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SIGNATURE CATHY WHITE
TITLE ASST VICE PRESIDENT
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<INVESTMENTS-AT-VALUE> 119,714,210
<RECEIVABLES> 10,231,368
<ASSETS-OTHER> 901,908
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 130,847,486
<PAYABLE-FOR-SECURITIES> 3,433,486
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,199,477
<TOTAL-LIABILITIES> 4,632,963
<SENIOR-EQUITY> 100,256
<PAID-IN-CAPITAL-COMMON> 99,391,731
<SHARES-COMMON-STOCK> 25,857
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (314,454)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,544,970
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,493,245
<NET-ASSETS> 126,214,523
<DIVIDEND-INCOME> 885,936
<INTEREST-INCOME> 317,186
<OTHER-INCOME> 0
<EXPENSES-NET> (2,716,228)
<NET-INVESTMENT-INCOME> (1,513,106)
<REALIZED-GAINS-CURRENT> 10,850,949
<APPREC-INCREASE-CURRENT> 15,515,927
<NET-CHANGE-FROM-OPS> 24,853,770
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (38,258)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,509
<NUMBER-OF-SHARES-REDEEMED> (9,635)
<SHARES-REINVESTED> 2,983
<NET-CHANGE-IN-ASSETS> 39,224,767
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12,674,051
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,055,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,743,000
<AVERAGE-NET-ASSETS> 302,055
<PER-SHARE-NAV-BEGIN> 12.63
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 1.90
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.89
<EXPENSE-RATIO> 2.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 SEPTEMBER 1, 1996 THROUGH NOVEMBER 30, 1996
<CAPTION>
Total
Shares Shares % of Issue Shares
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 11/30/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Abercrombie & Fitch Co. 09/25/96 3,600 0.06% $16.00 44,300 7,000 0.63% Goldman Sachs 0
American Residential Svsc 09/24/96 1,000 0.02% $15.00 12,600 4,200 0.30% Smith Barney 0
Cross Continent Auto Retai09/23/96 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
Rolin 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 SA 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 Sec. 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 Sec. 43,400
Culligan Wtr. Technologies10/07/96 15,000 0.57% $37.63 222,100 5,744 3.87% Goldman Sachs 15,400
Cybermedia Inc. 10/23/96 700 0.00% $16.00 31,100 2,500 1.24% Lewco Sec. 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 6,600 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 Williams 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 Sec. 0
XL Connect Solutions Inc. 10/17/96 700 0.01% $15.00 29,800 2,900 1.03% Brown (Alex) 0
Ingram Micro 10/31/96 3,900 0.07% $16.00 133,700 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 2,200 0.05% $23.00 44,100 9,100 0.48% Merrill Lynch 0
Louis Dreyfus Citrus 11/26/96 7,200 0.04% $5.17 7,200 3,100 0.23% UBS Sec. 7,200
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1996 THROUGH FEBRUARY 28, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued 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% First Boston 30,100
Vail Resorts 02/02/97 23,100 0.44% $22.00 309,600 12,100 2.56% Bear Stearns 0
Silgan Holdings Inc. 02/13/97 8,100 0.13% $20.00 142,000 4,500 3.16% Goldman Sachs 29,600
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1997 THROUGH MAY 31, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 05/31/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Jacor Communications 05/16/97 3,300 0.10% $31.00 47,500 6,650 0.71% Merrill Lynch 0
LHS Group Inc. 05/15/97 2,600 0.04% $16.00 40,800 4,800 0.85% Blair Williams 0
Rental Services Corporatio05/30/97 11,000 0.19% $19.88 160,000 5,280 3.03% Goldman Sachs 11,000
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1997 THROUGH AUGUST 31, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 08/31/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CCA Prison Realty 07/15/97 2,300 0.04% $21.00 46,000 18,500 0.25% J.C. Bradford + Co. 10,500
Cal Dive International 07/01/97 7,800 0.09% $15.00 126,700 3,800 3.52% Schroeder Securities 0
Peritus Software Services 07/01/97 800 0.01% $16.00 34,300 3,500 0.98% Montgomery Sec. 0
CMS Electronics Inc. 07/25/97 3,400 0.08% $31.75 183,200 13,000 1.41% Raymond James + Associa0
Friede Goldman Internation07/21/97 2,800 0.04% $17.00 150,000 4,665 3.22% Jeffries + Co. 0
Steel Dynamics 08/13/97 10,100 0.20% $25.00 216,700 8,400 2.58% Morgan Stanley 30,500
Camizo Oil + Gas 08/06/97 6,400 0.06% $11.00 100,000 2,500 4.00% Lewco Sec. 0
Ispat International 08/07/97 37,000 0.79% $27.00 126,500 25,000 0.51% CS First Boston 0
Trendwest Resorts 08/14/97 6,800 0.10% $18.00 105,000 2,875 3.65% Montgomery Sec. 6,800
</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.
Report of Independent Auditors
To the Shareholders and Board of Directors of
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, 1997, 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 Global Small Cap 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
irregularities 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 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 and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above at July 31, 1997.
This report is intended solely for the information and use of the board of
directors and management of Alliance Global Small Cap Fund, Inc. and the
Securities and Exchange Commission.
ERNST & YOUNG LLP
New York, New York
September 3, 1997
