<PAGE>
Alliance Asset Allocation Funds:
ALLIANCE CONSERVATIVE INVESTORS FUND
ALLIANCE GROWTH INVESTORS FUND
_______________________________
Supplement dated February 12, 1996 to the Prospectus
dated September 1, 1995
PORTFOLIO MANAGER.
The employee of Alliance principally responsible for the
Funds' investment program as of February 12, 1996 is Robert G.
Heisterberg. Mr. Heisterberg, a Senior Vice President of
Alliance and Global Economic Policy Analyst, has been associated
with Alliance since 1977.
_______________________________
YOU SHOULD RETAIN THIS SUPPLEMENT WITH YOUR PROSPECTUS FOR FUTURE
REFERENCE.
00250184.AF6
