FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
500 PLAZA DRIVE, SECAUCUS, NJ 07094, (201) 319-4000
SEMI-ANNUAL REPORT
MARCH 31, 1997
(UNAUDITED)
LETTER TO SHAREHOLDERS
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
May 5, 1997
Dear Shareholders:
While the past six months continued to be a difficult period for small cap
stocks, Fiduciary Management Associates-Growth Portfolio's investment returns
surpassed those of the Russell 2000 Index, which measures the performance of
small cap U.S. stocks. Shown below are the Portfolio's total returns for the
most recent six- and twelve-month periods ending March 31, 1997, based on the
net asset values. For comparison, we have also shown the returns for the S&P
500 Stock Index, a common measure of the broad stock market.
INVESTMENT RESULTS
TOTAL RETURNS FOR PERIODS
ENDED MARCH 31, 1997
6 MONTHS 12 MONTHS
---------- ---------
FMA-GROWTH PORTFOLIO 0.22% 8.27%
RUSSELL 2000 INDEX 0.24% 5.11%
S&P 500 STOCK INDEX 11.24% 19.82%
REVIEW OF INVESTMENT STRATEGY
Throughout the past six months, the Portfolio has benefited from many of the
investment strategies implemented during 1995 and 1996. We continue to
underweight technology holdings relative to the Portfolio's benchmark, the
Russell 2000 Index. However, given the tremendous sell-off in the technology
sector that took place in the first quarter of 1997, we are now looking at the
sector very closely for the first time in over nine months.
The Portfolio continued to overweight energy holdings relative to the Russell
2000. In addition to the offshore drilling operators which we have owned for
some time, we have recently added two new holdings in the oil tanker market. We
see a tightening in the demand/supply for oil tankers similar to the demand
crunch faced by drilling rig operators over the last two years. Both OMI
Corporation and Knightsbridge Tankers are likely beneficiaries of this trend.
We continue to feel confident about the prospects for the U.S. refining
business and have increased our exposure to Valero Energy.
Within the retail sector, we continue to like Tommy Hilfiger, Nine West, and
Timberland. One addition to the portfolio in this area is Stride Rite
Corporation. We believe they are in the midst of a turnaround, and both the
Stride Rite and Keds brands are being reintroduced into the marketplace. In
addition, Stride Rite has been awarded the Tommy Hilfiger footwear license for
men and boys. The launch of this line is currently ahead of schedule.
We are also quite bullish on the retail end of the automotive sector and
believe that Cross-Continent Auto Retailers will benefit as the automobile
industry consolidates, bringing tremendous cost savings and efficiency. On a
related note, we are also bullish on the automobile rental market which is also
going through tremendous change. While car makers are exiting the business to
focus more on manufacturing, rental companies are being bought by financial
entrepreneurs with experience making money through inventory yield management
and greater general efficiency. As a result, the rental industry had a 6% price
increase in the first quarter of 1997, the first major increase in several
years. We believe Team Rental Group (Budget) will be a major beneficiary of
these changes.
OUTLOOK
The market continues to benefit from modest economic growth and modest
inflation. Companies reporting better than average earnings are gaining
attention in the marketplace, driving market valuations higher.
Looking forward, our outlook for the U.S. economy and equities remains
positive. However, an increase in interest rates would put some pressure on
price/earning ratios, which means that stocks with higher P/Es could become
vulnerable. As a result, we continue to focus on the underlying earnings of
each company, working to avoid the risk of unsustainable valuations.
We remain enthusiastic about the growth potential of small cap stocks. After
underperforming large cap stocks in 1994, 1995, 1996 and 1997 year-to-date, we
believe that small cap stocks offer very attractive valuations on a relative
basis. We are hopeful that the relative value of small cap issues will soon be
recognized in the marketplace.
1
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
Thank you for your continued interest in the FMA Growth Portfolio. We look
forward to reporting to you on future market activity and Portfolio investment
results.
Sincerely,
Alden M. Stewart
Chairman and President
Randall E. Haase
Vice President
2
TEN LARGEST HOLDINGS
MARCH 31, 1997 (UNAUDITED)
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
COMPANY VALUE PERCENT OF NET ASSETS
- -------------------------------------------------------------------------------
Nine West Group, Inc. $ 5,490,825 4.0%
OMI Corp. 5,421,975 3.9
Team Rental Group, Inc. 4,061,400 3.0
Continental Airlines, Inc. Cl.B 3,529,687 2.6
Knightsbridge Tankers Ltd. 3,312,550 2.4
Industrie Natuzzi S.p.A. (ADR) 3,266,100 2.4
Parker Drilling Co. 3,180,825 2.3
Millicom International Cellular, S.A. 3,032,788 2.2
Valero Energy Corp. 3,000,937 2.2
Rowan Cos., Inc. 2,995,550 2.2
$37,292,637 27.2%
3
PORTFOLIO OF INVESTMENTS
MARCH 31, 1997 (UNAUDITED)
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
COMMON STOCKS & OTHER INVESTMENTS-99%
CONSUMER PRODUCTS & SERVICES-34.8%
AIRLINES-5.3%
Alaska Air Group, Inc. (a) 59,900 $ 1,534,937
America West Holding Corp. Cl.B (a) 64,300 1,004,688
Continental Airlines, Inc. Cl.B (a) 112,500 3,529,687
USAir Group, Inc. (a) 48,900 1,198,050
-----------
7,267,362
APPAREL-8.6%
Jones Apparel Group, Inc. (a) 30,800 1,143,450
Nine West Group, Inc. (a) 122,700 5,490,825
Stride Rite Corp. 154,400 2,316,000
Timberland Co. Cl.A (a) 20,500 899,437
Tommy Hilfiger Corp. (a) 36,700 1,917,575
-----------
11,767,287
AUTO & RELATED-4.7%
Miller Industries, Inc. (a) 193,300 2,319,600
Team Rental Group, Inc. (a) 193,400 4,061,400
-----------
6,381,000
BROADCASTING & CABLE-1.8%
Evergreen Media Corp. (a) 83,400 2,434,238
COMMERCIAL SERVICES-0.8%
TeleSpectrum Worldwide, Inc. (a) 89,000 1,056,875
CONTAINERS & PACKAGING-1.5%
Silgan Holdings, Inc. (a) 81,400 2,035,000
COSMETICS & HOUSEHOLD PRODUCTS-0.4%
Playtex Products, Inc. (a) 57,100 620,963
ENTERTAINMENT & LEISURE-1.1%
Florida Panthers Holdings, Inc. Cl.A (a) 54,400 1,475,600
RESTAURANTS & LODGING-4.3%
Interstate Hotels Co. (a) 87,000 2,457,750
Studio Plus Hotels, Inc. (a) 64,300 1,109,175
Suburban Lodges of America, Inc. (a) 127,700 2,298,600
-----------
5,865,525
RETAILING-5.3%
Circuit City Stores, Inc. (a) 133,300 1,999,500
Cross-Continent Auto Retailers, Inc. (a) 113,200 2,065,900
Industrie Natuzzi S.p.A. (ADR) (b) 136,800 3,266,100
-----------
7,331,500
OTHER-1.0%
Equity Corp. International (a) 65,900 1,383,900
-----------
47,619,250
BASIC INDUSTRIES-31.7%
BUILDING & RELATED-0.9%
Hughes Supply, Inc. 38,800 1,265,850
CHEMICALS-6.0%
Crompton & Knowles Corp. 137,900 2,689,050
Cytec Industries, Inc. (a) 37,400 1,416,525
Hexcel Corp. (a) 81,500 1,436,438
International Specialty Products, Inc. (a) 124,300 1,553,750
Polymer Group, Inc. (a) 85,489 1,132,729
-----------
8,228,492
ENVIRONMENTAL CONTROL-2.9%
American Disposal Services, Inc. (a) 63,920 1,134,580
4
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
Superior Services, Inc. (a) 69,200 $ 1,539,700
United Waste Systems, Inc. (a) 35,500 1,322,375
-----------
3,996,655
FOREST PRODUCTS-0.9%
Buckeye Cellulose Corp. (a) 43,500 1,294,125
METAL HARDWARE-6.6%
Bethlehem Steel Corp. (a) 355,000 2,928,750
Century Aluminum Co. 98,900 1,668,937
Gibraltar Steel Corp. (a) 74,200 1,484,000
Steel Dynamics, Inc. (a) 95,100 1,664,250
Titanium Metals Corp. (a) 53,400 1,355,025
-----------
9,100,962
METALS & MINING-2.2%
Pegasus Gold, Inc. (a) 170,200 1,382,875
Royal Oak Mines, Inc. (a) 491,800 1,567,613
-----------
2,950,488
SURFACE TRANSPORTATION & SHIPPING-10.0%
Consolidated Freightways Corp. (a) 168,200 1,997,375
Genesee & Wyoming, Inc. Cl.A (a) 46,900 1,489,075
Knightsbridge Tankers Ltd. (a) 136,600 3,312,550
OMI Corp. (a) 556,100 5,421,975
Xtra Corp. 34,100 1,410,887
-----------
13,631,862
TEXTILE PRODUCTS-2.2%
Mohawk Industries, Inc. (a) 142,900 2,983,038
-----------
43,451,472
TECHNOLOGY-13.9%
AEROSPACE & DEFENSE-1.7%
Doncasters Plc (ADR) (a) (c) 73,500 1,424,062
Orbital Sciences Corp. Cl.A (a) 67,800 934,369
-----------
2,358,431
COMPUTER PERIPHERALS-1.0%
Read-Rite Corp. (a) 56,600 1,429,150
COMPUTER SOFTWARE & SERVICES-2.1%
Comverse Technology, Inc. (a) 53,300 2,105,350
HMT Technology Corp. (a) 57,400 703,150
-----------
2,808,500
ELECTRONICS-4.1%
Apogee Enterprises, Inc. 76,800 1,516,800
BMC Industries, Inc. 40,400 1,141,300
Harman International Industries, Inc. 65,900 2,207,650
Kent Electronics Corp. (a) 31,600 726,800
-----------
5,592,550
TELECOMMUNICATIONS-4.2%
ICG Communications, Inc. (a) 64,653 735,428
Millicom International Cellular, S.A. (a) (d) 73,300 3,032,788
Telephone and Data Systems, Inc. 52,800 2,026,200
-----------
5,794,416
OTHER-0.8%
Synetic, Inc. (a) 23,100 1,091,475
-----------
19,074,522
ENERGY-9.3%
OIL & GAS SERVICES-9.3%
Costilla Energy, Inc. (a) 113,100 1,639,950
KCS Energy, Inc. 46,300 1,522,113
Parker Drilling Co. (a) 379,800 3,180,825
Rowan Cos., Inc. (a) 132,400 2,995,550
Southern Union Co. (a) 16,600 379,725
Valero Energy Corp. 82,500 3,000,937
-----------
12,719,100
HEALTH CARE-4.7%
BIOTECHNOLOGY-1.1%
Human Genome Sciences, Inc. (a) 22,800 741,000
Medimmune, Inc. (a) 58,100 798,875
1,539,875
5
PORTFOLIO OF INVESTMENTS (CONTINUED)
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
COMPANY SHARES VALUE
- -------------------------------------------------------------------------
DRUGS, HOSPITAL SUPPLIES & MEDICAL
SERVICES-3.6%
GelTex Pharmaceuticals, Inc. (a) 125,500 $2,666,875
National Surgery Centers, Inc. (a) 52,400 1,519,600
Regeneron Pharmaceuticals, Inc. (a) 89,100 712,800
-----------
4,899,275
-----------
6,439,150
FINANCIAL SERVICES-2.7%
FINANCE-1.2%
Aames Financial Corp. 32,000 648,000
Firstfed America Bancorp, Inc. (a) 77,000 1,049,125
-----------
1,697,125
REAL ESTATE-1.5%
Taubman Centers, Inc. 157,100 2,042,300
-----------
3,739,425
DIVERSIFIED-1.6%
International Alliance Services, Inc. (a) 181,400 1,814,000
International Alliance warrants,
expiring 1/01/49 (a) 191,000 378,562
-----------
2,192,562
SHARES OR
PRINCIPAL
AMOUNT
COMPANY (000) VALUE
- -------------------------------------------------------------------------
RESTRICTED SECURITIES & PRIVATE
PLACEMENTS-0.3%
Menlo Ventures III, A Limited
Partnership (a) (e) 1,000,000 $ 88,919
Oak Investment Partners III (a) (e) 2,000,000 217,452
Oscco II, A Limited Partnership (a) (e) 750,000 10,391
RCS II, A Limited Partnership (a) (e) 1,000,000 62,752
------------
379,514
Total Common Stocks & Other Investments
(cost $133,492,529) 135,614,995
SHORT-TERM DEBT SECURITIES-1.6%
Student Loan Marketing Association
6.48%, 4/01/97
(amortized cost $2,200,000) $2,200 2,200,000
TOTAL INVESTMENTS-100.6%
(cost $135,692,529) 137,814,995
Other assets less liabilities-(0.6%) (896,340)
NET ASSETS-100% $136,918,655
(a) Non-income producing security.
(b) Country of origin--Italy.
(c) Country of origin--United Kingdom.
(d) Country of origin--Luxembourg.
(e) Restricted and illiquid securities, valued at fair value
(see Notes A & D).
Glossary:
ADR - American depository receipt
See notes to financial statements.
6
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1997 (UNAUDITED)
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
ASSETS
Investments in securities, at value (cost $135,692,529) $137,814,995
Cash 180,986
Receivable for investment securities sold 66,948
Dividends receivable 43,186
Total assets 138,106,115
LIABILITIES
Payable for investment securities purchased 792,589
Advisory fee payable 256,725
Accrued expenses 138,146
Total liabilities 1,187,460
NET ASSETS $136,918,655
COMPOSITION OF NET ASSETS
Shares of beneficial interest, at par $ 51,486
Additional paid-in capital 120,793,168
Accumulated net investment loss (367,806)
Accumulated net realized gain 14,319,341
Net unrealized appreciation of investments 2,122,466
$136,918,655
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(based on 5,148,571 shares of beneficial interest outstanding) $26.59
See notes to financial statements.
7
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 1997 (UNAUDITED)
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $219,258
Dividends 199,355 $ 418,613
EXPENSES
Advisory fee 568,132
Administrative 59,500
Custodian 59,328
Audit and legal 52,103
Trustees' fees 14,000
Transfer agency 11,396
Printing 8,396
Registration 4,573
Miscellaneous 8,991
Total expenses 786,419
Net investment loss (367,806)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions 16,993,634
Net change in unrealized appreciation of investments (14,918,905)
Net gain on investments 2,074,729
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 1,706,923
See notes to financial statements.
8
STATEMENT OF CHANGES
IN NET ASSETS FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
MARCH 31,1997 YEAR ENDED
(UNAUDITED) SEP. 30,1996
-------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss $ (367,806) $ (577,222)
Net realized gain on investment transactions 16,993,634 51,214,394
Net change in unrealized appreciation of
investments (14,918,905) (1,028,571)
Net increase in net assets from operations 1,706,923 49,608,601
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments (51,863,971) (21,476,505)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase 26,635,170 4,173,519
Total increase (decrease) (23,521,878) 32,305,615
NET ASSETS
Beginning of year 160,440,533 128,134,918
End of period $136,918,655 $160,440,533
See notes to financial statements.
9
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1997 (UNAUDITED)
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Fiduciary Management Associates - Growth Portfolio (the "Fund"), which is a
Massachusetts business trust, is registered under the Investment Company Act of
1940, as a diversified, open-end management investment company. The following
is a summary of significant accounting policies followed by the Fund.
1. SECURITY VALUATION
Portfolio securities traded on national securities exchanges are valued at the
last reported sales price, or, if no sale occurred, at the mean of the bid and
ask price at the regular close of the New York Stock Exchange. Over-the-counter
securities not traded on national securities exchanges are valued at the mean
of the closing bid and asked price. Securities which mature in 60 days or less
are valued at amortized cost which approximates market value. Securities for
which current market quotations are not readily available (including
investments which are subject to limitations as to their sale) are valued at
their fair value as determined in good faith by the Board of Trustees. In
determining fair value, consideration is given to cost, operating, and other
financial data.
2. TAXES
It is the Fund'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
shareholders. Therefore, no provisions for federal income or excise taxes are
required.
3. INVESTMENT INCOME AND INVESTMENT TRANSACTIONS
Dividend income is recorded on the ex-dividend date. Interest income is accrued
daily. Investment transactions are accounted for on the date securities are
purchased or sold. Investment gains and losses are determined on the identified
cost basis.
4. DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions to shareholders are recorded on the ex-dividend
date and are determined in accordance with income tax regulations.
NOTE B: ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of an investment advisory agreement, the Fund pays Alliance
Capital Management L.P. (the "Adviser"), an advisory fee at a quarterly rate
equal to .1875 of 1% (approximately .75 of 1% on an annual basis) of the net
assets of the Fund valued on the last business day of the previous quarter.
Pursuant to the advisory agreement, the Fund paid $59,500 to the Adviser
representing the cost of certain legal and accounting services provided to the
Fund by the Adviser for the six months ended March 31, 1997.
The Fund compensates Alliance Fund Services, Inc. (a wholly-owned subsidiary of
the Adviser) for providing personnel and facilities to perform transfer agency
services for the Fund. Such compensation amounted to $9,130 for the six months
ended March 31, 1997.
Brokerage commissions paid on investment transactions for the six months ended
March 31, 1997 amounted to $507,771, none of which was paid to affiliated
brokers.
NOTE C: INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments
and U.S. government securities) aggregated $161,404,091 and $175,612,397,
respectively, for the six months ended March 31, 1997. There were no purchase
or sales of U.S. government and government agency obligations for the six
months ended March 31, 1997. At March 31, 1997, the cost of securities for
federal income tax purposes was $136,963,393. Accordingly, gross unrealized
appreciation of investments was $9,916,784 and gross unrealized depreciation of
investments was $9,065,182 resulting in net unrealized appreciation of $851,602.
10
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
NOTE D: RESTRICTED SECURITIES
DATE
ACQUIRED COST
---------- ----------
Menlo Ventures III, A Limited Partnership 7/28/83 $ 371,161
Oak Investment Partners III 9/28/83 1,394,521
Oscco II, A Limited Partnership 2/16/84 617,218
RCS II, A Limited Partnership 12/29/82 147,462
----------
$2,530,362
The securities shown above are restricted and illiquid and have been valued at
fair value in accordance with procedures described in Note A.
The value of these securities at March 31, 1997 was $379,514 represents 0.3% of
net assets.
NOTE E: SHARES OF BENEFICIAL INTEREST
There is an unlimited number of $0.01 par value shares of beneficial interest
authorized. Transactions in shares were as follows:
SHARES AMOUNT
---------------------------- -----------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
MARCH 31,1997 SEP. 30, MARCH 31,1997 SEP. 30,
(UNAUDITED) 1996 (UNAUDITED) 1996
------------- ----------- --------------- ------------
Shares sold 51,304 31,000 $ 1,936,571 $ 1,145,925
Shares issued in
reinvestment of
distributions 1,948,769 736,943 51,759,317 21,430,299
Shares redeemed (965,887) (548,790) (27,060,718) (18,402,705)
Net increase 1,034,186 219,153 $ 26,635,170 $ 4,173,519
11
FINANCIAL HIGHLIGHTS
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
MARCH 31, YEAR ENDED SEPTEMBER 30,
1997 --------------------------------------------------------------
(UNAUDITED) 1996 1995 1994 1993 1992
------------- ---------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $39.00 $32.90 $29.94 $31.29 $27.41 $30.93
INCOME FROM INVESTMENT OPERATIONS
Net investment loss (.07)(a) (.14) (.07) (.20) (.10) (.07)
Net realized and unrealized gain (loss)
on investments .14 11.75 7.51 (.93) 7.29 (2.24)
Net increase (decrease) in net asset
value from operations .07 11.61 7.44 (1.13) 7.19 (2.31)
LESS: DIVIDENDS AND DISTRIBUTIONS
Dividends from net investment income -0- -0- -0- -0- -0- (.07)
Distributions from net realized gains (12.48) (5.51) (4.48) (.22) (3.31) (1.14)
Total dividends and distributions (12.48) (5.51) (4.48) (.22) (3.31) (1.21)
Net asset value, end of period $26.59 $39.00 $32.90 $29.94 $31.29 $27.41
TOTAL RETURN
Total investment return based on net
asset value (b) .22% 41.04% 30.94% (3.63)% 27.79% (7.52)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $136,919 $160,441 $128,135 $106,435 $138,932 $129,188
Ratio of expenses to average net assets .99%(c) 1.05% 1.11% .98% .97% .92%
Ratio of net investment loss to average
net assets (.46)%(c) (.40)% (.26)% (.42)% (.31)% (.19)%
Portfolio turnover rate 106% 194% 159% 116% 100% 122%
Average commission rate (d) $.0538 $.0598 -- -- -- --
</TABLE>
(a) Based on average shares outstanding.
(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.
(c) Annualized.
(d) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share for trades on which
commissions are charged.
12
FIDUCIARY MANAGEMENT ASSOCIATES - GROWTH PORTFOLIO
_______________________________________________________________________________
BOARD OF TRUSTEES
JOHN D. CARIFA, CHAIRMAN
RUTH BLOCK (1)
DAVID H. DIEVLER (1)
JOHN H. DOBKIN (1)
WILLIAM H. FOULK, JR. (1)
DR. JAMES M. HESTER (1)
CLIFFORD L. MICHEL (1)
DONALD J. ROBINSON (1)
OFFICERS
ALDEN M. STEWART, PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
THOMAS BARDONG, VICE PRESIDENT
RANDALL E. HAASE, VICE PRESIDENT
DANIEL V. PANKER, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
VINCENT S. NOTO, CONTROLLER
CUSTODIAN
STATE STREET BANK & TRUST COMPANY
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
Toll-free 1-(800) 221-5672
INDEPENDENT AUDITORS
ERNST & YOUNG LLP
787 Seventh Avenue
New York, NY 10019
(1) Member of the Audit Committee.
13
