- -------------------------------------------------------------------------------
Alliance
Money
Reserves
- -------------------------------------------------------------------------------
Alliance Capital [LOGO](R)
Semi-Annual Report
December 31, 1999
(unaudited)
- -------------------------------------------------------------------------------
<PAGE>
STATEMENT OF NET ASSESTS
December 31, 1999 (unaudited) Alliance Money Reserves
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- -------------------------------------------------------------------
COMMERCIAL PAPER - 40.2%
American General Corp.
$ 5,000 2/29/00 ............... 5.90% $ 4,953,292
5,000 3/01/00 ............... 5.90 4,952,472
Asset Backed Capital
Finance, Ltd. FRN
12,000 11/15/00 (b)........... 6.14 12,000,000
BAA Plc
7,181 3/08/00 ............... 5.68 7,107,355
10,300 2/24/00 ............... 6.05 10,209,989
Bank of America Corp.
13,000 3/14/00 ............... 5.73 12,853,218
5,000 3/22/00 ............... 5.80 4,936,361
8,000 3/14/00 ............... 6.00 7,905,333
Banque Caisse
D'Epargne L'Etat
20,000 6/21/00 ............... 5.60 19,471,111
Banque Generale
Du Luxembourg
20,000 3/29/00 ............... 5.67 19,729,100
BellSouth Capital
Funding Corp.
25,000 3/14/00 ............... 5.92 24,708,111
Bil North America, Inc.
10,000 3/02/00 ............... 5.95 9,902,486
Cariplo Finance, Inc.
15,000 3/01/00 ............... 5.93 14,856,692
CBA (Finance)
Delaware, Inc.
20,000 3/02/00 ............... 5.90 19,806,611
Centric Capital Corp.
10,800 1/24/00 (b)............ 6.10 10,761,570
10,000 2/09/00 (b)............ 6.10 9,937,306
7,500 3/02/00 (b)............ 6.10 7,425,021
7,800 2/23/00 (b)............ 6.20 7,731,490
6,900 2/03/00 (b)............ 6.40 6,861,973
Certain Funding Corp.
7,115 3/20/00 (b)............ 6.10 7,022,169
18,045 3/23/00 (b)............ 6.10 17,800,390
Commerzbank AG
20,000 3/09/00 ............... 5.68 19,791,733
Corporate Asset
Funding Corp.
3,000 1/25/00 (b)............ 5.57 2,989,788
20,000 3/14/00 (b)............ 6.00 19,763,334
Corporate Receivables
Corp.
15,000 2/18/00 (b)............ 6.15 14,882,125
CS First Boston,
Guernsey
5,000 3/06/00 (b)............ 5.78 4,949,425
CS First Boston, Inc.
15,000 3/14/00 (b)............ 5.77 14,829,304
CXC, Inc.
10,000 3/13/00 (b)............ 6.00 9,883,333
25,000 2/18/00 (b)............ 6.15 24,803,542
DaimlerChrysler Corp.
23,000 3/13/00 ............... 6.08 22,728,089
Den Danske Bank
5,000 3/15/00 ............... 6.00 4,940,000
10,000 2/16/00 ............... 6.10 9,925,444
Falcon Asset
Securitization Corp.
10,000 2/23/00 (b)............ 5.95 9,915,708
15,000 2/24/00 (b)............ 5.95 14,871,084
Ford Motor Credit Co.
FRN
19,000 3/08/00................ 6.12 19,000,000
Four Winds Funding
Corp.
5,000 2/08/00 (b)............ 6.15 4,969,250
GE Capital
International Funding
20,000 2/28/00 (b)............ 5.94 19,815,200
Golden Funding Corp.
12,045 2/28/00 (b)............ 5.97 11,933,142
8,866 3/24/00 (b)............ 5.98 8,746,708
Greenwich Funding
Corp.
10,000 2/14/00 (b)............ 6.25 9,927,083
ING America Insurance
Holdings, Inc.
6,000 3/07/00 ............... 5.73 5,938,880
10,000 3/14/00 ............... 6.04 9,880,878
International
Securitization Corp.
6,000 1/14/00 (b)............ 7.25 5,986,708
Internationale
Nederlanden
5,000 3/21/00 ............... 5.71 4,938,142
J.P. Morgan & Co.
20,000 3/20/00 ............... 5.90 19,747,611
Lexington Parker
Capital Corp.
15,000 3/07/00 (b)............ 6.15 14,836,000
Market Street Funding
Corp.
20,000 1/11/00 (b)............ 6.90 19,969,333
Merrill Lynch & Co.,
Inc.
5,000 1/24/00 ............... 5.55 4,983,813
35,000 2/25/00 ............... 6.12 34,684,650
1
<PAGE>
Statement Of Net Assets (continued) Alliance Money Reserves
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- -------------------------------------------------------------------
Morgan Stanley Group,
Inc.
$ 12,500 3/01/00 ............... 5.96% $ 12,379,972
8,000 3/13/00 ............... 6.05 7,905,889
5,000 2/15/00 ............... 6.10 4,963,570
Prudential Funding Corp.
10,000 2/22/00 ............... 6.10 9,915,278
San Paolo IMI Corp.
5,000 3/16/00 ............... 5.72 4,942,005
16,000 2/14/00 ............... 5.75 15,892,667
Thames Global Asset
Funding
10,000 3/15/00 (b)............ 6.08 9,878,400
5,000 3/15/00 (b)............ 6.10 4,939,000
9,000 2/18/00 (b)............ 6.45 8,925,825
Wells Fargo & Co.
10,000 2/23/00 ............... 5.70 9,919,250
10,000 3/15/00 ............... 5.75 9,885,000
--------------
Total Commercial Paper
(amortized cost
$710,109,213).......... 710,109,213
--------------
CERTIFICATES OF
DEPOSIT - 25.3%
American Express
Centurion Bank FRN
15,000 5.80%, 5/04/00......... 5.80 15,000,000
Bank of Nova Scotia
15,000 5.82%, 2/11/00 ........ 5.80 15,000,316
5,000 6.00%, 2/01/00 ........ 6.00 5,000,000
Barclays Bank Plc
10,000 5.61%, 6/14/00 ........ 5.61 9,997,859
Bayerische Landesbank FRN
42,000 5.64%, 3/30/00 (c)..... 5.86 41,994,098
Credit Communal
De Belgique
15,000 6.00%, 2/29/00 ........ 6.00 15,000,000
Deutsche Bank
10,000 5.11%, 2/22/00 ........ 5.16 9,999,538
20,000 5.44%, 6/01/00 ........ 5.49 19,996,054
15,000 5.58%, 6/12/00 ........ 5.63 14,998,096
First Union National
Bank
20,000 6.56%, 3/15/00 (c)..... 6.56 20,000,000
Landesbank-Hessen-
Thueringen
15,000 5.22%, 2/29/00 ........ 5.24 14,999,437
5,000 5.92%, 9/29/00 ........ 5.98 4,997,879
National Westminster
Bank
55,000 5.63%, 4/17/00 (c)..... 5.69 54,991,132
15,000 5.67%, 7/05/00 ........ 5.72 14,997,103
Nordeutsche Landesbank
15,000 5.05%, 2/14/00 ........ 5.08 14,999,501
10,000 5.26%, 5/18/00 ........ 5.30 9,998,566
10,000 6.20%, 12/01/00 ....... 6.24 9,993,913
Rabo Bank
30,000 5.11%, 2/18/00 ........ 5.12 29,998,907
15,000 6.16%, 12/14/00 ....... 6.20 14,994,575
Royal Bank of Canada
5,000 5.86%, 8/09/00 ........ 5.90 4,998,852
San Paolo IMI Corp.
5,000 6.02%, 6/07/00 ........ 6.02 5,000,000
Southtrust Bank NA
12,000 5.92%, 2/22/00 ........ 5.92 12,000,000
Toronto Dominion
Bank
15,000 5.07%, 2/17/00 ........ 5.10 14,999,376
20,000 5.27%, 3/02/00 ........ 5.30 19,999,043
UBS Finance
Delaware, Inc.
10,000 5.16%, 2/28/00 ........ 5.19 9,999,557
10,000 5.22%, 5/10/00 ........ 5.26 9,998,650
20,000 5.34%, 5/30/00 ........ 5.39 19,996,103
5,000 5.36%, 5/30/00 ........ 5.61 4,994,817
Wachovia Bank
9,000 5.95%, 9/11/00 ........ 5.95 9,000,000
--------------
Total Certificates of
Deposit
(amortized cost
$447,943,372).......... 447,943,372
--------------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 17.8%
Federal Home Loan
Bank
15,000 5.00%, 2/10/00 ........ 5.00 15,000,000
47,000 5.63%, 10/16/00 FRN.... 5.74 46,962,267
44,000 6.17%, 10/06/00 FRN.... 6.24 43,977,219
26,000 6.18%, 3/15/00 FRN..... 6.18 26,000,000
Federal National
Mortgage Assn. MTN
18,000 6.16%, 10/05/00........ 6.21 17,993,364
Student Loan
Marketing Assn. FRN
39,000 6.13%, 3/16/00......... 6.18 38,996,351
30,000 6.16%, 2/04/00......... 6.18 29,999,485
38,000 6.16%, 10/04/00........ 6.21 37,986,041
57,000 6.16%, 10/12/00........ 6.27 56,952,625
--------------
Total U.S. Government
Agency Obligations
(amortized cost
$313,867,352).......... 313,867,352
--------------
2
<PAGE>
Alliance Money Reserves
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- -------------------------------------------------------------------
CORPORATE OBLIGATIONS - 9.7%
Allstate Life Insurance
Funding Agreement FRN
$ 20,000 6.53%, 2/29/00 (d)..... 6.53% $ 20,000,000
Centauri Corp. USA,
Inc. FRN
20,000 6.42%, 9/08/00 (b)..... 6.42 20,000,000
General Electric
Capital Corp. FRN
20,000 6.13%, 4/12/00......... 6.13 20,000,000
Goldman Sachs
Group LP MTN
10,000 6.20%, 2/24/00......... 6.20 9,995,955
Merrill Lynch &
Co., Inc. MTN
5,000 5.09%, 2/07/00......... 5.09 5,000,000
Metlife Funding
Agreement FRN
20,000 6.72%, 10/01/00........ 6.72 20,000,000
Prudential of America
Insurance Co. Funding
Agreement
11,000 6.49%, 11/30/00 ....... 6.49 11,000,000
Sigma Finance, Inc.
15,000 5.80%, 7/25/00 MTN (b). 5.80 15,000,000
20,000 6.52%, 6/30/00 FRN (b). 6.52 20,000,000
Toyota Motor Credit
Corp. FRN
20,000 6.34%, 9/21/00......... 6.34 20,000,000
Travelers Life Funding
Agreement FRN
10,000 6.51%, 7/21/00 (d)..... 6.51 10,000,000
--------------
Total Corporate Obligations
(amortized cost
$170,995,955).......... 170,995,955
--------------
BANK OBLIGATIONS - 4.7%
American Express
Centurion Bank
20,000 5.75%, 4/14/00 (c)..... 5.75 20,000,000
Bank Boston
20,000 5.90%, 3/13/00 ........ 5.90 20,000,000
Barclays Bank Plc
20,000 5.66%, 6/14/00 (c)..... 5.71 19,995,681
FCC National Bank
8,000 5.89%, 3/15/00 ........ 5.89 8,000,000
First National Bank
15,000 5.60%, 6/14/00 ........ 5.65 14,996,789
--------------
Total Bank Obligations
(amortized cost
$82,992,470)........... 82,992,470
--------------
PROMISSORY NOTE - 0.8%
Goldman Sachs Group LP
15,000 6.16%, 2/01/00 (b)
(amortized cost
$15,000,000)........... 6.16 15,000,000
--------------
TIME DEPOSIT - 0.2%
State Street Bank and Trust Co.
4,000 4.50%, 1/03/00
(amortized cost
$4,000,000)............ 4.50 4,000,000
--------------
TOTAL INVESTMENTS - 98.7%
(amortized cost
$1,744,908,362)........ 1,744,908,362
Other assets less
liabilities - 1.3% 22,516,987
--------------
NET ASSETS - 100%
(offering and redemption
price of $1.00 per share;
1,768,612,536 shares
outstanding)........... $1,767,425,349
==============
- --------------------------------------------------------------------------------
(a) All securities either mature or their interest rate changes in 397 days or
less.
(b) Securities issued in reliance on section 4(2) or Rule 144A of the
Securities and Exchange Act of 1933. Rule 144A securities may be resold in
transactions exempt from registration, normally to qualified institutional
buyers. At December 31, 1999, these securities amounted to $386,354,211,
representing 21.9% of net assets.
(c) Variable Rate Security. Stated interest rate in effect at December 31,
1999.
(d) Funding Agreements which are illiquid securities and subject to
restrictions as to resale. These securities amounted to $30,000,000,
representing 1.7% of net assets (see Note A).
Glossary of Terms:
FRN - Floating Rate Note
MTN - Medium Term Note
See notes to financial statements.
3
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1999 (unaudited) Alliance Money Reserves
================================================================================
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Interest ...................................................... $ 45,013,261
EXPENSES
Advisory fee (Note B) ......................................... $ 4,047,113
Distribution assistance and administrative service (Note C) ... 3,127,225
Transfer agency (Note B) ...................................... 483,508
Registration fees ............................................. 267,167
Custodian fees ................................................ 116,007
Printing ...................................................... 57,664
Audit and legal fees .......................................... 18,632
Trustees' fees ................................................ 7,754
Miscellaneous ................................................. 15,262
-------------
Total expenses ................................................ 8,140,332
-------------
Net investment income ......................................... 36,872,929
REALIZED LOSS ON INVESTMENTS
Net realized loss on investment transactions .................. (152)
-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $ 36,872,777
=============
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1999 Year Ended
(unaudited) June 30, 1999
================= ===============
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income .............................. $ 36,872,929 $ 60,259,581
Net realized gain (loss) on investment transactions. (152) 1,042
--------------- ---------------
Net increase in net assets from operations ......... 36,872,777 60,260,623
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income .............................. (36,872,929) (60,259,581)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) .............................. 360,036,600 241,040,921
--------------- ---------------
Total increase ..................................... 360,036,448 241,041,963
NET ASSETS
Beginning of year .................................. 1,407,388,901 1,166,346,938
--------------- ---------------
End of period ...................................... $ 1,767,425,349 $ 1,407,388,901
=============== ===============
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements.
4
<PAGE>
NOTES TO FINANCIAL STATEMENTS
December 31, 1999 (unaudited) Alliance Money 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 and Alliance Money Reserves (the
"Portfolio"), each of which is considered to be a separate entity for financial
reporting and tax purposes. 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 financial
statements have been prepared in conformity with generally accepted accounting
principles which require management to make certain estimates and assumptions
that affect the reported amounts of assets and liabilities in the financial
statements and amounts of income and expenses during the reporting period.
Actual results could differ from those estimates. 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. Certain illiquid securities containing
unconditional puts at par value are also valued at amortized cost.
2. Taxes
It is the Portfolio's policy to meet 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 any, to its
shareholders. Therefore, no provisions for federal income or excise taxes are
required.
3. Dividends
The Portfolio declares dividends daily from net investment income 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% on the first $1.25 billion of average daily net
assets; .49% on the next $.25 billion; .48% on the next $.25 billion; .47% on
the next $.25 billion; .46% on the next $1 billion; and .45% in excess of $3
billion. The Adviser has agreed, pursuant to the advisory agreement, 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 six months ended December 31, 1999.
The Portfolio compensates Alliance Fund Services, Inc., a wholly-owned
subsidiary of the Adviser, under a Transfer Agency Agreement for providing
personnel and facilities to perform transfer agency services for the Portfolio.
Such compensation amounted to $168,618 for the six months ended December 31,
1999.
For the six months ended December 31, 1999, the Fund's expenses were reduced by
$1,875 under an expense offset arrangement with Alliance Fund Services, Inc.
- --------------------------------------------------------------------------------
NOTE C: Distribution Assistance and Administrative Services Plan
Under this Plan, the Portfolio pays Alliance Fund Distributors, Inc. (the
"Distributor"), a wholly-owned subsidiary of the Adviser, a distribution fee at
the annual rate of .25% of the average daily value of the Portfolio's net
assets. The Plan provides that the Distributor will use such payments in their
entirety for distribution assistance and promotional activities. For the six
months ended December 31, 1999, the distribution fee amounted to $2,035,083. In
addition, the Portfolio may reimburse certain broker-dealers for administrative
costs incurred in
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued) Alliance Money Reserves
================================================================================
connection with providing shareholder services, and may reimburse the Adviser
for accounting and bookkeeping, and legal and compliance support. For the six
months ended December 31, 1999, such payments by the Portfolio amounted to
$1,092,142, of which $70,500 was paid to the Adviser.
- -------------------------------------------------------------------------------
NOTE D: Investment Transactions
At December 31, 1999, the cost of investments for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1999, the
Portfolio had a capital loss carryforward of $617,316, of which $72,812 expires
in 2001, $64,655 expires in 2002 and $479,849 expires in the year 2003.
- -------------------------------------------------------------------------------
NOTE E: Transactions in Shares of Beneficial Interest
An unlimited number of shares ($.001 par value) are authorized. At December 31,
1999, capital paid-in aggregated $1,768,612,536. Transactions, all at $1.00 per
share, were as follows:
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1999 Year Ended
(unaudited) June 30, 1999
================= ===============
<S> <C> <C>
Shares sold ......................................... 1,717,592,151 2,797,230,722
Shares issued on reinvestments of dividends ......... 36,872,929 60,259,581
Shares redeemed ..................................... (1,394,428,480) (2,616,449,382)
-------------- --------------
Net increase ........................................ 360,036,600 241,040,921
============== ==============
</TABLE>
6
<PAGE>
FINANCIAL HIGHLIGHTS Alliance Money Reserves
================================================================================
Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
Six Months
Ended
December 31, Year Ended June 30,
1999 ======================================================================
(unaudited) 1999 1998 1997 1996 1995
============= ============= ============ ============= ============= ============
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income from Investment Operations
Net investment income .................... .023 .043(a) .047(a) .045(a) .047(a) .045(a)
------- ------- ------- ------- ------- -------
Less: Dividends
Dividends from net investment income ..... (.023) (.043) (.047) (.045) (.047) (.045)
------- ------- ------- ------- ------- -------
Net asset value, end of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return
Total investment return based on net
asset value (b) ........................ 2.29% 4.39% 4.83% 4.64% 4.81% 4.50%
Ratios/Supplemental Data
Net assets, end of period (in millions) .. $ 1,767 $ 1,407 $ 1,166 $ 1,011 $ 755 $ 2,510
Ratios to average net assets of:
Expenses, net of waivers and
reimbursements ......................... 1.00%(c) 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and
reimbursements ......................... 1.00%(c) 1.02% 1.02% 1.06% 1.00% 1.04%
Net investment income .................... 4.58%(c) 4.28%(a) 4.72%(a) 4.55%(a) 4.80%(a) 4.53%(a)
</TABLE>
- --------------------------------------------------------------------------------
(a) Net of expenses reimbursed or waived by the Adviser.
(b) 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. Total investment return
calculated for a period of less than one year is not annualized.
(c) Annualized.
7
<PAGE>
CHANGE IN INDEPENDENT ACCOUNTANT Alliance Money Reserves
================================================================================
McGladrey & Pullen, LLP ("McGladrey") resigned as independent auditors of the
Fund pursuant to an agreement by PricewaterhouseCoopers LLP ("PwC") to acquire
McGladrey's investment company practice. The McGladrey partners and
professionals serving the Fund at the time of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during the past
two fiscal years contained no adverse opinion or disclaimer of opinion, and were
not qualified or modified as to uncertainty, audit scope or accounting
principles.
In connection with its audits for the two most recent fiscal years and through
August 27, 1999, there were no disagreements with McGladrey on any matter of
accounting principle or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
McGladrey would have caused it to make reference to the subject matter of
disagreement in connection with its report.
On September 25, 1999, the Fund, with the approval of its Trustees and its Audit
Committee, engaged PwC as its independent auditors.
8
<PAGE>
Alliance Money Reserves
================================================================================
Alliance Money Reserves
1345 Avenue of the Americas
New York, NY 10105
Toll-free 1(800)221-5672
TRUSTEES
Dave H. Williams, Chairman
John D. Carifa
Sam Y. Cross (1)
Charles H.P. Duell (1)
William H. Foulk, Jr. (1)
David K. Storrs (1)
Shelby White (1)
OFFICERS
Ronald M. Whitehill, President
Kathleen A. Corbet, Senior Vice President
Drew A. Biegel, Senior Vice President
John R. Bonczek, Senior Vice President
Patricia Ittner, Senior Vice President
Robert I. Kurzweil, Senior Vice President
Wayne D. Lyski, Senior Vice President
Raymond J. Papera, Senior Vice President
Doris T. Ciliberti, Vice President
Frances M. Dunn, Vice President
William J. Fagan, Vice President
Linda D. Kelley, Vice President
Joseph R. LaSpina, Vice President
Eileen M. Murphy, Vice President
William E. Oliver, 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
DISTRIBUTOR
Alliance Fund Distributors, Inc.
1345 Avenue of the Americas
New York, NY 10105
TRANSFER AGENT
Alliance Fund Services
P.O. Box 1520
Secaucus, NJ 07096-1520
Toll-Free 1-(800) 221-5672
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
LEGAL COUNSEL
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
- --------------------------------------------------------------------------------
(1) Members of the Audit Committee.
9
<PAGE>
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<PAGE>
(This page left intentionally blank.)
<PAGE>
---------------
Alliance Money Reserves BULK RATE
1345 Avenue of the Americas New York, NY 10105 U.S. POSTAGE
Toll Free 1 (800) 221-5672 PAID
New York, NY
Permit No. 7131
---------------
Yields. For current recorded yield information on Alliance Money Reserves, call
on a touch-tone telephone toll-free (800) 251-0539 and press the following
sequence of keys:
|1| |#| |1| |#| |3| |6| |#|
For non-touch-tone telephones, call toll-free (800) 221-9513
- --------------------------------------------------------------------------------
Alliance Capital [LOGO](R)
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.
AMRSR1299
