THE ALLIANCE FUND
ANNUAL REPORT
NOVEMBER 30, 1997
ALLIANCE CAPITAL
LETTER TO SHAREHOLDERS THE ALLIANCE FUND
_______________________________________________________________________________
December 22, 1997
Dear Shareholder:
We are pleased to provide the annual report to shareholders of the Alliance
Fund for the twelve month period ended November 30, 1997. In the table below
the Fund's performance is compared with that of the S&P 400 Midcap index, a
measure of mid-cap stock performance, and the Russell 1000 Growth Index, which
tracks the performance of large, growth-oriented companies.
INVESTMENT RESULTS*
TOTAL RETURN
PERIOD ENDED NOVEMBER 30, 1997
6 MONTHS 12 MONTHS
--------- ---------
THE ALLIANCE FUND
Class A 19.34% 31.82%
Class B 18.88% 30.74%
Class C 19.02% 30.72%
S&P 400 MIDCAP INDEX 15.84% 27.45%
RUSSELL 1000 GROWTH STOCK INDEX 12.26% 26.52%
* THE FUND'S INVESTMENT RESULTS ARE CUMULATIVE TOTAL RETURNS FOR THE PERIODS
SHOWN AND ARE BASED ON THE NET ASSET VALUE OF EACH CLASS OF SHARES AS OF
NOVEMBER 30, 1997. TOTAL RETURNS FOR ADVISOR CLASS SHARES WILL DIFFER DUE TO
DIFFERENT EXPENSES ASSOCIATED WITH THAT CLASS. ALL FEES AND EXPENSES RELATED TO
THE OPERATION OF THE FUND HAVE BEEN DEDUCTED, BUT NO ADJUSTMENT HAS BEEN MADE
FOR SALES CHARGES THAT MAY APPLY WHEN SHARES ARE PURCHASED OR REDEEMED. RETURNS
FOR THE FUND AND ITS BENCHMARKS INCLUDE THE REINVESTMENT OF ANY DISTRIBUTIONS
PAID DURING THE PERIOD.
As can be seen in the table above, the Fund outperformed its benchmarks over
the past 6- and 12-month periods. An overweighting in financial, energy
service, telecommunication and airline stocks was chiefly responsible for the
outperformance.
REVIEW OF INVESTMENT STRATEGY
The twelve months ended November 30, 1997 was a very good period for the Fund's
performance and major changes in the Fund's holdings were accomplished. Most of
the relatively large capitalization stocks with high price/earnings ratios were
sold and replaced by more attractively valued mid-cap companies. The focus of
the Alliance Fund is to own the strongest and most rapidly growing companies,
while remaining cognizant of valuation levels. Growth at a reasonable price is
our investment philosophy.
Our current strategy involves holding large positions in financial services
companies such as MBNA, CNA financial, Merrill Lynch and A.G. Edwards. We
expect that financial services will be a sector likely to experience
above-average earnings growth, and that these companies offer attractive
opportunities to participate in that growth. Telecommunication stocks also have
become very important portfolio holdings, particularly newer, rapidly growing
telephone companies that are gaining share from the large Bell companies.
Energy service and airline stocks are additional areas of special interest.
Supply and demand characteristics are very positive for both industries. Also,
in an important sense, these two groups provide interesting diversification
effects on the portfolio as changes in oil prices tend to have opposing effects
on each group's near term results.
We are also large holders of several special situations such as Telephone and
Data Systems, and Republic Industries. In each of these instances the companies
appear to us uniquely positioned to show strong earnings results and are very
attractively valued relative to their growth rates. Both companies have
multi-industry operations which have combined values much greater than the
current market price.
OUTLOOK
While the equity market as a whole is trading at the upper end of long-term
valuation ranges and U.S. economic growth may slow somewhat in 1998, we still
can find many individual stocks with rapid earnings growth rates and attractive
valuations. Over the next several months we continue to project low inflation
and relatively flat interest rates, a good environment for growth stocks.
Picking the right companies will become increasingly important as overall
economic growth and aggregate corporate earnings may slow. In particular, we
remain enthusiastic about the attractive valuations and growth prospects of the
stocks in the Fund.
1
THE ALLIANCE FUND
_______________________________________________________________________________
Thank you for your interest and investment in The Alliance Fund. We look
forward to reporting to you on future activity and the Fund's investment
results.
Sincerely,
John D. Carifa
Chairman and President
Alden Stewart
Executive Vice President
SHARES OF THE FUND ARE NOT DEPOSITS OR OBLIGATIONS OF, GUARANTEED OR ENDORSED
BY, ANY BANK; FURTHER, SUCH SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY.
SHARES OF THE FUND INVOLVE INVESTMENT RISKS, INCLUDING THE POSSIBLE LOSS OF
PRINCIPAL.
2
INVESTMENT OBJECTIVE AND POLICIES THE ALLIANCE FUND
_______________________________________________________________________________
The Alliance Fund is an open-end, diversified investment company that seeks
long-term growth of capital and income primarily through investments in common
stocks. While the Fund normally invests substantially all of its assets in
equities that Alliance believes will appreciate in value, it may invest in a
variety of securities, including convertible bonds, U.S. Government securities,
and other high-quality instruments. The Fund has the flexibility to invest
without limit in foreign securities.
INVESTMENT RESULTS
_______________________________________________________________________________
AVERAGE ANNUAL TOTAL RETURN AS OF NOVEMBER 30, 1997
CLASS A SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 31.82% 26.26%
Five Years 19.00% 17.98%
Ten Years 19.00% 18.50%
CLASS B SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 30.74% 26.74%
Five Years 17.98% 17.98%
Since Inception* 17.05% 17.05%
CLASS C SHARES
WITHOUT WITH
SALES CHARGE SALES CHARGE
------------ ------------
One Year 30.72% 29.72%
Since Inception* 19.43% 19.43%
The average annual total returns reflect reinvestment of dividends and/or
capital gains distributions in additional shares with and without the effect of
the 4.25% maximum front-end sales charge for Class A or applicable contingent
deferred sales charge for Class B (4% year 1, 3% year 2, 2% year 3, 1% year 4);
and for Class C shares (1% year 1). Returns for Class A shares do not reflect
the imposition of the 1 year 1% contingent deferred sales charge for accounts
over $1,000,000. Total returns for Advisor Class shares will differ due to
different expenses associated with that class.
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than their original cost.
* Inception: 3/4/91, Class B; 5/3/93, Class C.
3
THE ALLIANCE FUND
_______________________________________________________________________________
THE ALLIANCE FUND
GROWTH OF A $10,000 INVESTMENT
11/30/87 TO 11/30/97
$64,000
$55,000
$46,000
$37,000
$28,000
$19,000
$10,000
11/30/87 11/30/88 11/30/89 11/30/90 11/30/91 11/30/92 11/30/93
11/30/94 11/30/95 11/30/96 11/30/97
S&P 400 MIDCAPINDEX: $61,417
RUSSELL 1000 GROWTH STOCK INDEX: $56,194
THE ALLIANCE FUND CLASS A: $54,581
This chart illustrates the total value of an assumed $10,000 investment in The
Alliance Fund Class A shares (from 11/30/87 to 11/30/97) as compared to the
performance of an appropriate broad-based index. The chart reflects the
deduction of the maximum 4.25% sales charge from the initial $10,000 investment
in the Fund and assumes the reinvestment of dividends and capital gains.
Performance for Class B, Class C and Advisor Class shares will vary from the
results shown above due to differences in expenses charged to those classes.
Past performance is not indicative of future results, and is not representative
of future gain or loss in capital value or dividend income.
The Standard &Poor's 400 Midcap Index is a market-value weighted index which
consists of 400 domestic stocks chosen for market size, liquidity and industry
group representation.
The unmanaged Russell 1000 Growth Stock Index measures the performance of
large-cap stocks with a greater-than-average growth orientation.
When comparing The Alliance Fund to the indices shown above, you should note
that no charges or expenses are reflected in the performance of the indices.
The Alliance Fund
Standard &Poor's 400 Midcap Index
Russell 1000 Growth Stock Index
4
TEN LARGEST HOLDINGS
NOVEMBER 30, 1997 THE ALLIANCE FUND
_______________________________________________________________________________
PERCENT OF
COMPANY VALUE NET ASSETS
- -------------------------------------------------------------------------------
Continental Airlines, Inc. Cl.B $ 72,900,000 5.6%
Halliburton Co. 65,803,750 5.1
Republic Industries, Inc. 61,768,125 4.7
Teleport Communications Group, Inc. Cl.A 61,250,000 4.7
MBNA Corp. 56,578,125 4.3
Rowan Cos., Inc. 54,400,000 4.2
Morgan Stanley, Dean Witter, Discover and Co. 48,881,250 3.8
WorldCom, Inc. 48,000,000 3.7
Merrill Lynch & Co., Inc. 46,323,750 3.6
CNA Financial Corp. 45,937,500 3.5
$561,842,500 43.2%
MAJOR PORTFOLIO CHANGES
SIX MONTHS ENDED NOVEMBER 30, 1997
_______________________________________________________________________________
SHARES*
-----------------------------
HOLDINGS
PURCHASES BOUGHT 11/30/97
- -------------------------------------------------------------------------------
ADC Telecommunications, Inc. 570,000 720,000
Circuit City Stores-Circuit City Group 400,000 400,000
CNA Financial Corp. 175,000 375,000
Continental Airlines, Inc. Cl.B 600,000 1,600,000
DSC Communications Corp. 420,000 420,000
Extended Stay America, Inc. 1,000,000 1,000,000
Network Associates, Inc. 360,000 360,000
Schlumberger, Ltd. 230,000 230,000
Telecomunicacoes Brasileras SA (ADR) 120,000 120,000
Telephone and Data Systems, Inc. 375,000 1,025,000
HOLDINGS
SALES SOLD 11/30/97
- -------------------------------------------------------------------------------
America Online, Inc. 230,000 20,000
Cascade Communications Corp. 725,000 -0-
Cisco Systems, Inc. 820,000 -0-
Columbia/HCA Healthcare Corp. 925,000 -0-
First Data Corp. 375,000 -0-
First Union Corp. 210,000 -0-
Home Depot, Inc. 200,000 -0-
Mannesmann AG 35,000 -0-
Marriot International, Inc. 200,000 -0-
Micron Technology, Inc. 475,000 -0-
* Adjusted for stock splits.
5
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 1997 THE ALLIANCE FUND
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
COMMON & PREFERRED STOCKS-100.0%
FINANCE-22.7%
BANKING - MONEY CENTER-0.3%
Chase Manhattan Corp. 30,000 $ 3,258,750
GreenPoint Financial Corp. 15,500 1,032,688
------------
4,291,438
BROKERAGE & MONEY MANAGEMENT-9.8%
Edwards (A.G.), Inc. 450,000 15,243,750
Legg Mason, Inc. 340,000 16,447,500
Merrill Lynch & Co., Inc. 660,000 46,323,750
Morgan Stanley, Dean Witter,
Discover and Co. 900,000 48,881,250
------------
126,896,250
INSURANCE-7.2%
CNA Financial Corp. (a) 375,000 45,937,500
IPC Holdings Ltd. 112,100 3,377,012
Life Re Corp. 100,000 5,712,500
NAC Re Corp. 63,300 2,824,763
Travelers Group, Inc. 700,000 35,350,000
------------
93,201,775
REAL ESTATE-0.6%
Excel Realty Trust, Inc. 158,000 4,819,000
Imperial Credit Mortgage Holdings 187,500 3,316,406
------------
8,135,406
MISCELLANEOUS-4.8%
MBNA Corp. 2,130,000 56,578,125
PMI Group, Inc. 100,000 6,500,000
------------
63,078,125
------------
295,602,994
CONSUMER SERVICES-22.5%
AIRLINES-10.6%
America West Holding Corp. Cl.B (a) 258,200 4,115,062
Continental Airlines, Inc. Cl.B (a) 1,600,000 72,900,000
Delta Air Lines, Inc. 58,000 6,463,375
KLM Royal Dutch Air 275,000 9,900,000
Northwest Airlines Corp. Cl.A (a) 1,000,000 41,500,000
Southwest Airlines Co. 150,000 3,665,625
------------
138,544,062
APPAREL-0.1%
Wolverine World Wide, Inc. 50,000 1,140,625
BROADCASTING & CABLE-5.4%
Millicom International
Cellular, S.A. (a)(b) 350,000 13,037,500
Nextel Communications, Inc. Cl.A (a) 335,000 8,458,750
Telephone and Data Systems, Inc. 1,025,000 45,035,937
United States Satellite Broadcasting
Co., Inc. Cl.A (a) 57,500 481,563
Vanguard Cellular Systems, Inc. Cl.A (a) 220,000 3,066,250
------------
70,080,000
ENTERTAINMENT & LEISURE-0.1%
Pep Boys Manny, Moe & Jack 50,000 1,256,250
RESTAURANTS & LODGING-2.6%
Extended Stay America, Inc. (a) 1,000,000 11,500,000
Host Marriott Corp. (a) 1,100,000 22,893,750
------------
34,393,750
6
THE ALLIANCE FUND
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
RETAIL - GENERAL MERCHANDISE-1.5%
Circuit City Stores-Circuit City Group 400,000 $ 13,125,000
The Limited, Inc. 250,000 6,015,625
------------
19,140,625
MISCELLANEOUS-2.2%
CUC International, Inc. (a) 1,000,000 28,750,000
------------
293,305,312
ENERGY-21.7%
DOMESTIC PRODUCERS-1.5%
Apache Corp. 15,000 551,250
Brown (Tom), Inc. (a) 243,500 5,341,781
Gulf Canada Resources, Ltd. (a)(c) 1,000,000 7,000,000
Union Pacific Resources Group, Inc. 250,000 6,218,750
------------
19,111,781
OIL SERVICE-16.7%
Baker Hughes, Inc. 420,000 17,587,500
Dresser Industries, Inc. 120,000 4,485,000
Halliburton Co. 1,220,000 65,803,750
Lukoil Holdings (ADR) (d)
Common 10,000 762,500
Preferred 80,000 2,080,000
Nabors Industries, Inc. (a) 320,000 11,220,000
Noble Drilling Corp. (a) 525,000 15,782,812
Oceaneering International, Inc. (a) 167,400 3,452,625
Parker Drilling Co. (a) 1,750,000 23,078,125
Rowan Cos., Inc. (a) 1,600,000 54,400,000
Schlumberger, Ltd. 230,000 18,931,875
------------
217,584,187
MISCELLANEOUS-3.5%
Diamond Offshore Drilling, Inc. 760,000 37,905,000
Ultramar Diamond Shamrock 252,500 7,685,469
------------
45,590,469
------------
282,286,437
UTILITIES-12.4%
TELEPHONE UTILITY-12.4%
Bell Canada International, Inc. (a)(c) 16,600 241,478
MCI Communications Corp. 200,000 8,787,500
Telecomunicacoes Brasileras SA (ADR) (e) 120,000 12,525,000
Teleport Communications
Group, Inc. Cl.A (a) 1,250,000 61,250,000
United States Cellular Corp. (a) 920,000 30,130,000
WorldCom, Inc. (a) 1,500,000 48,000,000
------------
160,933,978
TECHNOLOGY-6.1%
COMMUNICATION EQUIPMENT-3.4%
ADC Telecommunications, Inc. (a) 720,000 26,775,000
DSC Communications Corp. (a) 420,000 9,476,250
Powertel, Inc. (a) 40,000 776,250
Sterling Commerce, Inc. (a) 120,000 4,170,000
Tellabs, Inc. (a) 50,000 2,600,000
------------
43,797,500
COMPUTER HARDWARE-0.2%
Micron Electronics, Inc. (a) 173,100 1,925,738
COMPUTER SERVICES-0.2%
DBT Online, Inc. (a) 114,000 2,935,500
7
PORTFOLIO OF INVESTMENTS (CONTINUED) THE ALLIANCE FUND
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
COMPUTER SOFTWARE-1.8%
Checkfree Corp. (a) 160,000 $ 4,190,000
HNC Software, Inc. (a) 100,000 3,150,000
Network Associates, Inc. (a) 360,000 16,470,000
------------
23,810,000
NETWORK SOFTWARE-0.1%
America Online, Inc. (a) 20,000 1,510,000
SEMI-CONDUCTOR CAPITAL EQUIPMENT-0.3%
Teradyne, Inc. (a) 100,000 3,281,250
SEMI-CONDUCTOR COMPONENTS-0.1%
Xilinx, Inc. (a) 50,000 1,728,125
------------
78,988,113
CONSUMER MANUFACTURING-5.4%
AUTO & RELATED-4.8%
Republic Industries, Inc. (a) 2,370,000 61,768,125
BUILDING & RELATED-0.1%
IRI International Corp. (a) 84,400 1,360,950
TEXTILE PRODUCTS-0.2%
Tommy Hilfiger Corp. (a) 55,500 2,178,375
MISCELLANEOUS-0.3%
Industrie Natuzzi S.P.A. (ADR) (f) 209,800 4,510,700
------------
69,818,150
HEALTH CARE-4.4%
BIOTECHNOLOGY-4.4%
Centocor, Inc. (a) 431,300 18,761,550
GelTex Pharmaceuticals, Inc. (a) 500,000 14,000,000
Genzyme Corp. (a) 150,000 4,021,875
IDEC Pharmaceuticals Corp. (a) 35,600 1,243,775
MedImmune, Inc. (a) 500,000 19,125,000
------------
57,152,200
CONSUMER STAPLES-3.3%
FOOD-0.4%
Tyson Foods, Inc. Cl.A 270,000 4,893,750
HOUSEHOLD PRODUCTS-0.0%
Viad Corp. 20,000 381,250
TOBACCO-2.9%
Loews Corp. 360,000 38,205,000
------------
43,480,000
CAPITAL GOODS-0.8%
ELECTRICAL EQUIPMENT-0.2%
Western Wireless Corp. Cl.A (a) 110,000 2,048,750
MISCELLANEOUS-0.6%
United States Filter Corp. (a) 255,000 8,000,625
------------
10,049,375
TRANSPORTATION-0.6%
MISCELLANEOUS-0.6%
Knightsbridge Tankers, Ltd. 175,000 5,337,500
OMI Corp. (a) 220,000 2,255,000
------------
7,592,500
8
THE ALLIANCE FUND
_______________________________________________________________________________
SHARES OR
PRINCIPAL
AMOUNT
COMPANY (000) VALUE
- -------------------------------------------------------------------------
MULTI INDUSTRY COMPANIES-0.1%
Dynex Capital, Inc. 100,000 $ 1,387,500
Total Common & Preferred Stocks
(cost $1,068,832,294) 1,300,596,559
SHORT-TERM INVESTMENT-0.4%
COMMERCIAL PAPER-0.4%
Prudential Funding
5.67%, 12/01/97
(amortized cost $5,440,000) $ 5,440 5,440,000
TOTAL INVESTMENTS-100.4%
(cost $1,074,272,294) $ 1,306,036,559
Other assets less liabilities-(0.4%) (4,994,557)
NET ASSETS-100% $ 1,301,042,002
(a) Non-income producing security.
(b) Country of origin--Luxembourg.
(c) Country of origin--Canada.
(d) Country of origin--Russia.
(e) Country of origin--Brazil.
(f) Country of origin--Italy.
Glossary:
ADR - American Depositary Receipt.
See notes to financial statements.
9
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1997 THE ALLIANCE FUND
_______________________________________________________________________________
ASSETS
Investments in securities, at value (cost $1,074,272,294) $ 1,306,036,559
Cash 9,991
Receivable for investment securities sold 11,300,808
Receivable for capital stock sold 1,081,102
Dividends receivable 619,712
Total assets 1,319,048,172
LIABILITIES
Payable for investment securities purchased 14,953,142
Unclaimed dividends 1,005,964
Management fee payable 723,260
Payable for capital stock redeemed 663,178
Distribution fee payable 275,949
Accrued expenses 384,677
Total liabilities 18,006,170
NET ASSETS $ 1,301,042,002
COMPOSITION OF NET ASSETS
Capital stock, at par $ 1,501,821
Additional paid-in capital 761,648,965
Accumulated net realized gain on investments and
foreign currency transactions 306,126,951
Net unrealized appreciation of investments 231,764,265
$ 1,301,042,002
CALCULATION OF MAXIMUM OFFERING PRICE
CLASS A SHARES
Net asset value and redemption price per share
($1,201,434,799/138,170,619 shares of capital stock
issued and outstanding) $8.70
Sales charge--4.25% of public offering price .39
Maximum offering price $9.09
CLASS B SHARES
Net asset value and offering price per share ($70,461,310/
8,543,581 shares of capital stock issued and outstanding) $8.25
CLASS C SHARES
Net asset value and offering price per share ($18,871,346/
2,286,041 shares of capital stock issued and outstanding) $8.26
ADVISOR CLASS SHARES
Net asset value, redemption and offering price per share
($10,274,547 / 1,181,832 shares of capital stock
issued and outstanding) $8.69
See notes to financial statements.
10
STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1997 THE ALLIANCE FUND
_______________________________________________________________________________
INVESTMENT INCOME
Dividends (net of foreign taxes
withheld of $36,434) $ 7,821,041
Interest 677,101 $ 8,498,142
EXPENSES
Management fee 7,855,807
Distribution fee - Class A 2,098,235
Distribution fee - Class B 542,302
Distribution fee - Class C 162,266
Transfer agency 903,185
Custodian 251,455
Printing 124,786
Administrative 123,000
Registration 121,995
Audit and legal 103,882
Taxes 72,900
Directors' fees 33,000
Miscellaneous 43,603
Total expenses 12,436,416
Net investment loss (3,938,274)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions 312,629,476
Net realized loss on foreign currency transactions (84,569)
Net change in unrealized appreciation of investments
and foreign currency denominated assets and liabilities 4,067,927
Net gain on investments and foreign
currency transactions 316,612,834
NET INCREASE IN NET ASSETS FROM OPERATIONS $312,674,560
See notes to financial statements.
11
STATEMENT OF CHANGES IN NET ASSETS THE ALLIANCE FUND
_______________________________________________________________________________
YEAR ENDED YEAR ENDED
NOV. 30, NOV. 30,
1997 1996
--------------- ----------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss) $ (3,938,274) $ 2,471,666
Net realized gain on investments and
foreign currency transactions 312,544,907 143,836,346
Net change in unrealized appreciation of
investments and foreign currency
denominated assets and liabilities 4,067,927 4,238,507
Net increase in net assets from operations 312,674,560 150,546,519
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income
Class A (2,584,179) (2,437,233)
Advisor Class (4,914) -0-
Net realized gain on investments
Class A (136,315,610) (129,777,164)
Class B (6,355,169) (4,556,157)
Class C (1,970,589) (1,766,904)
Advisor Class (148,119) -0-
CAPITAL STOCK TRANSACTIONS
Net increase 77,246,571 59,364,620
Total increase 242,542,551 71,373,681
NET ASSETS
Beginning of year 1,058,499,451 987,125,770
End of year (including undistributed
net investment income of $2,417,164
at November 30, 1996) $1,301,042,002 $1,058,499,451
See notes to financial statements.
12
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1997 THE ALLIANCE FUND
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
The Alliance Fund, Inc. (the "Fund") is registered under the Investment Company
Act of 1940 as a diversified, open-end management investment company. The Fund
offers Class A, Class B, Class C and Advisor Class shares. Class A shares are
sold with a front-end sales charge of up to 4.25% for purchases not exceeding
$1,000,000. With respect to purchases of $1,000,000 or more, Class A shares
redeemed within one year of purchase will be subject to a contingent deferred
sales charge of 1%. Class B shares are currently sold with a contingent
deferred sales charge which declines from 4% to zero depending on the period of
time the shares are held. Class B shares will automatically convert to Class A
shares eight years after the end of the calendar month of purchase. Class
Cshares are subject to a contingent deferred sales charge of 1% on redemptions
made within the first year after purchase. Advisor Class shares are sold
without an initial or contingent deferred sales charge and are not subject to
ongoing distribution expenses. Advisor Class shares are offered to investors
participating in fee based programs and to certain retirement plan accounts.
All four classes of shares have identical voting, dividend, liquidation and
other rights, except that each class bears different distribution expenses and
has exclusive voting rights with respect to its distribution plan. The
following is a summary of significant accounting policies followed by the Fund.
1. SECURITY VALUATION
Portfolio securities traded on a national securities exchange or on a foreign
securities exchange (other than foreign securities exchanges whose operations
are similar to those of the United States over-the-counter market) are
generally valued at the last reported sales price or if no sale occurred, at
the mean of the closing bid and asked prices on that day. Readily marketable
securities traded in the over-the-counter market, securities listed on a
foreign securities exchange whose operations are similar to the U.S.
over-the-counter market, and securities listed on a national securities
exchange whose primary market is believed to be over-the-counter, are valued at
the mean of the current bid and asked prices. U.S. government and fixed income
securities which mature in 60 days or less are valued at amortized cost, unless
this method does not represent fair value. Securities for which current market
quotations are not readily available are valued at their fair value as
determined in good faith by, or in accordance with procedures adopted by, the
Fund's Board of Directors. Fixed income securities may be valued on the basis
of prices obtained from a pricing service when such prices are believed to
reflect the fair value of such securities.
2. CURRENCY TRANSLATION
Assets and liabilities denominated in foreign currencies and commitments under
forward exchange currency contracts are translated into U.S. dollars at the
mean of the quoted bid and asked price of such currencies against the U.S.
dollar. Purchases and sales of portfolio securities are translated into U.S.
dollars at the rates of exchange prevailing when such securities were acquired
or sold. Income and expenses are translated into U.S. dollars at rates of
exchange prevailing when earned or accrued.
Net realized foreign currency gains and losses represent foreign exchange gains
and losses from sales and maturities of debt securities, currency gains and
losses realized between the trade and settlement dates on security transactions
and the difference between the amounts of interest recorded on the Fund's books
and the U.S. dollar equivalent amounts actually received or paid. The Fund does
not isolate the effect of fluctuations in foreign currency exchange rates when
determining the gain or loss upon the sale of equity securities. Net currency
gains and losses from valuing foreign currency denominated assets and
liabilities at year end exchange rates are reflected as a component of
unrealized appreciation or depreciation of investments and foreign currency
denominated assets and liabilities.
3. TAXES
It is the Fund's policy to meet the requirements of the Internal Revenue Code
applicable to regulated investment companies and to distribute all of its
investment company taxable income and net realized gains, if any, to
shareholders. Therefore, no provisions for federal income or excise taxes are
required.
4. INVESTMENT INCOME AND INVESTMENT TRANSACTIONS
Dividend income is recorded on the ex-dividend date. Interest income is accrued
daily. Investment transactions are accounted for on the trade date securities
are purchased or sold. The Fund accretes discounts and amortizes premiums.
Investment gains and losses are determined on the identified cost basis.
13
NOTES TO FINANCIAL STATEMENTS (CONTINUED) THE ALLIANCE FUND
_______________________________________________________________________________
5. INCOME AND EXPENSES
All income earned and expenses incurred by the Fund are borne on a pro-rata
basis by each outstanding class of shares, based on the proportionate interest
in the Fund represented by the net assets of such class, except that the Fund's
Class B and Class C shares bear higher distribution and transfer agent fees
than Class A shares and the Advisory Class shares have no distribution fees.
6. DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions to shareholders are recorded on the ex-dividend
date. Income dividend and capital gains distributions are determined in
accordance with federal tax regulations and may differ from those determined in
accordance with generally accepted accounting principles. To the extent these
differences are permanent, such amounts are reclassified within the capital
accounts based on their federal tax basis treatment; temporary differences, do
not require such reclassification. During the current fiscal year, permanent
differences, primarily due to net operating losses, resulted in a net decrease
in accumulated net investment losses and a corresponding decrease in
accumulated net realized gain on investments and foreign currency transactions.
This reclassification had no effect on net assets.
NOTE B: MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the management agreement, the Fund pays Alliance Capital
Management L.P., (the "Manager") a fee at an annual rate of .75% on the first
$500 million of average daily net assets, .65% on the next $500 million of
average daily net assets and .55% on average daily net assets in excess of $1
billion. The fee is accrued daily and paid monthly.
Pursuant to the management agreement, the Fund paid $122,810 to the Manager
representing the cost of certain legal and accounting services provided to the
Fund by the Manager for the year ended November 30, 1997.
The Fund compensates Alliance Fund Services, Inc., a wholly-owned subsidiary of
the Manager, for providing personnel and facilities to perform transfer agency
services for the Fund. Such compensation amounted to $705,717 for the year
ended November 30, 1997.
Alliance Fund Distributors, Inc., (the "Distributor"), a wholly-owned
subsidiary of the Manager, serves as the Distributor of the Fund's shares. The
Distributor received front-end sales charges of $9,940 from the sale of Class A
shares and $154,336 in contingent deferred sales charges imposed upon
redemptions by shareholders of Class B shares, respectively, for the year ended
November 30, 1997.
Brokerage commissions paid for the year ended November 30, 1997 on investment
transactions amounted to $3,707,259, of which $2,500 was paid to brokers
utilizing the services of the Pershing Division of Donaldson, Lufkin & Jenrette
Securities Corp., ("DLJ"), and $26,805 was paid to DLJ directly. Both are
affiliates of the Manager.
NOTE C: DISTRIBUTION SERVICES AGREEMENT
The Fund has adopted a Distribution Services Agreement (the "Agreement")
pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the
Agreement, the Fund pays a distribution fee to the Distributor at an annual
rate of up to .30% of the Fund's average daily net assets attributable to the
Class A shares and 1% of the average daily net assets attributable to the Class
B and Class C shares. There is no distribution fee on the Advisor Class shares.
The fees are accrued daily and paid monthly. The Agreement provides that the
Distributor will use such payments in their entirety for distribution
assistance and promotional activities. The Distributor has incurred expenses in
excess of the distribution costs reimbursed by the Fund in the amount of
$3,782,063 and $1,025,156, for Class B and C shares, respectively; such costs
may be recovered from the Fund in future periods so long as the Agreement is in
effect. In accordance with
14
THE ALLIANCE FUND
_______________________________________________________________________________
the Agreement, there is no provision for recovery of unreimbursed distribution
costs, incurred by the Distributor, beyond the current fiscal year for Class A
shares. The Agreement also provides that the Manager may use its own resources
to finance the distribution of the Fund's shares.
NOTE D: INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments
and U.S. government securities) aggregated $1,809,193,913 and $1,823,969,457,
respectively, for the year ended November 30, 1997. There were no purchases but
there were sales of $27,445,724 of U.S. government or government agency
obligations for the year ended November 30, 1997. At November 30, 1997, the
cost of investments for federal income tax purposes was $1,091,540,501.
Accordingly, gross unrealized appreciation of investments was $237,034,742 and
gross unrealized depreciation of investments was $22,538,684, resulting in net
unrealized appreciation of $214,496,058.
NOTE E: CAPITAL STOCK
There are 900,000,000 shares of $0.01 par value capital stock authorized,
divided into four classes, designated Class A, Class B, Class C and Advisor
Class shares. Class A shares consists of 300,000,000 shares. Class B and Class
C shares each consist of 150,000,000 shares and Advisor Class shares consist of
300,000,000 shares. Transactions in capital stock were as follows:
SHARES AMOUNT
--------------------------- ------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOV. 30, NOV. 30, NOV. 30, NOV. 30,
1997 1996 1997 1996
------------ ------------ -------------- --------------
CLASS A
Shares sold 6,987,684 4,150,468 $ 57,214,484 $ 28,384,296
Shares issued in
reinvestment of
dividends and
distributions 16,635,560 15,446,742 106,301,324 100,712,758
Shares converted
from Class B 212,659 118,728 1,657,992 823,774
Shares redeemed (15,229,370) (12,552,838) (116,622,533) (86,836,564)
Net increase 8,606,533 7,163,100 $ 48,551,267 $ 43,084,264
CLASS B
Shares sold 4,424,115 2,617,216 $ 33,748,548 $ 17,347,199
Shares issued in
reinvestment of
distributions 865,292 586,032 5,287,064 3,697,861
Shares converted
to Class A (223,476) (123,214) (1,657,992) (823,774)
Shares redeemed (2,525,999) (1,311,534) (18,835,577) (8,719,518)
Net increase 2,539,932 1,768,500 $ 18,542,043 $ 11,501,768
CLASS C
Shares sold 2,634,424 1,402,282 $ 20,389,284 $ 9,611,884
Shares issued in
reinvestment of
distributions 248,536 175,223 1,518,562 1,105,657
Shares redeemed (2,472,942) (1,045,876) (19,320,033) (6,946,611)
Net increase 410,018 531,629 $ 2,587,813 $ 3,770,930
15
NOTES TO FINANCIAL STATEMENTS (CONTINUED) THE ALLIANCE FUND
_______________________________________________________________________________
SHARES AMOUNT
-------------------------- ------------------------------
YEAR ENDED OCT. 2,1996(A) YEAR ENDED OCT. 2, 1996(A)
NOV. 30, TO NOV. 30, TO
1997 NOV. 30, 1996 1997 NOV. 30, 1996
------------ ------------ -------------- --------------
ADVISOR CLASS
Shares sold 2,621,487 140,391 $ 21,634,966 $ 1,007,658
Shares issued in
reinvestment of
dividends and
distributions 22,857 -0- 145,601 -0-
Shares redeemed (1,602,903) -0- (14,215,119) -0-
Net increase 1,041,441 140,391 $ 7,565,448 $ 1,007,658
(a) Commencement of distribution.
16
FINANCIAL HIGHLIGHTS THE ALLIANCE FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
CLASS A
-------------------------------------------------------------------
JAN. 1, 1994
YEAR ENDED NOVEMBER 30, TO YEAR ENDED
---------------------------------------- NOV. 30, DEC. 31,
1997 1996 1995 1994(A) 1993
------------ ----------- ----------- ------------ ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.71 $ 7.72 $ 6.63 $ 6.85 $ 6.68
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (.02)(b) .02 .02(b) .01 .02
Net realized and unrealized gain (loss)
on investment transactions 2.09 1.06 2.08 (.23) .93
Net increase (decrease) in net asset
value from operations 2.07 1.08 2.10 (.22) .95
LESS: DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (.02) (.02) (.01) -0- (.02)
Distributions from net realized gains (1.06) (1.07) (1.00) -0- (.76)
Total dividends and distributions (1.08) (1.09) (1.01) -0- (.78)
Net asset value, end of period $ 8.70 $ 7.71 $ 7.72 $ 6.63 $ 6.85
TOTAL RETURN
Total investment return based on
net asset value (c) 31.82% 16.49% 37.87% (3.21)% 14.26%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $1,201,435 $999,067 $945,309 $760,679 $831,814
Ratio of expenses to average net assets 1.03% 1.04% 1.08% 1.05%(d) 1.01%
Ratio of net investment income (loss)
to average net assets (.29)% .30% .31% .21%(d) .27%
Portfolio turnover rate 158% 80% 81% 63% 66%
Average commission rate (e) $.0571 $.0646 -- -- --
</TABLE>
See footnote summary on page 20.
17
FINANCIAL HIGHLIGHTS (CONTINUED) THE ALLIANCE FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------
JAN. 1, 1994
YEAR ENDED NOVEMBER 30, TO YEAR ENDED
--------------------------------------- NOV. 30, DEC. 31,
1997 1996 1995 1994(A) 1993
------------ ----------- ----------- ------------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.40 $ 7.49 $ 6.50 $ 6.76 $ 6.64
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.08)(b) (.01) (.03)(b) (.03) (.03)
Net realized and unrealized gain (loss)
on investment transactions 1.99 .99 2.02 (.23) .91
Net increase (decrease) in net asset
value from operations 1.91 .98 1.99 (.26) .88
LESS: DISTRIBUTIONS
Distributions from net realized gains (1.06) (1.07) (1.00) -0- (.76)
Net asset value, end of period $ 8.25 $ 7.40 $ 7.49 $ 6.50 $ 6.76
TOTAL RETURN
Total investment return based on
net asset value (c) 30.74% 15.47% 36.61% (3.85)% 13.28%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $70,461 $44,450 $31,738 $18,138 $12,402
Ratio of expenses to average net assets 1.85% 1.87% 1.90% 1.89%(d) 1.90%
Ratio of net investment loss to
average net assets (1.12)% (.53)% (.53)% (.60)%(d) (.64)%
Portfolio turnover rate 158% 80% 81% 63% 66%
Average commission rate (e) $.0571 $.0646 -- -- --
</TABLE>
See footnote summary on page 20.
18
THE ALLIANCE FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
CLASS C
---------------------------------------------------------------------
JAN. 1, 1994 MAY 3,
YEAR ENDED NOVEMBER 30, TO 1993(F) TO
---------------------------------------- NOV. 30, DEC. 31,
1997 1996 1995 1994(A) 1993
------------ ---------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.41 $ 7.50 $ 6.50 $ 6.77 $ 6.67
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.08)(b) (.02) (.03)(b) (.03) (.02)
Net realized and unrealized gain (loss)
on investment transactions 1.99 1.00 2.03 (.24) .88
Net increase (decrease) in net asset
value from operations 1.91 .98 2.00 (.27) .86
LESS: DISTRIBUTIONS
Distributions from net realized gains (1.06) (1.07) (1.00) -0- (.76)
Net asset value, end of period $ 8.26 $ 7.41 $ 7.50 $ 6.50 $ 6.77
TOTAL RETURN
Total investment return based on
net asset value (c) 30.72% 15.48% 36.79% (3.99)% 13.95%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $18,871 $13,899 $10,078 $6,230 $4,006
Ratio of expenses to average net assets 1.83% 1.86% 1.89% 1.87%(d) 1.94%(d)
Ratio of net investment loss to
average net assets (1.10)% (.51)% (.51)% (.59)%(d) (.74)%(d)
Portfolio turnover rate 158% 80% 81% 63% 66%
Average commission rate (e) $.0571 $.0646 -- -- --
</TABLE>
See footnote summary on page 20.
19
FINANCIAL HIGHLIGHTS (CONTINUED) THE ALLIANCE FUND
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
ADVISOR CLASS
----------------------------
OCTOBER 2,
1996(F)
YEAR ENDED TO
NOVEMBER 30, NOVEMBER 30,
1997 1996
------------- -------------
Net asset value, beginning of period $ 7.71 $ 6.99
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.02)(b) -0-
Net realized and unrealized gain on
investment transactions 2.10 .72
Net increase in net asset value from operations 2.08 .72
LESS: DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (.04) -0-
Distributions from net realized gains (1.06) -0-
Total dividends and distributions (1.10) -0-
Net asset value, end of period $ 8.69 $ 7.71
TOTAL RETURN
Total investment return based on
net asset value (c) 32.00% 10.30%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $10,275 $1,083
Ratio of expenses to average net assets .83% .89%(d)
Ratio of net investment income (loss) to
average net assets (.21)% .38%(d)
Portfolio turnover rate 158% 80%
Average commission rate $.0571 $.0646
(a) The Fund changed its fiscal year end from December 31 to November 30.
(b) Based on average shares outstanding.
(c) Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period. Initial sales charges or contingent
deferred sales charges are not reflected in the calculation of total investment
return. Total investment returns calculated for periods of less than one year
are not annualized.
(d) Annualized.
(e) For fiscal year beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for trades on which
commissions are charged.
(f) Commencement of distribution.
20
REPORT OF INDEPENDENT ACCOUNTANTS THE ALLIANCE FUND
_______________________________________________________________________________
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
THE ALLIANCE FUND, INC.
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of The Alliance Fund, Inc. (the
"Fund") at November30, 1997, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended and the financial highlights for each of the periods indicated, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at November 30, 1997 by correspondence with the custodian and
brokers and the application of alternative auditing procedures where
confirmations from brokers were not received, provide a reasonable basis for
the opinion expressed above.
PRICE WATERHOUSE LLP
New York, New York
January 9, 1998
21
THE ALLIANCE FUND
_______________________________________________________________________________
BOARD OF DIRECTORS
JOHN D. CARIFA, CHAIRMAN AND PRESIDENT
RUTH BLOCK (1)
DAVID H. DIEVLER (1)
JOHN H. DOBKIN (1)
WILLIAM H. FOULK, JR. (1)
DR. JAMES M. HESTER (1)
CLIFFORD L. MICHEL (1)
DONALD J. ROBINSON (1)
OFFICERS
ALDEN M. STEWART, EXECUTIVE VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
THOMAS J. BARDONG, VICE PRESIDENT
RANDALL E. HAASE, VICE PRESIDENT
DANIEL V. PANKER, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
VINCENT S. NOTO, CONTROLLER
CUSTODIAN
STATE STREET BANK & TRUST COMPANY
225 Franklin Street
Boston, MA 02110
PRINCIPAL UNDERWRITER
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
Toll-Free 1-(800) 221-5672
INDEPENDENT ACCOUNTANTS
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, NY 10036-2798
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
(1) Member of the Audit Committee.
22
THE ALLIANCE FAMILY OF MUTUAL FUNDS
_______________________________________________________________________________
FIXED INCOME
Alliance Bond Fund
U.S. Government Portfolio
Corporate Bond Portfolio
Alliance Global Dollar Government Fund
Alliance Global Strategic Income Trust
Alliance High Yield Fund
Alliance Mortgage Securities Income Fund
Alliance Limited Maturity Government Fund
Alliance Multi-Market Strategy Trust
Alliance North American Government Income Trust
Alliance Short-Term Multi-Market Trust
Alliance Short-Term U.S. Government Fund
Alliance World Income Trust
TAX-FREE INCOME
Alliance Municipal Income Fund
California Portfolio
Insured California Portfolio
Insured National Portfolio
National Portfolio
New York Portfolio
Alliance Municipal Income Fund II
Arizona Portfolio
Florida Portfolio
Massachusetts Portfolio
Michigan Portfolio
Minnesota Portfolio
New Jersey Portfolio
Ohio Portfolio
Pennsylvania Portfolio
Virginia Portfolio
MONEY MARKET
AFD Exchange Reserves
GROWTH
The Alliance Fund
Alliance Global Environment Fund
Alliance Global Small Cap Fund
Alliance Growth Fund
Alliance Premier Growth Fund
Alliance/Regent Sector Opportunity Fund
GROWTH & INCOME
Alliance Strategic Balanced Fund
Alliance Balanced Shares
Alliance Conservative Investors Fund
Alliance Growth & Income Fund
Alliance Growth Investors Fund
Alliance Income Builder Fund
Alliance Real Estate Investment Fund
Alliance Utility Income Fund
AGGRESSIVE GROWTH
Alliance Quasar Fund
Alliance Technology Fund
INTERNATIONAL
Alliance All-Asia Investment Fund
Alliance Greater China '97 Fund
Alliance International Fund
Alliance New Europe Fund
Alliance Worldwide Privatization Fund
CLOSED-END FUNDS
Alliance All-Market Advantage Fund
ACM Government Income Fund
ACM Government Opportunity Fund
ACM Government Securities Fund
ACM Government Spectrum Fund
ACM Managed Dollar Income Fund
ACM Managed Income Fund
ACM Municipal Securities Income Fund
Alliance World Dollar Government Fund
Alliance World Dollar Government Fund II
The Austria Fund
The Korean Investment Fund
The Spain Fund
The Southern Africa Fund
CASH MANAGEMENT SERVICES
ACM Institutional Reserves
Government Portfolio
Prime Portfolio
Tax-Free Portfolio
Trust Portfolio
Alliance Capital Reserves
Alliance Government Reserves
Alliance Insured Account
Alliance Money Reserves
Alliance Municipal Trust
California Portfolio
Connecticut Portfolio
Florida Portfolio
General Portfolio
Massachusetts Portfolio
New Jersey Portfolio
New York Portfolio
Virginia Portfolio
Alliance Treasury Reserves
Alliance Money Market Fund
Prime Portfolio
Government Portfolio
General Municipal Portfolio
23
THE ALLIANCE FUND
1345 Avenue of the Americas
New York, NY 10105
(800) 221-5672
ALLIANCE CAPITAL
THIS REPORT IS INTENDED SOLELY FOR DISTRIBUTION TO CURRENT SHAREHOLDERS
OF THE FUND.
R THESE REGISTERED SERVICE MARKS USED UNDER LICENSE FROM THE OWNER,
ALLIANCE CAPITAL MANAGEMENT L.P.
ALLAR
