Alliance Capital has completed a one-month offering period, raising $15 million dollars, for two pan-European funds for offshore investors--the ACM Global Investments (ACMGI)-European Growth Portfolio and the ACM Global Investments-European Income Opportunities Portfolio.

Both funds are registered in Luxembourg and denominated in euros, with shares offered in both euros and U.S. dollars.

The ACMGI-European Growth Portfolio seeks long-term capital appreciation through a concentrated portfolio of 40-50 European equities. The portfolio manager, Leslie Manookian, is a senior vice president and director of equity research for Alliance. The new fund's portfolio is similar to Alliance's U.S.-registered European equity fund, which is five-star rated by Morningstar.

The AMCGI-European Income Opportunities Portfolio seeks high current return through investment primarily in fixed-income securities of European companies and governments. The fund is designed to capitalize on the advent of the euro, which has spurred the growth of corporate debt and government bonds in Europe. The portfolio manager, Douglas Peebles, is a senior vice president and head of Alliance Capital's Global/International Fixed Income Dept.  

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