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011 B000001 8-30851
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011 C020001 NY
011 C030001 10105
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<PAGE> PAGE 2
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SIGNATURE JOSEPH CARUSONE
TITLE ASST VICE PRESIDENT
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Securities Purchased in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of1940
10f-3 TRANSACTIONS FOR THE PERIOD APRIL 22, 1997 THROUGH AUGUST 31, 1997
ALLIANCE HIGH YIELD FUND
Shares
Price Purchased
Date Shares % of Fund per by
Security Purchased Purchased Assets(1) Share Fund Group
Stone Container 05/22/97 250,000 1.69% $100.00 250,000
Primus
Telecommunication
741929ab9 07/30/97 1,000,000 1.95% $100.00 8,000,000
Total % of Issue
Shares Purchased Shares
Issued By Held
(000) Group (2) Broker(s) 08/31/97
275,000 0.09% BTCO 0
225,000 3.56% S 1,000,000
1. Purchase may not exceed 3% of Fund's Total Assets.
2. Purchases by all Alliance funds may not exceed the greater of (i) 4% of
the principal amount of the offering or (ii) $500,000 in principal
amount, but in no event may exceed 10% of the principal amount of the
offering.
Report to Independent Auditors
To the Shareholders and Board of Directors of
Alliance High Yield Fund, Inc.
In planning and performing our audit of the financial statements of Alliance
High Yield Fund, Inc. for the year ended August 31, 1997, we considered its
internal control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on the internal control.
The management of Alliance High Yield Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose
all matters in the internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control and its
operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above at August 31, 1997.
This report is intended solely for the information and use of the board of
directors and management of Alliance High Yield Fund, Inc. and the
Securities and Exchange Commission.
/s/ERNST & YOUNG LLP
New York, New York
October 7, 1997
