<PAGE> PAGE 1
000 A000000 04/30/98
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008 D01AA01 NEW YORK
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011 A00AA01 ALLIANCE FUND DISTRIBUTORS, INC.
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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SIGNATURE BETH SMITH
TITLE ASST VICE PRESIDENT
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<NUMBER> 012
<NAME> PREMIER GROWTH INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> JAN-08-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 35,007,434
<INVESTMENTS-AT-VALUE> 36,876,282
<RECEIVABLES> 2,011,420
<ASSETS-OTHER> 68,676
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,956,378
<PAYABLE-FOR-SECURITIES> 495,945
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123,076
<TOTAL-LIABILITIES> 619,021
<SENIOR-EQUITY> 3,076
<PAID-IN-CAPITAL-COMMON> 35,753,562
<SHARES-COMMON-STOCK> 163,239
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 20,782
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 691,089
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,868,848
<NET-ASSETS> 38,337,357
<DIVIDEND-INCOME> 46,803
<INTEREST-INCOME> 18,945
<OTHER-INCOME> 0
<EXPENSES-NET> (44,966)
<NET-INVESTMENT-INCOME> 20,782
<REALIZED-GAINS-CURRENT> 691,089
<APPREC-INCREASE-CURRENT> 1,868,848
<NET-CHANGE-FROM-OPS> 2,580,719
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 163,206
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 38,304,027
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146,000
<AVERAGE-NET-ASSETS> 10,548
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.45
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 021
<NAME> QUASAR INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> MAR-17-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 13,678,019
<INVESTMENTS-AT-VALUE> 14,089,319
<RECEIVABLES> 63,372
<ASSETS-OTHER> 154,791
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,307,482
<PAYABLE-FOR-SECURITIES> 374,923
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96,761
<TOTAL-LIABILITIES> 471,684
<SENIOR-EQUITY> 1,351
<PAID-IN-CAPITAL-COMMON> 13,519,986
<SHARES-COMMON-STOCK> 1,351,362
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,802
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (102,641)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 411,300
<NET-ASSETS> 13,835,798
<DIVIDEND-INCOME> 11,387
<INTEREST-INCOME> 13,633
<OTHER-INCOME> 0
<EXPENSES-NET> (19,218)
<NET-INVESTMENT-INCOME> 5,802
<REALIZED-GAINS-CURRENT> (102,641)
<APPREC-INCREASE-CURRENT> 411,300
<NET-CHANGE-FROM-OPS> 314,461
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,382,157
<NUMBER-OF-SHARES-REDEEMED> (34,095)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,802,468
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58,000
<AVERAGE-NET-ASSETS> 12,989,784
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 022
<NAME> QUASAR INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> MAR-17-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 13,678,019
<INVESTMENTS-AT-VALUE> 14,089,319
<RECEIVABLES> 63,372
<ASSETS-OTHER> 154,791
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,307,482
<PAYABLE-FOR-SECURITIES> 374,923
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 96,761
<TOTAL-LIABILITIES> 471,684
<SENIOR-EQUITY> 1,351
<PAID-IN-CAPITAL-COMMON> 13,519,986
<SHARES-COMMON-STOCK> 33
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 5,802
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (102,641)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 411,300
<NET-ASSETS> 13,835,798
<DIVIDEND-INCOME> 11,387
<INTEREST-INCOME> 13,633
<OTHER-INCOME> 0
<EXPENSES-NET> (19,218)
<NET-INVESTMENT-INCOME> 5,802
<REALIZED-GAINS-CURRENT> (102,641)
<APPREC-INCREASE-CURRENT> 411,300
<NET-CHANGE-FROM-OPS> 314,461
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 13,802,468
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 58,000
<AVERAGE-NET-ASSETS> 333
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 031
<NAME> REAL ESTATE INVESTMENT INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> DEC-09-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 18,420,816
<INVESTMENTS-AT-VALUE> 17,643,313
<RECEIVABLES> 78,817
<ASSETS-OTHER> 67,971
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,790,101
<PAYABLE-FOR-SECURITIES> 128,821
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 140,193
<TOTAL-LIABILITIES> 269,014
<SENIOR-EQUITY> 1,831
<PAID-IN-CAPITAL-COMMON> 18,193,456
<SHARES-COMMON-STOCK> 1,830,779
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 89,924
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (777,544)
<NET-ASSETS> 17,521,087
<DIVIDEND-INCOME> 326,245
<INTEREST-INCOME> 20,018
<OTHER-INCOME> 0
<EXPENSES-NET> (49,461)
<NET-INVESTMENT-INCOME> 296,802
<REALIZED-GAINS-CURRENT> 13,420
<APPREC-INCREASE-CURRENT> (777,544)
<NET-CHANGE-FROM-OPS> (467,322)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (206,873)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,855,244
<NUMBER-OF-SHARES-REDEEMED> (49,290)
<SHARES-REINVESTED> 21,525
<NET-CHANGE-IN-ASSETS> 17,487,747
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183,000
<AVERAGE-NET-ASSETS> 12,624,294
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 032
<NAME> REAL ESTATE INVESTMENT INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> DEC-09-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 18,420,816
<INVESTMENTS-AT-VALUE> 17,643,313
<RECEIVABLES> 78,817
<ASSETS-OTHER> 67,971
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,790,101
<PAYABLE-FOR-SECURITIES> 128,821
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 140,193
<TOTAL-LIABILITIES> 269,014
<SENIOR-EQUITY> 1,831
<PAID-IN-CAPITAL-COMMON> 18,193,456
<SHARES-COMMON-STOCK> 35
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 89,924
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (777,544)
<NET-ASSETS> 17,521,087
<DIVIDEND-INCOME> 326,245
<INTEREST-INCOME> 20,018
<OTHER-INCOME> 0
<EXPENSES-NET> (49,461)
<NET-INVESTMENT-INCOME> 296,802
<REALIZED-GAINS-CURRENT> 13,420
<APPREC-INCREASE-CURRENT> (777,544)
<NET-CHANGE-FROM-OPS> (467,322)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 17,487,747
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 183,000
<AVERAGE-NET-ASSETS> 367
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> (0.50)
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.56
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Co
Subject to Rule 10f-3 Under the Investment Company Act of 1940
ALLIANCE REAL ESTATE INVESTMENT INSTITUTIONAL FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD OCTOBER 1, 1997 THROUGH APRIL 30, 1998
<CAPTION>
Total
Date Shares Price perPurchased bOffered Purchased Held
Security PurchasedPurchased Share Fund Group (000) By Group Broker(s) 04/30/98
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Properties 01/26/98 4,200 $35.13 848,700 20,000 4.24% Goldman Sachs 8,700
Brandywine Realty 01/29/98 10,000 $24.00 120,000 10,000 1.20% Smith Barney 24,800
</TABLE>
* Unless otherwise indicated, the securities were part of an issue registered
under the Securities Act of 1933 and offered to the public.
**Indicates the puchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the Fund, may not exceed: (a) if
purchased in an offering 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 the 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.
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchases in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Co
Subject to Rule 10f-3 Under the Investment Company Act of 1940
ALLIANCE QUASAR INSTITUTIONAL FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD OCTOBER 1, 1997 THROUGH APRIL 30, 1998
<CAPTION>
Total
Date Shares Price perPurchased bOffered Purchased Held
Security PurchasedPurchased Share Fund Group (000) By Group Broker(s) 04/30/98
<C> <C> <C> <C> <C> <C> <C> <C> <C>
Exodus Communications Inc.03/18/98 200 $15.00 60,600 4,500 1.35% Goldman Sachs 0
ISS Group Inc. 03/23/98 100 $22.00 41,700 3,000 1.39% Goldman Sachs 400
Trans World Entertainment 04/27/98 4,100 $26.25 571,200 3,500 16.32% Goldman Sachs 4,100
</TABLE>
* Unless otherwise indicated, the securities were part of an issue registered
under the Securities Act of 1933 and offered to the public.
**Indicates the puchase of an Eligible Rule 144A Security.
1) Purchases by all Alliance Funds, including the Fund, may not exceed: (a) if
purchased in an offering 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 the 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.
