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SIGNATURE JOSEPH REZABEK
TITLE ASST. VICE PRESIDENT
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<PER-SHARE-NAV-END> 56.88
<EXPENSE-RATIO> 0.88
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchased in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
Alliance Growth Fund
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MAY 1, 1999 THROUGH MAY 31, 1999
<CAPTION>
Total % of
Shares Shares Offering Shares
Date Shares % of FundPrice perPurchased bOffered PurchasedPurchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group(From 05/31/99
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Goldman Sachs Group 05/03/99 220,000 0.00% $53.00 1,247,900 60,000 2.08% Goldman Sachs 150,000
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1999 THROUGH OCTOBER 31, 1999
<CAPTION>
Total % of
Shares Shares Offering Shares
Date Shares % of FundPrice perPurchased bOffered PurchasedPurchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group(From 10/31/99
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Genetech, Inc. 07/20/99 70,500 0.00% $97.00 201,900 20,000 1.01% J.P. Morgan 0
</TABLE>
* Unless otherwise indicated, the securities were part of an issue registered
under the Securities Act of 1933 and offered to the public.
**Indicates the puchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the Fund, may not exceed: (a) if
purchased in an offering other than an Eligible Rule 144A Offering, 25% of the
principal amount of the offering of such class; or (b) if purchased in an
Eligible Rule 144A Offering, 25% of the total of (i) the principal amount
of the offering of such class sold by underwriters or members of the
selling syndicate to qualified institutional buyers, plus (ii) the principal
amount of the offering of such class in any concurrent public offering.
Report of Independent Accountants
To the Trustees and Shareholders 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, 1999,
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 judgements by management are required to assess the
expected benefits and related costs of controls. Generally, controls
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 controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud 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 one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of October 31, 1999.
This report is intended solely for the information and use of management
and the Trustees of the Fund and the Securities and Exchange Commission,
and is not intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
New York, NY 10036
December 16, 1999
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c:\temp\ab acm nsar grwth fund 99.doc
