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<PAGE> This is filed pursuant to Rule 497(e). File nos. 002-10768 and 811-00204 <PAGE> THE ALLIANCE STOCK FUNDS - Alliance Utility Income Fund Supplement dated July 24, 1996 to Prospectus dated February 1, 1996 Management of the Funds - Adviser Utility Income Fund - The person primarily responsible for the day-to-day management of the portfolio of Utility Income Fund is Paul Rissman. Mr. Rissman, a Vice President of ACMC, has been associated with Alliance since 1989. 00250156.AK8
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