ALLIANCE PORTFOLIOS
NSAR-A, 1997-12-29
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<PAGE>      PAGE  1
000 A000000 10/31/97
000 C000000 0000812015
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 THE ALLIANCE PORTFOLIOS
001 B000000 811-05088
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
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
011 C03AA01 10105
012 A00AA01 ALLIANCE FUND SERVICES, INC.
012 B00AA01 84-0001187
012 C01AA01 SECAUCUS
012 C02AA01 NJ
<PAGE>      PAGE  2
012 C03AA01 07096
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 AUTRANET
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 BANKING CORP.
015 B00AA02 S
015 C01AA02 SYDNEY
015 D01AA02 AUSTRALIA
015 E04AA02 X
015 A00AA03 CANADA TRUSTCO MORTGAGE COMPANY
015 B00AA03 S
015 C01AA03 TORONTO
015 D01AA03 CANADA
015 E04AA03 X
015 A00AA04 DEN DANSKE BANK
015 B00AA04 S
015 C01AA04 COPENHAGEN
015 D01AA04 DENMARK
015 E04AA04 X
015 A00AA05 MERITA BANK LTD.
015 B00AA05 S
015 C01AA05 HELSINKI
015 D01AA05 FINLAND
015 E04AA05 X
015 A00AA06 BANQUE PARIBAS
015 B00AA06 S
015 C01AA06 PARIS
015 D01AA06 FRANCE
015 E04AA06 X
015 A00AA07 DRESDNER BANK AG
015 B00AA07 S
015 C01AA07 FRANKFURT
015 D01AA07 GERMANY
015 E04AA07 X
015 A00AA08 STANDARD CHARTERED BANK
015 B00AA08 S
015 C01AA08 HONG KONG
<PAGE>      PAGE  3
015 D01AA08 HONG KONG
015 E04AA08 X
015 A00AA09 STANDARD CHARTERED BANK
015 B00AA09 S
015 C01AA09 JAKARTA
015 D01AA09 INDONESIA
015 E04AA09 X
015 A00AA10 BANQUE PARIBAS
015 B00AA10 S
015 C01AA10 MILAN
015 D01AA10 ITALY
015 E04AA10 X
015 A00AA11 THE SUMITOMO TRUST & BANKING CO.
015 B00AA11 S
015 C01AA11 TOKYO
015 D01AA11 JAPAN
015 E04AA11 X
015 A00AA12 MEESPIERSON N.V.
015 B00AA12 S
015 C01AA12 AMSTERDAM
015 D01AA12 NETHERLANDS
015 E04AA12 X
015 A00AA13 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA13 S
015 C01AA13 OSLO
015 D01AA13 NORWAY
015 E04AA13 X
015 A00AA14 STANDARD CHARTERED BANK
015 B00AA14 S
015 C01AA14 MANILA
015 D01AA14 PHILLIPINES
015 E04AA14 X
015 A00AA15 BANCO SANTANDER
015 B00AA15 S
015 C01AA15 MADRID
015 D01AA15 SPAIN
015 E04AA15 X
015 A00AA16 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA16 S
015 C01AA16 STOCKHOLM
015 D01AA16 SWEDEN
015 E04AA16 X
015 A00AA17 UNION BANK OF SWITZERLAND
015 B00AA17 S
015 C01AA17 ZURICH
015 D01AA17 SWITZERLAND
015 E04AA17 X
015 A00AA18 STATE STREET BANK - LONDON
015 B00AA18 S
015 C01AA18 LONDON
015 D01AA18 UNITED KINGDOM
<PAGE>      PAGE  4
015 E04AA18 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   52
019 C00AA00 ALLIANCECA
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH
020 B000001 13-5674085
020 C000001     78
020 A000002 BARCLAYS DE ZOETE WEDD SECURITIES
020 B000002 13-3551367
020 C000002     19
020 A000003 SALOMON BROTHERS INC.
020 B000003 13-3082694
020 C000003     17
020 A000004 LEHMAN BROTHERS INC.
020 B000004 13-2518466
020 C000004     15
020 A000005 MORGAN STANLEY AND CO., INC.
020 B000005 13-2655998
020 C000005     14
020 A000006 GOLDMAN SACHS & CO.
020 B000006 13-5108880
020 C000006     13
020 A000007 MORGAN J.P., SECURITIES INC.
020 B000007 13-3224016
020 C000007     10
020 A000008 WARBURG (S.G.) & CO., INC.
020 B000008 13-3340045
020 C000008      9
020 A000009 SMITH BARNEY INC.
020 B000009 13-1912900
020 C000009      7
020 A000010 KLEINWORT BENSON INC.
020 B000010 13-2647786
020 C000010      6
021  000000      252
022 A000001 AUBREY LANSTON & CO. INC.
022 B000001 13-5552129
022 C000001    633153
022 D000001       600
022 A000002 CS FIRST BOSTON CORP.
022 B000002 13-5659485
022 C000002     11817
022 D000002     17442
022 A000003 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000003 13-5674085
022 C000003     11269
022 D000003     17675
022 A000004 STATE STREET BANK AND TRUST CO.
022 B000004 04-1867445
022 C000004     21791
<PAGE>      PAGE  5
022 D000004         0
022 A000005 LEHMAN BROTHERS INC.
022 B000005 13-2518466
022 C000005      9207
022 D000005      3747
022 A000006 SALOMON BROTHERS INC.
022 B000006 13-3082694
022 C000006      5713
022 D000006      5763
022 A000007 PRUDENTIAL SECURITIES INC.
022 B000007 22-2347336
022 C000007      9094
022 D000007        98
022 A000008 SCHROEDER MUNCHMEYER HENGST & CO.
022 C000008      8495
022 D000008         0
022 A000009 GOLDMAN SACHS & CO.
022 B000009 13-5108880
022 C000009      2482
022 D000009      2837
022 A000010 MORGAN J.P., SECURITIES INC.
022 B000010 13-3224016
022 C000010      2632
022 D000010      1350
023 C000000     724901
023 D000000      57624
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
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049  00AA00 N
050  00AA00 N
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054 C00AA00 Y
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054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
<PAGE>      PAGE  6
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00      250
077 A000000 N
078  000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 GULF INSURANCE COMPANY
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081 A00AA00 Y
081 B00AA00 101
082 A00AA00 N
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083 A00AA00 N
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024  000400 Y
025 A000401 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000401 13-5674085
025 C000401 E
025 D000401    1014
025 A000402 MORGAN STANLEY AND CO., INC.
025 B000402 13-2655998
025 C000402 E
025 D000402     931
025 D000403       0
025 D000404       0
025 D000405       0
<PAGE>      PAGE  7
025 D000406       0
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025 D000408       0
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030 B000400  4.25
030 C000400  4.25
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033  000400      0
034  000400 Y
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039  000400 N
040  000400 Y
041  000400 Y
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042 B000400   0
<PAGE>      PAGE  8
042 C000400 100
042 D000400   0
042 E000400   0
042 F000400   0
042 G000400   0
042 H000400   0
043  000400    417
044  000400      0
045  000400 Y
046  000400 N
047  000400 Y
048  000400  0.750
048 A010400        0
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
055 A000400 Y
055 B000400 N
056  000400 Y
057  000400 N
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
<PAGE>      PAGE  9
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
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
<PAGE>      PAGE  10
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400     80825
071 B000400     77970
071 C000400     96953
071 D000400   80
072 A000400  6
072 B000400      818
072 C000400      501
072 D000400        0
072 E000400        0
072 F000400      391
072 G000400        0
072 H000400        0
072 I000400      110
072 J000400      125
072 K000400        0
072 L000400       31
072 M000400       15
072 N000400       32
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072 Q000400        0
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072 S000400       21
072 T000400      417
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072 V000400        0
072 W000400        5
072 X000400     1167
072 Y000400       14
072 Z000400      166
072AA000400     9794
072BB000400        0
072CC010400     2150
072CC020400        0
072DD010400        0
072DD020400        0
072EE000400        0
073 A010400   0.0000
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400     1940
074 B000400        0
074 C000400      268
074 D000400    20116
074 E000400        0
074 F000400    78923
074 G000400        0
<PAGE>      PAGE  11
074 H000400        0
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074 J000400     3559
074 K000400        0
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074 M000400        0
074 N000400   105323
074 O000400     1476
074 P000400      154
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074 S000400        0
074 T000400   103282
074 U010400     1970
074 U020400     5011
074 V010400    14.84
074 V020400    14.78
074 W000400   0.0000
074 X000400     8252
074 Y000400        0
075 A000400        0
075 B000400   102246
076  000400     0.00
024  000500 Y
025 A000501 GOLDMAN SACHS & CO.
025 B000501 13-5108880
025 C000501 D
025 D000501    1051
025 A000502 MERRILL LYNCH PIERCE FENNER & SMITH
025 B000502 13-5674085
025 C000502 E
025 D000502     169
025 A000503 MORGAN STANLEY AND CO., INC.
025 B000503 13-2655998
025 C000503 E
025 D000503     147
025 D000504       0
025 D000505       0
025 D000506       0
025 D000507       0
025 D000508       0
028 A010500       293
028 A020500         0
028 A030500         0
028 A040500      1098
028 B010500       563
028 B020500       196
028 B030500         0
<PAGE>      PAGE  12
028 B040500      1428
028 C010500       579
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028 C030500         0
028 C040500      1267
028 D010500       629
028 D020500         1
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028 D040500      1118
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028 E030500         0
028 E040500       898
028 F010500       543
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028 F030500         0
028 F040500      1095
028 G010500      3419
028 G020500       384
028 G030500         0
028 G040500      6904
028 H000500       250
029  000500 Y
030 A000500      9
030 B000500  4.25
030 C000500  4.25
031 A000500      0
031 B000500      0
032  000500      9
033  000500      0
034  000500 Y
035  000500     27
036 A000500 Y
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
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044  000500      0
045  000500 Y
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<PAGE>      PAGE  13
047  000500 Y
048  000500  0.750
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055 A000500 Y
055 B000500 N
056  000500 Y
057  000500 N
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063 B000500  0.0
066 A000500 Y
066 B000500 N
066 C000500 N
<PAGE>      PAGE  14
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
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
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070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500     38727
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072 A000500  6
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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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>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1998
<PERIOD-START>                             MAY-01-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       88,487,283
<INVESTMENTS-AT-VALUE>                      99,307,372
<RECEIVABLES>                                4,075,735
<ASSETS-OTHER>                               1,940,351
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             105,323,458
<PAYABLE-FOR-SECURITIES>                     1,475,754
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      565,588
<TOTAL-LIABILITIES>                          2,041,342
<SENIOR-EQUITY>                                     70
<PAID-IN-CAPITAL-COMMON>                    82,226,918
<SHARES-COMMON-STOCK>                        1,970,186
<SHARES-COMMON-PRIOR>                        2,091,931
<ACCUMULATED-NII-CURRENT>                      545,085
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      9,645,309
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    10,864,734
<NET-ASSETS>                               103,282,116
<DIVIDEND-INCOME>                              501,022
<INTEREST-INCOME>                              817,798
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,153,180)
<NET-INVESTMENT-INCOME>                        165,640
<REALIZED-GAINS-CURRENT>                     9,793,641
<APPREC-INCREASE-CURRENT>                    2,149,572
<NET-CHANGE-FROM-OPS>                       12,108,853
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        133,052
<NUMBER-OF-SHARES-REDEEMED>                  (254,801)
<SHARES-REINVESTED>                                  4
<NET-CHANGE-IN-ASSETS>                       8,086,911
<ACCUMULATED-NII-PRIOR>                        379,445
<ACCUMULATED-GAINS-PRIOR>                    (148,332)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          391,000
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,167,000
<AVERAGE-NET-ASSETS>                        29,546,287
<PER-SHARE-NAV-BEGIN>                            13.12
<PER-SHARE-NII>                                   0.06
<PER-SHARE-GAIN-APPREC>                           1.66
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.84
<EXPENSE-RATIO>                                   1.72
<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>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1998
<PERIOD-START>                             MAY-01-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       88,487,283
<INVESTMENTS-AT-VALUE>                      99,307,372
<RECEIVABLES>                                4,075,735
<ASSETS-OTHER>                               1,940,351
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             105,323,458
<PAYABLE-FOR-SECURITIES>                     1,475,754
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      565,588
<TOTAL-LIABILITIES>                          2,041,342
<SENIOR-EQUITY>                                     70
<PAID-IN-CAPITAL-COMMON>                    82,226,918
<SHARES-COMMON-STOCK>                        4,547,548
<SHARES-COMMON-PRIOR>                        4,706,967
<ACCUMULATED-NII-CURRENT>                      545,085
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      9,645,309
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    10,864,734
<NET-ASSETS>                               103,282,116
<DIVIDEND-INCOME>                              501,022
<INTEREST-INCOME>                              817,798
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,153,180)
<NET-INVESTMENT-INCOME>                        165,640
<REALIZED-GAINS-CURRENT>                     9,793,641
<APPREC-INCREASE-CURRENT>                    2,149,572
<NET-CHANGE-FROM-OPS>                       12,108,853
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        322,416
<NUMBER-OF-SHARES-REDEEMED>                  (481,917)
<SHARES-REINVESTED>                                 82
<NET-CHANGE-IN-ASSETS>                       8,086,911
<ACCUMULATED-NII-PRIOR>                        379,445
<ACCUMULATED-GAINS-PRIOR>                    (148,332)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          391,000
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,167,000
<AVERAGE-NET-ASSETS>                        67,123,129
<PER-SHARE-NAV-BEGIN>                            13.11
<PER-SHARE-NII>                                   0.01
<PER-SHARE-GAIN-APPREC>                           1.66
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.78
<EXPENSE-RATIO>                                   2.42
<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>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1998
<PERIOD-START>                             MAY-01-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       88,487,283
<INVESTMENTS-AT-VALUE>                      99,307,372
<RECEIVABLES>                                4,075,735
<ASSETS-OTHER>                               1,940,351
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             105,323,458
<PAYABLE-FOR-SECURITIES>                     1,475,754
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      565,588
<TOTAL-LIABILITIES>                          2,041,342
<SENIOR-EQUITY>                                     70
<PAID-IN-CAPITAL-COMMON>                    82,226,918
<SHARES-COMMON-STOCK>                          463,079
<SHARES-COMMON-PRIOR>                          459,830
<ACCUMULATED-NII-CURRENT>                      545,085
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      9,645,309
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    10,864,734
<NET-ASSETS>                               103,282,116
<DIVIDEND-INCOME>                              501,022
<INTEREST-INCOME>                              817,798
<OTHER-INCOME>                                       0
<EXPENSES-NET>                             (1,153,180)
<NET-INVESTMENT-INCOME>                        165,640
<REALIZED-GAINS-CURRENT>                     9,793,641
<APPREC-INCREASE-CURRENT>                    2,149,572
<NET-CHANGE-FROM-OPS>                       12,108,853
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         68,128
<NUMBER-OF-SHARES-REDEEMED>                   (64,879)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       8,086,911
<ACCUMULATED-NII-PRIOR>                        379,445
<ACCUMULATED-GAINS-PRIOR>                    (148,332)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          391,000
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,167,000
<AVERAGE-NET-ASSETS>                         6,779,209
<PER-SHARE-NAV-BEGIN>                            13.12
<PER-SHARE-NII>                                   0.01
<PER-SHARE-GAIN-APPREC>                           1.66
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.79
<EXPENSE-RATIO>                                   2.42
<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>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1998
<PERIOD-START>                             MAY-01-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       41,357,488
<INVESTMENTS-AT-VALUE>                      43,965,317
<RECEIVABLES>                                  902,262
<ASSETS-OTHER>                                  53,483
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              44,921,062
<PAYABLE-FOR-SECURITIES>                       173,217
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      267,947
<TOTAL-LIABILITIES>                            441,164
<SENIOR-EQUITY>                                     36
<PAID-IN-CAPITAL-COMMON>                    38,417,500
<SHARES-COMMON-STOCK>                          951,181
<SHARES-COMMON-PRIOR>                        1,048,877
<ACCUMULATED-NII-CURRENT>                      473,248
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,960,120
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,628,994
<NET-ASSETS>                                44,479,898
<DIVIDEND-INCOME>                               97,869
<INTEREST-INCOME>                            1,005,010
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (432,291)
<NET-INVESTMENT-INCOME>                        670,588
<REALIZED-GAINS-CURRENT>                     2,395,385
<APPREC-INCREASE-CURRENT>                      881,453
<NET-CHANGE-FROM-OPS>                        3,947,426
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (139,346)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         63,559
<NUMBER-OF-SHARES-REDEEMED>                  (172,027)
<SHARES-REINVESTED>                             10,772
<NET-CHANGE-IN-ASSETS>                         433,134
<ACCUMULATED-NII-PRIOR>                        216,263
<ACCUMULATED-GAINS-PRIOR>                      564,735
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          169,000
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                587,000
<AVERAGE-NET-ASSETS>                        11,832,070
<PER-SHARE-NAV-BEGIN>                            11.31
<PER-SHARE-NII>                                   0.21
<PER-SHARE-GAIN-APPREC>                           0.86
<PER-SHARE-DIVIDEND>                            (0.14)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.24
<EXPENSE-RATIO>                                   1.41
<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>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1998
<PERIOD-START>                             MAY-01-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       41,357,488
<INVESTMENTS-AT-VALUE>                      43,965,317
<RECEIVABLES>                                  902,262
<ASSETS-OTHER>                                  53,483
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              44,921,062
<PAYABLE-FOR-SECURITIES>                       173,217
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      267,947
<TOTAL-LIABILITIES>                            441,164
<SENIOR-EQUITY>                                     36
<PAID-IN-CAPITAL-COMMON>                    38,417,500
<SHARES-COMMON-STOCK>                        2,311,101
<SHARES-COMMON-PRIOR>                        2,440,961
<ACCUMULATED-NII-CURRENT>                      473,248
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,960,120
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,628,994
<NET-ASSETS>                                44,479,898
<DIVIDEND-INCOME>                               97,869
<INTEREST-INCOME>                            1,005,010
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (432,291)
<NET-INVESTMENT-INCOME>                        670,588
<REALIZED-GAINS-CURRENT>                     2,395,385
<APPREC-INCREASE-CURRENT>                      881,453
<NET-CHANGE-FROM-OPS>                        3,947,426
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (239,782)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        173,096
<NUMBER-OF-SHARES-REDEEMED>                  (321,526)
<SHARES-REINVESTED>                             18,570
<NET-CHANGE-IN-ASSETS>                         433,134
<ACCUMULATED-NII-PRIOR>                        216,263
<ACCUMULATED-GAINS-PRIOR>                      564,735
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          169,000
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                587,000
<AVERAGE-NET-ASSETS>                        28,825,798
<PER-SHARE-NAV-BEGIN>                            11.49
<PER-SHARE-NII>                                   0.17
<PER-SHARE-GAIN-APPREC>                           0.87
<PER-SHARE-DIVIDEND>                            (0.10)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.43
<EXPENSE-RATIO>                                   2.11
<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>                   6-MOS
<FISCAL-YEAR-END>                          APR-30-1998
<PERIOD-START>                             MAY-01-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       41,357,488
<INVESTMENTS-AT-VALUE>                      43,965,317
<RECEIVABLES>                                  902,262
<ASSETS-OTHER>                                  53,483
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              44,921,062
<PAYABLE-FOR-SECURITIES>                       173,217
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      267,947
<TOTAL-LIABILITIES>                            441,164
<SENIOR-EQUITY>                                     36
<PAID-IN-CAPITAL-COMMON>                    38,417,500
<SHARES-COMMON-STOCK>                          329,846
<SHARES-COMMON-PRIOR>                          361,129
<ACCUMULATED-NII-CURRENT>                      473,248
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,960,120
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,628,994
<NET-ASSETS>                                44,479,898
<DIVIDEND-INCOME>                               97,869
<INTEREST-INCOME>                            1,005,010
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               (432,291)
<NET-INVESTMENT-INCOME>                        670,588
<REALIZED-GAINS-CURRENT>                     2,395,385
<APPREC-INCREASE-CURRENT>                      881,453
<NET-CHANGE-FROM-OPS>                        3,947,426
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (34,475)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         43,848
<NUMBER-OF-SHARES-REDEEMED>                   (77,810)
<SHARES-REINVESTED>                              2,679
<NET-CHANGE-IN-ASSETS>                         433,134
<ACCUMULATED-NII-PRIOR>                        216,263
<ACCUMULATED-GAINS-PRIOR>                      564,735
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          169,000
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                587,000
<AVERAGE-NET-ASSETS>                         4,107,695
<PER-SHARE-NAV-BEGIN>                            11.49
<PER-SHARE-NII>                                   0.17
<PER-SHARE-GAIN-APPREC>                           0.88
<PER-SHARE-DIVIDEND>                            (0.10)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.44
<EXPENSE-RATIO>                                   2.11
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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