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SIGNATURE WILLIAM MINOVICH
TITLE ASST TREASURER
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Report of 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, 1998, 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 fraud 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 fraud 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, 1998.
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
ERNST & YOUNG LLP
October 7, 1998
ALLIANCE HIGH YIELD FUND, INC. Exhibit 77Q1(a)
811-9160
Articles of Incorporation - Incorporated by reference to Registrant's
Registration Statement on Form N-1A, filed with the Securities and Exchange
Commission on December 20, 1996.
By-Laws - Incorporated by reference to Registrant's Registration
Statement on Form N-1A, filed with the Securities and Exchange Commission
on December 20, 1996.
ALLIANCE HIGH YIELD FUND, INC. Exhibit 77Q1(e)
811-9160
Investment Advisory Agreement - Incorporated by reference to Exhibit 5 to
Post-Effective Amendment No. 1 to Registrant's Registration Statement on
Form N-1A, filed with the Securities and Exchange Commission on
October 31, 1997.
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 AUGUST 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. 10/22/98 1,500,000 $100.00 6,500,000
% of
Total Offering
Shares Purchased Shares
Offered By Purchased Held
(000) Group (1) From 10/31/98
475,000 1.37% Merrill Lynch 1,500,000
* Unless otherwise indicated, the securities 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 securities 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 MARCH 1, 1998 THROUGH MAY 31, 1998
ALLIANCE HIGH YIELD FUND
Date Shares Price per
Security** Cusips Purchased Purchased Share
**MC Shipping Inc. 55267QAA2 03/05/98 2,000,000 $100.00
**NTL INC. 629407AG2 03/06/98 2,000,000 $ 61.724
**NTL INC. 10.75% 629407AD9 03/06/98 2,000,000 $ 58.620
**Doe Run
Resources 256582AA5 03/06/98 2,000,000 $100.000
**Trans Resources 893320AE1 03/11/98 2,000,000 $100.000
**Big City Radio 089098AA5 03/12/98 2,000,000 $ 72.055
**Hard Rock Hotel 41163WAA4 03/17/98 3,000,000 $100.000
**LNR Property
Corp 501940AA8 03/19/98 2,000,000 $ 99.548
**Prime Med. SVC 74156DAA6 03/24/98 1,000,000 $ 99.500
**Diamond Triumph
Auto Glass 252768AA4 03/25/98 2,000,000 $100.000
**Chesapeake
Energy 165167AP2 04/17/98 2,000,000 $100.000
**Chesapeake
Energy 165167206 04/17/98 20,000 $100.000
**Gothic
Production 382903AA0 04/21/98 2,000,000 $100.000
**Grove Holdings 39958EAA7 04/22/98 1,000,000 $ 56.801
**Grove Worldwide
LLC 399626AA8 04/22/98 1,000,000 $100.000
**TBS Shipping 872216AA4 04/29/98 1,500,000 $ 92.924
**MJD
Communications 55306RAA3 04/30/98 1,000,000 $100.000
**Seven Seas
Petroleum 817917AA5 05/01/98 1,000,000 $100.000
**Globalstar
Capital 379363AQ7 05/15/98 4,000,000 $ 98.816
**Regal Cinemas
Inc. 758754AC9 05/21/98 2,000,000 $ 99.831
Total
Share Shares % of Issue Shares
Purchased by Issued Purchased Purchased Held
Fund Group (000) By Group (1) From 05/31/98
14,000,000 100,000 14.00% ING 0
49,000,000 1,300,000 3.77% Morgan Stanley 0
50,000,000 300,000 16.67% Morgan Stanley 2,000,000
35,000,000 200,000 17.50% BT Alex Brown 1,000,000
28,000,000 100,000 28.00% Chase 1,500,000
24,000,000 174,000 13.79% Chase 0
5,000,000 120,000 4.17% Bear Stearns 0
20,000,000 200,000 10.00% BT Securities 2,000,000
5,000,000 100,000 5.00% Montgomery 0
5,000,000 100,000 5.00% First Union 0
25,000,000 500,000 5.00% Bear Stearns 2,000,000
40,000 4,600 0.87% Bear Stearns 0
14,000,000 235,000 5.96% CIBC 2,000,000
4,100,000 88,000 4.66% Bank of Boston 0
7,000,000 225,000 3.11% Banc Boston 0
20,000,000 110,000 18.18% Chase 1,500,000
5,000,000 125,000 4.00% Salomon 0
10,000,000 110,000 9.09% First Boston 1,000,000
21,350,000 300,000 7.12% Bear Stearns 4,000,000
30,000,000 400,000 7.50% Morgan Stanley 1,600,000
* Unless otherwise indicated, the securities 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 JUNE 1, 1998 THROUGH AUGUST 31, 1998
ALLIANCE HIGH YIELD FUND
Date Shares Price per
Security** Cusips Purchased Purchased Share
**Bayard Drilling 072700AA5 06/19/98 2,000,000 $100.00
**Millenium Sea
Transport 60036BAC1 07/20/98 3,000,000 $ 96.593
**Bell Sports 07814PAA3 08/10/98 3,300,000 $100.000
**Evenflo Corp. 29975PAA2 08/13/98 3,000,000 $100.000
Total
Share Shares % of Issue Shares
Purchased by Issued Purchased Purchased Held
Fund Group (000) By Group (1) From 08/31/98
6,000,000 100,000 6.00% Lehman 2,000,000
12,400,000 100,000 12.40% First Boston 3,000,000
3,300,000 110,000 3.00% Nationsbank 5,000,000
8,000,000 110,000 7.27% Merrill Lynch 3,000,000
* Unless otherwise indicated, the securities 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.
