NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1995 (UNAUDITED) ALLIANCE GROWTH AND INCOME FUND
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Growth and Income Fund, Inc. (the 'Fund'), is registered under the Investment Company Act of 1940,
as a diversified, open-end management investment company. The Fund offers Class A, Class B and Class C
shares. Class A shares are sold with a front-end sales charge of up to 4.25%. Class B shares are sold with a
contingent deferred sales charge which declines from 4% to zero depending on the period of time the shares are
held. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month
of purchase. Class C shares are sold without an initial or contingent deferred sales charge. All three classes of
shares have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that
each class bears different distribution expenses and has exclusive voting rights with respect to its distribution plan.
The following is a summary of significant accounting policies followed by the Fund.
1. SECURITY VALUATION Portfolio securities traded on national securities exchanges are valued at the last
sales price, or, if no sale occurred, at the mean of the bid and asked price at the regular close of the New York
Stock Exchange. Over-the-counter securities are valued at the mean of the closing bid and asked price.
Securities for which current market quotations are not readily available (including investments which are subject
to limitations as to their sale) are valued at fair value as determined in good faith by the Board of Directors. In
determining fair value, consideration is given to cost, operating and other financial data. The Board of Directors
has further determined that the value of certain portfolio debt securities, other than temporary investments in
short-term securities, be determined by reference to valuations obtained from a pricing service. Securities which
mature in 60 days or l