<PAGE> PAGE 1
000 A000000 02/28/99
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 N
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
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
012 C020001 NJ
012 C030001 07096
013 A000001 ERNST & YOUNG LLP
013 B010001 NEW YORK
013 B020001 NY
<PAGE> PAGE 2
013 B030001 10019
014 A000001 DONALDSON, LUFKIN, JENRETTE SECURITIES CORP.
014 B000001 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 54
019 C000000 ALLIANCECA
020 A000001 PRUDENTIAL SECURITIES, INC.
020 B000001 22-2347336
020 C000001 122
020 A000002 MORGAN (J.P.) & CO., INC.
020 B000002 13-3224016
020 C000002 109
020 A000003 LEHMAN BROTHERS, INC.
020 B000003 13-2518466
020 C000003 80
020 A000004 GOLDMAN SACHS & CO.
020 B000004 13-5108880
020 C000004 53
020 A000005 PAINWEBBER, INC.
020 B000005 13-2638166
020 C000005 52
020 A000006 MORGAN STANLEY & CO., INC.
020 B000006 13-2655998
020 C000006 41
020 A000007 CANTOR FITZGERALD & CO.
020 B000007 13-3680184
020 C000007 34
020 A000008 OPPENHEIMER & CO., INC.
020 B000008 13-2798343
020 C000008 18
020 A000009 JEFFERIES & CO., INC.
020 B000009 95-2622900
020 C000009 17
020 A000010 BERNSTEIN, STANFORD C. & CO., INC.
020 B000010 13-2625874
020 C000010 11
021 000000 812
022 A000001 BANK OF NEW YORK (THE)
022 B000001 13-5160382
022 C000001 157530
022 D000001 0
022 A000002 PRUDENTIAL SECURITIES INC.
022 B000002 22-2347336
022 C000002 84484
<PAGE> PAGE 3
022 D000002 0
022 A000003 AMERICAN EXPRESS SERVICE CORP.
022 C000003 66001
022 D000003 0
022 A000004 FORD MOTOR CREDIT CORP.
022 C000004 23786
022 D000004 2399
022 A000005 ALLIANCE FUND SERVICES
022 C000005 14989
022 D000005 0
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006 167
022 D000006 0
022 A000007 CANTOR FITZGERALD & CO.
022 B000007 13-3680184
022 C000007 0
022 D000007 568
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 346957
023 D000000 2967
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 12613
028 A020000 1895
028 A030000 0
028 A040000 16692
028 B010000 5098
028 B020000 0
<PAGE> PAGE 4
028 B030000 0
028 B040000 18290
028 C010000 6945
028 C020000 0
028 C030000 0
028 C040000 17813
028 D010000 7143
028 D020000 3533
028 D030000 0
028 D040000 32048
028 E010000 3997
028 E020000 0
028 E030000 0
028 E040000 22534
028 F010000 3981
028 F020000 0
028 F030000 0
028 F040000 21991
028 G010000 39777
028 G020000 5428
028 G030000 0
028 G040000 129368
028 H000000 11932
029 000000 Y
030 A000000 166
030 B000000 4.25
030 C000000 0.00
031 A000000 6
031 B000000 0
032 000000 160
033 000000 0
034 000000 Y
035 000000 863
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 1628
044 000000 191
045 000000 Y
<PAGE> PAGE 5
046 000000 N
047 000000 Y
048 000000 0.900
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
<PAGE> PAGE 6
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 250
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
<PAGE> PAGE 7
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 58821
071 B000000 147034
071 C000000 357790
071 D000000 16
072 A000000 6
072 B000000 128
072 C000000 12652
072 D000000 0
072 E000000 0
072 F000000 1623
072 G000000 62
072 H000000 0
072 I000000 393
072 J000000 77
072 K000000 0
072 L000000 57
072 M000000 15
072 N000000 59
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 27
072 S000000 16
072 T000000 1628
072 U000000 30
072 V000000 0
072 W000000 12
072 X000000 3999
072 Y000000 0
072 Z000000 8781
<PAGE> PAGE 8
072AA000000 0
072BB000000 31221
072CC010000 0
072CC020000 25442
072DD010000 1745
072DD020000 7311
072EE000000 3149
073 A010000 0.2778
073 A020000 0.2396
073 B000000 0.1000
073 C000000 0.0000
074 A000000 121
074 B000000 0
074 C000000 4160
074 D000000 0
074 E000000 0
074 F000000 294597
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 6128
074 K000000 0
074 L000000 1360
074 M000000 157
074 N000000 306523
074 O000000 4777
074 P000000 431
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1638
074 S000000 0
074 T000000 299677
074 U010000 3745
074 U020000 25822
074 V010000 10.16
074 V020000 10.13
074 W000000 0.0000
074 X000000 15311
074 Y000000 0
075 A000000 0
075 B000000 363734
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 ICI MUTUAL
080 B000000 GULF, CNA, CHUBB
080 C000000 92000
081 A000000 Y
081 B000000 122
<PAGE> PAGE 9
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JOSEPH CARUSONE
TITLE ASST VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018368
<NAME> ALLIANCE REAL ESTATE INVESTMENT FUND-CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 366,551,230
<INVESTMENTS-AT-VALUE> 298,756,742
<RECEIVABLES> 7,488,073
<ASSETS-OTHER> 157,623
<OTHER-ITEMS-ASSETS> 120,716
<TOTAL-ASSETS> 306,523,154
<PAYABLE-FOR-SECURITIES> 4,776,894
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,068,921
<TOTAL-LIABILITIES> 6,845,815
<SENIOR-EQUITY> 295,672
<PAID-IN-CAPITAL-COMMON> 394,492,502
<SHARES-COMMON-STOCK> 3,745,361
<SHARES-COMMON-PRIOR> 4,893,355
<ACCUMULATED-NII-CURRENT> 704,004
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (28,020,351)
<ACCUM-APPREC-OR-DEPREC> (67,794,488)
<NET-ASSETS> 38,036,894
<DIVIDEND-INCOME> 12,652,264
<INTEREST-INCOME> 128,315
<OTHER-INCOME> 0
<EXPENSES-NET> 3,999,281
<NET-INVESTMENT-INCOME> 8,781,298
<REALIZED-GAINS-CURRENT> (31,202,096)
<APPREC-INCREASE-CURRENT> 25,441,665
<NET-CHANGE-FROM-OPS> 3,002,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,245,380)
<DISTRIBUTIONS-OF-GAINS> (396,098)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,094,582
<NUMBER-OF-SHARES-REDEEMED> (2,345,797)
<SHARES-REINVESTED> 103,221
<NET-CHANGE-IN-ASSETS> (92,866,856)
<ACCUMULATED-NII-PRIOR> 479,529
<ACCUMULATED-GAINS-PRIOR> 6,349,332
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,623,348
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,999,281
<AVERAGE-NET-ASSETS> 46,746,668
<PER-SHARE-NAV-BEGIN> 10.47
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 1.60
<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-CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 366,551,230
<INVESTMENTS-AT-VALUE> 298,756,742
<RECEIVABLES> 7,488,073
<ASSETS-OTHER> 157,623
<OTHER-ITEMS-ASSETS> 120,716
<TOTAL-ASSETS> 306,523,154
<PAYABLE-FOR-SECURITIES> 4,776,894
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,068,921
<TOTAL-LIABILITIES> 6,845,815
<SENIOR-EQUITY> 295,672
<PAID-IN-CAPITAL-COMMON> 394,492,502
<SHARES-COMMON-STOCK> 20,512,237
<SHARES-COMMON-PRIOR> 25,754,599
<ACCUMULATED-NII-CURRENT> 704,004
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (28,020,351)
<ACCUM-APPREC-OR-DEPREC> (67,794,488)
<NET-ASSETS> 207,812,523
<DIVIDEND-INCOME> 12,652,264
<INTEREST-INCOME> 128,315
<OTHER-INCOME> 0
<EXPENSES-NET> 3,999,281
<NET-INVESTMENT-INCOME> 8,781,298
<REALIZED-GAINS-CURRENT> (31,202,096)
<APPREC-INCREASE-CURRENT> 25,441,665
<NET-CHANGE-FROM-OPS> 3,002,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,777,385)
<DISTRIBUTIONS-OF-GAINS> (2,187,672)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,968,679
<NUMBER-OF-SHARES-REDEEMED> (7,557,833)
<SHARES-REINVESTED> 346,792
<NET-CHANGE-IN-ASSETS> (92,866,856)
<ACCUMULATED-NII-PRIOR> 479,529
<ACCUMULATED-GAINS-PRIOR> 6,349,332
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,623,348
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,999,281
<AVERAGE-NET-ASSETS> 251,475,319
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.13
<EXPENSE-RATIO> 2.32
<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-CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 366,551,230
<INVESTMENTS-AT-VALUE> 298,756,742
<RECEIVABLES> 7,488,073
<ASSETS-OTHER> 157,623
<OTHER-ITEMS-ASSETS> 120,716
<TOTAL-ASSETS> 306,523,154
<PAYABLE-FOR-SECURITIES> 4,776,894
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,068,921
<TOTAL-LIABILITIES> 6,845,815
<SENIOR-EQUITY> 295,672
<PAID-IN-CAPITAL-COMMON> 394,492,502
<SHARES-COMMON-STOCK> 5,073,984
<SHARES-COMMON-PRIOR> 6,662,214
<ACCUMULATED-NII-CURRENT> 704,004
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (28,020,351)
<ACCUM-APPREC-OR-DEPREC> (67,794,488)
<NET-ASSETS> 51,432,489
<DIVIDEND-INCOME> 12,652,264
<INTEREST-INCOME> 128,315
<OTHER-INCOME> 0
<EXPENSES-NET> 3,999,281
<NET-INVESTMENT-INCOME> 8,781,298
<REALIZED-GAINS-CURRENT> (31,202,096)
<APPREC-INCREASE-CURRENT> 25,441,665
<NET-CHANGE-FROM-OPS> 3,002,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,457,237)
<DISTRIBUTIONS-OF-GAINS> (540,739)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 625,128
<NUMBER-OF-SHARES-REDEEMED> (2,289,181)
<SHARES-REINVESTED> 75,823
<NET-CHANGE-IN-ASSETS> (92,866,856)
<ACCUMULATED-NII-PRIOR> 479,529
<ACCUMULATED-GAINS-PRIOR> 6,349,332
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,623,348
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,999,281
<AVERAGE-NET-ASSETS> 62,784,831
<PER-SHARE-NAV-BEGIN> 10.44
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.14
<EXPENSE-RATIO> 2.31
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018368
<NAME> ALLIANCE REAL ESTATE INVESTMENT FUND-ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 366,551,230
<INVESTMENTS-AT-VALUE> 298,756,742
<RECEIVABLES> 7,488,073
<ASSETS-OTHER> 157,623
<OTHER-ITEMS-ASSETS> 120,716
<TOTAL-ASSETS> 306,523,154
<PAYABLE-FOR-SECURITIES> 4,776,894
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,068,921
<TOTAL-LIABILITIES> 6,845,815
<SENIOR-EQUITY> 295,672
<PAID-IN-CAPITAL-COMMON> 394,492,502
<SHARES-COMMON-STOCK> 235,620
<SHARES-COMMON-PRIOR> 276,690
<ACCUMULATED-NII-CURRENT> 704,004
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (28,020,351)
<ACCUM-APPREC-OR-DEPREC> (67,794,488)
<NET-ASSETS> 2,395,433
<DIVIDEND-INCOME> 12,652,264
<INTEREST-INCOME> 128,315
<OTHER-INCOME> 0
<EXPENSES-NET> 3,999,281
<NET-INVESTMENT-INCOME> 8,781,298
<REALIZED-GAINS-CURRENT> (31,202,096)
<APPREC-INCREASE-CURRENT> 25,441,665
<NET-CHANGE-FROM-OPS> 3,002,095
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (76,821)
<DISTRIBUTIONS-OF-GAINS> (24,306)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,698
<NUMBER-OF-SHARES-REDEEMED> (68,312)
<SHARES-REINVESTED> 6,544
<NET-CHANGE-IN-ASSETS> (92,866,856)
<ACCUMULATED-NII-PRIOR> 479,529
<ACCUMULATED-GAINS-PRIOR> 6,349,332
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,623,348
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,999,281
<AVERAGE-NET-ASSETS> 2,726,756
<PER-SHARE-NAV-BEGIN> 10.48
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> (0.21)
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>