ALLIANCE REAL ESTATE INVESTMENT FUND INC
NSAR-A, 1997-04-29
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<PAGE>      PAGE  1
000 A000000 02/28/97
000 C000000 0001018368
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ALLIANCE REAL ESTATE INVESTMENT FUND
001 B000000 811-07707
001 C000000 2013194104
002 A000000 500 PLAZA DRIVE
002 B000000 SECAUCUS
002 C000000 NJ
002 D010000 07094
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 ALLIANCE CAPITAL MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-32361
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10105
010 A000001 ALLIANCE CAPITAL MANAGEMENT, L.P.
010 B000001 801-32361
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10105
011 A000001 ALLIANCE FUND DISTRIBUTORS, INC.
011 B000001 8-30851
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10105
012 A000001 ALLIANCE FUND SERVICES, INC.
012 B000001 84-001187
012 C010001 SECAUCUS
<PAGE>      PAGE  2
012 C020001 NJ
012 C030001 07096
013 A000001 ERNST & YOUNG LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10019
014 A000001 DONALDSON, LUFKIN ,JENRETTE SECURITIES CORP.
014 B000001 8-00017574
014 A000002 PERSHING SECURITIES
014 B000002 8-00017574
014 A000003 AUTRANET, INC.
014 B000003 8-00017574
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   51
019 C000000 ALLIANCECA
020 A000001 BROWN (ALEX.) & SONS INCORPORATED
020 B000001 52-1319768
020 C000001    144
020 A000002 BRIDGE TRADING COMPANY
020 B000002 43-1450530
020 C000002     21
020 A000003 LEHMAN BROTHERS INC.
020 B000003 13-2518466
020 C000003     10
020 A000004 PAINEWEBBER INCORPORATED
020 B000004 13-2638166
020 C000004      9
020 A000005 GREEN STREET ADVISORS
020 C000005      9
020 A000006 QUICK & REILLY, INC.
020 B000006 13-2779884
020 C000006      6
020 A000007 DEAN WITTER REYNOLDS, INC.
020 C000007      5
020 A000008 NATWEST SECURITIES CORPORATION
020 C000008      5
020 A000009 AUTRANET, INC.
020 B000009 13-2961507
020 C000009      3
020 A000010 SMITH BARNEY, INC.
020 B000010 13-1912900
020 C000010      2
021  000000      216
022 A000001 PRUDENTIAL SECURITIES INCORPORATED
<PAGE>      PAGE  3
022 B000001 22-2347336
022 C000001     84323
022 D000001         0
022 A000002 FORD MOTOR CREDIT CORP.
022 C000002     51162
022 D000002       749
022 A000003 BANK OF NEW YORK (THE)
022 B000003 13-5160382
022 C000003     48886
022 D000003         0
022 A000004 AMERICAN EXPRESS SERVICE CORP.
022 C000004     28491
022 D000004         0
022 A000005 GENERAL ELECTRIC CAPITAL CORP.
022 C000005      6705
022 D000005         0
022 A000006 SMITH BARNEY, INC.
022 B000006 13-1912900
022 C000006      2468
022 D000006         0
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007       540
022 D000007         0
022 A000008 PAINEWEBBER INCORPORATED
022 B000008 13-2638166
022 C000008       415
022 D000008         0
022 A000009 JEFFRIES & COMPANY, INC.
022 B000009 95-2622900
022 C000009       347
022 D000009         0
022 A000010 MONTGOMERY SECURITIES
022 B000010 94-1701676
022 C000010       261
022 D000010         0
023 C000000     224710
023 D000000        749
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025 D000002       0
025 D000003       0
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025 D000006       0
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025 D000008       0
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026 B000000 N
026 C000000 N
026 D000000 N
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026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
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027  000000 Y
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SIGNATURE   VINCENT NOTO                                 
TITLE       CONTROLLER          
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001018368
<NAME> ALLIANCE REAL ESTATE INVESTMENT FUND, INC. CLASS A
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                      120,504,186
<INVESTMENTS-AT-VALUE>                     125,607,268
<RECEIVABLES>                               13,054,947
<ASSETS-OTHER>                                 319,317
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             138,981,532
<PAYABLE-FOR-SECURITIES>                    13,334,971
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      518,129
<TOTAL-LIABILITIES>                         13,853,100
<SENIOR-EQUITY>                                104,463
<PAID-IN-CAPITAL-COMMON>                   119,215,626
<SHARES-COMMON-STOCK>                        1,644,671
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      279,175
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        426,086
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     5,103,082
<NET-ASSETS>                               125,128,432
<DIVIDEND-INCOME>                            1,003,644
<INTEREST-INCOME>                               88,204
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 482,412
<NET-INVESTMENT-INCOME>                        609,436
<REALIZED-GAINS-CURRENT>                       426,086
<APPREC-INCREASE-CURRENT>                    5,103,082
<NET-CHANGE-FROM-OPS>                        6,138,604
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (85,847)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
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<NUMBER-OF-SHARES-REDEEMED>                   (96,346)
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                535,329
<AVERAGE-NET-ASSETS>                         9,021,626
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                   0.18
<PER-SHARE-GAIN-APPREC>                           1.94
<PER-SHARE-DIVIDEND>                            (0.13)
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.99
<EXPENSE-RATIO>                                   2.00
<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> 0001018368
<NAME> ALLIANCE REAL ESTATE INVESTMENT FUND, INC. CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                      120,504,186
<INVESTMENTS-AT-VALUE>                     125,607,268
<RECEIVABLES>                               13,054,947
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<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             138,981,532
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      518,129
<TOTAL-LIABILITIES>                         13,853,100
<SENIOR-EQUITY>                                104,463
<PAID-IN-CAPITAL-COMMON>                   119,215,626
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<ACCUMULATED-NII-CURRENT>                      279,175
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<NET-INVESTMENT-INCOME>                        609,436
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<APPREC-INCREASE-CURRENT>                    5,103,082
<NET-CHANGE-FROM-OPS>                        6,138,604
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (210,807)
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001018368
<NAME> ALLIANCE REAL ESTATE INVESTMENT FUND, INC. CLASS C
       
<S>                             <C>
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<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-REDEEMED>                   (23,740)
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<EXPENSE-RATIO>                                   2.51
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001018368
<NAME> ALLIANCE REAL ESTATE INVESTMENT FUND, INC. ADVISOR CLASS
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          AUG-31-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               FEB-28-1997
<INVESTMENTS-AT-COST>                      120,504,186
<INVESTMENTS-AT-VALUE>                     125,607,268
<RECEIVABLES>                               13,054,947
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      518,129
<TOTAL-LIABILITIES>                         13,853,100
<SENIOR-EQUITY>                                104,463
<PAID-IN-CAPITAL-COMMON>                   119,215,626
<SHARES-COMMON-STOCK>                           95,888 
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                      279,175
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<ACCUMULATED-NET-GAINS>                        426,086
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                               125,128,432
<DIVIDEND-INCOME>                            1,003,644
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<NET-INVESTMENT-INCOME>                        609,436
<REALIZED-GAINS-CURRENT>                       426,086
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<NET-CHANGE-FROM-OPS>                        6,138,604
<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-REDEEMED>                    (6,065)
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<INTEREST-EXPENSE>                                   0
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<EXPENSE-RATIO>                                   1.55
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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