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This is filed pursuant to Rule 497(e).
00250157.BJ8
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THE ALLIANCE STOCK FUNDS
(ADVISOR CLASS)
Alliance Growth and Income Fund
Alliance Strategic Balanced Fund
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Supplement dated April 1, 1997 to the Prospectus
dated February 3, 1997
The following information supplements certain information in the
current prospectus under the heading "Description of the Funds -
Investment Objectives and Policies - Total Return Funds -
Alliance Growth and Income Fund"
At a Special Meeting of Shareholders of the Fund held on
March 27, 1997, the shareholders approved a change in the
fundamental investment policies of the Fund to allow the Fund to
purchase and sell financial forward and futures contracts and
options thereon. The shareholders also approved the adoption by
the Fund of non-fundamental investment policies, which may be
changed by the Board of Directors of the Fund without a
shareholder vote, governing the use of these financial forward
and futures contracts and options thereon. These policies
provide that the Fund will enter into such transactions for
hedging purposes only, and will not enter into any futures
contract or option thereon if immediately thereafter the market
values of the outstanding futures contracts of the Fund and the
futures contracts subject to outstanding options written by the
Fund would exceed 50% of the Fund's total assets. The Fund may
not purchase or sell a stock index futures contract if
immediately thereafter more than 30% of its total assets would be
hedged with stock index futures. Finally, the Fund will not
purchase or sell a stock index future contract if, immediately
thereafter, the sum of the amount of margin deposits on the
Fund's existing future positions would exceed 5% of the market
value of the Fund's total assets.
For a description of futures contracts and options
thereon, including the risks involved in making such investments,
see the sub-sections "Options", "Options on Securities Indices",
"Futures Contracts and Options on Futures Contracts", and
"General" under the section "Additional Investment Practices" in
the Fund's Prospectus.
The following information supersedes certain information in the
current prospectus in the table under the heading "Management of
the Funds - Adviser"
Strategic Balanced Fund - the person principally responsible
for the day-to-day management of the Fund is Nicholas D.P. Carn.
Mr. Carn has been a Vice President of ACMC since 1997. Prior
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thereto he was Chief Investment Officer and Portfolio Manager of
Draycott Partners.
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YOU SHOULD RETAIN THIS SUPPLEMENT WITH YOUR PROSPECTUS FOR FUTURE
REFERENCE.
00250157.BJ8
