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SIGNATURE CATHY WHITE
TITLE ASST. VICE PRESIDENT
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<SENIOR-EQUITY> 29
<PAID-IN-CAPITAL-COMMON> 42,068,928
<SHARES-COMMON-STOCK> 3
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 509,629
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,111,261
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,704,194
<NET-ASSETS> 51,394,041
<DIVIDEND-INCOME> 303,034
<INTEREST-INCOME> 1,669,018
<OTHER-INCOME> 0
<EXPENSES-NET> (931,252)
<NET-INVESTMENT-INCOME> 1,040,800
<REALIZED-GAINS-CURRENT> 2,147,164
<APPREC-INCREASE-CURRENT> 7,395,205
<NET-CHANGE-FROM-OPS> 10,583,169
<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> 1,415,968
<ACCUMULATED-NII-PRIOR> 395,373
<ACCUMULATED-GAINS-PRIOR> 6,564,036
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 380,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,274,000
<AVERAGE-NET-ASSETS> 387
<PER-SHARE-NAV-BEGIN> 19.49
<PER-SHARE-NII> .42
<PER-SHARE-GAIN-APPREC> (.12)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.79
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
September 17, 1997
To the Board of Trustees of
Alliance Strategic Balanced Fund
In planning and performing our audit of the financial statements of Alliance
Strategic Balanced Fund (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_al0.doc
09/22/97 2:40 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 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 (1Share 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 4.45% Goldman Sachs 0
CyberMedia, Inc 10/23/96 100 0.00% $16.00 31,100 2,500 1.24% Lewco Secs 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 Cor0
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% Brown (Alex & 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 (1Share 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 Cor0
Circuit City (Car Max Grou02/04/97 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.
