-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S/KXnJzZCvc7IjFOQp+1WRLx5j1eMOFtXk/elG5VhNWG11gmxLMqsBBchZh6hBIv iU3xeOiUT+M0CH9u0c16Tg== 0000936772-05-000191.txt : 20051011 0000936772-05-000191.hdr.sgml : 20051010 20051011094922 ACCESSION NUMBER: 0000936772-05-000191 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20050731 FILED AS OF DATE: 20051011 DATE AS OF CHANGE: 20051011 EFFECTIVENESS DATE: 20051011 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND INC CENTRAL INDEX KEY: 0000350181 IRS NUMBER: 133056623 STATE OF INCORPORATION: NY FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03131 FILM NUMBER: 051131080 BUSINESS ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2013194105 MAIL ADDRESS: STREET 1: ALLIANCE CAPITAL MANAGEMENT LP STREET 2: 1345 AVENUE OF THE AMERICAS 31ST FL CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN TECHNOLOGY FUND INC DATE OF NAME CHANGE: 19920703 N-CSR 1 edg11258_ar.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-3131 AllianceBernstein Global Technology Fund, Inc. (Exact name of registrant as specified in charter) 1345 Avenue of the Americas, New York, New York 10105 (Address of principal executive offices) (Zip code) Mark R. Manley Alliance Capital Management L.P. 1345 Avenue of the Americas New York, New York 10105 (Name and address of agent for service) Registrant's telephone number, including area code: (800) 221-5672 Date of fiscal year end: July 31, 2005 Date of reporting period: July 31, 2005 ITEM 1. REPORTS TO STOCKHOLDERS. [LOGO] ALLIANCEBERNSTEIN (R) AllianceBernstein Global Technology Fund July 31, 2005 Annual Report Investment Products Offered o Are Not FDIC Insured o May Lose Value o Are Not Bank Guaranteed The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund's prospectus, which contains this and other information, visit our web site at www.alliancebernstein.com or call your financial advisor or AllianceBernstein at (800) 227-4618. Please read the prospectus carefully before you invest. You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com. This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current shareholders of the Fund. You may obtain a description of the Fund's proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AllianceBernstein's web site at www.alliancebernstein.com, or go to the Securities and Exchange Commission's (the "Commission") web site at www.sec.gov, or call AllianceBernstein at (800) 227-4618. The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available on the Commission's web site at www.sec.gov. The Fund's Forms N-Q may also be reviewed and copied at the Commission's Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. AllianceBernstein publishes full portfolio holdings for the Fund monthly at www.alliancebernstein.com. AllianceBernstein Investment Research and Management, Inc. is an affiliate of Alliance Capital Management L.P., the manager of the funds, and is a member of the NASD. September 15, 2005 Annual Report This report provides management's discussion of fund performance for AllianceBernstein Global Technology Fund (the "Fund") for the annual reporting period ended July 31, 2005. Prior to December 15, 2004, the Fund was named AllianceBernstein Technology Fund. Investment Objective and Policies This open-end fund emphasizes growth of capital and invests for capital appreciation, and only incidentally for current income. The Fund invests primarily in securities of companies expected to benefit from technological advances and improvements. The Fund normally will have substantially 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 The table on page 4 shows the Fund's performance compared to its benchmark, the Morgan Stanley Capital International (MSCI) World Information Technology Index, for the six- and 12-month periods ended July 31, 2005. Also included is the performance of the NASDAQ Composite Index, which measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ stock market, and the Lipper Science and Technology Index (the "Lipper Index"), a performance index of the largest qualifying funds that have a science and technology investment objective. The AllianceBernstein Global Technology Fund posted positive absolute returns during both the six- and 12-month periods ended July 31, 2005. During the 12-month period ended July 31, 2005, the Fund outperformed its benchmark, the MSCI World Information Technology Index (MWIT), while underperforming the Lipper Science & Technology Index peer group. Outperformance against the MWIT was driven primarily by strong stock selection. Holdings in the semiconductor, cellular communication, computer hardware/storage and electronic components industries, in particular, generated positive performance. The decision to overweight the Internet space also helped performance during the year. On the negative side, an underweight in communication equipment and very poor stock selection in communication information technology (IT) services hurt relative performance. Currency exposure also detracted from results for the 12-month period. During the six-month period ended July, 31, 2005, the Fund also outperformed its benchmark, but underperformed the Lipper peer group. The outperformance compared to the MWIT was driven by both stock selection and sector allocation. In particular, stock selection in electronic components and cellular communications was positive. The decision to underweight computer hardware and storage also had a favorable impact on - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 1 relative returns. While a by-product of our fundamental research-driven stock selection approach, currency exposure also contributed positively to relative performance. Poor stock selection in communication equipment and communication IT services hurt relative results. Market Review and Investment Strategy Global technology stocks, as measured by the MSCI World Information Technology Index, traded higher during both the six- and 12-month periods ended July 31, 2005. That said, in aggregate, technology underperformed the broader markets during both periods as more cyclically-leveraged sectors such as energy, basic materials and industrials outperformed given their stronger earnings leverage at this point in the economic cycle. Investor preference for this higher earnings growth was evidenced in U.S. technology sector mutual fund flows, which remained net negative throughout the year. During the 12-month period ended July 31, 2005, the Fund's positions in computer hardware/storage, cellular communications (particularly companies with exposure to the emerging markets), and electronic components (with an emphasis on suppliers in the Thin Film Transistor-Liquid Crystal Display, or TFT-LCD, food chain) were increased. To support this, positions in software, computer services, semiconductors, and communication equipment were reduced. Additionally, after the change in the Fund's mandate allowing for a more global perspective without geographic constraints took effect on December 15, 2004, the Fund's non-U.S. holdings were increased as investments were redirected toward more attractive opportunities on a global perspective. The Fund continues to be managed with a fundamental research-driven stock selection focus and as a diversified technology portfolio positioned across multiple industries. - ------------------------------------------------------------------------------ 2 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND HISTORICAL PERFORMANCE An Important Note About the Value of Historical Performance The performance shown on the following pages represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com. The investment return and principal value of an investment in the Fund will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund's prospectus, which contains this and other information, visit our web site at www.alliancebernstein.com or call your financial advisor or AllianceBernstein at (800) 227-4618. You should read the prospectus carefully before you invest. Returns are annualized for periods longer than one year. All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares; the applicable contingent deferred sales charge for Class B shares (4% year 1, 3% year 2, 2% year 3, 1% year 4); a 1% 1 year contingent deferred sales charge for Class C shares. Returns for Advisor Class, Class R, Class K and Class I shares will vary due to different expenses associated with these classes. Performance assumes reinvestment of distributions and does not account for taxes. Benchmark Disclosure The unmanaged Morgan Stanley Capital International (MSCI) World Information Technology Index and the NASDAQ Composite Index do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI World Information Technology Index is a capitalization-weighted index that monitors the performance of technology stocks from around the world. The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on the NASDAQ Stock Market. The NASDAQ Composite Index is market-value weighted and includes over 5,000 companies. The unmanaged Lipper Science and Technology Fund Index is an equally-weighted performance index, adjusted for capital gains distributions and income dividends, of the largest qualifying funds that have a science and technology investment objective. (According to Lipper, this investment objective includes those funds that invest at least 65% of their equity portfolios in science and technology stocks.) These funds have generally similar investment objectives to the Fund, although some may have different investment policies and sales and management fees. Investors cannot invest directly in an index, and its results are not indicative of the performance of any specific investment, including the Fund. A Word About Risk The Fund concentrates its investments in technology-related stocks and may therefore be subject to greater risks and volatility than a fund with a more diversified portfolio. Technology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall stock market. The Fund can invest in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments. In addition, because the Fund will invest in foreign currency denominated securities, fluctuations in the value of the Fund's investments may be magnified by changes in foreign exchange rates. While the Fund invests principally in common stocks and other equity securities, in order to achieve its investment objectives, the Fund may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than the risks presented by more traditional investments. These risks are fully discussed in the Fund's prospectus. (Historical Performance continued on next page) - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 3 HISTORICAL PERFORMANCE (continued from previous page) THE FUND VS. ITS BENCHMARKS Returns ------------------------- PERIODS ENDED JULY 31, 2005 6 Months 12 Months AllianceBernstein Global Technology Fund Class A 5.58% 15.10% Class B 5.15% 14.20% Class C 5.18% 14.26% Advisor Class 5.73% 15.44% Class R 5.58% 15.00% Class K** 4.63%* Class I** 4.75%* MSCI World Information Technology Index 3.92% 9.65% NASDAQ Composite Index 5.94% 15.76% Lipper Science and Technology Index 6.89% 16.83% * Since Inception. (See inception dates below.) ** Please note that this is a new share class offering for investors purchasing shares through institutional pension plans. The inception date for Class K and Class I shares is 3/1/05. GROWTH OF A $10,000 INVESTMENT IN THE FUND 7/31/95 TO 7/31/05 [THE FOLLOWING DATA WAS REPRESENTED BY A MOUNTAIN CHART IN THE PRINTED MATERIAL] AllianceBernstein NASDAQ MSCI World Global Technology Composite Information Fund Class A Index Technology Index - ----------------------------------------------------------------------- 7/31/95 $ 9,575 $10,000 $10,000 7/31/96 $ 8,981 $10,793 $10,793 7/31/97 $13,248 $15,919 $15,919 7/31/98 $14,943 $18,701 $18,701 7/31/99 $21,406 $26,354 $26,354 7/31/00 $34,699 $37,625 $37,520 7/31/01 $19,226 $20,246 $17,240 7/31/02 $11,115 $13,265 $10,384 7/31/03 $12,715 $17,327 $12,592 7/31/04 $13,171 $18,848 $13,786 7/31/04 $15,159 $21,819 $15,117 NASDAQ Composite Index: $21,819 MSCI World Information Technology Index: $15,117 AllianceBernstein Global Technology Fund Class A: $15,159 This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein Global Technology Fund Class A shares (from 7/31/95 to 7/31/05) as compared to the performance of the Fund's benchmark, the MSCI World Information Technology Index, along with the NASDAQ Composite Index. 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. See Historical Performance and Benchmark Disclosures on previous page. (Historical Performance continued on next page) - ------------------------------------------------------------------------------ 4 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND HISTORICAL PERFORMANCE (continued from previous page) AVERAGE ANNUAL RETURNS AS OF JULY 31, 2005 NAV Returns SEC Returns - ------------------------------------------------------------------------------- Class A Shares 1 Year 15.10% 10.21% 5 Years -15.26% -16.00% 10 Years 4.70% 4.25% Class B Shares 1 Year 14.20% 10.20% 5 Years -15.91% -15.91% 10 Years(a) 4.10% 4.10% Class C Shares 1 Year 14.26% 13.26% 5 Years -15.89% -15.89% 10 Years 3.95% 3.95% Advisor Class Shares 1 Year 15.44% 5 Years -15.01% Since Inception* 4.59% Class R Shares 1 Year 15.00% Since Inception* 2.38% Class K Shares+ Since Inception* 4.63% Class I Shares+ Since Inception* 4.75% SEC AVERAGE ANNUAL RETURNS (WITH SALES CHARGES) AS OF THE MOST RECENT CALENDAR QUARTER-END (JUNE 30, 2005) Class A Shares 1 Year -4.58% 5 Years -17.20% 10 Years 4.99% Class B Shares 1 Year -5.08% 5 Years -17.11% 10 Years(a) 4.83% Class C Shares 1 Year -2.07% 5 Years -17.09% 10 Years 4.69% (a) Assumes conversion of Class B shares into Class A shares after eight years. * Inception Dates: 10/1/96 for Advisor Class shares; 11/3/03 for Class R shares; 3/1/05 for Class K and Class I shares. + Please note that this is a new share class offering for investors purchasing shares through institutional pension plans. The inception date for Class K and Class I shares is listed above. See Historical Performance disclosures on page 3. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 5 FUND EXPENSES As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below. Actual Expenses The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Ending Account Value Account Value Expenses Paid February 1, 2005 July 31, 2005 During Period* ------------------------- -------------------------- ------------------------ Actual Hypothetical Actual Hypothetical** Actual Hypothetical - ----------------------------------------------------------------------------------------------- Class A $1,000 $1,000 $1,055.81 $1,016.66 $ 8.36 $ 8.20 Class B $1,000 $1,000 $1,051.48 $1,012.79 $12.31 $12.08 Class C $1,000 $1,000 $1,051.84 $1,013.04 $12.06 $11.83 Advisor Class $1,000 $1,000 $1,057.25 $1,018.15 $ 6.84 $ 6.71 Class R $1,000 $1,000 $1,055.77 $1,016.86 $ 8.16 $ 8.00 Class K + $1,000 $1,000 $1,046.34 $1,016.45 $ 4.47 $ 4.41 Class I + $1,000 $1,000 $1,047.45 $1,017.45 $ 3.45 $ 3.40
* Expenses are equal to the classes' annualized expense ratios of 1.64%, 2.42%, 2.37%, 1.34%, 1.60%, 1.05% and 0.81%, respectively, multiplied by the average account value over the period, multiplied by the number of days in the period/365. ** Assumes 5% return before expenses. + The account value and expenses for Class K and Class I shares are based on the period from March 1, 2005 (commencement of distribution) through July 31, 2005. - ------------------------------------------------------------------------------ 6 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND PORTFOLIO SUMMARY July 31, 2005 PORTFOLIO STATISTICS Net Assets ($mil): $2,263.5 [PIE CHART OMITTED] SECTOR BREAKDOWN* Technology o 17.7% Semiconductor Components o 16.1% Computer Software o 12.9% Communication Equipment o 11.9% Computer Hardware/Storage o 7.4% Internet o 5.5% Computer Services o 5.2% Miscellaneous o 2.3% Electronic Components o 1.7% Computer Peripherals o 1.2% Contract Manufacturing o 0.9% Semiconductor Capital Equipment o 0.7% Internet Infrastructure o 0.6% Communication Services Consumer Services o 5.8% Cellular Communications o 3.1% Broadcasting & Cable Utilities o 2.8% Telephone Utility Capital Goods o 1.2% Miscellaneous o 0.2% Electrical Equipment Consumer Manufacturing o 1.0% Appliances o 1.8% Short-Term COUNTRY BREAKDOWN* o 65.7% United States o 6.6% Japan o 5.1% Taiwan o 3.9% Bermuda o 3.3% South Korea o 2.9% Germany o 2.5% Mexico o 2.3% United Kingdom o 2.3% India o 1.3% China o 1.1% Channel Islands o 0.7% Italy o 0.5% Cayman Islands o 1.8% Short-Term * All data are as of July 31, 2005. The Fund's sector and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 7 TEN LARGEST HOLDINGS July 31, 2005 Percent of Company Value Net Assets - ------------------------------------------------------------------------------- Microsoft Corp. $115,150,243 5.1% QUALCOMM, Inc. 110,358,754 4.9 Juniper Networks, Inc. 106,074,184 4.7 Google, Inc. Cl.A 96,428,376 4.3 EMC Corp. 89,849,304 4.0 Intel Corp. 88,378,696 3.9 Marvell Technology Group, Ltd. (Bermuda) 87,043,587 3.8 Dell, Inc. 83,981,321 3.7 Hoya Corp. (Japan) 73,661,059 3.2 Oracle Corp. 73,131,016 3.2 $924,056,540 40.8% - ------------------------------------------------------------------------------ 8 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND PORTFOLIO OF INVESTMENTS July 31, 2005 Company Shares U.S. $ Value - ------------------------------------------------------------------------------- COMMON STOCKS & OTHER INVESTMENTS-97.8% Technology-83.7% Communication Equipment-12.9% Cisco Systems, Inc.(a)* 1,264,150 $ 24,208,473 Corning, Inc.(a)* 1,201,100 22,880,955 Juniper Networks, Inc.(a)* 4,421,600 106,074,184 QUALCOMM, Inc. 2,794,600 110,358,754 Scientific-Atlanta, Inc. 304,000 11,704,000 ZTE Corp. Cl.A (China) 5,777,000 16,528,393 ------------ 291,754,759 Communication Services-0.6% InPhonic, Inc.(a)* 920,200 14,723,200 Computer Hardware/Storage-11.8% Apple Computer, Inc.(a)* 1,200,500 51,201,325 Dell, Inc.(a)* 2,075,150 83,981,321 EMC Corp.(a) 6,563,134 89,849,304 International Business Machines Corp. 507,400 42,347,604 ------------ 267,379,554 Computer Peripherals-1.7% Network Appliance, Inc.(a)* 1,470,200 37,504,802 Computer Services-5.5% Alliance Data Systems Corp.(a)* 573,700 24,422,409 Fiserv, Inc.(a)* 1,100,670 48,836,728 Infosys Technologies, Ltd. (ADR) (India)* 729,500 51,925,810 ------------ 125,184,947 Computer Software-16.0% Amdocs, Ltd. (Channel Islands)* 819,300 24,325,017 McAfee, Inc.(a) 813,000 25,528,200 Mercury Interactive Corp.(a)* 646,100 25,436,957 Microsoft Corp. 4,496,300 115,150,243 NAVTEQ(a)* 354,200 15,574,174 Oracle Corp.(a) 5,385,200 73,131,016 SAP AG (ADR) (Germany)* 1,521,900 65,167,758 Symantec Corp.(a) 840,500 18,465,785 ------------ 362,779,150 Contract Manufacturing-1.2% Hon Hai Precision Industry Co., Ltd. Citigroup Global Markets warrants, expiring 1/17/07 (Taiwan)(a)(b) 4,760,117 26,718,537 - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 9 Company Shares U.S. $ Value - ------------------------------------------------------------------------------- Electronic Components-2.3% AU Optronics Corp. (ADR) (Taiwan) 1,175,801 $ 18,648,204 LG Philips LCD Co., Ltd. (ADR) (South Korea)(a)* 1,416,200 32,600,924 ------------ 51,249,128 Internet-7.4% Google, Inc. Cl.A(a)* 335,100 96,428,376 Shanda Interactive Entertainment, Ltd. (ADR) (Cayman Islands)(a)* 332,800 10,885,854 Yahoo!, Inc.(a)* 1,788,100 59,615,254 ------------ 166,929,484 Internet Infrastructure-0.7% Fastweb (Italy)(a) 351,077 15,179,621 Semiconductor Capital Equipment-0.9% KLA-Tencor Corp.* 394,650 20,403,405 Semiconductor Components-17.6% Broadcom Corp. Cl.A(a)* 1,472,800 62,991,656 Intel Corp. 3,256,400 88,378,696 Linear Technology Corp.* 438,700 17,047,882 Marvell Technology Group, Ltd. (Bermuda)(a)* 1,992,300 87,043,587 Powerchip Semiconductor Corp. (Taiwan) 16,642,000 12,189,118 Samsung Electronics Co., Ltd. (GDR) (South Korea)(b) 67,072 18,495,104 Taiwan Semiconductor Manufacturing Co., Ltd. ABN Amro Bank warrants, expiring 1/09/06 (Taiwan)(a)(b) 8,945,474 15,117,851 Taiwan Semiconductor Manufacturing Co., Ltd. Merril Lynch International & Co. warrants, expiring 11/21/05 (Taiwan)(a) 5,711,000 12,798,351 Texas Instruments, Inc. 1,737,100 55,170,296 United Microelectronics Corp. (ADR) (Taiwan)* 7,639,800 29,413,230 ------------ 398,645,771 Miscellaneous-5.1% Canon, Inc. (Japan) 870,200 42,798,135 Hoya Corp. (Japan) 598,700 73,661,059 ------------ 116,459,194 ------------ 1,894,911,552 Consumer Services-8.9% Broadcasting & Cable-3.1% Time Warner, Inc.(a) 2,616,100 44,526,022 XM Satellite Radio Holdings, Inc. Cl.A(a)* 728,200 25,945,766 ------------ 70,471,788 - ------------------------------------------------------------------------------ 10 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND Shares or Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------- Cellular Communications-5.8% America Movil S.A. de C.V. (ADR) (Mexico) 2,568,300 $ 57,170,358 Nextel Communications, Inc. Cl.A(a) 615,100 21,405,480 O2 Plc (United Kingdom)(a) 7,184,504 17,583,267 Vodafone Group Plc (United Kingdom) 13,424,586 34,577,557 ------------ 130,736,662 ------------ 201,208,450 Utilities-2.8% Telephone Utility-2.8% China Telecom Corp., Ltd. Cl.H (China) 33,144,000 12,745,378 Sprint Corp.* 1,847,600 49,700,440 ------------ 62,445,818 Capital Goods-1.4% Electrical Equipment-0.2% Sumitomo Electric Industries, Ltd. (Japan) 369,000 4,127,333 Miscellaneous-1.2% Nitto Denko Corp. (Japan) 497,300 27,213,365 ------------ 31,340,698 Consumer Manufacturing-1.0% Appliances-1.0% LG Electronics, Inc. (South Korea) 352,580 22,774,125 Total Common Stocks & Other Investments (cost $1,821,863,220) 2,212,680,643 SHORT-TERM INVESTMENT-1.8% Time Deposit-1.8% State Street Euro Dollar 2.60%, 8/01/05 (cost $41,686,000) $ 41,686 41,686,000 Total Investments Before Security Lending Collateral-99.6% (cost $1,863,549,220) 2,254,366,643 INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED-29.9% Short-Term Investments Bemis Co., Inc. 3.30%, 8/01/05 25,000 24,938,312 Deutsche Bank 3.28%-3.36%, 8/01/05-2/26/06 45,000 45,013,383 Federal Home Loan Mortgage Corp. 3.34%, 9/09/05 25,000 25,000,000 Goldman Sachs 3.41%-3.43%, 12/02/05-1/18/06 75,000 75,000,000 - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 11 Principal Amount Company (000) U.S. $ Value - ------------------------------------------------------------------------------- Gotham Funding 3.29%-3.32%, 8/03/05-8/05/05 108,151 $108,036,364 Lexpar 3.34%, 8/12/05 15,000 14,956,987 Market Street Funding 3.29%, 8/01/05 25,984 25,976,876 Morgan Stanley 3.39%, 1/20/06-3/03/06 45,000 45,000,000 Sigma Funding 3.40%, 3/06/06 13,500 13,583,541 UBS Finance 3.26%-3.28%, 8/01/05-8/02/05 200,000 199,918,417 United Parcel Service 3.25%, 8/01/05 12,100 12,096,723 Washington Mutual 3.31%, 8/08/05 50,000 50,002,670 Windmill Funding Corp. 3.31%, 8/02/05 8,000 7,980,320 Yorktown Capital, LLC 3.29%, 8/03/05 14,625 14,587,690 ------------ 662,091,283 Shares - ------------------------------------------------------------------------------- UBS Private Money Market Fund, LLC, 3.20% 15,645,301 15,645,301 Total Investment of Cash Collateral for Securities Loaned (cost $677,736,584) 677,736,584 Total Investments-129.5% (cost $2,541,285,804) 2,932,103,227 Other assets less liabilities-(29.5%) (668,646,699) ------------ Net Assets-100% $2,263,456,528 * Represents entire or partial securities out on loan. See Note E for securities lending information. (a) Non-income producing security. (b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At July 31, 2005, the aggregate market value of these securities amounted to $60,331,492 or 2.7% of net assets. Glossary of Terms: ADR - American Depositary Receipt. GDR - Global Depositary Receipt. See notes to financial statements. - ------------------------------------------------------------------------------ 12 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND STATEMENT OF ASSETS & LIABILITIES July 31, 2005 Assets Investments in securities, at value (cost $2,541,285,804--including investment of cash collateral for securities loaned of $677,736,584) $2,932,103,227(a) Cash 3,010,280 Foreign cash, at value (cost $13,584,673) 13,325,450 Receivable for investment securities sold 48,033,241 Receivable for capital stock sold 9,420,408 Dividends and interest receivable 936,323 Other assets 2,082 -------------- Total assets 3,006,831,011 -------------- Liabilities Payable for collateral on securities loaned 677,736,584 Payable for investment securities purchased 39,901,545 Payable for capital stock redeemed 18,207,728 Advisory fee payable 4,252,683 Transfer Agent fee payable 711,775 Distribution fee payable 277,243 Administrative fee payable 46,681 Accrued expenses 2,240,244 -------------- Total liabilities 743,374,483 -------------- Net Assets $2,263,456,528 -------------- Composition of Net Assets Capital stock, at par $ 420,766 Additional paid-in capital 4,640,654,883 Accumulated net investment loss (1,619,944) Accumulated net realized loss on investment and foreign currency transactions (2,766,458,732) Net unrealized appreciation of investments and foreign currency denominated assets and liabilities 390,459,555 -------------- $2,263,456,528 -------------- Calculation of Maximum Offering Price Per Share Net Asset Value and: -------------------- Maximum Shares Offering Redemption Offering Class Net Assets Outstanding Price Price Price* - ------------------------------------------------------------------------------- A $1,067,071,787 18,867,710 -- $56.56 $59.07 B $ 844,110,532 16,532,237 $51.06 -- -- C $ 261,595,756 5,118,030 $51.11 -- -- Advisor $ 90,583,230 1,556,926 $58.18 $58.18 -- R $ 74,212 1,314.983 $56.44 $56.44 -- K $ 10,538 185.870 $56.70 $56.70 -- I $ 10,473 184.500 $56.76 $56.76 -- * The maximum offering price per share for Class A shares includes a sales charge of 4.25%. (a) Includes securities on loan with a value of $651,872,229 (see Note E). See notes to financial statements. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 13 STATEMENT OF OPERATIONS Year Ended July 31, 2005 Investment Income Dividends (net of foreign taxes withheld of $1,052,700) $22,142,783 Securities lending income 1,795,514 Interest 846,025 $24,784,322 ----------- Expenses Advisory fee 18,519,614 Distribution fee--Class A 3,286,782 Distribution fee--Class B 9,875,039 Distribution fee--Class C 2,885,272 Distribution fee--Class R 268 Distribution fee--Class K 11 Transfer agency 13,931,239 Printing 1,156,433 Custodian 535,804 Legal 148,767 Administrative 118,326 Registration 112,942 Directors' fees 101,644 Audit 70,597 Miscellaneous 159,950 ----------- Total expenses 50,902,688 Less: expenses waived by the Adviser (see Note B) (664,562) Less: expense offset arrangement (see Note B) (33,298) ----------- Net expenses 50,204,828 ----------- Net investment loss (25,420,506) ----------- Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions Net realized gain (loss) on: Investment transactions 318,191,161 Foreign currency transactions (1,842,538) Net change in unrealized appreciation/depreciation of: Investments 47,444,390 Foreign currency denominated assets and liabilities (357,432) ----------- Net gain on investment and foreign currency transactions 363,435,581 ----------- Net Increase in Net Assets from Operations $338,015,075 ----------- See notes to financial statements. - ------------------------------------------------------------------------------ 14 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND STATEMENT OF CHANGES IN NET ASSETS Year Ended Year Ended July 31, 2005 July 31, 2004 - ------------------------------------------------------------------------------- Increase (Decrease) in Net Assets from Operations Net investment loss $ (25,420,506) $ (56,556,359) Net realized gain on investment and foreign currency transactions 316,348,623 592,189,106 Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities 47,086,958 (384,374,969) ------------- -------------- Net increase in net assets from operations 338,015,075 151,257,778 Capital Stock Transactions Net decrease (681,181,415) (674,559,162) ------------- -------------- Total decrease (343,166,340) (523,301,384) Net Assets Beginning of period 2,606,622,868 3,129,924,252 ------------- -------------- End of period, (including accumulated net investment loss of ($1,619,944) and ($195,077), respectively) $2,263,456,528 $2,606,622,868 ------------- -------------- See notes to financial statements. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 15 NOTES TO FINANCIAL STATEMENTS July 31, 2005 NOTE A Significant Accounting Policies AllianceBernstein Global Technology Fund, Inc. (the "Fund"), formerly AllianceBernstein Technology Fund, Inc., 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, Advisor Class, Class R, Class K and Class I shares. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class B shares are currently sold with a contingent deferred sales charge which declines from 4% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class and Class I shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All seven classes of shares have identical voting, dividend, liquidation and other rights, except that each class bears different distribution expenses and has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Additional information about some of the items discussed in these Notes to Financial Statements is contained in the Fund's Statement of Additional Information, which is available upon request. The following is a summary of significant accounting policies followed by the Fund. 1. Security Valuation Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at "fair value" as determined in accordance with procedures established by and under the general supervision of the Fund's Board of Directors. In general, the market value of securities which are readily available and deemed reliable are determined as follows. Securities listed on a national securities exchange or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities not listed on an exchange but traded on The NASDAQ Stock Market, Inc. - ------------------------------------------------------------------------------ 16 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND ("NASDAQ") are valued in accordance with the NASDAQ Official Closing Price; listed put or call options are valued at the last sale price. If there has been no sale on that day, such securities will be valued at the closing bid prices on that day; open futures contracts and options thereon are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; securities traded in the over-the-counter market, ("OTC") (but excluding securities traded on NASDAQ) are valued at the mean of the current bid and asked prices as reported by the National Quotation Bureau or other comparable sources; U.S. Government securities and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost if their original maturity was 60 days or less; or by amortizing their fair value as of the 61st day prior to maturity if their original term to maturity exceeded 60 days; fixed-income securities, including mortgage backed and asset backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker/dealers. In cases where broker/dealer quotes are obtained, Alliance Capital Management, L.P. (the "Adviser") may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security; and OTC and other derivatives are valued on the basis of a quoted bid price or spread from a major broker/dealer in such security. Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because, most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. 2. Currency Translation Assets and liabilities denominated in foreign currencies and commitments under forward exchange currency contracts are translated into U.S. dollars at the mean of the quoted bid and asked prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 17 Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of investments and foreign currency denominated assets and liabilities. 3. Taxes It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. 4. Investment Income and Investment Transactions Dividend income is recorded on the ex-dividend date, or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the trade date the securities are purchased or sold. Investment gains and losses are determined on the identified cost basis. The Fund amortizes premiums and accretes discounts as adjustments to interest income. 5. Income and Expenses All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except that the Fund's Class B and Class C shares bear higher distribution and transfer agent fees than Class A, Advisor Class, Class R, Class K and Class I shares. Advisor Class and Class I shares have no distribution fees. 6. Dividends and Distributions Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. 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. - ------------------------------------------------------------------------------ 18 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND NOTE B Advisory Fee and Other Transactions With Affiliates Until September 6, 2004, under the terms of an investment advisory agreement, the Fund paid the Adviser a quarterly advisory fee equal to the following percentages of the value of the Fund's aggregate net assets at the close of business on the last business day of the previous quarter: .25 of 1.00% of the first $10 billion, .25 of .975% of the next $2.5 billion, .25 of .95% of the next $2.5 billion, .25 of .925% of the next $2.5 billion, .25 of .90% of the next $2.5 billion, .25 of .875% of the next $2.5 billion and .25 of .85% of the net assets in excess of $22.5 billion. Effective September 7, 2004, the terms of the investment advisory agreement were amended so that the Fund pays the Adviser a reduced quarterly advisory fee equal to the following percentages of the value of the Fund's aggregate net assets at the close of business on the last business day of the previous quarter: .25 of .75% of the first $2.5 billion, .25 of .65% of the next $2.5 billion, and .25 of .60% of the net assets in excess of $5 billion. Effective January 1, 2004 through September 6, 2004, in contemplation of the final agreement with the Office of New York Attorney General ("NYAG"), the Adviser began waiving a portion of its advisory fee so as to charge the Fund at the reduced annual rate discussed above. From August 1, 2004 through September 6, 2004, such waiver amounted to $664,562. For a more complete discussion of the Adviser's settlement with the NYAG, please see "Legal Proceedings" below. Pursuant to the advisory agreement, the Fund paid $118,326 to the Adviser representing the cost of certain legal and accounting services provided to the Fund by the Adviser for the year ended July 31, 2005. The Fund compensates Alliance Global Investor Services, Inc. (AGIS), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. Such compensation amounted to $6,878,700 for the year ended July 31, 2005. For the year ended July 31, 2005 the Fund's expenses were reduced by $33,298 under an expense offset arrangement with AGIS. AllianceBernstein Investment Research and Management, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $24,207 from the sales of Class A shares and received $42,547, $751,405, and $20,883 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares, respectively, for the year ended July 31, 2005. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 19 Brokerage commissions paid on investment transactions for the year ended July 31, 2005 amounted to $7,583,163, of which $759,601 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser. NOTE C Distribution Services Agreement The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund's average daily net assets attributable to Class A shares, 1% of the Fund's average daily net assets attributable to both Class B and Class C shares, .50% of the Fund's average daily net assets attributable to Class R shares and .25% of the fund's average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class and Class I 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 amounts of $75,441,585, $7,202,980, $660 and $0 for Class B, Class C, Class R and Class K 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) for the year ended July 31, 2005, were as follows: Purchases Sales - ------------------------------------------------------------------------------- Investment securities (excluding U.S. government securities) $1,929,877,419 $2,663,933,816 U.S. government securities -0- -0- The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding foreign currency transactions) are as follows: Cost $2,581,984,050 Gross unrealized appreciation $364,405,167 Gross unrealized depreciation (14,285,990) Net unrealized appreciation $350,119,177 - ------------------------------------------------------------------------------ 20 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND Option Transactions For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign government securities and foreign currencies that are traded on U.S. and foreign 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 written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from options written. 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 received 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. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value. NOTE E Securities Lending The Fund has entered into a securities lending agreement with AG Edwards & Sons, Inc. (the "Lending Agent"). Under the terms of the agreement, the Lending Agent, on behalf of the Fund, administers the lending of portfolio securities to certain broker-dealers. In return, the Fund receives fee income from the lending transactions or it retains a portion of interest on the investment of any cash received as collateral. The Fund also continues to receive dividends or interest on the securities loaned. Unrealized gain or loss on the value of the securities loaned that may occur during the term of the loan will be reflected in the accounts of the Fund. All loans are continuously secured by collateral exceeding the value of the securities loaned. All collateral consists of either cash or U.S. government securities. The Lending Agent may invest the cash collateral - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 21 received in accordance with the investment restrictions of the Fund in one or more of the following investments: U.S. government or U.S. government agency obligations, bank obligations, corporate debt obligations, asset-backed securities, investment funds, structured products, repurchase agreements and an eligible money market fund. The Lending Agent will indemnify the Fund for any loss resulting from a borrower's failure to return a loaned security when due. As of July 31, 2005, the Fund had loaned securities with a value of $651,872,229 and received cash collateral which was invested in short-term securities valued at $677,736,584 as included in the accompanying portfolio of investments. For the year ended July 31, 2005, the Fund earned fee income of $1,795,514 which is included in the accompanying statement of operations. NOTE F Capital Stock There are 21,000,000,000 shares of $0.01 par value capital stock authorized, divided into seven classes, designated Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares. Each class consists of 3,000,000,000 authorized shares. Transactions in capital stock were as follows: Shares Amount --------------------------- ------------------------------ Year Ended Year Ended Year Ended Year Ended July 31, July 31, July 31, July 31, 2005 2004 2005 2004 ------------ ------------ -------------- -------------- Class A Shares sold 2,456,834 5,185,412 $130,037,929 $272,184,753 Shares converted from Class B 1,682,744 2,127,361 89,617,305 112,659,496 Shares redeemed (7,906,183) (9,686,757) (419,749,339) (512,074,234) Net decrease (3,766,605) (2,373,984) $(200,094,105) $(127,229,985) Class B Shares sold 660,395 1,476,123 $31,510,524 $71,526,650 Shares converted to Class A (1,857,510) (2,305,939) (89,617,305) (112,659,496) Shares redeemed (6,892,521) (7,966,434) (330,712,326) (385,253,557) Net decrease (8,089,636) (8,796,250) $(388,819,107) $(426,386,403) Class C Shares sold 295,876 548,863 $14,147,220 $26,563,961 Shares redeemed (2,178,477) (2,662,309) (104,653,626) (129,071,486) Net decrease (1,882,601) (2,113,446) $(90,506,406) $(102,507,525) Advisor Class Shares sold 246,857 363,853 $13,650,297 $19,837,797 Shares redeemed (285,553) (696,202) (15,474,015) (38,298,227) Net decrease (38,696) (332,349) $(1,823,718) $(18,460,430) - ------------------------------------------------------------------------------ 22 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND Shares Amount --------------------------- ------------------------------ Year Ended November 3, Year Ended November 3, July 31, 2003(a) to July 31, 2003(a) to 2005 July 31, 2004 2005 July 31, 2004 ------------ ------------ -------------- -------------- Class R Shares sold 1,152 539 $ 57,709 $28,510 Shares redeemed (314) (62) (15,860) (3,329) Net increase 838 477 $ 41,849 $25,181 March 1, March 1, 2005(a)to 2005(a) to July 31, July 31, 2005 2005 ------------ -------------- Class K Shares sold 186 $10,072 Net increase 186 $10,072 Class I Shares sold 185 $10,000 Net increase 185 $10,000 (a) Commencement of distributions. NOTE G Risks Involved in Investing in the Fund Foreign Securities Risk--Investing in securities of foreign companies or foreign governments involves special risks which include changes in foreign exchange rates and the possibility of the future political and economic developments which could adversely affect the value of such securities. Moreover, securities of many foreign companies or foreign governments and their markets may be less liquid and their prices more volatile than those of comparable United States companies or of the United States Government. Indemnification Risk--In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. NOTE H Joint Credit Facility A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $250 million revolving credit facility (the "Facility") intended to provide short-term financing if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended July 31, 2005. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 23 NOTE I Components of Accumulated Earnings (Deficit) As of July 31, 2005, the components of accumulated earnings/(deficit) on a tax basis were as follows: Accumulated capital and other losses $(2,727,380,430)(a) Unrealized appreciation/(depreciation) 349,761,309 Total accumulated earnings/(deficit) $(2,377,619,121)(b) (a) On July 31, 2005, the Fund had a net capital loss carryforward for federal income tax purposes of $2,725,760,486, of which $944,141,098 expires in the year 2009, $1,330,398,762 expires in the year 2010, and $451,220,626 expires in the year 2011. To the extent future capital gains are offset by capital loss carryforwards, such gains will not be distributed. Net capital loss incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds next taxable year. For the year ended July 31, 2005, the Fund deferred to August 1, 2004, post-October currency losses of $1,619,944. During the fiscal year, the Fund utilized capital loss carryforwards of $239,432,513. (b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales. During the current fiscal year, permanent differences primarily due to a net investment loss, and the tax treatment of foreign currency gains and losses, resulted in a net decrease in accumulated net investment loss and a decrease in accumulated net realized loss on investments and a decrease in additional paid-in capital. This reclassification had no effect on net assests. NOTE J Legal Proceedings As has been previously reported, the staff of the U.S. Securities and Exchange Commission ("SEC") and the NYAG have been investigating practices in the mutual fund industry identified as "market timing" and "late trading" of mutual fund shares. Certain other regulatory authorities have also been conducting investigations into these practices within the industry and have requested that the Adviser provide information to them. The Adviser has been cooperating and will continue to cooperate with all of these authorities. On December 18, 2003, the Adviser confirmed that it had reached terms with the SEC and the NYAG for the resolution of regulatory claims relating to the practice of "market timing" mutual fund shares in some of the AllianceBernstein Mutual Funds. The agreement with the SEC is reflected in an Order of the Commission ("SEC Order"). The agreement with the NYAG is memorialized in an Assurance of Discontinuance dated September 1, 2004 ("NYAG Order"). Among the key provisions of these agreements are the following: (i) The Adviser agreed to establish a $250 million fund (the "Reimbursement Fund") to compensate mutual fund shareholders for the adverse effects of market timing attributable to market timing relationships described in the SEC Order. According to the SEC Order, the Reim- - ------------------------------------------------------------------------------ 24 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND bursement Fund is to be paid, in order of priority, to fund investors based on (i) their aliquot share of losses suffered by the fund due to market timing, and (ii) a proportionate share of advisory fees paid by such fund during the period of such market timing; (ii) The Adviser agreed to reduce the advisory fees it receives from some of the AllianceBernstein long-term, open-end retail funds until December 31, 2008; and (iii) The Adviser agreed to implement changes to its governance and compliance procedures. Additionally, the SEC Order and the NYAG Order contemplate that the Adviser's registered investment company clients, including the Fund, will introduce governance and compliance changes. In anticipation of final, definitive documentation of the NYAG Order and effective January 1, 2004, the Adviser began waiving a portion of its advisory fee. On September 7, 2004, the Fund's investment advisory agreement was amended to reflect the reduced advisory fee. For more information on this waiver and amendment to the Fund's investment advisory agreement, please see "Advisory Fee and Other Transactions with Affiliates" above. A special committee of the Adviser's Board of Directors, comprised of the members of the Adviser's Audit Committee and the other independent member of the Adviser's Board, is continuing to direct and oversee an internal investigation and a comprehensive review of the facts and circumstances relevant to the SEC's and the NYAG's investigations. In addition, the Independent Directors of the Fund ("the Independent Directors") have initiated an investigation of the above-mentioned matters with the advice of an independent economic consultant and independent counsel. The Independent Directors have formed a special committee to supervise the investigation. On October 2, 2003, a purported class action complaint entitled Hindo, et al. v. AllianceBernstein Growth & Income Fund, et al. ("Hindo Complaint") was filed against the Adviser, Alliance Capital Management Holding L.P. ("Alliance Holding"), Alliance Capital Management Corporation, AXA Financial, Inc., the AllianceBernstein Funds, certain officers of the Adviser ("Alliance defendants"), and certain other defendants not affiliated with the Adviser, as well as unnamed Doe defendants. The Hindo Complaint was filed in the United States District Court for the Southern District of New York by alleged shareholders of two of the AllianceBernstein Funds. The Hindo Complaint alleges that certain of the Alliance defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in "late trading" and "market timing" of AllianceBernstein Fund securities, violating Sections 11 and 15 of the - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 25 Securities Act, Sections 10(b) and 20(a) of the Exchange Act and Sections 206 and 215 of the Advisers Act. Plaintiffs seek an unspecified amount of compensatory damages and rescission of their contracts with the Adviser, including recovery of all fees paid to the Adviser pursuant to such contracts. Since October 2, 2003, numerous additional lawsuits making factual allegations generally similar to those in the Hindo Complaint were filed in various federal and state courts against the Adviser and certain other defendants, and others may be filed. On February 20, 2004, the Judicial Panel on Multidistrict Litigation transferred all federal actions, and all removed state court actions, to the United States District Court for the District of Maryland. On September 29, 2004, plaintiffs filed consolidated amended complaints with respect to four claim types: mutual fund shareholder claims; mutual fund derivative claims; derivative claims brought on behalf of Alliance Holding; and claims brought under ERISA by participants in the Profit Sharing Plan for Employees of the Adviser. All four complaints include substantially identical factual allegations, which appear to be based in large part on the SEC Order and the NYAG Order. The claims in the mutual fund derivative consolidated amended complaint are generally based on the theory that all fund advisory agreements, distribution agreements and 12b-1 plans between the Adviser and the AllianceBernstein Funds should be invalidated, regardless of whether market timing occurred in each individual fund, because each was approved by fund trustees on the basis of materially misleading information with respect to the level of market timing permitted in funds managed by the Adviser. The claims asserted in the other three consolidated amended complaints are similar to those that the respective plaintiffs asserted in their previous federal lawsuits. All of these lawsuits seek an unspecified amount of damages. The Alliance defendants have moved to dismiss the complaints, and those motions are pending. On February 10, 2004, the Adviser received (i) a subpoena duces tecum from the Office of the Attorney General of the State of West Virginia and (ii) a request for information from West Virginia's Office of the State Auditor, Securities Commission (the "West Virginia Securities Commission") (together, the "Information Requests"). Both Information Requests require the Adviser to produce documents concerning, among other things, any market timing or late trading in the Adviser's sponsored mutual funds. The Adviser responded to the Information Requests and has been cooperating fully with the investigation. On April 11, 2005, a complaint entitled The Attorney General of the State of West Virginia v. AIM Advisors, Inc., et al. ("WVAG Complaint") was filed against the Adviser, Alliance Holding, and various other defendants not affiliated with the Adviser. The WVAG Complaint was filed in the Circuit Court of Marshall County, West Virginia by the Attorney General of the State of West Virginia. The WVAG Complaint makes factual allegations generally similar to those in the - ------------------------------------------------------------------------------ 26 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND Hindo Complaint. On May 31, 2005, defendants removed the WVAG Complaint to the United States District Court for the Northern District of West Virginia. On July 12, 2005, plaintiff moved to remand. That motion is pending. On August 30, 2005, the deputy commissioner of securities of the West Virginia Securities Commission signed a "Summary Order to Cease and Desist, and Notice of Right to Hearing" addressed to the Adviser and Alliance Holding. The Summary Order claims that the Adviser and Alliance Holding violated the West Virginia Uniform Securities Act, and makes factual allegations generally similar to those in the Hindo Complaint. The time for the Adviser and Alliance Holding to respond to the Summary Order has been extended. The Adviser intends to vigorously defend against the allegations in the WVAG Complaint and the Summary Order. As a result of the matters discussed above, investors in the AllianceBernstein Mutual Funds may choose to redeem their investments. This may require the AllianceBernstein Mutual Funds to sell investments held by those funds to provide for sufficient liquidity and could also have an adverse effect on the investment performance of the AllianceBernstein Mutual Funds. On June 22, 2004, a purported class action complaint entitled Aucoin, et al. v. Alliance Capital Management L.P., et al. ("Aucoin Complaint") was filed against the Adviser, Alliance Capital Management Holding L.P., Alliance Capital Management Corporation, AXA Financial, Inc., AllianceBernstein Investment Research & Management, Inc., certain current and former directors of the AllianceBernstein Mutual Funds, and unnamed Doe defendants. The Aucoin Complaint names certain of the AllianceBernstein mutual funds as nominal defendants. The Aucoin Complaint was filed in the United States District Court for the Southern District of New York by an alleged shareholder of an AllianceBernstein mutual fund. The Aucoin Complaint alleges, among other things, (i) that certain of the defendants improperly authorized the payment of excessive commissions and other fees from fund assets to broker-dealers in exchange for preferential marketing services, (ii) that certain of the defendants misrepresented and omitted from registration statements and other reports material facts concerning such payments, and (iii) that certain defendants caused such conduct as control persons of other defendants. The Aucoin Complaint asserts claims for violation of Sections 34(b), 36(b) and 48(a) of the Investment Company Act, Sections 206 and 215 of the Advisers Act, breach of common law fiduciary duties, and aiding and abetting breaches of common law fiduciary duties. Plaintiffs seek an unspecified amount of compensatory damages and punitive damages, rescission of their contracts with the Adviser, including recovery of all fees paid to the Adviser pursuant to such contracts, an accounting of all fund-related fees, commissions and soft dollar payments, and restitution of all unlawfully or discriminatorily obtained fees and expenses. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 27 Since June 22, 2004, numerous additional lawsuits making factual allegations substantially similar to those in the Aucoin Complaint were filed against the Adviser and certain other defendants, and others may be filed. It is possible that these matters and/or other developments resulting from these matters could result in increased redemptions of the Fund's shares or other adverse consequences to the Fund. However, the Adviser believes that these matters are not likely to have a material adverse effect on its ability to perform advisory services relating to the Fund. - ------------------------------------------------------------------------------ 28 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND FINANCIAL HIGHLIGHTS Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class A ------------------------------------------------------------------------------ December 1, Year Ended July 31, 2002 to Year Ended November 30, ------------------------ July 31, ----------------------------------- 2005 2004 2003(a) 2002 2001 2000 ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $49.14 $47.44 $43.48 $67.05 $95.32 $111.46 Income From Investment Operations Net investment loss(b) (.34)(c) (.72)(c)(d) (.54) (.87) (.82) (1.35) Net realized and unrealized gain (loss) on investment and foreign currency transactions 7.76 2.42 4.50 (22.70) (21.17) (10.75) Net increase (decrease) in net asset value from operations 7.42 1.70 3.96 (23.57) (21.99) (12.10) Less: Distributions Distributions from net realized gain on investment transactions -0- -0- -0- -0- (5.86) (4.04) Distributions in excess of net realized gain on investment transactions -0- -0- -0- -0- (.42) -0- Total distributions -0- -0- -0- -0- (6.28) (4.04) Net asset value, end of period $56.56 $49.14 $47.44 $43.48 $67.05 $95.32 Total Return Total investment return based on net asset value(e) 15.10% 3.58% 9.11% (35.15)% (24.90)% (11.48)% Ratios/Supplemental Data Net assets, end of period (000's omitted) $1,067,072 $1,112,174 $1,186,488 $1,096,744 $1,926,473 $2,650,904 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 1.66% 1.65% 2.24%(f) 1.85% 1.58% 1.50% Expenses, before waivers/ reimbursements 1.68% 1.81% 2.24%(f) 1.85% 1.58% 1.50% Net investment loss (.65)%(c) (1.36)%(c)(d) (1.95)%(f) (1.64)% (1.08)% (.98)% Portfolio turnover rate 80% 80% 127% 117% 55% 46%
See footnote summary on page 35. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 29 Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class B ------------------------------------------------------------------------------ December 1, Year Ended July 31, 2002 to Year Ended November 30, ------------------------ July 31, ----------------------------------- 2005 2004 2003(a) 2002 2001 2000 ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $44.71 $43.49 $40.06 $62.27 $89.59 $105.73 Income From Investment Operations Net investment loss(b) (.68)(c) (1.03)(c)(d) (.69) (1.16) (1.28) (2.17) Net realized and unrealized gain (loss) on investment and foreign currency transactions 7.03 2.25 4.12 (21.05) (19.76) (9.93) Net increase (decrease) in net asset value from operations 6.35 1.22 3.43 (22.21) (21.04) (12.10) Less: Distributions Distributions from net realized gain on investment transactions -0- -0- -0- -0- (5.86) (4.04) Distributions in excess of net realized gain on investment transactions -0- -0- -0- -0- (.42) -0- Total distributions -0- -0- -0- -0- (6.28) (4.04) Net asset value, end of period $51.06 $44.71 $43.49 $40.06 $62.27 $89.59 Total Return Total investment return based on net asset value(e) 14.20% 2.81% 8.56% (35.67)% (25.46)% (12.12)% Ratios/Supplemental Data Net assets, end of period (000's omitted) $844,111 $1,100,840 $1,453,453 $1,539,144 $3,092,947 $4,701,567 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 2.43% 2.42% 3.02%(f) 2.58% 2.31% 2.20% Expenses, before waivers/ reimbursements 2.46% 2.58% 3.02%(f) 2.58% 2.31% 2.20% Net investment loss (1.42)%(c) (2.13)%(c)(d) (2.73)%(f) (2.37)% (1.80)% (1.68)% Portfolio turnover rate 80% 80% 127% 117% 55% 46%
See footnote summary on page 35. - ------------------------------------------------------------------------------ 30 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Class C ------------------------------------------------------------------------------ December 1, Year Ended July 31, 2002 to Year Ended November 30, ------------------------ July 31, ----------------------------------- 2005 2004 2003(a) 2002 2001 2000 ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $44.73 $43.50 $40.07 $62.25 $89.55 $105.69 Income From Investment Operations Net investment loss(b) (.66)(c) (1.02)(c)(d) (.68) (1.15) (1.28) (2.19) Net realized and unrealized gain (loss) on investment and foreign currency transactions 7.04 2.25 4.11 (21.03) (19.74) (9.91) Net increase (decrease) in net asset value from operations 6.38 1.23 3.43 (22.18) (21.02) (12.10) Less: Distributions Distributions from net realized gain on investment transactions -0- -0- -0- -0- (5.86) (4.04) Distributions in excess of net realized gain on investment transactions -0- -0- -0- -0- (.42) -0- Total distributions -0- -0- -0- -0- (6.28) (4.04) Net asset value, end of period $51.11 $44.73 $43.50 $40.07 $62.25 $89.55 Total Return Total investment return based on net asset value(e) 14.26% 2.83% 8.56% (35.63)% (25.45)% (12.13)% Ratios/Supplemental Data Net assets, end of period (000's omitted) $261,596 $313,166 $396,472 $410,649 $835,406 $1,252,765 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 2.39% 2.39% 3.01%(f) 2.55% 2.30% 2.21% Expenses, before waivers/ reimbursements 2.41% 2.55% 3.01%(f) 2.55% 2.30% 2.21% Net investment loss (1.37)%(c) (2.10)%(c)(d) (2.72)%(f) (2.34)% (1.80)% (1.69)% Portfolio turnover rate 80% 80% 127% 117% 55% 46%
See footnote summary on page 35. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 31 Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
Advisor Class ------------------------------------------------------------------------------ December 1, Year Ended July 31, 2002 to Year Ended November 30, ------------------------ July 31, ----------------------------------- 2005 2004 2003(a) 2002 2001 2000 ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period $50.40 $48.50 $44.36 $68.21 $96.60 $112.59 Income From Investment Operations Net investment loss(b) (.20)(c) (.58)(c)(d) (.46) (.72) (.60) (.91) Net realized and unrealized gain (loss) on investment and foreign currency transactions 7.98 2.48 4.60 (23.13) (21.51) (11.04) Net increase (decrease) in net asset value from operations 7.78 1.90 4.14 (23.85) (22.11) (11.95) Less: Distributions Distributions from net realized gain on investment transactions -0- -0- -0- -0- (5.89) (4.04) Distributions in excess of net realized gain on investment transactions -0- -0- -0- -0- (.39) -0- Total distributions -0- -0- -0- -0- (6.28) (4.04) Net asset value, end of period $58.18 $50.40 $48.50 $44.36 $68.21 $96.60 Total Return Total investment return based on net asset value(e) 15.44% 3.92% 9.33% (34.96)% (24.68)% (11.22)% Ratios/Supplemental Data Net assets, end of period (000's omitted) $90,583 $80,420 $93,511 $83,018 $231,167 $288,889 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 1.35% 1.35% 1.94%(f) 1.49% 1.27% 1.19% Expenses, before waivers/ reimbursements 1.38% 1.51% 1.94%(f) 1.49% 1.27% 1.19% Net investment loss (.36)%(c) (1.06)%(c)(d) (1.65)%(f) (1.29)% (.78)% (.66)% Portfolio turnover rate 80% 80% 127% 117% 55% 46%
See footnote summary on page 35. - ------------------------------------------------------------------------------ 32 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period Class R ----------------------- Year November 3, Ended 2003(h) to July 31, July 31, 2005 2004 - ------------------------------------------------------------------------------- Net asset value, beginning of period $49.08 $54.17 Income From Investment Operations Net investment loss(b) (.38)(c) (.77)(c)(d) Net realized and unrealized gain (loss) on investment and foreign currency transactions 7.74 (4.32) Net increase (decrease) in net asset value from operations 7.36 (5.09) Net asset value, end of period $56.44 $49.08 Total Return Total investment return based on net asset value(e) 15.00% (9.40)% Ratios/Supplemental Data Net assets, end of period (000's omitted) $74 $23 Ratio to average net assets of: Expenses, net of waivers/ reimbursements 1.71% 1.73%(f) Expenses, before waivers/ reimbursements 1.74% 1.97%(f) Net investment loss (.70)%(c) (1.42)%(c)(d)(f) Portfolio turnover rate 80% 80% See footnote summary on page 35. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 33 Selected Data For A Share Of Capital Stock Outstanding Throughout The Period Class K ----------------------- March 1, 2005(g) to July 31, 2005 - ------------------------------------------------------------------------------- Net asset value, beginning of period $54.19 Income From Investment Operations Net investment loss(b) (.03) Net realized and unrealized gain on investment and foreign currency transactions 2.54 Net increase in net asset value from operations 2.51 Net asset value, end of period $56.70 Total Return Total investment return based on net asset value(e) 4.63% Ratios/Supplemental Data Net assets, end of period (000's omitted) $11 Ratio to average net assets of: Expenses(f) 1.05% Net investment loss(f) (.15)% Portfolio turnover rate 80% See footnote summary on page 35. - ------------------------------------------------------------------------------ 34 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND Selected Data For A Share Of Capital Stock Outstanding Throughout The Period Class I ----------------------- March 1, 2005(g) to July 31, 2005 - ------------------------------------------------------------------------------- Net asset value, beginning of period $54.19 Income From Investment Operations Net investment income(b) .02 Net realized and unrealized gain on investment and foreign currency transactions 2.55 Net increase in net asset value from operations 2.57 Net asset value, end of period $56.76 Total Return Total investment return based on net asset value(e) 4.75% Ratios/Supplemental Data Net assets, end of period (000's omitted). $10 Ratio to average net assets of: Expenses(f) .81% Net investment income(f) .10% Portfolio turnover rate. 80% (a) The Fund changed its fiscal year end from November 30 to July 31. (b) Based on average shares outstanding. (c) Net of fees and expenses waived/reimbursed by the Adviser. (d) Net of fees and expenses waived/reimbursed by the Transfer Agent. (e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total investment return calculated for a period of less than one year is not annualized. (f) Annualized. (g) Commencement of distributions. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 35 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Directors of AllianceBernstein Technology Fund, Inc. We have audited the accompanying statement of assets and liabilities of AllianceBernstein Technology Fund, Inc. (the "Fund"), including the portfolio of investments, as of July 31, 2005, and the related statement of operations for the period then ended, the statement of changes in net assets 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 the standards of the Public Company Accounting Oversight Board (United States). 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. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2005, by correspondence with the custodian and others. 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 AllianceBernstein Technology Fund, Inc. at July 31, 2005, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles. /s/ Ernst & Young LLP New York, New York September 9, 2005 - ------------------------------------------------------------------------------ 36 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND BOARD OF DIRECTORS William H. Foulk, Jr.(1), Chairman Marc O. Mayer, President Robert C. Alexander(1) David H. Dievler(1) D. James Guzy(1) Marshall C. Turner, Jr.(1) OFFICERS Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Janet A. Walsh(2), Senior Vice President Thomas J. Bardong, Vice President Mark R. Manley, 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 AllianceBernstein Investment Research and Management, Inc. 1345 Avenue of the Americas New York, NY 10105 Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Transfer Agent Alliance Global Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-free (800) 221-5672 Independent Registered Public Accounting Firm Ernst & Young LLP 5 Times Square New York, NY 10036 (1) Member of the Audit Committee, Governance and Nominating Committee and Independent Directors Committee. (2) Ms. Walsh is the person primarily responsible for the day-to-day management of the Fund's investment portfolio. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 37 MANAGEMENT OF THE FUND Board of Directors Information The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund's Directors is set forth below.
PORTFOLIOS IN FUND OTHER NAME, ADDRESS AND PRINCIPAL COMPLEX DIRECTORSHIPS DATE OF BIRTH OCCUPATION(S) OVERSEEN BY HELD BY (YEAR ELECTED*) DURING PAST 5 YEARS DIRECTOR DIRECTOR - ------------------------------------------------------------------------------------------------------------------ INTERESTED DIRECTOR Marc O. Mayer, + Exective Vice President of 82 None 1345 Avenue of the Alliance Capital Management Americas Corporation ("ACMC") since New York, NY 10105 2001; prior thereto, Chief 10/2/57 Executive Officer of Sanford C. (2003) Bernstein & Co., LLC and its precedessor since prior to 2000. DISINTERESTED DIRECTORS William H. Foulk, Jr., # Investment Adviser and an 108 None 2 Sound View Drive independent consultant. He Suite 100 was formerly Senior Manager Greenwich, CT 06830 of Barrett Associates, Inc., a (Chairman of the Board) registered investment adviser, 9/7/32 with which he had been (1992) associated since prior to 2000. Formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. Robert C. Alexander, # President of Alexander & 1 None 38 East 29th Street Associates, Inc. Management New York, NY 10016 Consultants, since prior to 2000. 7/6/42 (1993) David H. Dievler, # Independent Consultant. Until 107 None P.O. Box 167 December 1994, he was Senior Spring Lake, Vice President of ACMC NJ 07762 responsible for mutual fund 10/23/29 administration. Prior to joining (1990) ACMC in 1984, he was Chief Financial Officer of Eberstadt Asset Management since 1968. Prior to that, he was a Senior Manager at Price Waterhouse & Co. Member of American Institute of Certified Public Accountants since 1953.
- ------------------------------------------------------------------------------ 38 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND
PORTFOLIOS IN FUND OTHER NAME, ADDRESS AND PRINCIPAL COMPLEX DIRECTORSHIPS DATE OF BIRTH OCCUPATION(S) OVERSEEN BY HELD BY (YEAR ELECTED*) DURING PAST 5 YEARS DIRECTOR DIRECTOR - ------------------------------------------------------------------------------------------------------------------ DISINTERESTED DIRECTORS (continued) D. James Guzy, # Chairman of the Board of PLX 1 Intel Corporation, P.O. Box 128 Technology (semi-conductors) Cirrus Logic Glenbrook, NV 89413 and of SRC Computers, Inc. Corporation, 3/7/36 with which he has been Novellus (1982) associated since prior to 2000. Corporation, He is also President of the Micro Component Arbor Company (private family Technology, investments). the Davis Selected Advisers Group of Mutual Funds and Logic Vision. Marshall C. Turner, Jr, # Principal of Turner Venture 1 Toppan 220 Montgomery Street Associates (venture capital Photomasks, Inc., Penthouse 10 and consulting) since prior to the George San Francisco, 2000. Chairman and CEO, Lucas CA 94104 Du Pont Photomasks,Inc., Educational 10/10/41 Austin, Texas, 2003- 2005, Foundation, (1992) and President and CEO Chairman of the since company acquired, and Board of the name changed to Toppan Smithsonian's Photomasks, Inc. in 2005 National (semiconductor manufacturing Museum of services). Natural History
* There is no stated term of office for the Fund's Directors. # Member of the Audit Committee, Governance and Nominating Committee and Independent Directors Committee. + Mr. Mayer is an "Interested Director" as defined in the Investment Company Act of 1940, due to his position as Executive Vice President of ACMC. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 39 Officers of The Fund Certain information concerning the Fund's Officers is listed below.
NAME, ADDRESS* AND POSITION(S) PRINCIPAL OCCUPATION DATE OF BIRTH HELD WITH FUND DURING PAST 5 YEARS - ------------------------------------------------------------------------------------------------------------- Marc O. Mayer President See biography above. 10/2/57 Philip L. Kirstein Senior Vice President Senior Vice President and Independent 5/29/45 and Independent Compliance Officer of the Compliance Officer AllianceBernstein Funds with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to 2000 until March 2003. Janet A. Walsh Senior Vice President Senior Vice President of ACMC**, with 2/2/62 which she has been associated since prior to 2000. Thomas J. Bardong Vice President Senior Vice President of ACMC**, with 4/28/45 which he has been associated since prior to 2000. Mark R. Manley Secretary Senior Vice President, Deputy General 10/23/62 Counsel and Chief Compliance Officer of ACMC**, with which he has been associated since prior to 2000. Mark D. Gersten Treasurer and Chief Senior Vice President of Alliance Global 10/4/50 Financial Officer Investor Services, Inc. ("AGIS")**, and Vice President of AllianceBernstein Investment Research and Management, Inc. ("ABIRM")**, with which he has been associated since prior to 2000. Vincent S. Noto Controller Vice President of AGIS**, with which 12/14/64 he has been associated since prior to 2000.
* The address for each of the Fund's officers, unless otherwise indicated, is 1345 Avenue of the Americas, New York, NY 10105. ** ACMC, ABIRM and AGIS are affiliates of the Fund. The Fund's Statement of Additional Information ("SAI") has additional information about the Fund's Directors and officers and is available without charge upon request. Contact your financial representative or Alliance Capital at 800-227-4618 for a free prospectus or SAI. - ------------------------------------------------------------------------------ 40 o ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND ALLIANCEBERNSTEIN FAMILY OF FUNDS - ------------------------------------------------- Wealth Strategies Funds - ------------------------------------------------- Balanced Wealth Strategy Wealth Appreciation Strategy Wealth Preservation Strategy Tax-Managed Balanced Wealth Strategy Tax-Managed Wealth Appreciation Strategy Tax-Managed Wealth Preservation Strategy - ------------------------------------------------- Blended Style Funds - ------------------------------------------------- U.S. Large Cap Portfolio International Portfolio Tax-Managed International Portfolio - ------------------------------------------------- Growth Funds - ------------------------------------------------- Domestic Growth Fund Mid-Cap Growth Fund Large Cap Growth Fund* Small Cap Growth Portfolio Global & International Global Health Care Fund* Global Research Growth Fund Global Technology Fund* Greater China '97 Fund International Growth Fund* International Research Growth Fund* - ------------------------------------------------- Value Funds - ------------------------------------------------- Domestic Balanced Shares Focused Growth & Income Fund* Growth & Income Fund Real Estate Investment Fund Small/Mid-Cap Value Fund* Utility Income Fund Value Fund Global & International Global Value Fund International Value Fund - ------------------------------------------------- Taxable Bond Funds - ------------------------------------------------- Americas Government Income Trust Corporate Bond Portfolio Emerging Market Debt Fund Global Strategic Income Trust High Yield Fund Multi-Market Strategy Trust Quality Bond Portfolio Short Duration Portfolio U.S. Government Portfolio - ------------------------------------------------- Municipal Bond Funds - ------------------------------------------------- National Insured National Arizona California Insured California Florida Massachusetts Michigan Minnesota New Jersey New York Ohio Pennsylvania Virginia - ------------------------------------------------- Intermediate Municipal Bond Funds - ------------------------------------------------- Intermediate California Intermediate Diversified Intermediate New York - ------------------------------------------------- Closed-End Funds - ------------------------------------------------- All-Market Advantage Fund ACM Income Fund ACM Government Opportunity Fund ACM Managed Dollar Income Fund ACM Managed Income Fund ACM Municipal Securities Income Fund California Municipal Income Fund National Municipal Income Fund New York Municipal Income Fund The Spain Fund World Dollar Government Fund World Dollar Government Fund II We also offer Exchange Reserves,** which serves as the money market fund exchange vehicle for the AllianceBernstein mutual funds. For more complete information on any AllianceBernstein mutual fund, including investment objectives and policies, sales charges, expenses, risks and other matters of importance to prospective investors, visit our web site at www.alliancebernstein.com or call us at (800) 227-4618 for a current prospectus. You should read the prospectus carefully before you invest. * Prior to December 15, 2004, these Funds were named as follows: Global Health Care Fund was Health Care Fund; Large Cap Growth Fund was Premier Growth Fund; Global Technology Fund was Technology Fund; and Focused Growth & Income Fund was Disciplined Value Fund. Prior to February 1, 2005, Small/Mid-Cap Value Fund was named Small Cap Value Fund. Prior to May 16, 2005, International Growth Fund was named Worldwide Privatization Fund and International Research Growth Fund was named International Premier Growth Fund. On June 24, 2005, All-Asia Investment Fund merged into International Research Growth Fund. On July 8, 2005, New Europe Fund merged into International Research Growth Fund. ** An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. - ------------------------------------------------------------------------------ ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND o 41 ALLIANCEBERNSTEIN GLOBAL TECHNOLOGY FUND 1345 Avenue of the Americas New York, NY 10105 Toll-free 1 (800) 221-5672 TECAR0705 ITEM 2. CODE OF ETHICS. (a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant's code of ethics is filed herewith as Exhibit 12(a)(1). (b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above. (c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The registrant's Board of Directors has determined that independent directors David H. Dievler and William H. Foulk, Jr. qualify as audit committee financial experts. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the Fund's last two fiscal years for professional services rendered for: (i) the audit of the Fund's annual financial statements included in the Fund's annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (i), which include multi class distribution testing, advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation. Audit-Related Audit Fees Fees Tax Fees - ------------------------------------------------------------ 2004 $50,000 $8,558 $15,528 2005 $51,000 $5,882 $15,016 (d) Not applicable. (e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund's Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund's independent registered public accounting firm. The Fund's Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund. (e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) - (c) are for services pre-approved by the Fund's Audit Committee. (f) Not applicable. (g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund's Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund, which include conducting an annual internal control report pursuant to Statement on Auditing Standards No. 70 ("Service Affiliates"): Total Amount of Foregoing Column Pre- approved by the Audit All Fees for Committee Non-Audit Services (Portion Comprised of Provided to the Audit Related Fees) Portfolio, the Adviser (Portion Comprised of and Service Affiliates Tax Fees) - ------------------------------------------------------------------------------- 2004 $861,687 [ $270,831 ] ( $255,303 ) ( $15,528 ) 2005 $1,1001,754 [ $188,601 ] ( $173,585 ) ( $15,016 ) (h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund's independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the independent registered public accounting firm's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to the registrant. ITEM 6. SCHEDULE OF INVESTMENTS. Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable to the registrant. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) There were no significant changes in the registrant's internal controls over financial reporting during the second fiscal quarter of the period that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 12. EXHIBITS. The following exhibits are attached to this Form N-CSR: EXHIBIT NO. DESCRIPTION OF EXHIBIT 12 (a) (1) Code of Ethics that is subject to the disclosure of Item 2 hereof 12 (b) (1) Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 12 (b) (2) Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 12 (c) Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant): AllianceBernstein Global Technology Fund, Inc. By: /s/ Marc O. Mayer ----------------- Marc O. Mayer President Date: September 28, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Marc O. Mayer ----------------- Marc O. Mayer President Date: September 28, 2005 By: /s/ Mark D. Gersten ----------------- Mark D. Gersten Treasurer and Chief Financial Officer Date: September 28, 2005 EX-99.CODE ETH 2 edg11258-ethics.txt Exhibit 11(a)(1) CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS I. Covered Officers/Purpose of the Code The AllianceBernstein Mutual Fund Complex's code of ethics (this "Code") for the investment companies within the complex (collectively, the "Funds" and each, a "Company") applies to each Company's Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company; o compliance with applicable laws and governmental rules and regulations; o the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and o accountability for adherence to the Code. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents. Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors or Trustees (the "Directors") that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes. Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company. Each Covered Officer must: o not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company; o not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company; o not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his family, that should always be discussed with the General Counsel of Alliance Capital Management L.P.(the "General Counsel"), if material. Examples of these include: o service as a director on the board of directors or trustees of any public or private company (other than a not-for-profit organization); o the receipt of any non-nominal gifts; o the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; o any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; o a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership. III. Disclosure and Compliance o Each Covered Officer should familiarize himself with the disclosure requirements and disclosure controls and procedures generally applicable to the Company; o each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations; o each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and o it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. IV. Reporting and Accountability Each Covered Officer must: o upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the General Counsel that he has received, read, and understands the Code; o annually thereafter affirm to the General Counsel that he has complied with the requirements of the Code; o complete at least annually a questionnaire relating to affiliations or other relationships that may give rise to conflicts of interest; o not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and o notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code. The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be considered by the Company's Audit Committee (the "Committee"). The Company will follow these procedures in investigating and enforcing this Code: o the General Counsel will take all appropriate action to investigate any potential violations reported to him; o if, after such investigation, the General Counsel believes that no material violation has occurred, the General Counsel is not required to take any further action; o any matter that the General Counsel believes is a material violation will be reported to the Committee; o if the Committee concurs that a material violation has occurred, it will inform and make a recommendation to the Directors, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer; o the Committee will be responsible for granting waivers, as appropriate; and o any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. V. Other Policies and Procedures This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code. VI. Amendments Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Directors, including a majority of independent directors. VII. Confidentiality All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Directors, the investment adviser, their counsel, counsel to the Company and, if deemed appropriate by the Directors of the Company, to the Directors of the other Funds. VIII. Internal Use The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion. Date: July 22, 2003, as amended March 17, 2004 - ---------------------------------------------- Exhibit A Persons Covered by this Code of Ethics -------------------------------------- Marc O. Mayer, Principal Executive Officer Mark Gersten, Principal Financial and Accounting Officer Vince Noto, Controller EX-99.CERT 3 edg11258-ex11b_302.txt Exhibit 11(b)(1) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER I, Marc O. Mayer, President of AllianceBernstein Global Technology Fund, Inc., certify that: 1. I have reviewed this report on Form N-CSR of AllianceBernstein Global Technology Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 28, 2005 /s/ Marc O. Mayer ----------------- Marc O. Mayer President Exhibit 11(b)(2) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER I, Mark D. Gersten, Treasurer and Chief Financial Officer of AllianceBernstein Global Technology Fund, Inc., certify that: 1. I have reviewed this report on Form N-CSR of AllianceBernstein Global Technology Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 28, 2005 /s/ Mark D. Gersten ------------------- Mark D. Gersten Treasurer and Chief Financial Officer EX-99.906 CERT 4 edg11258-ex11c_906.txt CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AllianceBernstein Global Technology Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended July 31, 2005 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: September 28, 2005 By: /s/ Marc O. Mayer ----------------- Marc O. Mayer President By: /s/ Mark D. Gersten ------------------- Mark D. Gersten Treasurer and Chief Financial Officer This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----