ALLIANCE CAPITAL RESERVES
ALLIANCECAPITAL
ANNUAL REPORT
JUNE 30, 1995
LETTER TO SHAREHOLDERS ALLIANCE CAPITAL RESERVES
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August 3, 1995
Dear Shareholder:
On December 31, 1994, James P. Syrett retired as President of Alliance Cash
Management. His seven years as President were very productive and saw Alliance
become the dominant provider of money funds sold through regional brokerage
firms. On January 1, 1995, it was with great pride that I assumed Jim's
responsibilities, and I look forward to maintaining the high standard of
excellence to which you have grown accustomed.
Money fund assets continue to grow despite volatility in the stock and bond
markets. ACR assets have grown 25.1% to over $3 billion in the past year, in
large part because of the effects of T+3-the accelerated settlement of most
security transactions.
Weakness in the fixed income markets has meant significantly higher yields for
money fund investors. The 30 day net yield for Alliance Capital Reserves as of
June 30, 1995 was 5.14% vs. 3.21% for the same period ending June 30, 1994.
Alliance has once again demonstrated its dependability. When Orange County
filed for bankruptcy protection last year, Alliance took action to protect the
$1.00 per share net asset value of the two Alliance tax-free money market funds
holding positions in Orange County securities: Alliance Municipal Trust -
General Portfolio and ACM Institutional Reserves - Tax Free Portfolio. Alliance
arranged for the issuance of a letter of credit from an unaffiliated bank
assuring the payment in full of principal and interest due to the Funds, to the
extent Orange County defaulted on the payments. Thereafter, on July 19, 1995,
in view of continuing uncertainty regarding Orange County's performance of its
financial obligations, Alliance purchased approximately $21 million of Orange
County securities from the two Alliance money market funds, thus eliminating
all Orange County securities from our Alliance money fund portfolios.
Speaking for myself and the entire division, we at Alliance look forward to
serving you with continued diligence in the future.
Very truly yours,
Ronald M. Whitehill
President
1
STATEMENT OF NET ASSETS
JUNE 30, 1995 ALLIANCE CAPITAL RESERVES
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PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
---------------------------------------------------------------------------
BANK OBLIGATIONS-13.1%
AMERICAN EXPRESS CENTURION BANK
$ 25,000 5.98%, 7/24/95 5.98% $25,000,000
BANK OF AMERICA ILLINOIS
25,000 5.90%, 8/15/95 5.93 24,999,072
BANK OF NEW YORK
10,000 6.25%, 8/02/95 6.40 9,998,574
BANK ONE CHICAGO N. A.
10,000 5.40%, 7/27/95 5.83 9,997,024
BANK ONE INDIANAPOLIS
20,000 5.98%, 8/01/95 5.98 20,000,000
BANK ONE MILWAUKEE
10,500 7.25%, 2/09/96 7.05 10,511,478
16,500 6.82%, 3/07/96 6.68 16,511,812
10,000 5.98%, 7/31/95 5.93 10,000,348
BOATMENS FIRST NATIONAL BANK OF KANSAS CITY
16,000 6.11%, 8/18/95 FRN 6.17 15,998,851
CHASE MANHATTAN CORP.
10,000 7.59%, 1/30/96 6.75 10,045,286
COMERICA BANK ILLINOIS
15,000 5.64%, 9/29/95 FRN 5.71 14,997,492
COMERICA BANK DETROIT MICHIGAN
10,000 5.62%, 11/08/95 FRN 5.74 9,995,643
19,000 5.62%, 11/22/95 FRN 5.78 18,988,748
FIFTH THIRD BANK
25,000 6.08%, 11/10/95 6.08 25,000,000
HUNTINGTON NATIONAL BANK
17,000 6.86%, 2/23/96 6.63 17,019,855
NATIONAL BANK OF DETROIT
20,000 6.32%, 10/12/95 6.32 20,000,000
NATIONSBANK DALLAS
10,000 7.00%, 2/06/96 7.20 9,987,953
NATIONSBANK NORTH CAROLINA
10,000 5.75%, 7/21/95 5.77 9,999,583
REPUBLIC NATIONAL BANK
35,000 4.75%, 10/15/95 6.13 34,847,958
STATE STREET BANK
32,000 5.83%, 9/05/95 5.90 31,995,134
WACHOVIA BANK
10,000 4.30%, 8/07/95 6.63 9,976,662
18,000 5.80%, 9/06/95 5.95 17,994,985
WORLD SAVINGS & LOAN ASSOC.
22,525 4.88%, 3/01/96 6.00 22,250,907
Total Bank Obligations
(amortized cost $396,117,365) 396,117,365
COMMERCIAL PAPER-65.4%
ABBEY NATIONAL
45,000 9/07/95 5.82% 44,505,300
AES BARBERS POINT, INC.
15,000 9/14/95 5.85 14,817,188
AGA CAPITAL CORP.
23,000 7/13/95 6.03 22,953,770
AKZO AMERICA INC.
20,000 8/18/95 5.93 19,841,867
ALLIANZ OF AMERICA FINANCE CORP.
18,500 10/10/95 5.70 18,204,154
25,734 7/07/95 6.04 25,708,095
AMERICAN BANKERS INSURANCE GROUP, INC.
16,000 8/09/95 5.95 15,896,867
BANCA CRT FINANCIAL CORP.
10,000 8/08/95 6.16 9,934,978
BAYER, INC.
30,000 7/31/95 5.94 29,851,500
40,000 7/25/95 5.95 39,841,333
BAYERISCHE VEREINSBANK
20,000 7/06/95 6.00 19,983,333
CAISSE DES DEPOTS ET CONSIGNATIONS
90,000 7/25/95 5.96 89,642,400
CARIPLO FINANCE, INC.
20,000 8/30/95 5.87 19,804,333
CHEMICAL BANKING CORP.
50,000 9/13/95 5.85 49,398,750
CHIAO TUNG BANK CO., LTD.
20,000 7/19/95 5.99 19,940,100
20,000 8/23/95 6.28 19,815,236
COMMERZBANK
29,500 7/03/95 6.25 29,489,757
CREGEM NORTH AMERICA, INC.
50,000 7/20/95 6.02 49,841,139
DEUTSCHE BANK FINANCIAL, INC.
75,000 7/07/95 5.88 74,926,500
20,000 7/07/95 5.95 19,980,167
DIC AMERICAS, INC.
18,000 7/10/95 5.95 17,973,225
DRESDNER US FINANCE, INC.
33,000 9/05/95 5.70 32,655,150
DUPONT (E. I.) DE NEMOURS & CO.
15,000 7/11/95 5.95 14,975,208
35,000 10/11/95 6.04 34,401,033
20,000 1/09/96 6.08 19,351,467
2
ALLIANCE CAPITAL RESERVES
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PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
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EKSPORTFINANS
$ 14,200 8/17/95 5.91% $14,090,435
55,500 7/20/95 5.93 55,326,301
13,000 8/09/95 5.93 12,916,486
EMBARCADERO CENTER PARTNERS
5,000 7/21/95 6.02 4,983,278
EXPORT DEVELOPMENT CORP.
55,000 7/12/95 5.95 54,900,007
FINANCE ONE FUNDING CORP.
20,000 8/11/95 5.90 19,865,611
20,000 8/08/95 5.94 19,874,600
15,000 8/15/95 5.95 14,888,438
FORD MOTOR CREDIT CORP.
25,000 9/05/95 5.88 24,730,500
25,000 7/12/95 6.09 24,953,479
FRANCISCAN SERVICES, INC.
10,000 7/17/95 5.95 9,973,556
GALICIA FUNDING
10,000 7/21/95 6.15 9,965,833
GENERAL ELECTRIC CREDIT CORP.
50,000 9/14/95 5.70 49,406,250
25,000 9/05/95 5.95 24,727,291
20,000 7/26/95 6.00 19,916,667
GOLDMAN SACHS GROUP LP
45,000 7/27/95 5.95 44,806,625
HEALTH INSURANCE PLAN OF GREATER NEW YORK
5,952 7/10/95 5.96 5,943,132
HYUNDAI MOTOR FINANCE CO.
10,000 10/02/95 5.88 9,848,100
KINGDOM OF SWEDEN
39,000 9/21/95 6.25 38,444,792
25,000 9/08/95 6.28 24,699,083
MERRILL LYNCH & CO.
30,000 8/02/95 6.00 29,840,000
MITSUBISHI INTERNATIONAL CORP.
25,000 7/06/95 5.95 24,979,340
MITSUBISHI MOTORS CREDIT OF AMERICA
20,000 7/25/95 6.02 19,919,733
MORGAN STANLEY GROUP, INC.
60,000 7/07/95 6.00 59,940,000
MPS US, INC.
25,000 7/27/95 6.01 24,891,486
NORDIC INVESTMENT BANK
30,000 7/07/95 5.92 29,970,400
10,000 7/03/95 5.97 9,996,683
ODC CAPITAL CORP.
13,000 7/07/95 5.91 12,987,195
22,000 7/20/95 5.91 21,931,378
PACIFIC DUNLOP, LTD.
28,000 7/05/95 5.95% 27,981,489
PONDER FINANCE CORP.
15,400 7/17/95 6.05 15,358,591
PROVINCE DE QUEBEC
35,000 12/11/95 6.19 34,019,057
25,000 9/07/95 6.24 24,705,333
SANTANDER FINANCE DELAWARE
60,000 11/08/95 5.92 58,717,333
SEVENTY FIVE STATE STREET CAPITAL CORP.
34,708 7/14/95 5.98 34,633,050
SKANDINAVISKA ENSKILDA BANKEN
25,000 9/11/95 6.24 24,688,000
SMITHKLINE BEECHAM
40,000 7/14/95 5.80 39,916,222
26,000 1/30/96 5.87 25,097,768
SVENSKA HANDELSBANKEN
35,000 9/01/95 5.90 34,644,361
SWEDISH EXPORT CREDIT CORP.
25,000 11/03/95 5.92 24,486,111
TELSTRA CORP.
30,000 7/14/95 5.95 29,935,542
UBS FINANCE DELAWARE, INC.
50,000 7/05/95 6.10 49,966,111
VATTENFALL TREASURY, INC.
40,000 9/29/95 5.80 39,420,000
5,000 7/14/95 6.00 4,989,167
25,000 8/04/95 6.11 24,855,736
WMC FINANCE, LTD.
12,500 7/12/95 6.05 12,476,892
Total Commercial Paper
(amortized cost $1,978,340,292) 1,978,340,292
CORPORATE OBLIGATIONS-5.3%
ABBEY NATIONAL TREASURY SERVICES
10,000 7.40%, 12/15/95 6.60 10,030,401
10,000 7.05%, 3/01/96 7.05 10,000,000
AID HOUSING GUARANTY PROJECT PORTUGAL
12,500 6.21%, 12/01/16 FRN 6.21 12,500,000
ATT CAPITAL CORP.
5,550 5.65%, 7/07/95 6.29 5,549,403
5,000 6.87%, 10/23/95 6.75 5,001,391
BEAR STEARNS COS., INC.
10,000 6.18%, 10/20/95 FRN 6.18 10,000,000
10,000 6.18%, 8/17/95 FRN 6.18 10,000,000
15,000 6.16%, 1/26/96 FRN 6.16 15,000,000
3
PORTFOLIO OF INVESTMENTS (CONTINUED) ALLIANCE CAPITAL RESERVES
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PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
---------------------------------------------------------------------------
CS FIRST BOSTON, INC.
$ 15,000 6.11%, 4/01/96 FRN* 6.11% $15,000,000
GENERAL ELECTRIC CO.
17,000 7.88%, 5/01/96 6.50 17,186,285
GOLDMAN SACHS GROUP
20,000 5.53%, 11/02/95 FRN * 5.53 20,000,000
MERRILL LYNCH & CO.
14,000 6.95%, 2/27/96 FRN 7.00 14,000,000
10,000 5.62%, 3/25/96 FRN 5.62 10,000,000
TOYOTA MOTOR CREDIT CORP.
7,500 15.00%, 12/29/95 6.00 7,821,298
Total Corporate Obligations
(amortized cost $162,088,778) 162,088,778
U.S. GOVERNMENT AND AGENCY OBLIGATIONS-0.3%
FEDERAL HOME LOAN BANK DISC. NOTE
5,300 7/13/95 6.00 5,289,400
OVERSEAS PRIVATE INVESTMENT CORP.
2,500 6.21%, 6/10/97 FRN 6.21 2,500,000
Total U.S. Government and Agency
Obligations (amortized cost $7,789,400) 7,789,400
CERTIFICATES OF DEPOSIT-14.8%
ABN AMRO
20,000 6.25%, 8/02/95 6.11 20,002,149
BANQUE NATIONALE DE PARIS
40,000 5.83%, 8/04/95 5.92 39,996,560
25,000 6.05%, 7/03/95 6.03 25,000,025
BAYERISCHE HYPOBANK
25,000 6.10%, 7/19/95 6.08% 25,000,183
COMMERZBANK
25,000 6.17%, 9/25/95 6.06 25,005,809
DRESDNER BANK
10,000 6.46%, 4/26/96 6.44 10,001,565
FIFTH THIRD BANK
37,228 5.60%, 7/28/95 6.10 37,211,940
HESSISCHE LANDESBANK GIROZENTRALE
15,000 6.05%, 7/14/95 6.05 14,999,973
NORINCHUKIN BANK
40,000 6.02%, 7/17/95 6.01 40,000,177
SOCIETE GENERALE N.A., INC.
45,000 7.65%, 1/11/96 6.17 45,308,584
15,000 5.83%, 8/04/95 5.92 14,998,710
SUMITOMO BANK
50,000 6.02%, 7/17/95 6.01 50,000,221
SWISS BANK
100,000 6.01%, 7/21/95 6.00 100,000,385
Total Certificates of Deposit
(amortized cost $447,526,281) 447,526,281
TOTAL INVESTMENTS-98.9%
(amortized cost $2,991,862,116) 2,991,862,116
Other assets less liabilities-1.1% 32,229,975
NET ASSETS-100%
(offering and redemption price of $1.00
per share; 3,024,753,174 shares outstanding) $3,024,092,091
+ All securities either mature or their interest rate changes in one year or
less.
* Restricted security (see Note F).
Glossary of Terms:
FRN - Floating Rate Note
See notes to financial statements.
4
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1995 ALLIANCE CAPITAL RESERVES
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INVESTMENT INCOME
Interest $138,516,649
EXPENSES
Advisory fee (Note B) $12,206,955
Distribution assistance and administrative
service (Note C) 6,986,671
Transfer agency 5,376,617
Registration fees 468,871
Custodian fees 393,229
Printing 323,026
Audit and legal fees 56,805
Trustees' fees 17,333
Miscellaneous 41,819
Total expenses 25,871,326
Less: expense reimbursement (747,511)
25,123,815
Net investment income 113,392,834
REALIZED LOSS ON INVESTMENTS
Net realized loss on investments (525,149)
NET INCREASE IN NET ASSETS FROM OPERATIONS $112,867,685
STATEMENTS OF CHANGES IN NET ASSETS
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YEAR ENDED YEAR ENDED
JUNE 30, 1995 JUNE 30, 1994
-------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $113,392,834 $ 58,817,899
Net realized loss on investments (525,149) (49,939)
Net increase in net assets from operations 112,867,685 58,767,960
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (113,392,834) (58,817,899)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase 607,356,139 305,442,434
Total increase 606,830,990 305,392,495
NET ASSETS
Beginning of year 2,417,261,101 2,111,868,606
End of year $3,024,092,091 $2,417,261,101
See notes to financial statements.
5
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 ALLIANCE CAPITAL RESERVES
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NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Capital Reserves (the 'Trust') is an open-end diversified investment
company registered under the Investment Company Act of 1940. The Trust consists
of two portfolios: Alliance Capital Reserves (the 'Portfolio') and Alliance
Money Reserves. Each portfolio is considered to be a separate entity for
financial reporting and tax purposes. The following is a summary of significant
accounting policies followed by the Portfolio.
1. VALUATION OF SECURITIES
Securities in which the Portfolio invests are traded primarily in the
over-the-counter market and are valued at amortized cost, under which method a
portfolio instrument is valued at cost and any premium or discount is amortized
on a constant basis to maturity.
2. TAXES
It is the Portfolio's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its investment company taxable income and net realized gains, if applicable,
to its shareholders. Therefore, no provisions for federal income or excise
taxes are required.
3. DIVIDENDS
The Portfolio declares dividends daily and automatically reinvests such
dividends in additional shares at net asset value. Net realized capital gains
on investments, if any, are expected to be distributed near year end.
4. GENERAL
Interest income is accrued as earned. Security transactions are recorded on a
trade date basis. Realized gain (loss) from security transactions is recorded
on the identified cost basis. It is the Portfolio's policy to take possession
of securities as collateral under repurchase agreements and to determine on a
daily basis that the value of such securities are sufficient to cover the value
of the repurchase agreements.
NOTE B: ADVISORY FEE AND TRANSACTIONS WITH AN AFFILIATE OF THE ADVISER
The Portfolio pays its Adviser, Alliance Capital Management L.P., an advisory
fee at the annual rate of .50 of 1% on the first $1.25 billion of average daily
net assets; .49 of 1% on the next $.25 billion; .48 of 1% on the next $.25
billion; .47 of 1% on the next $.25 billion; .46 of 1% on the next $1 billion;
and .45 of 1% in excess of $3 billion. The Adviser has agreed to reimburse the
Portfolio to the extent that its annual aggregate expenses (excluding taxes,
brokerage, interest and, where permitted, extraordinary expenses) exceed 1% of
its average daily net assets for any fiscal year. For the year ended June 30,
1995, the reimbursement amounted to $747,511. The Portfolio compensates
Alliance Fund Services, Inc. (a wholly-owned subsidiary of the Adviser) for
providing personnel and facilities to perform transfer agency services for the
Portfolio. Such compensation amounted to $3,414,111 for the year ended June 30,
1995.
NOTE C: DISTRIBUTION ASSISTANCE AND ADMINISTRATIVE SERVICES PLAN
Under this Plan, the Portfolio pays the Adviser a distribution fee at an annual
rate of up to .25 of 1% of the average daily value of the Portfolio's net
assets.
The Plan provides that the Adviser will use amounts payable under the Plan in
their entirety for (i) payments to broker-dealers and other financial
intermediaries, including the Portfolio's distributor, for distribution
assistance and payments to banks and other depository institutions for
administrative and accounting services and (ii) otherwise promoting the sale of
shares of the Portfolio. For the year ended June 30, 1995, the distribution fee
amounted to $6,280,954. In addition, the Portfolio reimbursed certain
broker-dealers for administrative costs incurred in connection with providing
shareholder services, accounting, bookkeeping, legal and compliance support.
For the year ended June 30, 1995, such payments by the Portfolio amounted to
$705,717 of which $149,500 was paid to the Adviser.
6
ALLIANCE CAPITAL RESERVES
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NOTE D: INVESTMENT TRANSACTIONS
At June 30, 1995, the cost of securities for federal income tax purposes was
the same as the cost for financial reporting purposes. At June 30, 1995 the
Portfolio had a capital loss carryforward of $661,083 of which $85,995 expires
in 2001, $49,939 expires in 2002 and $525,149 expires in 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At June 30,
1995, capital paid-in aggregated $3,024,753,174. Transactions, all at $1.00 per
share, were as follows:
YEAR ENDED YEAR ENDED
JUNE 30, 1995 JUNE 30, 1994
---------------- ---------------
Shares sold 11,681,203,006 9,686,454,531
Shares issued on reinvestments of dividends 113,392,834 57,999,637
Shares redeemed (11,187,239,701) (9,439,011,734)
Net increase 607,356,139 305,442,434
NOTE F: RESTRICTED SECURITIES
The following securities are restricted as to resale except among qualified
institutional investors such as the Portfolio.
DATE % OF NET
SECURITY ACQUIRED VALUE ASSETS
-------- -------- ----------- --------
CS First Boston, Inc., 6.11%, 4/01/96 FRN 3/30/95 $15,000,000 .50%
Goldman Sachs Group, 5.53%, 11/02/95 FRN 11/02/94 20,000,000 .66
----------- --------
$35,000,000 1.16%
7
NOTES TO FINANCIAL STATEMENTS (CONTINUED) ALLIANCE CAPITAL RESERVES
-------------------------------------------------------------------------------
NOTE G: FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period.
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
------------------------------------------------
1995 1994 1993 1992 1991
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .0447 .0255 .0266 .0438 .0662
Net realized gain on investments -0- -0- .0003 .0013 -0-
Net increase in net assets from operations .0447 .0255 .0269 .0451 .0662
LESS: DISTRIBUTIONS
Dividends from net investment income (.0447) (.0255) (.0266) (.0438) (.0662)
Distributions from net realized gains -0- -0- (.0003) (.0013) -0-
Total dividends and distributions (.0447) (.0255) (.0269) (.0451) (.0662)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on:
net asset value (a) 4.57% 2.58% 2.73% 4.61% 6.84%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in millions) $3,024 $2,417 $2,112 $1,947 $1,937
Ratio to average net assets of:
Expenses, net of waivers and reimbursements 1.00% 1.00% 1.00% 1.00% .97%
Expenses, before waivers and reimbursements 1.03% 1.03% 1.00% 1.00% .97%
Net investment income 4.51% 2.57% 2.65% 4.37% 6.62%
</TABLE>
(a) Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period.
8
INDEPENDENT AUDITOR'S REPORT ALLIANCE CAPITAL RESERVES
-------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS
ALLIANCE CAPITAL RESERVES PORTFOLIO
We have audited the accompanying statement of net assets of Alliance Capital
Reserves Portfolio as of June 30, 1995 and the related statements of
operations, changes in net assets, and financial highlights for the periods
indicated in the accompanying financial statements. These financial statements
and financial highlights are the responsibility of the Portfolio's management.
Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1995 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Alliance Capital Reserves Portfolio as of June 30, 1995, and the results of its
operations, changes in its net assets, and its financial highlights for the
periods indicated, in conformity with generally accepted accounting principles.
New York, New York
August 8, 1995
9
ALLIANCE CAPITAL RESERVES
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TRUSTEES
DAVE H. WILLIAMS, CHAIRMAN
JOHN D. CARIFA
SAM Y. CROSS
CHARLES H.P. DUELL
WILLIAM H. FOULK, JR.
ELIZABETH J. MCCORMACK
DAVID K. STORRS
SHELBY WHITE
JOHN WINTHROP
OFFICERS
RONALD M. WHITEHILL, PRESIDENT
JOHN R. BONCZEK, SENIOR VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
ROBERT I. KURZWEIL, SENIOR VICE PRESIDENT
WAYNE LYSKI, SENIOR VICE PRESIDENT
PATRICIA NETTER, SENIOR VICE PRESIDENT
RONALD R. VALEGGIA, SENIOR VICE PRESIDENT
DREW BIEGEL, VICE PRESIDENT
JOHN F. CHIODI, JR., VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
PAMELA F. RICHARDSON, VICE PRESIDENT
RAYMOND J. PAPERA, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
JOSEPH J. MANTINEO, CONTROLLER
CUSTODIAN
STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
AUDITORS
MCGLADREY & PULLEN, LLP
555 Fifth Avenue
New York, NY 10017
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
DISTRIBUTOR
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
10
ALLIANCE CAPITAL RESERVES
1345 Avenue of the Americas, New York, NY 10105
Toll free 1 (800) 221-5672
YIELDS. For current recorded yield information on Alliance
Capital Reserves, call on a touch-tone telephone toll-free
(800) 251-0539 and press the following sequence of keys:
1 # 1 # 3 9 #
For non-touch-tone telephones, call toll-free (800) 221-9513
ALLIANCECAPITAL
DISTRIBUTION OF THIS REPORT OTHER THAN TO SHAREHOLDERS MUST
BE PRECEDED OR ACCOMPANIED BY THE FUND'S CURRENT PROSPECTUS,
WHICH CONTAINS FURTHER INFORMATION ABOUT THE FUND.
R THESE REGISTERED SERVICE MARKS USED UNDER LICENSE FROM
THE OWNER, ALLIANCE CAPITAL MANAGEMENT L.P.
ALC507069
CAPAR
