<PAGE> PAGE 1
000 B000000 09/30/97
000 C000000 0000081443
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 QUASAR FUND, INC.
001 B000000 811-01716
001 C000000 2013194120
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 07096
013 A000001 ERNST & YOUNG, LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
014 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B000001 8-00017574
014 A000002 PERSHING
014 B000002 8-00017574
<PAGE> PAGE 2
014 A000003 AUTRANET
014 B000003 8-00017574
015 A000001 STATE STREET BANK AND TRUST AND 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 SMITH BARNEY INC.
020 B000001 13-1912900
020 C000001 287
020 A000002 SALOMON BROTHERS INC.
020 B000002 13-3082694
020 C000002 269
020 A000003 BROWN, ALEX & SONS, INC.
020 B000003 52-1319768
020 C000003 218
020 A000004 MOTGOMERY SECURITIES
020 B000004 13-2638166
020 C000004 164
020 A000005 MORGAN STANLEY AND CO., INC.
020 B000005 13-2655998
020 C000005 161
020 A000006 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 B000006 13-5674085
020 C000006 157
020 A000007 LAWRENCE (C.J.), INC.
020 C000007 140
020 A000008 CS FIRST BOSTON CORP.
020 B000008 13-3147131
020 C000008 127
020 A000009 PRUDENTIAL SECURITIES INC.
020 B000009 22-2347336
020 C000009 119
020 A000010 MORGAN (J.P.) SECURITIES INC.
020 B000010 13-3224016
020 C000010 112
021 000000 2878
022 A000001 LANSTON (AUBREY G.) & CO., INC.
022 B000001 13-5552129
022 C000001 6433377
022 D000001 17865
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 192497
022 D000002 21650
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH
<PAGE> PAGE 3
022 B000003 13-5674085
022 C000003 68171
022 D000003 32101
022 A000004 MORGAN (J.P.) SECURITIES INC.
022 B000004 13-3224016
022 C000004 77681
022 D000004 8585
022 A000005 MORGAN STANLEY & CO., INC.
022 B000005 13-2655998
022 C000005 63337
022 D000005 19835
022 A000006 PRUDENTIAL SECURITIES INC.
022 B000006 22-2347336
022 C000006 74595
022 D000006 2106
022 A000007 STATE STREET BANK & TRUST CO.
022 B000007 04-1867445
022 C000007 72607
022 D000007 0
022 A000008 LEHMAN BROS. INC.
022 B000008 13-2518466
022 C000008 44463
022 D000008 25149
022 A000009 SMITH BARNEY INC.
022 B000009 13-1912900
022 C000009 30836
022 D000009 22572
022 A000010 PAINE WEBBER INC.
022 B000010 13-2638166
022 C000010 43421
022 D000010 7993
023 C000000 7469319
023 D000000 380634
024 000000 N
025 D000001 0
025 D000002 0
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026 B000000 N
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<PAGE> PAGE 4
027 000000 Y
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030 A000000 5866
030 B000000 4.25
030 C000000 4.25
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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071 A000000 1224231
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<PAGE> PAGE 8
072 V000000 0
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072 Z000000 -8301
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<PAGE> PAGE 9
077 C000000 N
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077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
077 Q020000 N
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078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 GULF INSURANCE COMPANY
080 C000000 86
081 A000000 Y
081 B000000 100
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SIGNATURE CATHY WHITE
TITLE ASST VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000081443
<NAME> ALLIANCE QUASAR FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> ALLIANCE QUASAR FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 941,931,288
<INVESTMENTS-AT-VALUE> 1,112,969,241
<RECEIVABLES> 26,347,363
<ASSETS-OTHER> 352,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,139,669,206
<PAYABLE-FOR-SECURITIES> 19,053,867
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<OTHER-ITEMS-LIABILITIES> 7,548,209
<TOTAL-LIABILITIES> 26,602,076
<SENIOR-EQUITY> 77,186
<PAID-IN-CAPITAL-COMMON> 891,822,483
<SHARES-COMMON-STOCK> 13,239,982
<SHARES-COMMON-PRIOR> 8,231,151
<ACCUMULATED-NII-CURRENT> (330)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 50,131,067
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 171,036,724
<NET-ASSETS> 1,113,067,130
<DIVIDEND-INCOME> 1,952,909
<INTEREST-INCOME> 2,856,743
<OTHER-INCOME> 0
<EXPENSES-NET> (13,111,261)
<NET-INVESTMENT-INCOME> (8,301,609)
<REALIZED-GAINS-CURRENT> 61,906,245
<APPREC-INCREASE-CURRENT> 130,575,519
<NET-CHANGE-FROM-OPS> 184,180,155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (35,781,862)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,490,850
<NUMBER-OF-SHARES-REDEEMED> (7,820,120)
<SHARES-REINVESTED> 1,338,101
<NET-CHANGE-IN-ASSETS> 742,237,940
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,233,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,111,000
<AVERAGE-NET-ASSETS> 287,723,418
<PER-SHARE-NAV-BEGIN> 27.92
<PER-SHARE-NII> (0.24)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000081443
<NAME> ALLIANCE QUASAR FUND, INC.
<SERIES>
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<NAME> ALLIANCE QUASAR FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-START> NOV-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 941,931,288
<INVESTMENTS-AT-VALUE> 1,112,969,241
<RECEIVABLES> 26,347,363
<ASSETS-OTHER> 352,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,139,669,206
<PAYABLE-FOR-SECURITIES> 19,053,867
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,548,209
<TOTAL-LIABILITIES> 26,602,076
<SENIOR-EQUITY> 77,186
<PAID-IN-CAPITAL-COMMON> 891,822,483
<SHARES-COMMON-STOCK> 18,074,865
<SHARES-COMMON-PRIOR> 4,305,385
<ACCUMULATED-NII-CURRENT> (330)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 50,131,067
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1,113,067,130
<DIVIDEND-INCOME> 1,952,909
<INTEREST-INCOME> 2,856,743
<OTHER-INCOME> 0
<EXPENSES-NET> (13,111,261)
<NET-INVESTMENT-INCOME> (8,301,609)
<REALIZED-GAINS-CURRENT> 61,906,245
<APPREC-INCREASE-CURRENT> 130,575,519
<NET-CHANGE-FROM-OPS> 184,180,155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (23,349,486)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,718,977
<NUMBER-OF-SHARES-REDEEMED> (2,756,086)
<SHARES-REINVESTED> 806,589
<NET-CHANGE-IN-ASSETS> 742,237,940
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 61,636,073
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,233,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,111,000
<AVERAGE-NET-ASSETS> 250,557,845
<PER-SHARE-NAV-BEGIN> 26.13
<PER-SHARE-NII> (0.42)
<PER-SHARE-GAIN-APPREC> 6.23
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (4.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 27.83
<EXPENSE-RATIO> 2.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000081443
<NAME> ALLIANCE QUASAR FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> ALLIANCE QUASAR FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 941,931,288
<INVESTMENTS-AT-VALUE> 1,112,969,241
<RECEIVABLES> 26,347,363
<ASSETS-OTHER> 352,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,139,669,206
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,548,209
<TOTAL-LIABILITIES> 26,602,076
<SENIOR-EQUITY> 77,186
<PAID-IN-CAPITAL-COMMON> 891,822,483
<SHARES-COMMON-STOCK> 5,224,929
<SHARES-COMMON-PRIOR> 1,091,974
<ACCUMULATED-NII-CURRENT> (330)
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 171,036,724
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<DIVIDEND-INCOME> 1,952,909
<INTEREST-INCOME> 2,856,743
<OTHER-INCOME> 0
<EXPENSES-NET> (13,111,261)
<NET-INVESTMENT-INCOME> (8,301,609)
<REALIZED-GAINS-CURRENT> 61,906,245
<APPREC-INCREASE-CURRENT> 130,575,519
<NET-CHANGE-FROM-OPS> 184,180,155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (5,648,782)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,517,559
<NUMBER-OF-SHARES-REDEEMED> (2,534,347)
<SHARES-REINVESTED> 149,743
<NET-CHANGE-IN-ASSETS> 742,237,940
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 61,636,073
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,233,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,111,000
<AVERAGE-NET-ASSETS> 71,533,084
<PER-SHARE-NAV-BEGIN> 26.14
<PER-SHARE-NII> (0.42)
<PER-SHARE-GAIN-APPREC> 6.24
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (4.11)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 27.85
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000081443
<NAME> ALLIANCE QUASAR FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> ALLIANCE QUASAR FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 941,931,288
<INVESTMENTS-AT-VALUE> 1,112,969,241
<RECEIVABLES> 26,347,363
<ASSETS-OTHER> 352,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,139,669,206
<PAYABLE-FOR-SECURITIES> 19,053,867
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,548,209
<TOTAL-LIABILITIES> 26,602,076
<SENIOR-EQUITY> 77,186
<PAID-IN-CAPITAL-COMMON> 891,822,483
<SHARES-COMMON-STOCK> 2,053,027
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (330)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 50,131,067
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 171,036,724
<NET-ASSETS> 1,113,067,130
<DIVIDEND-INCOME> 1,952,909
<INTEREST-INCOME> 2,856,743
<OTHER-INCOME> 0
<EXPENSES-NET> (13,111,261)
<NET-INVESTMENT-INCOME> (8,301,609)
<REALIZED-GAINS-CURRENT> 61,906,245
<APPREC-INCREASE-CURRENT> 130,575,519
<NET-CHANGE-FROM-OPS> 184,180,155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (312,701)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,134,062
<NUMBER-OF-SHARES-REDEEMED> (94,358)
<SHARES-REINVESTED> 13,323
<NET-CHANGE-IN-ASSETS> 742,237,940
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 61,636,073
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,233,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 13,111,000
<AVERAGE-NET-ASSETS> 14,014,003
<PER-SHARE-NAV-BEGIN> 27.82
<PER-SHARE-NII> (0.17)
<PER-SHARE-GAIN-APPREC> 6.88
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (4.11)
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<EXPENSE-RATIO> 1.58
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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 QUASAR 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>
Cymer Inc. 09/18/96 2,500 0.01% $9.50 8,900 3,340 0.27% Morgan Stanley 0
Document Sciences Corp. 09/20/96 4,200 0.01% $12.00 14,500 2,300 0.63% C.J. Lawrence 0
Technology Modeling Assoc.09/20/96 100 0.00% $12.00 13,600 3,000 0.45% Morgan Stanley 0
Technology Modeling Assoc.09/20/96 3,700 0.01% $12.00 13,600 3,000 0.45% Lewco Sec. 0
Cross Continent Auto Retai09/23/96 82,200 0.32% $14.00 129,200 3,675 3.52% Morgan Stanley 0
Cross Continent Auto Retai09/23/96 500 0.00% $14.00 129,200 3,675 3.52% Legg Mason Wood Walker 0
American Residential Servi09/24/96 7,900 0.03% $15.00 1,200 4,200 0.03% Smith Barney 0
Abercrombie & Fitch Co. 09/25/96 4,500 0.02% $16.00 4,200 7,000 0.06% J.P. Morgan 0
Abercrombie & Fitch Co. 09/25/96 23,600 0.10% $16.00 4,200 7,000 0.06% J.P. Morgan 0
Tag Heuer International 09/26/96 90,000 0.46% $19.55 140,200 2,505 5.60% Smith Barney 0
Orckit Communications 09/27/96 5,500 0.02% $16.00 19,600 3,300 0.59% Brown (Alex) 0
Intelligroup Inc 09/27/96 7,600 0.02% $10.00 29,200 8,170 0.36% Cowen & Co 0
Advanced Fibre Communicati09/30/96 10,100 0.07% $25.00 34,200 4,500 0.76% Morgan Stanley 0
Culligan Water Technologie10/07/96 90,500 0.86% $37.63 46,600 4,995 0.93% Goldman Sachs 0
Culligan Water Technologie10/07/96 35,000 0.33% $37.63 46,600 4,995 0.93% Clearly, Gull & Reila 0
Trusted Information Sys. 10/10/96 10,000 0.03% $13.00 34,900 3,400 1.03% J.P. Morgan 0
Superior Consultant Inc. 10/10/96 900 0.00% $16.00 3,000 2,500 0.12% Blair Williams 0
Sabre Group Holdings 10/10/96 55,100 0.38% $27.00 193,800 20,200 0.96% Goldman Sachs 0
White Pine Software Inc. 10/11/96 17,200 0.04% $9.00 62,500 3,000 2.08% Cowen & Co 0
XL Connect Solutions Inc. 10/17/96 5,900 0.02% $15.00 21,500 2,900 0.74% Brown (Alex) 0
Wild Oats Mkts. Inc. 10/22/96 9,900 0.06% $25.00 1,500 1,680 0.09% Montgomery Sec. 0
Cybermedia Inc. 10/23/96 6,500 0.03% $16.00 22,000 2,500 0.88% Lewco Sec. 0
Stage Stores Inc. 10/24/96 15,000 0.06% $16.50 10,300 11,000 0.09% Invemed Assoc. 0
Infinity Finl Technology 10/24/96 2,900 0.01% $16.00 9,900 2,690 0.37% Goldman Sachs 0
Dominick's Supermarkets In10/29/96 14,600 0.07% $18.00 2,300 8,000 0.03% BT Securities 0
Dominick's Supermarkets In10/29/96 1,000 0.00% $18.00 2,300 8,000 0.03% Salomon Brothers Inc 0
Dominick's Supermarkets In10/29/96 14,600 0.07% $18.00 2,300 8,000 0.03% Bankers Trust 0
Ingram Micro Inc. 10/31/96 31,600 0.14% $18.00 500 20,000 0.00% Morgan Stanley 0
Nu Skin Asia 11/21/96 26,400 0.14% $23.00 7,500 9,100 0.08% 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 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>
Doncasters PLC 01/29/97 46,500 0.14% $16.50 79,600 8,000 1.00% C.S. First Boston 288,400
Silgan Holdings Inc. 02/14/97 80,200 0.27% $20.00 142,000 4,500 3.16% Goldman Sachs 296,200
Vail Resorts Inc 02/03/97 221,000 0.85% $22.00 309,600 12,100 2.56% Bear, Sterns Securities0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1997 THROUGH MAY 31, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 05/31/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Jacor Communications 05/16/97 35,200 0.17% $31.00 47,500 6,650 0.71% Merrill Lynch 196,200
LHS Group Inc. 05/15/97 27,900 0.07% $16.00 40,800 4,800 0.85% Goldman Sachs 0
Rental Services Corporatio05/30/97 122,200 0.37% $19.88 160,000 5,280 3.03% 122,200
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 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>
Arm Financial 06/18/97 71,100 0.14% $15.00 178,900 8,000 2.24% Morgan Stanley 0
RWD Technologies 06/19/97 4,500 0.01% $13.00 17,400 3,000 0.58% William Blair 0
Cal Dive International 07/01/97 91,700 0.18% $15.00 126,700 3,600 3.52% Wertheim Schroeder 0
Peritus Software 07/01/97 9,100 0.02% $16.00 34,300 3,500 0.98% Montgomery Sec. 0
CCA Prison Realty 07/15/97 27,500 0.07% $21.00 46,000 18,500 0.25% J.C. Bradford 160,000
Friede Goldman 07/21/97 125,700 0.26% $17.00 150,000 4,665 3.22% Jefferies & Co. 0
CHS Electronics 07/25/97 153,500 0.56% $31.75 183,200 13,000 1.41% Raymond James 0
Carrizo Oil & Gas 08/06/97 80,400 0.10% $11.00 100,000 2,500 4.00% Lewco Sec. 0
Steel Dynamics 08/13/97 176,500 0.51% $25.00 216,700 8,400 2.58% Morgan Stanley 378,400
Trendwest Resort 08/14/97 84,400 0.17% $18.00 105,000 2,875 3.65% Montgomery Sec. 84,400
</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.
Report of Independent Auditors
To the Shareholders and Board of Directors of
Alliance Quasar Fund, Inc.
In planning and performing our audit of the financial statements of Alliance
Quasar Fund, Inc. for the year ended September 30, 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 the internal control.
The management of Alliance Quasar Fund, Inc. 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 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, 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 the internal control would not necessarily disclose all
matters in the 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 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 the internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above at September 30, 1997.
This report is intended solely for the information and use of the board of
directors and management of Alliance Quasar Fund, Inc. and the Securities and
Exchange Commission.
ERNST & YOUNG LLP
New York, New York
November 4, 1997
