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Alliancebernstein Large Cap Growth Fund Inc – ‘N-30B-2’ for 11/30/94

As of: Wednesday, 2/8/95 · For: 11/30/94 · Accession #: 862021-95-49 · File #: 811-06730

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/08/95  Alliancebernstein Large Cap … Inc N-30B-2    11/30/94    1:33K                                    Alliancebernstein F… Inc

Periodic or Interim Report Mailed to Shareholders — Rule 30b-2
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30B-2     Periodic or Interim Report Mailed to Shareholders     15     80K 

N-30B-2 1st Page of 15 TOC ↑Top Previous Next ↓Bottom Just 1st
 
Letter To Shareholders                       Alliance Premier Growth Fund       
January 5, 1995                                                                 
Dear Shareholder:                                                               

During Alliance Premier Growth Fund's fiscal year ended November 30, 1994,      
we continued to employ its investment strategy of concentrating on 35-40 growth 
stocks. We look for companies that we believe will exhibit rising earnings over 
the next few years and which are trading at a reasonable price. But it has      
admittedly been a frustrating year for the Fund.                                

As currently constituted, the portfolio has a price-to-earnings multiple of     
12x based on our 1995 earnings estimates. This compares to 13.5x for the        
market overall. We expect the companies currently held to have a weighted       
earnings growth of close to 20% in 1995. The frustration has largely been       
because the Fund has held many of these companies during 1994 and performance   
of these stocks has been flat, or has even declined, while their earnings       
have in most cases met or exceeded expectations.                                

MARKET ENVIRONMENT                                                              
Given the internal cost cutting of U.S. companies and the growth that we        
foresee for the U.S. in 1995--a growth that we expect will extend to many       
other countries in the world--we find current values compelling. Patience is    
said to have its own reward and we maintain our conviction that large cap       
growth stocks will provide superior returns over time.                          

The market has had only one focus in 1994, namely that the economic recovery    
would translate into higher inflation and higher interest rates. From a         
longer-term perspective, however, the Federal Reserve's action should be good   
for the sustainability and quality of U.S. economic performance. Stocks will    
show their best returns when viewed over a several-year period, and extended    
moderate growth is exactly what the Federal Reserve action is seeking to        
achieve. It would be naive to assume no cyclicality in the coming years, but    
volatility of economic performance and profits should be more muted than in     
the past. Accordingly, we believe a higher price earnings multiple than 12x     
is justified.                                                                   

INVESTMENT RESULTS                                                              
For the twelve months ended November 30, 1994, Alliance Premier Growth Fund     
had total returns of -3.14% (Class A), -3.67% (Class B) and -3.58% (Class C),   
based on the net asset value. Over the same period, the unmanaged S&P 500       
Index returned +1.07% and the unmanaged Russell 1000 Growth Index, described    
on page 3, returned +0.77%. Additional investment results for your Fund         
appear on page 2.                                                               

We appreciate your investment in Alliance Premier Growth Fund and look          
forward to reporting its progress to you in the coming months.                  

Sincerely,                                                                      
(Signature of John D. Carifa)                                                   

John D. Carifa                                                                  
Chairman and President                                                          

(Signature of Alfred Harrison)                                                  
Alfred Harrison                                                                 
Executive Vice President                                                        

N-30B-2 2nd Page of 15 TOC 1st Previous Next ↓Bottom Just 2nd
Investment Results                               Alliance Premier Growth Fund   

Average Annual Total Return as of November 30, 1994                             

--------------------  
CLASS A SHARES  
--------------------  

                                                                [Download Table]

                                  Without               With      
                               Sales Charge          Sales Charge 
                              --------------      ----------------
                                                                  

* One Year                        -3.14%                -7.24%    
* Since Inception*                +6.31                 +4.22     

                             --------------------                 
                                CLASS B SHARES                    
                             --------------------                 

                                 Without                  With    
                               Sales Charge          Sales Charge 
                              --------------      ----------------
* One Year                        -3.67%                -7.52%    
* Since Inception*                +5.76                 +4.89     

                             --------------------                 
                                CLASS C SHARES                    
                             --------------------                 
* One Year                        -3.58%                          
* Since Inception*                +4.85                           

The average annual total returns reflect investment of dividends and/or         
capital gains distributions in additional shares--with and without the effect   
of the 4.25% maximum sales charge (Class A) or 4% contingent deferred sales     
charge (Class B); Class C shares are not subject to front-end or contingent     
deferred sales charges. 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.                     

N-30B-2 3rd Page of 15 TOC 1st Previous Next ↓Bottom Just 3rd
                                              Alliance Premier Growth Fund
--------------------------------------------------------------------------------
ALLIANCE PREMIER GROWTH FUND                                                    
GROWTH OF A $10,000 INVESTMENT OVER LIFE OF FUND:                               
9/30/92 TO 11/30/94                                                             

[The table below was represented as a graph in the printed material.]           

Premier Growth Fund        S&P 500            Russell 1000 Growth               
-------------------        -------         ----------------------               
10000                       10000                   10000                       
10460                       10500                   10675                       
10497                       10950                   10675                       
10660                       11010                   10675                       
11120                       11290                   11529                       
11292                       11550                   11529                       
11580                       11120                   11529                       
11216                       11160                   11299                       
11772                       11710                   11299                       
10938                       11480                   11299                       

This chart illustrates the total value of an assumed investment in Alliance     
Premier Growth Fund Class A shares (since inception) after deducting the maximum
4.25% sales charge, and with dividends and capital gains reinvested. Performance
for Class B and Class C 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 Standard and Poor's 500-stock index is an unmanaged index that includes     
500 U.S. stocks.  It is a common measure of the performance of the U.S.         
stock market.                                                                   

The Russell 1000 Growth Stock Index is an unmanaged index representing          
performance of the largest U.S. companies by market capitalization.             

When comparing Alliance Premier Growth Fund to the two indexes shown above,     
you should note that the Fund's performance reflects the maximum sales charge of
4.25% while no such charges are reflected in the performance of the indexes.    

N-30B-2 4th Page of 15 TOC 1st Previous Next ↓Bottom Just 4th
Alliance Premier Growth Fund                                                    

Ten Largest Holdings                                                            
November 30, 1994                                                               

                                                                [Download Table]

COMPANY                                       VALUE     PERCENTAGE OF  NET ASSETS
                                                                                 
Intel Corp. (common stock and warrants)    $13,238,750             7.3%          
Chrysler Corp.                              10,898,887             6.0           
Norwest Corp.                                9,093,675             5.0           
United Healthcare Corp.                      8,877,750             4.9           
Merrill Lynch & Co., Inc.                    8,626,000             4.7           
General Motors Corp.                         7,910,938             4.3           
UAL, Inc.                                    7,711,625             4.2           
Federal National Mortgage Assn.              7,212,075             3.9           
Compaq Computer Corp.                        5,763,112             3.2           
Viacom, Inc. (Cl.A, Cl.B and Cl.B rights)    5,571,458             3.0           
                                           $84,904,270            46.5%          

Major Portfolio Changes                                                         
Six Months Ended November 30, 1994                                              

                                                                [Download Table]

                                                    SHARES*                
PURCHASES                                   BOUGHT        HOLDINGS 11/30/94
                                                                           
AMR Corp.                                   62,900              62,900     
AirTouch Communications, Inc.               96,100              96,100     
British Airways Plc. (ADR)                  63,900              63,900     
Caterpillar, Inc.                           53,300              53,300     
Compaq Computer Corp.                      121,800             147,300     
Du Pont (E.I.) de Nemours & Co.             90,300              90,300     
Federal National Mortgage Assn.             46,800             101,400     
General Motors Corp.                       112,300             207,500     
MBNA Corp.                                 100,500             100,500     
Viacom, Inc. (Cl.A, Cl.B and Cl.B rights)  628,625             628,625     

SALES                                       SOLD     HOLDINGS 11/30/94     
cisco Systems, Inc.                        260,800                -0-      
Goodyear Tire & Rubber Co.                  75,000                -0-      
Home Depot, Inc.                           185,333                -0-      
May Department Stores Co. (The)             81,900                -0-      
McCaw Cellular Communications, Inc. Cl.A    69,200                -0-      
MCI Communications Corp.                   121,800              78,200     
Microsoft Corp.                             47,400               2,000     
Motorola, Inc.                             174,500              97,700     
Student Loan Market Assn.                  149,300                -0-      
UAL, Inc.                                    6,650              80,750     

* Adjusted for stock splits.                                                    

N-30B-2 5th Page of 15 TOC 1st Previous Next ↓Bottom Just 5th
Portfolio of Investments                                                        
November 30, 1994 Alliance Premier Growth Fund                                  

                                                                [Download Table]

  Company                               Shares             Value              
                                                                              
COMMON STOCKS & OTHER                                                         
  INVESTMENTS--99.6%                                                          
CONSUMER PRODUCTS                                                             
  & SERVICES--42.0%                                                           
AIRLINES--10.9%                                                               
AMR Corp.*                              62,900       $ 3,192,175              
British Airways Plc. (ADR)              63,900         3,841,987              
KLM Royal Dutch Air*                    25,000           615,625              
Northwest Airlines Corp.Cl.A*           83,600         1,389,850              
Southwest Airlines Co.                 152,900         3,230,013              
UAL, Inc.*                              80,750         7,711,625              
                                                    ------------              
                                                      19,981,275              
                                                    ------------              
AUTO & RELATED--12.0%                                                         
Chrysler Corp.                         225,300        10,898,887              
Ford Motor Co.                         116,600         3,162,775              
General Motors Corp.                   207,500         7,910,938              
                                                    ------------              
                                                      21,972,600              
                                                    ------------              
BROADCASTING &                                                                
  CABLE--8.3%                                                                 
AirTouch                                                                      
  Communications, Inc.*                 96,100         2,606,712              
Comcast Corp.                                                                 
  Cl. A (SPL)                          140,400         2,228,850              
Tele-Communications,                                                          
  Inc. Cl.A*                           201,200         4,753,350              
Viacom, Inc.                                                                  
 Cl.A*                                   9,960           397,155              
 Cl.B*                                 114,765         4,418,453              
 Cl.B rights, 9/29/95*                 503,900           755,850              
                                                    ------------              
                                                      15,160,370              
                                                    ------------              
DRUGS, HOSPITAL SUPPLIES                                                      
  & MEDICAL SERVICES--6.9%                                                    
Columbia/HCA                                                                  
  Healthcare Corp.                      31,100         1,177,912              
United Healthcare Corp.                186,900         8,877,750              
U.S. Healthcare, Inc.                   54,900         2,456,775              
                                                    ------------              
                                                      12,512,437              
                                                    ------------              
ENTERTAINMENT &                                                               
  LEISURE TIME--0.9%                                                          
Mirage Resorts, Inc.*                   85,300       $ 1,684,675              
                                                    ------------              
RETAILING--3.0%                                                               
Best Buy Co., Inc.                      56,100         2,475,413              
Kohl's Corp.*                           56,800         2,449,500              
Wal-Mart Stores, Inc.                   20,000           462,500              
                                                    ------------              
                                                       5,387,413              
                                                    ------------              
                                                      76,698,770              
                                                    ------------              
FINANCIAL SERVICES--30.1%                                                     
BANKING & CREDIT--12.0%                                                       
BankAmerica Corp.                       29,200         1,197,200              
Citicorp                                85,000         3,538,125              
First Bank Systems, Inc.               149,000         4,954,250              
NationsBank Corp.                       69,200         3,105,350              
Norwest Corp.                          418,100         9,093,675              
                                                    ------------              
                                                      21,888,600              
                                                    ------------              
BROKERAGE & MONEY                                                             
  MANAGEMENT--6.6%                                                            
Merrill Lynch & Co., Inc.              227,000         8,626,000              
Morgan Stanley Group, Inc.              56,000         3,311,000              
                                                    ------------              
                                                      11,937,000              
                                                    ------------              
INSURANCE--5.2%                                                               
American International                                                        
  Group, Inc.                           30,700         2,812,887              
Progressive Corp. (Ohio)                80,400         2,673,300              
Travelers Corp.                        123,745         4,068,117              
                                                    ------------              
                                                       9,554,304              
                                                    ------------              
OTHER--6.3%                                                                   
Federal Home Loan                                                             
  Mortgage Corp.                        39,500         1,970,063              
Federal National                                                              
  Mortgage Assn.                       101,400         7,212,075              
MBNA Corp.                             100,500         2,374,313              
                                                    ------------              
                                                      11,556,451              
                                                    ------------              
                                                      54,936,355              
                                                    ------------              

N-30B-2 6th Page of 15 TOC 1st Previous Next ↓Bottom Just 6th
Portfolio of Investments 9continued)              Alliance Premier Growth Fund
TECHNOLOGY--13.5%                                                             
COMMUNICATION                                                                 
  EQUIPMENT--3.0%                                                             
Motorola, Inc.                          97,700      $  5,507,838              
                                                    ------------              
COMPUTER                                                                      
  HARDWARE--3.2%                                                              
Compaq Computer Corp.*                 147,300         5,763,112              
                                                    ------------              
COMPUTER SOFTWARE &                                                           
  SERVICES--0.1%                                                              
Microsoft Corp.*                         2,000           125,750              
                                                    ------------              
SEMI-CONDUCTORS & RELATED--7.2%                                               
Intel Corp.                             70,000         4,418,750              
 warrants 3/16/98*                     630,000         8,820,000              
                                                    ------------              
                                                      13,238,750              
                                                    ------------              
                                                      24,635,450              
                                                    ------------              
BASIC INDUSTRIES--10.3%                                                       
CHEMICALS--3.6%                                                               
Du Pont (E.I.) de Nemours                                                     
  & Co.                                 90,300         4,864,912              
Monsanto Co.                            13,700           986,400              
Morton International, Inc.              23,500           646,250              
                                                    ------------              
                                                       6,497,562              
                                                    ------------              
METALS & MINING--3.3%                                                         
Bethlehem Steel Corp.*                 235,200         4,174,800              
LTV Corp.*                             123,900         1,951,425              
                                                    ------------              
                                                       6,126,225              
                                                    ------------              
PAPER & FOREST                                                                
  PRODUCTS--1.2%                                                              
Georgia-Pacific Corp.                   31,800         2,273,700              
                                                    ------------              
                                     Shares or                                
                                     Principal                                
  Company                               Amount                                
                                         (000)             Value              
SURFACE                                                                       
  TRANSPORTATION--2.2%                                                        
Conrail, Inc.                           62,700      $  3,260,400              
Southern Pacific Rail Corp.*            40,000           730,000              
                                                    ------------              
                                                       3,990,400              
                                                    ------------              
                                                      18,887,887              
                                                    ------------              
CAPITAL GOODS--2.2%                                                           
MACHINERY--2.2%                                                               
Caterpillar, Inc.                       53,300         2,878,200              
Deere & Co.                             17,800         1,143,650              
                                                    ------------              
                                                       4,021,850              
                                                    ------------              
UTILITIES--1.5%                                                               
TELEPHONE--1.5%                                                               
MCI Communications Corp.                78,200         1,524,900              
Telefonos de Mexico S.A. de cv.                                               
  Series L (ADS)                        21,800         1,155,400              
                                                    ------------              
                                                       2,680,300              
                                                    ------------              
Total Common Stocks & Other                                                   
  Investments                                                                 
  (cost $183,190,360)                                181,860,612              
                                                    ------------              
COMMERCIAL PAPER--0.3%                                                        
American Express Credit Corp.                                                 
  5.65%, 12/01/94                                                             
  (amortized cost $464,000)            $464              464,000              
                                                    ------------              
TOTAL INVESTMENTS--99.9%                                                      
 (cost $183,654,360)                                 182,324,612              
Other assets less liabilities--0.1%                      141,464              
                                                    ------------              
NET ASSETS--100%                                    $182,466,076              
                                                    ============              

------------------------------------                                            
* Non-income producing.                                                         
Glossary of Terms:                                                          
ADR-American depository receipt.                                            
ADS-American depository security.                                           
See notes to financial statements.                                          

N-30B-2 7th Page of 15 TOC 1st Previous Next ↓Bottom Just 7th
Statement Of Assets And Liabilities                                             
November 30, 1994                                Alliance Premier Growth Fund   

                                                        [Enlarge/Download Table]

ASSETS                                                                                
                                                                                      
Investments in securities, at value (cost $183,654,360)                  $182,324,612 
Cash                                                                              898 
Receivable for investment securities sold                                   2,794,896 
Dividends receivable                                                          352,503 
Receivable for capital stock sold                                             201,632 
Deferred organization expenses                                                176,366 
Other assets                                                                    3,271 
                                                                        --------------
Total assets                                                              185,854,178 
                                                                        --------------
LIABILITIES                                                                           
Payable for investment securities purchased                                 2,462,873 
Payable for capital stock redeemed                                            461,806 
Advisory fee payable                                                          153,812 
Distribution fee payable                                                      138,811 
Accrued expenses                                                              170,800 
                                                                        --------------
Total liabilities                                                           3,388,102 
                                                                        --------------
NET ASSETS                                                               $182,466,076 
                                                                        ==============

COMPOSITION OF NET ASSETS                                                             
Capital stock, at par                                                   $      16,125 
Additional paid-in capital                                                173,390,715 
Accumulated net realized gain                                              10,388,984 
Net unrealized depreciation of investments                                 (1,329,748)
                                                                        --------------
                                                                         $182,466,076 
                                                                        ==============

CALCULATION OF MAXIMUM OFFERING PRICE                                                 
Class A Shares                                                                        
Net asset value and redemption price per share                                        
  ($35,146,435 / 3,080,077 shares of capital stock issued and                         
  outstanding)                                                                 $11.41 
Sales charge--4.25% of public offering price                                      .51 
                                                                        --------------
Maximum offering price                                                         $11.92 
                                                                        ==============
Class B Shares                                                                        
Net asset value and offering price per share                                          
  ($139,988,084 / 12,396,234 shares of capital stock issued and                       
  outstanding)                                                                 $11.29 
                                                                        ==============
Class C Shares                                                                        
Net asset value, redemption and offering price per share                              
 ($7,331,557 / 648,653 shares of capital stock issued and outstanding)         $11.30 
                                                                        ==============

----------------------------------                                              
See notes to financial statements.                                              

N-30B-2 8th Page of 15 TOC 1st Previous Next ↓Bottom Just 8th
November 30, 1994                                Alliance Premier Growth Fund   
Statement Of Operations                                                         

                                                                [Download Table]

INVESTMENT INCOME                                                        
                                                                         
Dividends                                                   $2,357,758   
Interest                                                       169,768  $
2,527,526                                                                
                                                      ----------------   
EXPENSES                                                                 
Advisory fee                                                 1,960,567   
Distribution fee-Class A                                       194,598   
Distribution fee-Class B                                     1,507,573   
Distribution fee-Class C                                        63,799   
Transfer agency                                                408,205   
Administrative                                                 165,446   
Printing                                                        78,358   
Registration                                                    67,301   
Amortization of organization expenses                           64,240   
Custodian                                                       39,507   
Audit and legal                                                 33,642   
Directors' fees                                                 27,396   
Taxes                                                           12,585   
Miscellaneous                                                   26,378   
                                                      ----------------   
Total expenses                                                           
4,649,595                                                                

--------------                                                           
Net investment loss                                                      
(2,122,069)                                                              

--------------                                                           

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                       
Net realized gain on investments                                         
14,717,095                                                               
Net change in unrealized appreciation of investments                     
(19,665,055)                                                             

--------------                                                           
Net loss on investments                                                  
(4,947,960)                                                              

--------------                                                           
NET DECREASE IN NET ASSETS FROM OPERATIONS                              $
(7,070,029)                                                              

==============                                                           

Statement Of Changes In Net Assets                                              
----------------------------------                                              

                                                        [Enlarge/Download Table]

                                                         Year Ended       Year Ended 
                                                        November 30,     November 30,
                                                            1994             1993    
                                                       ---------------               
-----------------                                                                    
                                                                                     
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS                                    
Net investment loss                                      $  (2,122,069)    $         
(1,431,623)                                                                          
Net realized gain (loss) on investments                    14,717,095                
(3,659,878)                                                                          
Net change in unrealized appreciation of investments       (19,665,055)              
17,127,884                                                                           
                                                        -------------                
---------------                                                                      
Net increase (decrease) in net assets from operations       (7,070,029)              
12,036,383                                                                           

DIVIDENDS TO SHAREHOLDERS FROM:                                                      
Net investment income                                                                
 Class A                                                       -0-                   
(7,345)                                                                              
 Class B                                                       -0-                   
(5,516)                                                                              

CAPITAL STOCK TRANSACTIONS                                                           
Net increase (decrease)                                    (6,378,068)               
159,056,322                                                                          
                                                        -------------                
---------------                                                                      
Total increase (decrease)                                 (13,448,097)               
171,079,844                                                                          

NET ASSETS                                                                           
Beginning of year                                         195,914,173                
24,834,329                                                                           
                                                        -------------                
---------------                                                                      
End of year                                              $182,466,076                
$195,914,173                                                                         
                                                        =============                
===============                                                                      

----------------------------------                                              
See notes to financial statements.                                              

N-30B-2 9th Page of 15 TOC 1st Previous Next ↓Bottom Just 9th
Notes to Financial Statements.                                                  
November 30, 1994                                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 non-diversified, open- end management investment company. On       
February 23, 1993, the creation of a third class of shares, Class C shares,     
was approved by the Board of Directors. The Fund offers Class A, Class B and    
Class C shares. Class A shares are sold with a front- end sales charge of up    
to 4.25%. Class B shares are sold with a contingent deferred sales charge       
which declines from 4% to zero depending on the period of time the shares are   
held. Class B shares will automatically convert to Class A shares six years     
after the end of the calendar month of purchase. Class C shares are sold        
without an initial or contingent deferred sales charge. All three 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. Distribution of Class C    
shares commenced on May 3, 1993. The following is a summary of significant      
accounting policies followed by the Fund.                                       

1. Security Valuation                                                           
Securities traded on national securities exchanges are valued at the last       
reported sales price, or, if no sale occurred, at the mean of the bid and       
asked price at the close of the New York Stock Exchange. Over-the-counter       
securities not traded on national securities exchanges are valued at the        
closing bid price. Debt securities are valued at the mean of the bid and        
asked price except that debt securities maturing within 60 days are valued at   
amortized cost which approximates market value. Securities for which current    
market quotations are not readily available (including investments which are    
subject to limitations as to their sale) are valued at their fair value as      
determined in good faith by the Board of Directors.                             

2. Organization Expenses                                                        
Organization expenses of approximately $316,110 have been deferred and are      
being amortized on a straight-line basis through September, 1997.               

3. Investment Income and Security Transactions                                  
Security transactions are accounted for on the trade date and dividend income   
is recorded on the ex-dividend date. Interest income is recorded on the         
accrual basis. The Fund amortizes discounts on debt securities owned.           
Security gains and losses are determined on the identified cost basis.          

4. Taxes                                                                        
It is the Fund's policy to meet the requirements of the Internal Revenue Code   
applicable to regulated investment companies and to distribute all of its       
investment company taxable income and net realized gains, if any, to            
shareholders. Therefore, no provisions for federal income or excise taxes are   
required.                                                                       

5. Dividends and Distributions                                                  
Dividends and distributions to shareholders are recorded on the ex-dividend     
date. Income dividends and capital gain distributions are determined in         
accordance with income tax regulations, which may differ from generally         
accepted accounting principles.                                                 

6. Change in Accounting for Distribution in Shareholders                        
During the year ended November 30, 1994, the Fund adopted Statement of          
Position 93-2: Determination, Disclosure, and Financial Statement               
Presentation of Income, Capital Gain, and Return of Capital Distributions by    
Investment Companies. Accordingly, permanent book and tax basis differences     
relating to shareholder distributions have been reclassified to paid-in         
capital. As of November 30, 1994, the cumulative effect of such differences     
totaling $3,556,194 and $(668,233) was reclassified from accumulated net        
investment loss and accumulated net realized gain, respectively, to             
additional paid-in capital. Net investment income, net realized gains and net   
assets were not affected by this change.                                        

NOTE B: Advisory Fee and Other Transactions with Affiliates                     
Under the terms of an investment advisory agreement, the Fund pays Alliance     
Capital Management L.P., (the "Adviser") an advisory fee at an annual rate of   
1% of the average daily net assets of the Fund. Such fee is accrued daily and   
paid monthly.                                                                   

The Adviser has agreed, under the terms of the investment advisory agreement,   
to reimburse the Fund to the extent that its                                    

N-30B-2 10th Page of 15 TOC 1st Previous Next ↓Bottom Just 10th
Notes to Financial Statements (continued)        Alliance Premier Growth Fund   

aggregate expenses (exclusive of interest, taxes, brokerage, distribution       
fee, and extraordinary expenses) exceed the limits prescribed by any state in   
which the Fund's shares are qualified for sale. The adviser believes that the   
most restrictive expense ratio limitation imposed by any state is 2.5% of the   
first $30 million of its average daily net assets, 2.0% of the next $70         
million of its average daily net assets and 1.5% of its average daily net       
assets in excess of $100 million. No such reimbursement was required for the    
year ended November 30, 1994. Pursuant to the advisory agreement, the Fund      
paid $165,446 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, 1994. 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 $288,880 for the year ended November    
30, 1994.                                                                       

Alliance Fund Distributors, Inc. (a wholly-owned subsidiary of the Adviser)     
serves as the Distributor of the Fund's shares. The Distributor received        
front-end sales charges of $12,670 from the sale of Class A shares and          
$249,885 in contingent deferred sales charges imposed upon redemptions by       
shareholders of Class B shares for the year ended November 30, 1994.            

Brokerage commissions paid on securities transactions for the year ended        
November 30, 1994, amounted to $406,313 of which none 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.                                                                       

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 .50 of 1% of the average daily net assets attributable to the     
Class A shares and 1% of the average daily net assets attributable to the       
Class B and Class C shares. Such fee is 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 $3,230,541 and $165,741, for Class B    
and 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) aggregated $188,039,469 and $192,842,685, respectively, for the    
year ended November 30, 1994. There were no purchases or sales of U.S.          
Government or government agency obligations for the year ended November 30,     
1994.                                                                           

At November 30, 1994 the cost of securities for federal income tax purposes     
was $183,884,855. Accordingly, gross unrealized appreciation of investments     
was $12,677,014 and gross unrealized depreciation of investments was            
$14,237,257 resulting in net unrealized depreciation of $1,560,243.             

The Fund fully utilized its capital loss carryover of $3,603,319 to offset      
gain realized during the year ended November 30, 1994.                          

N-30B-2 11th Page of 15 TOC 1st Previous Next ↓Bottom Just 11th
                                            Alliance Premier Growth Fund
NOTE E: Capital Stock                                                           
There are 9,000,000,000 shares of $0.001 par value capital stock authorized,    
divided into three classes, designated class A, Class B and Class C shares.     
Each Class consists of 3,000,000,000 authorized shares. Transactions in         
capital stock were as follows:                                                  

                                                        [Enlarge/Download Table]

                                               SHARES                           AMOUNT     
                                   ------------------------------                          
----------------------------------                                                         
                                     Year Ended       Year Ended    Year Ended         Year
Ended                                                                                      
                                    November 30,     November 30,  November 30,            
November 30,                                                                               
                                        1994             1993          1994                
1993                                                                                       
                                                                                           
                                    -----------      -----------   ------------            
--------------                                                                             

Class A                                                                                    
Shares sold                            724,402         3,652,674   $  8,578,358        $   
40,531,555                                                                                 
Shares issued in reinvestment                                                              
  of dividends                             -0-               589          -0-              

6,440                                                                                      
Shares redeemed                     (1,074,753)         (676,339)   (12,684,053)           
(7,648,512)                                                                                
                                    -----------      -----------   ------------            
--------------                                                                             
Net increase (decrease)               (350,351)        2,976,924   $ (4,105,695)       $   
32,889,483                                                                                 
                                    ===========      ===========   ============            
==============                                                                             

Class B                                                                                    
Shares sold                          2,561,556        12,731,112   $ 30,140,522            
$140,919,208                                                                               
Shares issued in reinvestmentof                                                            
  dividends                                -0-               308            -0-            

3,367                                                                                      
Shares redeemed                     (3,099,737)       (1,645,901)   (36,204,123)           
(18,529,889)                                                                               
                                    -----------      -----------   ------------            
--------------                                                                             
Net increase (decrease)               (538,181)       11,085,519   $ (6,063,601)           
$122,392,686                                                                               
                                     ===========      ===========  ============            
==============                                                                             

                                                        [Enlarge/Download Table]

                              SHARES                            AMOUNT               
                 -------------------------------   --------------------------------- 
                                   May 3, 1993*                                      
                   Year Ended       to November      Year Ended       May 3, 1993*   
                  November 30,          30,         November 30,    to November 30,  
                      1994             1993             1994              1993       
                 -------------    --------------   -------------    ---------------- 
                                                                                     
Class C                                                                              
Shares sold            541,546           377,593     $ 6,428,560          $4,297,353 
Shares redeemed       (225,438)          (45,048)     (2,637,332)           (523,200)
                  -----------      ------------     -----------      --------------  
Net increase           316,108           332,545     $ 3,791,228          $3,774,153 
                   ===========      ============     ===========      ============== 

*Commencement of distribution.                                                  

N-30B-2 12th Page of 15 TOC 1st Previous Next ↓Bottom Just 12th
Financial Highlights                              Alliance Premier Growth Fund  
--Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period 

                                                        [Enlarge/Download Table]

                                                       Class A                                

       Class B                                                                                
                                     -------------------------------------------              
---------------------------------------------                                                 

                  September 28,                                                               
                                          Year Ended         September 28, 1992*              
Year Ended                1992*                                                               
                                     --------------------                                     
                                         November 30,                to                       
November 30,                 to                                                               
                                     --------------------                                     
------------------------                                                                      
                                       1994        1993       November 30, 1992        1994   

     1993      November 30, 1992                                                              
                                     -------    ---------    -------------------   ---------- 

 ----------    -----------------                                                              
                                                                                              

                                                                                              
Net asset value, beginning of                                                                 
  period                              $ 11.78      $ 10.79          $10.00            $  11.72

    $  10.79         $ 10.00                                                                  
                                       ------     -------      ------------------    -------- 

   --------      ---------------                                                              

Income From Investment Operations                                                             
---------------------------------                                                             
Net investment income (loss)             (.09)        (.05)            .01                    
(.15)         (.10)           -0-                                                             
Net realized and unrealized gain                                                              
  (loss) on investments                  (.28)        1.05             .78                    
(.28)         1.03             .79                                                            
                                       ------     -------      ------------------    -------- 

   --------      ---------------                                                              

Net increase (decrease) in net                                                                
  asset value from operations            (.37)        1.00             .79                    
(.43)          .93             .79                                                            
                                       ------     -------      ------------------    -------- 

   --------      ---------------                                                              

Less: Distributions                                                                           
---------------------------------                                                             
Dividends from net                                                                            
  investment income                       -0-         (.01)           -0-                 -0- 

        -0-             -0-                                                                   
                                       ------     -------      ------------------    -------- 

   --------      ---------------                                                              

Net asset value, end of period        $ 11.41      $ 11.78          $10.79            $  11.29

    $  11.72         $ 10.79                                                                  
                                       ======      =======     ==================     ========

    ========    ===============                                                               

Total Return                                                                                  
---------------------------------                                                             
Total investment return based on                                                              
  net asset value (a)                   (3.14)%       9.26%          7.90%                    
(3.67)%       8.64%           7.90%                                                           
                                       ======      =======     ==================     ========

    ========     ===============                                                              

Ratios/Supplemental Data                                                                      
---------------------------------                                                             
Net assets, end of period (000's                                                              
  omitted)                            $35,146      $40,415          $4,893            $139,988

    $151,600         $19,941                                                                  
Ratio of expenses to average net                                                              
  assets                                 1.96 %       2.18 %          2.17%(b)(c)         2.47
%        2.70 %          2.68%(b)(c)                                                          
Ratio of net investment income                                                                
  (loss) to average net assets           (.67)%       (.61)%           .91%(b)(c)             
(1.19)%       (1.14)%           .35%(b)(c)                                                    
Portfolio turnover rate                    98 %         68 %           -0-%                 98
%          68 %          -0-%                                                                 

------------------------------------------                                      
See footnote summary on page 13.                                                

N-30B-2 13th Page of 15 TOC 1st Previous Next ↓Bottom Just 13th
                                                Alliance Premier Growth Fund

                                                        [Enlarge/Download Table]

                                                                       Class C              
                                                        ------------------------------------
                                                          Year Ended         May 3, 1993**  
                                                         November 30,             to        
                                                             1994          November 30, 1993
                                                        -------------    -------------------
                                                                                            
Net asset value, beginning of period                         $11.72            $10.48       
                                                          --------      -------------       

Income from Investment Operations                                                           
------------------------------------------------------                                      
Net investment loss                                            (.09)             (.05)      
Net realized and unrealized gain (loss) on investments         (.33)             1.29       
                                                           --------      -------------      
Net increase (decrease) in net asset value from                                             
  operations                                                   (.42)             1.24       
                                                           --------      -------------      
Net asset value, end of period                               $11.30            $11.72       
                                                           ========      =============      

Total Return                                                                                
------------------------------------------------------                                      
Total investment return based on                                                            
  net asset value (a)                                         (3.58)%           11.83%      
                                                           ========      =============      

Ratios/Supplemental Data                                                                    
------------------------------------------------------                                      
Net assets, end of period                                                                   
  (000's omitted)                                            $7,332             $3,899      
Ratio of expenses to average net assets                        2.47%              2.79%(c)  
Ratio of net investment loss                                                                
  to average net assets                                       (1.16)%            (1.35)%(c) 
Portfolio turnover rate                                          98%                68%     

--------------------------------------------                                    
*Commencement of operations.                                                    
**Commencement of distribution.                                                 
(a) 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.                                                                     
(b) If the Fund had borne all expenses, the expense ratios would                
have been 3.33% and 3.78% for Class A and Class B shares, respectively. The net 
investment income ratios would have been .25% and .75%, for Class A and Class B,
respectively.                                                                   
(c) Annualized.                                                                 

N-30B-2 14th Page of 15 TOC 1st Previous Next ↓Bottom Just 14th
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, 1994, 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 the     
two years then ended and for the period September 28, 1992 (commencement of     
operations) to November 30, 1992, 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, 1994 by   
correspondence with the custodian and brokers, and the application of           
alternative auditing procedures where confirmations from brokers were not       
received, provide a reasonable basis for the opinion expressed above.           

PRICE WATERHOUSE LLP                                                            
New York, New York                                                              
January 20, 1995                                                                

N-30B-2 Last Page of 15 TOC 1st Previous Next ↓Bottom Just 15th
                                            Alliance Premier Growth Fund
Board Of Directors                                                              

John D. Carifa, Chairman and President                                          
Ruth Block((1)                                                                  
David H. Dievler                                                                
John H. Dobkin(1) William H. Foulk, Jr.(1)                                      
Dr. James M. Hester(1)                                                          
Clifford L. Michel(1)                                                           
Robert C. White(1)                                                              

Officers                                                                        
Alfred Harrison, Executive Vice President--Investments                          
Steven H. Reynolds, Senior Vice President--Investments                          
James G. Reilly, Vice President                                                 
Daniel V. Panker, Vice President                                                
Edmund P. Bergan, Jr., Secretary                                                
Mark D. Gersten, Treasurer & Chief Financial Officer                            
Patrick J. Farrell, Controller                                                  

CUSTODIAN                                                                       
State Street Bank & Trust Company                                               
225 Franklin Street                                                             
Boston, MA 02110                                                                

INDEPENDENT ACCOUNTANTS                                                         
Price Waterhouse LLP                                                            
1177 Avenue of the Americas                                                     
New York, NY 10036-2798                                                         

PRINCIPAL UNDERWRITER                                                           
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                                                      

-----------------------------------                                             
(1) Member of the Audit Committee.

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-30B-2’ Filing	Date	First	Last	Other Filings

Filed on:	2/8/95
	1/20/95	14
	1/5/95	1
For Period End:	11/30/94	1	14	NSAR-B
	11/30/93	13		NSAR-B
	5/3/93	9	13
	2/23/93	9
	11/30/92	12	14
	9/28/92	12	14
	7/9/92	9
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Filing Submission 0000862021-95-000049 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Alliancebernstein Large Cap Growth Fund Inc – ‘N-30B-2’ for 11/30/94

As of: Wednesday, 2/8/95 · For: 11/30/94 · Accession #: 862021-95-49 · File #: 811-06730

Periodic or Interim Report Mailed to Shareholders — Rule 30b-2Filing Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Periodic or Interim Report Mailed to Shareholders — Rule 30b-2
Filing Table of Contents