NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1995 ALLIANCE SHORT-TERM U.S. GOVERNMENT FUND
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Short-Term U.S. Government Fund (the 'Fund'), a series of The Alliance Portfolios (the 'Trust') which
was organized as a Massachusetts Business Trust on March 29, 1987 is registered under the Investment
Company Act of 1940, as a diversified, open-end management investment company. The Fund offers Class A,
Class B and Class C shares. Class A shares are sold with a front-end sales charge of up to 4.25%. Class B
shares are sold with a contingent deferred sales charge which declines from 3.0% to zero depending on the
period of time the shares are held. Class B shares purchased before August 2, 1993 and redeemed within six
years of purchase are subject to different rates than shares purchased after that date. Class C shares are sold
without an initial or contingent deferred sales charge. All three classes of shares have identical voting, dividend,
liquidation and other rights with respect to its distribution plan. The following is a summary of significant
accounting policies followed by the Fund.
1. SECURITY VALUATION Portfolio securities traded on national securities exchanges are valued at the last
reported sales price on such exchange. Listed securities not traded and securities traded in the over-the-counter
market, including listed debt securities whose primary market is believed to be over-the-counter, are valued at
the mean of the closing bid and asked price as obtained from a recognized pricing service and brokers. Securities
for which bid and asked price quotations are not readily available are valued in good faith at fair value using
methods determined by the Board of Trustees. Securities which mature in 60 days or less are valued at amortized
cost, which approximates market value.
2. ORGANIZATION EXPENSES Organization expenses of approximately $50,000 have been deferred and
are being amortized on a straight-line basis through May, 1997.