<PAGE> PAGE 1
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000 C000000 0000859605
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000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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001 A000000 ALLIANCE NEW EUROPE FUND
001 B000000 811-6028
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002 B000000 SECAUCUS
002 C000000 NJ
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004 000000 N
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008 B000001 A
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008 D020001 NY
008 D030001 10105
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010 B000001 801-32361
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10105
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011 B000001 8-30851
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011 C020001 NY
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<PAGE> PAGE 2
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012 C030001 07096
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013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
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020 C000002 15
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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SIGNATURE JOSEPH MANTINEO
TITLE CONTROLLER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000859605
<NAME> ALLIANCE NEW EUROPE FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 114,481,767
<INVESTMENTS-AT-VALUE> 135,268,893
<RECEIVABLES> 5,190,588
<ASSETS-OTHER> 6,520,014
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 6,517,658
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 624,664
<TOTAL-LIABILITIES> 7,142,322
<SENIOR-EQUITY> 88,211
<PAID-IN-CAPITAL-COMMON> 116,925,736
<SHARES-COMMON-STOCK> 4,261,395
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,444,905)
<ACCUMULATED-NET-GAINS> 3,490,879
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,777,252
<NET-ASSETS> 139,837,173
<DIVIDEND-INCOME> 910,729
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,610,148
<NET-INVESTMENT-INCOME> (699,419)
<REALIZED-GAINS-CURRENT> 3,335,462
<APPREC-INCREASE-CURRENT> 11,599,051
<NET-CHANGE-FROM-OPS> 14,235,094
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (687,499)
<DISTRIBUTIONS-OF-GAINS> (5,185,709)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 457,384
<NUMBER-OF-SHARES-REDEEMED> (1,161,493)
<SHARES-REINVESTED> 254,664
<NET-CHANGE-IN-ASSETS> 13,008,871
<ACCUMULATED-NII-PRIOR> 386,447
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<EXPENSE-RATIO> 2.09
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000859605
<NAME> ALLIANCE NEW EUROPE FUND CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
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<SHARES-COMMON-STOCK> 3,356,689
<SHARES-COMMON-PRIOR> 2,785,737
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,444,905)
<ACCUMULATED-NET-GAINS> 3,490,879
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<DIVIDEND-INCOME> 910,729
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (699,419)
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<NET-CHANGE-FROM-OPS> 14,235,094
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<DISTRIBUTIONS-OF-INCOME> (294,871)
<DISTRIBUTIONS-OF-GAINS> (3,892,291)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 762,486
<NUMBER-OF-SHARES-REDEEMED> (325,002)
<SHARES-REINVESTED> 172,848
<NET-CHANGE-IN-ASSETS> 13,008,871
<ACCUMULATED-NII-PRIOR> 386,447
<ACCUMULATED-GAINS-PRIOR> 10,670,450
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1,610,148
<AVERAGE-NET-ASSETS> 46,592,123
<PER-SHARE-NAV-BEGIN> 15.31
<PER-SHARE-NII> (.12)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000859605
<NAME> ALLIANCE NEW EUROPE FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> JAN-31-1997
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<OVERDISTRIBUTION-NII> (1,444,905)
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<PER-SHARE-NII> (.13)
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<PER-SHARE-NAV-END> 15.56
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000859605
<NAME> ALLIANCE NEW EUROPE FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> JAN-31-1997
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<SENIOR-EQUITY> 88,211
<PAID-IN-CAPITAL-COMMON> 116,925,736
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,444,905)
<ACCUMULATED-NET-GAINS> 3,490,879
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<ACCUM-APPREC-OR-DEPREC> 20,777,252
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<DIVIDEND-INCOME> 910,729
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<NET-INVESTMENT-INCOME> (699,419)
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<DISTRIBUTIONS-OF-INCOME> (72,002)
<DISTRIBUTIONS-OF-GAINS> (413,229)
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<NUMBER-OF-SHARES-SOLD> 313,895
<NUMBER-OF-SHARES-REDEEMED> (378)
<SHARES-REINVESTED> 26,029
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<ACCUMULATED-NII-PRIOR> 386,447
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<AVERAGE-NET-ASSETS> 2,935,509
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</TABLE>
Securities Purchased in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
10f-3 TRANSACTIONS FOR THE PERIOD NOVEMBER 1, 1996 THROUGH JANUARY 31, 1997
NEW EUROPE Shares
Date Shares % of Fund Price per Purchased
Security Purchased Purchased Assets (1) Share Fund Group
Deutsche Telecom AG 11/18/96 25,700 0.36% 18.978 1,132,190
Total
Shares % of Issue Shares
Issued Purchased Held
(000) By Group (2) Broker(s) 01/31/97
500,000 0.23% Deutsche Morgan Grenfell 35,700
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 exceed 10% of the principal amount of the offering.
