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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE JOSEPH P. CARUSONE
TITLE ASST. VICE PRESIDENT
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Securities Purchased in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1997 THROUGH
OCTOBER 5, 1997
ALLIANCE REAL ESTATE INVESTMENT FUND
Date Shares % of Fund Price per
Security Purchased Purchased Assets (1) Share
Highwoods Properties 09/25/97 56,700 0.60% $35.00
Total
Shares Shares % of Issue
Purchased By Issued Purchased
Fund Group (000) By Group (2) Broker(s)
59,000 7,500 0.79% Merrill Lynch
Shares
Held
08/31/97
303,700
(1) Purchase may not exceed 3% of Fund's Total Assets.
(2) Purchases by all Alliance Funds may not exceed the greater of
(i) 4% of the principal amount of the offering or (ii) $500,000
in principal amount but in no event may exceed 10% of the
principal amount of the offering.
Securities Purchased in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
10f-3 TRANSACTIONS FOR THE PERIOD OCTOBER 6, 1997 THROUGH
NOVEMBER 30, 1997
ALLIANCE REAL ESTATE INVESTMENT FUND
Shares
Purchased
Date Shares Price per by Fund
Security* Purchased Purchased Share Group
Sunstone Hotel
Investors 10/08/97 184,600 $17.25 194,000
Cali Realty Corp. 10/09/97 201,400 $39.81 211,700
Spieker
Properties Inc. 10/29/97 13,800 $38.88 325,600
% of
Total Offering
Shares Purchased Shares
offered By Purchased Held
(000) Group(1) From 11/30/97
9,000 2.16% Merrill Lynch 354,800
13,000 1.63% Prudential Securities 237,400
10,000 3.26% Prudential Securities 296,800
* Unless otherwise indicated, the securites were part of
an issue registered under the Securities Act of 1933 and
offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the principal amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total of
(i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the
offering of such class in any concurrent public offering.
Securities Purchased in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1997 THROUGH
FEBRUARY 28, 1998
ALLIANCE REAL ESTATE INVESTMENT FUND
Shares
Purchased
Date Shares Price per by Fund
Security* Purchased Purchased Share Group
Boston
Properties, Inc. 01/26/98 155,000 $35.13 848,700
Brandywine
Realty Inc. 01/29/98 82,000 $24.00 120,000
% of
Total Offering
Shares Purchased Shares
offered By Purchased Held
(000) Group(1) From 02/28/98
20,000 4.24% Goldman Sachs 205,600
10,000 1.20% Smith Barney 633,300
* Unless otherwise indicated, the securites were part of
an issue registered under the Securities Act of 1933 and
offered to the public.
** Indicates the purchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the fund, may not exceed:
a) if purchased in an offering other than an Eligible Rule 144A
Offering, 25% of the principal amount of the offering of such
class; or
b) if purchased in an Eligible Rule 144A Offering, 25% of the total of
(i) the principal amount of the offering of such class sold by
underwriters or members of the selling syndicate to qualified
institutional buyers, plus (ii) the principal amount of the
offering of such class in any concurrent public offering.
Alliance Real Estate Investment Fund, Inc. Exhibit 77Q1(a)
811-07707
Articles of Incorporation: Incorporated by reference to Exhibit 1 to
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on
Form N-1A, filed with the Securities and Exchange Commission on
June 16, 1996.
By-Laws: Incorporated by reference to Exhibit 2 to Pre-Effective
Amendment No. 1 to Registrant's Registration Statement on Form N-1A,
filed with the Securities and Exchange Commission on June 16, 1996.
Alliance Real Estate Investment Fund, Inc. Exhibit 77Q1(e)
811-07707
Investment Advisory Agreement: Incorporated by reference to Exhibit 5 to
Pre-Effective Amendment No. 2 to Registrant's Registration Statement on
Form N-1A, filed with the Securities and Exchange Commission on
August 27, 1996.
