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000 C000000 0000859605
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001 C000000 2013194104
002 A000000 500 PLAZA DRIVE
002 B000000 SECAUCUS
002 C000000 NJ
002 D010000 07094
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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008 B000001 A
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008 D020001 NY
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010 B000001 801-32361
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10105
011 A000001 ALLIANCE FUND DISTRIBITORS, 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
<PAGE> PAGE 2
012 C020001 NJ
012 C030001 07094
013 A000001 ERNST & YOUNG
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
014 A000003 AUTRONET
014 B000003 8-00017574
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 50
019 C000000 ALLIANCECA
020 A000001 JAMES CAPEL
020 B000001 52-1348224
020 C000001 17
020 A000002 UBS SECURITIES INC
020 B000002 13-2932996
020 C000002 14
020 A000003 NATWEST SECURITIES CORP
020 B000003 0000000000
020 C000003 12
020 A000004 HOARE GOVETT
020 B000004 0000000000
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020 C000008 8
020 A000009 GOLDMAN SACHS
020 B000009 13-5108880
020 C000009 7
020 A000010 BARCLAYS DE ZOETE WEDD
020 B000010 13-3551367
<PAGE> PAGE 3
020 C000010 6
021 000000 169
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 4133
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022 A000002 NATWEST SECURITIES CORP
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022 C000003 5562
022 D000003 3972
022 A000004 HOARE GOVETT
022 B000004 00-0000000
022 C000004 3623
022 D000004 5544
022 A000005 JAMES CAPEL INC
022 B000005 52-1348224
022 C000005 4883
022 D000005 3762
022 A000006 BARCLAYS DE ZOETE WEDD
022 B000006 13-3551367
022 C000006 4304
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022 A000007 UBS SECURITIES INC
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022 C000007 5554
022 D000007 2414
022 A000008 SMITH NEWCOURT
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022 C000008 2704
022 D000008 5018
022 A000009 MORGAN STANLEY
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022 C000009 480
022 D000009 5615
022 A000010 BOSTON SAFE DEPOSIT & TRUST
022 B000010 04-1107280
022 C000010 2322
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023 C000000 63589
023 D000000 48598
024 000000 N
025 D000001 0
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025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
<PAGE> PAGE 4
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 3516
028 A020000 0
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028 C010000 3362
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028 D010000 1972
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028 E010000 3479
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<PAGE> PAGE 5
036 A000000 Y
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<PAGE> PAGE 6
054 D000000 N
054 E000000 N
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<PAGE> PAGE 7
066 G000000 N
067 000000 N
068 A000000 N
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070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
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070 R010000 Y
070 R020000 N
071 A000000 48598
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<PAGE> PAGE 8
072 G000000 65
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072 U000000 5
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072 Y000000 0
072 Z000000 -721
072AA000000 11991
072BB000000 0
072CC010000 0
072CC020000 2957
072DD010000 870
072DD020000 0
072EE000000 0
073 A010000 0.2700
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
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074 D000000 0
074 E000000 3825
074 F000000 110889
074 G000000 0
074 H000000 0
074 I000000 0
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074 K000000 0
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074 M000000 6
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074 O000000 10468
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<PAGE> PAGE 9
074 R040000 1255
074 S000000 0
074 T000000 114936
074 U010000 9103
074 U020000 0
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 9
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075 A000000 126740
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077 A000000 N
080 C000000 0
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084 A000000 N
084 B000000 0
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086 D010000 0
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086 F020000 0
SIGNATURE ALAN WILDSTEIN
TITLE ASST VICE PRES
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1994
<PERIOD-END> JAN-31-1995
<INVESTMENTS-AT-COST> 109,939,010
<INVESTMENTS-AT-VALUE> 114,714,120
<RECEIVABLES> 12,440,249
<ASSETS-OTHER> 4,807
<OTHER-ITEMS-ASSETS> 1,585
<TOTAL-ASSETS> 127,160,761
<PAYABLE-FOR-SECURITIES> 10,119,381
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,105,860
<TOTAL-LIABILITIES> 12,225,241
<SENIOR-EQUITY> 91,031
<PAID-IN-CAPITAL-COMMON> 123,739,535
<SHARES-COMMON-STOCK> 9,103,074
<SHARES-COMMON-PRIOR> 10,340,619
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,635,688
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 11,695,014
<ACCUM-APPREC-OR-DEPREC> 4,435,656
<NET-ASSETS> 114,935,520
<DIVIDEND-INCOME> 720,407
<INTEREST-INCOME> 12,622
<OTHER-INCOME> 0
<EXPENSES-NET> 1,454,408
<NET-INVESTMENT-INCOME> (721,379)
<REALIZED-GAINS-CURRENT> 11,990,980
<APPREC-INCREASE-CURRENT> (9,430,875)
<NET-CHANGE-FROM-OPS> 1,838,726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 869,574
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,602,417
<NUMBER-OF-SHARES-REDEEMED> 33,069,158
<SHARES-REINVESTED> 414,777
<NET-CHANGE-IN-ASSETS> (15,082,812)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 44,735
<OVERDIST-NET-GAINS-PRIOR> 23,685,994
<GROSS-ADVISORY-FEES> 682,577
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,454,408
<AVERAGE-NET-ASSETS> 126,739,608
<PER-SHARE-NAV-BEGIN> 0
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<PER-SHARE-DIVIDEND> 0
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<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
