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<PAGE> PAGE 2
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SIGNATURE JOSEPH CARUSONE
TITLE ASST VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SHARES-COMMON-STOCK> 318,968
<SHARES-COMMON-PRIOR> 209,729
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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 1,1998 THROUGH NOVEMBER 30,1998
ALLIANCE HIGH YIELD FUND
Principal
Date Amount
Security** Cusips Purchased Purchased Price
**NTL Inc. 629407AH0 10/26/98 $5,000,000 $100.00
**PSI Net 74437CAC5 10/27/98 $3,000,000 $100.000
**Telewest
Communication 87956PAC9 10/28/98 $2,000,000 $100.000
**Fisher Scientic 338032AF2 11/10/98 $3,000,000 $ 96.500
**Esat Telecom
Group 26883YAB8 11/20/98 $3,500,000 $100.000
Total
Principal Principal Principal
Amount Amount % of Issue Amount
Purchased by Issued Purchased Purchased Held
Fund Group (000) By Group (1) From 11/30/98
$19,000,000 $625,000 3.04% Morgan Stanley $5,000,000
$ 6,000,000 $200,000 3.00% Morgan Stanley 0
$ 6,000,000 $350,000 1.71% Morgan Stanley 0
$ 9,000,000 $200,000 4.50% Chase Securities 0
$ 9,000,000 $160,000 5.63% First Boston $5,000,000
* 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. Purchase by all Alliance Funds, including the Fund, may not exceed:
a) if purchases in an offering other than an Eligible Rule 144A
Offering, 25% of the principle amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total of
(i) the principle amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principle 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 DECEMBER 1, 1998 THROUGH FEBRUARY 28,1999
ALLIANCE HIGH YIELD FUND
Principal
Securtiy** Cusips Date Amount
Purchased Purchased Price
**D.R. Horton 23331AAD1 02/01/99 $4,500,000 $ 99.46
**Panolam Ind.
International 698604AA3 02/10/99 $3,500,000 $100.000
**Emmis
Communication 291525AD5 02/09/99 $2,000,000 $100.000
**HMH Properties, Inc. 40423QAG2 12/09/98 $4,000,000 $ 99.664
**Regal Cinemas Inc. 758754AM8 12/09/98 $5,000,000 $ 99.000
Total
Principal Principal Principal
Amount Amount % of Issue Amount
Purchased by Issued Purchased Purchased Held
Fund Group (000) By Group (1) From 02/28/99
$5,800,000 $350,000 1.66% Bankers Trust $5,500,000
$8,000,000 $135,000 5.93% First Boston $3,500,000
$8,000,000 $300,000 2.67% Goldman 0
$9,000,000 $500,000 1.80% BTCO 0
$7,000,000 $200,000 3.50% Morgan Stanley 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. Purchase by all Alliance Funds, including the Fund, may not exceed:
a) if purchases in an offering other than an Eligible Rule 144A
Offering, 25% of the principle amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total of
(i) the principle amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principle amount of the
offering of such class in any concurrent public offering.
