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Alliance Capital [LOGO) (R) The Alliance Stock Funds
Alliance All-Asia Investment Fund, Inc.
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Supplement to Prospectus June 11, 1998
This supplement to the Prospectus of the Alliance Stock Funds dated
February 2, 1998 supercedes certain information regarding the
Alliance All-Asia Investment Fund.
Alliance All-Asia Investment Fund
The Fund's non-fundamental investment policies have
previously limited the Fund's investments in Japanese equity
securities to a maximum of 50% of the Fund's assets. Many larger
Asian companies have diversified their business operations globally
and are able to compete on an international scale. The Adviser
believes that many of these companies may thus be able to enjoy
growth despite current economic difficulties in Asia. Because many
of these companies are located in Japan, the Adviser believes that
it would be in the best interests of the Fund to have the
flexibility of investing more than 50% of its assets in Japanese
equity securities. At the Adviser's recommendation, the Board of
Directors of the Fund acted on June 11, 1998 to change the Fund's
non-fundamental investment policies to permit the Fund to invest
more than 50% of its assets in Japanese equity securities.
Management of the Funds - Adviser
The person primarily responsible for the day-to-day
management of the portfolio of Alliance All-Asia Investment Fund is
Hiroshi Motoki. Mr. Motoki, a Senior Vice President of the Adviser,
is also the Adviser's Director of Japanese/Asian Equity Research.
Prior to joining Alliance in 1994, Mr. Motoki was a senior financial
analyst for Ford Motor Company.
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You should retain this supplement with your prospectus for future
reference.
(R) This registered mark used under license from the owner, Alliance
Capital Management L.P.
250118.AS0
