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<PAGE> PAGE 2
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<PAGE> PAGE 10
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE CATHERINE WHITE
TITLE ASST VICE PRESIDENT
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96,363,703
<PAYABLE-FOR-SECURITIES> 684,178
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 484,320
<TOTAL-LIABILITIES> 1,168,498
<SENIOR-EQUITY> 73
<PAID-IN-CAPITAL-COMMON> 86,248,857
<SHARES-COMMON-STOCK> 4,706,967
<SHARES-COMMON-PRIOR> 4,261,102
<ACCUMULATED-NII-CURRENT> 379,445
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (148,332)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,715,162
<NET-ASSETS> 95,195,205
<DIVIDEND-INCOME> 846,715
<INTEREST-INCOME> 1,739,186
<OTHER-INCOME> 0
<EXPENSES-NET> (1,974,461)
<NET-INVESTMENT-INCOME> 611,440
<REALIZED-GAINS-CURRENT> 2,985,209
<APPREC-INCREASE-CURRENT> 2,361,782
<NET-CHANGE-FROM-OPS> 5,958,431
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (444,447)
<DISTRIBUTIONS-OF-GAINS> (7,140,766)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 772,493
<NUMBER-OF-SHARES-REDEEMED> (891,177)
<SHARES-REINVESTED> 564,549
<NET-CHANGE-IN-ASSETS> (1,306,461)
<ACCUMULATED-NII-PRIOR> 657,809
<ACCUMULATED-GAINS-PRIOR> 7,717,255
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 723,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,142,000
<AVERAGE-NET-ASSETS> 61,325,491
<PER-SHARE-NAV-BEGIN> 14.08
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.77
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (1.69)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.11
<EXPENSE-RATIO> 2.26
<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-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 85,520,757
<INVESTMENTS-AT-VALUE> 94,241,034
<RECEIVABLES> 1,807,067
<ASSETS-OTHER> 315,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96,363,703
<PAYABLE-FOR-SECURITIES> 684,178
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 484,320
<TOTAL-LIABILITIES> 1,168,498
<SENIOR-EQUITY> 73
<PAID-IN-CAPITAL-COMMON> 86,248,857
<SHARES-COMMON-STOCK> 459,830
<SHARES-COMMON-PRIOR> 419,843
<ACCUMULATED-NII-CURRENT> 379,445
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (148,332)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,715,162
<NET-ASSETS> 95,195,205
<DIVIDEND-INCOME> 846,715
<INTEREST-INCOME> 1,739,186
<OTHER-INCOME> 0
<EXPENSES-NET> (1,974,461)
<NET-INVESTMENT-INCOME> 611,440
<REALIZED-GAINS-CURRENT> 2,985,209
<APPREC-INCREASE-CURRENT> 2,361,782
<NET-CHANGE-FROM-OPS> 5,958,431
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,458)
<DISTRIBUTIONS-OF-GAINS> (698,222)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 187,433
<NUMBER-OF-SHARES-REDEEMED> (199,231)
<SHARES-REINVESTED> 51,785
<NET-CHANGE-IN-ASSETS> (1,306,461)
<ACCUMULATED-NII-PRIOR> 657,809
<ACCUMULATED-GAINS-PRIOR> 7,717,255
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 723,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,142,000
<AVERAGE-NET-ASSETS> 6,020,717
<PER-SHARE-NAV-BEGIN> 14.09
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0.77
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (1.69)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.12
<EXPENSE-RATIO> 2.26
<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-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 41,992,398
<INVESTMENTS-AT-VALUE> 43,741,969
<RECEIVABLES> 604,684
<ASSETS-OTHER> 106,060
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,452,713
<PAYABLE-FOR-SECURITIES> 51,065
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 365,884
<TOTAL-LIABILITIES> 405,949
<SENIOR-EQUITY> 39
<PAID-IN-CAPITAL-COMMON> 41,518,186
<SHARES-COMMON-STOCK> 1,048,877
<SHARES-COMMON-PRIOR> 1,271,079
<ACCUMULATED-NII-CURRENT> 216,263
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 564,735
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,747,541
<NET-ASSETS> 44,046,764
<DIVIDEND-INCOME> 204,980
<INTEREST-INCOME> 2,251,317
<OTHER-INCOME> 0
<EXPENSES-NET> (927,335)
<NET-INVESTMENT-INCOME> 1,528,962
<REALIZED-GAINS-CURRENT> 593,982
<APPREC-INCREASE-CURRENT> 1,321,406
<NET-CHANGE-FROM-OPS> 3,444,350
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (516,046)
<DISTRIBUTIONS-OF-GAINS> (278,463)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 196,563
<NUMBER-OF-SHARES-REDEEMED> (484,981)
<SHARES-REINVESTED> 66,216
<NET-CHANGE-IN-ASSETS> (7,418,637)
<ACCUMULATED-NII-PRIOR> 339,779
<ACCUMULATED-GAINS-PRIOR> 980,259
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 364,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,172,000
<AVERAGE-NET-ASSETS> 13,114,413
<PER-SHARE-NAV-BEGIN> 11.14
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> 0.46
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> (0.25)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.31
<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-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 41,992,398
<INVESTMENTS-AT-VALUE> 43,741,969
<RECEIVABLES> 604,684
<ASSETS-OTHER> 106,060
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,452,713
<PAYABLE-FOR-SECURITIES> 51,065
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 365,884
<TOTAL-LIABILITIES> 405,949
<SENIOR-EQUITY> 39
<PAID-IN-CAPITAL-COMMON> 41,518,186
<SHARES-COMMON-STOCK> 2,440,961
<SHARES-COMMON-PRIOR> 2,828,583
<ACCUMULATED-NII-CURRENT> 216,263
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 564,735
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,747,541
<NET-ASSETS> 44,046,764
<DIVIDEND-INCOME> 204,980
<INTEREST-INCOME> 2,251,317
<OTHER-INCOME> 0
<EXPENSES-NET> (927,335)
<NET-INVESTMENT-INCOME> 1,528,962
<REALIZED-GAINS-CURRENT> 593,982
<APPREC-INCREASE-CURRENT> 1,321,406
<NET-CHANGE-FROM-OPS> 3,444,350
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (967,390)
<DISTRIBUTIONS-OF-GAINS> (644,643)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 378,962
<NUMBER-OF-SHARES-REDEEMED> (896,761)
<SHARES-REINVESTED> 130,177
<NET-CHANGE-IN-ASSETS> (7,418,637)
<ACCUMULATED-NII-PRIOR> 339,779
<ACCUMULATED-GAINS-PRIOR> 980,259
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 364,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,172,000
<AVERAGE-NET-ASSETS> 30,453,918
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.46
<PER-SHARE-DIVIDEND> (0.37)
<PER-SHARE-DISTRIBUTIONS> (0.25)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.49
<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-30-1997
<PERIOD-START> MAY-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 41,992,398
<INVESTMENTS-AT-VALUE> 43,741,969
<RECEIVABLES> 604,684
<ASSETS-OTHER> 106,060
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,452,713
<PAYABLE-FOR-SECURITIES> 51,065
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 365,884
<TOTAL-LIABILITIES> 405,949
<SENIOR-EQUITY> 39
<PAID-IN-CAPITAL-COMMON> 41,518,186
<SHARES-COMMON-STOCK> 361,129
<SHARES-COMMON-PRIOR> 470,876
<ACCUMULATED-NII-CURRENT> 216,263
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 564,735
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,747,541
<NET-ASSETS> 44,046,764
<DIVIDEND-INCOME> 204,980
<INTEREST-INCOME> 2,251,317
<OTHER-INCOME> 0
<EXPENSES-NET> (927,335)
<NET-INVESTMENT-INCOME> 1,528,962
<REALIZED-GAINS-CURRENT> 593,982
<APPREC-INCREASE-CURRENT> 1,321,406
<NET-CHANGE-FROM-OPS> 3,444,350
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (154,474)
<DISTRIBUTIONS-OF-GAINS> (100,968)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98,699
<NUMBER-OF-SHARES-REDEEMED> (228,588)
<SHARES-REINVESTED> 20,142
<NET-CHANGE-IN-ASSETS> (7,418,637)
<ACCUMULATED-NII-PRIOR> 339,779
<ACCUMULATED-GAINS-PRIOR> 980,259
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 364,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,172,000
<AVERAGE-NET-ASSETS> 4,961,938
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 0.46
<PER-SHARE-DIVIDEND> (0.37)
<PER-SHARE-DISTRIBUTIONS> (0.25)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.49
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Boards of Trustees of
Alliance Growth Investors Fund
and Alliance Conservative Investors Fund
In planning and performing our audits of the financial statements of
Alliance Growth Investors Fund and Alliance Conservative Investors Fund
(the "Funds") for the year ended April 30, 1997, we considered their
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
internal control.
The management of the Funds 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 control activities. Generally,
control activities 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 control activities include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities 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 internal control would not necessarily disclose all
matters in 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 any specific internal control components 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 internal control, including
control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of April 30, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Price Waterhouse LLP
New York, New York
June 16, 1997
[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 MARCH 1, 1996 THROUGH MAY 31, 1996
<CAPTION>
Total
Shares Shares % of Issue Shares
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets (1Share 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
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, 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
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 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 & Co.1,600
AKSYS LTD. 05/16/96 400 0.01% $16.00 27,500 3,100 0.89% Smith Barney 0
WYNDAN HOTELS 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 Sec. 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 Sec. 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 Systems 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 & Co.0
Farallon Communications 06/13/96 200 0.00% $16.00 26,000 2,250 1.24% Cowen & Co. 0
Interstate Hotels Company 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% $16.125 239,000 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 Brothers 0
Southern Pacific Funding C06/13/96 1,700 0.03% $17.00 2,700 5,000 0.05% Natwest Securities 0
Teleport Communication Gro06/27/96 9,400 0.16% $16.00 567,800 23,500 2.42% Merrill Lynch Pierc0
The North Face 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% Alex Brown & Sons 2,200
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 Brothers 0
Outdoor Systems 08/19/96 1,600 0.06% $34.50 13,300 8,606 0.15% Alex Brown & Sons 1,400
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1996 THROUGH NOVEMBER 30, 1996
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 11/30/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Abercrombie & Fitch 09/25/96 500 0.01% $16.00 4,200 7,000 0.06% Goldman Sachs 0
American Residential Servi09/24/96 100 0.00% $15.00 1,200 4,200 0.03% Smith Barney Inc. 0
Cox Radio, Inc. 09/26/96 1,600 0.03% $18.50 2,000 7,500 0.03% Lehman Brothers 0
Cymer 09/18/96 100 0.00% $9.50 8,900 3,340 0.27% Morgan Stanley 0
Document Sciences Corp. 09/20/96 100 0.00% $12.00 14,500 2,300 0.63% C.J. Lawrence 0
Intelligroup, Inc. 09/27/96 200 0.00% $10.00 29,200 8,170 0.36% Cowen & Co. 0
Lightbridge, Inc. 09/27/96 900 0.01% $10.00 1,100 3,800 0.03% Cowen & Co. 0
Orckit Communications Ltd.09/27/96 100 0.00% $16.00 19,600 3,300 0.59% Alex Brown & Sons 0
Technology Modeling Assoc.09/20/96 100 0.00% $12.00 13,600 3,000 0.45% Hambrecht & Quist 0
Advanced Fibre Communicati09/30/96 200 0.01% $25.00 34,200 4,500 0.76% Morgan Stanley 0
Costilla Energy 10/03/96 4,200 0.05% $12.50 4,200 4,800 0.09% Prudential Securiti6,000
Crown Cork & Seal 10/24/96 3,400 0.16% $46.25 5,800 9,250 0.08% Lazard Freres & Co.7,200
Culligan Water Technology 10/07/96 1,900 0.07% $37.63 46,600 4,995 0.93% Goldman Sachs 3,000
CyberMedia, Inc. 10/23/96 100 0.00% $16.00 22,000 2,500 0.88% Hambrecht & Quist 0
Domenick's Supermarkets 10/29/96 300 0.01% $18.00 2,300 8,000 0.03% BT Securities Corp.0
Infinity Financial Technol10/25/96 100 0.00% $16.00 9,900 2,690 0.37% Goldman Sachs 0
Interim Sevices Inc. 10/17/96 1,700 0.07% $43.25 2,400 4,250 0.06% Goldman Sachs 1,600
Midway Games 10/30/96 1,000 0.02% $20.00 184,800 5,100 3.62% Oppenheimer & Co. 0
Stage Stores 10/24/96 1,300 0.02% $16.50 10,300 11,000 0.09% Bear Stearns Securi3,500
Sabre Group Holdings 10/10/96 800 0.02% $27.00 193,800 20,200 0.96% Goldman Sachs 0
Trusted Information System10/10/96 200 0.00% $13.00 34,900 3,400 1.03% Morgan J.P. Securit0
White Pine Software, Inc. 10/11/96 200 0.00% $9.00 62,500 3,000 2.08% Cowen & Co. 0
Wild Oats Markets, Inc. 10/22/96 200 0.01% $25.00 1,500 1,680 0.09% Montgomery Sec. 0
XL Connect Solutions 10/17/96 100 0.00% $15.00 21,500 2,900 0.74% Alex Brown & Sons 0
Deutsche Telecom 11/18/96 2,400 0.05% $18.83 596,900 85,000 0.70% Deutsche Morgan Gre5,800
Ingram Micro 11/01/96 500 0.01% $18.00 500 20,000 0.00% Morgan Stanley 0
NuSkin Asia Pacific Inc. 11/21/96 400 0.01% $23.00 7,500 9,100 0.08% Merrill Lynch Pierc0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1996 THROUGH FEBRUARY 28, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 02/28/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Coldwater Creek 01/28/97 100 0.00% $15.00 3,300 2,500 0.13% Montgomery Sec. 0
Doncasters Plc 01/30/97 700 0.01% $16.50 79,600 8,000 1.00% CS First Boston 3,200
Circuit City (Car Max Grou02/04/97 400 0.01% $20.00 238,900 21,860 1.09% Morgan Stanley 9,450
Silgan Holding, Inc. 02/13/97 1,100 0.02% $20.00 142,000 4,500 3.16% Goldman Sachs 4,100
Yurie Systems, Inc. 02/05/97 500 0.01% $12.00 14,900 4,000 0.37% Alex Brown & Sons 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 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>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1996 THROUGH NOVEMBER 30, 1996
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 11/30/96
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Crown Cork & Seal, Inc. 10/24/96 1,000 0.10% $46.25 5,800 23,500 0.02% Lazard Freres & Co.2,000
Deutsche Telecom 11/18/96 400 0.00% $18.89 596,900 85,000 0.70% Goldman Sachs 900
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1996 THROUGH FEBRUARY 28, 1997
<CAPTION>
Total
Date Shares % of FundPrice perPurchased by Issued Purchased Held
Security PurchasedPurchasedAssets Share Fund Group (000) By Group Broker(s) 02/28/97
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Circuit City (Car Max Grou02/04/97 300 0.01% $20.00 238,900 21,860 1.09% Morgan Stanley 2,300
</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.
