<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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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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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 20
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SIGNATURE JOSEPH REZABEK
TITLE ASST. VICE-PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 031
<NAME> TAX-FREE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 495,849,879
<INVESTMENTS-AT-VALUE> 495,849,879
<RECEIVABLES> 2,404,404
<ASSETS-OTHER> 155,579
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 498,409,862
<PAYABLE-FOR-SECURITIES> 17,180,937
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 339,770
<TOTAL-LIABILITIES> 17,520,707
<SENIOR-EQUITY> 4,809,727
<PAID-IN-CAPITAL-COMMON> 476,162,922
<SHARES-COMMON-STOCK> 236,966,016
<SHARES-COMMON-PRIOR> 256,096,862
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (83,494)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 480,889,155
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,740,826
<OTHER-INCOME> 0
<EXPENSES-NET> (656,789)
<NET-INVESTMENT-INCOME> 8,084,037
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,084,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,132,405)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 694,362,588
<NUMBER-OF-SHARES-REDEEMED> (717,625,839)
<SHARES-REINVESTED> 4,132,405
<NET-CHANGE-IN-ASSETS> 29,919,423
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (83,495)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 513,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 888,000
<AVERAGE-NET-ASSETS> 255,896,646
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 032
<NAME> TAX-FREE PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 495,849,879
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<PAYABLE-FOR-SECURITIES> 17,180,937
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<OTHER-ITEMS-LIABILITIES> 339,770
<TOTAL-LIABILITIES> 17,520,707
<SENIOR-EQUITY> 4,809,727
<PAID-IN-CAPITAL-COMMON> 476,162,922
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<SHARES-COMMON-PRIOR> 192,730,218
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<DISTRIBUTIONS-OF-INCOME> (3,635,257)
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<NUMBER-OF-SHARES-SOLD> 367,980,278
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<NET-CHANGE-IN-ASSETS> 29,919,423
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 513,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 888,000
<AVERAGE-NET-ASSETS> 232,856,314
<PER-SHARE-NAV-BEGIN> 1.00
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 033
<NAME> TAX-FREE PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
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<INVESTMENTS-AT-COST> 495,849,879
<INVESTMENTS-AT-VALUE> 495,849,879
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<SENIOR-EQUITY> 4,809,727
<PAID-IN-CAPITAL-COMMON> 476,162,922
<SHARES-COMMON-STOCK> 18,255,059
<SHARES-COMMON-PRIOR> 2,226,147
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<EXPENSES-NET> (656,789)
<NET-INVESTMENT-INCOME> 8,084,037
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,084,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (316,375)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 122,829,375
<NUMBER-OF-SHARES-REDEEMED> (107,116,850)
<SHARES-REINVESTED> 316,375
<NET-CHANGE-IN-ASSETS> 29,919,423
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (83,495)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 513,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 888,000
<AVERAGE-NET-ASSETS> 21,366,525
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 041
<NAME> TRUST PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 653,354,255
<INVESTMENTS-AT-VALUE> 653,354,255
<RECEIVABLES> 4,359,602
<ASSETS-OTHER> 231,104
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 657,944,961
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 548,183
<TOTAL-LIABILITIES> 548,183
<SENIOR-EQUITY> 6,574,374
<PAID-IN-CAPITAL-COMMON> 650,863,029
<SHARES-COMMON-STOCK> 657,437,403
<SHARES-COMMON-PRIOR> 795,069,334
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (40,625)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 657,396,778
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,030,421
<OTHER-INCOME> 0
<EXPENSES-NET> (1,806,104)
<NET-INVESTMENT-INCOME> 17,224,317
<REALIZED-GAINS-CURRENT> (861)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 17,223,456
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,224,317)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,329,631,799
<NUMBER-OF-SHARES-REDEEMED> (1,484,488,047)
<SHARES-REINVESTED> 17,224,317
<NET-CHANGE-IN-ASSETS> (137,632,792)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (39,764)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,625,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,892,000
<AVERAGE-NET-ASSETS> 718,515,233
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.02)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 051
<NAME> TREASURY PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 323,047,510
<INVESTMENTS-AT-VALUE> 323,047,510
<RECEIVABLES> 564,828
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<TOTAL-ASSETS> 324,116,601
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168,458
<TOTAL-LIABILITIES> 168,458
<SENIOR-EQUITY> 3,239,518
<PAID-IN-CAPITAL-COMMON> 320,712,322
<SHARES-COMMON-STOCK> 4,068,063
<SHARES-COMMON-PRIOR> 4,067,485
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (3,697)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 323,948,143
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,632,712
<OTHER-INCOME> 0
<EXPENSES-NET> (191,511)
<NET-INVESTMENT-INCOME> 2,441,201
<REALIZED-GAINS-CURRENT> (1,508)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,439,693
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (88,913)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,798,988
<NUMBER-OF-SHARES-REDEEMED> (4,887,323)
<SHARES-REINVESTED> 88,913
<NET-CHANGE-IN-ASSETS> 271,915,806
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,343)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 105,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313,000
<AVERAGE-NET-ASSETS> 3,759,368
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
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<PER-SHARE-DIVIDEND> (0.02)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 052
<NAME> TREASURY PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
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<INVESTMENTS-AT-COST> 323,047,510
<INVESTMENTS-AT-VALUE> 323,047,510
<RECEIVABLES> 564,828
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<TOTAL-ASSETS> 324,116,601
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 168,458
<TOTAL-LIABILITIES> 168,458
<SENIOR-EQUITY> 3,239,518
<PAID-IN-CAPITAL-COMMON> 320,712,322
<SHARES-COMMON-STOCK> 95,189,238
<SHARES-COMMON-PRIOR> 14,885,766
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,697)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 323,948,143
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,632,712
<OTHER-INCOME> 0
<EXPENSES-NET> (191,511)
<NET-INVESTMENT-INCOME> 2,441,201
<REALIZED-GAINS-CURRENT> (1,508)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,439,693
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,243,186)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 92,135,534
<NUMBER-OF-SHARES-REDEEMED> (13,075,094)
<SHARES-REINVESTED> 1,243,186
<NET-CHANGE-IN-ASSETS> 271,915,806
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,343)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 105,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313,000
<AVERAGE-NET-ASSETS> 52,578,264
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.02)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .30
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862021
<NAME> ACM INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 053
<NAME> TREASURY PORTFOLIO
<S> <C>
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<INVESTMENTS-AT-VALUE> 323,047,510
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<OTHER-ITEMS-LIABILITIES> 168,458
<TOTAL-LIABILITIES> 168,458
<SENIOR-EQUITY> 3,239,518
<PAID-IN-CAPITAL-COMMON> 320,712,322
<SHARES-COMMON-STOCK> 224,694,539
<SHARES-COMMON-PRIOR> 33,081,429
<ACCUMULATED-NII-CURRENT> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,632,712
<OTHER-INCOME> 0
<EXPENSES-NET> (191,511)
<NET-INVESTMENT-INCOME> 2,441,201
<REALIZED-GAINS-CURRENT> (1,508)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,439,693
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 316,992,769
<NUMBER-OF-SHARES-REDEEMED> (126,488,761)
<SHARES-REINVESTED> 1,109,102
<NET-CHANGE-IN-ASSETS> 271,915,806
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,343)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 105,000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 313,000
<AVERAGE-NET-ASSETS> 47,927,333
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Selection of Independent Auditors
[ABS, AIR, AMA, AMIF II, ACM IV, ACM V, AFDER, AGSCF,
AGDGF, AHYF, AQF, AREIF, TAP-STUSG, & ACM VIII]
The Chairman stated that the next order of business was the
selection of independent auditors to audit the accounts of AIR for the
fiscal year ending April 30, 2000, AGSCF, ABS and ACM IV for the fiscal
year ending July 31, 2000, AREIF, AGDGF, ACM V, AHYF and TAP-STUSG for
the fiscal year ending August 31, 2000, and ACM VIII, AFDER, AQF, AMA,
AMIF II for the fiscal year ending September 30, 2000. He indicated
that it was proposed that Ernst & Young LLP, current independent
auditors for AGSCF, ACM IV, AREIF, AGDGF, ACM V, AGSCF, AHYF, AQF, FMA,
AMIF II and ACM VIII, PricewaterhouseCoopers LLP, current independent
auditors for AFDER, TAP-STUSG and AMA, be selected for the coming
fiscal year. General discussion followed during which certain Directors
commented favorably upon the services to the Funds by Ernst & Young LLP
and PricewaterhouseCoopers LLP during the past year.
Thereafter, on motion duly made and seconded, the following
resolutions were unanimously adopted:
(ABS, ACM IV,
ACM V, ACM
VIII, AFDER,
AGDGF, AGSCF,
AHYF, AIR,
AMA, AMIF II,
AQF, AREIF &
TAP-STUSG)
RESOLVED, that (a) , independent
public accountants, are hereby selected to audit the
accounts of the Fund for the fiscal year ending (b)
, 2000.
a)
b)
ABS
PricewaterhouseCoopers LLP
July 31
ACM IV
Ernst & Young LLP
July 31
ACM V
Ernst & Young LLP
August 31
ACM VIII
Ernst & Young LLP
September 30
AFDER
PricewaterhouseCoopers LLP
September 30
AGDGF
Ernst & Young LLP
August 31
AGSCF
Ernst & Young LLP
July 31
AHYF
Ernst & Young LLP
August 31
AIR
PricewaterhouseCoopers LLP
April 30
AMA
PricewaterhouseCoopers LLP
September 30
AMIF II
Ernst & Young LLP
September 30
AQF
Ernst & Young LLP
September 30
AREIF
Ernst & Young LLP
August 31
TAP-STUSG
PricewaterhouseCoopers LLP
August 31
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street
Washington D.C. 20549
We were previously the independent accountants for Alliance
Institutional Reserves, Inc.. We have read their notification of
change in independent accountants made in Item 77K of Form N-SAR. We
agree with the statements in the filing.
McGladrey & Pullen, LLP
New York, New York
December 28, 1999
77N
August 11, 1999
U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Attention: Mr. Paul F. Roye
Director, Division of Investment Management
Obligations of General American
Life Insurance Company
Ladies and Gentlemen:
With reference to Rule 2a-7(c)(6)(iii) under the Investment Company Act
of 1940, as amended (the "1940 Act"), this letter is to confirm the
information provided to the staff of the Division of Investment Management by
telephone last night concerning debt obligations (the "Obligations") issued
by General American Life Insurance Company ("General American") which are
held in the investment portfolios of "money market funds" of which Alliance
Capital Management L.P. ("Alliance") is the investment adviser (each a
"Fund"). The name of each Fund, the approximate principal amount of the
Obligations held by the Fund and the approximate percentage of each Fund's net
assets represented by the Obligations are as follows:
Approximate Principal Approximate Percentage
Amount of Obligations Held of Fund's Net Assets
Name of Fund (in Millions) Represented by the
Obligations
Alliance Capital Reserves $405 3.7%
Alliance Capital Money 60 3.9%
Reserves
Alliance Institutional 85 3.3%
Reserves, Inc. Prime Portfolio
Alliance Institutional 20 2.7%
Reserves, Inc. Trust Portfolio
As we informed the staff, each Fund has an unconditional right upon
demand to receive payment of the outstanding principal of the Obligations it
holds plus accrued interest thereon, which demand may be made at any time upon
not more than seven days' notice. Each Fund submitted a proper demand on
August 2, 1999 for the entire amount of the principal and accrued interest on
the Obligations it held. Payment of the amount demanded should have been
received on August 9, 1999. No portion of that amount was paid to any Fund on
that date nor has any portion thereof since been received by any Fund.
A meeting of the Board of Directors or Trustees of each Fund was held
yesterday. At the meeting, the Directors or Trustees of each Fund approved a
methodology for valuation of the Obligations under current conditions on a
fair value basis, which resulted in a valuation of at the close of business
yesterday of 98 cents on the dollar. The Directors or Trustees of each Fund
also determined, with reference to Rule 2a-7(c)(6)(iii) of the 1940 Act, that
disposal of the Obligations held by the Fund would not be in the Fund's best
interests.
As we also discussed with the staff, developments pertinent to the
Obligations are being monitored closely for each of the Funds by Alliance, and
contingency planning is well underway. The Obligations are currently being
treated as illiquid.
Please contact me (at (212) 969-2108) or Emilie Wrapp of Alliance (at
(212) 969-2154) should you require additional information concerning this
matter.
Very truly yours,
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