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This is filed pursuant to Rule 497(c).
File Nos. 33-12988 and 811-05088.
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ALLIANCE CAPITAL (R) ALLIANCE ASSET ALLOCATION FUNDS:
ALLIANCE CONSERVATIVE INVESTORS FUND
ALLIANCE GROWTH INVESTORS FUND
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Supplement Dated October 17, 1995, to Prospectus Dated
September 1, 1995
THIS SUPPLEMENT TO THE CURRENT PROSPECTUS OF THE FUNDS
SUPERSEDES THE INFORMATION UNDER THE HEADING "PURCHASE AND SALE
OF SHARES - HOW TO BUY SHARES - CLASS A SHARES - INITIAL SALES
CHARGE ALTERNATIVE" AND SUPPLEMENTS THE INFORMATION UNDER THE
HEADING "EXPENSE INFORMATION."
CLASS A SHARES - INITIAL SALES CHARGE ALTERNATIVE
You can purchase Class A shares at net asset value plus
an initial sales charge, as follows:
Initial Sales Charge
as % of Net Commission to
Amount as % of Dealer/Agent as %
Amount Purchased Invested Offering Price of Offering Price
Less than $100,000 4.44% 4.25% 4.00%
$100,000 to
less than $250,000 3.36 3.25 3.00
$250,000 to
less than $500,000 2.30 2.25 2.00
$500,000 to
less than $1,000,000 1.78 1.75 1.50
On purchases of $1,000,000 or more, you pay no initial sales
charge but may pay a contingent deferred sales charge ("CDSC")
equal to 1% of the lesser of net asset value at the time of
redemption or original cost if you redeem within one year;
Alliance may pay the dealer or agent a fee of up to 1% of the
dollar amount purchased. Certain purchases of Class A shares may
qualify for reduced or eliminated sales charges in accordance
with a Fund's Combined Purchase Privilege, Cumulative Quantity
Discount, Statement of Intention, Privilege for Certain
Retirement Plans, Reinstatement Privilege and Sales at Net Asset
Value programs. Consult the Subscription Application and
Statement of Additional Information.
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Class A shares obtained from dividend or distribution
reinvestment are not subject to the CDSC. The CDSC is deducted
from the amount of the redemption and is paid to Alliance Fund
Distributors, Inc. The CDSC will be waived on redemptions of
shares following the death or disability of a shareholder or to
meet the requirements of certain qualified retirement plans. See
the Statement of Additional Information.
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(R) This registered service mark used under license from the owner,
Alliance Capital Management L.P.
00250184.AB8
