<PAGE> PAGE 1
000 B000000 07/31/98
000 C000000 0000812015
000 D000000 N
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000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
001 A000000 THE ALLIANCE PORTFOLIOS
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001 C000000 2013194000
002 A000000 500 PLAZA DRIVE
002 B000000 SECAUCUS
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008 A00AA01 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B00AA01 A
008 C00AA01 801-32361
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 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
012 C03AA01 07096
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
<PAGE> PAGE 2
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
013 B04AA01 2798
014 A00AA01 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B00AA01 8-00017574
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 53
019 C00AA00 ALLIANCECA
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 20
020 A000002 LEHMAN BROTHERS, INC.
020 B000002 13-2518466
020 C000002 7
020 A000003 SMITH BARNEY, INC.
020 B000003 13-3082694
020 C000003 7
020 A000004 MORGAN (J.P.) SECURITIES, INC.
020 B000004 13-3224016
020 C000004 6
020 A000005 GOLDMAN, SACHS & CO.
020 B000005 13-5108880
020 C000005 6
020 A000006 MORGAN STANLEY & CO., INC.
020 B000006 13-2655998
020 C000006 5
020 A000007 SBC WARBURG DILLON READ, INC.
020 B000007 13-3340045
020 C000007 4
020 A000008 CREDIT SUISSE FIRST BOSTON CORP.
020 B000008 13-5659485
020 C000008 3
020 A000009 ABN AMRO, INC.
020 B000009 13-3227945
020 C000009 2
020 A000010 BT ALEX BROWN, INC.
020 B000010 52-1319768
020 C000010 2
021 000000 93
022 A000001 LANSTON (AUBREY G.) & CO., INC.
022 B000001 13-5552129
022 C000001 603019
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022 B000002 13-5659485
022 C000002 7738
022 D000002 9455
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
<PAGE> PAGE 3
022 C000003 12809
022 D000003 2723
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 12107
022 D000004 2234
022 A000005 PRUDENTIAL SECURITIES, INC.
022 B000005 22-2347336
022 C000005 13570
022 D000005 8
022 A000006 SMITH BARNEY, INC.
022 B000006 13-1912900
022 C000006 4871
022 D000006 3736
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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022 C000007 2416
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022 A000008 MORGAN (J.P.) SECURITIES, INC.
022 B000008 13-3224016
022 C000008 5196
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022 A000009 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000009 36-3595942
022 C000009 3099
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022 A000010 GREENWICH CAPITAL MARKETS, INC.
022 B000010 13-3172275
022 C000010 969
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<PAGE> PAGE 4
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
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054 K00AA00 N
054 L00AA00 N
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054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 GULF INSURANCE COMPANY, CNA, CHUBB
080 C00AA00 92000
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083 A00AA00 N
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<PAGE> PAGE 5
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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086 A020000 0
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015 A000301 STATE STREET BANK AND TRUST CO.
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015 C010301 BOSTON
015 C020301 MA
015 C030301 02110
015 E010301 X
024 000300 Y
025 A000301 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
025 B000301 13-5674085
025 C000301 E
025 D000301 741
025 A000302 MORGAN STANLEY & CO., INC.
025 B000302 13-2655998
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<PAGE> PAGE 6
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<PAGE> PAGE 7
043 000300 356
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<PAGE> PAGE 8
066 D000300 N
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<PAGE> PAGE 9
072 D000300 0
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073 A010300 0.4500
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<PAGE> PAGE 10
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SIGNATURE BETH SMITH
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 031
<NAME> STRATEGIC BALANCED FUND
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<PERIOD-START> AUG-01-1997
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<INVESTMENTS-AT-VALUE> 51,550,913
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<ASSETS-OTHER> 720,697
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<OTHER-ITEMS-LIABILITIES> 635,410
<TOTAL-LIABILITIES> 635,410
<SENIOR-EQUITY> 30
<PAID-IN-CAPITAL-COMMON> 44,068,493
<SHARES-COMMON-STOCK> 1,312,956
<SHARES-COMMON-PRIOR> 1,026,612
<ACCUMULATED-NII-CURRENT> 267,635
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,532,619
<NET-ASSETS> 53,182,656
<DIVIDEND-INCOME> 308,962
<INTEREST-INCOME> 1,491,470
<OTHER-INCOME> 0
<EXPENSES-NET> (921,970)
<NET-INVESTMENT-INCOME> 878,462
<REALIZED-GAINS-CURRENT> 4,284,224
<APPREC-INCREASE-CURRENT> (171,575)
<NET-CHANGE-FROM-OPS> 4,991,111
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (483,384)
<DISTRIBUTIONS-OF-GAINS> (1,572,349)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 381,654
<NUMBER-OF-SHARES-REDEEMED> (203,105)
<SHARES-REINVESTED> 107,795
<NET-CHANGE-IN-ASSETS> 1,788,615
<ACCUMULATED-NII-PRIOR> 509,629
<ACCUMULATED-GAINS-PRIOR> 2,111,261
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,223,000
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<PER-SHARE-NII> 0.41
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<SHARES-COMMON-STOCK> 1,478,926
<SHARES-COMMON-PRIOR> 1,689,904
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<OVERDISTRIBUTION-NII> 0
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<DISTRIBUTIONS-OF-GAINS> (2,315,766)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (693,305)
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 1,223,000
<AVERAGE-NET-ASSETS> 25,860,965
<PER-SHARE-NAV-BEGIN> 16.59
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 1.21
<PER-SHARE-DIVIDEND> (0.32)
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 033
<NAME> STRATEGIC BALANCED FUND
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<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
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<DISTRIBUTIONS-OF-GAINS> (257,187)
<DISTRIBUTIONS-OTHER> 0
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<PER-SHARE-NII> 0.22
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 034
<NAME> STRATEGIC BALANCED FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1998
<PERIOD-START> AUG-01-1997
<PERIOD-END> JUL-31-1998
<INVESTMENTS-AT-COST> 44,991,086
<INVESTMENTS-AT-VALUE> 51,550,913
<RECEIVABLES> 1,546,456
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<SHARES-COMMON-PRIOR> 3
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<DISTRIBUTIONS-OF-INCOME> (9)
<DISTRIBUTIONS-OF-GAINS> (26)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 1,788,615
<ACCUMULATED-NII-PRIOR> 509,629
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 19.79
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 1.36
<PER-SHARE-DIVIDEND> (0.50)
<PER-SHARE-DISTRIBUTIONS> (1.45)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.67
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
September 14, 1998
To the Shareholders and Trustees of
Alliance Strategic Balanced Fund
In planning and performing our audit of the financial statements of
Alliance Strategic Balanced Fund (the "Fund") for the year ended July
31, 1998, we considered its 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 Fund 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 controls. Generally, controls
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 controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud 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 one of more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of July 31, 1998.
This report is intended solely for the information and use of management
and the Trustees of the Fund and the Securities and Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
New York, NY 10036
THE ALLIANCE PORTFOLIOS
Exhibit 77C
811-5088
A Special Meeting of Shareholders of The Alliance Portfolios, Inc.
was held on July 6, 1998. A description of each proposal and
number of shares voted by all portfolios, including Alliance
Strategic Balanced Fund, at the meeting are as follows:
1. To Elect Directors: Shares Voted For Withheld Authority
Class Three Directors
(term expires 2000)
John D. Carifa 88,209,875 1,097,787
Ruth Block 88,157,156 1,150,506
Richard W. Couper 88,116,482 1,191,180
William H. Foulk, Jr. 88,199,965 1,107,697
Brenton W. Harries 88,159,545 1,148,116
Donald J. Robinson 88,164,577 1,143,085
2. To ratify the selection Shares Shares Voted
Shares
of PricewaterhouseCoopers Voted For Against
Abstained
LLP as the Fund's
Independent auditors for
the Fund's fiscal year
ending July 31, 1998. 87,739,869 344,023 1,223,766
