ALLIANCE GLOBAL ENVIRONMENT FUND INC, 485BPOS, 2000-02-02

ALLIANCE GLOBAL ENVIRONMENT FUND INC
485BPOS, 2000-02-02

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As filed with the Securities and Exchange
Commission on February 2, 2000

File Nos. 333-30409
811-05993
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No. 6 X

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940

Amendment No. 13 X

ALLIANCE GLOBAL ENVIRONMENT FUND, INC.
(Exact Name of Registrant as Specified in Charter)

1345 Avenue of the Americas, New York, New York 10105
(Address of Principal Executive Office) (Zip Code)
Registrant's Telephone Number,
including Area Code: (800) 221-5672

EDMUND P. BERGAN, JR.
Alliance Capital Management L.P.
1345 Avenue of the Americas
New York, New York 10105
(Name and address of agent for service)

Copies of communications to:
Thomas G. MacDonald
Seward & Kissel LLP
One Battery Park Plaza
New York, New York 10004

It is proposed that this filing will become effective (check
appropriate box)
X immediately upon filing pursuant to paragraph (b)
on (date) pursuant to paragraph (b)

<PAGE>

60 days after filing pursuant to paragraph (a)(1)
on (date) pursuant to paragraph (a)(1)
75 days after filing pursuant to paragraph (a)(2)
on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

This post-effective amendment designates a new
effective date for a previously filed post-effective
amendment.

<PAGE>

ALLIANCE GLOBAL ENVIRONMENT FUND

Alliance Global Environment Fund, Inc. is an
open-end management investment company that offers
investors the opportunity to seek long-term capital
appreciation by investing primarily in equity securities
of companies expected to benefit from advances or
improvements in products, processes or services
intended to foster protection of the environment.

Prospectus and Application

February 1, 2000

The Securities and Exchange Commission has not
approved or disapproved these securities or
passed upon the adequacy of this Prospectus.
Any representation to the contrary is
a criminal offense.

[ALLIANCE CAPITAL [LOGO]]

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TABLE OF CONTENTS

Page

RISK/RETURN SUMMARY.......................................... 3

FEES AND EXPENSES OF THE FUND................................ 6

GLOSSARY..................................................... 8

DESCRIPTION OF THE FUND...................................... 10

Investment Objective, Principal Policies and Risk
Considerations.............................................. 10

Description of Additional Investment Practices............... 13

Additional Risk Considerations............................... 19

MANAGEMENT OF THE FUND....................................... 22

PURCHASE AND SALE OF SHARES.................................. 22

How The Fund Values Its Shares............................... 22

How To Buy Shares............................................ 23

How To Exchange Shares....................................... 23

How To Sell Shares........................................... 23

DIVIDENDS, DISTRIBUTIONS AND TAXES........................... 25

DISTRIBUTION ARRANGEMENTS.................................... 26

GENERAL INFORMATION.......................................... 29

FINANCIAL HIGHLIGHTS......................................... 31

<PAGE>

The Fund's investment adviser is Alliance Capital Management
L.P., a global investment manager providing diversified services
to institutions and individuals through a broad line of
investments including more than 100 mutual funds.

RISK/RETURN SUMMARY

The following is a summary of certain key information about
Alliance Global Environment Fund, Inc. (the "Fund"). This
Summary describes the Fund's objective, principal investment
strategies, principal risks and fees. This Summary includes a
short discussion of some of the principal risks of investing in
the Fund.

A more detailed description of the Fund, including the risks
associated with investing in the Fund, can be found further back
in this Prospectus. Please be sure to read this additional
information BEFORE you invest. As with all investments, you may
lose money by investing in the Fund.

<PAGE>

OBJECTIVE:

The Fund's investment objective is long-term capital appreciation
through investment of substantially all of its assets in equity
securities of companies that are expected to benefit from
advances or improvements in products, processes or services
intended to foster the protection of the environment.

PRINCIPAL INVESTMENT STRATEGIES:

The Fund invests primarily in environmental companies, which are
companies whose principal business involves the sale of
environmental protection systems or services. The Fund also
invests in companies whose principal business lies outside the
environmental sector but which anticipate environmental
regulations or consumer preferences through the development of
new products or services that would contribute to a cleaner and
healthier environment. The Fund will invest substantially all of
its assets in these two types of companies. The Fund invests in
securities of companies in at least three, and normally
considerably more, countries. At December 31, 1999, the Fund had
approximately 83% invested in equity securities of U.S.
companies.

PRINCIPAL RISKS:

Among the principal risks of investing in the Fund is market
risk, foreign risk, currency risk, management risk and
industry/sector risk. Because it invests in non-U.S. companies
and in specific types of companies that provide environmental
services, the Fund's returns will be more volatile and differ,
sometimes substantially, from the overall U.S. market generally.
The Fund's investments also have the risk that government
regulations or other action could negatively affect the business
of environmental companies. The Fund is non-diversified, which
means that it invests more of its assets in a smaller number of
securities than many other equity funds.

BAR CHART AND PERFORMANCE TABLE:

The table and bar chart provide an indication of the historical
risk of an investment in the Fund.

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PERFORMANCE TABLE

Since
1 Year 5 Years Inception

Class A .81% 12.64% 4.39%
Class B .56% 13.51% 4.54%
Class C 3.77% 13.51% 4.47%
S&P 500 Index 21.03% 28.54% 18.86%

Average annual total returns are for the periods ended
December 31, 1999 and reflect imposition of the maximum front-end
or contingent deferred sales charges as well as conversion of
Class B shares to Class A shares after the applicable period.
S&P 500 Index returns are from 6/30/90, the month-end of
inception date of Class A shares.

Performance information for periods prior to the inception of
Class B shares (10/6/97) and Class C shares (11/5/97) is the
performance of the Fund's Class A shares adjusted to reflect the
higher expense ratio of Class B and Class C shares. The average
annual total returns for Class B and Class C since their actual
inception dates were -2.10%, and -0.20%, respectively. S&P 500
Index returns for the comparable periods were 26.18% and 24.72%,
respectively.

BAR CHART

The annual returns in the bar chart are for the Fund's Class A
shares and do not reflect sales loads. If sales loads were
reflected, returns would be less than those shown.

n/a 5.29 -14.76 -0.44 -2.12 19.29 26.58 18.73 -3.49 5.21%
_________________________________________________________________
90 91 92 93 94 95 96 97 98 99

You should consider an investment in the Fund as a long-term
investment. The Fund's returns will fluctuate over long and
short periods. For example, during the period shown in the bar
chart, the Fund's:

BEST QUARTER WAS WAS UP 22.46%, 2nd QUARTER, 1999; AND WORST
QUARTER WAS DOWN 19.87%, 3rd QUARTER, 1998.

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FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if
you buy and hold shares of the Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Class A Class B Class C
Shares Shares Shares
_______ _______ _______

Maximum Sales Charge (Load)
Imposed on Purchases (as a
percentage of offering price) 4.25% None None

Maximum Deferred Sales Charge
(Load) (as a percentage of
original purchase price or
redemption proceeds, whichever
is lower) None 4.0%* 1.0%**

Exchange Fee None None None

* Class B Shares automatically convert to Class A Shares after
8 years. The CDSC decreases over time. For Class B shares,
the CDSC DECREASES 1.00% ANNUALLY TO 0% AFTER THE 4TH YEAR.

** For Class C shares, the CDSC IS 0% after the first year.

ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from
Fund assets) and EXAMPLES

Operating Expenses
_________________________________
Class A Class B Class C
_______ _______ _______

Management fees 1.10% 1.10% 1.10%
Distribution (12b-1) fees .30% 1.00% 1.00%
Other expenses 3.72% 3.80% 3.73%
Total Fund operating
expenses 5.12% 5.90% 5.83%

Waiver and/or expense
reimbursement (a) (2.12)% (2.20)% (2.13)%
Net expenses 3.00% 3.70% 3.70%

<PAGE>

The Examples are to help you compare the cost of investing in the
Fund with the cost of investing in other funds. They assume that
you invest $10,000 in the Fund for the time periods indicated and
then redeem all of your shares at the end of those periods. They
also assume that your investment has a 5% return each year, that
the Fund's operating expenses stay the same and that all
dividends and distributions are reinvested. Your actual costs
may be higher or lower.

Examples
__________________________________________________
Class A Class B+ Class B++ Class C+ Class C++
______ ________ ________ _______ _________
After 1 Yr. $715 $772 $372 $472 $372
After 3 Yrs.(c) $1,714 $1,757 $1,557 $1,544 $1,544
After 5 Yrs.(c) $2,711 $2,720 $2,720 $2,696 $2,696
After 10 Yrs.(c) $5,191 $5,399(b) $5,399(b) $5,493 $5,493

+ Assumes redemption at the end of period.
++ Assumes no redemption at the end of period.
(a) Reflects Alliance's contractual waiver of a portion of its
advisory fee and/or reimbursement of a portion of the Fund's
operating expenses. This waiver extends through the Fund's
current fiscal year and may be extended by Alliance for
additional one-year terms.
(b) Assumes Class B shares convert to Class A after 8 years.
(c) These examples assume that Alliance's agreement to waive
management fees and/or to bear operating expenses is not extended
beyond the Fund's current fiscal year.

<PAGE>

GLOSSARY

This Prospectus uses the following terms.

TYPES OF SECURITIES

Convertible securities are fixed-income securities that are
convertible into common stock.

Debt securities are bonds, debentures, notes, bills, loans, and
other direct debt instruments, and other fixed, floating and
variable debt rate obligations, but do not include convertible
securities.

Depositary receipts include American Depositary Receipts
("ADRs"), Global Depositary Receipts ("GDRs") and other types of
depositary receipts.

Rule 144A securities are securities that may be resold pursuant
to Rule 144A of the Securities Act.

U.S. Government securities are securities issued or guaranteed by
the United States Government, its agencies or instrumentalities.

TYPES OF COMPANIES

Eligible Companies are companies expected to benefit from
advances or improvements in products, processes or services
intended to foster the protection of the environment.

Environmental Companies are Eligible Companies that have a
principal business involving the sale of systems or services
intended to foster environmental protection, such as waste
treatment and disposal, remediation, air pollution control and
recycling.

Beneficiary Companies are Eligible Companies whose businesses lie
outside the environmental sector but nevertheless anticipate
environmental regulations or consumer preferences through the
development of new products, processes or services that are
intended to contribute to a cleaner and healthier environment,
such as companies that anticipate the demand for plastic
substitutes, aerosol substitutes, alternative fuels and processes
that generate less hazardous wastes.

Non-U.S. Company is an entity that (i) is organized under the
laws of a foreign country and conducts business in a foreign
country, (ii) derives 50% or more of its total revenues from

<PAGE>

business in foreign countries, or (iii) issues equity or debt
securities that are traded principally on a stock exchange in a
foreign country.

RATING AGENCIES AND INDEX

Moody's is Moody's Investors Service, Inc.

S&P is Standard & Poor's Ratings Services.

S&P 500 Index is S&P's 500 Composite Stock Price Index, a widely
recognized unmanaged index of market activity.

OTHER

1940 Act is the Investment Company Act of 1940, as amended.

Code is the Internal Revenue Code of 1986, as amended.

Commission is the Securities and Exchange Commission.

Exchange is the New York Stock Exchange.

Securities Act is the Securities Act of 1933, as amended.

<PAGE>

DESCRIPTION OF THE FUND

This section of the Prospectus provides a more complete
description of the Fund's investment objective, principal
strategies and principal risks. Of course, there can be no
assurance that the Fund will achieve its investment objective.

Please note:

- - Additional discussion of the Fund's investments, including
the risks of the investments that appear in capital letters
can be found in the discussion under Description of
Additional Investment Practices following this section.

- - The description of the Fund's risks may include risks
discussed in the Risk/Return Summary above. Additional
information about risks of investing in the Fund can be found
in the discussions under Additional Risk Considerations.

- - Additional descriptions of the Fund's strategies and
investments, as well as other strategies and investments not
described below, may be found in the Fund's Statement of
Additional Information or SAI.

- - The Fund's investment objective is "fundamental" and cannot
be changed without a shareholder vote and, except as noted,
the Fund's investment policies are not fundamental and thus
can be changed without a shareholder vote.

INVESTMENT OBJECTIVE, PRINCIPAL POLICIES AND RISK CONSIDERATIONS

The Fund's investment objective is long-term capital
appreciation through investment of substantially all of its
assets in equity securities of companies that are expected to
benefit from advances or improvements in products, processes or
services intended to foster the protection of the environment.

How the Fund Pursues Its Objective

The Fund is a non-diversified investment company that seeks long-
term capital appreciation through investment in equity securities
of Eligible Companies. For purposes of the Fund's investment
objective and investment policies, "equity securities" are common
stocks (but not preferred stocks), rights or warrants to
subscribe for or purchase common stocks, and preferred stocks or
debt securities that are convertible into common stocks without
the payment of any further consideration.

<PAGE>

The Fund invests in two categories of Eligible Companies --
Environmental Companies and Beneficiary Companies. The Fund may
invest in a company with a broadly diversified business only a
part of which provides such products, processes, or services,
when Alliance believes that these products, processes or services
will yield a competitive advantage that significantly enhances
the issuer's growth prospects. As a matter of fundamental
policy, the Fund will, under normal circumstances, invest
substantially all of its total assets in equity securities of
Eligible Companies.

A major premise of the Fund's investment approach is that
environmental concerns will be a significant source of future
growth opportunities, and that Environmental Companies will see
an increased demand for their systems and services.
Environmental Companies operate in the areas of pollution
control, clean energy, solid waste management, hazardous waste
treatment and disposal, pulp and paper recycling, waste-to-energy
alternatives, biodegradable cartons, packages, plastics and other
products, remedial projects and emergency cleanup efforts, the
manufacture of environmental supplies and equipment, the
achievement of purer air, groundwater and foods, and the
detection, evaluation and treatment of both existing and
potential environmental problems including, among others, air
pollution and acid rain.

The environmental services industry generally is positively
affected by increasing governmental action intended to foster
environmental protection. As environmental regulations are
developed and enforced, Environmental Companies providing the
means of compliance with such regulations are afforded
substantial opportunities for growth. Beneficiary Companies may
also derive an advantage to the extent that they have anticipated
environmental regulation and are therefore at a competitive
advantage.

In the view of Alliance, increasing public and political
awareness of environmental concerns and resultant environmental
regulations are long-term phenomena that are driven by an
emerging global consensus that environmental protection is a
vital and increasingly immediate priority. Alliance believes
that Eligible Companies based in the United States and other
economically developed countries will have increasing
opportunities for earnings growth resulting not only from an
increased demand for their existing products or services but also
from innovative responses to changing regulations and priorities
and enforcement policies. Such opportunities will arise, in the
opinion of Alliance, not only within developed countries but also

<PAGE>

within many economically developing countries, such as those of
Eastern Europe and the Pacific Rim. These countries lag well
behind developed countries in the conservation and efficient use
of natural resources and in their implementation of policies that
protect the environment.

Alliance believes that global investing offers opportunities for
superior investment returns. The Fund spreads investment risk
among the capital markets of a number of countries and invests in
equity securities of companies based in at least three, and
normally considerably more, such countries. The percentage of
the Fund's assets invested in securities of companies in a
particular country or denominated in a particular currency will
vary in accordance with Alliance's assessment of the appreciation
potential of such securities and the strength of that currency.

The Fund also may:

- - invest up to 20% of its total assets in WARRANTS to purchase
equity securities;

- - invest in DEPOSITARY RECEIPTS;

- - purchase and write put and call OPTIONS ON FOREIGN CURRENCIES
for hedging purposes;

- - enter into FORWARD FOREIGN CURRENCY TRANSACTIONS for hedging
purposes;

- - invest in CURRENCY FUTURES and options on such futures for
hedging purposes; and

- - make secured LOANS OF PORTFOLIO SECURITIES of up to 30% of
its total assets.

The Fund's investments in non-U.S. companies and in specific
types of companies that provide environmental services will be
more volatile and may differ substantially from the overall U.S.
market. The Fund's investments also have the risk that
government regulations or other action could negatively affect
the business of environmental companies.

Risk Considerations. Among the principal risks of investing in
the Fund are:

- - Market Risk. This is the risk that the value of the Fund's
investments will fluctuate as the stock markets fluctuate and

<PAGE>

that prices overall will decline over short or longer-term
periods.

- - Industry/Sector Risk. This is the risk of investments in a
particular industry sector. Market or economic factors
affecting that industry sector or group of related industries
could have a major effect on the value of the Funds
investments.

- - Foreign Risk. This is the risk of investments in issuers
located in foreign countries. Investments in foreign
securities may experience more rapid and extreme changes in
value than investments in securities of U.S. companies. This
is because the securities markets of many foreign countries
are relatively small, with a limited number of companies
representing a small number of industries. Additionally,
foreign securities issuers are usually not subject to the
same degree of regulation as U.S. issuers. Reporting,
accounting, and auditing standards of foreign countries
differ, in some cases significantly, from U.S. standards.
Also, nationalization, expropriation or confiscatory
taxation, currency blockage, or political changes or
diplomatic developments could adversely affect the Fund's
investments in a foreign country. In the event of
nationalization, expropriation, or other confiscation, the
Fund could lose its entire investment.

- - Currency Risk. This is the risk that fluctuations in the
exchange rates between the U.S. Dollar and foreign currencies
may negatively affect the value of the Fund's investments.

- - Management Risk. The Fund is subject to management risk
because it is an actively managed investment Fund. Alliance
will apply its investment techniques and risk analyses in
making investment decisions for the Fund, but there is no
guarantee that its techniques will produce the intended
result.

Portfolio Turnover. The Fund is actively managed and, in some
cases in response to market conditions, the Fund's portfolio
turnover may exceed 100%. A higher rate of portfolio turnover
increases brokerage and other expenses, which must be borne by
the Fund and its shareholders. High portfolio turnover also may
result in the realization of substantial net short-term capital
gains, which, when distributed, are taxable to shareholders.

Temporary Defensive Position. For temporary defensive purposes,
the Fund may reduce its position in equity securities and

<PAGE>

increase without limit its position in short-term, liquid,
high-grade debt securities, which may include U.S. Government
securities, bank deposits, money market instruments, short-term
debt securities, including notes and bonds, or hold its assets in
cash. While the Fund is investing for temporary defensive
purposes, it may not meet its investment objective.

DESCRIPTION OF ADDITIONAL INVESTMENT PRACTICES

This section describes the investment practices of the Fund and
risks associated with these practices. Unless otherwise noted,
the Fund's use of any of these practices was specified in the
previous section.

Convertible Securities. Prior to conversion, convertible
securities have the same general characteristics as non-
convertible debt securities, which generally provide a stable
stream of income with generally higher yields than those of
equity securities of the same or similar issuers. The price of a
convertible security will normally vary with changes in the price
of the underlying equity security, although the higher yield
tends to make the price of the convertible security less volatile
than that of the underlying equity security. As with debt
securities, the market values of convertible securities tend to
decrease as interest rates rise and increase as interest rates
fall. While convertible securities generally offer lower
interest yields than non-convertible debt securities of similar
quality, they offer investors the potential to benefit from
increases in the market prices of the underlying common stocks.
Convertible securities that are rated Baa or lower by Moody's and
BBB or lower by S&P or, if unrated, determined by Alliance to be
of equivalent quality, may share some or all of the risks of non-
convertible debt securities with those ratings.

Currency Swaps. Currency swaps involve the individually
negotiated exchange by the Fund with another party of a series of
payments in specified currencies. A currency swap may involve
the delivery at the end of the exchange period of a substantial
amount of one designated currency in exchange for the other
designated currency. Therefore, the entire principal value of a
currency swap is subject to the risk that the swap counterparty
will default on its contractual delivery obligations. The Fund
will enter into currency swaps for hedging purposes only. The
Fund will not enter into any currency swap unless the credit
quality of the unsecured senior debt or the claims-paying ability
of the counterparty is rated in the highest rating category of at
least one nationally recognized rating organization at the time
of entering into the transaction. If there is a default by the

<PAGE>

other party to such a transaction, the Fund will have contractual
remedies under the transaction agreements.

Depositary Receipts. Depositary receipts may not necessarily be
denominated in the same currency as the underlying securities
into which they may be converted. In addition, the issuers of
the stock of unsponsored depositary receipts are not obligated to
disclose material information in the United States and,
therefore, there may not be a correlation between such
information and the market value of the depositary receipts.
ADRs are depositary receipts typically issued by a U.S. bank or
trust company that evidence ownership of underlying securities
issued by a foreign corporation. GDRs and other types of
depositary receipts are typically issued by foreign banks or
trust companies and evidence ownership of underlying securities
issued by either a foreign or a U.S. company. Generally,
depositary receipts in registered form are designed for use in
the U.S. securities markets, and depositary receipts in bearer
form are designed for use in foreign securities markets. For
purposes of determining the country of issuance, investments in
depositary receipts of either type are deemed to be investments
in the underlying securities.

Forward Foreign Currency Exchange Contracts. The Fund may
purchase or sell forward foreign currency exchange contracts to
minimize the risk of adverse changes in the relationship between
the U.S. Dollar and other currencies. A forward contract is an
obligation to purchase or sell a specific currency for an agreed
price at a future date, and is individually negotiated and
privately traded.

The Fund may enter into a forward contract, for example, when it
enters into a contract for the purchase or sale of a security
denominated in a foreign currency in order to "lock in" the U.S.
Dollar price of the security ("transaction hedge"). The Fund may
not engage in transaction hedges with respect to the currency of
a particular country to an extent greater than the aggregate
amount of the Fund's transactions in that currency. When the
Fund believes that a foreign currency may suffer a substantial
decline against the U.S. Dollar, it may enter into a forward sale
contract to sell an amount of that foreign currency approximating
the value of some or all of the Fund's portfolio securities
denominated in such foreign currency; or when the Fund believes
that the U.S. Dollar may suffer a substantial decline against a
foreign currency, it may enter into a forward purchase contract
to buy that foreign currency for a fixed dollar amount ("position
hedge"). The Fund will not position hedge with respect to a
particular currency to an extent greater than the aggregate

<PAGE>

market value (at the time of making such sale) of the securities
held in its portfolio denominated or quoted in that currency.
Instead of entering into a position hedge, the Fund may, in the
alternative, enter into a forward contract to sell a different
foreign currency for a fixed U.S. Dollar amount where the Fund
believes that the U.S. Dollar value of the currency to be sold
pursuant to the forward contract will fall whenever there is a
decline in the U.S. Dollar value of the currency in which
portfolio securities of the Fund are denominated ("cross-hedge").
Unanticipated changes in currency prices may result in poorer
overall performance for the Fund than if it does not enter into
forward contracts.

Hedging against a decline in the value of a currency does not
eliminate fluctuations in the prices of portfolio securities or
prevent losses if the prices of securities decline. These
transactions also preclude the opportunity for gain if the value
of the hedge currency should rise. Moreover, it may not be
possible for the Fund to hedge against a devaluation that is so
generally anticipated that the Fund is not able to contract to
sell the currency at a price above the anticipated devaluation
level it anticipates.

Illiquid Securities. The Fund will limit its investment in
illiquid securities to no more than 15% of its net assets.
Illiquid securities generally include (i) direct placements or
other securities that are subject to legal or contractual
restrictions on resale or for which there is no readily available
market (e.g., when trading in the security is suspended or, in
the case of unlisted securities, when market makers do not exist
or will not entertain bids or offers), including many
individually negotiated currency swaps and any assets used to
cover currency swaps, (ii) over-the-counter options and assets
used to cover over-the-counter options, and (iii) repurchase
agreements not terminable within seven days.

Because of the absence of a trading market for illiquid
securities, the Fund may not be able to realize the price at
which they are carried on the Fund's books upon sale. Alliance
will monitor the illiquidity of the Fund's investments in such
securities. Rule 144A securities will not be treated as
"illiquid" for purposes of this limit on investments.

The Fund may not be able to readily sell securities for which
there is no ready market. Such securities are unlike securities
that are traded in the open market and can be expected to be sold
immediately if the market is adequate. The sale price of
illiquid securities may be lower or higher than Alliances' most

<PAGE>

recent estimate of their fair value. Generally, less public
information is available about the issuers of such securities
than about companies whose securities are traded on an exchange.
To the extent that these securities are foreign securities, there
is no law in many of the countries in which the Fund may invest
similar to the Securities Act requiring an issuer to register the
sale of securities with a governmental agency or imposing legal
restrictions on resales of securities, either as to length of
time the securities may be held or manner of resale. There may,
however, be contractual restrictions on resale of securities.

Loans of Portfolio Securities. The Fund may make secured loans
of its portfolio securities to entities with which it can enter
into repurchase agreements, provided that cash and/or liquid high
grade debt securities equal to at least 100% of the market value
of the securities loaned are deposited and maintained by the
borrower with the Fund. The risk in lending portfolio
securities, as with other extensions of credit, consists of the
possible loss of rights in the collateral should the borrower
fail financially. In determining whether to lend securities to a
particular borrower, Alliance will consider all relevant facts
and circumstances, including the creditworthiness of the
borrower. While securities are on loan, the borrower will pay
the Fund any income from the securities. The Fund may invest any
cash collateral in portfolio securities and earn additional
income, or receive an agreed-upon amount of income from a
borrower who has delivered equivalent collateral. The Fund will
have the right to regain record ownership of loaned securities to
exercise beneficial rights such as voting rights, subscription
rights, and rights to dividends, interest or distributions. The
Fund may pay reasonable finders', administrative, and custodial
fees in connection with a loan.

Options on Foreign Currencies. As in the case of other kinds of
options, the writing of an option on a foreign currency
constitutes only a partial hedge, up to the amount of the premium
received, and the Fund could be required to purchase or sell
foreign currencies at disadvantageous exchange rates, thereby
incurring losses. The purchase of an option on a foreign
currency may constitute an effective hedge against fluctuations
in exchange rates, although, in the event of rate movements
adverse to the Fund's position, the Fund may forfeit the entire
amount of the premium plus related transaction costs.

Futures Contracts and Options on Futures Contracts. A "sale" of
a futures contract means the acquisition of a contractual
obligation to deliver the securities or foreign currency or other
commodity called for by the contract at a specified price on a

<PAGE>

specified date. A "purchase" of a futures contract means the
incurring of an obligation to acquire the securities or foreign
currency or other commodity called for by the contract at a
specified price on a specified date. The purchaser of a futures
contract on an index agrees to take or make delivery of an amount
of cash equal to the difference between a specified dollar
multiple of the value of the index on the expiration date of the
contract ("current contract value") and the price at which the
contract was originally struck. No physical delivery of the
securities underlying the index is made.

Options on futures contracts written or purchased by the Fund
will be traded on U.S. or foreign exchanges or over-the counter.
These investment techniques will be used only to hedge against
anticipated future changes in market conditions and interest or
exchange rates which otherwise might either adversely affect the
value of the Fund's portfolio securities or adversely affect the
prices of securities which the Fund intends to purchase at a
later date.

Rights and Warrants. The Fund will invest in rights or warrants
only if the underlying equity securities themselves are deemed
appropriate by Alliance for inclusion in the Fund's portfolio.
Rights and warrants entitle the holder to buy equity securities
at a specific price for a specific period of time. Rights are
similar to warrants except that they have a substantially shorter
duration. Rights and warrants may be considered more speculative
than certain other types of investments in that they do not
entitle a holder to dividends or voting rights with respect to
the underlying securities nor do they represent any rights in the
assets of the issuing company. The value of a right or warrant
does not necessarily change with the value of the underlying
securities, although the value of a right or warrant may decline
because of a decrease in the value of the underlying stock, the
passage of time, or a change in perception as to the potential of
the underlying stock, or any combination of these factors. If
the market price of the underlying security is below the exercise
price of the warrant on the expiration date, the warrant will
expire worthless. Moreover, a right or warrant ceases to have
value if it is not exercised prior to the expiration date.

Future Developments. The Fund may, following written notice to
its shareholders, take advantage of other investment practices
that are not currently contemplated for use by the Fund or are
not available but may yet be developed, to the extent such
investment practices are consistent with the Fund's investment
objective and legally permissible for the Fund. Such investment

<PAGE>

practices, if they arise, may involve risks that exceed those
involved in the activities described above.

General. The successful use of the investment practices
described above draws upon Alliance's special skills and
experience and usually depends on Alliance's ability to forecast
price movements or currency exchange rate movements correctly.
Should prices or exchange rates move unexpectedly, the Fund may
not achieve the anticipated benefits of the transactions or may
realize losses and thus be in a worse position than if such
strategies had not been used. Unlike many exchange-traded
futures contracts and options on futures contracts, there are no
daily price fluctuation limits for certain options on currencies
and forward contracts, and adverse market movements could
therefore continue to an unlimited extent over a period of time.
In addition, the correlation between movements in the prices of
such instruments and movements in the prices of the securities
and currencies hedged or used for cover will not be perfect and
could produce unanticipated losses.

The Fund's ability to dispose of its positions in futures
contracts, options and forward contracts depends on the
availability of liquid markets in such instruments. Markets in
options and futures with respect to a number of types of
securities and currencies are relatively new and still
developing, and there is no public market for forward contracts.
It is impossible to predict the amount of trading interest that
may exist in various types of futures contracts, options, and
forward contracts. If a secondary market does not exist for an
option purchased or written by the Fund, it might not be possible
to effect a closing transaction in the option (i.e., dispose of
the option) with the result that (i) an option purchased by the
Fund would have to be exercised in order for the Fund to realize
any profit and (ii) the Fund may not be able to sell portfolio
securities or currencies covering an option written by the Fund
until the option expires or it delivers the underlying
securities, currency or futures contract upon exercise.
Therefore, no assurance can be given that the Fund will be able
to utilize these instruments effectively.

ADDITIONAL RISK CONSIDERATIONS

Investment in the Fund involves the special risk considerations
described below. These risks may be heightened when investing in
emerging markets.

Currency Considerations. A substantial portion of the assets of
the Fund are invested in securities denominated in foreign

<PAGE>

currencies. The Fund receives a corresponding portion of its
revenues in foreign currencies. Therefore, the dollar equivalent
of its net assets, distributions, and income will be adversely
affected by reductions in the value of certain foreign currencies
relative to the U.S. Dollar. If the value of the foreign
currencies in which the Fund receives its income falls relative
to the U.S. Dollar between receipt of the income and the making
of Fund distributions, the Fund may be required to liquidate
securities in order to make distributions if it has insufficient
cash in U.S. Dollars to meet distribution requirements that the
Fund must satisfy to qualify as a regulated investment company
for federal income tax purposes. Similarly, if an exchange rate
declines between the time the Fund incurs expenses in U.S.
Dollars and the time cash expenses are paid, the amount of the
currency required to be converted into U.S. Dollars in order to
pay expenses in U.S. Dollars could be greater than the equivalent
amount of such expenses in the currency at the time they were
incurred. In light of these risks, the Fund may engage in
currency hedging transactions, as described above, which involve
certain special risks.

Foreign Securities. The securities markets of many foreign
countries are relatively small, with the majority of market
capitalization and trading volume concentrated in a limited
number of companies representing a small number of industries.
Consequently, the Fund, whose investment portfolio includes
foreign securities, may experience greater price volatility and
significantly lower liquidity than a portfolio invested solely in
equity securities of U.S. companies. These markets may be
subject to greater influence by adverse events generally
affecting the market, and by large investors trading significant
blocks of securities, than is usual in the United States.
Securities registration, custody and settlements may in some
instances be subject to delays and legal and administrative
uncertainties.

Certain foreign countries require governmental approval prior to
investments by foreign persons or limit investment by foreign
persons to only a specified percentage of an issuer's outstanding
securities or a specific class of securities which may have less
advantageous terms (including price) than securities of the
company available for purchase by nationals. These restrictions
or controls may at times limit or preclude investment in certain
securities and may increase the costs and expenses of the Fund.
In addition, the repatriation of investment income, capital or
the proceeds of sales of securities from certain countries is
controlled under regulations, including in some cases the need
for certain advance government notification or authority. If a

<PAGE>

deterioration occurs in a country's balance of payments, the
country could impose temporary restrictions on foreign capital
remittances.

The Fund also could be adversely affected by delays in, or a
refusal to grant, any required governmental approval for
repatriation, as well as by the application of other restrictions
on investment. Investing in local markets may require the Fund
to adopt special procedures that may involve additional costs to
the Fund. These factors may affect the liquidity of the Fund's
investments in any country and Alliance will monitor the effect
of any such factor or factors on the Fund's investments.
Furthermore, transaction costs including brokerage commissions
for transactions both on and off the securities exchanges in many
foreign countries are generally higher than in the United States.

Issuers of securities in foreign jurisdictions are generally not
subject to the same degree of regulation as are U.S. issuers with
respect to such matters as insider trading rules, restrictions on
market manipulation, shareholder proxy requirements, and timely
disclosure of information. The reporting, accounting and
auditing standards of foreign countries may differ, in some cases
significantly, from U.S. standards in important respects and less
information may be available to investors in foreign securities
than to investors in U.S. securities. Substantially less
information is publicly available about certain non-U.S. issuers
than is available about U.S. issuers.

The economies of individual foreign countries may differ
favorably or unfavorably from the U.S. economy in such respects
as growth of gross domestic product or gross national product,
rate of inflation, capital reinvestment, resource
self-sufficiency, and balance of payments position.
Nationalization, expropriation or confiscatory taxation, currency
blockage, political changes, government regulation, political or
social instability, or diplomatic developments could affect
adversely the economy of a foreign country and the Fund's
investments. In the event of expropriation, nationalization or
other confiscation, the Fund could lose its entire investment in
the country involved. In addition, laws in foreign countries
governing business organizations, bankruptcy and insolvency may
provide less protection to security holders, such as the Fund,
than that provided by U.S. laws.

<PAGE>

generally face competition in fields often characterized by
relatively short product cycles and competitive pricing policies.
Losses may result from large product development or expansion
costs, unprotected marketing or distribution systems, erratic
revenue flows and low profit margins. Additional risks that
Environmental Companies may face include difficulty in financing
the high cost of technological development, uncertainties due to
changing governmental regulation or rapid technological advances,
potential liabilities associated with hazardous components and
operations, and difficulty in finding experienced employees.

U.S. and Foreign Taxes. The Fund's investment in foreign
securities may be subject to taxes withheld at the source on
dividend or interest payments. Foreign taxes paid by the Fund
may be creditable or deductible by U.S. shareholders for U.S.
income tax purposes. No assurance can be given that applicable
tax laws and interpretations will not change in the future.
Moreover, non-U.S. investors may not be able to credit or deduct
such foreign taxes.

<PAGE>

MANAGEMENT OF THE FUND

INVESTMENT ADVISER AND FUND MANAGER

The Fund's Adviser is Alliance Capital Management L.P., 1345
Avenue of the Americas, New York, New York 10105. Alliance is a
leading international investment adviser supervising client
accounts with assets as of December 31, 1999 totaling more than
$368 billion (of which more than $169 billion represented the
assets of investment companies). As of December 31, 1999,
Alliance managed retirement assets for many of the largest public
and private employee benefit plans (including 31 of the nations
FORTUNE 100 companies), for public employee retirement funds in
31 states, for investment companies, and for foundations,
endowments, banks and insurance companies worldwide. The 52
registered investment companies managed by Alliance, comprising
105 separate portfolios, currently have more than 5 million
shareholder accounts.

The person primarily responsible for the day-to-day management of
the Fund is Michael R. Baldwin, Senior Vice President of Alliance
Capital Management Corporation. Michael R. Baldwin has been
associated with Alliance Capital Management Corporation, the sole
general partner of Alliance, since 1995.

Alliance provides investment advisory services and order
placement facilities for the Fund. For these advisory services,
the Fund pays Alliance a fee at an annualized rate of 1.10% of
the Fund's average daily net assets. The fee will be accrued
daily and paid monthly.

PURCHASE AND SALE OF SHARES

How The Fund Values Its Shares

The Fund's net asset value or NAV is calculated at 4:00 p.m.,
Eastern time, each day the Exchange is open for business. To
calculate NAV, the Fund's assets are valued and totaled,
liabilities are subtracted, and the balance, called net assets,
is divided by the number of shares outstanding. The Fund values
its securities at their current market value determined on the
basis of market quotations, or, if such quotations are not
readily available, such other methods as the Fund's directors
believe accurately reflect fair market value.

Your order for purchase, sale, or exchange of shares is priced at
the next NAV calculated after your order is received in proper
form by the Fund. Your purchase of Fund shares may be subject to

<PAGE>

an initial sales charge. Sales of Fund shares may be subject to
a contingent deferred sales charge or CDSC. See the Distribution
Arrangements section of this Prospectus for details.

How To Buy Shares

You may purchase the Fund's shares through broker-dealers, banks,
or other financial intermediaries. You also may purchase shares
directly from the Fund's principal underwriter, Alliance Fund
Distributors, Inc., or AFD.

Minimum investment amounts are:
- Initial: $250
- Subsequent: $50
- Automatic Investment Program: $25

If you are an existing Fund shareholder, you may purchase shares
by electronic funds transfer in amounts not exceeding $500,000 if
you have completed the appropriate section of the Shareholder
Application. Call 800-221-5672 to arrange a transfer from your
bank account.

The Fund is required to withhold 31% of taxable dividends,
capital gains distributions, and redemptions paid to shareholders
who have not provided the Fund with their certified taxpayer
identification number. To avoid this, you must provide your
correct Tax Identification Number (Social Security Number for
most investors) on your account application.
The Fund may refuse any order to purchase shares. In particular,
the Fund reserves the right to restrict purchases of shares
(including through exchanges) when they appear to evidence a
pattern of frequent purchases and sales made in response to
short-term considerations.

The Fund may refuse any order to purchase shares. In particular,
the Fund reserves the right to restrict purchases of shares
(including through exchanges) when they appear to evidence a
pattern of frequent purchases and sales made in response to
short-term considerations.

How To Exchange Shares

You may exchange your Fund shares for shares of the same Class of
other Alliance Mutual Funds (including AFD Exchange Reserves, a
money market fund managed by Alliance). Exchanges of shares are
made at the next-determined NAV, without sales or service
charges. You may request an exchange by mail or telephone. You
must call by 4:00 p.m., Eastern time, to receive that day's NAV.

<PAGE>

The Fund may change, suspend, or terminate the exchange service
on 60 days' written notice.

How To Sell Shares

You may "redeem" your shares (i.e., sell your shares to the Fund)
on any day the Exchange is open, either directly or through your
financial intermediary. Your sales price will be the
next-determined NAV, less any applicable CDSC, after the Fund
receives your sales request in proper form. Normally, proceeds
will be sent to you within 7 days. If you recently purchased
your shares by check or electronic funds transfer, your
redemption payment may be delayed until the Fund is reasonably
satisfied that the check or electronic funds transfer has been
collected (which may take up to 15 days).

- - Selling Shares Through Your Broker

Your broker must receive your sales request by 4:00 p.m., Eastern
time, and submit it to the Fund by 5:00 p.m., Eastern time, for
you to receive that day's NAV, less any applicable CDSC. Your
broker is responsible for submitting all necessary documentation
to the Fund and may charge you for this service.

- - Selling Shares Directly to the Fund

By Mail:

- --Send a signed letter of instruction or stock power, along with
certificates, to:

Alliance Fund Services, Inc.
P.O. Box 1520
Secaucus, N.J. 07906-1520
1-800-221-5672

- --For your protection, a bank, a member firm of a national stock
exchange, or other eligible guarantor institution, must guarantee
signatures. Stock power forms are available from your financial
intermediary, AFS, and many commercial banks. Additional
documentation is required for the sale of shares by corporations,
intermediaries, fiduciaries, and surviving joint owners. If you
have any questions about these procedures, contact AFS.

By Telephone:

<PAGE>

- --You may redeem your shares for which no stock certificates have
been issued by telephone request. Call AFS at 800-221-5672 with
instructions on how you wish to receive your sale proceeds.

- --A telephone redemption request must be received by 4:00 p.m.,
Eastern time, for you to receive that day's NAV, less any
applicable CDSC.

- --If you have selected electronic funds transfer in your
Shareholder Application, the redemption proceeds will be sent
directly to your bank. Otherwise, the proceeds will be mailed to
you.

- --Redemption requests by electronic funds transfer may not exceed
$100,000 per day and redemption requests by check cannot exceed
$50,000 per day.

- --Telephone redemption is not available for shares held in
nominee or "street name" accounts, retirement plan accounts, or
shares held by a shareholder who has changed his or her address
of record within the previous 30 calendar days.

DIVIDENDS, DISTRIBUTIONS
AND TAXES

Dividends and Distributions

The income dividends and capital gains distributions, if any,
declared by the Fund on its outstanding shares will, at the
election of each shareholder, be paid in cash or in additional
shares of the same Class of shares of the Fund. If paid in
additional shares, the shares will have an aggregate NAV as of
the close of business on the day following the declaration date
of the dividend or distribution equal to the cash amount of the
dividend or distribution. You may make an election to receive
dividends and distributions in cash or in shares at the time you
purchase shares. Your election can be changed at any time prior
to a record date for a dividend. There is no sales or other
charge on the reinvestment of dividends or capital gains
distributions. Cash dividends may be paid in check, or at your
election, electronically via the ACH network.

If you receive an income dividend or capital gains distribution
in cash you may, within 120 days following the date of its
payment, reinvest the dividend or distribution in additional
shares of the Fund without charge by returning to Alliance, with
appropriate instructions, the check representing the dividend or
distribution. Thereafter, unless you otherwise specify, you will

<PAGE>

be deemed to have elected to reinvest all subsequent dividends
and distributions in shares of the Fund.

For federal income tax purposes, the Fund's dividend
distributions of net income (or short-term taxable gains) will be
taxable to you as ordinary income. Any distributions of
long-term capital gains generally will be taxable to you as
long-term capital gains. The Fund's distributions also may be
subject to certain state and local taxes.

While it is the intention of the Fund to distribute to its
shareholders substantially all of each fiscal year's net income
and net realized capital gains, if any, the amount and time of
any dividend or distribution will depend on the realization by
the Fund of income and capital gains from investments. There is
no fixed dividend rate and there can be no assurance that the
Fund will pay any dividends or realize any capital gains.

Investment income received by the Fund from sources within
foreign countries may be subject to foreign income taxes withheld
at the source. To the extent that the Fund is liable for foreign
income taxes withheld at the source, the Fund intends, if
possible, to operate so as to meet the requirements of the Code
to "pass through" to the Fund's shareholders credits or
deductions for foreign income taxes paid, but there can be no
assurance that the Fund will be able to do so. Furthermore, a
shareholder's ability to claim a foreign tax credit or deduction
for foreign taxes paid by the Fund may be subject to certain
limitations imposed by the Code, as a result of which a
shareholder may not be permitted to claim all or a portion of a
credit or deduction for the amount of such taxes.

Under certain circumstances, if the Fund realizes losses (e.g.,
from fluctuations in currency exchange rates) after paying a
dividend, all or a portion of the dividend may subsequently be
characterized as a return of capital. Returns of capital are
generally nontaxable, but will reduce a shareholder's basis in
shares of the Fund. If that basis is reduced to zero (which
could happen if the shareholder does not reinvest distributions
and returns of capital are significant), any further returns of
capital will be taxable as capital gain.

If you buy shares just before the Fund deducts a distribution
from its NAV, you will pay the full price for the shares and then
receive a portion of the price back as a taxable distribution.

The sale or exchange of Fund shares is a taxable transaction for
federal income tax purposes.

<PAGE>

Each year shortly after December 31, the Fund will send you tax
information stating the amount and type of all its distributions
for the year. Consult your tax adviser about the federal, state,
and local tax consequences in your particular circumstances.

DISTRIBUTION ARRANGEMENTS

Share Classes. The Fund offers three classes of shares.

Class A Shares -- Initial Sales Charge Alternative
You can purchase Class A shares at NAV plus an initial sales
charge, as follows:

Initial Sales Charge
Commission
to Dealer/
Agent as
As % of As % of % of
Net Amount Offering Offering
Amount Purchased Invested Price Price

Up to $100,000 4.44% 4.25% 4.00%
$100,000 up to $250,000 3.36 3.25 3.00
$250,000 up to $500,000 2.30 2.25 2.00
$500,000 up to $1,000,000 1.78 1.75 1.50

You pay no initial sales charge on purchases of Class A shares in
the amount of $1,000,000 or more, but may pay a 1 % CDSC if you
redeem your shares within 1 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 under the 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 the Fund's SAI for additional information about
these options.

Class B Shares--Deferred Sales Charge Alternative
You can purchase Class B Shares at NAV without an initial sales
charge. The Fund will thus receive the full amount of your
purchase. Your investment, however, will be subject to a CDSC if
you redeem shares within 4 years of purchase. The CDSC varies
depending of the number of years you hold the shares. The CDSC
amounts are:

<PAGE>

Years Since Purchase CDSC
____________________ ____
First 4.0%
Second 3.0%
Third 2.0%
Fourth 1.0%
Fifth None

If you exchange your shares for the Class B shares of another
Alliance Mutual Fund, the CDSC also will apply to those Class B
shares. The CDSC period begins with the date of your original
purchase, not the date of exchange for the other Class B shares.

The Fund's Class B shares purchased for cash automatically
convert to Class A shares eight years after the end of the month
of your purchase. If you purchase shares by exchange for the
Class B shares of another Alliance Mutual Fund, the conversion
period runs from the date of your original purchase.

Class C Shares--Asset-Based Sales Charge Alternative

You can purchase shares at NAV without an initial sales charge.
The Fund will thus receive the full amount of your purchase.
Your investment, however, will be subject to a 1% CDSC if you
redeem your shares within 1 year. If you exchange your shares
for the Class C shares of another Alliance Mutual Fund, the 1%
CDSC also will apply to those Class C shares. The 1 year period
for the CDSC begins with the date of your original purchase, not
the date of the exchange for the other Class C shares.
Class C shares do not convert to any other Class of shares of the
Fund.

Asset-Based Sales Charges or Rule 12b-1 Fees. The Fund has
adopted a plan under Commission Rule 12b-1 that allows the Fund
to pay asset-based sales charges or distribution and service fees
for the distribution and sale of its shares. The amount of these
fees for each Class of the Fund's shares is:

Rule 12b-1 Fee (As A Percentage Of
Aggregate Average Daily Net Assets)
___________________________________
Class A .30%
Class B 1.00%
Class C 1.00%

Because these fees are paid out of the Fund's assets on an
on-going basis, over time these fees will increase the cost of
your investment and may cost you more than paying other types of

<PAGE>

sales fees. Class B and Class C shares are subject to higher
distribution fees than Class A shares (Class B shares are subject
to these higher fees for a period of eight years, after which
they convert to Class A shares). The higher fees mean a higher
expense ratio, so Class B and Class C shares pay correspondingly
lower dividends and may have a lower net asset value than Class A
shares.

Choosing a Class of Shares. The decision as to which Class of
shares is more beneficial to you depends on the amount and
intended length of your investment. If you are making a large
investment, thus qualifying for a reduced sales charge, you might
consider purchasing Class A shares. If you are making a smaller
investment, you might consider purchasing Class B shares because
100% of your purchase is invested immediately. If you are unsure
of the length of your investment, you might consider Class C
shares because there is no initial sales charge and no CDSC as
long as the shares are held for one year or more. Dealers and
agents may receive differing compensation for selling Class A,
Class B, or Class C shares. There is no size limit on purchases
of Class A shares. The maximum purchase of Class B shares is
$250,000. The maximum purchase of Class C shares is $1,000,000.

You should consult your financial agent to assist in choosing a
Class of Fund shares.

Application of the CDSC. The CDSC is applied to the lesser of
the original cost of shares being redeemed or NAV at the time of
redemption (or, as to Fund shares acquired through an exchange,
the cost of the Alliance Mutual Fund shares originally purchased
for cash). Shares obtained from dividend or distribution
reinvestment are not subject to the CDSC. The Fund may waive the
CDSC on redemptions of shares following the death or disability
of a shareholder, to meet the requirements of certain qualified
retirement plans, or under a monthly, bimonthly, or quarterly
systematic withdrawal plan. See the Fund's SAI for further
information about CDSC waivers.

Other. A transaction, service, administrative or other similar
fee may be charged by your broker-dealer, agent, financial
intermediary, or other financial representative with respect to
the purchase, sale, or exchange of Class A, Class B, or Class C
shares made through your financial representative. The financial
intermediaries also may impose requirements on the purchase,
sale, or exchange of shares that are different from, or in
addition to, those imposed by a Fund, including requirements as
to the minimum initial and subsequent investment amounts.

<PAGE>

GENERAL INFORMATION

Under unusual circumstances, the Fund may suspend redemptions or
postpone payment for up to seven days or longer, as permitted by
federal securities law. The Fund reserves the right to close an
account that through redemption has remained below $200 for 90
days. Shareholders will receive 60 days written notice to
increase the account value before the account is closed.

During drastic economic or market developments, you might have
difficulty in reaching AFS by telephone, in which event you
should issue written instructions to AFS. AFS is not responsible
for, the authenticity of telephone requests to purchase, sell, or
exchange shares. AFS will employ reasonable procedures to verify
that telephone requests are genuine, and could be liable for
losses resulting from unauthorized transactions if it failed to
do so. Dealers and agents may charge a commission for handling
telephone requests. The telephone service may be suspended or
terminated at any time without notice.

Shareholder Services. AFS offers a variety of shareholder
services. For more information about these services or your
account, call AFS's toll-free number, 1-800-221-5672. Some
services are described in the attached Subscription Application.
You also may request a shareholder's manual explaining all
available services by calling 1-800-227-4618.

Employee Benefit Plans. Certain employee benefit plans,
including employer-sponsored tax-qualified 401(k) plans and other
defined contribution retirement plans ("Employee Benefit Plans"),
may establish requirements as to the purchase, sale or exchange
of shares, including maximum and minimum initial investment
requirements, that are different from those described in this
Prospectus. Employee Benefit Plans also may not offer all
classes of shares of the Fund. In order to enable participants
investing through Employee Benefit Plans to purchase shares of
the Fund, the maximum and minimum investment amounts may be
different for shares purchased through Employee Benefit Plans
from those described in this Prospectus. In addition, the Class
A, Class B, and Class C CDSC may be waived for investments made
through Employee Benefit Plans.

<PAGE>

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you
understand the Fund's financial performance for the past 5 years.
Certain information reflects financial results for a single share
of the Fund. The total returns in the table represent the rate
that an investor would have earned (or lost) on an investment in
the Fund (assuming reinvestment of all dividends and
distributions). This information has been audited by Ernst &
Young LLP, the independent auditors for the Fund, whose
reports, along with the Fund's financial statements, are included
in the SAI which is available upon request.

<PAGE>

<TABLE>
<CAPTION>
INCOME FROM INVESTMENT OPERATIONS LESS DIVIDENDS AND DISTRIBUTIONS

NET GAINS
NET ASSET OF LOSSES ON DIVIDENDS DISTRIBUTIONS
VALUE, SECURITIES TOTAL FROM FROM NET IN EXCESS OF DISTRIBUTIONS
FISCAL YEAR BEGINNING NET INVESTMENT (BOTH REALIZED INVESTMENT INVESTMENT NET INVESTMENT FROM
OR PERIOD OF PERIOD INCOME (LOSE) AND UNREALIZED) OPERATIONS INCOME INCOME CAPITAL GAINS

<S> <C> <C> <C> <C> <C> <C> <C>
Alliance
Global
Environment
Fund (b)

CLASS A

Year ended
10/31/99 $8.34 $(.18)(c)(d) $ .60 $.42 $0.00 $0.00 $(3.10)

Year ended
10/31/98 18.77 (.24)(b) (1.12) (1.36) 0.00 0.00 (9.07)

Year ended
10/31/97 16.48 (.23)(b) 3.65 3.42 0.00 0.00 (1.13)

Year ended
10/31/96 12.37 (.13)(b) 4.26 4.13 (.02) 0.00 0.00

Year ended
10/31/95 11.74 .03 .60 .63 0.00 0.00 0.00

CLASS B

Year ended
10/31/99 $8.30 $(.21)(c)(d) $.59 $.38 $0.00 $0.00 $(3.10)

Year ended
10/31/98 18.76 (.27)(c) (1.12) (1.39) 0.00 0.00 (9.07)

10/3/97++to
10/31/97 19.92 (.20)(c) (.96) (1.16) 0.00 0.00 0.00

CLASS C

Year ended
10/31/99 $8.27 $(.21)(c)(d) $.59 $.38 $0.00 $0.00 $(3.10)

11/5/97+ to
10/31/98 19.15 (.27)(c) (1.54) (1.81) 0.00 0.00 (9.07)

______________________________
Please refer to the footnotes on page 32.
</TABLE>

<PAGE>

<TABLE>
INCOME FROM INVESTMENT OPERATIONS LESS DIVIDENDS AND DISTRIBUTIONS

<CAPTION>
TOTAL NET ASSET RATIO OF RATIO OF NET
DIVIDENDS VALUE, NET ASSETS, EXPENSES INCOME (LOSE)
AND END OF TOTAL END OF PERIOD TO AVERAGE TO AVERAGE PORTFOLIO
DISTRIBUTIONS PERIOD RETURN (A) (000'S OMITTED NET ASSETS NET ASSETS TURNOVER RATE

$(3.10) $5.66 8.21% $8,540 3.54(e)(f)% (2.28)% 110%
(9.07) 8.34 (10.51) 13,295 2.80(f) (2.27) 205
(1.13) 18.77 23.51 52,378 2.39 (1.35) 145
(.02) 16.48 33.48 100,271 1.60 (.85) 268
0.00 12.37 5.37 85,416 1.57 .21 109

$(3.10) $5.58 7.50% $266 4.12(e)(f)% (3.44)% 110%
(9.07) 8.30 (10.79) 152 3.52(f) (2.93) 205
0.00 18.76 (5.82) 235 20.84* (1.03)* 145

$(3.10) $5.55 7.55% $32 4.02(e)(f)% (3.34)% 110
(9.07) 8.27 (12.88) 31 3.39(d)* (2.75)* 205
</TABLE>

+ Commencement of distribution.
* Annualized.
(a) Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at the net asset value during the period, and
a redemption on the last day of the period. Initial sales charges or
contingent deferred such charges are not reflected in the calculation of
total investment return. Total investment returns calculated for periods
of less than one year are not annualized.

(b) Alliance Global Environment Fund operated as a closed-end investment
company through October 3, 1997, when it converted to an open-end
investment company and all shares of its common stock then outstanding
were reclassified as Class A shares.

(d) Net of fees waived and expenses reimbursed.

(e) Net of expenses assumed and/or waived/reimbursed. If the Fund had borne
all expenses, without giving effect to the expense offset arrangement
described in (f) below, the expense ratio would have been as follows:

1999

Class A 5.12%
Class B 5.90%
Class C 5.83%

<PAGE>

(f) Amounts do not reflect the impact of expense offset arrangements with the
transfer agent. Taking into account such expense offset arrangements, the
ratio of expenses to average net assets, assuming the assumption and/or
waiver/reimbursement of expenses would have been as follows:

1997 1998 1999
Class A - 2.79% 3.53
Class B - 3.51% 4.10
Class C - 3.38% 4.00

<PAGE>

For more information about the Fund, the following documents are
available upon request:

Statement of Additional Information (SAI)

The Fund has an SAI, which contains more detailed information
about the Fund, including its operations and investment policies.
The Fund's SAI is incorporated by reference into (and is legally
part of) this Prospectus.

You may request a free copy of the SAI or make shareholder
inquiries of the Fund, by contacting your broker or other
financial intermediary, or by contacting Alliance:

By Mail: c/o Alliance Fund Services, Inc.
P.O. Box 1520
Secaucus, NJ 07096-1520

By Phone: For Information: (800) 221-5672
For Literature: (800) 227-4618

Or you may view or obtain these documents from the Commission:

- - Call the Commission at 1-202-942-8090 for information on the
operation of the Public Reference Room.

- - Reports and other information about the Fund are available on
the EDGAR Database on the Commissions Internet site at
http://www.sec.gov.

- - Copies of the information may be obtained, after paying a
fee, by electronic request at [email protected], or by
writing the Commissions Public Reference Section, Washington,
DC 20549-0102.

You also may find more information about Alliance and the Fund on
the Internet at: www.Alliancecapital.com.

SEC File Number: 811-05993

37
00250070.BD5

<PAGE>

ALLIANCE GLOBAL ENVIRONMENT FUND

Advisor Class Prospectus and Application

February 1, 2000

The Securities and Exchange Commission has not
approved or disapproved these securities or
passed upon the adequacy of this Prospectus.
Any representation to the contrary is
a criminal offense.

[ALLIANCE CAPITAL [LOGO]]

<PAGE>

TABLE OF CONTENTS

Page

RISK/RETURN SUMMARY.......................................... 3

FEES AND EXPENSES OF THE FUND................................ 6

GLOSSARY..................................................... 7

DESCRIPTION OF THE FUND...................................... 9

Investment Objective, Principal Policies and Risk
Considerations.............................................. 9

Description of Additional Investment Practices............... 12

Additional Risk Considerations............................... 18

MANAGEMENT OF THE FUND....................................... 21

PURCHASE AND SALE OF SHARES.................................. 21

How The Fund Values Its Shares............................... 21

How To Buy Shares............................................ 22

How To Exchange Shares....................................... 22

How To Sell Shares........................................... 23

DIVIDENDS, DISTRIBUTIONS AND TAXES........................... 24

CONVERSION FEATURE........................................... 26

GENERAL INFORMATION.......................................... 27

FINANCIAL HIGHLIGHTS......................................... 28

<PAGE>

RISK/RETURN SUMMARY

<PAGE>

OBJECTIVE:

PRINCIPAL INVESTMENT STRATEGIES:

PRINCIPAL RISKS:

BAR CHART AND PERFORMANCE TABLE:

The table and bar chart provide an indication of the historical
risk of an investment in the Fund.

PERFORMANCE TABLE

Since
1 Year Inception*

<PAGE>

Advisor Class 5.70% 2.85%
S&P 500 Index 21.03% 24.76%

Average annual total returns are for the periods ended
December 31, 1999. Advisor Class shares inception date is
12/29/97. S&P 500 Index returns are from 12/31/97.

BAR CHART

The following chart shows the annual return for the Advisor class
shares since inception.

n/a n/a n/a n/a n/a n/a n/a n/a -2.99 5.70%
_________________________________________________________________
90 91 92 93 94 95 96 97 98 99

BEST QUARTER WAS WAS UP 22.66%, 2nd QUARTER, 1999; AND WORST
QUARTER WAS DOWN 19.83%, 3rd QUARTER, 1998.

<PAGE>

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if
you buy and hold shares of the Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Advisor Class
Shares
______________

Maximum Front-end or Deferred
Sales Charge (Load) (as a
percentage of original
purchase price or redemption
proceeds, whichever is lower) None

ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from
Fund assets) and EXAMPLES

Operating Expenses
__________________
Management fees 1.10%
Distribution (12b-1) fees None
Other expenses 3.76%
Total Fund operating expenses 4.86%

Waiver and/or expense reimbursement (a) (2.16%)
======
Net Expense 2.70%
=====

Examples
___________________
After 1 Yr. $273
After 3 Yrs.(b) $1,269
After 5 Yrs.(b) $2,267
After 10 Yrs.(b) $4,776

<PAGE>

(a) Reflects Alliance's contractual waiver of a portion of its
advisory fee and/or reimbursement of a portion of the Fund's
operating expenses. This waiver extends through the Fund's
current fiscal year and may be extended by Alliance for
additional one-year terms.
(b) These examples assume that Alliance's agreement to waive
management fees and/or to bear operating expenses is not extended
beyond the Fund's current fiscal year.

<PAGE>

GLOSSARY

This Prospectus uses the following terms.

TYPES OF SECURITIES

Convertible securities are fixed-income securities that are
convertible into common stock.

Debt securities are bonds, debentures, notes, bills, loans, and
other direct debt instruments, and other fixed, floating and
variable debt rate obligations, but do not include convertible
securities.

Depositary receipts include American Depositary Receipts
("ADRs"), Global Depositary Receipts ("GDRs") and other types of
depositary receipts.

Rule 144A securities are securities that may be resold pursuant
to Rule 144A of the Securities Act.

U.S. Government securities are securities issued or guaranteed by
the United States Government, its agencies or instrumentalities.

TYPES OF COMPANIES

Eligible Companies are companies expected to benefit from
advances or improvements in products, processes or services
intended to foster the protection of the environment.

Non-U.S. Company is an entity that (i) is organized under the
laws of a foreign country and conducts business in a foreign
country, (ii) derives 50% or more of its total revenues from

<PAGE>

business in foreign countries, or (iii) issues equity or debt
securities that are traded principally on a stock exchange in a
foreign country.

RATING AGENCIES AND INDEX

Moody's is Moody's Investors Service, Inc.

S&P is Standard & Poor's Ratings Services.

S&P 500 Index is S&P's 500 Composite Stock Price Index, a widely
recognized unmanaged index of market activity.

OTHER

1940 Act is the Investment Company Act of 1940, as amended.

Code is the Internal Revenue Code of 1986, as amended.

Commission is the Securities and Exchange Commission.

Exchange is the New York Stock Exchange.

Securities Act is the Securities Act of 1933, as amended.

<PAGE>

DESCRIPTION OF THE FUND

Please note:

- - Additional discussion of the Fund's investments, including
the risks of the investments that appear in capital letters
scan be found in the discussion under Description of
Additional Investment Practices following this section.

INVESTMENT OBJECTIVE, PRINCIPAL POLICIES AND RISK CONSIDERATIONS

The Fund's investment objective is long-term capital
appreciation through investment of substantially all of its
assets in equity securities of companies that are expected to
benefit from advances or improvements in products, processes or
services intended to foster the protection of the environment.

How the Fund Pursues Its Objective

<PAGE>

The Fund also may:

- - invest up to 20% of its total assets in WARRANTS to purchase
equity securities;

- - invest in DEPOSITARY RECEIPTS;

- - purchase and write put and call OPTIONS ON FOREIGN CURRENCIES
for hedging purposes;

- - enter into FORWARD FOREIGN CURRENCY TRANSACTIONS for hedging
purposes;

- - invest in CURRENCY FUTURES and options on such futures for
hedging purposes; and

- - make secured LOANS OF PORTFOLIO SECURITIES of up to 30% of
its total assets.

Risk Considerations. Among the principal risks of investing in
the Fund are:

- - Market Risk. This is the risk that the value of the Fund's
investments will fluctuate as the stock markets fluctuate and

<PAGE>

that prices overall will decline over short or longer-term
periods.

- - Currency Risk. This is the risk that fluctuations in the
exchange rates between the U.S. Dollar and foreign currencies
may negatively affect the value of the Fund's investments.

Temporary Defensive Position. For temporary defensive purposes,
the Fund may reduce its position in equity securities and

<PAGE>

DESCRIPTION OF ADDITIONAL INVESTMENT PRACTICES

<PAGE>

other party to such a transaction, the Fund will have contractual
remedies under the transaction agreements.

<PAGE>

practices, if they arise, may involve risks that exceed those
involved in the activities described above.

ADDITIONAL RISK CONSIDERATIONS

Investment in the Fund involves the special risk considerations
described below. These risks may be heightened when investing in
emerging markets.

<PAGE>

Currency Considerations. A substantial portion of the assets of
the Fund are invested in securities denominated in foreign
currencies. The Fund receives a corresponding portion of its
revenues in foreign currencies. Therefore, the dollar equivalent
of its net assets, distributions, and income will be adversely
affected by reductions in the value of certain foreign currencies
relative to the U.S. Dollar. If the value of the foreign
currencies in which the Fund receives its income falls relative
to the U.S. Dollar between receipt of the income and the making
of Fund distributions, the Fund may be required to liquidate
securities in order to make distributions if it has insufficient
cash in U.S. Dollars to meet distribution requirements that the
Fund must satisfy to qualify as a regulated investment company
for federal income tax purposes. Similarly, if an exchange rate
declines between the time the Fund incurs expenses in U.S.
Dollars and the time cash expenses are paid, the amount of the
currency required to be converted into U.S. Dollars in order to
pay expenses in U.S. Dollars could be greater than the equivalent
amount of such expenses in the currency at the time they were
incurred. In light of these risks, the Fund may engage in
currency hedging transactions, as described above, which involve
certain special risks.

<PAGE>

the proceeds of sales of securities from certain countries is
controlled under regulations, including in some cases the need
for certain advance government notification or authority. If a
deterioration occurs in a country's balance of payments, the
country could impose temporary restrictions on foreign capital
remittances.

<PAGE>

Investments in Environmental Companies. Governmental regulations
or other action can inhibit an Environmental Company's
performance, and it may take years to translate environmental
legislation into sales and profits. Environmental Companies
generally face competition in fields often characterized by
relatively short product cycles and competitive pricing policies.
Losses may result from large product development or expansion
costs, unprotected marketing or distribution systems, erratic
revenue flows and low profit margins. Additional risks that
Environmental Companies may face include difficulty in financing
the high cost of technological development, uncertainties due to
changing governmental regulation or rapid technological advances,
potential liabilities associated with hazardous components and
operations, and difficulty in finding experienced employees.

<PAGE>

MANAGEMENT OF THE FUND

INVESTMENT ADVISER AND FUND MANAGER

PURCHASE AND SALE OF SHARES

How The Fund Values Its Shares

Your order for purchase, sale, or exchange of shares is priced at
the next NAV calculated after your order is received in proper

<PAGE>

form by the Fund. Your purchase of Fund shares may be subject to
an initial sales charge.

<PAGE>

How To Buy Shares

You may purchase Advisor Class shares through your financial
representative at NAV. Advisor Class shares are not subject to
any initial or contingent sales charges or distribution expenses.
You may purchase and hold shares solely:

- - through accounts established under a fee-based program,
sponsored and maintained by a registered broker-dealer or
other financial intermediary and approved by the Fund's
principal underwriter, Alliance Fund Distributors, Inc. or
AFD;

- - through a self-directed defined contribution employee benefit
plan (e.g., a 401(k) plan) that has at least 1,000
participants or $25 million in assets;

- - by investment advisory clients of, and certain other persons
associated with, Alliance and its affiliates or the Fund; and

- - through registered investment advisers or other financial
intermediaries who charge a management, consulting or other
fee for their services and who purchase shares through a
broker or agent approved by AFD and clients of such
registered investment advisers or financial intermediaries
whose accounts are linked to the master account of such
investment adviser or financial intermediary on the books of
such approved broker or agent.

Generally, a fee-based program must charge an asset-based or
other similar fee and must invest at least $250,000 in Advisor
Class shares to be approved by AFD for investment in Advisor
Class shares. The Fund's Statement of Additional Information has
more detailed information about who may purchase and hold Advisor
Class shares.

The Fund may refuse any order to purchase Advisor Class shares.
In particular, the Fund reserves the right to restrict purchases
of Advisor Class shares (including through exchanges) when they
appear to evidence a pattern of frequent purchases and sales made
in response to short-term considerations.

How To Exchange Shares

You may exchange your Advisor Class shares for shares of other
Alliance Mutual Funds (including AFD Exchange Reserves, a money
market fund managed by Alliance). Exchanges of Advisor Class
shares are made at the next-determined NAV, without sales or

<PAGE>

service charges. You may request an exchange by mail or
telephone. You must call by 4:00 p.m., Eastern time, to receive
that day's NAV. The Fund may change, suspend, or terminate the
exchange service on 60 days' written notice.

How To Sell Shares

You may "redeem" your shares (i.e., sell your shares to the Fund)
on any day the Exchange is open, either directly or through your
financial intermediary. Your sales price will be the
next-determined NAV after the Fund receives your sales request in
proper form. Normally, proceeds will be sent to you within 7
days. If you recently purchased your shares by check or
electronic funds transfer, your redemption payment may be delayed
until the Fund is reasonably satisfied that the check or
electronic funds transfer has been collected (which may take up
to 15 days). If you are in doubt about what procedures or
documents are required by your fee-based program or employee
benefit plan to sell your shares, you should contact your
financial representative.

- - Selling Shares Through Your Financial Representative

Your financial representative must receive your sales request by
4:00 p.m., Eastern time, and submit it to the Fund by 5:00 p.m.,
Eastern time, for you to receive that day's NAV. Your financial
representative is responsible for submitting all necessary
documentation to the Fund and may charge you for this service.

- - Selling Shares Directly to the Fund

By Mail:

- --Send a signed letter of instruction or stock power, along with
certificates, to:

Alliance Fund Services, Inc.
P.O. Box 1520
Secaucus, N.J. 07906-1520
800-221-5672

<PAGE>

By Telephone:

- --You may redeem your shares for which no stock certificates have
been issued by telephone request. Call AFS at 800-221-5672 with
instructions on how you wish to receive your sale proceeds.

- --A telephone redemption request must be received by 4:00 p.m.,
Eastern time, for you to receive that day's NAV.

- --If you have selected electronic funds transfer in your
Shareholder Application, the redemption proceeds will be sent
directly to your bank. Otherwise, the proceeds will be mailed to
you.

- --Redemption requests by electronic funds transfer may not exceed
$100,000 per day and redemption requests by check cannot exceed
$50,000 per day.

Other

If you are a Fund shareholder through an account established
under a fee-based program, your fee-based program may impose
requirements with respect to the purchase, sale, or exchange of
Advisor Class shares of the Fund that are different from those
described in this prospectus. A transaction, service,
administrative or other similar fee may be charged by your
broker-dealer, agent, financial intermediary or other financial
representative with respect to the purchase, sale or exchange of
Advisor Class shares made through such financial representative.
Such financial intermediaries may also impose requirements with
respect to the purchase, sale or exchange of shares that are
different from, or in addition to, those imposed by the Fund,
including requirements as to the minimum initial and subsequent
investment amounts.

DIVIDENDS, DISTRIBUTIONS
AND TAXES

<PAGE>

Dividends and Distributions

<PAGE>

assurance that the Fund will be able to do so. Furthermore, a
shareholder's ability to claim a foreign tax credit or deduction
for foreign taxes paid by the Fund may be subject to certain
limitations imposed by the Code, as a result of which a
shareholder may not be permitted to claim all or a portion of a
credit or deduction for the amount of such taxes.

If you buy shares just before the Fund deducts a distribution
from its NAV, you will pay the full price for the shares and then
receive a portion of the price back as a taxable distribution.

The sale or exchange of Fund shares is a taxable transaction for
federal income tax purposes.

CONVERSION FEATURE

Conversion.

As described above, Advisor Class shares may be held solely
through certain fee-based program accounts, employee benefit
plans and registered investment advisory or other financial
intermediary relationships, and by investment advisory clients
of, and certain person sassociated with, Alliance and its
affiliates or the Fund. If a holder of Advisor Class shares (i)
ceases to participate in the fee-based program or plan, or to be
associated with an eligible investment advisor or financial
intermediary or (ii) is otherwise no longer eligible to purchase
Advisor Class shares (each a "Conversion Event"), then all
Advisor Class shares held by the shareholder will convert
automatically to Class A shares of the Fund. The Fund will
provide the shareholder with at least 30 days' advance notice of
such conversion. The failure of a shareholder or a fee-based
program to satisfy the minimum investment requirements to

<PAGE>

purdhase Advisor Class shares will not constitute a Conversion
Event. The conversion would occur on the basis of the relative
NAV of the two classes and without the imposition of any sales
load, fee or other charge.

Description of Class A Shares.

The Class A shares of the Fund have a distribution fee of .30%
under the Fund's Rule 12b-1 plan that allows the Fund to pay
distribution and service fees for the distribution and sale of
its shares. Because this fee is paid out of the Fund's assets,
Class A shares have a higher expense ratio and may pay lower
dividends and may have a lower NAV than Advisor Class shares.

GENERAL INFORMATION

<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
INCOME FROM INVESTMENT OPERATIONS LESS DIVIDENDS AND DISTRIBUTIONS

<S> <C> <C> <C> <C> <C> <C> <C>
Alliance
Global
Environment
Fund (b)

Year ended
10/31/99 $8.37 $.15(c)(d) $.60 $.45 $0.00 $0.00 $(3.10)

12/29/97+ to
10/31/98 9.15 (.20) (.58) (.78) 0.00 0.00 0.00

______________________________
Please refer to the footnotes on page 29.
</TABLE>

<PAGE>

<TABLE>
INCOME FROM INVESTMENT OPERATIONS LESS DIVIDENDS AND DISTRIBUTIONS

$(3.10) $5.72 8.65% $5 3.09(e)(f)% (2.41)% 110%
(0.00) 8.37 (8.52) 5 3.04(b)* (2.39)* 205
</TABLE>

(d) Net of fee waiver and expense reimbursement.

(e) Net of expenses assumed and/or waived/reimbursed. If the fund had borne
all expenses, without giving effect to the expense offset arrangement
described in (f) below, the expense ration would have been as follows:

Advisor Class 1999
4.86%

1997 1998 1999
Advisor Class __ 3.03% 3.08%