<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0001018592
000 D000000 N
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000 J000000 A
001 A000000 ALLIANCE INSTITUTIONAL FUNDS, INC.
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 ALLIANCE CAPITAL MANAGEMENT L.P.
008 B00AA01 A
008 C00AA01 801-32361
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10105
011 A00AA01 ALLIANCE FUND DISTRIBUTORS, INC.
011 B00AA01 8-30851
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10105
012 A00AA01 ALLIANCE FUND SERVICES, INC.
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<PAGE> PAGE 2
012 C01AA01 SECAUCUS
012 C02AA01 NJ
012 C03AA01 07096
012 C04AA01 1520
013 A00AA01 ERNST & YOUNG, LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
014 B00AA01 8-00017574
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
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015 C03AA01 02110
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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 19
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SIGNATURE CATHY WHITE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 011
<NAME> PREMIER GROWTH INSTITUTIONAL FUND
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,846,318
<NUMBER-OF-SHARES-REDEEMED> (341,571)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 59,874,980
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 274,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 633,000
<AVERAGE-NET-ASSETS> 32,129,062
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.61
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.62
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 012
<NAME> PREMIER GROWTH INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> JAN-07-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 54,720,190
<INVESTMENTS-AT-VALUE> 59,927,485
<RECEIVABLES> 725,986
<ASSETS-OTHER> 61,718
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,715,189
<PAYABLE-FOR-SECURITIES> 587,186
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219,693
<TOTAL-LIABILITIES> 806,879
<SENIOR-EQUITY> 4,748
<PAID-IN-CAPITAL-COMMON> 55,567,622
<SHARES-COMMON-STOCK> 239,539
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,136
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (887,491)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,207,295
<NET-ASSETS> 59,908,310
<DIVIDEND-INCOME> 201,882
<INTEREST-INCOME> 66,174
<OTHER-INCOME> 0
<EXPENSES-NET> (251,920)
<NET-INVESTMENT-INCOME> 16,136
<REALIZED-GAINS-CURRENT> (887,491)
<APPREC-INCREASE-CURRENT> 5,207,295
<NET-CHANGE-FROM-OPS> 4,335,940
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 307,955
<NUMBER-OF-SHARES-REDEEMED> (68,449)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 59,874,980
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 274,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 633,000
<AVERAGE-NET-ASSETS> 1,572,089
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 2.61
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.58
<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> 8-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> MAR-17-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 24,992,338
<INVESTMENTS-AT-VALUE> 21,542,129
<RECEIVABLES> 6,240,768
<ASSETS-OTHER> 193,703
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,976,600
<PAYABLE-FOR-SECURITIES> 1,453,412
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,010,160
<TOTAL-LIABILITIES> 7,463,572
<SENIOR-EQUITY> 2,766
<PAID-IN-CAPITAL-COMMON> 25,245,229
<SHARES-COMMON-STOCK> 2,765,729
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,356
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,287,114)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,450,209)
<NET-ASSETS> 20,513,028
<DIVIDEND-INCOME> 67,134
<INTEREST-INCOME> 47,911
<OTHER-INCOME> 0
<EXPENSES-NET> (112,689)
<NET-INVESTMENT-INCOME> 2,356
<REALIZED-GAINS-CURRENT> (1,287,114)
<APPREC-INCREASE-CURRENT> (3,450,209)
<NET-CHANGE-FROM-OPS> (4,734,967)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,009,763
<NUMBER-OF-SHARES-REDEEMED> (247,334)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 20,479,698
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 93,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 339,000
<AVERAGE-NET-ASSETS> 14,636,068
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (2.58)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.42
<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> 8-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> MAR-17-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 24,992,338
<INVESTMENTS-AT-VALUE> 21,542,129
<RECEIVABLES> 6,240,768
<ASSETS-OTHER> 193,703
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,976,600
<PAYABLE-FOR-SECURITIES> 1,453,412
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,010,160
<TOTAL-LIABILITIES> 7,463,572
<SENIOR-EQUITY> 2,766
<PAID-IN-CAPITAL-COMMON> 25,245,229
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2,356
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,287,114)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,450,209)
<NET-ASSETS> 20,513,028
<DIVIDEND-INCOME> 67,134
<INTEREST-INCOME> 47,911
<OTHER-INCOME> 0
<EXPENSES-NET> (112,689)
<NET-INVESTMENT-INCOME> 2,356
<REALIZED-GAINS-CURRENT> (1,287,114)
<APPREC-INCREASE-CURRENT> (3,450,209)
<NET-CHANGE-FROM-OPS> (4,734,967)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 785,381
<NUMBER-OF-SHARES-REDEEMED> (785,376)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 20,479,698
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 93,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 339,000
<AVERAGE-NET-ASSETS> 248,805
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (2.60)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.40
<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> 11-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> DEC-09-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 22,518,670
<INVESTMENTS-AT-VALUE> 18,491,425
<RECEIVABLES> 145,801
<ASSETS-OTHER> 62,172
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,699,398
<PAYABLE-FOR-SECURITIES> 193,240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,815
<TOTAL-LIABILITIES> 506,055
<SENIOR-EQUITY> 2,340
<PAID-IN-CAPITAL-COMMON> 22,501,152
<SHARES-COMMON-STOCK> 2,339,663
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 40,785
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (323,689)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,027,245)
<NET-ASSETS> 18,193,343
<DIVIDEND-INCOME> 799,152
<INTEREST-INCOME> 34,834
<OTHER-INCOME> 0
<EXPENSES-NET> (136,826)
<NET-INVESTMENT-INCOME> 697,160
<REALIZED-GAINS-CURRENT> (324,943)
<APPREC-INCREASE-CURRENT> (4,027,245)
<NET-CHANGE-FROM-OPS> (3,655,028)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (655,108)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,486,932
<NUMBER-OF-SHARES-REDEEMED> (229,290)
<SHARES-REINVESTED> 78,721
<NET-CHANGE-IN-ASSETS> 18,160,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 123,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 423,000
<AVERAGE-NET-ASSETS> 15,272,149
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> (2.26)
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.78
<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> 11-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> DEC-09-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 22,518,670
<INVESTMENTS-AT-VALUE> 18,491,425
<RECEIVABLES> 145,801
<ASSETS-OTHER> 62,172
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,699,398
<PAYABLE-FOR-SECURITIES> 193,240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,815
<TOTAL-LIABILITIES> 506,055
<SENIOR-EQUITY> 2,340
<PAID-IN-CAPITAL-COMMON> 22,501,152
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 40,785
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (323,689)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,027,245)
<NET-ASSETS> 18,193,343
<DIVIDEND-INCOME> 799,152
<INTEREST-INCOME> 34,834
<OTHER-INCOME> 0
<EXPENSES-NET> (136,826)
<NET-INVESTMENT-INCOME> 697,160
<REALIZED-GAINS-CURRENT> (324,943)
<APPREC-INCREASE-CURRENT> (4,027,245)
<NET-CHANGE-FROM-OPS> (3,655,028)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 18,160,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 123,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 423,000
<AVERAGE-NET-ASSETS> 348
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> (2.28)
<PER-SHARE-DIVIDEND> (0.36)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.77
<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 QUASAR INSTITUTIONAL FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD NOVEMBER 1, 1997 THROUGH OCTOBER 31, 1998
<CAPTION>
Total Shares
Date Shares % of Fund Price per Purchased by Issued Purchased Held
Security* Purchased Purchased Assets Share Fund Group (000) By Group(1) Broker(s) 10/31/98
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fifth Third Banc Corp. 05/06/98 3,500 0.00% $50.81 353,100 3,600 9.81% Smith Barney 7,300
</TABLE>
* Unless otherwise indicated, the securities were part of an issue registered
under the Securities Act of 1933 and offered to 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 classes; 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.
[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 MARCH 1, 1998 THROUGH MAY 31, 1998
<CAPTION>
Total
Shares Shares % of Issue Shares
Date Shares % of Fd Price per Purch by Issued Purch Held
Security* Purch Purch Assets Share Fund Grp(1) (000) By Grp Broker(s) 05/31/98
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Exodus Communications Inc.03/18/98 200 0.00% $15.00 60,600 4,500 1.35% Goldman Sachs 0
ISS Group Inc. 03/23/98 100 0.00% $22.00 41,700 3,000 1.39% Goldman Sachs 400
Trans World Entertainment 04/27/98 4,100 0.00% $26.25 571,200 3,500 16.32% Goldman Sachs 4,500
Bally Total Fitness Corp. 05/07/98 400 0.00% $31.38 66,900 2,800 2.39% Merrill Lynch 5,700
Dynamex Inc. 05/14/98 1,500 0.00% $12.88 201,700 2,817 7.16% Gerard Klauer 2,200
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD June 1, 1998 THROUGH August 31, 1998
<CAPTION>
Total Shares
Date Shares % of Fd Price per Purch by Issued Purch Held
Security* Purch Purch Assets Share Fund Grp(1) (000) By Grp Broker(s) 08/31/98
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Reinsur. Group of America 06/05/98 1,700 0.00% $47.00 227,900 4,300 5.30% A.G. Edwards & Sons 1,600
Teekay Shipping Corp. 06/10/98 300 0.00% $25.94 1,585,200 7,000 22.65% Goldman Sachs 7,900
Broadcast.com 07/16/98 100 0.00% $18.00 27,300 2,500 1.09% Morgan Stanley 0
Tweeter Home Entertaiment 07/16/98 400 0.00% $17.00 49,200 2,710 1.82% Dain Rauchser Inc. 0
Geocities 08/10/98 100 0.00% $17.00 45,000 4,750 0.95% Goldman Sachs 0
Entrust Technologies Inc. 08/17/98 100 0.00% $16.00 29,100 7,770 0.37% Goldman Sachs 0
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD SEPTEMBER 1, 1998 THROUGH OCTOBER 31, 1998
<CAPTION>
Total Shares
Date Shares % of Fund Price per Purchased by Issued Purchased Held
Security* Purchased Purchased Assets Share Fund Group(1) (000) By Group Broker(s) 10/31/98
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EBAY, Inc. 09/23/98 200 0.00% $18.00 50,700 3,500 1.45% Goldman Sachs 0
</TABLE>
* Unless otherwise indicated, the securities were part of an issue registered
under the Securities Act of 1933 and offered to 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 classes; 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.
Report of Independent Auditors
To the Shareholders and Board of Directors of
Alliance Institutional Funds
In planning and performing our audit of the financial statements of Alliance
Institutional Funds (comprised, respectively, of the Alliance Premier Growth
Institutional Fund, the Alliance Quasar Institutional Fund and the Alliance
Real Estate Investment Institutional Fund) for the period ended October 31,
1998, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance on the
internal control.
The management of Alliance Institutional Funds is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the specific internal control components does not reduce to a
relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
October 31, 1998.
This report is intended solely for the information and use of the board of
directors and management of Alliance Institutional Funds and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
ERNST & YOUNG LLP
December 9, 1998
