WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0101018368
<NAME> ALLIANCE REAL ESTATE INVESTMENTS
<SERIES>
<NUMBER> 01
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-END> AUG-31-2000
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<OTHER-ITEMS-LIABILITIES> 1,334,621
<TOTAL-LIABILITIES> 1,583,311
<SENIOR-EQUITY> 158,573
<PAID-IN-CAPITAL-COMMON> 261,547,832
<SHARES-COMMON-STOCK> 10,476,513
<SHARES-COMMON-PRIOR> 16,598,298
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<OVERDISTRIBUTION-NII> (4,555,612)
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<OVERDISTRIBUTION-GAINS> (95,144,654)
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<REALIZED-GAINS-CURRENT> (42,802,690)
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<NET-CHANGE-FROM-OPS> 14,693,702
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 1,590,510
<NUMBER-OF-SHARES-REDEEMED> (8,186,585)
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<NET-CHANGE-IN-ASSETS> (79,127,183)
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<EXPENSE-RATIO> 2.41
</TABLE>
