ALLIANCE GLOBAL ENVIRONMENT FUND
SEMI-ANNUAL REPORT
APRIL 30, 1996
AN INVESTMENT WITH A CLEAR FUTURE
ALLIANCE
INVESTING WITHOUT THE MYSTERY.
LETTER TO SHAREHOLDERS ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
June 4, 1996
Dear Shareholder:
We are pleased to report the performance of Alliance Global Environment Fund
for the semi-annual reporting period ended April 30, 1996. The net asset value
increased to $15.22 per share from $12.37 per share on October 31, 1995, and
the Fund achieved a total return of +23.27% over the six-month period. This
performance compares favorably with both the FASC (First Analysis Securities
Corporation) Environmental Index and the S&P 500, which advanced +15.3% and
+13.6%, respectively, over the same period.
INVESTMENT ACTIVITY
The improved performance of Alliance Global Environment Fund during the current
period is largely the result of a shift in the Fund's holdings beginning in
September 1995, which is when Jeremy Kramer assumed portfolio management
responsibilities for the Fund. Our investment strategy for the Fund is to focus
on the growing segments of the environmental services industry. In addition,
preference is given to businesses that are driven by economics and existing and
enforced regulations, rather than anticipated regulatory changes. This
discipline has resulted in the Fund's investments in three primary categories:
solid waste collection and disposal services, water treatment and steel
recycling.
The fundamentals in the solid waste industry are favorable, with high
single-digit internal growth (both in terms of price and volume) and an
accelerating pace of acquisitions. The Fund currently has investments in
Republic Industries, USA Waste, United Waste, Continental Waste and Sanifill.
Water treatment encompasses a number of sub-segments with attractive growth
prospects, including wastewater treatment, water treatment chemicals and clean
water supply. Some examples of the Fund's holdings in this area include Cytec
Industries, Generale des Eaux (France), Allied Colloids (U.K.), U.S. Filter and
Air & Water Technologies.
Steel recycling refers primarily to investments in UCAR International and SGL
Carbon (Germany). These companies manufacture graphite electrodes, a consumable
material which enables steel minimills to recycle scrap steel. The graphite
electrode industry is currently experiencing favorable pricing trends and high
operating rates. Other significant holdings in the Fund include Landec, a
specialty polymer manufacturer, Thermo Fibertek, a provider of recycling
equipment for the paper industry and GTS Duratek, an environmental technology
company.
FUND'S BOARD TAKES ACTION TO NARROW DISCOUNT
On March 14, 1996, the Board of Directors of Alliance Global Environment Fund
authorized a share repurchase program for the Fund, which entails the purchase
of up to 20% of the Fund's shares in the open market over a 12-month period.
Purchases at current prices are accretive to net asset value per share due to
the significant discount at which the share price trades to net asset value. As
of April 30, 1996, or six weeks into the share buyback, the Fund had purchased
249,600 shares at an average price of $12.15 per share. The buyback has added
approximately $0.10 per share to the net asset value in the six-month period.
We remain optimistic about the Fund's prospects over the remainder of the
fiscal year, as the portfolio is well-positioned to take advantage of the
growth segments of the environmental services industry. Thank you for your
continued interest and investment in Alliance Global Environment Fund.
Sincerely,
John D. Carifa
Chairman and President
Jeremy R. Kramer
Vice President
1
TEN LARGEST HOLDINGS
APRIL 30, 1996 (UNAUDITED) ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
PERCENT OF
COMPANY U.S. $VALUE NET ASSETS
- -------------------------------------------------------------------------------
LANDEC CORP.-The company designs, develops,
manufactures and sells temperature-activated
polymer products for a variety of industrial,
medical and agricultural applications. $ 9,500,000 9.4%
REPUBLIC WASTE INDUSTRIES, INC.-The company provides
waste collection and disposal services, as well as
electronic security services. 5,436,500 5.4
USA WASTE SERVICES, INC.-The company provides
solid waste management services to municipal,
commercial, industrial and residential customers
in the United States. 5,044,000 5.0
CYTEC INDUSTRIES, INC.-The company manufactures
and markets chemical and specialty materials. 4,889,625 4.8
UNITED WASTE SYSTEM, INC.-The company provides
residential, commercial and industrial customers
with integrated, nonhazardous solid waste
management services. 4,675,000 4.6
UCAR INTERNATIONAL, INC.-The company manufactures
graphite and carbon electrodes. 4,592,000 4.5
THERMO FIBERTEK, INC.-The company is a developer,
marketer and manufacturer of equipment and
accessories for the worldwide paper and paper
recycling industries. 4,575,000 4.5
GTS DURATEK, INC.-The company develops, manufactures
and markets products, systems and services used in
the removal of low level radioactive materials. 4,449,313 4.4
HERCULES, INC.-The company manufactures specialty
chemicals, aerospace products, films and fibers. 4,235,000 4.2
CONTINENTAL WASTE INDUSTRIES, INC.-The company
provides various non-hazardous waste management
services. 4,020,000 3.9
$51,416,438 50.7%
2
INDUSTRY DIVERSIFICATION
APRIL 30, 1996 (UNAUDITED) ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
U.S. $VALUE PERCENT OF NET ASSETS
- -------------------------------------------------------------------------------
Basic Industries $ 33,125,434 32.7%
Capital Goods 43,038,961 42.5
Consumer Manufacturing 977,925 0.9
Consumer Services 2,706,220 2.7
Energy 7,246,500 7.1
Healthcare 5,248,375 5.2
Multi-Industry 2,445,699 2.4
Transportation 5,953,407 5.9
Total Investments* 100,742,521 99.4
Cash and other assets, net of liabilities 603,792 0.6
Net Assets $101,346,313 100.0%
* Excludes short-term obligations.
3
PORTFOLIO OF INVESTMENTS
APRIL 30, 1996 (UNAUDITED) ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
COMPANY SHARES U.S. $VALUE
- ------------------------------------------------------------------------
COMMON STOCKS & OTHER INVESTMENTS98.3%
AUSTRALIA4.1%
Australis Media, Ltd. * 3,500,000 $ 1,567,172
Brambles Industries, Ltd. 192,000 2,631,907
------------
4,199,079
CANADA5.7%
Laidlaw, Inc. Cl. B. (a) 235,000 2,467,500
Philip Environmental, Inc. * 400,000 3,276,400
------------
5,743,900
FRANCE2.4%
Generale Des Eaux 22,500 2,445,699
GERMANY2.3%
SGL Carbon AG (b) 25,000 2,361,111
JAPAN2.5%
Ebara Corp. 160,000 2,487,363
NETHERLANDS0.6%
Beheersmaatschappij J. Amerika N.V. * (c) 165,000 578,299
UNITED KINGDOM4.7%
Allied Colloids Group Plc. 1,100,000 2,184,244
Powerscreen International Plc. 380,000 2,612,367
------------
4,796,611
UNITED STATES76.0%
Air & Water Technologies Corp. * 330,000 1,856,250
Century Aluminum Co. * 66,300 977,925
Continental Waste Industries, Inc. * 335,000 4,020,000
Cronos Group * 205,000 1,793,750
Cytec Industries, Inc. * 59,000 4,889,625
Envirosource, Inc. * 530,000 1,855,000
Freeport-McMoran, Inc. 2 73
Global Industries Technologies, Inc. * 104,000 1,911,000
GTS Duratek, Inc. * 257,000 4,449,313
Harding Associates, Inc. * 235,000 1,410,000
SHARES OR
PRINCIPAL
(AMOUNT)
COMPANY (000) U.S. $VALUE
- ------------------------------------------------------------------------
Hercules, Inc. 70,000 $ 4,235,000
International Technology Corp. * 850,000 2,125,000
Landec Corp. * 500,000 9,500,000
Omega Environmental, Inc. * 200,000 550,000
Republic Waste Industries, Inc. * 166,000 5,436,500
Sanifill, Inc. * 61,000 2,645,875
Tejas Gas Corp. * 36,200 1,810,000
Thermo Fibertek, Inc. * 200,000 4,575,000
ThermoQuest Corp. * 53,400 881,100
Trex Medical Corp. * (c) 35,000 358,750
Ucar International, Inc. * 112,000 4,592,000
United Waste System, Inc. * 85,000 4,675,000
US Filter Corp. * 65,000 1,998,750
USA Waste Services, Inc. * 194,000 5,044,000
Wheelabrator Technologies, Inc. 130,000 2,080,000
Xtra Corp. 73,000 3,321,500
------------
76,991,411
Total Common Stocks
(cost $88,289,305) 99,603,473
CONVERTIBLE BONDS1.1%
AUSTRALIA1.1%
Australis Media, Ltd. Conv. Note *
(cost $1,853,588) AU$ 2,500 1,139,048
COMMERCIAL PAPER4.6%
UNITED STATES4.6%
Merrill Lynch & Co., Inc.
5.31%, 5/07/96
(amortized cost $4,695,156) US$ 4,700 4,695,156
TOTAL INVESTMENTS104.0% (cost $94,838,049) 105,437,677
Other assets less liabilities(4.0%) (4,091,364)
NET ASSETS100% $101,346,313
* Non-income producing security.
(a) Foreign security denominted in U.S. $.
(b) Security is exempt from registration under Rule 144A of the Security Act
of 1933. This security may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At April 30, 1996, this security
amounted to $2,361,111 or 2.3% of net assets.
(c) Restricted security, valued at fair value. (See Notes A and E.)
See notes to financial statements.
4
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1996 (UNAUDITED) ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
ASSETS
Investments in securities, at value (cost $94,838,049) $105,437,677
Receivable for investment securities sold 4,449,184
Dividends and interest receivable 161,472
Prepaid expenses 15,555
Total assets 110,063,888
LIABILITIES
Due to custodian 208,002
Payable for investment securities purchased 7,954,803
Payable for capital stock redeemed 315,280
Management fee payable 91,028
Accrued expenses 148,462
Total liabilities 8,717,575
NET ASSETS $101,346,313
COMPOSITION OF NET ASSETS
Capital stock, at par $ 66,599
Additional paid-in capital 92,271,801
Accumulated net operating loss (387,684)
Accumulated net realized loss on investments and foreign
currency transactions (1,193,979)
Net unrealized appreciation of investments and foreign
currrency denominated assets and liabilities 10,589,576
$101,346,313
NET ASSET VALUE PER SHARE (based on 6,659,869 shares outstanding) $15.22
See notes to financial statements.
5
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED)
ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $10,228) $317,360
Interest 83,172 $ 400,532
EXPENSES
Advisory fee 515,850
Custodian 77,681
Audit and legal 42,863
Directors' fees 34,376
Registration 23,676
Transfer agency 21,705
Printing 18,135
Miscellaneous 32,002
Total expenses 766,288
Net investment loss (365,756)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investment transactions 12,242,549
Net realized loss on foreign currency transactions (548,435)
Net change in unrealized appreciation (depreciation) of:
Investments 7,761,469
Foreign currency denominated assets and liabilities (5,508)
Net gain on investments and foreign currency transactions 19,450,075
NET INCREASE IN NET ASSETS FROM OPERATIONS $19,084,319
See notes to financial statements.
6
STATEMENT OF CHANGES IN NET ASSETS ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
SIX MONTHS ENDED YEAR ENDED
APRIL 30,1996 OCTOBER 31,
(UNAUDITED) 1995
------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss) $ (365,756) $ 170,945
Net realized gain on investments and foreign
currency transactions 11,694,114 348,367
Net change in unrealized appreciation of
investments and foreign currency denominated
assets and liabilities 7,755,961 3,795,897
Net increase in net assets from operations 19,084,319 4,315,209
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (138,143) -0-
CAPITAL STOCK TRANSACTIONS
Repurchase of fund shares (3,016,630) -0-
Total increase 15,929,546 4,315,209
NET ASSETS
Beginning of year 85,416,767 81,101,558
End of period (including undistributed net
investment income of $116,215 at
October 31, 1995) $101,346,313 $85,416,767
See notes to financial statements.
7
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1996 (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 mean of the last
bid and ask 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 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 currency gains and losses from valuing
foreign currency denominated assets and liabilities at period end exchange
rates are reflected as a component of net unrealized appreciation
(depreciation) of investments and foreign currency denominated assets and
liabilities.
3. 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.
4. 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.
5. DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions to shareholders are recorded on the ex-dividend
date and are determined in accordance with income tax regulations.
NOTE B: MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under an Investment Management and Administration Agreement, the Fund pays
Alliance Capital Management L.P., '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, 1996, amounted to $434,882,
none of which was paid to affiliated brokers.
8
ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
NOTE C: INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments)
aggregated $118,042,941 and $121,925,329 respectively, for the six months ended
April 30, 1996. At April 30, 1996, the cost of securities for federal income
tax purposes was $94,854,705. Accordingly, gross unrealized appreciation of
investments was $13,336,556 and gross unrealized depreciation of investments
was $2,753,584 resulting in net unrealized appreciation of $10,582,972,
(excluding foreign currency transactions). At October 31, 1995, the Fund had a
capital loss carryforward of $12,640,912 of which $1,025,909 expires in 1999,
$7,554,180 expires in 2000, $3,250,951 expires in 2001 and $809,872 expires in
2002.
The Fund utilized a capital loss carryover of $650,278 to offset gains realized
during the year ended October 31, 1995. No capital gain distribution is
expected to be paid to shareholders until future net gains have been realized
in excess of the loss carryover.
NOTE D: CAPITAL STOCK
There are 100,000,000 shares of $.01 par value common stock authorized. Of the
6,659,869 shares outstanding at April 30, 1996, the Investment Manager owned
7,169 shares. On March 14, 1996, the Fund initiated a share repurchase program.
The program allows for repurchase over a twelve month period of up to 20% of
the 6,907,169 shares outstanding at March 14, 1996. To date, 247,300 shares
have been repurchased at a total cost of $3,016,630. This includes $12,365 in
commissions paid to PaineWebber Incorporated. The average discount of market
price to net asset value over the period of March 15, 1996 to April 30, 1996
was 18.26%.
NOTE E: RESTRICTED SECURITY
DATE ACQUIRED COST
--------------- --------
Beheersmaatchappij J. Amerika N.V 3/19/91-4/15/91 $529,926
Trex Medical Corp 11/15/95 358,750
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, 1996 was $888,676 representing 0.9%
of net assets.
9
FINANCIAL HIGHLIGHTS ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
APRIL 30, YEAR ENDED OCTOBER 31,
1996 --------------------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991
------------- ----------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $12.37 $11.74 $10.97 $10.78 $13.12 $12.46
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (.05)(c) .03 -0- .01 .01 .13
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions 2.92 .60 .77 .18 (2.17) .87
Net increase (decrease) in net asset
value from operations 2.87 .63 .77 .19 (2.16) 1.00
LESS: DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (.02) -0- -0- -0- (.10) (.25)
Distributions from net realized gain on
securities, options and foreign
currency transactions -0- -0- -0- -0- (.08) (.09)
Total dividends and distributions (.02) -0- -0- -0- (.18) (.34)
Net asset value, end of period $15.22 $12.37 $11.74 $10.97 $10.78 $13.12
Market value, end of period $12.375 $9.375 $9.50 $9.25 $9.50 $11.375
TOTAL RETURN
Total investment return based on: (a)
Market value 32.25% (1.32)% 2.70% (2.63)% (15.22)% 17.38%
Net asset value 23.27% 5.37% 7.02% 1.76% (16.59)% 8.66%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period(000's omitted) $101,346 $85,416 $81,102 $75,805 $74,442 $90,612
Ratio of expenses to average net assets 1.60%(b) 1.57% 1.67% 1.62% 1.63% 1.49%
Ratio of net investment income (loss)
to average net assets (.77)%(b) .21% (.04)% .15% .10% .95%
Portfolio turnover rate 254% 109% 42% 25% 41% 32%
Average commission rate (d) $.0459 $ -0- $ -0- $ -0- $ -0- $ -0-
</TABLE>
(a) 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 year 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 years where there is an increase in the
discount or a decrease in the premium of the market value to the net asset
value in years 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 years. Conversely, total investment return based on net asset value
will be lower than total investment return based on market value in years 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 years.
(b) Annualized.
(c) Based on average shares outstanding.
(d) For fiscal years beginning on or after September 1, 1995, a Fund is
required to disclose its average commission rate per share for trades on which
commissions are charged.
10
ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
_______________________________________________________________________________
BOARD OF DIRECTORS
JOHN D. CARIFA, CHAIRMAN AND PRESIDENT
DAVID H. DIEVLER (1)
JOHN H. DOBKIN (1)
W.H. HENDERSON (1)
THE HON. JAMES D. HODGSON (1)
STIG HOST (1)
RICHARD M. LILLY (1)
ALAN STOGA (1)
ROBERT C. WHITE (1)
OFFICERS
THOMAS J. BARDONG, VICE PRESIDENT
NICHOLAS CROSSLAND, VICE PRESIDENT
JEREMY KRAMER, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
JOSEPH J. MANTINEO, 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
(1) Member of the Audit Committee.
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.
11
ALLIANCE GLOBAL ENVIRONMENT FUND
Summary of General Information
INVESTMENT OBJECTIVE AND POLICIES
The Fund's investment objective is a long-term capital appreciation through
investment in equity securities of companies expected to benefit from advances
or improvements in products, processes or services intended to foster the
protection of the environment.
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
ALLIANCECAPITAL
INVESTING WITHOUT THE MYSTERY.
R THESE REGISTERED SERVICE MARKS USED UNDER LICENSE FROM THE OWNER, ALLIANCE
CAPITAL MANAGEMENT L.P.
ENVSR
