<PAGE> PAGE 1
000 B000000 07/31/97
000 C000000 0000069752
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
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
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 84-0001187
012 C010001 SECAUCUS
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
<PAGE> PAGE 2
014 B000002 8-00017574
014 A000003 AUTRANET
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 52
019 C000000 ALLIANCECA
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000001 13-5674085
020 C000001 32
020 A000002 C. J. LAWRENCE INC.
020 C000002 19
020 A000003 U.S. CLEARING CORP.
020 B000003 13-2967453
020 C000003 13
020 A000004 SALOMON BROTHERS INC.
020 B000004 13-3082694
020 C000004 12
020 A000005 PRUDENTIAL SECURITIES INC.
020 B000005 22-2347336
020 C000005 11
020 A000006 GOLDMAN SACHS & CO.
020 B000006 13-5108880
020 C000006 11
020 A000007 MORGAN STANLEY AND CO., INC.
020 B000007 13-2655998
020 C000007 11
020 A000008 SMITH BARNEY INC.
020 B000008 13-1912900
020 C000008 10
020 A000009 ALEX BROWN & SONS, INC.
020 B000009 52-1319768
020 C000009 9
020 A000010 BEAR STEARNS & CO. INC.
020 B000010 13-3299429
020 C000010 8
021 000000 225
022 A000001 PRUDENTIAL SECURITIES INC.
022 B000001 22-2347336
022 C000001 317812
022 D000001 506
022 A000002 FORD MOTOR CREDIT CORP.
022 B000002 38-1012444
022 C000002 192224
022 D000002 0
<PAGE> PAGE 3
022 A000003 CS FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 51808
022 D000003 48989
022 A000004 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000004 13-5674085
022 C000004 32833
022 D000004 24175
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005 23810
022 D000005 15983
022 A000006 GOLDMAN SACHS & CO.
022 B000006 13-5108880
022 C000006 18912
022 D000006 17825
022 A000007 SALOMON BROTHERS INC.
022 B000007 13-3082694
022 C000007 15273
022 D000007 17403
022 A000008 GREENWICH CAPITAL MARKETS
022 C000008 15401
022 D000008 16853
022 A000009 MORGAN, J.P. SECURITIES INC.
022 B000009 13-3224016
022 C000009 9190
022 D000009 11406
022 A000010 STATE STREET BANK AND TRUST CO.
022 B000010 04-1867445
022 C000010 13862
022 D000010 0
023 C000000 739182
023 D000000 206233
024 000000 Y
025 A000001 MORGAN STANLEY AND CO., INC.
025 B000001 13-2655998
025 C000001 E
025 D000001 1360
025 A000002 SALOMON BROTHERS INC.
025 B000002 13-3082694
025 C000002 E
025 D000002 1313
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
<PAGE> PAGE 4
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 998
028 A020000 7
028 A030000 0
028 A040000 2299
028 B010000 1882
028 B020000 567
028 B030000 0
028 B040000 3342
028 C010000 1441
028 C020000 0
028 C030000 0
028 C040000 2731
028 D010000 1198
028 D020000 0
028 D030000 0
028 D040000 2729
028 E010000 887
028 E020000 548
028 E030000 0
028 E040000 1384
028 F010000 1443
028 F020000 0
028 F030000 0
028 F040000 2794
028 G010000 7849
028 G020000 1122
028 G030000 0
028 G040000 15279
028 H000000 2794
029 000000 Y
030 A000000 96
030 B000000 4.25
030 C000000 4.25
031 A000000 6
031 B000000 0
032 000000 90
033 000000 0
034 000000 Y
035 000000 35
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
<PAGE> PAGE 5
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 518
044 000000 189
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
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
<PAGE> PAGE 6
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
067 000000 Y
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
<PAGE> PAGE 7
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 266178
071 B000000 282249
071 C000000 128790
071 D000000 207
072 A000000 12
072 B000000 3836
072 C000000 900
072 D000000 0
072 E000000 0
072 F000000 829
072 G000000 134
072 H000000 0
072 I000000 222
072 J000000 122
072 K000000 0
072 L000000 61
072 M000000 33
072 N000000 97
072 O000000 9
<PAGE> PAGE 8
072 P000000 0
072 Q000000 0
072 R000000 33
072 S000000 66
072 T000000 518
072 U000000 0
072 V000000 0
072 W000000 33
072 X000000 2157
072 Y000000 17
072 Z000000 2596
072AA000000 8482
072BB000000 0
072CC010000 27536
072CC020000 0
072DD010000 2309
072DD020000 454
072EE000000 15805
073 A010000 0.3200
073 A020000 0.2400
073 B000000 7.2000
073 C000000 0.0000
074 A000000 28
074 B000000 0
074 C000000 4226
074 D000000 51617
074 E000000 0
074 F000000 90600
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2127
074 K000000 0
074 L000000 956
074 M000000 0
074 N000000 149554
074 O000000 2060
074 P000000 136
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 591
074 S000000 0
074 T000000 146767
074 U010000 7144
074 U020000 1972
074 V010000 16.17
074 V020000 15.83
074 W000000 0.0000
074 X000000 10093
<PAGE> PAGE 9
074 Y000000 0
075 A000000 0
075 B000000 132710
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 86000
081 A000000 Y
081 B000000 100
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
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-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 120,386,355
<INVESTMENTS-AT-VALUE> 146,443,146
<RECEIVABLES> 3,082,888
<ASSETS-OTHER> 27,993
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,554,027
<PAYABLE-FOR-SECURITIES> 2,059,514
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 727,755
<TOTAL-LIABILITIES> 2,787,269
<SENIOR-EQUITY> 91,162
<PAID-IN-CAPITAL-COMMON> 112,063,341
<SHARES-COMMON-STOCK> 7,143,992
<SHARES-COMMON-PRIOR> 7,318,889
<ACCUMULATED-NII-CURRENT> 384,796
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,170,668
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,056,791
<NET-ASSETS> 146,766,758
<DIVIDEND-INCOME> 899,694
<INTEREST-INCOME> 3,836,283
<OTHER-INCOME> 0
<EXPENSES-NET> (2,140,342)
<NET-INVESTMENT-INCOME> 2,595,635
<REALIZED-GAINS-CURRENT> 8,481,507
<APPREC-INCREASE-CURRENT> 27,536,311
<NET-CHANGE-FROM-OPS> 38,613,453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,308,924)
<DISTRIBUTIONS-OF-GAINS> (12,582,512)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 346,904
<NUMBER-OF-SHARES-REDEEMED> (1,394,620)
<SHARES-REINVESTED> 872,819
<NET-CHANGE-IN-ASSETS> 19,710,612
<ACCUMULATED-NII-PRIOR> 200,802
<ACCUMULATED-GAINS-PRIOR> 15,848,909
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 829,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,157,000
<AVERAGE-NET-ASSETS> 105,636,269
<PER-SHARE-NAV-BEGIN> 14.01
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 3.97
<PER-SHARE-DIVIDEND> (0.32)
<PER-SHARE-DISTRIBUTIONS> (1.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.17
<EXPENSE-RATIO> 1.47
<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-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 120,386,355
<INVESTMENTS-AT-VALUE> 146,443,146
<RECEIVABLES> 3,082,888
<ASSETS-OTHER> 27,993
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,554,027
<PAYABLE-FOR-SECURITIES> 2,059,514
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 727,755
<TOTAL-LIABILITIES> 2,787,269
<SENIOR-EQUITY> 91,162
<PAID-IN-CAPITAL-COMMON> 112,063,341
<SHARES-COMMON-STOCK> 1,527,970
<SHARES-COMMON-PRIOR> 1,333,733
<ACCUMULATED-NII-CURRENT> 384,796
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,170,668
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,056,791
<NET-ASSETS> 146,766,758
<DIVIDEND-INCOME> 899,694
<INTEREST-INCOME> 3,836,283
<OTHER-INCOME> 0
<EXPENSES-NET> (2,140,342)
<NET-INVESTMENT-INCOME> 2,595,635
<REALIZED-GAINS-CURRENT> 8,481,507
<APPREC-INCREASE-CURRENT> 27,536,311
<NET-CHANGE-FROM-OPS> 38,613,453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (341,037)
<DISTRIBUTIONS-OF-GAINS> (2,409,113)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 414,263
<NUMBER-OF-SHARES-REDEEMED> (388,201)
<SHARES-REINVESTED> 168,175
<NET-CHANGE-IN-ASSETS> 19,710,612
<ACCUMULATED-NII-PRIOR> 200,802
<ACCUMULATED-GAINS-PRIOR> 15,848,909
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 829,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,157,000
<AVERAGE-NET-ASSETS> 20,407,807
<PER-SHARE-NAV-BEGIN> 13.79
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 3.89
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (1.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.83
<EXPENSE-RATIO> 2.25
<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-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 120,386,355
<INVESTMENTS-AT-VALUE> 146,443,146
<RECEIVABLES> 3,082,888
<ASSETS-OTHER> 27,993
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,554,027
<PAYABLE-FOR-SECURITIES> 2,059,514
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 727,755
<TOTAL-LIABILITIES> 2,787,269
<SENIOR-EQUITY> 91,162
<PAID-IN-CAPITAL-COMMON> 112,063,341
<SHARES-COMMON-STOCK> 347,492
<SHARES-COMMON-PRIOR> 441,448
<ACCUMULATED-NII-CURRENT> 384,796
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,170,668
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,056,791
<NET-ASSETS> 146,766,758
<DIVIDEND-INCOME> 899,694
<INTEREST-INCOME> 3,836,283
<OTHER-INCOME> 0
<EXPENSES-NET> (2,140,342)
<NET-INVESTMENT-INCOME> 2,595,635
<REALIZED-GAINS-CURRENT> 8,481,507
<APPREC-INCREASE-CURRENT> 27,536,311
<NET-CHANGE-FROM-OPS> 38,613,453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (102,618)
<DISTRIBUTIONS-OF-GAINS> (793,084)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 116,909
<NUMBER-OF-SHARES-REDEEMED> (261,860)
<SHARES-REINVESTED> 50,995
<NET-CHANGE-IN-ASSETS> 19,710,612
<ACCUMULATED-NII-PRIOR> 200,802
<ACCUMULATED-GAINS-PRIOR> 15,848,909
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 829,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,157,000
<AVERAGE-NET-ASSETS> 6,044,134
<PER-SHARE-NAV-BEGIN> 13.81
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 3.89
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (1.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.86
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000069752
<NAME> ALLIANCE BALANCED SHARES, INC.
<SERIES>
<NUMBER> 004
<NAME> ALLIANCE BALANCED SHARES, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 120,386,355
<INVESTMENTS-AT-VALUE> 146,443,146
<RECEIVABLES> 3,082,888
<ASSETS-OTHER> 27,993
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,554,027
<PAYABLE-FOR-SECURITIES> 2,059,514
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 727,755
<TOTAL-LIABILITIES> 2,787,269
<SENIOR-EQUITY> 91,162
<PAID-IN-CAPITAL-COMMON> 112,063,341
<SHARES-COMMON-STOCK> 96,761
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 384,796
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,170,668
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26,056,791
<NET-ASSETS> 146,766,758
<DIVIDEND-INCOME> 899,694
<INTEREST-INCOME> 3,836,283
<OTHER-INCOME> 0
<EXPENSES-NET> (2,140,342)
<NET-INVESTMENT-INCOME> 2,595,635
<REALIZED-GAINS-CURRENT> 8,481,507
<APPREC-INCREASE-CURRENT> 27,536,311
<NET-CHANGE-FROM-OPS> 38,613,453
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,350)
<DISTRIBUTIONS-OF-GAINS> (19,832)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 99,609
<NUMBER-OF-SHARES-REDEEMED> (5,005)
<SHARES-REINVESTED> 2,157
<NET-CHANGE-IN-ASSETS> 19,710,612
<ACCUMULATED-NII-PRIOR> 200,802
<ACCUMULATED-GAINS-PRIOR> 15,848,909
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 829,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,157,000
<AVERAGE-NET-ASSETS> 648,065
<PER-SHARE-NAV-BEGIN> 14.79
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 3.22
<PER-SHARE-DIVIDEND> (0.27)
<PER-SHARE-DISTRIBUTIONS> (1.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.17
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
September 17, 1997
To the Board of Directors of
Alliance Balanced Shares, Inc.
In planning and performing our audit of the financial statements of Alliance
Balanced Shares, Inc. (the "Fund") for the year ended July 31, 1997, 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 control activities. Generally, control activities 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 control activities include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 any
specific internal control components 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
internal control, including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above as of July 31,
1997.
This report is intended solely for the information and use of management and
the Board of Directors of the Fund and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
A:\nsar_all.doc
09/22/97 2:41 PM
Ali
[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 SEPTEMBER 1, 1996 THROUGH NOVEMBER 30, 1996
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets (1Share Fund Group (000) By Group (Broker(s) 11/30/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Deutsche Telecom 11/18/96 14,500 0.20% $18.89 596,900 85,000 0.70% Goldman Sachs 34,700
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1997 THROUGH AUGUST 31, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets (1Share Fund Group (000) By Group (Broker(s) 02/28/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Santa Fe International 06/09/97 1,500 0.03% $28.50 229,200 35,000 0.65% Robert W. Baird & C20,500
Santa Fe International 06/09/97 11,500 0.23% $28.50 229,200 35,000 0.65% Goldman Sachs 20,500
</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.
