Fund Description

Alliance Emerging Market Debt Fund, B Shares was formerly known as Alliance Global Dollar Government Fund. The fund was incepted in February 1994 and is managed by Alliance Capital Management. The objective of the fund is to seek primarily a high level of current income and, secondarily, capital appreciation. The fund invests in sovereign debt obligations of developing countries and in U.S. and non-U.S. corporate fixed-income securities. Substantially all of the fund's assets are invested in high-risk, lower-rated securities and are subject to the substantial risks associated with high-yield bonds and investments in emerging markets, including risk of loss and substantial volatility. The fund pursues an aggressive investment strategy. Dividends, if any, are declared on each fund business day and paid on the twentieth day of each month. Capital gains, if any, are distributed annually.