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<PAGE> PAGE 12
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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<PAGE> PAGE 23
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SIGNATURE JOE 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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<NAME> ACM INSTITUTIONAL RESERVES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> ACM INSTITUTIONAL RESERVES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<GROSS-ADVISORY-FEES> 855,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,320,000
<AVERAGE-NET-ASSETS> 4,721,378
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
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[AVG-DEBT-OUTSTANDING] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> ACM INSTITUTIONAL RESERVES
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<NUMBER> 031
<NAME> TAX-FREE PORTFOLIO
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 450,056,019
<INVESTMENTS-AT-VALUE> 450,056,019
<RECEIVABLES> 26,699,227
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<TOTAL-LIABILITIES> 1,785,514
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<PAID-IN-CAPITAL-COMMON> 446,542,695
<SHARES-COMMON-STOCK> 256,096,862
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 450,969,732
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<NET-INVESTMENT-INCOME> 12,818,592
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 12,818,592
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 2,015,274,013
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> ACM INSTITUTIONAL RESERVES
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (8,148,877)
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<NET-CHANGE-IN-ASSETS> 157,206,086
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 814,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,272,000
<AVERAGE-NET-ASSETS> 1,767,635
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
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<EXPENSE-RATIO> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
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<FISCAL-YEAR-END> APR-30-1999
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<INVESTMENTS-AT-VALUE> 792,839,744
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<TOTAL-LIABILITIES> 312,996
<SENIOR-EQUITY> 7,950,693
<PAID-IN-CAPITAL-COMMON> 787,118,641
<SHARES-COMMON-STOCK> 795,069,334
<SHARES-COMMON-PRIOR> 390,535,793
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (39,764)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 795,029,570
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 26,438,960
<OTHER-INCOME> 0
<EXPENSES-NET> (2,472,540)
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 2,122,594,704
<NUMBER-OF-SHARES-REDEEMED> (1,742,027,583)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,721,000
<AVERAGE-NET-ASSETS> 494,507,886
<PER-SHARE-NAV-BEGIN> 1.00
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> ACM INSTITUTIONAL RESERVES
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<NAME> TREASURY PORTFOLIO
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<SHARES-COMMON-PRIOR> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> (91,588)
<NET-INVESTMENT-INCOME> 1,134,136
<REALIZED-GAINS-CURRENT> (2,192)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,131,944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (333,222)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 19,859,145
<NUMBER-OF-SHARES-REDEEMED> (16,124,882)
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<NET-CHANGE-IN-ASSETS> 52,032,337
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.00
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
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<NUMBER> 052
<NAME> TREASURY PORTFOLIO
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<DISTRIBUTIONS-OF-INCOME> (178,256)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (25,384,662)
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<NET-CHANGE-IN-ASSETS> 52,032,337
<ACCUMULATED-NII-PRIOR> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,225,724
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<APPREC-INCREASE-CURRENT> 0
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<DISTRIBUTIONS-OF-INCOME> (622,809)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (98,618,371)
<SHARES-REINVESTED> 622,809
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (286,000)
<AVERAGE-NET-ASSETS> 26,901,893
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
ALLIANCE INSTITUTIONAL RESERVES, INC.
77.I
In June 1998, the Fund issued two additional classes of shares for the
Prime, Government and Tax-Free Portfolios and a new Treasury Portfolio
which offers the three classes of shares. The additional classes of
shares differ from the Funds existing class only in that the new
classes are subject to Rule 12b-1 fees. The existing class was
redesignated as Class A shares. Class A shares do not pay a Rule 12b-1
fee and continue to have a total net expense ratio of 20 basis points.
Class B shares have a 10 basis point Rule 12b-1 fee and a total net
expense ratio of 30 basis points. Class C shares have a 25 basis point
Rule 12b-1 fee and a total net expense ratio of 45 basis points.
Shares of each portfolio and class will vote together as a single class
on matters that affect each portfolio and class in substantially the
same manner.
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
To the Shareholders and
Board of Directors of
Alliance Institutional Reserves, Inc.
In planning and performing our audit of the financial statements of Alliance
Institutional Reserves, Inc. (formerly ACM Institutional Reserves, Inc) -
Prime, Government, Tax-Free, Trust and Treasury Portfolios for the year ended
April 30, 1999, 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, not to provide
assurance on internal control.
The management of Alliance Institutional Reserves, Inc. 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, error 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 internal control components does not reduce to a relatively low
level the risk that misstatements caused by error 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 as of April 30, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Alliance Institutional Reserves, Inc. and the Securities
and Exchange Commission.
New York, New York
May 27, 1999
