<PAGE> PAGE 1
000 A000000 12/31/97
000 C000000 0000278042
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 ALLIANCE GOVERNMENT RESERVES
001 B000000 811-02889
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 Y
007 B000000 2
007 C010100 1
007 C020100 ALLIANCE GOVERNMENT RESERVES
007 C030100 N
007 C010200 2
007 C020200 ALLIANCE TREASURY RESERVES
007 C030200 N
008 A00AA01 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B00AA01 A
008 C00AA01 801-32361
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10105
011 A00AA01 ALLIANCE FUND DISTRIBUTORS, INC.
011 B00AA01 8-30851
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10105
012 A00AA01 ALLIANCE FUND SERVICES, INC.
012 B00AA01 84-0001187
012 C01AA01 SECAUCUS
012 C02AA01 NJ
012 C03AA01 07096
013 A00AA01 MCGLADREY AND PULLEN LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
014 A00AA01 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B00AA01 8-00017574
015 A00AA01 STATE STREET BANK AND TRUST CO.
<PAGE> PAGE 2
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018 00AA00 Y
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019 C00AA00 ALLIANCECA
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022 A000001 BARCLAYS DE ZOETE WEDD SECURITIES, INC.
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022 B000002 13-2932996
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<PAGE> PAGE 3
022 D000008 0
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<PAGE> PAGE 4
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 GULF INSURANCE COMPANY
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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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070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
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070 I020100 N
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<PAGE> PAGE 8
071 A000100 0
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<PAGE> PAGE 9
074 K000100 786
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025 B000202 13-5108880
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE CATHY WHITE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000278042
<NAME> ALLIANCE GOVERNMENT RESERVES
<SERIES>
<NUMBER> 01
<NAME> ALLIANCE GOVERNMENT RESERVES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4,224,257,120
<INVESTMENTS-AT-VALUE> 4,224,257,120
<RECEIVABLES> 14,035,198
<ASSETS-OTHER> 915,274
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,239,207,592
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,996,440
<TOTAL-LIABILITIES> 4,996,440
<SENIOR-EQUITY> 4,235,082
<PAID-IN-CAPITAL-COMMON> 4,230,846,843
<SHARES-COMMON-STOCK> 4,235,081,925
<SHARES-COMMON-PRIOR> 3,763,356,075
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (870,773)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 4,234,211,152
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 114,045,168
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<EXPENSES-NET> (20,270,799)
<NET-INVESTMENT-INCOME> 93,774,369
<REALIZED-GAINS-CURRENT> 109
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 93,774,478
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (93,774,369)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,855,055,280
<NUMBER-OF-SHARES-REDEEMED> (10,477,103,799)
<SHARES-REINVESTED> 93,774,369
<NET-CHANGE-IN-ASSETS> 471,725,959
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (870,882)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,601,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,271,000
<AVERAGE-NET-ASSETS> 4,021,109,660
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.023
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.023)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000278042
<NAME> ALLIANCE GOVERNMENT RESERVES
<SERIES>
<NUMBER> 02
<NAME> ALLIANCE TREASURY RESERVES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 727,634,910
<INVESTMENTS-AT-VALUE> 727,634,910
<RECEIVABLES> 3,835,473
<ASSETS-OTHER> 56,008
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 731,526,391
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 831,087
<TOTAL-LIABILITIES> 831,087
<SENIOR-EQUITY> 730,695
<PAID-IN-CAPITAL-COMMON> 729,965,606
<SHARES-COMMON-STOCK> 730,696,301
<SHARES-COMMON-PRIOR> 704,067,835
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 730,695,304
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,012,773
<OTHER-INCOME> 0
<EXPENSES-NET> (3,240,674)
<NET-INVESTMENT-INCOME> 16,772,099
<REALIZED-GAINS-CURRENT> (997)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 16,771,102
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,772,099)
<DISTRIBUTIONS-OF-GAINS> (16,592)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,094,320,985
<NUMBER-OF-SHARES-REDEEMED> (2,084,464,618)
<SHARES-REINVESTED> 16,772,099
<NET-CHANGE-IN-ASSETS> 26,610,877
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,817,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,590,000
<AVERAGE-NET-ASSETS> 720,797,449
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.023
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.023)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Re: Alliance Government Reserves
77.Q1)
( 1)Declaration of Trust - Incorporated by reference (filed
as Exhibit 1 to Post-Effective Amendment No. 25 of Registration
Statement on Form N-1A, filed October 30, 1997 File No. 2-63315.
( 2)By-Laws Incorporated by reference (filed as Exhibit 2 to
Post-Effective Amendment No. 25 of Registration Statement on Form N-1A,
filed October 30, 1997 File No. 2-63315.
( 5)Advisory Agreement between the Registrant and Alliance
Capital Management L.P. Incorporated by reference (filed as Exhibit 5 to
Post-Effective Amendment No. 25 of Registration Statement on Form N-1A,
filed October 30, 1997 File No. 2-63315.
