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<PAGE> PAGE 11
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SIGNATURE JOSEPH REZABEK
TITLE ASST. VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<TOTAL-LIABILITIES> 1,427,323
<SENIOR-EQUITY> 85
<PAID-IN-CAPITAL-COMMON> 104,161,979
<SHARES-COMMON-STOCK> 605,519
<SHARES-COMMON-PRIOR> 551,099
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> 749,748
<REALIZED-GAINS-CURRENT> 12,769,703
<APPREC-INCREASE-CURRENT> 4,691,829
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (53,930)
<DISTRIBUTIONS-OF-GAINS> (761,076)
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<NUMBER-OF-SHARES-REDEEMED> (211,237)
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<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 8,760,784
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<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> (0.10)
<PER-SHARE-DISTRIBUTIONS> (1.41)
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> THE ALLIANCE PORTFOLIOS
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<NAME> CONSERVATIVE INVESTORS FUND
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<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 50,608,239
<INVESTMENTS-AT-VALUE> 53,804,174
<RECEIVABLES> 2,185,712
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<OTHER-ITEMS-LIABILITIES> 632,499
<TOTAL-LIABILITIES> 632,499
<SENIOR-EQUITY> 46
<PAID-IN-CAPITAL-COMMON> 50,235,541
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<SHARES-COMMON-PRIOR> 978,982
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<OVERDISTRIBUTION-NII> (6,668)
<ACCUMULATED-NET-GAINS> 1,936,297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,192,920
<NET-ASSETS> 55,358,136
<DIVIDEND-INCOME> 124,519
<INTEREST-INCOME> 2,042,393
<OTHER-INCOME> 0
<EXPENSES-NET> (893,515)
<NET-INVESTMENT-INCOME> 1,273,397
<REALIZED-GAINS-CURRENT> 3,425,696
<APPREC-INCREASE-CURRENT> (1,015,940)
<NET-CHANGE-FROM-OPS> 3,683,153
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (527,236)
<DISTRIBUTIONS-OF-GAINS> (804,489)
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<NUMBER-OF-SHARES-SOLD> 737,340
<NUMBER-OF-SHARES-REDEEMED> (267,054)
<SHARES-REINVESTED> 107,403
<NET-CHANGE-IN-ASSETS> 11,050,133
<ACCUMULATED-NII-PRIOR> 152,080
<ACCUMULATED-GAINS-PRIOR> 1,019,294
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 355,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,067,000
<AVERAGE-NET-ASSETS> 14,482,957
<PER-SHARE-NAV-BEGIN> 11.97
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 0.61
<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> (0.65)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.88
<EXPENSE-RATIO> 1.40
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000812015
<NAME> THE ALLIANCE PORTFOLIOS
<SERIES>
<NUMBER> 052
<NAME> CONSERVATIVE INVESTORS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 50,608,239
<INVESTMENTS-AT-VALUE> 53,804,174
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<APPREC-INCREASE-CURRENT> (1,015,940)
<NET-CHANGE-FROM-OPS> 3,683,153
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (776,823)
<DISTRIBUTIONS-OF-GAINS> (1,442,985)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,094,428
<NUMBER-OF-SHARES-REDEEMED> (1,028,099)
<SHARES-REINVESTED> 173,141
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<ACCUMULATED-NII-PRIOR> 152,080
<ACCUMULATED-GAINS-PRIOR> 1,019,294
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 355,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,067,000
<AVERAGE-NET-ASSETS> 28,086,572
<PER-SHARE-NAV-BEGIN> 12.19
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.63
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<PER-SHARE-DISTRIBUTIONS> (0.65)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.12
<EXPENSE-RATIO> 2.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 50,608,239
<INVESTMENTS-AT-VALUE> 53,804,174
<RECEIVABLES> 2,185,712
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<TOTAL-ASSETS> 55,990,635
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 632,499
<TOTAL-LIABILITIES> 632,499
<SENIOR-EQUITY> 46
<PAID-IN-CAPITAL-COMMON> 50,235,541
<SHARES-COMMON-STOCK> 469,115
<SHARES-COMMON-PRIOR> 341,378
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6,668)
<ACCUMULATED-NET-GAINS> 1,936,297
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 124,519
<INTEREST-INCOME> 2,042,393
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<NET-INVESTMENT-INCOME> 1,273,397
<REALIZED-GAINS-CURRENT> 3,425,696
<APPREC-INCREASE-CURRENT> (1,015,940)
<NET-CHANGE-FROM-OPS> 3,683,153
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (135,032)
<DISTRIBUTIONS-OF-GAINS> (254,273)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 216,203
<NUMBER-OF-SHARES-REDEEMED> (118,770)
<SHARES-REINVESTED> 30,304
<NET-CHANGE-IN-ASSETS> 11,050,133
<ACCUMULATED-NII-PRIOR> 152,080
<ACCUMULATED-GAINS-PRIOR> 1,019,294
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 355,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,067,000
<AVERAGE-NET-ASSETS> 4,806,507
<PER-SHARE-NAV-BEGIN> 12.19
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 0.64
<PER-SHARE-DIVIDEND> (0.35)
<PER-SHARE-DISTRIBUTIONS> (0.65)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.13
<EXPENSE-RATIO> 2.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees of
Alliance Growth Investors Fund and Alliance Conservative Investors Fund
In planning and performing our audit of the financial statements of
Alliance Growth Investors Fund and Alliance Conservative Investors Fund
(collectively, the Funds) for the year ended April 30, 1999, 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 controls. Generally, controls
that are relevant to an audit pertain to the entitys 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 or 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 April 30, 1999.
This report is intended solely for the information and use of management
and the Trustees of the Funds and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
New York, NY 10036
June 23, 1999
