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Filed pursuant to Rule 497(e).
File Nos. 033-66630 and 811-07916.
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ALLIANCE PREMIER GROWTH FUND, INC.
Supplement dated January 20, 1997 to Prospectus dated
October 1, 1996
Performance of Similarly Managed Portfolios. In
addition to managing the assets of the Fund, Mr. Harrison
has ultimate responsibility for the management of 34
portfolios of discretionary tax-exempt accounts of
institutional clients managed as described below without
significant client-imposed restrictions ("Historical
Portfolios"). These accounts have substantially the same
investment objectives and policies and are managed in
accordance with essentially the same investment strategies
and techniques as those for the Fund, except for the ability
of the Fund to use futures and options as hedging tools and
to invest in warrants. The Historical Portfolios are also
not subject to certain limitations, diversification
requirements and other restrictions to which the Fund, as a
registered investment company, is subject and which if
applicable to the Historical Portfolios, may have adversely
affected the performance results of the Historical
Portfolios. See "Investment Objective and Policies."
Set forth below is performance data provided by the
Adviser relating to the Historical Portfolios for each of
the eighteen full calendar years during which Mr. Harrison
has managed the Historical Portfolios. As of December 31,
1996, the assets in the Historical Portfolios totaled
approximately $9.8 billion and the average size of an
institutional account in the Historical Portfolio was $289
million. Each Historical Portfolio has a nearly identical
composition of individual investment holdings and related
percentage weightings.
The performance data is net of an imputed advisory fee
deemed paid quarterly at the same level as the advisory fee
payable by the Fund, although the actual advisory fees
payable by the Historical Portfolios varied. The
performance data includes the cost of brokerage commissions,
but excludes custodial fees, transfer agency costs and other
administrative expenses that will be payable by the Fund and
will result in a higher expense ratio for the Fund.
Expenses associated with the distribution of Class A, Class
B and Class C shares of the Fund in accordance with the plan
adopted by the Fund's Board of Directors pursuant to Rule
12b-1 of the 1940 Act ("distribution fees") are also
excluded. See "Expense Information." The performance data
has also not been adjusted for corporate or individual
taxes, if any, payable by the account owners.
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The Adviser has calculated the investment performance of
the Historical Portfolios on a trade-date basis. Dividends
have been accrued at the end of the month and cash flows
weighted daily. Due to the similarity of investment
composition and the performance of each of the Historical
Portfolios, composite investment performance for all
portfolios has been determined on a simple average, rather
than a dollar-weighted, basis. New accounts are included in
the composite investment performance computations at the
beginning of the month following the initial contribution.
The composite total returns set forth below are calculated
using a method that links the monthly return amounts for the
disclosed periods, resulting in a time-weighted rate of
return.
As reflected below, the Historical Portfolios have over
time performed favorably when compared with the performance
of recognized performance indices. The S&P 500 Index is a
widely recognized, unmanaged index of market activity based
upon the aggregate performance of a selected portfolio of
publicly traded common stocks, including monthly adjustments
to reflect the reinvestment of dividends and other
distributions. The S&P 500 Index reflects the total return
of securities comprising the Index, including changes in
market prices as well as accrued investment income, which is
presumed to be reinvested. The Russell 1000 universe of
securities is compiled by Frank Russell Company and is
segmented into two style indices, based on the
capitalization-weighted median book-to-price ratio of each
of the securities. At each reconstitution, the Russell 1000
constituents are ranked by their book-to-price ratio. Once
so ranked, the breakpoint for the two styles is determined
by the median market capitalization of the Russell 1000.
Thus, those securities falling within the top fifty percent
of the cumulative market capitalization (as ranked by
descending book-to-price) become members of the Russell
Price-Driven Indices. The Russell Earnings Growth Index is,
accordingly, designed to include those Russell 1000
securities with a greater-than-average growth orientation.
In contrast with the securities in the Russell Price-Driven
Indices, companies in the Growth Index tend to exhibit
higher price-to-book and price-earnings ratios, lower
dividend yield and higher forecasted growth values. The
Russell Earnings Growth Index reflects changes in market
prices, but excludes investment income.
To the extent the Fund does not invest in U.S. common
stocks or utilizes investment techniques such as futures or
options, the S&P 500 and Russell Earnings Growth Index may
not be substantially comparable to the Fund. The S&P 500
and Russell Earnings Growth Index are included to illustrate
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material economic and market factors that existed during the
time period shown. The S&P 500 and Russell Earnings Growth
Index do not reflect the deduction of any fees. If the Fund
were to purchase a portfolio of securities substantially
identical to the securities comprising the S&P 500 Index or
the Russell Earnings Growth Index, the Fund's performance
relative to the index would be reduced by the Fund's
expenses, including brokerage commissions, advisory fees,
distribution fees, custodial fees, transfer agency costs and
other administrative expenses as well as by the impact on
the Fund's shareholders of sales charges and income taxes.
The Lipper Growth Fund Index is prepared by Lipper
Analytical Services, Inc. and represents a composite index
of the investment performance for the 30 largest growth
mutual funds. The composite investment performance of the
Lipper Growth Fund Index reflects investment management and
administrative fees and other operating expenses paid by
these mutual funds and reinvested income dividends and
capital gain distributions, but excludes the impact of any
income taxes and sales charges.
The following performance data is provided solely to
illustrate Mr. Harrison's performance in managing the
Historical Portfolios as measured against certain broad
based market indices and against the composite performance
of other open-end growth mutual funds. Investors should not
rely on the following performance data of the Historical
Portfolios as an indication of future performance of the
Fund. The composite investment performance for the periods
presented may not be indicative of future rates of return.
Other methods of computing investment performance may
produce different results, and the results for different
periods may vary.
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Schedule of Composite Investment Performance Historical
Portfolios for the Eighteen Years Ended December 31, 19961
Historical S&P 500 Russell Lipper
Portfolios Index Total Earnings Growth Fund
Total Return Growth Index Total
Return Index Total Return
Return
Year ended:
December 31, 1996 21.92 22.96 23.12 17.48
December 31, 1995**........ 39.84 37.58 37.19 32.65
December 31, 1994.......... (4.76) 1.32 2.66 (1.57)
December 31, 1993.......... 10.47 10.08 2.90 11.98
December 31, 1992.......... 12.77 7.62 5.00 7.63
December 31, 1991.......... 38.27 30.47 41.16 35.20
December 31, 1990.......... (1.50) (3.10) (0.26) (5.00)
December 31, 1989.......... 37.98 31.69 35.92 28.60
December 31, 1988.......... 11.30 16.61 11.27 15.80
December 31, 1987.......... 8.68 5.25 5.31 1.00
December 31, 1986.......... 27.08 18.67 15.36 15.90
December 31, 1985.......... 37.43 31.73 32.85 30.30
December 31, 1984.......... (2.77) 6.27 (.95) (2.80)
December 31, 1983.......... 20.66 22.56 15.98 22.30
December 31, 1982.......... 28.81 21.55 20.46 20.20
December 31, 1981.......... (0.84) (4.92) (11.31) (8.40)
December 31, 1980.......... 52.56 32.50 39.57 37.30
December 31, 1979.......... 32.88 18.61 23.91 27.40
Cumulative total return for
the period January 1, 1979
to December 31, 1996..........2339.45 1433.98 1266.47 1205.92
** During this period, the Historical Portfolios differed from the Fund in
that the Fund invested a portion (4.54%) of its net assets in warrants on
equity securities in which the Historical Portfolios were unable, by their
investment restrictions, to purchase. In lieu of warrants, the Historical
Portfolios acquired the common stock upon which the warrants were based. For
the year ended December 31, 1995 the Fund's total return, at net asset value,
was 46.87%.
____________________
1. Total return is a measure of investment performance that
is based upon the change in value of an investment from
the beginning to the end of a specified period and
assumes reinvestment of all dividends and other
distributions. The basis of preparation of this data is
described in the preceding discussion.
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The average annual total returns presented below are based upon the cumulative
total return as of December 31, 1996, and for more than one year assume a
steady compounded rate of return and are not year-by-year results, which
fluctuated over the periods as shown.
Average Annual Total Returns
Historical S&P 500 Russell Lipper
Portfolios Index Earnings Growth Fund
Growth Index
Index
Three years.................... 17.54 19.66 20.14 15.33
Five years..................... 15.13 15.21 13.38 13.08
Ten years...................... 16.48 15.27 15.43 13.61
Since January 1, 1979.......... 19.42 16.38 15.63 15.34
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00250118.AG5
