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SIGNATURE CATHY WHITE
TITLE ASST VICE PRESIDENT
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<PER-SHARE-NII> (0.12)
<PER-SHARE-GAIN-APPREC> 1.74
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.53)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.05
<EXPENSE-RATIO> 3.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]Auditors Report of Internal Control
September 6, 1996
Board of Directors
Alliance Global Small Cap Fund, Inc.
In planning and performing our audit of the financial statements of
Alliance Global Small Cap Fund, Inc. for the year ended July 31, 1996,
we considered its internal control structure, including procedures 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 structure.
The management of Alliance Global Small Cap Fund, Inc. is responsible
for establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure 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 structure would not
necessarily disclose all matters in the internal control structure 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 the specific internal
control structure elements 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 structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of July 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
ERNST & YOUNG LLP
[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 GLOBAL SMALL CAP FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPT 1, 1995 THROUGH NOV 30, 1995
<CAPTION>
Total
Shares Shares % of Issue Shares
Date Shares % of Fund Price per Purchased by Issued Purchased Held
Security Purchased Purchased Assets Share Fund Group (000) By Group Broker(s) 11/30/95
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
The Carbide/Graphite Group 09/13/95 3,000 0.07% $15.00 13,000 5,400 0.24% Hambrecht & Quist 0
Smith Micro Software, Inc. 09/18/95 1,000 0.02% $12.00 26,500 3,400 0.78% Hambrecht & Quist 0
United Dental Care 09/22/95 800 0.02% $22.00 20,400 2,900 0.70% Alex Brown 0
Checkfree Corp 09/27/95 2,000 0.05% $18.00 74,600 6,500 1.15% Lehman Brothers 0
Zycon Corp 09/28/95 3,500 0.05% $12.00 18,900 4,000 0.47% Prudential 0
ESS Technology 10/05/95 2,000 0.04% $15.00 75,000 7,000 1.07% Morgan Stanley 0
Verity, Inc 10/05/95 1,000 0.02% $12.00 37,300 3,330 1.12% Hambrecht & Quist 0
Fokus Bank 10/09/95 6,000 0.04% $29.00 1,000,000 64,370 1.55% Kleinwort Benson 0
Allmerica Financial Corp 10/10/95 9,500 0.29% $21.00 110,000 11,000 1.00% Merrill Lynch/Salomo9,500
Merck KGAA Germany 10/16/95 6,600 0.35% $54.00 6,600 1,000 0.66% UBS Securities 3,000
De Rigo SPA 10/19/95 5,900 0.13% $16.00 31,900 7,700 0.41% Merrill Lynch 0
Oxford Resources Corp 10/19/95 7,600 0.27% $25.25 85,000 2,300 3.70% Prudential 17,700
Gucci Group 10/23/95 16,300 0.51% $22.00 177,100 24,500 0.72% Morgan Stanley 9,200
DST Systems, Inc. 10/31/95 8,800 0.26% $21.00 504,200 22,000 2.29% Merrill Lynch 8,800
Clarify, Inc. 11/03/95 1,800 0.03% $13.00 20,300 2,000 1.02% Alex Brown 0
Arbor Software Corp. 11/06/95 200 0.00% $17.00 7,700 1,800 0.43% Morgan Stanley 0
Pete's Brewing Co 11/06/95 2,600 0.07% $18.00 29,000 3,000 0.97% Morgan Stanley/DeanW0
Meta Software, Inc. 11/08/95 600 0.01% $12.00 14,100 2,000 0.71% Wesell Arnold 0
Visio Corp 11/10/95 900 0.02% $16.00 22,600 2,470 0.91% Alex Brown 0
National Surgery Centers, I11/10/95 2,100 0.05% $18.00 24,400 2,000 1.22% Alex Brown 6,600
Adidas AG 11/13/95 7,400 0.50% $68.00 8,600 27,300 0.03% UBS Securities 7,400
Canadian National Railway C11/16/95 900 0.02% $12.00 63,300 76,200 0.08% Goldman Sachs 0
The Estee Lauder Co., Inc. 11/16/95 12,700 0.47% $26.00 144,600 15,300 0.95% Gold Sachs/Unterburg8,800
I-star Internet, Inc. 11/16/95 33,000 0.41% $12.00 33,000 3,300 1.00% RBC Dominion Securit33,000
The Boston Bear Co. 11/20/95 1,300 0.04% $20.00 14,400 3,000 0.48% Goldman Sachs 0
Network Allpiance, Inc. 11/21/95 1,100 0.02% $13.50 39,200 2,700 1.45% Lehman Brothers 0
Westell Technologies 11/30/95 800 0.01% $13.00 20,500 3,200 0.64% Montgomery Securitie0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1996 THROUGH FEBRUARY 29, 1996
<CAPTION>
Total
Date Shares % of Fund Price per Purchased by Issued Purchased Held
Security Purchased Purchased Assets Share Fund Group (000) By Group Broker(s) 02/29/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Meta Group 12/01/95 300 0.01% $18.00 10,600 2,400 0.44% Robertson, Stephen 0
Citrix Sys Inc. 12/08/95 400 0.01% $15.00 16,400 2,500 0.66% Lewco Securities 0
Metatools 12/12/95 1,000 0.02% $18.00 35,300 3,000 1.18% Alex Brown 0
Hart Brewing 12/14/95 1,100 0.03% $19.00 12,600 2,600 0.48% Paine Webber 0
Omnipoint Corp. 01/26/96 400 0.01% $16.00 18,600 7,000 0.27% McDonald & Co 0
Heartstream, Inc. 01/31/96 2,100 0.03% $13.00 23,800 3,600 0.66% UBS Securities 0
Red Roof Inns 01/31/96 4,700 0.09% $16.00 52,500 10,000 0.53% Morgan Stanley 0
Childtime Learning Center 02/01/96 300 0.00% $11.00 4,000 1,700 0.24% Morgan Stanley 0
Mossimo, Inc. 02/22/96 2,000 0.04% $18.00 22,900 4,000 0.57% Merrill Lynch 2,000
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MAR 1, 1996 THROUGH MAY 31, 1996
<CAPTION>
Total
Date Shares % of Fund Price per Purchased by Issued Purchased Held
Security Purchased Purchased Assets Share Fund Group (000) By Group Broker(s) 05/31/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Orchad, Inc. 03/01/96 1,200 0.01% $11.00 41,700 3,200 1.30% Wessels & Arnold 0
Premiere Technologies 03/05/96 2,500 0.05% $18.00 86,400 6,500 1.33% Alex Brown 0
Sterling Commerce 03/08/96 6,200 0.16% $24.00 76,100 12,000 0.63% Alex Brown 0
Forte Software 03/11/96 400 0.01% $21.00 13,900 2,100 0.66% Morgan Stanley 0
First USA Paymentech 03/18/96 1,800 0.04% $21.00 21,700 6,100 0.43% Merrill Lynch 0
Xeikon NV 03/19/96 4,600 0.08% $15.00 56,300 6,400 0.88% Alex Brown 0
Eagle River Interactive 03/21/96 1,000 0.01% $13.00 39,300 4,000 0.98% Salomon Brothers 0
Intelliquest 03/22/96 400 0.01% $17.00 14,900 2,310 0.65% Blair Wiiliam 0
Arterial Vascular Eng 04/03/96 1,200 0.03% $21.00 20,400 5,000 0.41% Cowen & Co 0
Decisionone Corp 04/03/96 1,900 0.04% $18.00 23,500 7,500 0.31% Smith Barney 0
Microwave Systems Corp 04/03/96 400 0.00% $10.00 26,500 2,500 1.08% Alex Brown 0
Transition Systems 04/18/96 1,500 0.03% $18.00 64,100 6,000 1.07% Alex Brown 0
Edify Corp 05/02/96 400 0.01% $15.00 15,200 2,500 0.81% Goldman Sachs 0
Mark Bros. Jewelers 05/02/96 500 0.01% $14.00 6,400 3,250 0.20% Blair William 0
Open Vision Tech. 05/07/96 700 0.01% $14.00 30,000 2,735 1.10% Alex Brown 0
Vincam Group 05/09/96 800 0.01% $15.00 27,000 2,200 1.23% Smith Barney 0
Polymer Group 05/09/96 20,100 0.37% $18.00 240,989 14,242 1.69% Goldman Sachs 22,600
General Surgical Innov. 05/10/96 1,400 0.02% $15.00 26,400 2,500 1.08% Cowen & Co 0
Guangshen Railway 05/10/96 14,900 0.29% $19.00 174,000 12,447 1.40% Bear Stearns 0
Harmon Intl Inds 05/15/96 9,600 0.49% $49.75 121,100 4,000 3.03% Montgomery 9,600
Aksys Ltd 05/16/96 2,200 0.04% $16.00 27,500 3,100 0.89% Smith Barney 0
Garden Botanika 05/21/96 1,200 0.02% $20.00 14,200 2,700 0.53% Montgomery 0
Wyndham Hotel Corp 05/20/96 4,200 0.07% $16.00 49,800 3,650 1.36% Smith Barney Inc 0
Saks Holdongs 05/21/96 8,300 0.21% $25.00 99,100 16,000 0.62% Goldman Sachs 8,300
Suburban Lodges Amer 05/22/96 1,600 0.03% $17.00 19,000 3,300 0.58% Montgomery 8,700
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1996 THROUGH AUGUST 31, 1996
<CAPTION>
Total
Date Shares % of Fund Price per Purchased by Issued Purchased Held
Security Purchased Purchased Assets Share Fund Group (000) By Group Broker(s) 08/31/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dassault System 06/27/96 4,400 0.11% $23.00 53,500 7,812 0.68% Morgan Stanley 0
Farallon Communications 06/13/96 800 0.01% $16.00 28,000 2,250 1.24% Cowen & Co 0
Interstate Hotels Co. 06/19/96 2,500 0.06% $21.00 101,400 11,000 0.92% Montgomery Securitie8,500
Interstate Hotels Co. 06/19/96 1,000 0.02% $21.00 101,400 11,000 0.92% Furzman, Selz, Mager8,500
Interstate Hotels Co. 06/19/96 1,500 0.03% $21.00 101,400 11,000 0.92% Wassersyeln Perella 8,500
Interstate Hotels Co. 06/19/96 3,500 0.08% $21.00 101,400 11,000 0.92% Merrill Lynch 8,500
Korea Mobile Telecommunicat06/27/96 31,000 0.54% $16.13 239,000 20,955 1.14% Goldman Sachs 31,000
Noble Drilling Corporation 05/26/96 1,600 0.02% $13.00 19,000 19,000 0.10% Merrill Lynch 52,500
The North Face Inc. 07/02/96 2,500 0.04% $14.00 32,400 2,600 1.25% Lewco Securities 0
Telefonica Del Peru SA 07/01/96 24,300 0.53% $20.50 24,300 29,210 0.08% Merrill Lynch 24,300
Universal Outdoor Holdings,07/23/96 10,800 0.18% $14.50 131,400 6,200 2.12% Brown (Alex) & Sons 0
Outdoor Systems 08/19/96 11,200 0.43% $34.50 13,300 8,605 0.15% Brown (Alex) & Sons 11,200
</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.
