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SIGNATURE JOSEPH CARUSONE
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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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, 1999, 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 internal control would not necessarily disclose
all matters in 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, 1999.
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 and is not intended to be
and should not be used by anyone other than these specified parties.
ERNST & YOUNG LLP
October 8, 1999
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, 1999
THROUGH MAY 31, 1999
ALLIANCE HIGH YIELD
Principal
Date Amount
Security** Cucips Purchased Purchased Price
United Rental
(North America), Inc. 911363AF6 03/16/99 $6,000,000 $100.00
Royster Clark Inc. 780879AA0 04/15/99 $4,000,000 $100.00
Charter Communications
Holdings, Ll 16117PAB6 03/12/99 $15,000,00 $99.695
Dura Operating Company 26632QAA1 04/15/99 $4,000,000 $100.00
Lyondell Chemical
Company 9.875% 552078AJ6 05/11/99 $3,000,000 $100.00
Lyondell Chemical
Company 9.625% 552078AH0 05/11/99 $1,500,000 $100.00
Lyondell Chemical
Company 10.875% 552078AK3 05/11/99 $4,000,000 $100.00
Total % of
Principal Principa Issue Principal
Amount Amount Purchased Amount
Purchased by Issued By Purchased Held
Fund Group (000) Group (1) From 5/31/99
$6,500,000 $250,000 2.60% Goldman Sachs 3,500,000
$11,000,000 $200,000 5.50% JP Morgan 4,000,000
$39,500,000 $1,500,000 2.63% Goldman Sachs 5,500,000
$6,000,000 $300,000 2.00% Nations Bank 0
$13,000,000 $1,000,000 1.30% JP Morgan 3,000,000
$4,000,000 $900,000 0.44% JP Morgan 3,000,000
$11,000,000 $500,000 2.20% JP Morgan 2,000,000
* 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.
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, 1999
THROUGH AUGUST 31, 1999
ALLIANCE HIGH YIELD FUND
Principal
Date Amount
Security** Cucips Purchased Purchased Price
Netia Holdings EC1440170 06/03/99 $3,000,000 $100.00
PSI Net,Inc. 69363VAA5 07/16/99 $7,000,000 $100.00
Chip PAC International Ltd. 169659AA7 07/22/99 $6,000,000 $100.00
Concentra Operating Corp. 20589QAA7 08/05/99 $7,000,000 $100.00
Republic Technologies 760809AA1 08/06/99 $7,000,000 $98.710
Worldwide Flight Service 981587AD0 08/05/99 $1,300 $97.533
Total % of
Principal Principa Issue Principal
Amount Amount Purchased Amount
Purchased by Issued By Purchased Held
Fund Group (000) Group (1) From 8/31/99
$3,000,000 $100,000 3.00% Chase 0
$18,500,000 $1,050,000 1.76% Bear Sterns 13,500,000
$11,000,000 $150,000 7.33% First Boston 3,000,000
$11,000,000 $190,000 5.79% CGSI 7,000,000
$18,500,000 $425,000 4.35% Chase 10,000,000
$2,000 $130 1.54% GRUN 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.
