ALLIANCE CAPITAL RESERVES
ALLIANCE CAPITAL
ANNUAL REPORT
JUNE 30, 1997
STATEMENT OF NET ASSETS
JUNE 30, 1997 ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
COMMERCIAL PAPER-51.0%
ABBEY NATIONAL
$ 17,060 7/08/97 5.55% $17,041,589
86,000 7/09/97 5.61 85,892,787
13,000 8/21/97 5.62 12,896,498
ABN AMRO N. AMERICAN FINANCE
15,000 7/15/97 5.32 14,968,967
25,000 7/08/97 5.36 24,973,944
AGA CAPITAL CORP.
13,000 7/08/97 (a) 5.56 12,985,946
9,900 7/24/97 (a) 5.58 9,864,706
9,000 7/09/97 (a) 5.60 8,988,800
10,000 7/28/97 (a) 5.60 9,958,000
15,000 7/07/97 (a) 5.70 14,985,750
AKZO NOBEL, INC.
17,000 11/21/97 5.58 16,623,195
ALLIANZ OF AMERICA FINANCE CORP.
12,000 8/11/97 (a) 5.57 11,923,877
20,000 7/10/97 (a) 5.65 19,971,750
5,000 8/18/97 (a) 5.72 4,961,867
ASSOCIATES CORP. OF NORTH AMERICA
65,000 8/13/97 5.60 64,565,222
58,000 7/30/97 5.66 57,735,552
ATLAS FUNDING CORP.
27,000 7/15/97 (a) 5.67 26,940,465
BANCA CERFIN
16,000 8/07/97 5.39 15,911,364
BANCO NACIONAL DE COMERICO
22,500 9/17/97 5.55 22,229,438
54,000 12/02/97 5.60 52,706,400
BAT CAPITAL CORP.
35,000 8/05/97 (a) 5.57 34,810,465
17,000 8/13/97 (a) 5.58 16,886,695
BBV FINANCE DELAWARE, INC.
15,000 7/29/97 5.35 14,937,583
BHF FINANCE DELAWARE, INC.
160,000 9/24/97 5.58 157,893,889
BIL NORTH AMERICA, INC.
15,000 8/18/97 5.29 14,894,200
10,000 7/03/97 5.63 9,996,872
BRADFORD & BINGLEY BUILDING SOCIETY
45,000 7/09/97 5.59% 44,944,100
BT SECURITIES INC.
25,000 9/15/97 5.59 24,704,972
CAISSE CENTRALE JARDINS DU QUEBEC
35,000 8/05/97 5.40 34,816,250
CEMEX
28,250 8/11/97 5.71 28,066,289
CHIAO TUNG BANK CO., LTD.
18,000 8/26/97 5.33 17,850,760
COMMONWEALTH BANK OF AUSTRALIA
40,000 7/14/97 5.42 39,921,711
COPLEY FINANCING CORP.
19,200 7/11/97 (a) 5.55 19,170,400
CREGEM NORTH AMERICA, INC.
30,000 9/12/97 5.62 29,658,117
CS FIRST BOSTON
45,000 8/19/97 5.40 44,669,250
37,000 7/01/97 5.62 37,000,000
37,000 10/08/97 5.70 36,420,025
20,000 10/08/97 5.73 19,684,850
EKSPORTFINANS
14,000 7/03/97 5.63 13,995,621
EMBARCADERO CENTER IV
7,400 7/07/97 5.66 7,393,019
FORD MOTOR CREDIT CORP.
185,000 7/09/97 5.56 184,771,422
GENERAL ELECTRIC CAPITAL CORP.
175,000 7/10/97 5.56 174,756,750
45,000 7/28/97 5.63 44,809,988
GENERALE BANK
20,000 7/28/97 5.39 19,919,150
20,000 7/16/97 5.40 19,955,000
25,000 7/16/97 5.55 24,942,187
25,000 10/27/97 5.79 24,525,542
1
STATEMENT OF NET ASSETS (CONTINUED) ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
GLENCORE FINANCE, LTD.
$ 90,000 8/25/97 5.43% $89,253,375
60,000 8/26/97 5.43 59,493,200
30,000 9/15/97 5.58 29,646,600
30,500 8/28/97 5.64 30,222,857
HENKEL CORP.
22,000 9/09/97 5.60 21,760,444
64,000 9/17/97 5.68 63,212,373
6,000 10/20/97 5.70 5,894,550
IMI FUNDING CORP.
64,100 7/01/97 5.58 64,100,000
20,000 7/21/97 5.60 19,937,778
INDUSTRIAL BANK KOREA
18,000 9/15/97 5.70 17,783,400
10,000 7/29/97 5.72 9,955,511
27,000 8/27/97 5.72 26,755,470
25,000 9/03/97 5.75 24,744,444
INTERNATIONAL NEDERLAND
17,000 9/09/97 5.58 16,815,550
KOREAN DEVELOPMENT BANK
15,000 8/22/97 5.65 14,877,583
139,000 8/25/97 5.66 137,798,036
47,713 7/25/97 5.68 47,532,327
45,500 8/11/97 5.68 45,205,666
MERRILL LYNCH & CO., INC.
63,000 1/14/98 5.85 60,983,213
NATIONAL CITY BANK
34,000 9/29/97 5.59 33,524,850
PEMEX CAPITAL INC.
90,000 7/30/97 5.39 89,609,225
ROSE FUNDING
54,462 8/28/97 (a) 5.65 53,966,245
SIGMA FINANCE, INC.
15,000 7/25/97 (a) 5.41 14,945,900
31,706 7/15/97 (a) 5.43 31,639,048
SUMITOMO BANK
50,000 7/07/97 5.65 49,952,917
TORONTO DOMINION HOLDINGS
40,000 12/23/97 5.58 38,915,000
UNI FUNDING, INC.
37,000 9/15/97 5.58 36,564,140
63,700 7/21/97 5.60 63,501,822
32,000 9/05/97 5.60 31,671,467
UNIBANCO UNIAO DE BANCOS
25,000 9/17/97 5.59 24,697,208
18,000 9/18/97 5.59 17,779,195
VENANTIUS AB
5,000 7/16/97 5.38 4,988,792
Total Commercial Paper
(amortized cost $2,925,249,410) 2,925,249,410
CERTIFICATES OF DEPOSIT-25.3%
AMERICAN EXPRESS CENTURION BANK
25,000 5.56%, 7/23/97 5.58 24,999,530
BANK OF NEW YORK
20,000 5.51%, 7/09/97 5.51 20,000,000
BANK OF TOKYO
45,000 5.75%, 9/30/97 5.75 45,000,000
37,000 5.80%, 7/08/97 5.80 37,000,000
67,000 5.80%, 9/09/97 5.80 67,000,000
103,000 5.84%, 7/18/97 5.84 103,000,000
21,000 5.85%, 8/06/97 5.85 21,000,000
BAYERISCHE VEREINSBANK
45,000 5.50%, 7/07/97 5.50 45,000,000
CANADIAN IMPERIAL BANK OF COMMERCE
70,000 5.70%, 8/14/97 5.70 70,000,000
CARIPLO FINANCE, INC.
10,000 5.68%, 9/26/97 5.67 10,000,238
48,000 5.75%, 7/17/97 5.74 48,000,210
CHASE MANHATTAN BANK
25,000 5.53%, 7/31/97 5.50 25,001,404
HESSISCHE LANDESBANK
58,000 6.13%, 4/07/98 6.25 57,949,093
J.P. MORGAN & CO., INC.
15,000 5.78%, 8/05/97 5.62 14,998,349
KOREAN DEVELOPMENT BANK
30,000 5.77%, 9/12/97 5.75 30,001,199
2
ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MIDLAND BANK PLC
$ 50,000 5.52%, 7/29/97 5.67% $49,989,077
NORINCHUKIN BANK
37,000 5.74%, 7/28/97 5.74 37,000,000
46,000 5.80%, 7/09/97 5.79 46,000,101
45,000 5.81%, 9/08/97 5.80 45,000,850
50,000 5.83%, 7/22/97 5.82 50,000,287
95,000 5.84%, 8/07/97 5.83 95,001,443
SANWA BANK
42,000 5.65%, 7/07/97 5.65 42,000,000
70,000 5.66%, 7/14/97 5.66 70,000,000
26,000 5.69%, 7/10/97 5.66 26,000,160
SOCIETE GENERALE N.A., INC.
30,000 5.49%, 8/11/97 5.84 29,986,388
50,000 5.56%, 9/03/97 5.55 50,000,864
58,000 5.72%, 9/02/97 5.67 58,004,645
42,000 5.73%, 8/06/97 5.72 42,000,414
SUMITOMO BANK
30,000 5.68%, 7/15/97 5.68 30,000,000
42,000 5.68%, 7/09/97 5.70 41,999,680
16,000 5.70%, 7/03/97 5.68 16,000,015
UNION BANK
100,000 5.56%, 7/10/97 5.56 100,000,000
Total Certificates of Deposit
(amortized cost $1,447,933,947) 1,447,933,947
BANK OBLIGATIONS-9.6%
AUSTRALIA & NEW ZEALAND BANK
22,000 5.90%, 9/23/97 5.88 21,991,217
BAYERISCHE VEREINSBANK
170,000 5.56%, 6/30/98 FRN 5.62 169,901,314
DEUTSCHE BANK
160,000 5.61%, 7/01/98 FRN 5.71 159,844,720
LASALLE NATIONAL BANK
25,000 5.74%, 12/15/97 5.74 25,000,000
MORGAN GUARANTY TRUST CO.
60,000 5.69%, 11/14/97 FRN 5.77 59,979,045
75,000 5.96%, 6/22/98 5.99 74,975,535
SMM TRUST
40,000 5.69%, 5/29/98 FRN (a) 5.69 40,000,000
Total Bank Obligations
(amortized cost $551,691,831) 551,691,831
CORPORATE OBLIGATIONS-6.9%
CENTAURI CORP. USA
25,000 5.56%, 2/06/98 FRN (a) 5.58 24,999,269
GENERAL ELECTRIC CAPITAL CORP.
33,000 5.75%, 1/05/98 FRN 5.75 33,000,000
J.P. MORGAN & CO., INC.
88,000 5.38%, 8/15/97 FRN 5.43 87,994,785
MERRILL LYNCH & CO., INC.
60,000 5.60%, 1/22/98 FRN 5.64 59,991,841
37,000 5.66%, 3/16/98 5.74 36,997,508
50,000 5.71%, 12/24/97 FRN 5.73 49,995,323
60,000 5.78%, 1/29/98 FRN 5.80 59,993,161
SALTS III CAYMAN ISLANDS CORP.
40,000 5.79%, 7/23/97 (a) 5.79 40,000,000
Total Corporate Obligations
(amortized cost $392,971,887) 392,971,887
PROMISSORY NOTE-4.7%
GOLDMAN SACHS GROUP L.P.
140,000 5.69%, 10/14/97 FRN 5.69 140,000,000
130,000 5.81%, 11/26/97 FRN 5.81 130,000,000
Total Promissory Note
(amortized cost $270,000,000) 270,000,000
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS-3.3%
AID HOUSING GUARANTY PROJECT PORTUGAL
12,188 5.77%, 12/01/16 FRN 5.77 12,187,500
FEDERAL FARM CREDIT BANK
66,000 5.41%, 8/03/98 FRN 5.46 65,966,225
FEDERAL HOME LOAN MORTGAGE ASSN.
26,000 7/01/97 6.00 26,000,000
3
STATEMENT OF NET ASSETS (CONTINUED) ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSN.
$ 88,000 5.37%, 8/25/97 FRN 5.41% $87,994,878
Total U.S. Government
and Agency Obligations
(amortized cost $192,148,603) 192,148,603
TIME DEPOSITS-1.7%
CANADIAN IMPERIAL BANK
29,000 6.38%, 7/01/97 6.38 29,000,000
DEUTSCHE BANK
55,600 6.25%, 7/01/97 6.25 55,600,000
WEST DEUTSCHE LANDESBANK
11,000 6.38%, 7/01/97 6.38 11,000,000
Total Time Deposits
(amortized cost $95,600,000) 95,600,000
TOTAL INVESTMENTS-102.5%
(amortized cost $5,875,595,678) $5,875,595,678
Other assets less liabilities-(2.5%) (142,790,315)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
5,733,513,484 shares outstanding) $5,732,805,363
# All securities either mature or their interest rate changes in one year or
less.
(a) Securities issued in reliance on section 4(2) or Rule 144A of the
Securities Act of 1933. Rule 144A securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. These
securities have been determined by the Adviser to be liquid pursuant to
procedures adopted by the Trustees. At June 30, 1997, these securities amounted
to $396,999,183 representing 6.9% of net assets.
Glossary:
FRN - Floating Rate Note
See notes to financial statements.
4
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1997 ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
INVESTMENT INCOME
Interest $306,914,227
EXPENSES
Advisory fee (Note B) $25,922,659
Distribution assistance and administrative
service (Note C) 15,886,326
Transfer agency (Note B) 11,128,361
Registration fees 1,031,662
Custodian fees 707,717
Printing 674,200
Audit and legal fees 56,343
Trustees' fees 17,406
Miscellaneous 70,125
Total expenses 55,494,799
Net investment income 251,419,428
REALIZED LOSS ON INVESTMENTS
Net realized loss on investment transactions (887)
NET INCREASE IN NET ASSETS FROM OPERATIONS $251,418,541
STATEMENT OF CHANGES IN NET ASSETS
_______________________________________________________________________________
YEAR ENDED YEAR ENDED
JUNE 30, 1997 JUNE 30, 1996
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 251,419,428 $ 192,438,403
Net realized loss on investment transactions (887) (46,151)
Net increase in net assets from operations 251,418,541 192,392,252
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (251,419,428) (192,438,403)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) 928,726,972 1,780,033,338
Total increase 928,726,085 1,779,987,187
NET ASSETS
Beginning of year 4,804,079,278 3,024,092,091
End of year $5,732,805,363 $4,804,079,278
See notes to financial statements.
5
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997 ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
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. As a matter of fundamental policy, the
Portfolio pursues its objectives by maintaining a portfolio of high-quality
money market securities all of which, at the time of investment, have remaining
maturities of 397 days or less. 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. INVESTMENT INCOME AND INVESTMENT TRANSACTIONS
Interest income is accrued as earned. Investment transactions are recorded on a
trade date basis. Realized gain (loss) from investment transactions is recorded
on the identified cost basis.
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. No reimbursement was required
for the year ended June 30, 1997. 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 $6,685,249 for the year ended June 30, 1997.
NOTE C: DISTRIBUTION ASSISTANCE AND ADMINISTRATIVE SERVICES PLAN
Under this Plan, the Portfolio pays the Adviser a distribution fee at the
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 such payments in their
entirety for distribution assistance and promotional activities. For the year
ended June 30, 1997, the distribution fee amounted to $13,873,700. In addition,
the Portfolio may reimburse certain broker-dealers for administrative costs
incurred in connection with providing shareholder services and may reimburse
the Adviser for accounting and bookkeeping and legal and compliance support.
For the year ended June 30, 1997, such payments by the Portfolio amounted to
$2,012,626 of which $172,000 was paid to the Adviser.
6
ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
NOTE D: INVESTMENT TRANSACTIONS
At June 30, 1997, the cost of investments for federal income tax purposes was
the same as the cost for financial reporting purposes. At June 30, 1997 the
Portfolio had a capital loss carryforward of $708,121 of which $85,995 expires
in 2001, $49,939 expires in 2002, $464,313 expires in 2003, $106,987 expires in
2004 and $887 expires in the year 2005.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At June 30,
1997, capital paid-in aggregated $5,733,513,484. Transactions, all at $1.00 per
share, were as follows:
YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
1997 1996
---------------- ----------------
Shares sold 26,431,373,115 21,097,386,036
Shares issued on reinvestments of dividends 251,419,428 192,438,403
Shares redeemed (25,754,065,571) (19,509,791,101)
Net increase 928,726,972 1,780,033,338
7
FINANCIAL HIGHLIGHTS ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
YEAR
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
--------------------------------------------------------------
1997 1996 1995 1994 1993
----------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .0452 .0471 .0447 .0255 .0266
Net realized gain on investment transactions -0- -0- -0- -0- .0003
Net increase in net assets from operations .0452 .0471 .0447 .0255 .0269
LESS: DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income (.0452) (.0471) (.0447) (.0255) (.0266)
Distributions from net realized gains -0- -0- -0- -0- (.0003)
Total dividends and distributions (.0452) (.0471) (.0447) (.0255) (.0269)
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on net
asset value (a) 4.63% 4.82% 4.57% 2.58% 2.73%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in millions) $5,733 $4,804 $3,024 $2,417 $2,112
Ratio to average net assets of:
Expenses, net of waivers and reimbursements 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and reimbursements 1.00% 1.00% 1.03% 1.03% 1.00%
Net investment income 4.53% 4.69% 4.51% 2.57% 2.65%
</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, 1997 and the related statements of
operations, changes in net assets, and financial highlights for the periods
indicated in the accompanying financial statements. These financial statement
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, 1997, by correspondence with the custodian and brokers.
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, 1997, 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.
McGladrey & Pullen, LLP
New York, New York
July 29, 1997
9
ALLIANCE CAPITAL RESERVES
_______________________________________________________________________________
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
OFFICERS
RONALD M. WHITEHILL, PRESIDENT
DREW BIEGEL, SENIOR VICE PRESIDENT
JOHN R. BONCZEK, SENIOR VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
ROBERT I. KURZWEIL, SENIOR VICE PRESIDENT
WAYNE D. LYSKI, SENIOR VICE PRESIDENT
PATRICIA NETTER, SENIOR VICE PRESIDENT
RONALD R. VALEGGIA, SENIOR VICE PRESIDENT
KENNETH T. CARTY, VICE PRESIDENT
JOHN F. CHIODI, JR., VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
MARIA R. CONA, VICE PRESIDENT
WILLIAM J. FAGAN, VICE PRESIDENT
JOSEPH R. LASPINA, VICE PRESIDENT
LINDA D. NEIL, VICE PRESIDENT
RAYMOND J. PAPERA, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
VINCENT S. NOTO, 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
ALLIANCE CAPITAL
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.
CAPAR
