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Alliance Capital Alliance Worldwide Privatization Fund
June 27, 1995
Supplement to Prospectus dated February 1, 1995
The Board of Directors of the Alliance Worldwide
Privatization Fund, Inc. (the "Fund") has approved the
acquisition by the Fund of the assets of The Global Privatization
Fund, Inc. ("Global") in exchange for Class A shares of the Fund
to be distributed by Global to its shareholders (the
"Transaction"). Global is a closed-end investment company
managed by Alliance which has investment policies similar in many
respects to those of the Fund. The Board of Directors of Global
has also approved the proposed acquisition and has announced that
it will recommend the Transaction to Global's shareholders for
their approval at a meeting expected to be held in the fourth
quarter of 1995. As of June 23, 1995, the total assets of the
Fund and Global were, respectively, approximately $94 million and
$1.05 billion. It is anticipated that if the Transaction is
approved by the shareholders of Global, the transaction would
close by the end of 1995. Shareholders of Global would then
become shareholders of the Fund.
In approving the Transaction, the Fund's Board considered
Alliance's recommendation in favor of the Transaction and other
relevant information, and concluded that the Transaction was in
the best interests of the Fund and its shareholders. In this
regard, Alliance advised the Fund's Board that the investment
portfolios of both the Fund and Global contained many of the same
securities. The Board also noted that the Transaction is
expected to have the effect of substantially reducing the Fund's
expense ratios.
The Class A shares of the Fund issued to Global shareholders
in the Transaction would be distributed to the Global
shareholders on a relative net asset value basis without the
imposition of any sales charge. In order to moderate the impact
of redemptions or exchanges of such shares upon the Fund, any
such shares that are redeemed or exchanged on or before December
31, 1996 would be subject to a redemption fee equal to 2% of
their net asset value. The redemption fee would be payable to
the Fund and would thus be antidilutive.
As a closed-end fund, Global has a fixed number of
outstanding shares which are traded on the New York Stock
Exchange. Global's shares have historically traded, and during
the pendency of the Transaction may continue to trade, at a
discount from net asset value. Prospective purchasers of shares
of the Fund may wish to consider, and to consult with their
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financial advisers regarding, whether it might be more
advantageous to acquire shares of Global in the secondary market
rather than to acquire shares of the Fund prior to completion of
the Transaction. Factors such investors may wish to take into
account in this regard include their investment goals, the size
of any discount to net asset value at which shares of Global may
be trading, brokerage and other transaction costs, the 2%
redemption fee referred to above, the investment objective and
policies of the Fund and those of Global, the expense ratios of
the two funds, and the lack of certainty that the Transaction
will be approved by the shareholders of Global.
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