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SIGNATURE BETH SMITH
TITLE ASST VICE PRESIDENT
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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, 1998, 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 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 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 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 the internal control and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above at September 30, 1998.
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
November 9, 1998
[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 QUASAR FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1997 THROUGH OCTOBER 5, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets (1Share Fund Group (000) By Group Broker(s) 11/30/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Avis Rent A Car Inc 09/23/97 146,300 0.23% $17.00 188,300 19,500 0.97% Bear Stearns 598,100
Network Solutions Inc 09/26/97 8,500 0.01% $18.00 29,000 3,300 0.88% Lewco 0
Petersen Cos Inc 10/01/97 53,500 0.08% $17.50 3,800 7,000 0.05% Morgan Stanley 0
Ivex Packing Corp 10/01/97 73,200 0.10% $16.00 87,500 8,400 1.04% Merrill Lynch 506,500
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD OCTOBER 6, 1997 THROUGH NOVEMBER 30, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 11/30/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
American Disposal Services10/22/97 62,500 0.00% $30.50 75,000 6,000 1.25% Oppenheimer & Co Inc 403,900
Drill-Quip Inc 10/22/97 48,300 0.00% $24.00 3,600 5,000 0.07% Morgan Stanley 0
Metromedia Fiber Network I10/28/97 54,300 0.00% $16.00 101,700 7,092 1.43% Salomon Bros. 0
Trimeris Inc 10/07/97 126,000 0.00% $12.00 150,000 2,075 7.23% UBS Securities Inc 0
IRI Intl Corp 11/13/97 108,100 0.00% $18.00 131,300 12,000 1.09% Lehman Bros. 108,100
Meadowcraft Inc 11/25/97 140,900 0.00% $13.00 168,000 3,125 5.38% Edwards A G & Sons 140,900
Rayovac Corp 11/20/97 293,400 0.00% $14.00 350,000 6,700 5.22% Merrill Lynch 167,400
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1997 THROUGH FEBRUARY 28, 1998
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 02/28/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Princeton Video Image Inc.12/16/97 253,200 0.00% $7.00 299,400 4,000 7.49% Allen & Company 253,200
United Rentals Inc. 12/18/97 211,000 0.00% $13.50 249,500 7,000 3.56% Merrill Lynch 348,100
Royal Olympic Cruise Lines02/04/98 132,000 0.00% $15.00 154,400 6,100 2.53% Lazard Freres 0
Associate Materials Inc 02/26/98 458,500 0.00% $16.00 527,700 2,129 24.79% Smith Barney 458,500
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1998 THROUGH MAY 31, 1998
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 05/31/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PC Connection Inc. 03/03/98 1,700 0.00% $17.50 4,800 3,125 0.15% Blair William 0
Waddell & Reed Financial 03/04/98 102,200 0.00% $23.00 117,400 21,700 0.54% Morgan Stanley 0
Exodus Communications Inc 03/18/98 23,100 0.00% $15.00 60,600 4,500 1.35% Goldman Sachs 0
ISS Group Inc. 03/23/98 15,600 0.00% $22.00 41,700 3,000 1.39% Goldman Sachs 180,300
Trans World Entertainment 04/27/98 525,000 0.00% $26.25 571,200 3,500 16.32% Goldman Sachs 525,000
Bally Total Fitness Corp 05/07/98 54,200 0.00% $31.38 66,900 2,800 2.39% Merrill Lynch 654,100
Dynamex Inc 05/14/98 185,500 0.00% $12.88 201,700 2,817 7.16% Lewco Secs 276,700
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1998 THROUGH AUGUST 31, 1998
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 08/31/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Reinsurance Group of Ameri06/05/98 210,300 0.00% $47.00 227,900 4,300 5.30% Edward AG & Sons 168,800
Teekay Shipping Corp 06/10/98 74,600 0.00% $25.94 1,585,200 7,000 22.65% Goldman Sachs 818,300
Broadcast.Com 07/16/98 9,900 0.00% $18.00 27,300 2,500 1.09% Morgan Stanley 0
Tweeter Home Entertainment07/16/98 39,900 0.00% $17.00 49,200 2,710 1.82% BT Alex Brown 0
Geocities 08/10/98 15,400 0.00% $17.00 45,000 4,750 0.95% Goldman Sachs 0
Entrust Technologies Inc 08/17/98 11,000 0.00% $16.00 29,100 7,770 0.37% Goldman Sachs 0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1998 THROUGH SEPTEMBER 30, 1998
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 09/30/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EBAY Inc 09/23/98 16,900 0.00% $18.00 50,700 3,500 1.45% Goldman Sachs 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.
* 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.
(3) Purchases by all Alliance Funds, including the Fund, may not exceed: (a) if
purchased in an offering 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.
Exhibit 77C
Alliance Quasar Fund, Inc.
811-1716
A Special Meeting of Shareholders of Alliance Quasar Fund, Inc. Was held on
July 6, 1998. A description of each proposal and number of shares voted at the
meeting are as follows:
1. To Elect Directors: Shares Voted For Withheld Authority
Class Three Directors
(Term Expires 2000)
John D. Carifa 42,871,209 61,9837
Ruth Block 42,856,103 634,943
David H. Dievler 42,862,929 628,117
John H. Dobkin 42,851,688 639,357
William H. Foulk, Jr. 42,856,888 634,158
James M. Hester 42,852,220 638,826
Clifford L. Michel 42,861,336 629,710
Donald J. Robinson 42,837,605 653,441
2. To Ratify the selection of
Ernst & Young LLP as the Share Shares Voted Shares
Fund's independent auditors Voted For Against Abstained
for the Fund's fiscal year
ending September 30, 1998. 42,483,515 292,314 715,113
