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000 C000000 0000095669
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001 A000000 ALLIANCE GLOBAL SMALL CAP FUND, INC.
001 B000000 811-01415
001 C000000 2013194000
002 A000000 500 PLAZA DRIVE
002 B000000 SECAUCUS
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002 D010000 07094
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008 B000001 A
008 C000001 801-32361
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10105
011 A000001 ALLIANCE FUND DISTRIBUTORS, INC.
011 B000001 8-30851
011 C010001 NEW YORK
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012 A000001 ALLIANCE FUND SERVICES, INC.
012 B000001 84-0001187
012 C010001 SECAUCUS
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012 C030001 07096
013 A000001 ERNST & YOUNG LLP
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<PAGE> PAGE 2
013 B030001 10019
014 A000001 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B000001 8-00017574
015 A000001 STATE STREET BANK AND TRUST CO.
015 B000001 C
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015 C020001 MA
015 C030001 02110
015 E010001 X
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019 C000000 ALLIANCECA
020 A000001 SMITH BARNEY, INC.
020 B000001 13-1912900
020 C000001 40
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002 35
020 A000003 BRIDGE TRADING CO.
020 B000003 43-1450530
020 C000003 27
020 A000004 MORGAN (J.P.) SECURITIES, INC.
020 B000004 13-3224016
020 C000004 26
020 A000005 MORGAN STANLEY & CO., INC.
020 B000005 13-2655998
020 C000005 22
020 A000006 PRUDENTIAL SECURITIES, INC.
020 B000006 22-2347336
020 C000006 19
020 A000007 BT ALEX BROWN, INC.
020 B000007 52-1319768
020 C000007 18
020 A000008 JAMES CAPEL & CO., LTD.
020 B000008 52-1348224
020 C000008 18
020 A000009 CREDIT SUISSE FIRST BOSTON CORP.
020 B000009 13-5659485
020 C000009 17
020 A000010 NOMURA SECURITIES INTERNATIONAL, INC.
020 B000010 13-2642206
020 C000010 16
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022 B000001 11-1988350
022 C000001 165875
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022 A000002 GENERAL ELECTRIC CREDIT CORP.
022 B000002 13-5409205
022 C000002 162241
<PAGE> PAGE 3
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022 A000003 PRUDENTIAL SECURITIES, INC.
022 B000003 22-2347336
022 C000003 162084
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022 B000004 38-1012444
022 C000004 142092
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022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC
022 B000005 13-5674085
022 C000005 8424
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022 B000006 13-2518466
022 C000006 4653
022 D000006 5569
022 A000007 GOLDMAN, SACHS & CO.
022 B000007 13-5108880
022 C000007 4433
022 D000007 3584
022 A000008 NATIONSBANC MONTGOMERY SECURITIES
022 C000008 4132
022 D000008 3103
022 A000009 CREDIT SUISSE FIRST BOSTON CORP.
022 B000009 13-5659485
022 C000009 3553
022 D000009 2507
022 A000010 MORGAN STANLEY & CO., INC.
022 B000010 13-2655998
022 C000010 2948
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<PAGE> PAGE 4
026 H000000 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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080 A000000 ICI MUTUAL INSURANCE CO.
080 B000000 GULF INSURANCE CO., CNA, CHUBB
080 C000000 92000
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SIGNATURE BETH SMITH
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000095669
<NAME> ALLIANCE GLOBAL SMALL CAP FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> ALLIANCE GLOBAL SMALL CAP FUND, INC.
<S> <C>
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<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 124,425,365
<INVESTMENTS-AT-VALUE> 131,260,377
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 131,532,644
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<INTEREST-INCOME> 457,856
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<EXPENSES-NET> (3,215,800)
<NET-INVESTMENT-INCOME> (1,518,977)
<REALIZED-GAINS-CURRENT> 14,877,192
<APPREC-INCREASE-CURRENT> (10,503,261)
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<INVESTMENTS-AT-COST> 124,425,365
<INVESTMENTS-AT-VALUE> 131,260,377
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<EXPENSE-RATIO> 2.88
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</TABLE>
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<NAME> ALLIANCE GLOBAL SMALL CAP FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> ALLIANCE GLOBAL SMALL CAP FUND, INC.
<S> <C>
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<PERIOD-END> JUL-31-1998
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<NET-INVESTMENT-INCOME> (1,518,977)
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<DISTRIBUTIONS-OF-GAINS> (796,527)
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<GROSS-ADVISORY-FEES> 1,347,000
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000095669
<NAME> ALLIANCE GLOBAL SMALL CAP FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> ALLIANCE GLOBAL SMALL CAP FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 124,425,365
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<SHARES-COMMON-PRIOR> 25,857
<ACCUMULATED-NII-CURRENT> (1,833,431)
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<INTEREST-INCOME> 457,856
<OTHER-INCOME> 0
<EXPENSES-NET> (3,215,800)
<NET-INVESTMENT-INCOME> (1,518,977)
<REALIZED-GAINS-CURRENT> 14,877,192
<APPREC-INCREASE-CURRENT> (10,503,261)
<NET-CHANGE-FROM-OPS> 2,854,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (28,565)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,144
<NUMBER-OF-SHARES-REDEEMED> (1,981)
<SHARES-REINVESTED> 2,093
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<ACCUMULATED-NII-PRIOR> (314,454)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,347,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,252,000
<AVERAGE-NET-ASSETS> 368,055
<PER-SHARE-NAV-BEGIN> 12.89
<PER-SHARE-NII> (0.07)
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<PER-SHARE-DIVIDEND> 0.00
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</TABLE>
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchased in Underwritings Involving
"Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation"
Subject to Rule 10f-3 Under the Investment Company Act of 1940
ALLIANCE GLOBAL SMALL CAP FUND
<TABLE>
"10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1997 THROUGH AUGUST 31, 1997"
<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) 08/31/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
"Cal Dive International 07/01/97 7,800 0.09% $15.00 126,700 3,600 3.52% Wertheim Schroder 0"
"Peritus Software 07/01/97 800 0.01% $16.00 34,300 3,500 0.98% Montgomery Securities 0"
"CCA Prison Realty 07/15/97 2,300 0.04% $21.00 46,000 18,500 0.25% J.C. Bradford 10,500"
"Friede Goldman 07/21/97 2,800 0.04% $17.00 150,000 4,665 3.22% Jeffries + Co. 0"
"CHS Electronics 07/25/97 3,400 0.08% $31.75 183,200 13,000 1.41% Raymond James 0"
"Carrizo Oil & Gas 08/06/97 6,400 0.06% $11.00 100,000 2,500 4.00% Lewco Securities 0"
"Ispat International 08/07/97 37,000 0.79% $27.00 126,500 25,000 0.51% CS First Boston 0"
"Steel Dynamics 08/13/97 10,100 0.20% $25.00 216,700 8,400 2.58% Morgan Stanley 30,500"
"Trendwest Resort 08/14/97 6,800 0.10% $18.00 105,000 2,875 3.65% Montgomery Securities 6,800"
</TABLE>
<TABLE>
"10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1997 THROUGH OCTOBER 5, 1997"
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 11/30/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
"Avis Rent A Car 09/24/97 10,600 0.12% $17.00 188,300 19,500 0.97% Bear Stearns 38,100"
"Network Solutions 09/26/97 600 0.01% $18.00 29,000 3,300 0.88% Lewco 0"
"Ivex Packing 10/01/97 5,200 0.06% $16.00 87,500 8,400 1.04% Merrill Lynch 32,500"
</TABLE>
<TABLE>
"10f-3 TRANSACTIONS FOR THE PERIOD OCTOBER 6, 1997 THROUGH NOVEMBER 30, 1997"
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 11/30/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
"Drill-Quip 10/23/97 3,600 0.00% $24.00 3,600 5,000 0.07% Morgan Stanley 0"
"Metromedia Fiber 10/29/97 3,900 0.00% $16.00 101,700 7,092 1.43% Salomon Bros. 0"
"IRI Intl Corp 11/13/97 7,600 0.00% $18.00 131,300 12,000 1.09% Lehman Bros. 7,600"
"Rayovac Corp 11/20/97 20,500 0.00% $14.00 350,000 6,700 5.22% Merrill Lynch 11,500"
"Meadowcraft Inc 11/25/97 9,900 0.00% $13.00 168,000 3,125 5.38% Edwards J.D. 9,900"
</TABLE>
<TABLE>
"10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1997 THROUGH FEBRUARY 28, 1998"
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 02/28/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
"Princeton Video Image Inc.12/16/97 16,100 0.00% $7.00 299,400 4,000 7.49% Allen & Company 16,100"
"United Rentals Inc. 12/18/97 13,400 0.00% $13.50 249,500 7,000 3.56% Merrill Lynch 17,300"
"Global Telesystems Group 02/04/98 5,600 0.00% $20.00 5,600 11,100 0.05% Merrill Lynch 5,600"
</TABLE>
<TABLE>
"10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1998 THROUGH MAY 31, 1998"
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 05/31/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
"PC Connection Inc. 03/03/98 100 0.00% $17.50 4,800 3,125 0.15% Blair William 0"
"Waddell & Reed Financial 03/04/98 4,900 0.00% $23.00 117,400 21,700 0.54% Morgan Stanley 0"
"Exodus Communications 03/18/98 1,000 0.00% $15.00 60,600 4,500 1.35% Goldman Sachs 0"
"ISS Group Inc. 03/23/98 700 0.00% $22.00 41,700 3,000 1.39% Goldman Sachs 7,600"
"Trans World Entertainment 04/27/98 21,500 0.00% $26.25 571,200 3,500 16.32% Goldman Sachs 21,500"
"Bally Total Fitness Corp. 05/07/98 2,200 0.00% $31.38 66,900 2,800 2.39% Merrill Lynch 26,700"
"Dynamex Inc. 05/14/98 7,500 0.00% $12.88 201,700 2,817 7.16% Lewco Secs 11,200"
</TABLE>
<TABLE>
"10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1998 THROUGH AUGUST 31, 1998"
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bIssued Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 08/31/98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
"Reinsurance Group of Ameri06/05/98 8,100 0.00% $47.00 227,900 4,300 5.30% Edward AG & Sons 6,000"
"Rhodia Inc ADR 06/25/98 3,000 0.00% $23.16 64,000 48,500 0.13% SG Warburg 0"
"Tweeter Home Entmt Group 07/16/98 1,500 0.00% $17.00 49,200 2,710 1.82% Dain Rauchser Inc 0"
"Broadcast Com 07/16/98 400 0.00% $18.00 27,300 2,500 1.09% Morgan Stanley 0"
"Entrust Technologies Inc 08/17/98 400 0.00% $16.00 29,100 7,770 0.37% Goldman Sachs 0"
"Geocities 08/10/98 500 0.00% $17.00 45,000 4,750 0.95% Goldman Sachs 0"
</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.
"* Unless otherwise indicated, the securities were part of an issue registered"
under the Securities Act of 1933 and offered to the public.
**Indicates the puchase of an Eligible Rule 144A Security.
"1) Purchases by all Alliance Funds, including the Fund, may not exceed: (a) if"
"purchased in an offering than an Eligible Rule 144A Offering, 25% of the"
principal amount of the offering of such class; or (b) if purchased in an
"Eligible Rule 144A Offering, 25% of the total of (i) the principal amount"
of the offering of such class sold by underwriters or members of the
"selling syndicate to qualified institutional buyers, plus (ii) the principal "
amount of the offering of such class in any concurrent public offering.
ALLIANCE GLOBAL SMALL CAP FUND, INC. Exhibit 77C
811-1415
A Special Meeting of Shareholders of Alliance Global Small Cap Fund,
Inc. was held on July 6, 1998. A description of each proposal and
number of shares voted at the meeting are as follows:
1. To Elect Directors: Shares Voted For Withheld Authority
Class Three Directors
(term expires 2000)
John D. Carifa 6,513,763 125,987
Ruth Block 6,509,121 130,630
David H. Dievler 6,509,747 130,004
John H. Dobkin 6,500,205 139,545
William H. Foulk, Jr. 6,501,310 138,441
James M. Hester 6,486,954 152,796
Clifford L. Michel 6,519,477 120,273
Donald J. Robinson 6,492,009 147,742
2. To ratify the selection Shares Shares Voted Shares
of Ernst & Young LLP Voted For Against Abstained
as the Fund's independent
auditors for the Fund's
fiscal year ending
July 31, 1998. 6,486,562 43,361 109,819
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, 1998,
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 fraud 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 fraud
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, 1998.
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
September 9, 1998
