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<PAGE> PAGE 5
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<PAGE> PAGE 7
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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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SIGNATURE JOSEPH REZABEK
TITLE ASST. VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NUMBER-OF-SHARES-REDEEMED> (1,298,594)
<SHARES-REINVESTED> 3,508
<NET-CHANGE-IN-ASSETS> 14,634,716
<ACCUMULATED-NII-PRIOR> 2,356
<ACCUMULATED-GAINS-PRIOR> 1,287,114
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 164,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 347,000
<AVERAGE-NET-ASSETS> 19,623,827
<PER-SHARE-NAV-BEGIN> 7.42
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> .95
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.35
<EXPENSE-RATIO> 1.20
[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> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 022
<NAME> QUASAR INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 34,122,581
<INVESTMENTS-AT-VALUE> 35,064,657
<RECEIVABLES> 622,429
<ASSETS-OTHER> 168,329
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,855,415
<PAYABLE-FOR-SECURITIES> 595,469
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112,202
<TOTAL-LIABILITIES> 707,671
<SENIOR-EQUITY> 4,211
<PAID-IN-CAPITAL-COMMON> 38,258,271
<SHARES-COMMON-STOCK> 2,136,220
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (86,244)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,970,570)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 942,076
<NET-ASSETS> 35,147,744
<DIVIDEND-INCOME> 86,206
<INTEREST-INCOME> 65,041
<OTHER-INCOME> 0
<EXPENSES-NET> (213,451)
<NET-INVESTMENT-INCOME> (62,204)
<REALIZED-GAINS-CURRENT> (2,683,456)
<APPREC-INCREASE-CURRENT> 4,392,285
<NET-CHANGE-FROM-OPS> 1,646,625
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,868,960
<NUMBER-OF-SHARES-REDEEMED> (1,732,778)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,634,716
<ACCUMULATED-NII-PRIOR> 2,356
<ACCUMULATED-GAINS-PRIOR> 1,287,114
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 164,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 347,000
<AVERAGE-NET-ASSETS> 14,441,287
<PER-SHARE-NAV-BEGIN> 7.40
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> .97
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.34
<EXPENSE-RATIO> 1.35
[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> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 031
<NAME> REAL ESTATE INVESTMENT INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 11,556,089
<INVESTMENTS-AT-VALUE> 10,825,335
<RECEIVABLES> 96,689
<ASSETS-OTHER> 54,103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,976,127
<PAYABLE-FOR-SECURITIES> 3,085
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,999
<TOTAL-LIABILITIES> 112,084
<SENIOR-EQUITY> 1,378
<PAID-IN-CAPITAL-COMMON> 15,313,604
<SHARES-COMMON-STOCK> 1,378,148
<SHARES-COMMON-PRIOR> 2,339,663
<ACCUMULATED-NII-CURRENT> 31,483
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,751,668)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (730,754)
<NET-ASSETS> 10,864,043
<DIVIDEND-INCOME> 506,124
<INTEREST-INCOME> 7,386
<OTHER-INCOME> 0
<EXPENSES-NET> 73,674
<NET-INVESTMENT-INCOME> 439,836
<REALIZED-GAINS-CURRENT> (3,427,979)
<APPREC-INCREASE-CURRENT> 3,296,491
<NET-CHANGE-FROM-OPS> 308,348
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (449,127)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 163,574
<NUMBER-OF-SHARES-REDEEMED> (1,186,268)
<SHARES-REINVESTED> 61,179
<NET-CHANGE-IN-ASSETS> (7,329,300)
<ACCUMULATED-NII-PRIOR> 40,785
<ACCUMULATED-GAINS-PRIOR> 323,689
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 66,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 234,000
<AVERAGE-NET-ASSETS> 14,856,491
<PER-SHARE-NAV-BEGIN> 7.78
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.88
<EXPENSE-RATIO> 1.00
[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> 0001018592
<NAME> ALLIANCE INSTITUTIONAL FUNDS, INC.
<SERIES>
<NUMBER> 032
<NAME> REAL ESTATE INVESTMENT INSTITUTIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 11,556,089
<INVESTMENTS-AT-VALUE> 10,825,335
<RECEIVABLES> 96,689
<ASSETS-OTHER> 54,103
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,976,127
<PAYABLE-FOR-SECURITIES> 3,085
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,999
<TOTAL-LIABILITIES> 112,084
<SENIOR-EQUITY> 1,378
<PAID-IN-CAPITAL-COMMON> 15,313,604
<SHARES-COMMON-STOCK> 55
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 31,483
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,751,668)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (730,754)
<NET-ASSETS> 10,864,043
<DIVIDEND-INCOME> 506,124
<INTEREST-INCOME> 7,386
<OTHER-INCOME> 0
<EXPENSES-NET> 73,674
<NET-INVESTMENT-INCOME> 439,836
<REALIZED-GAINS-CURRENT> (3,427,979)
<APPREC-INCREASE-CURRENT> 3,296,491
<NET-CHANGE-FROM-OPS> 308,348
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (7,329,300)
<ACCUMULATED-NII-PRIOR> 40,785
<ACCUMULATED-GAINS-PRIOR> 323,689
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 66,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 234,000
<AVERAGE-NET-ASSETS> 368
<PER-SHARE-NAV-BEGIN> 7.77
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> .12
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.88
<EXPENSE-RATIO> 1.40
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[DESCRIPTION]Report of 10f-3 Transactions
Securities Purchased in Underwritings Involving
Transactions with Donaldson, Lufkin, & Jenrette Securities Corporation
Subject to Rule 10f-3 Under the Investment Company Act of 1940
ALLIANCE QUASAR INSTITUTIONAL FUND
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD DECEMBER 1, 1998 THROUGH FEBRUARY 28, 1999
<CAPTION>
Total % of
Shares Shares Offering Shares
Date Shares % of FundPrice perPurchased bOffered Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Purchased From 02/28/99
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Ticketmaster Online 12/02/98 500 0.00% $14.00 121,700 7,000 1.74% Nationsbanc 0
NVIDIA Corp. 01/21/99 100 0.00% $12.00 16,600 3,500 0.47% Morgan Stanley 0
Verticalnet 02/11/99 200 0.00% $16.00 28,300 3,500 0.81% Lehman Brothers 0
Serena Software 02/12/99 600 0.00% $13.00 69,100 6,000 1.15% Lewco Securities 0
Webtrends 02/19/99 200 0.00% $13.00 25,400 3,500 0.73% Dain Rauchser 0
PC Order.Com 02/25/99 200 0.00% $21.00 25,300 2,200 1.15% Goldman Sachs 200
</TABLE>
<TABLE>
10f-3 TRANSACTIONS FOR THE PERIOD MARCH 1, 1999 THROUGH APRIL 30, 1999
<CAPTION>
Total
Date Shares % of FundPrice perPurchased bOffered Purchased Held
Security* PurchasedPurchasedAssets Share Fund Group (000) By Group Purchased From 04/30/99
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cinar Corp. 03/04/99 10,400 0.00% $20.00 494,800 7,000 7.07% Furman Selz 14,000
Novoste Corp. 03/15/99 2,100 0.00% $20.00 99,100 2,400 4.19% Morgan Stanley 16,200
Ivillage Inc. 03/18/99 200 0.00% $24.00 33,500 3,650 0.92% Goldman Sachs 0
Cheap Tickets 03/19/99 100 0.00% $15.00 22,600 3,500 0.65% William Blair 0
Autoweb.Com 03/22/99 300 0.00% $14.00 54,000 5,000 1.08% CS First Boston 0
Onemain.Com 03/25/99 300 0.00% $22.00 56,600 8,500 0.67% BT Alex Brown 0
Autobytel.Com 03/26/99 200 0.00% $23.00 41,800 4,500 0.93% BT Alex Brown 0
MKS Instruments Inc. 03/29/99 10,100 0.00% $14.00 595,400 6,500 9.16% Nationsbanc 11,800
Ziff-Davis Inc. 03/30/99 700 0.00% $19.00 136,600 10,000 1.37% Goldman Sachs 0
Beyond.Com 04/08/99 3,800 0.00% $35.00 198,200 4,000 4.96% CS First Boston 0
I Turf 04/09/99 200 0.00% $22.00 37,300 4,200 0.89% BT Alex Brown 0
Worldgate Communications, 04/15/99 300 0.00% $21.00 62,000 5,000 1.24% Gerald Klauer 0
Proxicom 04/20/99 300 0.00% $13.00 52,400 4,500 1.16% BT Alex Brown 0
Launch Media 04/23/99 100 0.00% $22.00 29,000 3,400 0.85% Lewco Securities 0
Republic Services 04/27/99 20,900 0.00% $16.88 6,499,200 100,000 6.50% Merrill Lynch 0
Applied Theory Corporation04/29/99 200 0.00% $16.00 41,800 4,500 0.93% Bear Stearns 0
</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 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 Institutional Funds, Inc. Exhibit 77Q1(a)
811-_
Articles of Incorporation: Incorporated by reference to Exhibit 1
to Registrants Registration Statement on Form N-1A, filed with
the Securities and Exchange Commission on October 3, 1997.
By-Laws: Incorporated by reference to Exhibit 2 to Registrants
Registration Statement on Form N-1a, filed with the Securities
and Exchange Commission on October 3, 1997.
Alliance Institutional Funds, Inc. Exhibit 77Q1(e)
811-00126_______
Investment Advisory Agreement: Incorporated by reference to
Exhibit d to Post-Effective Amendment No. 1 of Registrant's
Registration Statement on Form N-1A (File Nos. 333-37177 and 811-
08403) filed December 15, 1998.
