Applied Materials, Inc. (c) 1,583,130 52,243,290
Silicon Valley Group, Inc. (c) 814,750 19,350,312
Teradyne, Inc. (c) 782,300 25,669,219
------------
97,262,821
SEMI-CONDUCTOR COMPONENTS-18.0%
Altera Corp. (c) 1,717,000 80,377,062
6
ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
Atmel Corp. (c) 821,000 $ 18,421,188
Cirrus Logic, Inc. (c) 2,480,000 32,860,000
Intel Corp. 825,000 64,040,625
KLA-Tencor Corp. (c) 184,000 7,130,000
Microchip Technology, Inc. (c) 737,845 25,824,575
National Semiconductor Corp. (c) 1,119,100 37,070,187
PMC-Sierra, Inc. (c) 160,200 4,405,500
Taiwan Semiconductor
Manufacturing Co., Ltd. (ADR) (d) 2,164,700 47,623,400
Texas Instruments, Inc. 549,400 27,057,950
Xilinx, Inc. (c) 589,000 20,357,313
---------------
365,167,800
MISCELLANEOUS-6.8%
Ingram Micro, Inc. Cl.A (c) 894,600 27,117,563
Sanmina Holdings Corp. (c) 760,600 51,720,800
Solectron Corp. (c) 1,249,400 45,525,012
Tech Data Corp. (c) 335,400 13,541,775
---------------
137,905,150
---------------
1,799,553,147
UTILITIES-2.2%
TELEPHONE UTILITIES-2.2%
ACC Corp. (c) 484,900 22,669,075
WorldCom, Inc. (c) 670,450 21,454,400
---------------
44,123,475
SHARES OR
PRINCIPAL
AMOUNT
COMPANY (000) VALUE
- -------------------------------------------------------------------------
CONSUMER SERVICES-0.4%
MISCELLANEOUS-0.4%
Equifax, Inc. 267,000 $ 9,111,375
Total Common Stocks
(cost $1,317,378,964) 1,852,787,997
PRIVATE PLACEMENT-0.0%
Interactive Light Holdings, Inc.
8.00%, 2/07/99 (e)
(cost $500,000) $ 500 500,000
SHORT-TERM INVESTMENTS-8.8%
American Express Co.
5.53%, 12/02/97 30,000 29,995,392
General Electric Capital Corp.
5.52%, 12/05/97 42,220 42,194,105
Prudential Funding
5.45%, 12/02/97 27,875 27,870,780
5.56%, 12/02/97 50,000 49,992,278
5.56%, 12/12/97 28,300 28,251,921
Total Short-Term Investments
(amortized cost $178,304,476) 178,304,476
TOTAL INVESTMENTS-100.1%
(cost $1,496,183,440) 2,031,592,473
Other assets less liabilities-(0.1%) (2,126,768)
NET ASSETS-100% $2,029,465,705
(a) Country of origin--Sweden.
(b) Country of origin--Finland.
(c) Non-income producing security.
(d) Country of origin--Taiwan.
(e) Illiquid security, valued at fair value (see Notes A & F).
Glossary:
ADR - American Depositary Receipt
See notes to financial statements.
7
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1997 ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
ASSETS
Investments in securities, at value
(cost $1,496,183,440) $ 2,031,592,473
Cash 34,956
Receivable for capital stock sold 21,807,781
Receivable for investment securities sold 4,433,872
Interest and dividends receivable 227,807
Total assets 2,058,096,889
LIABILITIES
Payable for investment securities purchased 14,874,483
Payable for capital stock redeemed 7,400,837
Advisory fee payable 5,073,664
Distribution fee payable 270,355
Accrued expenses and other liabilities 1,011,845
Total liabilities 28,631,184
NET ASSETS $ 2,029,465,705
COMPOSITION OF NET ASSETS
Capital stock, at par $ 380,721
Additional paid-in capital 1,479,085,392
Accumulated net realized gain on investment transactions 14,590,559
Net unrealized appreciation of investments 535,409,033
$ 2,029,465,705
CALCULATION OF MAXIMUM OFFERING PRICE
CLASS A SHARES
Net asset value and redemption price per share
($624,716,405 / 11,474,685 shares of capital
stock issued and outstanding) $54.44
Sales charge-4.25% of public offering price 2.42
Maximum offering price $56.86
CLASS B SHARES
Net asset value and offering price per share
($1,053,435,753 / 20,034,755 shares of capital
stock issued and outstanding) $52.58
CLASS C SHARES
Net asset value and offering price per share
($184,193,672 / 3,503,625 shares of capital
stock issued and outstanding) $52.57
ADVISOR CLASS SHARES
Net asset value, redemption and offering price per
share ($167,119,875 / 3,058,990 shares of capital
stock issued and outstanding) $54.63
See notes to financial statements.
8
STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1997 ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
INVESTMENT INCOME
Interest $ 10,254,417
Dividends (net of foreign taxes
withheld of $79,639) 1,225,505 $ 11,479,922
EXPENSES
Advisory fee 17,970,061
Distribution fee - Class A 1,854,541
Distribution fee - Class B 8,710,178
Distribution fee - Class C 1,458,366
Transfer agency 3,833,444
Printing 709,147
Registration 327,579
Custodian 238,090
Taxes 172,405
Administrative 138,000
Audit and legal 135,914
Directors' fees 89,000
Miscellaneous 78,209
Total expenses 35,714,934
Less: expense offset arrangement (see Note B) (248,938)
Net expenses 35,465,996
Net investment loss (23,986,074)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions 14,764,297
Net change in unrealized appreciation of investments 133,346,847
Net gain on investments 148,111,144
NET INCREASE IN NET ASSETS FROM OPERATIONS $124,125,070
See notes to financial statements.
9
STATEMENT OF CHANGES IN NET ASSETS ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30,
1997 1996
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment loss $ (23,986,074) $ (12,439,324)
Net realized gain on investment
transactions 14,764,297 9,777,700
Net change in unrealized appreciation
of investments 133,346,847 194,911,740
Net increase in net assets
from operations 124,125,070 192,250,116
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments
Class A (4,879,329) (20,562,397)
Class B (5,671,805) (14,814,489)
Class C (916,491) (2,297,287)
Advisor Class (4,489) -0-
CAPITAL STOCK TRANSACTIONS
Net increase 551,976,958 491,726,042
Total increase 664,629,914 646,301,985
NET ASSETS
Beginning of year 1,364,835,791 718,533,806
End of year $ 2,029,465,705 $ 1,364,835,791
See notes to financial statements.
10
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1997 ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Technology Fund, Inc. (the "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 will 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 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 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
Fund's Board of Directors. Fixed income securities may be valued on the basis
of prices obtained from a pricing service when such prices are believed to
reflect the fair value of such securities.
2. 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.
3. 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. Investment gains and losses are determined on the identified
cost basis. The Fund accretes discounts as adjustments to interest income.
4. 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 Advisor Class shares have no distribution fees.
5. DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions to shareholders are recorded on the ex-dividend
date.
Income and capital gains distributions are determined in accordance with
federal tax regulations and may differ from those determined in accordance with
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 net investment
11
NOTES TO FINANCIAL STATEMENTS (CONTINUED) ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
losses, resulted in a net decrease in accumulated net investment loss and a
corresponding decrease in net realized gain on investment transactions and
additional paid-in capital. 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 at a quarterly rate
equal to .25% of 1% (approximately 1% on an annual basis) of the net assets of
the Fund valued on the last business day of the previous quarter.
Pursuant to the advisory agreement, the Fund paid $138,000 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, 1997.
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 $2,378,639 for the year ended November 30, 1997.
In addition, for the year ended November 30, 1997, the Fund's expenses were
reduced by $248,938 under an expense offset arrangement with Alliance Fund
Services. Transfer agency fees reported in the Statement of Operations exclude
these credits.
Alliance Fund Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary
of the Adviser, serves as the Distributor of the Fund's shares. The Distributor
received front-end sales charges of $356,333 from the sales of Class A shares
and $21,399, $1,915,810 and $78,448 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, 1997.
Brokerage commissions paid on investment transactions for the year ended
November 30, 1997 amounted to $1,098,027 of which $9,645 was paid to Donaldson,
Lufkin & Jenrette Securities Corp. ("DLJ"), an affiliate of the Adviser.
NOTE C: DISTRIBUTION SERVICES AGREEMENT
The Fund has adopted a Distribution Services Agreement (the "Agreement")
pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the
Agreement, the Fund pays a distribution fee 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 is no distribution fee on the Advisor Class shares.
The fees are accrued daily and paid monthly. The Agreement provides that the
Distributor will use such payments in their entirety for distribution
assistance and promotional activities. The Distributor has incurred expenses in
excess of the distribution costs reimbursed by the Fund in the amount of
$32,259,341 and $1,464,569, 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 $1,218,243,694 and $771,594,133,
respectively, for the year ended November 30, 1997. There were no purchases or
sales of U.S. government and government agency obligations for the year ended
November 30, 1997.
At November 30, 1997, the cost of investments for federal income tax purposes
was $1,503,509,084. Accordingly, gross unrealized appreciation of investments
was $601,674,463 and gross unrealized depreciation of investments was
$73,591,074 resulting in net unrealized appreciation of $528,083,389.
12
ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
OPTION TRANSACTIONS
For hedging and investment purposes, the Fund purchases and writes (sells) put
and call options on U.S. securities that are traded on U.S. securities
exchanges and over-the-counter markets.
The risk associated with purchasing an option is that the Fund pays a premium
whether or not the option is exercised. Additionally, the Fund bears the risk
of loss of premium and change in market value should the counterparty not
perform under the contract. Put and call options purchased are accounted for in
the same manner as portfolio securities. The cost of securities acquired
through the exercise of call options is increased by premiums paid. The
proceeds from securities sold through the exercise of put options are decreased
by the premiums paid.
When the Fund writes an option, the premium received by the Fund is recorded as
a liability and is subsequently adjusted to the current market value of the
option written. Premiums received from writing options which expire unexercised
are recorded by the Fund on the expiration date as realized gains from option
transactions. The difference between the premium received and the amount paid
on effecting a closing purchase transaction, including brokerage commissions,
is also treated as a realized gain, or if the premium is less than the amount
paid for the closing purchase transaction, as a realized loss. If a call option
is exercised, the premium received is added to the proceeds from the sale of
the underlying security or currency in determining whether the Fund has
realized a gain or loss. If a put option is exercised, the premium received
reduces the cost basis of the security or currency purchased by the Fund. The
risk involved in writing an option is that, if the option was exercised the
underlying security could then be purchased or sold by the Fund at a
disadvantageous price.
For the year ended November 30, 1997, the Fund did not engage in any option
transactions.
NOTE E: CAPITAL STOCK
There are 250,000,000 shares of $0.01 par value capital stock authorized,
divided into four classes, designated Class A, Class B, Class C and Advisor
Class shares. Class A shares consist of 100,000,000 authorized shares, Class B,
Class C and Advisor Class each consist of 50,000,000 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,
1997 1996 1997 1996
------------ ------------ -------------- --------------
CLASS A
Shares sold 10,236,552 6,739,722 $ 542,859,733 $ 295,599,004
Shares issued in
reinvestment of
distributions 78,573 444,491 3,946,887 18,184,138
Shares converted
from Class B 125,065 71,011 6,591,693 3,227,821
Shares redeemed (10,594,530) (4,165,299) (567,186,149) (185,541,160)
Net increase
(decrease) (154,340) 3,089,925 $ (13,787,836) $ 131,469,803
CLASS B
Shares sold 9,702,206 9,295,231 $ 491,739,865 $ 397,304,488
Shares issued in
reinvestment of
distributions 90,233 288,200 4,406,275 11,551,039
Shares converted
to Class A (129,230) (72,846) (6,591,693) (3,227,821)
Shares redeemed (2,910,995) (2,284,157) (148,766,672) (98,298,021)
Net increase 6,752,214 7,226,428 $ 340,787,775 $ 307,329,685
13
NOTES TO FINANCIAL STATEMENTS (CONTINUED) ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
SHARES AMOUNT
--------------------------- ------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
1997 1996 1997 1996
------------ ------------ -------------- --------------
CLASS C
Shares sold 4,659,352 2,488,614 $ 244,912,719 $ 106,395,529
Shares issued in
reinvestment
of distributions 11,825 34,075 577,411 1,366,065
Shares redeemed (3,347,816) (1,285,491) (179,818,433) (55,371,330)
Net increase 1,323,361 1,237,198 $ 65,671,697 $ 52,390,264
YEAR ENDED OCT. 2,1996(A) YEAR ENDED OCT. 2,1996(A)
NOV. 30, TO NOV. 30, TO
1997 NOV. 30, 1996 1997 NOV. 30, 1996
----------- ------------- -------------- --------------
ADVISOR CLASS
Shares sold 4,033,381 11,363 $ 216,794,442 $ 551,761
Shares issued in
reinvestment of
distributions 89 -0- 4,489 -0-
Shares redeemed (985,537) (306) (57,493,609) (15,471)
Net increase 3,047,933 11,057 $ 159,305,322 $ 536,290
NOTE F: ILLIQUID SECURITY
DATE ACQUIRED COST
------------- --------
Interactive Light Holdings, Inc.
8.00%, 2/07/99 1/27/94 $500,000
The security shown above is illiquid and has been valued at fair value in
accordance with the procedures described in Note A. The value of this security
at November 30, 1997 was $500,000, representing .02% of net assets.
(a) Commencement of distribution.
14
FINANCIAL HIGHLIGHTS ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------------------
JANUARY 1,
YEAR ENDED NOVEMBER 30, 1994 TO YEAR ENDED
----------------------------------------- NOVEMBER 30, DECEMBER 31,
1997 1996 1995 1994(A) 1993
------------ ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $51.15 $46.64 $31.98 $26.12 $28.20
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.51)(b) (.39)(b) (.30)(b) (.32) (.29)
Net realized and unrealized gain
on investment transactions 4.22 7.28 18.13 6.18 6.39
Net increase in net asset value
from operations 3.71 6.89 17.83 5.86 6.10
LESS: DISTRIBUTIONS
Distributions from net realized gains (.42) (2.38) (3.17) -0- (8.18)
Net asset value, end of period $54.44 $51.15 $46.64 $31.98 $26.12
TOTAL RETURN
Total investment return based on
net asset value (c) 7.32% 16.05% 61.93% 22.43% 21.63%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $624,716 $594,861 $398,262 $202,929 $173,732
Ratio of expenses to average net assets 1.67%(d) 1.74% 1.75% 1.66%(e) 1.73%
Ratio of net investment loss to
average net assets (.97)% (.87)% (.77)% (1.22)%(e) (1.32)%
Portfolio turnover rate 51% 30% 55% 55% 64%
Average commission rate (f) $.0564 $.0612 -- -- --
</TABLE>
See footnote summary on page 18.
15
FINANCIAL HIGHLIGHTS (CONTINUED) ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
CLASS B
----------------------------------------------------------------------
JANUARY 1, MAY 3,
YEAR ENDED NOVEMBER 30, 1994 TO 1993(G) TO
----------------------------------------- NOVEMBER 30, DECEMBER 31,
1997 1996 1995 1994(A) 1993
------------ ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $49.76 $45.76 $31.61 $25.98 $27.44
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.88)(b) (.70)(b) (.60)(b) (.23) (.12)
Net realized and unrealized gain on
investment transactions 4.12 7.08 17.92 5.86 6.84
Net increase in net asset value
from operations 3.24 6.38 17.32 5.63 6.72
LESS: DISTRIBUTIONS
Distributions from net realized gains (.42) (2.38) (3.17) -0- (8.18)
Net asset value, end of period $52.58 $49.76 $45.76 $31.61 $25.98
TOTAL RETURN
Total investment return based
on net asset value (c) 6.57% 15.20% 60.95% 21.67% 24.49%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $1,053,436 $660,921 $277,111 $18,397 $1,645
Ratio of expenses to average net assets 2.38%(d) 2.44% 2.48% 2.43%(e) 2.57%(e)
Ratio of net investment loss to
average net assets (1.70)% (1.61)% (1.47)% (1.95)%(e) (2.30)%(e)
Portfolio turnover rate 51% 30% 55% 55% 64%
Average commission rate (f) $.0564 $.0612 -- -- --
</TABLE>
See footnote summary on page 18.
16
ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
CLASS C
---------------------------------------------------------------------
JANUARY 1, MAY 3,
YEAR ENDED NOVEMBER 30, 1994 TO 1993(G) TO
---------------------------------------- NOVEMBER 30, DECEMBER 31,
1997 1996 1995 1994(A) 1993
----------- ------------ ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $49.76 $45.77 $31.61 $25.98 $27.44
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.88)(b) (.70)(b) (.58)(b) (.24) (.13)
Net realized and unrealized gain
on investment transactions 4.11 7.07 17.91 5.87 6.85
Net increase in net asset value
from operations 3.23 6.37 17.33 5.63 6.72
LESS: DISTRIBUTIONS
Distributions from net realized gains (.42) (2.38) (3.17) -0- (8.18)
Net asset value, end of period $52.57 $49.76 $45.77 $31.61 $25.98
TOTAL RETURN
Total investment return based
on net asset value (c) 6.55% 15.17% 60.98% 21.67% 24.49%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $184,194 $108,488 $43,161 $7,470 $1,096
Ratio of expenses to average net assets 2.38%(d) 2.44% 2.48% 2.41%(e) 2.52%(e)
Ratio of net investment loss to
average net assets (1.70)% (1.60)% (1.47)% (1.94)%(e) (2.25)%(e)
Portfolio turnover rate 51% 30% 55% 55% 64%
Average commission rate (f) $.0564 $.0612 -- -- --
</TABLE>
See footnote summary on page 18.
17
FINANCIAL HIGHLIGHTS (CONTINUED) ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
ADVISOR CLASS
------------------------------
OCT. 2,1996(G)
YEAR ENDED TO
NOVEMBER 30, NOVEMBER 30,
1997 1996
------------- ---------------
Net asset value, beginning of period $51.17 $47.32
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (b) (.45) (.05)
Net realized and unrealized gain on
investment transactions 4.33 3.90
Net increase in net asset value
from operations 3.88 3.85
LESS: DISTRIBUTIONS
Distributions from net realized gains (.42) -0-
Net asset value, end of period $54.63 $51.17
TOTAL RETURN
Total investment return based on
net asset value (c) 7.65% 8.14%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $167,120 $566
Ratio of expenses to average net assets 1.39%(d) 1.75%(e)
Ratio of net investment loss to
average net assets (.81)% (1.21)%(e)
Portfolio turnover rate 51% 30%
Average commission rate $.0564 $.0612
(a) The Fund changed its fiscal year end from December 31 to November 30.
(b) Based on average shares outstanding.
(c) Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charge or contingent
deferred sales charge is not reflected in the calculation of total investment
return. Total investment return calculated for a period of less than one year
is not annualized.
(d) Ratio reflects expenses grossed up for expense offset arrangement with the
Transfer Agent. For the year ended November 30, 1997, the ratios of expenses to
average net assets were 1.66%, 2.36%, 2.37% and 1.38% for Class A, B, C and
Advisor Class shares, respectively.
(e) Annualized.
(f) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for trades on which
commissions are charged.
(g) Commencement of distribution.
18
REPORT OF ERNST & YOUNG LLP
INDEPENDENT AUDITORS ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS
ALLIANCE TECHNOLOGY FUND, INC.
We have audited the accompanying statement of assets and liabilities of
Alliance Technology Fund, Inc. (the "Fund"), including the portfolio of
investments, as of November 30, 1997, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of the
two years in the period then ended, and the financial highlights for each of
the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
November 30, 1997, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Alliance Technology Fund, Inc. at November 30, 1997, 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 indicated periods, in conformity with generally accepted accounting
principles.
New York, New York
December 31, 1997
19
ALLIANCE TECHNOLOGY FUND
_______________________________________________________________________________
BOARD OF DIRECTORS
JOHN D. CARIFA, CHAIRMAN AND PRESIDENT
ROBERT C. ALEXANDER (1)
DAVID H. DIEVLER (1)
DR. CHARLES H. FERGUSON (1)
WILLIAM H. FOULK, JR. (1)
D. JAMES GUZY (1)
PETER J. POWERS (1)
MARSHALL C. TURNER, JR. (1)
OFFICERS
PETER ANASTOS, SENIOR VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
THOMAS G. BARDONG, VICE PRESIDENT
GERALD T. MALONE, VICE PRESIDENT
DANIEL V. PANKER, 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
DISTRIBUTOR
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
Toll-Free 1-(800) 221-5672
INDEPENDENT AUDITORS
ERNST & YOUNG LLP
787 Seventh Avenue
New York, NY 10019
(1) Member of the Audit Committee.
20
THE ALLIANCE FAMILY OF MUTUAL FUNDS
_______________________________________________________________________________
FIXED INCOME
Alliance Bond Fund
U.S. Government Portfolio
Corporate Bond Portfolio
Alliance Global Dollar Government Fund
Alliance Global Strategic Income Trust
Alliance High Yield Fund
Alliance Mortgage Securities Income Fund
Alliance Limited Maturity Government Fund
Alliance Multi-Market Strategy Trust
Alliance North American Government Income Trust
Alliance Short-Term Multi-Market Trust
Alliance Short-Term U.S. Government Fund
Alliance World Income Trust
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 Global Small Cap Fund
Alliance Growth Fund
Alliance Premier Growth Fund
Alliance/Regent Sector Opportunity Fund
GROWTH & INCOME
Alliance Strategic Balanced Fund
Alliance Balanced Shares
Alliance Conservative Investors Fund
Alliance Growth & Income Fund
Alliance Growth Investors Fund
Alliance Income Builder Fund
Alliance Real Estate Investment Fund
Alliance Utility Income Fund
AGGRESSIVE GROWTH
Alliance Quasar Fund
Alliance Technology Fund
INTERNATIONAL
Alliance All-Asia Investment Fund
Alliance Greater China '97 Fund
Alliance International Fund
Alliance New Europe Fund
Alliance Worldwide Privatization Fund
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
ACM Institutional Reserves
Government Portfolio
Prime Portfolio
Tax-Free Portfolio
Trust Portfolio
Alliance Capital Reserves
Alliance Government Reserves
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
Government Portfolio
General Municipal Portfolio
21
ALLIANCE TECHNOLOGY 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.
TECAR
