<PAGE> PAGE 1
000 A000000 05/31/98
000 C000000 0000019614
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE ALLIANCE FUND, INC.
001 B000000 811-00204
001 C000000 2013194000
002 A000000 500 PLAZA DRIVE
002 B000000 SECAUCUS
002 C000000 NJ
002 D010000 07094
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B000001 A
008 C000001 801-32361
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10105
011 A000001 ALLIANCE FUND DISTRIBUTORS, INC.
011 B000001 8-30851
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10105
012 A000001 ALLIANCE FUND SERVICES, INC.
012 B000001 84-0001187
012 C010001 SECAUCUS
012 C020001 NJ
012 C030001 07096
013 A000001 PRICEWATERHOUSECOOPERS
013 B010001 NEW YORK
013 B020001 NY
<PAGE> PAGE 2
013 B030001 10036
013 B040001 2798
014 A000001 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
014 B000001 8-00017574
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
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019 A000000 Y
019 B000000 54
019 C000000 ALLIANCECA
020 A000001 GOLDMAN SACHS & CO.
020 B000001 13-5108880
020 C000001 246
020 A000002 MORGAN, J.P SECURITIES INC.
020 B000002 13-3224016
020 C000002 166
020 A000003 C.J. LAWRENCE
020 C000003 159
020 A000004 SMITH BARNEY INC.
020 B000004 13-1912900
020 C000004 151
020 A000005 CS FIRST BOSTON CORP.
020 B000005 13-5659485
020 C000005 143
020 A000006 MORGAN STANLEY AND CO., INC.
020 B000006 13-2655998
020 C000006 140
020 A000007 ALEX BROWN & SONS, INC.
020 B000007 52-1319768
020 C000007 113
020 A000008 RAYMOND JAMES AND ASSOCIATES
020 B000008 59-1237041
020 C000008 98
020 A000009 LEHMAN BROTHERS INC.
020 B000009 13-2518466
020 C000009 91
020 A000010 PRUDENTIAL SECURITIES INC.
020 B000010 22-2347336
020 C000010 91
021 000000 1896
022 A000001 PRUDENTIAL SECURITIES INC.
022 B000001 22-2347336
022 C000001 1106910
022 D000001 623
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022 B000002 13-2518466
022 C000002 15284
<PAGE> PAGE 3
022 D000002 53186
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000003 13-5674085
022 C000003 29535
022 D000003 23949
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 28714
022 D000004 17438
022 A000005 THE CHICAGO CORPORATION
022 B000005 36-2549961
022 C000005 21531
022 D000005 18848
022 A000006 STATE STREET BANK AND TRUST CO.
022 B000006 04-1867445
022 C000006 40073
022 D000006 0
022 A000007 C.J. LAWRENCE INC.
022 C000007 32032
022 D000007 3583
022 A000008 SMITH BARNEY INC.
022 B000008 13-1912900
022 C000008 15651
022 D000008 19828
022 A000009 MORGAN STANLEY AND CO., INC.
022 B000009 13-2655998
022 C000009 20830
022 D000009 6909
022 A000010 BEAR STEARNS & CO. INC.
022 B000010 13-3299429
022 C000010 19111
022 D000010 8349
023 C000000 1403970
023 D000000 189120
024 000000 Y
025 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000001 13-5674085
025 C000001 E
025 D000001 17900
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025 B000002 13-2655998
025 C000002 E
025 D000002 28103
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025 D000004 0
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
SIGNATURE BETH SMITH
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000019614
<NAME> THE ALLIANCE FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> THE ALLIANCE FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 1,140,782,988
<INVESTMENTS-AT-VALUE> 1,332,840,899
<RECEIVABLES> 3,488,478
<ASSETS-OTHER> 76,208
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,336,405,585
<PAYABLE-FOR-SECURITIES> 43,138
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,827,631
<TOTAL-LIABILITIES> 2,870,769
<SENIOR-EQUITY> 1,920,324
<PAID-IN-CAPITAL-COMMON> 1,027,377,075
<SHARES-COMMON-STOCK> 169,880,405
<SHARES-COMMON-PRIOR> 138,170,619
<ACCUMULATED-NII-CURRENT> (2,349,544)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 114,529,050
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 192,057,911
<NET-ASSETS> 1,333,534,816
<DIVIDEND-INCOME> 4,370,057
<INTEREST-INCOME> 273,064
<OTHER-INCOME> 0
<EXPENSES-NET> (6,992,665)
<NET-INVESTMENT-INCOME> (2,349,544)
<REALIZED-GAINS-CURRENT> 132,785,850
<APPREC-INCREASE-CURRENT> (39,706,354)
<NET-CHANGE-FROM-OPS> 90,729,952
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (297,697,708)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,183,735
<NUMBER-OF-SHARES-REDEEMED> (14,867,541)
<SHARES-REINVESTED> 36,393,592
<NET-CHANGE-IN-ASSETS> 32,492,814
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 306,126,951
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,409,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,993,000
<AVERAGE-NET-ASSETS> 1,206,959,815
<PER-SHARE-NAV-BEGIN> 8.70
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<PER-SHARE-NAV-END> 7.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000019614
<NAME> THE ALLIANCE FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> THE ALLIANCE FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 1,140,782,988
<INVESTMENTS-AT-VALUE> 1,332,840,899
<RECEIVABLES> 3,488,478
<ASSETS-OTHER> 76,208
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,336,405,585
<PAYABLE-FOR-SECURITIES> 43,138
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<OTHER-ITEMS-LIABILITIES> 2,827,631
<TOTAL-LIABILITIES> 2,870,769
<SENIOR-EQUITY> 1,920,324
<PAID-IN-CAPITAL-COMMON> 1,027,377,075
<SHARES-COMMON-STOCK> 15,393,433
<SHARES-COMMON-PRIOR> 8,543,581
<ACCUMULATED-NII-CURRENT> (2,349,544)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 114,529,050
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 192,057,911
<NET-ASSETS> 1,333,534,816
<DIVIDEND-INCOME> 4,370,057
<INTEREST-INCOME> 273,064
<OTHER-INCOME> 0
<EXPENSES-NET> (6,992,665)
<NET-INVESTMENT-INCOME> (2,349,544)
<REALIZED-GAINS-CURRENT> 132,785,850
<APPREC-INCREASE-CURRENT> (39,706,354)
<NET-CHANGE-FROM-OPS> 90,729,952
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (19,042,143)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,443,151
<NUMBER-OF-SHARES-REDEEMED> (1,529,399)
<SHARES-REINVESTED> 2,936,100
<NET-CHANGE-IN-ASSETS> 32,492,814
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 306,126,951
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,409,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,993,000
<AVERAGE-NET-ASSETS> 87,572,194
<PER-SHARE-NAV-BEGIN> 8.25
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.49
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000019614
<NAME> THE ALLIANCE FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> THE ALLIANCE FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 1,140,782,988
<INVESTMENTS-AT-VALUE> 1,332,840,899
<RECEIVABLES> 3,488,478
<ASSETS-OTHER> 76,208
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,336,405,585
<PAYABLE-FOR-SECURITIES> 43,138
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,827,631
<TOTAL-LIABILITIES> 2,870,769
<SENIOR-EQUITY> 1,920,324
<PAID-IN-CAPITAL-COMMON> 1,027,377,075
<SHARES-COMMON-STOCK> 4,766,330
<SHARES-COMMON-PRIOR> 2,286,041
<ACCUMULATED-NII-CURRENT> (2,349,544)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 114,529,050
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 192,057,911
<NET-ASSETS> 1,333,534,816
<DIVIDEND-INCOME> 4,370,057
<INTEREST-INCOME> 273,064
<OTHER-INCOME> 0
<EXPENSES-NET> (6,992,665)
<NET-INVESTMENT-INCOME> (2,349,544)
<REALIZED-GAINS-CURRENT> 132,785,850
<APPREC-INCREASE-CURRENT> (39,706,354)
<NET-CHANGE-FROM-OPS> 90,729,952
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (5,056,456)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,989,844
<NUMBER-OF-SHARES-REDEEMED> (8,292,651)
<SHARES-REINVESTED> 783,096
<NET-CHANGE-IN-ASSETS> 32,492,814
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 306,126,951
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,409,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,993,000
<AVERAGE-NET-ASSETS> 24,375,440
<PER-SHARE-NAV-BEGIN> 8.26
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.17)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.50
<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000019614
<NAME> THE ALLIANCE FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> THE ALLIANCE FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 1,140,782,988
<INVESTMENTS-AT-VALUE> 1,332,840,899
<RECEIVABLES> 3,488,478
<ASSETS-OTHER> 76,208
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,336,405,585
<PAYABLE-FOR-SECURITIES> 43,138
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,827,631
<TOTAL-LIABILITIES> 2,870,769
<SENIOR-EQUITY> 1,920,324
<PAID-IN-CAPITAL-COMMON> 1,027,377,075
<SHARES-COMMON-STOCK> 1,992,271
<SHARES-COMMON-PRIOR> 1,181,832
<ACCUMULATED-NII-CURRENT> (2,349,544)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 114,529,050
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 192,057,911
<NET-ASSETS> 1,333,534,816
<DIVIDEND-INCOME> 4,370,057
<INTEREST-INCOME> 273,064
<OTHER-INCOME> 0
<EXPENSES-NET> (6,992,665)
<NET-INVESTMENT-INCOME> (2,349,544)
<REALIZED-GAINS-CURRENT> 132,785,850
<APPREC-INCREASE-CURRENT> (39,706,354)
<NET-CHANGE-FROM-OPS> 90,729,952
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,587,444)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,138,387
<NUMBER-OF-SHARES-REDEEMED> (722,454)
<SHARES-REINVESTED> 394,506
<NET-CHANGE-IN-ASSETS> 32,492,814
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 306,126,951
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,409,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,993,000
<AVERAGE-NET-ASSETS> 15,948,951
<PER-SHARE-NAV-BEGIN> 8.69
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.17)
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Co
Subject to Rule 10f-3 Under the Investment Company Act of 1940
THE ALLIANCE FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1997 THROUGH MAY 31, 1998
<CAPTION>
Total
Date Shares Price perPurchased bOffered Purchased Held
Security PurchasedPurchasedShare Fund Group (000) By Group Broker(s) 05/31/98
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Properties, Inc. 01/26/98 250,800 $35.13 848,700 20,000 4.24% Goldman Sachs & Co. 325,000
Life Re Corp. 03/11/98 174,600 $66.00 174,600 3,300 5.29% Goldman Sachs & Co. 274,600
Earthshell Corp. 03/23/98 100,000 $21.00 100,000 13,200 0.76% Smith Barney Inc. 0
</TABLE>
* Unless otherwise indicated, the securities were part of an issue registered
under the Securities Act of 1933 and offered to the public.
**Indicates the puchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the Fund, may not exceed: (a) if
purchased in an offering 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 the 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.
