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SIGNATURE CATHY WHITE
TITLE ASST. VICE PRESIDENT
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<NET-ASSETS> 51,749,641
<DIVIDEND-INCOME> 136,035
<INTEREST-INCOME> 817,519
<OTHER-INCOME> 0
<EXPENSES-NET> (479,094)
<NET-INVESTMENT-INCOME> 474,460
<REALIZED-GAINS-CURRENT> 560,983
<APPREC-INCREASE-CURRENT> 4,609,705
<NET-CHANGE-FROM-OPS> 5,645,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,460
<NUMBER-OF-SHARES-REDEEMED> (1,457)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,771,568
<ACCUMULATED-NII-PRIOR> 395,373
<ACCUMULATED-GAINS-PRIOR> 6,564,036
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 195,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 651,000
<AVERAGE-NET-ASSETS> 896
<PER-SHARE-NAV-BEGIN> 19.49
<PER-SHARE-NII> 4.14
<PER-SHARE-GAIN-APPREC> (5.76)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.87
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 STRATEGIC BALANCED 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 Share Fund Group (000) By Group Broker(s) 11/30/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Abercrombie & Fitch 09/25/96 100 0.00% $16.00 44,300 7,000 0.63% Goldman Sachs 0
American Residential Servi09/24/96 100 0.00% $15.00 12,600 4,200 0.30% Smith Barney Inc 0
Cymer 09/18/96 100 0.00% $9.50 12,500 3,340 0.37% Morgan Stanley 0
Document Sciences 09/20/96 100 0.00% $12.00 20,500 2,300 0.89% C.J. Lawrence/Deuts0
Lightbridge Inc. 09/27/96 200 0.00% $10.00 1,100 3,800 0.03% UBS Securities 0
Intelligroup, Inc. 09/27/96 100 0.00% $10.00 40,100 8,170 0.49% Cowen & Co 0
Cox Radio 09/27/96 400 0.01% $18.50 2,000 7,500 0.03% Salomon Brothers 0
Orckit Communications Ltd.09/27/96 100 0.00% $16.00 25,100 3,300 0.76% Alex Brown & Sons 0
Advance Fibre Comm. 09/30/96 100 0.00% $25.00 44,300 4,500 0.98% Morgan Stanley 0
Costilla Energy Inc. 10/02/96 2,100 0.05% $12.50 130,200 4,800 2.71% Prudential Securiti0
Crown Cork & Seal Co. 10/24/96 1,400 0.13% $46.25 5,800 9,250 0.06% Lazard Freres 0
Culligan Water Tech. 10/07/96 800 0.06% $37.63 222,100 5,744 3.87% Goldman Sachs 0
CyberMedia, Inc. 10/23/96 100 0.00% $16.00 31,100 2,500 1.24% Lewco Securities 0
Dominics Supermarkets 10/29/96 100 0.00% $18.00 24,200 8,000 0.30% BT Securities Corp.0
Infinity Financial Tech. 10/25/96 100 0.00% $16.00 14,000 2,690 0.52% Goldman Sachs 0
Interim Services 10/17/96 700 0.06% $43.25 2,400 4,250 0.06% Goldman Sachs 0
Midway Games, Inc. 10/30/96 300 0.01% $20.00 184,800 5,100 3.62% Oppenheimer & Co. 0
The Sabre Group Holdings 10/10/96 400 0.02% $27.00 271,500 20,200 1.34% Goldman Sachs 0
Stage Stores Inc. 10/24/96 400 0.01% $16.50 54,500 11,000 0.50% CS First Boston 0
Trusted Information Sys. 10/10/96 100 0.00% $13.00 49,000 3,400 1.44% Morgan J.P. 0
White Pine Software 10/11/96 100 0.00% $9.00 82,200 3,000 2.74% Cowen & Co 0
Wild Oats Markets 10/22/96 100 0.00% $25.00 15,400 1,680 0.92% Montgomery 0
XL Connect Solutions 10/17/96 100 0.00% $15.00 29,800 2,900 1.03% Alex Brown & Sons 0
Deutsche Telecom AG 11/18/96 1,200 0.04% $18.89 1,077,590 85,000 1.27% Goldman Sachs 0
Ingram Micro Inc. 10/31/96 100 0.00% $18.00 133,700 20,000 0.67% Morgan Stanley 0
Nu Skin Asia Pac. Inc. 11/21/96 100 0.00% $23.00 44,100 9,100 0.48% Merrill Lynch 0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1996 THROUGH FEBRUARY 28, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued 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>
Doncasters PLC 01/30/97 300 0.01% $16.50 79,600 8,000 1.00% CS First Boston 0
Circuit City(Car Max Group02/04/97 1,000 0.04% $20.00 238,900 21,860 1.09% Morgan Stanley 4,000
Silgan Holdings, Inc. 02/14/97 500 0.02% $20.00 142,000 4,500 3.16% Goldman Sachs 1,700
Yurie Systems, Inc. 02/05/97 200 0.00% $12.00 14,900 4,000 0.37% Alex Brown & Sons 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.
