<PAGE> PAGE 1
000 B000000 07/31/96
000 C000000 0000069752
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 ALLIANCE BALANCED SHARES, INC.
001 B000000 811-00134
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
007 B000000 0
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
010 A000001 ALLIANCE CAPITAL MANAGEMENT L.P.
010 B000001 801-32361
010 C010001 NEW YORK
010 C020001 NY
010 C030001 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 84-001187
012 C010001 SECAUCUS
<PAGE> PAGE 2
012 C020001 NJ
012 C030001 07094
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
013 B040001 2798
014 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B000001 8-00017574
014 A000002 PERSHING
014 B000002 8-00017574
014 A000003 AUTRONET
014 B000003 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
018 000000 Y
019 A000000 Y
019 B000000 49
019 C000000 ALLIANCECA
020 A000001 LEHMAN BROTHERS INC.
020 B000001 13-2518466
020 C000001 34
020 A000002 GOLDMAN SACHS AND CO.
020 B000002 13-5108880
020 C000002 22
020 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000003 13-5674085
020 C000003 21
020 A000004 SALOMON BROTHERS INC.
020 B000004 13-3082694
020 C000004 18
020 A000005 WHEATFIRST SECURITIES
020 C000005 14
020 A000006 MORGAN STANLEY AND CO., INC.
020 B000006 13-2655998
020 C000006 14
020 A000007 SMITH BARNEY INC.
020 B000007 13-1912900
020 C000007 14
020 A000008 ALEX BROWN AND SONS, INC.
020 B000008 52-1319768
020 C000008 11
020 A000009 LEGG MASON WOOD WALKER, INC.
020 B000009 52-0902557
020 C000009 10
020 A000010 NATWEST SECURITIES CORP.
020 C000010 10
<PAGE> PAGE 3
021 000000 273
022 A000001 PRUDENTIAL SECURITIES INC.
022 B000001 22-2347336
022 C000001 602596
022 D000001 4383
022 A000002 FORD MOTOR CREDIT CO.
022 B000002 38-1012444
022 C000002 334857
022 D000002 6197
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000003 13-5674085
022 C000003 155405
022 D000003 29517
022 A000004 GREENWICH CAPITAL MARKETS
022 B000004 13-2697091
022 C000004 54998
022 D000004 41572
022 A000005 CS FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005 40611
022 D000005 52206
022 A000006 LEHMAN BROTHERS INC.
022 B000006 13-2518466
022 C000006 20167
022 D000006 22542
022 A000007 GOLDMAN SACHS AND CO.
022 B000007 13-5108880
022 C000007 22246
022 D000007 13707
022 A000008 MORGAN STANLEY AND CO., INC.
022 B000008 13-2655998
022 C000008 17618
022 D000008 11884
022 A000009 SALOMON BROTHERS INC.
022 B000009 13-3082694
022 C000009 18471
022 D000009 4233
022 A000010 AMERICAN EXPRESS CREDIT CORP.
022 B000010 11-1988350
022 C000010 10640
022 D000010 0
023 C000000 1309615
023 D000000 231244
024 000000 Y
025 A000001 PRUDENTIAL SECURITIES INC.
025 B000001 22-2347336
025 C000001 D
025 D000001 3440
025 A000002 DELETE
025 D000002 0
025 D000003 0
<PAGE> PAGE 4
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 1077
028 A020000 20
028 A030000 0
028 A040000 2252
028 B010000 1707
028 B020000 534
028 B030000 0
028 B040000 2086
028 C010000 774
028 C020000 0
028 C030000 0
028 C040000 3676
028 D010000 1034
028 D020000 0
028 D030000 0
028 D040000 2435
028 E010000 761
028 E020000 533
028 E030000 0
028 E040000 1670
028 F010000 754
028 F020000 0
028 F030000 0
028 F040000 2758
028 G010000 6107
028 G020000 1087
028 G030000 0
028 G040000 14877
028 H000000 2363
029 000000 Y
030 A000000 96
030 B000000 4.25
030 C000000 4.25
031 A000000 8
031 B000000 0
032 000000 88
<PAGE> PAGE 5
033 000000 0
034 000000 Y
035 000000 44
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 519
044 000000 153
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 200000
048 A020000 0.625
048 B010000 200000
048 B020000 0.500
048 C010000 0
048 C020000 0.450
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
<PAGE> PAGE 6
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 250
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
<PAGE> PAGE 7
067 000000 Y
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 299623
071 B000000 312699
071 C000000 131953
071 D000000 227
072 A000000 12
072 B000000 4288
072 C000000 1052
072 D000000 0
072 E000000 0
072 F000000 880
072 G000000 142
<PAGE> PAGE 8
072 H000000 0
072 I000000 245
072 J000000 126
072 K000000 0
072 L000000 58
072 M000000 24
072 N000000 50
072 O000000 12
072 P000000 0
072 Q000000 0
072 R000000 39
072 S000000 27
072 T000000 519
072 U000000 0
072 V000000 0
072 W000000 11
072 X000000 2133
072 Y000000 0
072 Z000000 3207
072AA000000 19886
072BB000000 0
072CC010000 0
072CC020000 15276
072DD010000 3642
072DD020000 0
072EE000000 13898
073 A010000 1.0300
073 A020000 0.0000
073 B000000 4.4400
073 C000000 0.0000
074 A000000 1
074 B000000 0
074 C000000 3440
074 D000000 51278
074 E000000 0
074 F000000 71915
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 14540
074 K000000 0
074 L000000 814
074 M000000 0
074 N000000 141988
074 O000000 14394
074 P000000 124
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 414
<PAGE> PAGE 9
074 S000000 0
074 T000000 127056
074 U010000 9094
074 U020000 0
074 V010000 14.01
074 V020000 0.00
074 W000000 0.0000
074 X000000 10607
074 Y000000 0
075 A000000 0
075 B000000 140949
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 B000000 GULF INSURANCE COMPANY
080 C000000 74000
081 A000000 Y
081 B000000 94
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
<PAGE> PAGE 10
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE CATHY WHITE
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000069752
<NAME> ALLIANCE BALANCED SHARES INC.
<SERIES>
<NUMBER> 001
<NAME> ALLIANCE BALANCED SHARES INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 128,114,955
<INVESTMENTS-AT-VALUE> 126,633,152
<RECEIVABLES> 15,353,172
<ASSETS-OTHER> 1,408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 141,987,732
<PAYABLE-FOR-SECURITIES> 14,394,190
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 537,396
<TOTAL-LIABILITIES> 14,931,586
<SENIOR-EQUITY> 90,941
<PAID-IN-CAPITAL-COMMON> 112,395,014
<SHARES-COMMON-STOCK> 7,318,889
<SHARES-COMMON-PRIOR> 8,093,872
<ACCUMULATED-NII-CURRENT> 586,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,462,858
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,479,520)
<NET-ASSETS> 127,056,146
<DIVIDEND-INCOME> 1,052,394
<INTEREST-INCOME> 4,287,638
<OTHER-INCOME> 0
<EXPENSES-NET> (2,133,391)
<NET-INVESTMENT-INCOME> 3,206,641
<REALIZED-GAINS-CURRENT> 19,885,639
<APPREC-INCREASE-CURRENT> (15,276,292)
<NET-CHANGE-FROM-OPS> 7,815,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,160,459)
<DISTRIBUTIONS-OF-GAINS> (11,691,852)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 454,976
<NUMBER-OF-SHARES-REDEEMED> (2,066,376)
<SHARES-REINVESTED> 836,417
<NET-CHANGE-IN-ASSETS> (15,163,827)
<ACCUMULATED-NII-PRIOR> 1,022,661
<ACCUMULATED-GAINS-PRIOR> 9,475,113
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 880,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,133,000
<AVERAGE-NET-ASSETS> 116,975,054
<PER-SHARE-NAV-BEGIN> 15.08
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> (0.41)
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.01
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000069752
<NAME> ALLIANCE BALANCED SHARES INC.
<SERIES>
<NUMBER> 002
<NAME> ALLIANCE BALANCED SHARES INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 128,114,955
<INVESTMENTS-AT-VALUE> 126,633,152
<RECEIVABLES> 15,353,172
<ASSETS-OTHER> 1,408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 141,987,732
<PAYABLE-FOR-SECURITIES> 14,394,190
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 537,396
<TOTAL-LIABILITIES> 14,931,586
<SENIOR-EQUITY> 90,941
<PAID-IN-CAPITAL-COMMON> 112,395,014
<SHARES-COMMON-STOCK> 1,333,733
<SHARES-COMMON-PRIOR> 1,013,382
<ACCUMULATED-NII-CURRENT> 586,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,462,858
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,479,520)
<NET-ASSETS> 127,056,146
<DIVIDEND-INCOME> 1,052,394
<INTEREST-INCOME> 4,287,638
<OTHER-INCOME> 0
<EXPENSES-NET> (2,133,391)
<NET-INVESTMENT-INCOME> 3,206,641
<REALIZED-GAINS-CURRENT> 19,885,639
<APPREC-INCREASE-CURRENT> (15,276,292)
<NET-CHANGE-FROM-OPS> 7,815,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (358,703)
<DISTRIBUTIONS-OF-GAINS> (1,628,196)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 430,446
<NUMBER-OF-SHARES-REDEEMED> (223,548)
<SHARES-REINVESTED> 113,453
<NET-CHANGE-IN-ASSETS> (15,163,827)
<ACCUMULATED-NII-PRIOR> 1,022,661
<ACCUMULATED-GAINS-PRIOR> 9,475,113
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 880,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,133,000
<AVERAGE-NET-ASSETS> 17,719,131
<PER-SHARE-NAV-BEGIN> 14.88
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.42
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.79
<EXPENSE-RATIO> 2.16
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000069752
<NAME> ALLIANCE BALANCED SHARES INC.
<SERIES>
<NUMBER> 003
<NAME> ALLIANCE BALANCED SHARES INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 128,114,955
<INVESTMENTS-AT-VALUE> 126,633,152
<RECEIVABLES> 15,353,172
<ASSETS-OTHER> 1,408
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 141,987,732
<PAYABLE-FOR-SECURITIES> 14,394,190
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 537,396
<TOTAL-LIABILITIES> 14,931,586
<SENIOR-EQUITY> 90,941
<PAID-IN-CAPITAL-COMMON> 112,395,014
<SHARES-COMMON-STOCK> 441,448
<SHARES-COMMON-PRIOR> 342,976
<ACCUMULATED-NII-CURRENT> 586,853
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,462,858
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,479,520)
<NET-ASSETS> 127,056,146
<DIVIDEND-INCOME> 1,052,394
<INTEREST-INCOME> 4,287,638
<OTHER-INCOME> 0
<EXPENSES-NET> (2,133,391)
<NET-INVESTMENT-INCOME> 3,206,641
<REALIZED-GAINS-CURRENT> 19,885,639
<APPREC-INCREASE-CURRENT> (15,276,292)
<NET-CHANGE-FROM-OPS> 7,815,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (123,287)
<DISTRIBUTIONS-OF-GAINS> (577,846)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 157,902
<NUMBER-OF-SHARES-REDEEMED> (96,534)
<SHARES-REINVESTED> 37,104
<NET-CHANGE-IN-ASSETS> (15,163,827)
<ACCUMULATED-NII-PRIOR> 1,022,661
<ACCUMULATED-GAINS-PRIOR> 9,475,113
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 880,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,133,000
<AVERAGE-NET-ASSETS> 6,063,922
<PER-SHARE-NAV-BEGIN> 14.89
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.81
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]Auditors Report of Internal Control
September 18, 1996
To the Board of Directors of PRIVATE
Alliance Strategic Balanced Fund
In planning and performing our audit of the financial statements of
Alliance Balanced Shares, Inc. (the "Fund") for the year ended July
31, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of Form N-
SAR, and not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are appropriately safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and may not be detected. Also,
projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control structure
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 the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities 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 the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined
above as of July 31, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
[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
ALLIANCE BALANCED SHARES FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1996 THROUGH AUGUST 31, 1996
<CAPTION>
Total
Shares Shares % of Issue Shares
Date Shares % of Fund Price per Purchased by Issued Purchased Held
Security Purchased Purchased Assets Share Fund Group (000) By Group Broker(s) 02/29/95
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Teleport Communications 06/27/96 37,600 0.50% $16.00 567,800 23,500 2.42% Merrill Lynch 0
</TABLE>
1-Purchase may not exceed 3% of Fund's Total Assets.
2-Purchases by all Alliance Funds may not exceed the greater of (i) 4% of
the principal amount of the offering or (ii) $500,000 in principal amount,
but in no event may exeed 10% of the principal amount of the offering.
