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SIGNATURE BETH SMITH
TITLE ASST VICE PRESIDENT
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<TOTAL-LIABILITIES> 3,411,295
<SENIOR-EQUITY> 76
<PAID-IN-CAPITAL-COMMON> 89,743,081
<SHARES-COMMON-STOCK> 551,099
<SHARES-COMMON-PRIOR> 459,830
<ACCUMULATED-NII-CURRENT> 145,372
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,928,030
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,359,229
<NET-ASSETS> 114,175,788
<DIVIDEND-INCOME> 941,208
<INTEREST-INCOME> 1,574,537
<OTHER-INCOME> 0
<EXPENSES-NET> (2,198,819)
<NET-INVESTMENT-INCOME> 316,926
<REALIZED-GAINS-CURRENT> 14,237,544
<APPREC-INCREASE-CURRENT> 10,644,067
<NET-CHANGE-FROM-OPS> 25,198,537
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,212)
<DISTRIBUTIONS-OF-GAINS> (613,482)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 192,391
<NUMBER-OF-SHARES-REDEEMED> (147,143)
<SHARES-REINVESTED> 46,021
<NET-CHANGE-IN-ASSETS> 18,980,583
<ACCUMULATED-NII-PRIOR> 379,445
<ACCUMULATED-GAINS-PRIOR> (148,332)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 788,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,215,000
<AVERAGE-NET-ASSETS> 7,064,939
<PER-SHARE-NAV-BEGIN> 13.12
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 3.34
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (1.33)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.13
<EXPENSE-RATIO> 2.29
<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-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 39,363,945
<INVESTMENTS-AT-VALUE> 43,575,685
<RECEIVABLES> 958,415
<ASSETS-OTHER> 337,697
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,871,797
<PAYABLE-FOR-SECURITIES> 251,115
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,679
<TOTAL-LIABILITIES> 563,794
<SENIOR-EQUITY> 37
<PAID-IN-CAPITAL-COMMON> 38,927,732
<SHARES-COMMON-STOCK> 978,982
<SHARES-COMMON-PRIOR> 1,048,877
<ACCUMULATED-NII-CURRENT> 152,080
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,019,294
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,208,860
<NET-ASSETS> 44,308,003
<DIVIDEND-INCOME> 177,630
<INTEREST-INCOME> 1,918,068
<OTHER-INCOME> 0
<EXPENSES-NET> (848,860)
<NET-INVESTMENT-INCOME> 1,246,838
<REALIZED-GAINS-CURRENT> 3,344,528
<APPREC-INCREASE-CURRENT> 2,461,319
<NET-CHANGE-FROM-OPS> 7,052,685
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (410,778)
<DISTRIBUTIONS-OF-GAINS> (787,612)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152,663
<NUMBER-OF-SHARES-REDEEMED> (322,476)
<SHARES-REINVESTED> 99,918
<NET-CHANGE-IN-ASSETS> 261,239
<ACCUMULATED-NII-PRIOR> 216,263
<ACCUMULATED-GAINS-PRIOR> 564,735
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 332,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,075,000
<AVERAGE-NET-ASSETS> 11,752,998
<PER-SHARE-NAV-BEGIN> 11.31
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 1.54
<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> (0.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.97
<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-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 39,363,945
<INVESTMENTS-AT-VALUE> 43,575,685
<RECEIVABLES> 958,415
<ASSETS-OTHER> 337,697
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,871,797
<PAYABLE-FOR-SECURITIES> 251,115
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,679
<TOTAL-LIABILITIES> 563,794
<SENIOR-EQUITY> 37
<PAID-IN-CAPITAL-COMMON> 38,927,732
<SHARES-COMMON-STOCK> 2,332,248
<SHARES-COMMON-PRIOR> 2,440,961
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,019,294
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,208,860
<NET-ASSETS> 44,308,003
<DIVIDEND-INCOME> 177,630
<INTEREST-INCOME> 1,918,068
<OTHER-INCOME> 0
<EXPENSES-NET> (848,860)
<NET-INVESTMENT-INCOME> 1,246,838
<REALIZED-GAINS-CURRENT> 3,344,528
<APPREC-INCREASE-CURRENT> 2,461,319
<NET-CHANGE-FROM-OPS> 7,052,685
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (759,381)
<DISTRIBUTIONS-OF-GAINS> (1,864,487)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 460,037
<NUMBER-OF-SHARES-REDEEMED> (783,534)
<SHARES-REINVESTED> 214,784
<NET-CHANGE-IN-ASSETS> 261,239
<ACCUMULATED-NII-PRIOR> 216,263
<ACCUMULATED-GAINS-PRIOR> 564,735
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 332,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,075,000
<AVERAGE-NET-ASSETS> 28,507,748
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 1.55
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.19
<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-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 39,363,945
<INVESTMENTS-AT-VALUE> 43,575,685
<RECEIVABLES> 958,415
<ASSETS-OTHER> 337,697
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,871,797
<PAYABLE-FOR-SECURITIES> 251,115
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,679
<TOTAL-LIABILITIES> 563,794
<SENIOR-EQUITY> 37
<PAID-IN-CAPITAL-COMMON> 38,927,732
<SHARES-COMMON-STOCK> 341,378
<SHARES-COMMON-PRIOR> 361,129
<ACCUMULATED-NII-CURRENT> 152,080
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,019,294
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,208,860
<NET-ASSETS> 44,308,003
<DIVIDEND-INCOME> 177,630
<INTEREST-INCOME> 1,918,068
<OTHER-INCOME> 0
<EXPENSES-NET> (848,860)
<NET-INVESTMENT-INCOME> 1,246,838
<REALIZED-GAINS-CURRENT> 3,344,528
<APPREC-INCREASE-CURRENT> 2,461,319
<NET-CHANGE-FROM-OPS> 7,052,685
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (109,342)
<DISTRIBUTIONS-OF-GAINS> (269,390)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82,073
<NUMBER-OF-SHARES-REDEEMED> (132,931)
<SHARES-REINVESTED> 31,107
<NET-CHANGE-IN-ASSETS> 261,239
<ACCUMULATED-NII-PRIOR> 216,263
<ACCUMULATED-GAINS-PRIOR> 564,735
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 332,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,075,000
<AVERAGE-NET-ASSETS> 4,072,004
<PER-SHARE-NAV-BEGIN> 11.49
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> 1.55
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> (0.84)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.19
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
June 16, 1998
To the Shareholders and Trustees of
Alliance Growth Investors Fund and Alliance Conservative Investors
Fund
In planning and performing our audits of the financial statements of
Alliance Conservative Investors Fund and Alliance Growth Investors Fund
(collectively, the "Funds") for the years ended April 30, 1998, 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 are 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, 1998.
This report is intended solely for the information and use of
management and the Trustees of the Funds and the Securities and
Exchange Commission.
PRICE WATERHOUSE LLP
