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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE BETH SMITH
TITLE ASST VICE PRESIDENT
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ACM INSTITUTIONAL RESERVES
77.Q1
(1)(a) Articles of Incorporation-Certificate of Correction -
Incorporated by reference (filed as Exhibit 1(a).to Post-Effective
Amendment No. 13 of Registration Statement on Form N-1A, filed August
28, 1997.
(b) Articles Supplementary - Incorporated by reference (filed as
Exhibit 1(b).to Post-Effective Amendment No. 13 of Registration
Statement on Form N-1A, filed
August 28, 1997.
(2) By-Laws - Amended and Restated - Incorporated by reference (filed
as
Exhibit 2.to Post-Effective Amendment No. 13 of Registration Statement
on Form N-1A, filed August 28, 1997.
(5) Advisory Agreement between the Registrant and Alliance Capital
Management L.P. - Incorporated by reference (filed as
Exhibit 5.to Post-Effective Amendment No. 13 of Registration Statement
on Form N-1A, filed August 28, 1997.
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
Board of Trustees
AFD Exchange Reserves
In planning and performing our audit of the financial statements of AFD
Exchange Reserves for the year ended September 30, 1997, we considered its
internal control, including controls over safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of AFD Exchange Reserves is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of September 30, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
October 23, 1997
