<PAGE> PAGE 1
000 B000000 10/30/97
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008 D02AA01 NY
008 D03AA01 10105
010 A00AA01 ALLIANCE CAPITAL MANAGEMENT L.P.
010 B00AA01 801-32361
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 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 PRICE WATERHOUSE LLP
<PAGE> PAGE 2
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
014 B00AA01 8-00017574
014 A00AA02 PERSHING
014 B00AA02 8-00017574
014 A00AA03 AUTRANET
014 B00AA03 8-00017574
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 SKANDINAVISKA ENSKILDA
015 B00AA02 S
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<PAGE> PAGE 3
020 C000010 140
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<PAGE> PAGE 5
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 GULF INSURANCE COMPANY
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024 000100 Y
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070 B020100 N
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SIGNATURE CATHY WHITE
TITLE ASST VICE PRESIDENT
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<TABLE> <S> <C>
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<NUMBER> 014
<NAME> ALLIANCE GROWTH FUND
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</TABLE>
[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 GROWTH FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1996 THROUGH NOVEMBER 30, 1996
<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) 11/30/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cornell Corrections 10/03/96 40,000 0.02% $12.00 40,000 4,000 1.00% Dillion, Read & Co 0
Deutsche Telecom 11/18/96 354,900 0.20% $18.89 596,900 85,000 0.07% Goldman Sachs 489,900
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1996 THROUGH FEBRUARY 28, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 02/28/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Spieker Properties, Inc 01/21/97 191,000 0.16% $34.50 198,000 10,000 1.98% Goldman Sachs 617,200
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MAY 1, 1997 THROUGH AUGUST 31, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 08/31/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sante Fe International 06/09/97 126,200 0.08% $28.50 229,200 35,000 0.65% Goldman Sachs 0
Arden Realty 07/17/97 215,200 0.11% $26.13 265,100 12,000 2.21% Lehman Brothers 215,200
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1997 THROUGH OCTOBER 31, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 10/31/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Spieker Properties, Inc 10/29/97 255,000 0.00% $38.88 325,600 10,000 3.26% Goldman Sachs 777,200
</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.
December 12, 1997
To the Shareholders and Trustees of
Alliance Growth Fund
In planning and performing our audit of the financial statements of
Alliance Growth Fund (the "Fund") for the year ended October 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 October 31, 1997.
This report is intended solely for the information and use of
management and the Trustees of the Fund and the Securities and
Exchange Commission.
PRICE WATERHOUSE LLP
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