<PAGE> PAGE 1
000 B000000 04/30/96
000 C000000 0000812015
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE ALLIANCE PORTFOLIOS
001 B000000 811-5088
001 C000000 2013194000
002 A000000 500 PLAZA DRIVE
002 B000000 SECAUCUS
002 C000000 NJ
002 D010000 07094
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C020400 GROWTH INVESTORS FUND
007 C030400 N
007 C010500 5
007 C020500 CONSERVATIVE INVESTORS FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B00AA01 A
008 C00AA01 801-32361
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10105
010 A00AA01 ALLIANCE CAPITAL MANAGEMENT L.P.
010 B00AA01 801-32361
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10105
011 A00AA01 ALLIANCE FUND DISTRIBUTORS, INC.
011 B00AA01 8-30851
011 C01AA01 NEW YORK
011 C02AA01 NY
<PAGE> PAGE 2
011 C03AA01 10105
012 A00AA01 ALLIANCE FUND SERVICES, INC.
012 B00AA01 84-0001187
012 C01AA01 SECAUCUS
012 C02AA01 NJ
012 C03AA01 07094
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
013 B04AA01 2798
014 A00AA01 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
014 B00AA01 8-00017574
014 A00AA02 PERSHING
014 B00AA02 8-00017574
014 A00AA03 AUTRONET
014 B00AA03 8-00017574
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
015 A00AA02 WESTPAC CUSTODIAN NOMINEES
015 B00AA02 S
015 C01AA02 SYDNEY
015 D01AA02 AUSTRALIA
015 E04AA02 X
015 A00AA03 GIROCREDIT BANK
015 B00AA03 S
015 C01AA03 VIENNA
015 D01AA03 AUSTRIA
015 E04AA03 X
015 A00AA04 GENERALE DE BANQUE
015 B00AA04 S
015 C01AA04 BRUSSELS
015 D01AA04 BELGIUM
015 E04AA04 X
015 A00AA05 DEN DANSKE
015 B00AA05 S
015 C01AA05 COPENHAGEN
015 D01AA05 DENMARK
015 E04AA05 X
015 A00AA06 MERITA BANK
015 B00AA06 S
015 C01AA06 HELSINKI
015 D01AA06 FINLAND
015 E04AA06 X
015 A00AA07 BANQUE PARIBAS
015 B00AA07 S
015 C01AA07 PARIS
<PAGE> PAGE 3
015 D01AA07 FRANCE
015 E04AA07 X
015 A00AA08 MORGAN GUARANTY TRUST CO.
015 B00AA08 S
015 C01AA08 FRANKFURT
015 D01AA08 GERMANY
015 E04AA08 X
015 A00AA09 STANDARD CHARTERED BANK
015 B00AA09 S
015 C01AA09 HONG KONG
015 D01AA09 HONG KONG
015 E04AA09 X
015 A00AA10 BANK OF IRELAND
015 B00AA10 S
015 C01AA10 DUBLIN
015 D01AA10 IRELAND
015 E04AA10 X
015 A00AA11 MORGAN GUARANTY TRUST CO.
015 B00AA11 S
015 C01AA11 MILAN
015 D01AA11 ITALY
015 E04AA11 X
015 A00AA12 SUMITOMO TRUST
015 B00AA12 S
015 C01AA12 TOKYO
015 D01AA12 JAPAN
015 E04AA12 X
015 A00AA13 STANDARD CHARTERED BANK
015 B00AA13 S
015 C01AA13 KUALA LUMPUR
015 D01AA13 MALAYSIA
015 E04AA13 X
015 A00AA14 MEESPIERSON N.V.
015 B00AA14 S
015 C01AA14 AMSTERDAM
015 D01AA14 NETHERLANDS
015 E04AA14 X
015 A00AA15 ANZ (NZ)
015 B00AA15 S
015 C01AA15 WELLINGTON
015 D01AA15 NEW ZEALAND
015 E04AA15 X
015 A00AA16 CHRISTIANIA
015 B00AA16 S
015 C01AA16 OSLO
015 D01AA16 NORWAY
015 E04AA16 X
015 A00AA17 DBS
015 B00AA17 S
015 C01AA17 SINGAPORE
015 D01AA17 SINGAPORE
<PAGE> PAGE 4
015 E04AA17 X
015 A00AA18 BANCO SANTANDER
015 B00AA18 S
015 C01AA18 MADRID
015 D01AA18 SPAIN
015 E04AA18 X
015 A00AA19 SKANDINAVISKA ENSKILDA
015 B00AA19 S
015 C01AA19 STOCKHOLM
015 D01AA19 SWEDEN
015 E04AA19 X
015 A00AA20 UNION BANK OF SWITZERLAND
015 B00AA20 S
015 C01AA20 ZURICH
015 D01AA20 SWITZERLAND
015 E04AA20 X
015 A00AA21 STATE STREET BANK - LONDON
015 B00AA21 S
015 C01AA21 LONDON
015 D01AA21 UNITED KINGDOM
015 E04AA21 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 48
019 C00AA00 ALLIANCECA
020 A000001 LEHMAN BROTHERS
020 B000001 13-2518466
020 C000001 49
020 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000002 13-5674085
020 C000002 44
020 A000003 MORGAN STANLEY & CO., INC.
020 B000003 13-2655998
020 C000003 38
020 A000004 CAPEL (JAMES) INCORPORATED
020 B000004 52-1348224
020 C000004 37
020 A000005 PAINE WEBBER INC.
020 B000005 13-2638166
020 C000005 26
020 A000006 GOLDMAN SACHS INC.
020 B000006 13-5108880
020 C000006 19
020 A000007 SMITH BARNEY INC.
020 B000007 13-1912900
020 C000007 17
020 A000008 BARCLAYS DEZOATE WEDD SECURITIES
020 B000008 13-3551367
020 C000008 15
020 A000009 SALOMON BROTHERS
020 B000009 13-3082694
<PAGE> PAGE 5
020 C000009 14
020 A000010 WERTHEIM & CO., INC.
020 C000010 13
021 000000 464
022 A000001 AUBREY G LANSTON & CO. INC
022 B000001 13-5552129
022 C000001 1567150
022 D000001 19563
022 A000002 SANWA-BNK SECURITIES CO LP
022 B000002 13-3046258
022 C000002 533360
022 D000002 10725
022 A000003 CS FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 44661
022 D000003 45225
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004 26708
022 D000004 37621
022 A000005 GREENWICH CAPITAL MARKETS
022 B000005 13-3172275
022 C000005 27860
022 D000005 26029
022 A000006 STATE STREET BANK AND TRUST CO.
022 B000006 04-1867445
022 C000006 34427
022 D000006 69
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000007 13-5674085
022 C000007 12283
022 D000007 16307
022 A000008 CITIBANK
022 C000008 11011
022 D000008 15536
022 A000009 SALOMON BROTHERS INC.
022 B000009 13-3082694
022 C000009 14520
022 D000009 8340
022 A000010 LANCASTER & NORVIN GREEN
022 C000010 22193
022 D000010 0
023 C000000 2353829
023 D000000 215889
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE> PAGE 6
026 G020000 N
026 H000000 N
027 000000 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 250
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 Y
<PAGE> PAGE 7
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 GULF INSURANCE COMPANY
080 C00AA00 69000
081 A00AA00 Y
081 B00AA00 93
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000400 Y
025 A000401 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000401 13-5674085
025 C000401 E
025 D000401 423
025 A000402 DELETE
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 1517
028 A020400 0
028 A030400 0
028 A040400 985
028 B010400 2433
028 B020400 4670
028 B030400 0
028 B040400 1103
028 C010400 3211
028 C020400 -2
<PAGE> PAGE 8
028 C030400 0
028 C040400 1381
028 D010400 2867
028 D020400 0
028 D030400 0
028 D040400 1108
028 E010400 2482
028 E020400 0
028 E030400 0
028 E040400 1669
028 F010400 2574
028 F020400 0
028 F030400 0
028 F040400 2679
028 G010400 15084
028 G020400 4668
028 G030400 0
028 G040400 8925
028 H000400 5180
029 000400 Y
030 A000400 180
030 B000400 4.25
030 C000400 4.25
031 A000400 10
031 B000400 0
032 000400 170
033 000400 0
034 000400 Y
035 000400 92
036 A000400 N
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 654
044 000400 147
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.750
048 A010400 0
<PAGE> PAGE 9
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
<PAGE> PAGE 10
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 165177
071 B000400 157144
071 C000400 75194
071 D000400 209
072 A000400 12
072 B000400 2021
072 C000400 715
072 D000400 0
072 E000400 0
072 F000400 633
072 G000400 0
072 H000400 0
072 I000400 155
072 J000400 162
<PAGE> PAGE 11
072 K000400 0
072 L000400 40
072 M000400 22
072 N000400 62
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 36
072 S000400 10
072 T000400 654
072 U000400 11
072 V000400 0
072 W000400 11
072 X000400 1796
072 Y000400 214
072 Z000400 1154
072AA000400 13079
072BB000400 0
072CC010400 2658
072CC020400 0
072DD010400 1262
072DD020400 0
072EE000400 3593
073 A010400 0.6200
073 A020400 0.0000
073 B000400 1.7550
073 C000400 0.0000
074 A000400 81
074 B000400 0
074 C000400 8281
074 D000400 16212
074 E000400 0
074 F000400 70701
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 5704
074 K000400 10
074 L000400 535
074 M000400 9
074 N000400 101533
074 O000400 4741
074 P000400 129
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 161
074 S000400 0
074 T000400 96502
074 U010400 6855
<PAGE> PAGE 12
074 U020400 0
074 V010400 14.08
074 V020400 0.00
074 W000400 0.0000
074 X000400 8080
074 Y000400 0
075 A000400 0
075 B000400 84413
076 000400 0.00
024 000500 Y
025 A000501 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000501 13-5674085
025 C000501 E
025 D000501 157
025 A000502 DELETE
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 960
028 A020500 0
028 A030500 0
028 A040500 1038
028 B010500 1515
028 B020500 1288
028 B030500 0
028 B040500 878
028 C010500 933
028 C020500 0
028 C030500 0
028 C040500 1426
028 D010500 1059
028 D020500 0
028 D030500 0
028 D040500 1106
028 E010500 926
028 E020500 242
028 E030500 0
028 E040500 1313
028 F010500 980
028 F020500 0
028 F030500 0
028 F040500 1558
028 G010500 6373
028 G020500 1530
028 G030500 0
028 G040500 7319
028 H000500 1644
<PAGE> PAGE 13
029 000500 Y
030 A000500 85
030 B000500 4.25
030 C000500 4.25
031 A000500 6
031 B000500 0
032 000500 79
033 000500 0
034 000500 Y
035 000500 87
036 A000500 N
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 411
044 000500 119
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.750
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
<PAGE> PAGE 14
048 K010500 0
048 K020500 0.000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
<PAGE> PAGE 15
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 128824
071 B000500 131387
071 C000500 48177
071 D000500 267
072 A000500 12
072 B000500 2815
072 C000500 198
072 D000500 0
072 E000500 0
072 F000500 388
072 G000500 0
072 H000500 0
072 I000500 82
072 J000500 97
072 K000500 0
072 L000500 20
072 M000500 26
072 N000500 45
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 36
072 S000500 27
072 T000500 411
072 U000500 11
072 V000500 0
072 W000500 11
072 X000500 1154
072 Y000500 175
072 Z000500 2034
072AA000500 4672
072BB000500 0
072CC010500 0
<PAGE> PAGE 16
072CC020500 794
072DD010500 2185
072DD020500 0
072EE000500 0
073 A010500 1.4500
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 88
074 B000500 0
074 C000500 3100
074 D000500 31979
074 E000500 0
074 F000500 16212
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 5197
074 K000500 37
074 L000500 502
074 M000500 9
074 N000500 57124
074 O000500 5404
074 P000500 69
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 186
074 S000500 0
074 T000500 51465
074 U010500 4571
074 U020500 0
074 V010500 11.14
074 V020500 0.00
074 W000500 0.0000
074 X000500 3663
074 Y000500 0
075 A000500 0
075 B000500 51739
076 000500 0.00
SIGNATURE CATHERINE WHITE
TITLE ASST VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 041
<NAME> GROWTH INVESTORS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 88,841,150
<INVESTMENTS-AT-VALUE> 95,193,824
<RECEIVABLES> 6,238,916
<ASSETS-OTHER> 89,836
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,522,576
<PAYABLE-FOR-SECURITIES> 4,740,893
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,017
<TOTAL-LIABILITIES> 5,020,910
<SENIOR-EQUITY> 69
<PAID-IN-CAPITAL-COMMON> 81,773,153
<SHARES-COMMON-STOCK> 2,174,272
<SHARES-COMMON-PRIOR> 1,837,412
<ACCUMULATED-NII-CURRENT> 485,859
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,889,205
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,353,380
<NET-ASSETS> 96,501,666
<DIVIDEND-INCOME> 714,512
<INTEREST-INCOME> 2,021,304
<OTHER-INCOME> 0
<EXPENSES-NET> (1,581,329)
<NET-INVESTMENT-INCOME> 1,154,487
<REALIZED-GAINS-CURRENT> 13,079,485
<APPREC-INCREASE-CURRENT> 2,657,978
<NET-CHANGE-FROM-OPS> 16,891,950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (510,038)
<DISTRIBUTIONS-OF-GAINS> (1,147,583)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 623,012
<NUMBER-OF-SHARES-REDEEMED> (404,354)
<SHARES-REINVESTED> 118,202
<NET-CHANGE-IN-ASSETS> 26,738,663
<ACCUMULATED-NII-PRIOR> 593,778
<ACCUMULATED-GAINS-PRIOR> (1,597,594)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 632,516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,795,406
<AVERAGE-NET-ASSETS> 27,102,302
<PER-SHARE-NAV-BEGIN> 12.08
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.75
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (0.59)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.08
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 042
<NAME> GROWTH INVESTORS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 88,841,150
<INVESTMENTS-AT-VALUE> 95,193,824
<RECEIVABLES> 6,238,916
<ASSETS-OTHER> 89,836
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,522,576
<PAYABLE-FOR-SECURITIES> 4,740,893
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,017
<TOTAL-LIABILITIES> 5,020,910
<SENIOR-EQUITY> 69
<PAID-IN-CAPITAL-COMMON> 81,773,153
<SHARES-COMMON-STOCK> 4,261,102
<SHARES-COMMON-PRIOR> 3,584,279
<ACCUMULATED-NII-CURRENT> 485,859
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,889,205
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,353,380
<NET-ASSETS> 96,501,666
<DIVIDEND-INCOME> 714,512
<INTEREST-INCOME> 2,021,304
<OTHER-INCOME> 0
<EXPENSES-NET> (1,581,329)
<NET-INVESTMENT-INCOME> 1,154,487
<REALIZED-GAINS-CURRENT> 13,079,485
<APPREC-INCREASE-CURRENT> 2,657,978
<NET-CHANGE-FROM-OPS> 16,891,950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (687,510)
<DISTRIBUTIONS-OF-GAINS> (2,234,313)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,018,816
<NUMBER-OF-SHARES-REDEEMED> (550,350)
<SHARES-REINVESTED> 208,357
<NET-CHANGE-IN-ASSETS> 26,738,663
<ACCUMULATED-NII-PRIOR> 593,778
<ACCUMULATED-GAINS-PRIOR> (1,597,594)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 632,516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,795,406
<AVERAGE-NET-ASSETS> 52,354,517
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.70
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.59)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.08
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 043
<NAME> GROWTH INVESTORS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 88,841,150
<INVESTMENTS-AT-VALUE> 95,193,824
<RECEIVABLES> 6,238,916
<ASSETS-OTHER> 89,836
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,522,576
<PAYABLE-FOR-SECURITIES> 4,740,893
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,017
<TOTAL-LIABILITIES> 5,020,910
<SENIOR-EQUITY> 69
<PAID-IN-CAPITAL-COMMON> 81,773,153
<SHARES-COMMON-STOCK> 419,843
<SHARES-COMMON-PRIOR> 351,116
<ACCUMULATED-NII-CURRENT> 485,859
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,889,205
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,353,380
<NET-ASSETS> 96,501,666
<DIVIDEND-INCOME> 714,512
<INTEREST-INCOME> 2,021,304
<OTHER-INCOME> 0
<EXPENSES-NET> (1,581,329)
<NET-INVESTMENT-INCOME> 1,154,487
<REALIZED-GAINS-CURRENT> 13,079,485
<APPREC-INCREASE-CURRENT> 2,657,978
<NET-CHANGE-FROM-OPS> 16,891,950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (64,858)
<DISTRIBUTIONS-OF-GAINS> (210,790)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 186,320
<NUMBER-OF-SHARES-REDEEMED> (136,951)
<SHARES-REINVESTED> 19,358
<NET-CHANGE-IN-ASSETS> 26,738,663
<ACCUMULATED-NII-PRIOR> 593,778
<ACCUMULATED-GAINS-PRIOR> (1,597,594)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 632,516
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,795,406
<AVERAGE-NET-ASSETS> 4,878,650
<PER-SHARE-NAV-BEGIN> 12.10
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.70
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.59)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.09
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 051
<NAME> CONSERVATIVE INVESTORS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 50,863,198
<INVESTMENTS-AT-VALUE> 51,291,404
<RECEIVABLES> 5,704,499
<ASSETS-OTHER> 96,287
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,092,190
<PAYABLE-FOR-SECURITIES> 5,404,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222,489
<TOTAL-LIABILITIES> 5,626,789
<SENIOR-EQUITY> 46
<PAID-IN-CAPITAL-COMMON> 49,719,182
<SHARES-COMMON-STOCK> 1,271,079
<SHARES-COMMON-PRIOR> 1,551,155
<ACCUMULATED-NII-CURRENT> 346,838
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 973,200
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 426,135
<NET-ASSETS> 51,465,401
<DIVIDEND-INCOME> 198,278
<INTEREST-INCOME> 2,814,820
<OTHER-INCOME> 0
<EXPENSES-NET> (979,518)
<NET-INVESTMENT-INCOME> 2,033,580
<REALIZED-GAINS-CURRENT> 4,671,618
<APPREC-INCREASE-CURRENT> (793,910)
<NET-CHANGE-FROM-OPS> 5,911,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (740,336)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 246,346
<NUMBER-OF-SHARES-REDEEMED> (589,043)
<SHARES-REINVESTED> 62,621
<NET-CHANGE-IN-ASSETS> 399,319
<ACCUMULATED-NII-PRIOR> 498,475
<ACCUMULATED-GAINS-PRIOR> (3,698,418)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 387,903
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,154,375
<AVERAGE-NET-ASSETS> 15,230,005
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> 0.80
<PER-SHARE-DIVIDEND> (0.55)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.14
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 052
<NAME> CONSERVATIVE INVESTORS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 50,863,198
<INVESTMENTS-AT-VALUE> 51,291,404
<RECEIVABLES> 5,704,499
<ASSETS-OTHER> 96,287
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,092,190
<PAYABLE-FOR-SECURITIES> 5,404,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222,489
<TOTAL-LIABILITIES> 5,626,789
<SENIOR-EQUITY> 46
<PAID-IN-CAPITAL-COMMON> 49,719,182
<SHARES-COMMON-STOCK> 2,828,583
<SHARES-COMMON-PRIOR> 2,905,089
<ACCUMULATED-NII-CURRENT> 346,838
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 973,200
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 426,135
<NET-ASSETS> 51,465,401
<DIVIDEND-INCOME> 198,278
<INTEREST-INCOME> 2,814,820
<OTHER-INCOME> 0
<EXPENSES-NET> (979,518)
<NET-INVESTMENT-INCOME> 2,033,580
<REALIZED-GAINS-CURRENT> 4,671,618
<APPREC-INCREASE-CURRENT> (793,910)
<NET-CHANGE-FROM-OPS> 5,911,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,250,244)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 518,473
<NUMBER-OF-SHARES-REDEEMED> (697,358)
<SHARES-REINVESTED> 102,379
<NET-CHANGE-IN-ASSETS> 399,319
<ACCUMULATED-NII-PRIOR> 498,475
<ACCUMULATED-GAINS-PRIOR> (3,698,418)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 387,903
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,154,375
<AVERAGE-NET-ASSETS> 31,670,014
<PER-SHARE-NAV-BEGIN> 10.51
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> 0.82
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.31
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 053
<NAME> CONSERVATIVE INVESTORS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 50,863,198
<INVESTMENTS-AT-VALUE> 51,291,404
<RECEIVABLES> 5,704,499
<ASSETS-OTHER> 96,287
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,092,190
<PAYABLE-FOR-SECURITIES> 5,404,300
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 222,489
<TOTAL-LIABILITIES> 5,626,789
<SENIOR-EQUITY> 46
<PAID-IN-CAPITAL-COMMON> 49,719,182
<SHARES-COMMON-STOCK> 470,876
<SHARES-COMMON-PRIOR> 420,130
<ACCUMULATED-NII-CURRENT> 346,838
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 973,200
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 426,135
<NET-ASSETS> 51,465,401
<DIVIDEND-INCOME> 198,278
<INTEREST-INCOME> 2,814,820
<OTHER-INCOME> 0
<EXPENSES-NET> (979,518)
<NET-INVESTMENT-INCOME> 2,033,580
<REALIZED-GAINS-CURRENT> 4,671,618
<APPREC-INCREASE-CURRENT> (793,910)
<NET-CHANGE-FROM-OPS> 5,911,288
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (194,637)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 170,526
<NUMBER-OF-SHARES-REDEEMED> (135,782)
<SHARES-REINVESTED> 16,002
<NET-CHANGE-IN-ASSETS> 399,319
<ACCUMULATED-NII-PRIOR> 498,475
<ACCUMULATED-GAINS-PRIOR> (3,698,418)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 387,903
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,154,375
<AVERAGE-NET-ASSETS> 4,820,349
<PER-SHARE-NAV-BEGIN> 10.52
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> 0.83
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.31
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]Auditors Report of Internal Control
June 24, 1996
To the Board of Directors of
Alliance Conservative Investors Fund and Alliance Growth Investors Fund
In planning and performing our audit of the financial statements of
Alliance Conservative Investors Fund and Growth Investors Fund (the
"Funds") for the year ended April 30, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply with
the requirements of Form NSAR, and not to provide assurance on the
internal control structure.
The management of the Fund 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 appropriately 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 may 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 April 30, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
ALLIANCE GROWTH INVESTORS FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEP 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>
ADIDAS AG 11/13/95 1,200 0.07% 47.94 8,600 27,300 0.03% UBS SECURITIES INC 1,200
I-STAR INTERNET 11/16/95 8,300 0.09% 8.85 33,000 3,300 1.00% DOMINION SEC 4,000
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DEC 1, 1995 THROUGH FEB 29, 1996
<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) 2/29/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NONE
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MAR 1, 1996 THROUGH MAY 31, 1996
<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) 05/31/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ORCAD, INC. 03/01/96 100 0.00% 11.00 41,700 3,200 1.30% WESSELS & ARNOLD 0
CYTEC CORP. 03/08/96 200 0.00% 16.00 400 3,000 0.01% ROBERT STEPHENS 0
FORTE SOFTWARE 03/11/96 100 0.00% 21.00 13,900 2,100 0.66% MORGAN STANLEY 0
FIRST USA PAYMENTECH 03/18/96 500 0.01% 21.00 21,700 5,100 0.43% MERRILL LYNCH 0
XEIKON NV 03/19/96 1,100 0.02% 15.00 56,300 6,400 0.88% ALEX BROWN 0
EAGLE RIVER INTERACT 03/21/96 300 0.00% 13.00 39,300 4,000 0.98% SALOMON BROTHERS 0
INTELLIQUEST 03/22/96 100 0.00% 17.00 14,900 2,310 0.65% BLAIR WILLIAM 0
APPLIED GRAPHICS TECH 04/17/96 1,200 0.01% 12.00 2,100 4,500 0.05% COWEN & CO 5,100
PLANET HOLLYWOOD INTL 04/18/96 1,500 0.03% 18.00 75,700 10,788 0.70% BEAR STEARNS 0
OUTDOOR SYS INC. 04/24/96 2,300 0.04% 15.00 3,500 2,950 0.12% ALEX BROWN 2,300
PARTY CITY CORP. 04/26/96 300 0.00% 10.00 300 2,000 0.02% JOHN HANCOCK 0
</TABLE>
