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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 of 1940
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1997 THROUGH
OCTOBER 31, 1997
ALLIANCE HIGH YIELD FUND
Shares
Purchased
Date Shares Price per by Fund
Security** Purchased Purchased Share Group
**Fox Kids
Worldwide Inc. 10/22/97 1,500,000 $100.00 6,500,000
% of
Total Offering
Shares Purchased Shares
offered By Purchased Held
(000) Group(1) From 10/31/97
475,000 1.37% Merrill Lynch 1,500,000
* Unless otherwise indicated, the securites were part of
an issue registered under the Securities Act of 1933 and
offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the Fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the principal amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total of
(i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the offering
of such class in any concurrent public offering.
Securities Purchased in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
10f-3 TRANSACTIONS FOR THE PERIOD JANUARY 1, 1998 THROUGH
FEBRUARY 28, 1998
ALLIANCE HIGH YIELD FUND
Shares
Purchased
Date Shares Price per by Fund
Security** Purchased Purchased Share Group
**Qwest
Communication, Inc. 01/22/98 3,000,000 $66.59 9,000,000
% of
Total Offering
Shares Purchased Shares
offered By Purchased Held
(000) Group(1) From 02/28/98
450,505 2.00% Salomon Brothers 0
* Unless otherwise indicated, the securites were part of
an issue registered under the Securities Act of 1933 and
offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the Fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the principal amount of the offering of such class;
or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total of
(i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the offering
of such class in any concurrent public offering.
