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SIGNATURE CATHY WHITE
TITLE ASST VICE PRESIDENT
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<TOTAL-LIABILITIES> 3,696,406
<SENIOR-EQUITY> 95,651
<PAID-IN-CAPITAL-COMMON> 94,476,093
<SHARES-COMMON-STOCK> 30,515
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (808,785)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,795,162
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,219,756
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<DIVIDEND-INCOME> 260,854
<INTEREST-INCOME> 194,572
<OTHER-INCOME> 0
<EXPENSES-NET> (1,264,211)
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<REALIZED-GAINS-CURRENT> 6,903,714
<APPREC-INCREASE-CURRENT> 6,242,438
<NET-CHANGE-FROM-OPS> 12,337,367
<EQUALIZATION> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 495,000
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<AVERAGE-NET-ASSETS> 218,026
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<PER-SHARE-NII> (0.04)
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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 GLOBAL SMALL CAP FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPT 30, 1996 THROUGH NOV 30, 1996
<CAPTION>
Total
Shares Shares % of Issue Shares
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 11/30/95
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Abercrombie & Fitch Co. 09/25/96 3,100 0.05% $16.00 44,300 7,000 0.63% Goldman Sachs 0
Abercrombie & Fitch Co. 09/25/96 500 0.01% $16.00 44,300 7,000 0.63% Rodman & Renshaw 0
American Residential Svcs.09/24/96 1,000 0.02% $15.00 12,600 4,200 0.30% Smith Barney 0
Cross Continental Auto Ret09/23/96 10,800 0.16% $14.00 129,200 3,675 3.52% Morgan Stanley 0
Cymer Inc. 09/18/96 300 0.00% $9.50 12,500 3,340 0.37% Morgan Stanley 0
Document Sciences Corp. 09/20/96 500 0.01% $12.00 20,500 2,300 0.89% C.J. Lawrence 0
Intelligroup Inc. 09/27/96 1,000 0.01% $10.00 40,100 8,170 0.49% Cowen & Co 0
Orckit Communications Ltd.09/27/96 700 0.01% $16.00 25,100 3,300 0.76% Goldman Sachs 0
Rofin Sinar Technologies 09/25/96 20,000 0.20% $9.50 20,000 10,000 0.20% C.J. Lawrence 20,000
Tag Heuer Intl. S.A. 09/26/96 11,600 0.24% $19.55 140,200 25,050 0.56% Salomon Brothers 11,600
Technology Modeling Assoc.09/20/96 500 0.00% $12.00 19,000 3,000 0.63% Lewco Securities 0
Thistle Hotels 10/02/96 37,600 0.10% $2.67 37,600 211,600 0.02% Merrill Lynch 37,600
Advanced Fibre Communicati09/30/96 1,200 0.03% $25.00 44,300 4,500 0.98% Morgan Stanley 0
Costilla Energy Inc. 10/02/96 28,000 0.36% $12.50 130,200 4,800 2.71% Prudential Securiti43,400
Culligan Water Tech. 10/07/96 5,000 0.19% $37.63 222,100 4,995 4.45% Lewco Securities 15,400
Culligan Water Tech. 10/07/96 10,000 0.38% $37.63 222,100 4,995 4.45% Goldman Sachs 15,400
Cybermedia Inc. 10/23/96 700 0.00% $16.00 31,100 2,500 1.24% Lewco Securities 0
Dominicks Supermarkets 10/29/96 1,900 0.03% $18.00 24,200 8,000 0.30% Bankers Trust 0
ENI Spa 10/25/96 3,000 0.14% $46.75 3,000 14,500 0.02% CS First Boston 3,000
Infinity Finl. Tech. 10/25/96 300 0.00% $16.00 14,000 2,690 0.52% Goldman Sachs 0
Sabre Group Holdings 10/10/96 8,600 0.18% $27.00 271,500 20,200 1.34% Goldman Sachs 0
Stage Stores Inc. 10/24/96 8,600 0.14% $16.50 54,500 11,000 0.50% CS First Boston 0
Superior Consultant Inc. 10/10/96 100 0.00% $16.00 4,300 2,500 0.17% Blair, William 0
Trusted Information Sys. 10/10/96 1,200 0.02% $13.00 49,000 3,400 1.44% J.P. Morgan 0
White Pine Software inc. 10/11/96 2,000 0.02% $9.00 82,200 3,000 2.74% Cowen & Co 0
Wild Oats Mkts. Inc. 10/22/96 1,200 0.03% $25.00 15,400 1,680 0.92% Montgomery Securiti0
XL Connect Solutions Inc. 10/17/97 700 0.01% $15.00 29,800 2,900 1.03% Brown (Alex) & Sons0
Ingram Micro 10/31/96 3,900 0.07% $18.00 133,700 20,000 0.67% Morgan Stanley 0
Bouygues Offshore 11/07/96 16,000 0.20% $12.38 16,000 13,600 0.12% Lehman Brothers 16,000
Deutsche Telecom 11/18/96 8,400 0.16% $18.89 1,077,590 85,000 1.27% Goldman Sachs 0
Nuskin Asia 11/21/96 2,000 0.05% $23.00 44,100 9,100 0.45% Merrill Lynch 0
Nuskin Asia 11/21/96 200 0.00% $23.00 44,100 9,100 0.45% McDonald & Co 0
Louis Dreyfus Citrus 11/26/96 7,200 0.04% $5.17 7,200 3,100 0.23% UBS Securities 7,200
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1996 THROUGH FEBRUARY 28, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued 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>
Versatility Inc. 12/12/96 200 0.00% $15.00 5,900 2,200 0.27% Merrill Lynch 0
Doncasters PLC 01/29/97 4,900 0.08% $16.50 79,600 8,000 1.00% CS First Boston 30,100
Vail Resorts 02/02/97 23,100 0.44% $22.00 309,600 12,100 2.56% Bear Stearns 0
Siligan Holdings Inc. 02/13/97 8,100 0.13% $20.00 142,000 4,500 3.16% Goldman Sachs 29,600
</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.
