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Alliance
Municipal
Trust
- Florida Portfolio
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AllianceCapital [LOGO](R)
Annual Report
June 30, 2000
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<PAGE>
LETTER TO SHAREHOLDERS Alliance Municipal Trust - Florida Portfolio
===============================================================================
August 2, 2000
Dear Shareholder:
We are pleased to provide you with an update of Alliance Municipal
Trust-Florida Portfolio for the annual reporting period ended June 30, 2000.
U.S. financial markets were anticipating some signs of a slowdown for the first
half of 2000--some sign that past Fed rate hikes were having an effect and that
little, if any, further tightening would be necessary. The U.S. economy,
however, has continued to grow. The U.S. Commerce Department recently reported
that the U.S. economy grew at an impressive, seasonally-adjusted annual rate of
+5.2% during the spring quarter. Inflation, as measured by the broad and
reliable gross domestic purchases and personal consumption price indices, held
stable at 2.5% on a year-earlier basis. The second-quarter growth number, well
above the 3.5% to 4.0%, consensus and actually faster than a downward-revised
quarter-one growth rate of +4.8%, created immediate anxiety. As a result,
interest rates headed higher and stock prices headed lower.
The U.S. economy's gross domestic product report does, however, give evidence
to some signs of cooling off. For example, a key measure of aggregate demand
(real final sales) slowed sharply to +4.2% from +6.7% in the first quarter.
Monthly evidence that consumers had taken a break from their long-running
shopping spree was confirmed. Household spending dipped to just +3.0% in the
second quarter versus +7.6% in the first quarter. Unwanted inventories added a
full percentage point to second-quarter growth. We also believe that a more
meaningful comparison can be made between growth during the second half of 1999
(+7.0%) and growth during the first half of this year (+5.0%).
In his late-July Congressional testimony, Fed Chairman Alan Greenspan laid out
an upbeat forecast for the U.S. economy and rendered a somewhat
self-congratulatory assessment of the role the Federal Reserve has played in
securing that future. To be sure, we welcome his endorsement of both the "New
Economy" paradigm and our own bullishness about accelerating productivity. The
subsequent report on employment costs, showing a quarter-to-quarter gain of
only 1.0% in the spring versus a 1.4% rise in the first quarter, and the
soon-to-be-released report on second-quarter productivity, should help to
validate the Chairman's optimism. Mr. Greenspan is repositioning the Fed to
play a more reactive role going forward. He understands that financial markets
should and must take the lead role in terms of steering the New Economy. As a
consequence, although we still believe the Fed will tighten further, we look
for that tightening to come late in the year and only after the bond market has
laid the groundwork.
As for U.S. financial markets, the road to higher prices will be a bit bumpier
than we expected. Inaction by the Fed toward the end of August could open the
window to the upside, but for now we see more volatility than opportunity. With
an election in front of us, the next several months could be a difficult time
for investors. Therefore investors may want to use periods of asset market
strength to establish more defensive positions.
We appreciate your investment in the portfolios of Alliance Municipal
Trust-Florida Portfolio and look forward to reporting further investment
progress in the coming period.
Sincerely,
/s/ Ronald M. Whitehill
Ronald M. Whitehill
President
1
<PAGE>
PORTFOLIO OF INVESTMENTS
June 30, 2000 Alliance Municipal Trust - Florida Portfolio
===============================================================================
Principal
Amount
(000) Security(a) Yield Value
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MUNICIPAL BONDS- 89.5%
FLORIDA-89.5%
Alachua County IDA
(Florida Rock Industries
Inc.)
AMT
$ 9,000 11/01/22 (b)........................ 4.85% $ 9,000,000
Broward County
Education, Residential &
Training Authority IDA
(International Game Fish
Association Project)
Series 97
2,600 8/01/04 (b)......................... 4.80 2,600,000
Broward County HFA
(Single Family Housing
Mortgage Revenue)
Series 00C
AMT
4,110 3/01/01............................. 4.30 4,110,000
Broward County HFA
MFHR
(Jacaranda Village
Apartments)
Series 97
3,390 9/01/22 (b)......................... 4.85 3,390,000
Broward County HFA
MFHR
(Margate Investments
Project)
5,900 11/01/05 (b)........................ 4.85 5,900,000
Broward County HFA
MFHR
(Reflections Apartments)
Series 99
6,900 12/01/29 (b)........................ 4.85 6,900,000
Citrus Park Community
Development District
(Capital Improvement)
Series 96
4,140 11/01/16 (b)........................ 4.85 4,140,000
Dade County
(Resource Recovery
Facility)
AMBAC
AMT
1,000 10/01/00............................ 4.00 1,001,459
Dade County Aviation
Series C MBIA
3,800 10/01/00............................ 3.73 3,811,763
Dade County IDA
(Florida Convalescent
Association Project)
Series 86
AMT
1,965 12/01/11 (b)........................ 4.95 1,965,000
Dade County IDA
(Florida Light & Power)
Series 93
4,100 6/01/21 (b)......................... 4.60 4,100,000
Dade County School
District
MBIA
5,910 8/01/00............................. 3.71 5,925,482
Escambia County
(Gelman Sciences, Inc.
Project)
Series 96
AMT
1,200 7/01/05 (b)......................... 4.80 1,200,000
Florida Division Bond
Finance Department
(Environmental
Preservation 2000)
3,400 7/01/00............................. 3.63 3,400,000
Florida Gulf Coast
University
(Dormitory Systems
Master Operating)
Series 99
2,000 8/01/29 (b)......................... 4.85 2,000,000
Florida HFA MFHR
(Ashley Lake ll)
Series 89J
AMT
5,000 12/01/11 (b)........................ 4.95 5,000,000
Florida HFA MFHR
(EEE-Carlton Arms II)
4,500 12/01/08 (b)........................ 4.85 4,500,000
Florida HFA MFHR
(Huntington Project)
2,500 12/01/08 (b)........................ 4.75 2,500,000
Florida HFA MFHR
(Wood Forest Apts.)
Series 83I
4,000 12/01/05 (b)........................ 4.80 4,000,000
Gulf Breeze
(Florida Municipal Bond
Fund)
Series 96A
4,365 3/31/21 (b)......................... 4.85 4,365,000
2
<PAGE>
Alliance Municipal Trust - Florida Portfolio
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Principal
Amount
(000) Security(a) Yield Value
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Highlands County
Health Facilities
Authority
(Adventist/Sunbelt)
Series A
$ 10,000 11/15/26 (b)........................ 4.75% $ 10,000,000
Hillsborough County
(National Gypsum
Apollo Beach)
Series 00B
AMT
1,500 4/01/30 (b)......................... 4.90 1,500,000
Hillsborough County
HFA MFHR
(Brandon Crossing Apts.)
Series 98A
AMT
2,700 12/01/29 (b)........................ 4.90 2,700,000
Hillsborough County
IDA PCR
(Tampa Electric)
5,250 5/15/18 (b)......................... 4.45 5,250,000
Hillsborough School
Board
(Cop Master Lease
Program)
MBIA Series A
1,725 7/01/00............................. 4.15 1,725,000
Jacksonville Economic
Development Community
(Bolles School Project)
Series 99A
2,815 7/01/14 (b)......................... 4.75 2,815,000
Jacksonville IDA
(University of Florida
Health Science Center)
Series 89
900 7/01/19 (b)......................... 4.95 900,000
Lee County IDA
(Cypress Cove
Healthpark)
Series 97C
4,000 10/01/04 (b)........................ 4.75 4,000,000
Manatee County HFA
MFHR
(Harbour Project)
Series 90B
1,800 12/01/07 (b)........................ 4.60 1,800,000
Miami Dade County
Educational Facility
Authority
(Florida Memorial College)
Series 98
3,000 10/01/18 (b)........................ 4.80 3,000,000
Miami Dade County
IDA
(Professional
Modification Project)
Series 98
AMT
6,000 8/01/18 (b)......................... 4.85 6,000,000
Okeechobee County
(Chambers Waste
System)
Series 89
AMT
2,600 3/01/06 (b)......................... 4.85 2,600,000
Orange County Health
Facilities
(Adventist Health
Systems)
Series 92
2,070 11/15/14 (b)........................ 4.80 2,070,000
Orange County Health
Facilities
(Florida Hospital Assoc.)
Series 00A
5,000 6/01/30 (b)......................... 5.10 5,000,000
Orange County HFA
MFHR
(Osprey Ridge Apts.
Project)
Series 00H
4,000 2/15/33 (b)......................... 4.95 4,000,000
Palm Beach
(Jet Aviation Project)
Series 99
AMT
8,500 11/01/14 (b)........................ 4.80 8,500,000
Palm Beach HFA
MFHR
(Cotton Bay Apts.)
Series 88D
4,350 11/01/07 (b)........................ 4.75 4,350,000
Palm Beach IDA
(Boca Raton Community
Day School)
Series 99
5,000 9/01/20 (b)......................... 4.80 5,000,000
3
<PAGE>
PORTFOLIO OF INVESTMENTS (continued) Alliance Municipal Trust -
Florida Portfolio
===============================================================================
Principal
Amount
(000) Security(a) Yield Value
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Palm Beach IDA
(Florida Convalescent
Center Project)
AMT
$ 2,400 11/01/11 (b)........................ 4.95% $ 2,400,000
Pinellas County Health
Facilities
(Mease Manor Inc.)
Series 95
3,875 11/01/15 (b)........................ 4.75 3,875,000
Polk County IDA
(Farmland Hydro LP)
Series 99
AMT
15,000 2/01/29 (b)......................... 4.85 15,000,000
St. John County IDA
(Glenmoor at St. Johns
Project)
Series 99C
7,000 1/01/07 (b)......................... 4.75 7,000,000
West Orange County
(Healthcare District)
Series 99B
3,000 2/01/22 (b)......................... 4.60 3,000,000
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Total Municipal Bonds
(amortized cost
$182,293,704)....................... 182,293,704
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COMMERCIAL PAPER- 10.4%
FLORIDA-10.4%
Florida Municipal
Power Agency
(Initial Pooled Loan
Project)
Series A
4,900 8/21/00............................. 4.21 4,900,000
Hillsborough County
(Capital Improvement
Program)
Series A
6,000 7/24/00............................. 4.25 6,000,000
Jacksonville PCR
(Florida Power & Light
Co.)
Series 92
5,400 9/11/00............................. 4.25 5,400,000
Orlando Utilities
Commission BAN
(Water & Electric
Revenue)
Series 99A
5,000 8/10/00............................. 4.21 5,000,000
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Total Commercial Paper
(amortized cost
$21,300,000)........................ 21,300,000
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TOTAL INVESTMENTS-99.9%
(amortized cost
$203,593,704)....................... 203,593,704
Other assets less
liabilities-0.1%.................... 136,105
------------
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
203,729,913 shares
outstanding)........................ $203,729,809
============
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(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
BAN Bond Anticipation Note
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
MBIA Municipal Bond Investors Assurance
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
See notes to financial statements.
4
<PAGE>
STATEMENT OF OPERATIONS
Year Ended June 30, 2000 Alliance Municipal Trust - Florida Portfolio
===============================================================================
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Interest ..................................................... $ 7,341,447
EXPENSES
Advisory fee (Note B) ........................................ $ 967,844
Distribution assistance and administrative service (Note C) .. 848,726
Transfer agency (Note B) ..................................... 81,213
Custodian fees ............................................... 76,109
Registration fees ............................................ 46,713
Printing ..................................................... 41,058
Audit and legal fees ......................................... 16,587
Amortization of organization expense ......................... 4,392
Trustees' fees ............................................... 2,531
Miscellaneous ................................................ 4,875
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Total expenses ............................................... 2,090,048
Less: expense reimbursement .................................. (154,360)
-----------
Net expenses ................................................. 1,935,688
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NET INCREASE IN NET ASSETS FROM OPERATIONS ..................... $ 5,405,759
===========
</TABLE>
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See notes to financial statements.
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS Alliance Municipal Trust -
Florida Portfolio
===============================================================================
Year Ended Year Ended
June 30, 2000 June 30, 1999
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INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income ....................... $ 5,405,759 $ 3,408,327
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income ....................... (5,405,759) (3,408,327)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) ....................... 66,813,563 23,821,250
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Total increase .............................. 66,813,563 23,821,250
NET ASSETS
Beginning of period ......................... 136,916,246 113,094,996
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End of period ............................... $ 203,729,809 $ 136,916,246
============= =============
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See notes to financial statements.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
June 30, 2000 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 accounting principles generally accepted in the United States,
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
year ended June 30, 2000, 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.
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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 year ended June 30, 2000, the reimbursement amounted to $154,360.
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 $33,976 for the year ended June 30, 2000.
For the year ended June 30, 2000, the Fund's expenses were reduced by $396
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 year
ended June 30, 2000, the distribution fee amounted to $483,922. 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, 2000, such payments by the Portfolio amounted to
$364,804, a substantial portion of which was paid to the Adviser and its
affiliates.
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NOTE D: Investment Transactions
At June 30, 2000, the cost of investments for federal income tax purposes was
the same as the cost for financial reporting purposes. At June 30, 2000, the
Portfolio had a capital loss carryforward of $104 which expires in the year
2005. To the extent that any net capital loss carryforward is used to offset
future capital gains, it is probable that these gains will not be distributed
to shareholders.
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NOTE E: Transactions in Shares of Beneficial Interest
An unlimited number of shares ($.01 par value) are authorized. On June 30,
2000, capital paid-in aggregated $203,729,913. Transactions, all at $1.00 per
share, were as follows:
Year Ended Year Ended
June 30, June 30,
2000 1999
------------ ------------
Shares sold .................................... 893,840,808 594,919,692
Shares issued on reinvestments of dividends .... 5,405,759 3,408,327
Shares redeemed ................................ (832,433,004) (574,506,769)
------------ ------------
Net increase ................................... 66,813,563 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>
July 28, 1995(a)
Year Ended June 30, through
---------------------------------------------- June 30,
2000 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) ..............028 .024 .028 .030 .030
-------- -------- -------- ------- -------
Less: Dividends
Dividends from net investment income .(.028) (.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) .. 2.82% 2.41% 2.87% 3.03% 3.07%
Ratios/Supplemental Data
Net assets, end of period
(000's omitted) ............. $203,730 $136,916 $113,095 $89,149 $91,179
Ratios to average net assets
Expenses, net of waivers
and reimbursements ......... 1.00% 1.00% .93% .65% .58%(d)
Expenses, before waivers
and reimbursements ......... 1.08% 1.08% 1.06% 1.10% 1.24%(d)
Net investment income (b) ...........2.79% 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 of less than one year is not annualized.
(d) Annualized.
9
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS Alliance Municipal Trust - Florida Portfolio
===============================================================================
To the Board of Trustees and Shareholders of
Alliance Municipal Trust - Florida Portfolio
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Alliance Municipal Trust - Florida Portfolio (the "Fund") at June 30, 2000, and
the results of its operations, the changes in its net assets and the financial
highlights for the year then ended, in conformity with accounting principles
generally accepted in the United States. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our
audit of these financial statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audit, which included confirmation of
securities at June 30, 2000, by correspondence with the custodian and brokers,
provides a reasonable basis for the opinion expressed above. The financial
statements for the year ended June 30, 1999, including the financial highlights
for each of the four years in the period then ended, were audited by other
independent accountants whose report dated July 23, 1999, expressed an
unqualified opinion on those financial statements.
PricewaterhouseCoopers LLP
New York, New York
July 28, 2000
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
Dave H. Willliams, Chairman
Ronald M. Whitehill, President
Kathleen A. Corbet, Senior Vice President
Drew Biegel, Senior Vice President
John R. Bonczek, Senior Vice President
Doris T. Ciliberti, Senior Vice President
Robert I. Kurzweil, Senior Vice President
Wayne D. Lyski, Senior Vice President
Patricia Ittner, Senior Vice President
William E. Oliver, Senior Vice President
Raymond J. Papera, Senior 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
Maria C. Sazon, Vice President
Edmund P. Bergan, Jr., Secretary
Mark D. Gersten, Treasurer and
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 New York, NY
Alliance Municipal Trust, call on a touch-tone Permit No. 7131
telephone toll-free (800) 251-0539 and press the ---------------
following sequence of keys:
- - - - - - -
* * 1 2 6 6 #
- - - - - - -
For non-touch-tone telephones, call toll-free (800) 221-9513
-------------------------------------------------------------
Alliance Capital [LOGO](R)
(R) These registered service marks used under license from the owner, Alliance
Capital Management L.P.
AMTFLAR600
