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LOGO THE ALLIANCE(R) ASSET ALLOCATION FUNDS
ALLIANCE CAPITAL(R)
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APRIL 1, 1997
- --ALLIANCE GROWTH INVESTORS FUND
- --ALLIANCE CONSERVATIVE INVESTORS FUND
SUPPLEMENT DATED APRIL 1, 1997 TO PROSPECTUS DATED SEPTEMBER 3, 1996
Effective April 1, 1997, Nicholas D.P. Carn is the person principally
responsible for the day-to-day management of each Fund's portfolio. Mr. Carn
has been a Vice President of Alliance Capital Management Corporation since
1997. Prior thereto, he was Chief Investment Officer and Portfolio Manager of
Draycott Partners.
(R) This registered service mark used under license from the owner, Alliance
Capital Management, L.P.
