ALLIANCE GLOBAL ENVIRONMENT FUND
Summary of General Information
SHAREHOLDER INFORMATION
Daily market prices for the Fund's shares are published in the New York Stock
Exchange Composite Transaction section of newspapers under the designation
'ALLGIE'. The Fund's NYSE trading symbol is 'AEF'. Weekly comparative net asset
value (NAV) and market price information about the Fund is published each
Monday in The Wall Street Journal and each Saturday in The New York Times and
Barron's, and other newspapers in a table called 'Publicly Traded Funds'.
Additional information about the Fund is available by calling 1-800-221-5672.
DIVIDEND REINVESTMENT PLAN
All shareholders whose Shares are registered in their own names will have all
distributions reinvested automatically in additional Shares, unless a
shareholder elects to receive cash. Shareholders whose Shares are held in the
name of a broker or nominee will automatically have distributions reinvested by
the broker or nominee in additional Shares under the Plan, unless the automatic
reinvestment service is not provided by the particular broker or nominee, or
the Shareholder elects to receive distributions in cash. A brochure describing
the Plan is available from the Plan Agent, State Street Bank and Trust Company,
by calling 1-800-219-4218.
ALLIANCE GLOBAL ENVIRONMENT FUND
1345 Avenue of the Americas
New York, New York 10105
R These registered service marks used under license from the owner, Alliance
Capital Management L.P.
ENVSR Recycled
Paper
ALLIANCE
GLOBAL
ENVIRONMENT
FUND
SEMI-ANNUAL
REPORT
APRIL 30, 1995
AN
INVESTMENT
WITH A CLEAR
FUTURE
<cover>
LETTER TO SHAREHOLDERS ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
May 30, 1995
Dear Shareholder:
Since we last reported to you in our letter of December 5, 1994, investors have
remained concerned about whether the U.S. economy will slow to a soft landing.
Another issue keeping investors on the sidelines relates to the direction the
Republican Congress will take on existing and future environmental legislation.
These factors contributed to Alliance Global Environment Fund's market price
trading at a significant discount to net asset value (23.4%) as of April 30,
1995. For the six-month reporting period through April 30, Alliance Global
Environment Fund's net asset value remained essentially unchanged--from $11.74
per share on October 31, 1994, to $11.75--and the Fund's total return was
+.09%. Over the same period, the FAC Index of American Environmental Stocks
returned -1.20% and the S&P 500-stock Index returned +10.45%.
Despite neutral investment results in the last six months, we believe that the
Fund holds investments in stocks that should weather an economic slowdown with
steady growth. Fundamentals for the group overall continue to strengthen, and
one of the more attractive growth areas is recycling, where both pricing and
volumes continue to rise. The Fund has bought shares of Wellman, the world's
leader in plastic recycling. We also continue to see industrial companies
reducing their hazardous waste generation by changing their methods of
production. This often calls for adding special gases or compounds to the
manufacturing process. Likely beneficiaries of this move include the Fund's
holdings in Air Products (U.S.), L'Air Liquide (France) and Allied Colloids
(United Kingdom).
On the political front, French election results have caused a sharp rally in
the local market. The Fund's position in Generale des Eaux, the world's largest
provider of municipal water services, has rallied with the election of Jacques
Chirac. We expect that privatization of environmental services in France will
accelerate, which in turn should benefit the Fund's holdings in French stocks.
We anticipate the recovery of the environmental sector will continue, which
should boost environmental shares and thus the share prices of the Fund. Thank
you for your continued interest and investment in Alliance Global Environment
Fund.
Sincerely,
John D. Carifa
Chairman and President
Jonas Krumplys
Vice President
<PAGE> 1
TEN LARGEST HOLDINGS ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
PERCENT OF
COMPANY U.S.$VALUE NET ASSETS
- - -------------------------------------------------- ------------ ----------
GENERALE DES EAUX (common & cv. bonds)-
Major French water company with solid and liquid
waste disposal capabilities $4,557,044 5.6%
SEALED AIR CORP.--A protective packaging producer
which uses recycled paper and plastics 4,275,000 5.3
DIONEX CORP.--Designs, makes, markets and
services analytical instruments which are used to
identify components in chemical mixtures 4,025,500 5.0
ROHM & HAAS CO. --A worldwide manufacturer
of specialty chemicals and plastics 3,952,500 4.9
AIR PRODUCTS & CHEMICALS, INC.--An industrial gas
company which has interests in waste-to-energy
plants and fuel gas emissions clean-up technology 3,601,813 4.4
ALLIED COLLOIDS GROUP PLC.--Specialty chemical
company which produces environmentally friendly
water soluable processing aids 3,541,661 4.4
MORTON INTERNATIONAL, INC.--Specialty chemical
company which produces laminating adhesives,
coatings and dyes 3,211,600 4.0
MONSANTO CO.--A worldwide manufacture of
chemical and agricultural products, pharmaceuticals,
low-calorie sweetners, plastics, electronics and
man-made fibers 3,205,125 3.9
SITA (common, warrants & cv. bonds)--France's
largest hazardous waste landfill operator 3,037,053 3.7
LUBRIZOL CORP.--The leading lubricant company
with products which release emissions and improve
vehicle energy efficiency 2,964,375 3.6
$36,371,671 44.8%
<PAGE> 2
INDUSTRY DIVERSIFICATION ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
U.S.$VALUE PERCENT OF NET ASSETS
- - -------------------------------------------------------------------------------
Building & Related $ 995,081 1.2%
Chemicals 19,364,551 23.9
Communication Equipment 5,840,250 7.2
Containers 4,275,000 5.3
Diversified Industry 3,447,488 4.2
Electric & Gas Utilities 1,278,311 1.6
Electrical Equipment 1,045,551 1.3
Energy 5,216,555 6.4
Engineering & Construction 2,379,941 2.9
Healthcare 2,572,500 3.2
Insurance 911,550 1.1
Machinery 3,501,163 4.3
Multi-Industry 7,274,362 9.0
Paper & Forest Products 754,522 0.9
Pollution Control 19,592,880 24.2
Transportation 2,585,922 3.2
Total Investments 81,035,627 99.9
Cash and other assets, net of liabilities 102,548 0.1
Net Assets $81,138,175 100.0%
<PAGE> 3
PORTFOLIO OF INVESTMENTS ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
COMPANY SHARES U.S.$VALUE
- - -------------------------------------------------------------------------------
COMMON STOCKS AND OTHER INVESTMENTS - 99.4%
AUSTRALIA - 1.3%
Brambles Industries, Ltd 110,000 $1,084,915
CANADA - 2.6%
Renaissance Energy, Ltd.* 50,000 1,130,930
Royal Plastics Group, Ltd.*(b) 92,500 995,081
2,126,011
FRANCE - 10.8%
Generale Des Eaux 42,324 4,452,896
L'Air Liquide* 9,523 1,528,013
SITA* 18,258 2,577,295
warrants expiring
5/31/96* 383 70,089
5/31/97* 953 86,909
8,715,202
JAPAN - 3.3%
Ebara Corp. 170,000 2,690,225
MALAYSIA - 0.9%
Aokam Perdana Bhd. 168,000 754,522
MEXICO - 0.6%
Empresas ICA Sociedad
Controladora, S.A.
de C.V. (ADR) 10,000 85,000
Grupo Mexicano de
Desarrollo Series L
(ADS)* 42,964 220,191
Grupo Tribasa, S.A. (ADS)* 20,000 175,000
480,191
NETHERLANDS - 0.8%
Beheersmaatschappij J.
Amerika N.V.*(a) 165,000 637,760
PHILIPPINES - 2.1%
J.G. Summit Holdings, Inc.
Series B* 1,400,000 424,568
Manila Electric Co.
Series B 120,000 1,278,311
1,702,879
UNITED KINGDOM - 10.2%
Allied Colloids Group Plc. 1,700,000 $3,541,661
Babcock International Group Plc.* 1,590,703 665,351
restricted shares(c) 908,973 380,200
Caird Group Plc.* 750,000 48,262
Leigh Interests Plc. 450,000 999,033
Ocean Group Plc. 184,500 899,347
restricted shares(c) 124,250 601,660
Powerscreen International Plc. 250,000 1,126,124
8,261,638
UNITED STATES - 66.8%
Air Products & Chemicals, Inc. 71,500 3,601,813
American International Group, Inc. 6,600 704,550
ARCO Chemical Co. 20,000 930,000
Baker Hughes, Inc. 8,500 191,250
Bandag, Inc. 24,000 1,425,000
BHA Group, Inc. Cl.A 80,000 1,040,000
Calgon Carbon Corp. 87,200 1,068,200
Catalytica, Inc.* 134,000 586,250
CBI Industries, Inc. 34,000 841,500
Clean Harbors, Inc.* 90,000 281,250
Corning, Inc. 26,000 867,750
Dionex Corp.* 97,000 4,025,500
Du Pont (E.I.) de Nemours & Co. 12,000 790,500
EMCON Associates* 120,000 532,500
Forest Laboratories, Inc. Cl.A* 38,000 1,710,000
General Instrument Corp.* 36,000 1,228,500
Handex Environmental Recovery, Inc.* 93,000 569,625
Harding Associates, Inc. * 109,700 671,912
Hercules, Inc. 48,000 2,394,000
Lindsay Manufacturing Co.* 25,000 810,938
Lubrizol Corp. 85,000 2,964,375
Martin Marietta Materials, Inc.* 51,000 1,058,250
Matrix Service Co.* 100,000 412,500
Monsanto Co. 38,500 3,205,125
Morton International, Inc. 103,600 3,211,600
<PAGE> 4
ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
COMPANY SHARES U.S.$VALUE
- - -------------------------------------------------------------------------------
NL Industries, Inc. 100,000 $ 1,475,000
Pall Corp. 45,069 1,053,488
PennCorp Financial Group, Inc. 12,000 207,000
Rohm & Haas Co. 68,000 3,952,500
Sealed Air Corp.* 100,000 4,275,000
Union Carbide Corp. 50,000 1,600,000
Value Health, Inc. 25,000 862,500
Wellman, Inc. 109,500 2,956,500
WMX Technologies,Inc. 98,000 2,670,500
54,175,376
OTHER INVESTMENTS - 0.0%
Touche Remnant Ecotec
Environmental Fund*(a) 1 -0-
Total Common Stocks and other investments
(cost $80,844,547) 80,628,719
CONVERTIBLE BONDS - 0.5%
FRANCE - 0.5%
Generale Des Eaux
6.00%, 1/01/98 FRF 166 $ 104,148
SITA
7.00%, 5/16/99 383 302,760
Total Convertible Bonds
(cost $279,679) 406,908
TOTAL INVESTMENTS - 99.9%
(cost $81,124,226) 81,035,627
Other assets less liabilities - 0.1% 102,548
NET ASSETS - 100% $81,138,175
* Non-income producing security.
(a) Illiquid securities, valued at fair value (see Notes A and E).
(b) This security is exempt from registration under Rule 144A of the
Securities Act of 1933. This security may be resold in transactions exempt from
registrations, normally to qualified institutional buyers. At April 30, 1995
this security amounted to $995,081 or 1.2% of net assets.
(c) These securities have not been registered under the Securities Act of
1933. These securities may be resold in transactions pursuant to Rule 904 of
the Act. At April 30, 1995, these securities amounted to $981,860 or 1.2% of
net assets.
See notes to financial statements.
<PAGE>5
STATEMENT OF ASSETS AND LIABILITIES ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
ASSETS
Investments in securities, at value (cost $81,124,226) $81,035,627
Foreign taxes receivable 165,648
Dividends and interest receivable 149,792
Deferred organization expense and other assets 13,409
Total assets 81,364,476
LIABILITIES
Due to custodian 8,769
Management fee payable 67,432
Accrued expenses 150,100
Total liabilities 226,301
NET ASSETS (equivalent to $11.75 per share, based on 6,907,169
shares outstanding) $81,138,175
COMPOSITION OF NET ASSETS
Capital stock, at par $69,072
Additional paid-in capital 95,285,958
Undistributed net investment income 43,406
Accumulated net realized loss on investments (14,192,478)
Net unrealized depreciation of investments and
foreign currency denominated assets and liabilities (67,783)
$81,138,175
NET ASSET VALUE PER SHARE $11.75
See notes to financial statements.
<PAGE> 6
STATEMENT OF OPERATIONS ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $41,360) $597,808
Interest 51,955 $649,763
EXPENSES
Management fee 417,417
Custodian 57,099
Audit and legal 41,707
Directors' fees 33,831
Transfer agency 19,332
Printing 8,869
Registration 6,219
Amortization of organization expenses 4,869
Miscellaneous 17,014
Total expenses 606,357
Net investment income 43,406
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY
Net realized loss on investment transactions (892,054)
Net realized loss on foreign currency transactions (9,234)
Net change in unrealized appreciation (depreciation) of:
Investments 883,815
Foreign currency denominated assets and liabilities 10,684
Net loss on investments and foreign currency denominated assets
and liabilities (6,789)
NET INCREASE IN NET ASSETS FROM OPERATIONS $36,617
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1995 OCTOBER 31,
(UNAUDITED) 1994
---------------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss) $ 43,406 $ (27,643)
Net realized loss on investment transactions (892,054) (809,872)
Net realized gain (loss) on foreign currency
transactions (9,234) 26,694
Net change in unrealized appreciation
(depreciation) of investments and
foreign currency denominated assets and liabilities 894,499 6,106,981
Net increase in net assets from operations 36,617 5,296,160
NET ASSETS
Beginning of year 81,101,558 75,805,398
End of period (including undistributed net
investment income of $43,406 at April 30, 1995) $81,138,175 $81,101,558
See notes to financial statements.
<PAGE> 7
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1995 (UNAUDITED) ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Global Environment Fund, Inc. (the 'Fund'), is registered under the
Investment Company Act of 1940 as a non-diversified, closed-end management
investment company. The following is a summary of significant accounting
policies followed by the Fund.
1. SECURITY VALUATION
All securities listed on an exchange for which market quotations are readily
available are valued at the closing price on the exchange on the day of
valuation or, if no such closing price is available, at the last bid price
quoted on such day. Securities for which market quotations are not readily
available and restricted securities are valued in good faith at fair value
using methods determined by the Board of Directors. In determining fair value,
consideration is given to cost, operating and other financial data. Short-term
debt securities which mature in 60 days or less are valued at amortized cost
which approximates market value.
2. CURRENCY TRANSLATION
Assets and liabilities denominated in foreign currencies are translated into
U.S. dollars at the mean of the quoted bid and asked price of the respective
currency against the U.S. dollar on the valuation date.
Purchases and sales of portfolio securities are translated at the rates of
exchange prevailing when such securities were acquired or sold. Income and
expenses are translated at rates of exchange prevailing when earned or accrued.
Net realized loss on foreign currency transactions of $9,234 represents net
foreign exchange gains or losses from holding of foreign currencies, currency
gains or losses realized between the trade and settlement dates on security
transactions, and the difference between the amounts of dividends, interest and
foreign taxes recorded on the Fund's books and the U.S. dollar equivalent
amounts actually received or paid. Net unrealized currency gains and losses
from valuing foreign currency denominated assets and liabilities at period end
exchange rates are reflected as a component of unrealized depreciation on
investments and foreign currency denominated assets and liabilities.
3. ORGANIZATION EXPENSES
Organization expenses of approximately $50,000 have been deferred and are being
amortized on a straight-line basis through May, 1995.
4. TAXES
It is the Fund's policy to meet the requirements of the U.S. Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
investment company taxable income and net realized gains, if applicable, to
shareholders. Therefore, no provisions for U.S. income or excise taxes are
required. Withholding taxes on foreign interest and dividends have been
provided for in accordance with the applicable tax requirements.
5. INVESTMENT INCOME AND SECURITY TRANSACTIONS
Dividend income is recorded on the ex-dividend date. Interest income is accrued
daily. Security transactions are accounted for on the date securities are
purchased or sold. Security gains and losses are determined on the identified
cost basis. The Fund accretes discounts as adjustments to interest income.
6. DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions to shareholders are recorded on the ex-dividend
date. Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from generally
accepted accounting principles.
<PAGE> 8
ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
NOTE B: MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under an Investment Management and Administration Agreement, the Fund pays
Alliance Capital Management L.P., the Investment Manager, a fee, calculated
weekly and paid monthly, at an annualized rate of 1.10% of the Fund's average
weekly net assets up to $100 million, .95 of 1% of the next $100 million of the
Fund's average weekly net assets, and .80 of 1% of the Fund's average weekly
net assets over $200 million. Brokerage commissions paid on securities
transactions for the six months ended April 30, 1995 amounted to $36,493, none
of which was paid to brokers utilizing the services of the Pershing Division of
Donaldson, Lufkin & Jenrette Securities Corp., an affiliate of the manager.
NOTE C: INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments)
aggregated $9,761,699 and $8,777,124, respectively, for the six months ended
April 30, 1995.
At April 30, 1995, the cost of securities for federal income tax purposes was
the same as the cost for financial reporting purposes. Accordingly, gross
unrealized appreciation of investments was $746,342 and gross unrealized
depreciation of investments was $834,941 resulting in net unrealized
depreciation of $88,599 (excluding foreign currency transactions). At
October 31, 1994, the Fund had a capital loss carryforward of $13,291,190 of
which $148,544 expires in 1998, $1,527,643 expires in 1999, $7,554,180 expires
in 2000, $3,250,951 expires in 2001 and $809,872 expires in 2002.
NOTE D: Capital Stock
There are 100,000,000 shares of $.01 par value common stock authorized. Of the
6,907,169 shares outstanding at April 30, 1995, the Investment Manager owned
7,169 shares.
NOTE E: Illiquid Securities
DATE ACQUIRED COST
------------- --------
Beheersmaatschappij J. Amerika N.V. 3/19/91 $529,926
Touche Remnant Ecotec Environmental Fund 6/28/90 247,181
The securities shown above are restricted as to sale and have been valued at
fair value in accordance with the procedures in Note A.
The value of these securities at April 30, 1995 was $637,760 representing 0.8%
of net assets. During the month of March, 1994, the Board of Directors of
Alliance Global Environment Fund, Inc. determined that Touche Remnant Ecotec
Environmental Fund ('T R Ecotec') should be valued at zero to reflect current
fair value. This decision was based on notification from the investment advisor
of T R Ecotec of the company's termination and future liquidation.
<PAGE> 9
NOTES TO FINANCIAL STATEMENTS (CONT.) ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
NOTE F: QUARTERLY RESULTS OF OPERATIONS
<TABLE>
<CAPTION>
NET REALIZED AND
UNREALIZED GAIN NET INCREASE
(LOSS) ON (DECREASE)
INVESTMENTS AND IN NET ASSETS
NET INVESTMENT FOREIGN CURRENCY RESULTING FROM MARKET PRICE
INCOME (LOSS) TRANSACTIONS OPERATIONS ON NYSE
---------------- ------------------- ------------------- -------------------
TOTAL PER TOTAL PER TOTAL PER
QUARTER ENDED (000) SHARE (000) SHARE (000) SHARE HIGH LOW
- - -------------------- ------ ------- -------- ------- -------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
April 30, 1995 $ 11 $ .00 $(6,214) $(.90) $(6,203) $(.90) $ 9.125 $8.625
January 31, 1995 33 .01 6,207 .90 6,240 .91 9.125 8.500
$ 44 $ .01 $ (7) $ .00 $ 37 $ .01
October 31, 1994 $(69) $(.01) $ 1,176 $ .17 $ 1,107 $ .16 $10.250 $9.250
July 31, 1994 131 .02 1,392 .20 1,523 .22 $ 9.875 $9.250
April 30, 1994 1 .00 5,761 .84 5,762 .84 $10.375 $9.000
January 31, 1994 (91) (.01) (3,005) (.44) (3,096) (.45) $10.500 $9.250
$(28) $ .00 $ 5,324 $ .77 $ 5,296 $ .77
</TABLE>
<PAGE> 10
FINANCIAL HIGHLIGHTS ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED OCTOBER JUNE 1, 1990*
APRIL 30, 1995 ----------------------------------------------------- TO OCTOBER 31,
(UNAUDITED) 1994 1993 1992 1991 1990
-------------- -------- --------- ---------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $11.74 $10.97 $10.78 $13.12 $12.46 $13.83(a)
Income From Investment Operations
Net investment income .01 -0- .01 .01 .13 .20
Net realized and unrealized gain
(loss) on investments and
foreign currency transactions -0 - .77 .18 (2.17) .87 (1.57)
Net increase (decrease) in net
assets value from operations .01 .77 .19 (2.16) 1.00 (1.37)
Less: Distributions
Dividends from net investment income -0- -0- -0- (.10) (.25) -0-
Distributions from net realized gain -0- -0- -0- (.08) (.09) -0-
Total dividends and distributions -0- -0- -0- (.18) (.34) -0-
Net asset value, end of period $11.75 $11.74 $10.97 $10.78 $13.12 $12.46
Market value, end of period $9.00 $9.50 $9.25 $9.50 $11.375 $10.00
Total Return
Total investment return based on:(b)
Market value (5.26)% 2.70% (2.63)% (15.22)% 17.38% (28.32)%
Net asset value .09% 7.02% 1.76% (16.59)% 8.66% (10.68)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted) $81,138 $81,102 $75,805 $74,442 $90,612 $86,041
Ratio of expenses to average net assets 1.60%(c) 1.67% 1.62% 1.63% 1.49% 1.72%(c)
Ratio of net investment income
(loss) to average net assets .11%(c) (.04)% .15% .10% .95% 3.59%(c)
Portfolio turnover rate 11% 42% 25% 41 32% 4%
</TABLE>
* Commencement of operations.
(a) Net of offering costs of $.12.
(b) Total investment return is calculated assuming a purchase of common stock
on the opening of the first day and a sale on the closing of the last day of
each period reported. Dividends and distributions, if any, are assumed, for
purposes of this calculation, to be reinvested at prices obtained under the
Fund's Dividend Reinvestment and Cash Purchase Plan. Generally, total
investment return based on net asset value will be higher than total investment
return based on market value in periods where there is an increase in the
discount or a decrease in the premium of the market value to the net asset
value from the beginning to the end of such periods. Conversely, total
investment return based on net asset value will be lower than total investment
return based on market value in periods where there is a decrease in the
discount or an increase in the premium of the market value to the net asset
value from the beginning to the end of such periods. Total investment return
for a period of less than one year is not annualized.
(c) Annualized.
<PAGE> 11
ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
BOARD OF DIRECTORS
JOHN D. CARIFA, CHAIRMAN & PRESIDENT
DAVID H. DIEVLER
JOHN H. DOBKIN
W.H. HENDERSON
THE HON. JAMES D. HODGSON
STIG HOST
RICHARD M. LILLY
ALAN STOGA
THE HON. JOHN C. WEST
ROBERT C. WHITE
OFFICERS
THOMAS J. BARDONG, VICE PRESIDENT
NICHOLAS CROSSLAND, VICE PRESIDENT
JONAS KRUMPLYS, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
PATRICK J. FARRELL, CONTROLLER
CUSTODIAN
BROWN BROTHERS HARRIMAN & CO.
40 Water Street
Boston, MA 02109-3661
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
INDEPENDENT AUDITORS
ERNST & YOUNG LLP
787 Seventh Avenue
New York, NY 10019
TRANSFER AGENT, DIVIDEND-
PAYING AGENT AND REGISTRAR
STATE STREET BANK AND TRUST COMPANY
225 Franklin Street
Boston, MA 02110-1520
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may purchase at market prices from time to
time shares of its common stock in the open market.
This report, including the financial statements herein, is transmitted to the
shareholders of Alliance Global Environment Fund for their information. This is
not a prospectus, circular or representation intented for use in the purchase
of shares of the Fund or any securities mentioned in this report.
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