<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>                      230,831
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        550,167
<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>