CORPORATE BOND

MUTUAL FUND SCORECARD

Name of Offering – ALLIANCE BOND FUND – CORPORATE BOND PORTFOLIO Class “B”. 11-1-93 Name of Sponsor – ALLIANCE CAPITAL Description – Class “B” seeks income. The fund normally invests at least 65% of its assets in investment grade debt. It may hold corporate bonds, convertibles, U.S. Govt. debt., stocks, and foreign securities. Fund may invest up to 50% in foreign debt securities.

1.  Management History (# years fund operating)  3-11-74 – 19 years.

                                                                                                       Score ____5____

2.  Consistent Management (majority of managers in place) Wayne D. Lyski- 10-86 – 7 yrs.

                                                                                                       Score ____3____

3.  Performance above Shearson Lehman Bond Index (from most recent year end)

          84     85     86    87     88     89    90     91    92     93

S.L.B.I.16.1   22.1   15.3   2.9    8.0   14.5   8.9   16.0   7.4    9.8

Fund –  15.2   22.3   13.9   2.8    7.9   13.1   5.5   18.1  13.3   31.1

              Only 4 years did fund exceed S.L. Bond Index!

                                                                                                       Score ____2____

4.  Standard Deviation of Return (last 5 calendar years) 9.15

                                                                                                       Score ____4____

5.  Last Reported Expense Ratio (mgmt. fees, expenses, administration) 1.39%!

                                                                                                       Score ____0____

6.  Fund Charges – Fund has redemption charges and 12b-1 fees of 1.00%

                                                                                                       Score ____0____

7.  Beta Rating (last 5 calendar years) 1.87

                                                                                                       Score ____0____

8.  Sharpe Ratio (last 5 calendar years) 1.11

                                                                                                       Score ____5____

9.  Portfolio Turnover (last 3 years avg.) – 515%! – 100% of portfolio turnover adds .70 of transaction costs for extra fund expenses.  This

translates into an extra 3.60%/year.

                                                                                                       Score ____0____

10.  Assumptions – (risk analysis) While 66% of fund assets are inv. grade debt, 27% is in foreign bonds!  Further, the effective maturity is

17 years.  Too long!  High risk!  Ave. quality is BBB.  Yield is 8.8% and redemption fee is over 3 years and is 3%, 2% and 1%, respectively.

                                                                                                       Score ___2____

                                                                                                       Total 21 out of 50 = 42%

Minimum acceptable – 35 out of 50 (70%)