ALLIANCE VARIABLE PRODUCTS SERIES FUND REAL ESTATE INVESTMENT PORTFOLIO
SEMI-ANNUAL REPORT
JUNE 30, 2000
(UNAUDITED)
Investment Products Offered
> Are Not FDIC Insured
> May Lose Value
> Are Not Bank Guaranteed
REAL ESTATE INVESTMENT PORTFOLIO
TEN LARGEST HOLDINGS
June 30, 2000 (unaudited) Alliance Variable Products Series Fund
_______________________________________________________________________________
U.S. $ PERCENT OF
COMPANY VALUE NET ASSETS
-------------------------------------------------------------------------------
Equity Office Properties Trust $ 1,683,297 7.7%
Boston Properties, Inc. 1,108,537 5.1
Apartment Investment & Management Co. 1,107,200 5.1
Vornado Realty Trust 1,101,575 5.0
Reckson Associates Realty Corp. 950,000 4.3
Spieker Properties, Inc. 864,800 4.0
Equity Residential Properties Trust 841,800 3.8
Public Storage, Inc. 815,625 3.7
Avalon Bay Communities, Inc. 803,019 3.7
ProLogis Trust 754,463 3.5
$10,030,316 45.9%
1
REAL ESTATE INVESTMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (unaudited) Alliance Variable Products Series Fund
_______________________________________________________________________________
Shares or
Principal
Amount
Company (000) U.S. $ Value
-------------------------------------------------------------------------------
COMMON STOCKS-92.3%
REAL ESTATE INVESTMENT TRUSTS-91.3%
APARTMENTS-19.9%
Apartment Investment & Management Co. 25,600 $ 1,107,200
Avalon Bay Communities, Inc. 19,234 803,019
BRE Properties, Inc. 7,500 216,563
Equity Residential Properties Trust 18,300 841,800
Essex Property Trust, Inc. 15,300 642,600
Gables Residential Trust 12,500 322,656
Post Properties, Inc. 9,300 409,200
------------
4,343,038
DIVERSIFIED-9.8%
Captec Net Lease Realty, Inc. 6,800 74,800
Entertainment Properties Trust 25,600 353,600
Glenborough Realty Trust, Inc. 12,400 216,225
Pinnacle Holdings, Inc. (a) 7,300 394,200
Vornado Realty Trust 31,700 1,101,575
------------
2,140,400
HOSPITALITY-4.6%
Hospitality Properties Trust 17,000 383,563
MeriStar Hospitality Corp. 29,578 621,138
------------
1,004,701
MANUFACTURED HOME COMMUNITIES-1.9%
Sun Communities, Inc. 12,100 404,594
OFFICE-20.1%
Alexandria Real Estate Equities, Inc. 14,400 494,100
Boston Properties, Inc. 28,700 1,108,537
Cousins Properties, Inc. 11,200 431,200
Equity Office Properties Trust 61,072 1,683,297
SL Green Realty Corp. 25,000 668,750
------------
4,385,884
OFFICE - INDUSTRIAL MIX-9.1%
Mission West Properties, Inc. 16,500 173,250
Reckson Associates Realty Corp. 40,000 950,000
Spieker Properties, Inc. 18,800 864,800
------------
1,988,050
REGIONAL MALLS-9.5%
General Growth Properties, Inc. 10,800 342,900
Macerich Co. 26,900 593,481
Mills Corp. 29,100 547,444
Simon Property Group, Inc. 26,900 596,844
------------
2,080,669
SHOPPING CENTERS-5.5%
Kimco Realty Corp. 11,700 479,700
Pan Pacific Retail Properties, Inc. 36,300 730,537
------------
1,210,237
STORAGE-3.7%
Public Storage, Inc. 34,800 815,625
WAREHOUSE & INDUSTRIAL-7.2%
AMB Property Corp. 15,600 355,875
Cabot Industrial Trust 23,100 454,781
ProLogis Trust 35,400 754,463
------------
1,565,119
------------
19,938,317
REAL ESTATE DEVELOPMENT-1.0%
Catellus Development Corp. (a) 14,500 217,500
Total Common Stocks
(cost $19,481,607) 20,155,817
SHORT-TERM INVESTMENT-7.2%
TIME DEPOSIT-7.2%
State Street Euro Dollar
6.00%, 7/03/00
(amortized cost $1,572,000) $1,572 1,572,000
TOTAL INVESTMENTS-99.5%
(cost $21,053,607) 21,727,817
Other assets less liabilities-0.5% 117,426
NET ASSETS-100% $21,845,243
(a) Non-income producing security.
See Notes to Financial Statements.
2
REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (unaudited) Alliance Variable Products Series Fund
_______________________________________________________________________________
ASSETS
Investments in securities, at value (cost $21,053,607) $21,727,817
Cash 281
Dividends and interest receivable 150,913
Deferred organization expenses 6,104
Total assets 21,885,115
LIABILITIES
Advisory fee payable 10,253
Accrued expenses 29,619
Total liabilities 39,872
NET ASSETS $21,845,243
COMPOSITION OF NET ASSETS
Capital stock, at par $ 2,220
Additional paid-in capital 24,317,955
Undistributed net investment income 693,154
Accumulated net realized loss on investments (3,842,296)
Net unrealized appreciation of investments 674,210
$21,845,243
Class A Shares
Net assets $21,845,243
Shares of capital stock outstanding 2,219,910
Net asset value per share $ 9.84
See Notes to Financial Statements.
3
REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2000 (unaudited)
Alliance Variable Products Series Fund
_______________________________________________________________________________
INVESTMENT INCOME
Dividends $ 622,453
Interest 27,817
Total investment income 650,270
EXPENSES
Advisory fee 85,863
Administrative 31,500
Custodian 29,031
Amortization of organization expenses 1,993
Audit and legal 1,679
Directors' fees 660
Transfer agency 465
Miscellaneous 1,543
Total expenses 152,734
Less: expenses waived and reimbursed (62,101)
Net expenses 90,633
Net investment income 559,637
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investment transactions (966,415)
Net change in unrealized appreciation/depreciation
of investments 3,300,195
Net gain on investments 2,333,780
NET INCREASE IN NET ASSETS FROM OPERATIONS $2,893,417
See Notes to Financial Statements.
4
REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS Alliance Variable Products Series Fund
_______________________________________________________________________________
Six Months Ended Year Ended
June 30, 2000 December 31,
(unaudited) 1999
---------------- --------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income $ 559,637 $ 1,053,412
Net realized loss on investments (966,415) (2,542,073)
Net change in unrealized
appreciation/depreciation
of investments 3,300,195 391,755
Net increase (decrease) in net assets
from operations 2,893,417 (1,096,906)
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income
Class A (908,379) (845,701)
CAPITAL STOCK TRANSACTONS
Net increase 2,007,729 2,715,524
Total increase 3,992,767 772,917
NET ASSETS
Beginning of period 17,852,476 17,079,559
End of period (including undistributed
net investment income of
$693,154 and $1,041,896, respectively) $21,845,243 $17,852,476
See Notes to Financial Statements.
5
REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2000 (unaudited) Alliance Variable Products Series Fund
_______________________________________________________________________________
NOTE A: Significant Accounting Policies
The Real Estate Investment Portfolio (the "Portfolio") is a series of Alliance
Variable Products Series Fund, Inc. (the "Fund"). The Portfolio's investment
objective is to seek total return from long-term growth of capital and income
principally through investing in equity securities of companies that are
primarily engaged in or related to the real estate industry. The Fund was
incorporated in the State of Maryland on November 17, 1987, as an open-end
series investment company. The Fund had no operations prior to November 28,
1990. The Fund offers nineteen separately managed pools of assets which have
differing investment objectives and policies. The Fund currently issues shares
of the Conservative Investors Portfolio, Growth Investors Portfolio, Total
Return Portfolio, Growth and Income Portfolio, Growth Portfolio, International
Portfolio, Premier Growth Portfolio, Quasar Portfolio, Real Estate Investment
Portfolio, Technology Portfolio, Utility Income Portfolio, Worldwide
Privatization Portfolio, Global Bond Portfolio, Global Dollar Government
Portfolio, High-Yield Portfolio, North American Government Income Portfolio,
Short-Term Multi-Market Portfolio, U.S. Government/High Grade Securities
Portfolio and Money Market Portfolio (the "Portfolios"). On January 5, 1999,
the creation of a second class of shares, Class B shares, was approved by the
Board of Directors. The Fund offers Class A and Class B shares. Both classes of
shares have identical voting, dividend, liquidating and other rights, except
that Class B shares bear a distribution expense and have exclusive voting
rights with respect to the Class B distribution plan. As of June 30, 2000, the
following Portfolios had Class B shares issued and outstanding: Growth and
Income Portfolio, Growth Portfolio, Premier Growth Portfolio, Technology
Portfolio, Global Bond Portfolio, U.S. Government/High Grade Securities
Portfolio and Money Market Portfolio.
The Fund offers and sells its shares only to separate accounts of certain life
insurance companies for the purpose of funding variable annuity contracts and
variable life insurance policies. Sales are made without a sales charge at each
Portfolio's net asset value per share.
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 Fund.
1. Security Valuation
Portfolio securities traded on a national securities exchange or on a foreign
securities exchange (other than foreign securities exchanges whose operations
are similar to those of the United States over-the-counter market) or on The
Nasdaq Stock Market, Inc., are generally valued at the last reported sales
price or if no sale occurred, at the mean of the closing bid and asked price on
that day. Readily marketable securities traded in the over-the-counter market,
securities listed on a foreign securities exchange whose operations are similar
to the U.S. over-the-counter market, and securities listed on a national
securities exchange whose primary market is believed to be over-the-counter
(but excluding securities traded on The Nasdaq Stock Market, Inc.), are valued
at the mean of the current bid and asked price. U.S. government and fixed
income securities which mature in 60 days or less are valued at amortized cost,
unless this method does not represent fair value. Securities for which current
market quotations are not readily available are valued at their fair value as
determined in good faith by, or in accordance with procedures adopted by, the
Board of Directors. Fixed income securities may be valued on the basis of
prices obtained from a pricing service when such prices are believed to reflect
the fair market value of such securities.
Securities in which the Money Market Portfolio invests are valued at amortized
cost which approximates fair value, under which method a portfolio instrument
is valued at cost and any premium or discount is amortized on a straight-line
basis to maturity.
2. Currency Translation
Assets and liabilities denominated in foreign currencies and commitments under
forward exchange currency contracts are translated into U.S. dollars at the
mean of the quoted bid and asked price of such currencies against the U.S.
dollar. Purchases and sales of portfolio securities are translated at the rates
of exchange prevailing when such securities were acquired or sold. Income and
expenses are translated at rates of exchange prevailing when accrued.
The Portfolios isolate that portion of the results of operations resulting from
changes in foreign exchange rates on investments from the fluctuations arising
from changes in market prices of securities held.
Net realized gains and losses on foreign currency transactions represent
foreign exchange gains and losses from sales and maturities of securities and
forward exchange currency contracts, holdings of foreign currencies, exchange
gains and losses realized between the trade and
6
Alliance Variable Products Series Fund
_______________________________________________________________________________
settlement dates on investment transactions, and the difference between the
amounts of interest, dividends and foreign witholding tax reclaims recorded on
the Portfolio's books and the U.S. dollar equivalent amounts actually received
or paid. Net currency gains and losses from valuing foreign currency
denominated assets and liabilities at period end exchange rates are reflected
as a component of net unrealized appreciation (depreciation) of investments and
foreign currency denominated assets and liabilities.
3. Organization Expenses
Organization expenses of $20,000 have been deferred and are being amortized on
a straight line basis through January 2002.
4. 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.
5. 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. The Fund accretes discounts as adjustments to interest
income and in the case of the Money Market Portfolio, amortizes premium as
well. Investment gains and losses are determined on the identified cost basis.
6. Dividends and Distributions
Each Portfolio declares and distributes dividends and distributions from net
investment income and net realized gains, respectively, if any, at least
annually, except for dividends on the Money Market Portfolio, which are
declared daily and paid monthly. Income dividends and capital gains
distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gains distributions are determined in accordance
with federal tax regulations and may differ from those determined in accordance
with accounting principles generally accepted in the United States. To the
extent these differences are permanent, such amounts are reclassified within
the capital accounts based on their federal tax basis treatment; temporary
differences do not require such reclassification.
NOTE B: Advisory Fee and Other Transactions with Affiliates
Under the terms of an investment advisory agreement, the Portfolio pays
Alliance Capital Management L.P. (the "Adviser"), an investment advisory fee at
an annualized rate of .90% of the Portfolio's average daily net assets.
During the six months ended June 30, 2000, the Adviser agreed to waive its fee
and to reimburse the additional operating expenses to the extent necessary to
limit total operating expenses on an annualized basis to .95% and 1.20% of the
average daily net assets for Class A and Class B shares, respectively. Expense
waivers/reimbursements, if any, are accrued daily and paid monthly. For the six
months ended June 30, 2000, such waivers/reimbursements amounted to $62,101.
Brokerage commissions paid by the Portfolio on investment transactions for the
six months ended June 30, 2000, amounted to $17,559, none of which was paid to
brokers utilizing the services of the Pershing Division of Donaldson, Lufkin &
Jenrette Securities Corp. ("DLJ"), an affiliate of the Adviser, nor to DLJ
directly.
The Fund 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 Fund. For the six months
ended June 30, 2000, the Fund paid a total of $9,000 which was allocated evenly
among the Portfolios.
NOTE C: Distribution Plan
The Portfolios have each adopted a Plan for Class B shares of the Fund pursuant
to Rule 12b-1 under the Investment Company Act of 1940 (each a "Plan" and
collectively the "Plans"). Under the Plans, the Portfolios pay distribution and
servicing fees to the Distributor at an annual rate of up to .50% of each
portfolio's average daily net assets attributable to the Class B shares. The
fees are accrued daily and paid monthly. The Board of Directors currently limit
payments under the Plan to .25% of each Portfolio's average daily net assets
attributable to Class B shares. The Plans provide that the Distributor will use
such payments in their entirety for distribution assistance and promotional
activities.
7
REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued) Alliance Variable Products Series Fund
_______________________________________________________________________________
The Portfolios are not obligated under the Plans to pay any distribution
services fee in excess of the amounts set forth above. The purpose of the
payments to the Distributor under the Plans is to compensate the Distributor
for its distribution services with respect to the sale of each Portfolio's
shares. Since the Distributor's compensation is not directly tied to its
expenses, the amount of compensation received by it under the Plan during any
year may be more or less than its actual expenses. For this reason, the Plans
are characterized by the staff of the Commission as being of the "compensation"
variety.
In the event that a Plan is terminated or not continued, no distribution
services fees (other than current amounts accrued but not yet paid) would be
owed by the Portfolios to the Distributor with respect to the relevant Plan.
The Plan also provides that the Adviser may use its own resources to finance
the distribution of each Portfolio's shares.
NOTE D: Investment Transactions
Purchases and sales of investment securities (excluding short-term investments)
for the six months ended June 30, 2000, were as follows:
Purchases:
Stocks and debt obligations $4,919,664
U.S. government and agencies -0-
Sales:
Stocks and debt obligations $3,098,499
U.S. government and agencies -0-
At June 30, 2000, the cost of investments for federal income tax purposes was
substantially the same as the cost for financial reporting purposes.
Accordingly, gross unrealized appreciation and unrealized depreciation are as
follows:
Gross unrealized appreciation $1,321,417
Gross unrealized depreciation (647,207)
Net unrealized appreciation $ 674,210
At December 31, 1999, for federal income tax purposes, the Portfolio had net
capital loss carryforwards of $1,747,827, of which $191,303 expires in the year
2006 and $1,556,524 expires in the year 2007.
1. Forward Exchange Currency Contracts
All Portfolios (except for the Global Dollar Government Portfolio, U.S.
Government/High Grade Securities Portfolio and Money Market Portfolio) may
enter into forward exchange currency contracts to hedge exposure to changes in
foreign currency exchange rates on foreign portfolio holdings, to hedge certain
firm purchase and sales commitments denominated in foreign currencies and for
investment purposes. A forward exchange currency contract is a commitment to
purchase or sell a foreign currency at a future date at a negotiated forward
rate.
The Portfolios may enter into contracts to deliver or receive foreign currency
it will receive from or require for its normal investment activities. It may
also use contracts in a manner intended to protect foreign currency denominated
securities from declines in value due to unfavorable exchange rate movements.
The gain or loss arising from the difference between the original contracts and
the closing of such contracts is included in realized gains or losses from
foreign currency transactions. Fluctuations in the value of forward exchange
currency contracts are recorded for financial reporting purposes as unrealized
gains or losses by the Portfolio.
Each Portfolio's custodian will place and maintain cash not available for
investment or other liquid assets in a separate account of the Portfolio having
an approximate value equal to the aggregate amount of the respective
portfolio's commitments under forward exchange currency contracts entered into
with respect to position hedges.
Risks may arise from the potential inability of a counterparty to meet the
terms of a contract and from unanticipated movements in the value of a foreign
currency relative to the U.S. dollar. The face or contract amount, in U.S.
dollars, reflects the total exposure each Portfolio has in that particular
currency contract.
At June 30, 2000, the Portfolio had no outstanding forward exchange currency
contracts.
8
Alliance Variable Products Series Fund
_______________________________________________________________________________
2. Option Transactions
For hedging and investment purposes, all Portfolios (except for the Money
Market Portfolio) may purchase and write call options and purchase put options
on U.S. securities that are traded on U.S. securities exchanges and
over-the-counter markets.
The risk associated with purchasing an option is that the Portfolio pays a
premium whether or not the option is exercised. Additionally, the Portfolio
bears the risk of loss of premium and change in market value should the
counterparty not perform under the contract. Put and call options purchased are
accounted for in the same manner as portfolio securities. The cost of
securities acquired through the exercise of call options is increased by
premiums paid. The proceeds from securities sold through the exercise of put
options are decreased by the premiums paid.
When the Portfolio writes an option, the premium received by the Portfolio is
recorded as a liability and is subsequently adjusted to the current market
value of the option written. Premiums received from which written options
expire unexercised are recorded by the Portfolio on the expiration date as
realized gains from written options. The difference between the premium
received and the amount paid on effecting a closing purchase transaction,
including brokerage commissions, is also treated as a realized gain, or if the
premium received is less than the amount paid for the closing purchase
transaction, as a realized loss. If a call option is exercised, the premium
received is added to the proceeds from the sale of the underlying security or
currency in determining whether the Portfolio has realized a gain or loss. In
writing an option, the Portfolio bears the market risk of an unfavorable change
in the price of the security or currency underlying the written option.
Exercise of an option written by the Portfolio could result in the Portfolio
selling or buying a security or currency at a price different from the current
market value.
The Portfolio had no transactions in options written for the six months ended
June 30, 2000.
NOTE E: Capital Stock
There are 20,000,000,000 shares of capital stock, $.001 par value per share of
the Fund authorized divided into two classes, designated Class A and Class B.
Each class consists of 10,000,000,000 authorized shares. Transactions in
capital stock were as follows:
SHARES AMOUNT
---------------------------- ------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 2000 December 31, June 30, 2000 December 31,
(unaudited) 1999 (unaudited) 1999
------------ ------------ -------------- --------------
Class A
Shares sold 360,335 780,673 $ 3,410,480 $ 7,467,394
Shares issued in
reinvestment of
dividends and
distributions 94,623 84,995 908,379 845,701
Shares redeemed (248,479) (599,456) (2,311,130) (5,597,571)
Net increase 206,479 266,212 $ 2,007,729 $ 2,715,524
NOTE F: Concentration of Risk
Investing in securities of foreign companies or foreign governments involves
special risks which include changes in foreign exchange rates and the
possibility of future political and economic developments which could adversely
affect the value of such securities. Moreover, securities of many foreign
companies or foreign governments and their markets may be less liquid and their
prices more volatile than those of comparable United States companies or of the
United States government.
NOTE G: Bank Borrowing
A number of open-end mutual funds managed by the Adviser, including the Fund,
participate in a $750 million revolving credit facility (the "Facility")
intended to provide short-term financing if necessary, subject to certain
restrictions in connection with abnormal redemption activity. Commitment fees
related to the Facility are paid by the participating funds and are included in
the miscellaneous expenses in the statement of operations. The Fund did not
utilize the Facility during the six months ended June 30, 2000.
9
REAL ESTATE INVESTMENT PORTFOLIO
FINANCIAL HIGHLIGHTS Alliance Variable Products Series Fund
_______________________________________________________________________________
Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period
<TABLE>
<CAPTION>
CLASS A
----------------------------------------------------
Six Months January 9,
Ended Year Ended December 31, 1997(a) to
June 30, 2000 ------------------------- December 31,
(unaudited) 1999 1998 1997
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $8.87 $9.78 $12.34 $10.00
Income From Investment Operations
Net investment income (b)(c) .27 .56 .54 .56
Net realized and unrealized gain (loss)
on investment transactions 1.14 (1.01) (2.87) 1.78
Net increase (decrease) in net asset
value from operations 1.41 (.45) (2.33) 2.34
Less: Dividends and Distributions
Dividends from net investment income (.44) (.46) (.16) -0-
Distributions from net realized gains -0- -0- (.07) -0-
Total dividends and distributions (.44) (.46) (.23) -0-
Net asset value, end of period $9.84 $8.87 $9.78 $12.34
Total Return
Total investment return based on net
asset value (d) 15.96% (5.11)% (19.07)% 23.40%
Ratios/Supplemental Data
Net assets, end of period (000's omitted) $21,845 $17,852 $17,080 $13,694
Ratios to average net assets of:
Expenses, net of waivers and
reimbursements .95%(e) .95% .95% .95%(e)
Expenses, before waivers and
reimbursements 1.60%(e) 1.72% 1.77% 2.31%(e)
Net investment income (b) 5.87%(e) 5.96% 4.98% 5.47%(e)
Portfolio turnover rate 35% 37% 27% 26%
</TABLE>
(a) Commencement of operations.
(b) Net of expenses reimbursed or waived by the Adviser.
(c) Based on average shares outstanding.
(d) 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.
(e) Annualized.
10
Alliance Variable Products Series Fund
_______________________________________________________________________________
BOARD OF DIRECTORS
John D. Carifa, Chairman and President
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
Andrew Aran, Senior Vice President
Kathleen A. Corbet, Senior Vice President
Gregory Dube, Senior Vice President
Alfred L. Harrison, Senior Vice President
Nelson Jantzen, Senior Vice President
Wayne D. Lyski, Senior Vice President
Raymond J. Papera, Senior Vice President
Peter Anastos, Vice President
Bruce K. Aronow, Vice President
Edward Baker, Vice President
Thomas J. Bardong, Vice President
Matthew Bloom, Vice President
Mark H. Breedon, Vice President
Russell Brody, Vice President
Nicholas D.P. Carn, Vice President
Paul J. DeNoon, Vice President
Joseph C. Dona, Vice President
Vicki L. Fuller, Vice President
F. Jeanne Goetz, Vice President
Gerald T. Malone, Vice President
Michael Mon, Vice President
Douglas J. Peebles, Vice President
Daniel G. Pine, Vice President
Paul C. Rissman, Vice President
Tyler J. Smith, Vice President
Jean Van De Walle, Vice President
Sandra Yeager, Vice President
Edmund P. Bergan, Jr., Secretary
Mark D. Gersten, Treasurer & Chief Financial Officer
Thomas Manley, Controller
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Alliance Fund Distributors, Inc.
1345 Avenue of the Americas
New York, NY 10105
INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue
New York, NY 10019
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
(1) Member of the Audit Committee.
11
