Alliance
Municipal
Trust
- - Florida Portfolio
Alliance Capital [LOGO](R)
Semi-Annual Report
December 31, 1999
(unaudited)
<PAGE>
PORTFOLIO OF INVESTMENTS
December 31, 1999 (unaudited) Alliance Municipal Trust - Florida Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- -----------------------------------------------------------------------
MUNICIPAL BONDS - 46.8%
FLORIDA - 46.8%
Alachua City IDA
(Sabine Inc. Project)
Series 95 AMT VRDN
$ 1,715 9/01/15 (b)............. 5.65% $ 1,715,000
Alachua County IDA
(Florida Rock Industries
Inc.)
AMT VRDN
9,000 11/01/22 (b)............ 5.50 9,000,000
Broward County
Education, Residential
& Training Authority
(International Game Fish
Association Project)
Series 97 VRDN
2,900 8/01/04 (b)............. 5.45 2,900,000
Broward County HFA
MFHR
(Jacaranda Village
Apartments)
Series 97 VRDN
3,390 9/01/22 (b)............. 4.90 3,390,000
Broward County HFA
MFHR
(Margate Investments
Project) VRDN
5,900 11/01/05 (b)............ 4.90 5,900,000
Broward County HFA
MFHR
(Reflections Apartments)
Series 99 VRDN
4,900 12/01/29 (b)............ 5.20 4,900,000
Citrus Park Community
Development District
(Capital Improvement)
Series 96 VRDN
4,800 11/01/16 (b)............ 5.25 4,800,000
Dade County
(Resource Recovery
Facility)
AMBAC AMT
1,000 10/01/00................ 4.00 1,004,315
Dade County Aviation
Series C MBIA
3,800 10/01/00................ 3.73 3,834,776
Dade County IDA
(Dolphins Stadium
Project)
Series 85C VRDN
4,600 1/01/16 (b)............. 5.35 4,600,000
Dade County IDA
(Florida Convalescent
Association Project)
Series 86 AMT VRDN
1,965 12/01/11 (b)............ 5.90 1,965,000
Dade County IDA
(Florida Light & Power)
Series 93 VRDN
2,900 6/01/21 (b)............. 4.40 2,900,000
Dade County School
District
MBIA
5,910 8/01/00................. 3.71 6,015,378
Florida Division Bond
Finance Department
(Environmental
Preservation 2000)
3,400 7/01/00................. 3.63 3,414,126
Florida Gulf Coast
University
(Dormitory Systems
Master Operating)
Series 99 VRDN
2,000 8/01/29 (b)............. 5.35 2,000,000
Florida HFA MFHR
(Ashley Lake ll)
Series 89J AMT VRDN
10,000 12/01/11 (b)............ 5.40 10,000,000
Florida HFA MFHR
(Banyan Bay Apts.)
Series 95L AMT VRDN
5,275 12/01/25 (b)............ 5.70 5,275,000
Florida HFA MFHR
(EEE-Carlton Arms II)
VRDN
4,475 12/01/08 (b)............ 5.35 4,475,000
Florida HFA MFHR
(Huntington Project)
VRDN
2,500 12/01/08 (b)............ 4.80 2,500,000
1
<PAGE>
Alliance Municipal Trust -
PORTFOLIO OF INVESTMENTS (continued) Florida Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- -----------------------------------------------------------------------
Florida HFA MFHR
(Lakes of Northdale
Project)
Series 84D VRDN
$ 1,000 6/01/07 (b)............. 5.40% $ 1,000,000
Florida HFA MFHR
(Oaks at Orange Park
Project)
Series 90 VRDN
3,240 7/01/07 (b)............. 5.25 3,240,000
Florida HFA MFHR
(Wood Forest Apts.)
Series 83I VRDN
4,000 12/01/05 (b)............ 5.20 4,000,000
Florida HFA MFHR
Series 89E VDRN
2,670 4/01/26 (b)............. 5.40 2,670,000
Gulf Breeze
(Florida Municipal
Bond Fund)
Series 96A VRDN
4,485 3/31/21 (b)............. 5.20 4,485,000
Highlands County
Health Facilities
Authority
(Adventist/Sunbelt)
Series A VRDN
15,680 11/15/26 (b)............ 5.40 15,680,000
Hillsborough County
HFA MFHR
(Brandon Crossing Apts.)
Series 98A AMT VRDN
2,700 12/01/29 (b)............ 4.95 2,700,000
Hillsborough County
IDA
(Seaboard Tampa)
AMT VRDN
5,500 12/01/16 (b)............ 5.50 5,500,000
Hillsborough County
PCR
(Tampa Electric Project)
Series 93 AMT VRDN
10,700 11/01/20 (b)............ 5.00 10,700,000
Jacksonville Economic
Development Community
(Bolles School Project)
Series 99A VRDN
2,985 7/01/14 (b)............. 5.00 2,985,000
Jacksonville IDA
(Pavilion Associates
Project)
Series 96 VRDN
800 1/01/15 (b)............. 4.90% 800,000
Jacksonville IDA
(University of Florida
Health Science Center)
Series 89 VRDN
900 7/01/19 (b)............. 5.00 900,000
Lee County IDA
(Cypress Cove
Healthpark)
Series 97C VRDN
6,900 10/01/04 (b)............ 4.80 6,900,000
Manatee County HFA
MFHR
(Harbour Project)
Series 90B VRDN
1,800 12/01/07 (b)............ 5.55 1,800,000
Miami Dade County
TAN
(School District)
4,000 6/28/00................. 3.80 4,003,030
Miami Dade County
Educational Facility
Authority
(Florida Memorial College)
Series 98 VRDN
3,000 10/01/18 (b)............ 5.45 3,000,000
Miami Dade County
IDA
(Professional Modification
Project)
Series 98 AMT VRDN
6,000 8/01/18 (b)............. 5.10 6,000,000
Orange County Health
Facilities
(Adventist Health Systems)
Series 92 VRDN
2,885 11/15/14 (b)............ 4.85 2,885,000
Orange County HFA
(Homeowner Mortgage
Revenue)
Series A-3 AMT
1,500 6/01/00................. 3.40 1,500,000
Orange County HFA
MFHR
(Sundown Assoc. II)
Series B VRDN
1,000 6/01/04 (b)............. 4.85 1,000,000
2
<PAGE>
Alliance Municipal Trust -
Florida Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- -----------------------------------------------------------------------
Palm Beach
(Jet Aviation Project)
Series 99 AMT VRDN
$ 8,500 11/01/14 (b)............ 5.60% $ 8,500,000
Palm Beach HFA
MFHR
(Cotton Bay Apts.)
Series 88D VRDN
9,350 11/01/07 (b)............ 4.75 9,350,000
Palm Beach IDA
(Boca Raton Community
Day School)
Series 99 VRDN
5,000 9/01/20 (b)............. 5.50 5,000,000
Palm Beach IDA
(Florida Convalescent
Center Project)
AMT VRDN
2,400 11/01/11 (b)............ 5.90 2,400,000
Pinellas County Health
Facilities
(Mease Manor Inc.)
Series 95 VRDN
3,875 11/01/15 (b)............ 5.00 3,875,000
Pinellas County Health
Facilities
(St. Marks Village
Project)
VRDN
5,005 3/01/17 (b)............. 5.65 5,005,000
Polk County IDA
(Farmland Hydro LP)
Series 99 AMT VRDN
15,000 2/01/29 (b)............. 5.30 15,000,000
St. Lucie County PCR
(Florida Power & Light)
Series 93 AMT VRDN
7,700 1/01/27 (b)............. 5.00 7,700,000
West Orange County
(Healthcare District)
Series 99B VRDN
3,000 2/01/22 (b)............. 5.40 3,000,000
------------
Total Municipal Bonds
(amortized cost
$222,166,625)........... 222,166,625
------------
COMMERCIAL PAPER - 6.1%
FLORIDA - 6.1%
City of Jacksonville
2,900 3/07/00................. 3.60 2,900,000
Florida Local
Government Finance
Commission
(Assoc. of Counties)
Series A
3,000 1/27/00................. 3.70 3,000,000
Florida Local
Government Finance
Commission
(Assoc. of Counties)
Series B
2,000 3/01/00................. 3.65 2,000,000
Indian River Hospital
District
Series 90
4,000 1/14/00................. 3.75 4,000,000
Jacksonville Electric
Authority
Series C
6,000 1/07/00................. 3.80 6,000,000
3,000 1/10/00................. 3.85 3,000,000
Orlando Utilities
Commission
4,000 1/25/00................. 3.80 4,000,000
Orlando Utilities
Commission
3,000 1/26/00................. 3.80 3,000,000
Sarasota Public
Hospital District
(Sarasota Memorial)
1,000 3/10/00................. 3.65 1,000,000
------------
Total Commercial Paper
(amortized cost
$28,900,000)............ 28,900,000
------------
3
<PAGE>
Alliance Municipal Trust -
PORTFOLIO OF INVESTMENTS (continued) Florida Portfolio
================================================================================
Value
- -----------------------------------------------------------------------
TOTAL INVESTMENTS - 52.9%
(amortized cost
$251,066,625)........... $251,066,625
Other assets less
liabilities - 47.1%..... 223,255,616
------------
NET ASSETS - 100%
(offering and redemption
price of $1.00 per share;
474,322,345 shares
outstanding)............ $474,322,241
============
- --------------------------------------------------------------------------------
(a) All securities either mature or their interest rate changes in one year or
less.
(b) Variable Rate Demand Notes (VRDN) are instruments whose interest rates
change on a specified date (such as coupon date or interest payment date)
or whose interest rates vary with changes in a designated base rate (such
as the prime interest rate). These instruments are payable on demand and
are secured by letters of credit or other credit support agreements from
major banks. Periodic Put Bonds (PPB) are payable on demand quarterly,
semi-annually or annually and their interest rates change less frequently
than rates on Variable Rate Demand Notes.
Glossary of Terms:
AMBAC - American Municipal Bond Assurance Corporation
AMT - Alternative Minimum Tax
HFA - Housing Finance Agency/Authority
IDA - Industrial Development Authority
MBIA - Municipal Bond Assurance Corporation
MFHR - Multi-Family Housing Revenue
PCR - Pollution Control Revenue
TAN - Tax Anticipation Note
See notes to financial statements.
4
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999 (unaudited) Alliance Municipal Trust - Florida Portfolio
================================================================================
ASSETS
Investments in securities, at value (cost $251,066,625) ... $ 251,066,625
Cash ...................................................... 221,951,461
Interest receivable ....................................... 1,356,814
Receivable for investments sold ........................... 185,000
Receivable for capital stock sold ......................... 34,985
Deferred organization expense ............................. 2,426
-------------
Total assets .............................................. 474,597,311
-------------
LIABILITIES
Advisory fee payable ...................................... 118,396
Distribution fee payable .................................. 53,613
Dividends Payable ......................................... 42,053
Payable for capital stock redeemed ........................ 28,014
Accrued expenses .......................................... 32,994
-------------
Total liabilities ......................................... 275,070
-------------
NET ASSETS ................................................... $ 474,322,241
=============
COMPOSITION OF NET ASSETS
Capital shares ............................................ $ 474,322,345
Accumulated net realized loss on investment transactions .. (104)
-------------
$ 474,322,241
=============
- --------------------------------------------------------------------------------
See notes to financial statements.
5
<PAGE>
STATEMENT OF OPERATIONS Alliance Municipal Trust -
Six Months Ended December 31, 1999 (unaudited) Florida Portfolio
================================================================================
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Interest ..................................................... $ 3,021,868
EXPENSES
Advisory fee (Note B) ........................................ $ 438,204
Distribution assistance and administrative service (Note C) .. 380,383
Custodian fees ............................................... 34,539
Transfer agency (Note B) ..................................... 29,059
Printing ..................................................... 11,204
Registration fees ............................................ 9,847
Audit and legal fees ......................................... 4,988
Amortization of organization expense ......................... 2,232
Trustees' fees ............................................... 1,271
Miscellaneous ................................................ 4,092
-----------
Total expenses ............................................... 915,819
Less: expense reimbursement .................................. (39,411)
-----------
Net expenses ................................................. 876,408
-----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ...................... $ 2,145,460
===========
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
================================================================================
Six Months Ended
December 31, 1999 Year Ended
(unaudited) June 30, 1999
----------------- --------------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income ..................... $ 2,145,460 $ 3,408,327
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income ..................... (2,145,460) (3,408,327)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) ..................... 337,405,995 23,821,250
------------- -------------
Total increase ............................ 337,405,995 23,821,250
NET ASSETS
Beginning of year ......................... 136,916,246 113,094,996
------------- -------------
End of period ............................. $ 474,322,241 $ 136,916,246
============= =============
- --------------------------------------------------------------------------------
See notes to financial statements.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
December 31, 1999 (unaudited) Alliance Municipal Trust - Florida Portfolio
================================================================================
NOTE A: Significant Accounting Policies
Alliance Municipal Trust (the "Fund") is registered under the Investment Company
Act of 1940 as an open-end investment company. The Fund operates as a series
company currently consisting of: Alliance Municipal Trust-General Portfolio,
Alliance Municipal Trust-New York Portfolio, Alliance Municipal Trust-California
Portfolio, Alliance Municipal Trust-Connecticut Portfolio, Alliance Municipal
Trust-New Jersey Portfolio, Alliance Municipal Trust-Virginia Portfolio,
Alliance Municipal Trust-Florida Portfolio (the "Portfolio") and Alliance
Municipal Trust-Massachusetts Portfolio. Each series 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. Amortization of premium is charged to income.
Accretion of market discount is credited to unrealized gains.
2. Organization Expenses
The organization expenses of the Portfolio are being amortized against income on
a straight-line basis through July, 2000.
3. Taxes
It is the policy of the Portfolio 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.
4. 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. Dividends paid from net investment income for the six
months ended December 31, 1999, are exempt from federal income taxes. However,
certain shareholders may be subject to the alternative minimum tax.
5. 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. For the
six months ended December 31, 1999, the reimbursement amounted to $39,411.
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 $14,812 for the six months ended December 31,
1999.
For the six months ended December 31, 1999, the Fund's expenses were reduced by
$332 under an expense offset arrangement with Alliance Fund Services, Inc.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(continued) Alliance Municipal Trust - Florida Portfolio
================================================================================
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 $219,102. 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 six months ended December 31, 1999, such payments by the
Portfolio amounted to $161,281, of which $46,500 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 carry forward of $104 which expires in the year
2005.
- --------------------------------------------------------------------------------
NOTE E: Transactions in Shares of Beneficial Interest
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1999, capital paid-in aggregated $474,322,345. Transactions, all at $1.00 per
share, were as follows:
Six Months Ended Year Ended
December 31, 1999 June 30,
(unaudited) 1999
----------------- -----------
Shares sold .................................... 594,843,380 594,919,692
Shares issued on reinvestments of dividends .... 2,145,460 3,408,327
Shares redeemed ................................ (259,582,845) (574,506,769)
------------ ------------
Net increase ................................... 337,405,995 23,821,250
============ ============
8
<PAGE>
FINANCIAL HIGHLIGHTS Alliance Municipal Trust - Florida Portfolio
================================================================================
Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
Six Months
Ended July 28, 1995(a)
December 31, Year Ended June 30, through
1999 ------------------------------------ June 30,
(unaudited) 1999 1998 1997 1996
------------ -------- -------- -------- ----------------
<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 (b) ............................ .012 .024 .028 .030 .030
-------- -------- -------- -------- --------
Less: Dividends
Dividends from net investment income ................. (.012) (.024) (.028) (.030) (.030)
-------- -------- -------- -------- --------
Net asset value, end of period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return
Total investment return based on net asset value (c) . 1.25% 2.41% 2.87% 3.03% 3.07%
Ratios/Supplemental Data
Net assets, end of period (000's omitted) ............ $474,322 $136,916 $113,095 $ 89,149 $ 91,179
Ratios to average net assets of:
Expenses, net of waivers and reimbursements ....... 1.00%(d) 1.00% .93% .65% .58%(d)
Expenses, before waivers and reimbursements ....... 1.08%(d) 1.08% 1.06% 1.10% 1.24%(d)
Net investment income (b) ......................... 2.52%(d) 2.36% 2.82% 2.97% 3.12%(d)
</TABLE>
- --------------------------------------------------------------------------------
(a) Commencement of operations.
(b) Net of expenses reimbursed or waived by the Adviser.
(c) 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 less than one year is not annualized.
(d) Annualized.
9
<PAGE>
CHANGE IN INDEPENDENT ACCOUNTANT Alliance Municipal Trust - Florida Portfolio
================================================================================
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 audit 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.
10
<PAGE>
Alliance Municipal Trust - Florida Portfolio
================================================================================
Alliance Municipal Trust
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.
11
<PAGE>
Alliance Municipal Trust - Florida Portfolio ---------------
1345 Avenue of the Americas, New York, NY 10105 BULK RATE
Toll free 1 (800) 221-5672 U.S. POSTAGE
PAID
Yields. For current recorded yield information on Alliance New York, NY
Municipal Trust, call on a touch-tone telephone toll-free Permit No. 7131
(800) 251-0539 and press the following sequence of keys: ---------------
- --- --- --- --- --- --- ---
1 # 1 # 6 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.
AMTFLSR1299
