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SIGNATURE CATHY WHITE
TITLE VICE PRESIDENT
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Report of Independent Accountants
To the Shareholders and Board of Directors of
Alliance Growth and Income Fund, Inc.
In planning and performing our audit of the financial statements of
Alliance Growth and Income Fund, Inc. (the "Fund") for the year ended
October 31, 1998, 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 internal control.
The management of the Fund 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, error 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 misstatements caused by
error 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 internal
control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of October 31, 1998.
This report is intended solely for the information and use of management,
the Board of Directors of the Fund, and the Securities and Exchange
Commission.PricewaterhouseCoopers LLP New York, NY 10036December 15, 1998
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\\mf_new4_01\pacherx\home\g&i-nsar.doc
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
ALLIANCE GROWTH AND INCOME FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD NOVEMBER 30, 1997
<CAPTION>
Total
Shares Shares % of Issue Shares
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 11/30/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1,1997 THROUGH FEBRUARY 28,1998
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 02/28/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Properties Inc. 01/26/98 8,200 0.00% $35.13 848,700 20,000 4.24% Goldman Sachs 12,200
Brandywine Realty Inc. 01/29/98 1,000 0.00% $24.00 120,000 10,000 1.20% Smith Barney 36,900
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1998 THROUGH AUGUST 31, 1998
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 08/31/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SL Green Realty Corp. 05/12/98 4,000 0.00% $22.25 100,400 10,000 1.00% Lehman Brothers 0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1998 THROUGH AUGUST 31, 1998
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 08/31/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1998 THROUGH OCTOBER 30, 1998
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 10/30/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</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 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.