<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE CATHERINE WHITE
TITLE ASST VICE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
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<NAME> ALLIANCE CONSERVATIVE INVESTORS
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<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> ALLIANCE CONSERVATIVE INVESTORS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 47,149,221
<INVESTMENTS-AT-VALUE> 48,815,324
<RECEIVABLES> 828,792
<ASSETS-OTHER> 98,526
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,742,642
<PAYABLE-FOR-SECURITIES> 149,265
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 151,903
<TOTAL-LIABILITIES> 301,168
<SENIOR-EQUITY> 43
<PAID-IN-CAPITAL-COMMON> 46,118,596
<SHARES-COMMON-STOCK> 2,656,633
<SHARES-COMMON-PRIOR> 2,828,583
<ACCUMULATED-NII-CURRENT> 649,979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,009,132
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,663,724
<NET-ASSETS> 49,441,474
<DIVIDEND-INCOME> 124,182
<INTEREST-INCOME> 1,161,337
<OTHER-INCOME> 0
<EXPENSES-NET> (479,297)
<NET-INVESTMENT-INCOME> 806,222
<REALIZED-GAINS-CURRENT> 28,873
<APPREC-INCREASE-CURRENT> 1,237,589
<NET-CHANGE-FROM-OPS> 2,072,684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (279,324)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 225,504
<NUMBER-OF-SHARES-REDEEMED> (420,311)
<SHARES-REINVESTED> 22,857
<NET-CHANGE-IN-ASSETS> (3,600,589)
<ACCUMULATED-NII-PRIOR> 339,779
<ACCUMULATED-GAINS-PRIOR> 980,259
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 188,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 601,000
<AVERAGE-NET-ASSETS> 31,048,760
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.68
<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> ALLIANCE CONSERVATIVE INVESTORS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 47,149,221
<INVESTMENTS-AT-VALUE> 48,815,324
<RECEIVABLES> 828,792
<ASSETS-OTHER> 98,526
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49,742,642
<PAYABLE-FOR-SECURITIES> 149,265
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 151,903
<TOTAL-LIABILITIES> 301,168
<SENIOR-EQUITY> 43
<PAID-IN-CAPITAL-COMMON> 46,118,596
<SHARES-COMMON-STOCK> 436,852
<SHARES-COMMON-PRIOR> 470,876
<ACCUMULATED-NII-CURRENT> 649,979
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,009,132
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,663,724
<NET-ASSETS> 49,441,474
<DIVIDEND-INCOME> 124,182
<INTEREST-INCOME> 1,161,337
<OTHER-INCOME> 0
<EXPENSES-NET> (479,297)
<NET-INVESTMENT-INCOME> 806,222
<REALIZED-GAINS-CURRENT> 28,873
<APPREC-INCREASE-CURRENT> 1,237,589
<NET-CHANGE-FROM-OPS> 2,072,684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (47,475)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 70,556
<NUMBER-OF-SHARES-REDEEMED> (108,216)
<SHARES-REINVESTED> 3,636
<NET-CHANGE-IN-ASSETS> (3,600,589)
<ACCUMULATED-NII-PRIOR> 339,779
<ACCUMULATED-GAINS-PRIOR> 980,259
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 188,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 601,000
<AVERAGE-NET-ASSETS> 5,265,817
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.68
<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> 041
<NAME> ALLIANCE GROWTH INVESTORS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 91,362,843
<INVESTMENTS-AT-VALUE> 96,553,009
<RECEIVABLES> 1,504,258
<ASSETS-OTHER> 95,368
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,152,635
<PAYABLE-FOR-SECURITIES> 533,290
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 199,289
<TOTAL-LIABILITIES> 732,579
<SENIOR-EQUITY> 67
<PAID-IN-CAPITAL-COMMON> 80,254,196
<SHARES-COMMON-STOCK> 2,078,636
<SHARES-COMMON-PRIOR> 2,174,272
<ACCUMULATED-NII-CURRENT> 1,078,164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,901,384
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,186,245
<NET-ASSETS> 97,420,056
<DIVIDEND-INCOME> 481,490
<INTEREST-INCOME> 846,385
<OTHER-INCOME> 0
<EXPENSES-NET> (907,520)
<NET-INVESTMENT-INCOME> 420,355
<REALIZED-GAINS-CURRENT> 3,184,129
<APPREC-INCREASE-CURRENT> (1,167,135)
<NET-CHANGE-FROM-OPS> 2,437,349
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 267,387
<NUMBER-OF-SHARES-REDEEMED> (363,023)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,518,959)
<ACCUMULATED-NII-PRIOR> 657,809
<ACCUMULATED-GAINS-PRIOR> 7,717,255
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 362,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,043,000
<AVERAGE-NET-ASSETS> 30,136,005
<PER-SHARE-NAV-BEGIN> 14.08
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.47
<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> ALLIANCE GROWTH INVESTORS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 91,362,843
<INVESTMENTS-AT-VALUE> 96,553,009
<RECEIVABLES> 1,504,258
<ASSETS-OTHER> 95,368
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,152,635
<PAYABLE-FOR-SECURITIES> 533,290
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 199,289
<TOTAL-LIABILITIES> 732,579
<SENIOR-EQUITY> 67
<PAID-IN-CAPITAL-COMMON> 80,254,196
<SHARES-COMMON-STOCK> 4,253,763
<SHARES-COMMON-PRIOR> 4,261,102
<ACCUMULATED-NII-CURRENT> 1,078,164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,901,384
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,186,245
<NET-ASSETS> 97,420,056
<DIVIDEND-INCOME> 481,490
<INTEREST-INCOME> 846,385
<OTHER-INCOME> 0
<EXPENSES-NET> (907,520)
<NET-INVESTMENT-INCOME> 420,355
<REALIZED-GAINS-CURRENT> 3,184,129
<APPREC-INCREASE-CURRENT> (1,167,135)
<NET-CHANGE-FROM-OPS> 2,437,349
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 381,757
<NUMBER-OF-SHARES-REDEEMED> (389,096)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,518,959)
<ACCUMULATED-NII-PRIOR> 657,809
<ACCUMULATED-GAINS-PRIOR> 7,717,255
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 362,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,043,000
<AVERAGE-NET-ASSETS> 59,817,069
<PER-SHARE-NAV-BEGIN> 14.08
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.42
<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> ALLIANCE GROWTH INVESTORS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 91,362,843
<INVESTMENTS-AT-VALUE> 96,553,009
<RECEIVABLES> 1,504,258
<ASSETS-OTHER> 95,368
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,152,635
<PAYABLE-FOR-SECURITIES> 533,290
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 199,289
<TOTAL-LIABILITIES> 732,579
<SENIOR-EQUITY> 67
<PAID-IN-CAPITAL-COMMON> 80,254,196
<SHARES-COMMON-STOCK> 414,726
<SHARES-COMMON-PRIOR> 419,843
<ACCUMULATED-NII-CURRENT> 1,078,164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,901,384
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,186,245
<NET-ASSETS> 97,420,056
<DIVIDEND-INCOME> 481,490
<INTEREST-INCOME> 846,385
<OTHER-INCOME> 0
<EXPENSES-NET> (907,520)
<NET-INVESTMENT-INCOME> 420,355
<REALIZED-GAINS-CURRENT> 3,184,129
<APPREC-INCREASE-CURRENT> (1,167,135)
<NET-CHANGE-FROM-OPS> 2,437,349
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92,288
<NUMBER-OF-SHARES-REDEEMED> (97,405)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,518,959)
<ACCUMULATED-NII-PRIOR> 657,809
<ACCUMULATED-GAINS-PRIOR> 7,717,255
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 362,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,043,000
<AVERAGE-NET-ASSETS> 5,818,074
<PER-SHARE-NAV-BEGIN> 14.09
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.43
<EXPENSE-RATIO> 2.10
<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 CONSERVATIVE INVESTORS FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1996 THROUGH AUGUST 31, 1996
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 08/31/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Teleport Communications 06/27/96 900 0.00% $16.00 567,800 23,500 0.00% Merrill Lynch 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.
[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 GROWTH INVESTORS FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPT 1, 1995 THROUGH NOV 30, 1995
<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>
Adidas AG 11/13/95 1,200 0.07% $47.94 8,600 27,300 0.03% UBS Securities Inc 1,200
Fokus Bank 10/09/95 1,000 0.01% $4.65 1,000 64,370 0.00% Kleinwort Benson 1,000
I-star Internet, Inc. 11/16/95 8,300 0.09% $8.85 33,000 3,300 1.00% Dominion Sec 4,000
Merck KGAA 10/16/95 2,000 0.09% $38.01 6,600 1,000 0.66% UBS Securities Inc 0
Total Access Communication09/28/95 16,000 0.12% $6.25 16,000 9,000 0.18% Lehman Bros., Inc. 16,000
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1996 THROUGH MAY 31, 1996
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 05/31/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Orchad, Inc. 03/01/96 100 0.00% $11.00 41,700 3,200 1.30% Wessels & Arnold 0
CYTYC 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 Interactive 03/21/96 300 0.00% $13.00 39,300 4,000 0.98% Solomon Brothers 0
Intelliquest 03/22/96 100 0.00% $17.00 14,900 2,310 0.65% Blair Wiiliam 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
Edify Corp 05/02/96 700 0.01% $15.00 15,200 2,500 0.61% Goldman Sachs 0
Open Vision Tech. 05/07/96 100 0.00% $14.00 30,000 2,735 1.10% Alex Brown 0
Vincam Group 05/09/96 100 0.00% $15.00 27,000 2,200 1.23% Smith Barney 0
Polymer Group 05/09/96 4,400 0.08% $18.00 240,989 14,242 1.69% Morgan Stanley 4,400
General Surgical Innov. 05/10/96 400 0.01% $15.00 26,400 2,500 1.06% UBS Securities Inc 0
Guangshen Railway 05/10/96 1,000 0.02% $19.00 174,000 12,447 1.40% Bear Stearns 1,000
Harmon Intl Inds 05/15/96 1,600 0.08% $49.75 121,100 4,000 3.03% Bacon Whipple & Co1,600
Aksys Ltd 05/16/96 400 0.01% $16.00 27,500 3,100 0.89% Smith Barney 0
Wyndam Hotel Corp 05/20/96 800 0.01% $16.00 49,800 3,650 1.36% Smith Barney 0
Garden Botanika 05/21/96 200 0.00% $20.00 14,200 2,700 0.53% Montgomery 0
Saks Holdings 05/21/96 1,500 0.04% $25.00 99,100 16,000 0.62% Goldman Sachs 1,500
Suburban Lodges Amer 05/22/96 300 0.01% $17.00 19,000 3,300 0.58% Montgomery 0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD JUNE 1, 1996 THROUGH AUGUST 31, 1996
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 08/31/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dassault System 06/27/96 700 0.02% $23.00 53,500 7,812 0.68% Morgan Stanley 0
Diamond Home Services 06/20/96 100 0.00% $13.00 200 3,420 0.01% William Blair & Co0
Farallon Communications 06/13/96 200 0.00% $16.00 28,000 2,250 1.24% Cowen & Co 0
Interstate Hotels Co. 06/19/96 1,300 0.03% $21.00 101,400 11,000 0.92% Merrill Lynch Pierc2,600
Korea Mobile Telecommunica06/27/96 6,000 0.10% $16.13 239,000 20,955 1.14% Goldman Sachs 6,000
McLeod, Inc. 06/10/96 2,800 0.06% $20.00 4,400 12,000 0.04% Salomon Bros. 0
Teleport Communications Gr06/27/96 9,400 0.16% $16.00 567,800 23,500 2.42% Merrill Lynch Pierc0
The North Face Inc. 07/02/96 500 0.01% $14.00 32,400 2,600 1.25% Bernstein Sanford 0
Universal Outdoor Holdings07/23/96 2,400 0.04% $14.50 131,400 6,200 2.12% Brown (Alex) & Sons2,200
CCC Information Services G08/16/96 500 0.01% $11.50 700 6,000 0.01% Lazard Freres & Co 0
Lamar Advertising 08/01/96 1,200 0.02% $16.00 1,800 4,735 0.04% Smith Barney 2,200
National Processing 08/09/96 400 0.01% $16.50 600 6,500 0.01% Salomon Bros. 0
Outdoor Systems 08/19/96 1,600 0.06% $34.50 13,300 8,605 0.15% Brown (Alex) & Sons1,400
</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.
