AFD EXCHANGE RESERVES
SEMI-ANNUAL REPORT
MARCH 31, 1997
(UNAUDITED)
LETTER TO SHAREHOLDERS AFD EXCHANGE RESERVES
_______________________________________________________________________________
May 6, 1997
Dear Shareholder:
We are pleased to provide an overview of market and Fund activity during AFD
Exchange Reserves' semi-annual reporting period ended March 31, 1997. AFD
Exchange Reserves serves as the money market fund exchange vehicle for the
Alliance mutual funds. The Fund's investment objective is to provide maximum
current income consistent with safety of principal and liquidity.*
The Fund's net assets at the end of March totaled approximately $163.4 million.
The Fund remains invested in high quality money market securities, which
include marketable obligations issued or guaranteed by the U.S. government and
its agencies. As of March 31, the average weighted maturity of the portfolio
was 18 days.
ECONOMIC COMMENTARY
During the reporting period, the Federal Reserve raised short-term interest
rates 25 basis points, bringing the federal funds rate to 5.50% from 5.25%. The
U.S. economy grew at a vigorous but unsustainable 5.6% rate during the first
quarter of 1997. We look for a deceleration toward a 2.0% pace later this year.
Although inflation remains subdued at present, there is some risk of higher
inflation in 1998. Given the present strong growth environment, we expect the
Fed to raise official rates by an additional 25-50 basis points over the next
six months.
We appreciate your continued interest in AFD Exchange Reserves.
Sincerely,
John D. Carifa
Chairman and President
* Investments in the Fund are neither insured nor guaranteed by the U.S.
government and there is no assurance that the fund will be able to maintain a
stable net asset value of $1.00.
AN INVESTMENT IN THE FUND IS NOT (I) INSURED OR GUARANTEED BY THE U.S.
GOVERNMENT, (II) A DEPOSIT OR OBLIGATION OF, OR GUARANTEED OR ENDORSED BY ANY
BANK, OR (III) FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION,
THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY. THERE CAN BE NO ASSURANCE THAT
THE FUND WILL BE ABLE TO MAINTAIN A STABLE NET ASSET VALUE OF $1.00 PER SHARE.
1
PORTFOLIO OF INVESTMENTS
MARCH 31, 1997 (UNAUDITED) AFD EXCHANGE RESERVES
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
- -------------------------------------------------------------------------------
FEDERAL AGENCY
OBLIGATIONS-99.1%
FEDERAL NATIONAL
MORTGAGE ASSN.-52.7%
$ 4,000 4/02/97 5.15% $ 3,999,428
8,380 4/17/97 5.21 8,360,596
2,300 4/07/97 5.22 2,297,999
5,000 4/09/97 5.22 4,994,200
5,000 4/10/97 5.22 4,993,475
5,000 4/11/97 5.22 4,992,750
5,000 4/21/97 5.22 4,985,500
5,000 4/21/97 5.23 4,985,472
1,890 4/21/97 5.24 1,884,498
1,565 4/22/97 5.24 1,560,216
5,500 4/08/97 5.25 5,494,385
4,850 4/15/97 5.25 4,840,098
3,000 4/16/97 5.28 2,993,400
3,910 5/14/97 5.35 3,885,014
1,715 5/09/97 5.44 1,705,152
6,805 5/23/97 5.44 6,751,528
7,440 4/15/97 5.48 7,424,145
10,000 4/04/97 FRN 5.50 9,999,962
------------
86,147,818
------------
FEDERAL HOME LOAN
MORTGAGE CORP.-25.9%
2,400 4/07/97 5.17 $ 2,397,932
5,000 4/18/97 5.20 4,987,722
5,000 4/15/97 5.23 4,989,831
2,600 4/22/97 5.25 2,592,038
$ 5,000 4/18/97 5.30% 4,987,486
2,034 4/25/97 5.30 2,026,813
5,000 4/18/97 5.35 4,987,368
6,000 5/02/97 5.40 5,972,100
4,000 5/12/97 5.40 3,975,400
2,500 5/12/97 5.44 2,484,511
3,000 6/03/97 5.47 2,971,282
------------
42,372,483
------------
FEDERAL HOME LOAN
BANK-20.5%
7,000 4/14/97 5.17 6,986,931
2,300 4/21/97 5.24 2,293,304
1,145 5/09/97 5.26 1,138,643
7,000 4/17/97 5.35 6,983,356
16,000 4/01/97 6.00 16,000,000
------------
33,402,234
------------
TOTAL INVESTMENTS-99.1%
(amortized cost $161,922,535) 161,922,535
Other assets less liabilities-0.9% 1,434,757
------------
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
42,480,041 Class A shares;
80,623,200 Class B shares
and 40,256,028 Class C
shares outstanding) $ 163,357,292
See notes to financial statements.
Glossary:
FRN - Floating rate note.
2
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1997 (UNAUDITED) AFD EXCHANGE RESERVES
_______________________________________________________________________________
ASSETS
Investments in securities, at value (cost $161,922,535) $ 161,922,535
Receivable for capital stock sold 16,969,656
Interest receivable 257,703
Other assets 62,416
Total assets 179,212,310
LIABILITIES
Due to custodian 14,245,842
Payable for capital stock redeemed 1,425,859
Advisory fee payable 29,798
Distribution fee payable 17,897
Accrued expenses 135,622
Total liabilities 15,855,018
NET ASSETS $ 163,357,292
COMPOSITION OF NET ASSETS
Capital shares $ 163,359,269
Accumulated net realized loss (1,977)
$ 163,357,292
CALCULATION OF MAXIMUM OFFERING PRICE
CLASS A SHARES
Net asset value and redemption price per share ($42,479,345 /
42,480,041 shares of capital stock issued and outstanding) $1.00
CLASS B SHARES
Net asset value and offering price per share ($80,622,199 /
80,623,200 shares of capital stock issued and outstanding) $1.00
CLASS C SHARES
Net asset value and offering price per share ($40,255,748 /
40,256,028 shares of capital stock issued and outstanding) $1.00
See notes to financial statements.
3
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 1997 (UNAUDITED) AFD EXCHANGE RESERVES
_______________________________________________________________________________
INVESTMENT INCOME
Interest $3,400,934
EXPENSES
Advisory fee $ 158,800
Distribution fee - Class A 97,035
Distribution fee - Class B 357,816
Distribution fee - Class C 62,483
Transfer agency 90,545
Registration fees 71,472
Audit and legal 49,856
Administrative 46,349
Custodian 45,508
Printing 19,116
Amortization of organization expenses 15,661
Trustees' fees 11,070
Miscellaneous 4,338
Total expenses 1,030,049
Net investment income 2,370,885
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions 209
NET INCREASE IN NET ASSETS FROM OPERATIONS $2,371,094
See notes to financial statements.
4
STATEMENT OF CHANGES IN NET ASSETS AFD EXCHANGE RESERVES
_______________________________________________________________________________
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1997 SEPTEMBER 30,
(UNAUDITED) 1996
---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income $ 2,370,885 $ 4,590,571
Net realized gain on investment transactions 209 105
Net increase in net assets from operations 2,371,094 4,590,676
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income
Class A (782,265) (1,654,846)
Class B (1,271,453) (2,424,825)
Class C (317,145) (510,900)
Advisor Class (22) -0-
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase 42,937,644 3,761,761
Total increase 42,937,853 3,761,866
NET ASSETS
Beginning of year 120,419,439 116,657,573
End of period $ 163,357,292 $ 120,419,439
See notes to financial statements.
5
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1997 (UNAUDITED) AFD EXCHANGE RESERVES
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
AFD Exchange Reserves (the "Fund") is registered under the Investment Company
Act of 1940 as a diversified open-end investment company. The Fund offers Class
A, Class B, Class C and Advisor Class shares. All four classes of shares have
identical voting, dividend, liquidation and other rights, except that each
class bears its own distribution and transfer agency expenses and has exclusive
voting rights with respect to its distribution plan.
Class A shares are sold for cash without any initial sales charge at the time
of purchase. On cash purchases of $1,000,000 or more, however, a contingent
deferred sales charge ("CDSC") equal to 1% of the lesser of net asset value at
the time of redemption or original cost if redeemed within one year will be
charged. Class A shares may be exchanged for Class A shares of other Alliance
Mutual Funds, subject, in the case of Class A shares of the Fund that were
purchased for cash, to any applicable initial sales charge at the time of
exchange. Class A shares of the Fund also are offered in exchange for Class A
shares of other Alliance Mutual Funds without any sales charge at the time of
purchase, but on Class A shares that were received in exchange for Alliance
Mutual Fund Class A shares that were not subject to an initial sales charge
when originally purchased for cash because the purchase was of $1,000,000 or
more, a 1% CDSC may be assessed if shares of the Fund are redeemed within one
year of the Alliance Mutual Fund Class A shares originally purchased for cash.
Class B shares are sold for cash without an initial sales charge. However, a
CDSC is charged if shares are redeemed within four years after purchase. The
CDSC charge declines from 4% to zero depending on the period of time the shares
are held. Class B shares purchased for cash will automatically convert to Class
A shares after eight years. Class B shares may be exchanged for Class B shares
of other Alliance Mutual Funds. Class B shares also are offered in exchange for
Class B shares of other Alliance Mutual Funds without any initial sales charge.
However, a CDSC may be charged if shares are redeemed within a certain number
of years of the original purchase of Alliance Mutual Fund Class B shares. When
redemption occurs, the applicable CDSC schedule is that which applied to the
Alliance Mutual Fund Class B shares originally purchased for cash at the time
of their purchase.
Class C shares are sold for cash or in exchange for Class C shares of another
Alliance Mutual Fund. Class C shares purchased on or after July 1, 1996 are
subject to a contingent deferred sales charge of 1% on redemptions made within
the first year after purchase. Class C shares do not convert to any other class
of shares of the Fund. Class C shares may be exchanged for Class C shares of
other Alliance Mutual Funds.
Effective October 2, 1996, Advisor Class shares are sold for cash or in
exchange for Advisor Class shares of another Alliance Mutual Fund without any
initial or contingent CDSC and are not subject to ongoing distribution
expenses. Advisor Class shares are offered solely to (i) investors
participating in fee-based programs meeting certain standards established by
Alliance Fund Distributors, Inc., the Fund's principal underwriter, (ii)
participants in self-directed defined contribution employee benefit plans
(e.g., 401(k) plans) that meet certain minimum standards and (iii) investment
advisory clients of, and certain other persons associated with, Alliance
Capital Management L.P. and its affiliates or the Fund.
The following is a summary of significant accounting policies followed by the
Fund.
1. VALUATION OF SECURITIES
Securities in which the Fund 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.
2. ORGANIZATION EXPENSES
Organization expenses of approximately $198,644 have been deferred and are
being amortized on a straight-line basis through March, 1999.
3. TAXES
It is the Fund's policy to comply with 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 applicable, to its
shareholders. Therefore, no provisions for federal income or excise taxes are
required.
6
AFD EXCHANGE RESERVES
_______________________________________________________________________________
4. DIVIDENDS
The Fund declares dividends daily 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 calendar year end.
5. INVESTMENT INCOME AND INVESTMENT TRANSACTIONS
Interest income is accrued daily. Investment transactions are recorded on the
date securities are purchased or sold. Investment gains and losses are
determined on the identified cost basis. It is the Fund's policy to take
possession of securities as collateral under repurchase agreements and to
determine on a daily basis that the value of such securities are sufficient to
cover the value of the repurchase agreements.
NOTE B: ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund pays its Adviser, Alliance Capital Management L.P. an advisory fee at
the annual rate of .25 of 1% on the first $1.25 billion of average daily net
assets; .24 of 1% on the next $.25 billion; .23 of 1% on the next $.25 billion;
.22 of 1% on the next $.25 billion; .21 of 1% on the next $1 billion; and .20
of 1% in excess of $3 billion. In addition to the advisory fee, the Fund also
reimburses the Adviser for certain legal and accounting services provided to
the Fund by the Adviser. For the six months ended March 31, 1997, the Fund
incurred costs of $46,349.
The Fund compensates Alliance Fund Services, Inc. (a wholly-owned subsidiary of
the Adviser) for providing personnel and facilities to perform transfer agency
services. Such compensation amounted to $69,575 for the six months ended March
31, 1997.
NOTE C: DISTRIBUTION SERVICES AGREEMENT
The Fund has adopted a Distribution Services Agreement (the "Agreement")
pursuant to Rule 12b-1 under the Investment Company Act of 1940 for Class A,
Class B and Class C. Under the Agreement, the Fund pays a distribution fee to
the Distributor at an annual rate of up to .50 of 1% of the Fund's average
daily net assets attributable to Class A shares, 1.00% of the average daily net
assets attributable to Class B shares and .75 of 1% of the average daily net
assets attributable to Class C shares. There is no distribution fee on the
Advisor Class shares. Such fee is accrued daily and paid monthly. The Agreement
provides that the Distributor will use such payments in their entirety for
distribution assistance and promotional activities. The Agreement also provides
that the Adviser may use its own resources to finance the distribution of the
Fund's shares.
NOTE D: INVESTMENT TRANSACTIONS
At March 31, 1997, the cost of securities for federal income tax purposes was
the same as the cost for financial reporting purposes. At September 30, 1996,
the Portfolio had a capital loss carryforward of $2,186, of which $930 expires
in 2002 and $1,256 expires in 2003.
7
NOTES TO FINANCIAL STATEMENTS (CONTINUED) AFD EXCHANGE RESERVES
_______________________________________________________________________________
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At March 31,
1997, capital paid-in aggregated $42,480,041for Class A, $80,623,200 for Class
B, $40,256,028 for Class C and none for Advisor Class. Transactions, all at
$1.00 per share, were as follows:
CLASS A
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1997 SEPTEMBER 30,
(UNAUDITED) 1996
----------------- ---------------
Shares sold 213,655,588 382,975,223
Shares issued on reinvestments of dividends 782,265 1,654,846
Shares converted from Class B 1,136,043 1,090,820
Shares redeemed (215,289,259) (384,645,564)
Net increase 284,637 1,075,325
CLASS B
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1997 SEPTEMBER 30,
(UNAUDITED) 1996
----------------- ---------------
Shares sold 122,380,926 166,636,823
Shares issued on reinvestments of dividends 1,271,453 2,424,825
Shares converted to Class A (1,136,043) (1,090,820)
Shares redeemed (106,902,814) (168,231,937)
Net increase (decrease) 15,613,522 (261,109)
CLASS C
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1997 SEPTEMBER 30,
(UNAUDITED) 1996
----------------- ---------------
Shares sold 90,749,596 90,072,507
Shares issued on reinvestments of dividends 317,145 510,900
Shares redeemed (64,027,256) (87,635,862)
Net increase 27,039,485 2,947,545
ADVISOR CLASS
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1997 SEPTEMBER 30,
(UNAUDITED) 1996
----------------- ---------------
Shares sold 13,426 -0-
Shares issued on reinvestments of dividends 22 -0-
Shares redeemed (13,448) -0-
Net increase -0- -0-
8
AFD EXCHANGE RESERVES
_______________________________________________________________________________
NOTE F: FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period.
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------
SIX MONTHS MARCH 25,
ENDED YEAR ENDED SEPTEMBER 30 1994(A)
MARCH 31, 1997 -------------------------- TO SEPT. 30,
(UNAUDITED) 1996 1995 1994
------------ ----------- ------------ ---------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .0202 .0416 .0453 .0126
LESS: DIVIDENDS
Dividends from net investment income (.0202) (.0416) (.0453) (.0126)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00
TOTAL RETURN
Total investment return based on
net asset value (b) 4.09%(c) 4.24% 4.64% 2.45%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $42 $41 $41 $18
Ratio of average net assets to:
Expenses, net of waivers 1.30%(c) 1.29% 1.21% 1.82%(c)
Expenses, before waivers 1.30%(c) 1.29% 1.29% 1.82%(c)
Net investment income 4.03%(c) 4.15% 4.63%(d) 2.62%(c)
</TABLE>
See footnote summary on page 11.
9
NOTES TO FINANCIAL STATEMENTS (CONTINUED) AFD EXCHANGE RESERVES
_______________________________________________________________________________
<TABLE>
<CAPTION>
CLASS B
--------------------------------------------------------------
SIX MONTHS MARCH 25,
ENDED YEAR ENDED SEPTEMBER 30 1994(A)
MARCH 31,1997 -------------------------- TO SEPT. 30,
(UNAUDITED) 1996 1995 1994
------------- ----------- ------------ --------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .0177 .0366 .0404 .0101
LESS: DIVIDENDS
Dividends from net investment income (.0177) (.0366) (.0404) (.0101)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00
TOTAL RETURN
Total investment return based on
net asset value (b) 3.58%(c) 3.72% 4.12% 1.95%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $81 $65 $65 $31
Ratio of average net assets to:
Expenses, net of waivers 1.81%(c) 1.79% 1.70% 2.35%(c)
Expenses, before waivers 1.81%(c) 1.79% 1.78% 2.35%(c)
Net investment income 3.55%(c) 3.67% 4.17%(d) 1.91%(c)
</TABLE>
<TABLE>
<CAPTION>
CLASS C
--------------------------------------------------------------
SIX MONTHS MARCH 25,
ENDED YEAR ENDED SEPTEMBER 30 1994(A)
MARCH 31, 1997 --------------------------- TO SEPT. 30,
(UNAUDITED) 1996 1995 1994
------------- ----------- ------------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .0189 .0390 .0430 .0112
LESS: DIVIDENDS
Dividends from net investment income (.0189) (.0390) (.0430) (.0112)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00
TOTAL RETURN
Total investment return based on
net asset value (b) 3.83%(c) 3.98% 4.39% 2.18%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $40 $13 $10 $5
Ratio of average net assets to:
Expenses, net of waivers 1.55%(c) 1.55% 1.45% 2.08%(c)
Expenses, before waivers 1.55%(c) 1.55% 1.52% 2.08%(c)
Net investment income 3.81%(c) 3.89% 4.41%(d) 2.14%(c)
</TABLE>
See footnote summary on page 11.
10
AFD EXCHANGE RESERVES
_______________________________________________________________________________
ADVISOR CLASS
-------------------
OCTOBER 2, 1996 (A)
TO
MARCH 31, 1997
(UNAUDITED)
-------------------
Net asset value, beginning of period $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .0028
LESS: DIVIDENDS
Dividends from net investment income (.0028)
Net asset value, end of period $ 1.00
TOTAL RETURN
Total investment return based on
net asset value (b) 4.58%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $ -0-
Ratio of expenses to average net assets 0.84%(c)
Net investment income 4.53%(c)
(a) Commencement of operations.
(b) 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. Contingent deferred sales charge is
not reflected in the calculation of total investment return.
(c) Annualized.
(d) Net of expenses waived by the Adviser.
11
AFD EXCHANGE RESERVES
_______________________________________________________________________________
AFD EXCHANGE RESERVES
1345 Avenue of the Americas
New York, NY 10105
Toll-free 1(800) 221-5672
TRUSTEES
JOHN D. CARIFA, CHAIRMAN AND PRESIDENT
RUTH BLOCK (1)
DAVID H. DIEVLER (1)
John H. Dobkin (1)
WILLIAM H. FOULK, JR. (1)
JAMES M. HESTER (1)
CLIFFORD L. MICHEL (1)
DONALD J. ROBINSON (1)
OFFICERS
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
WAYNE D. LYSKI, SENIOR VICE PRESIDENT
KENNETH T. CARTY, VICE PRESIDENT
JOHN F. CHIODI, JR., VICE PRESIDENT
MARIA R. CONA, VICE PRESIDENT
RAYMOND J. PAPERA, 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
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
AUDITORS
MCGLADREY & PULLEN, LLP
555 Fifth Avenue
New York, NY 10017
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
DISTRIBUTOR
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
(1) Member of the audit committee.
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.
12
THE ALLIANCE FAMILY OF MUTUAL FUNDS
_______________________________________________________________________________
FIXED INCOME
Alliance Bond Fund
U.S. Government Portfolio
Corporate Bond Portfolio
Alliance Global Dollar Government Fund
Alliance Global Strategic Income Trust
Alliance Mortgage Securities Income Fund
Alliance Limited Maturity Government Fund
Alliance Multi-Market Strategy Trust
Alliance North American Government Income Trust
Alliance Short-Term Multi-Market Trust
Alliance Short-Term U.S. Government Fund
Alliance World Income Trust
TAX-FREE INCOME
Alliance Municipal Income Fund
California Portfolio
Insured California Portfolio
Insured National Portfolio
National Portfolio
New York Portfolio
Alliance Municipal Income Fund II
Arizona Portfolio
Florida Portfolio
Massachusetts Portfolio
Michigan Portfolio
Minnesota Portfolio
New Jersey Portfolio
Ohio Portfolio
Pennsylvania Portfolio
Virginia Portfolio
MONEY MARKET
AFD Exchange Reserves
GROWTH
The Alliance Fund
Alliance Global Small Cap Fund
Alliance Growth Fund
Alliance Premier Growth Fund
Alliance/Regent Sector Opportunity Fund
GROWTH & INCOME
Alliance Strategic Balanced Fund
Alliance Balanced Shares
Alliance Conservative Investors Fund
Alliance Growth & Income Fund
Alliance Growth Investors Fund
Alliance Income Builder Fund
Alliance Real Estate Investment Fund
Alliance Utility Income Fund
AGGRESSIVE GROWTH
Alliance Quasar Fund
Alliance Technology Fund
INTERNATIONAL
Alliance All-Asia Investment Fund
Alliance International Fund
Alliance New Europe Fund
Alliance Worldwide Privatization Fund
CLOSED-END FUNDS
Alliance All-Market Advantage Fund
Alliance Global Environment Fund
ACM Government Income Fund
ACM Government Opportunity Fund
ACM Government Securities Fund
ACM Government Spectrum Fund
ACM Managed Dollar Income Fund
ACM Managed Income Fund
ACM Municipal Securities Income Fund
Alliance World Dollar Government Fund
Alliance World Dollar Government Fund II
The Austria Fund
The Korean Investment Fund
The Spain Fund
The Southern Africa Fund
CASH MANAGEMENT SERVICES
ACM Institutional Reserves
Government Portfolio
Prime Portfolio
Tax-Free Portfolio
Trust Portfolio
Alliance Capital Reserves
Alliance Government Reserves
Alliance Insured Account
Alliance Money Reserves
Alliance Municipal Trust
California Portfolio
Connecticut Portfolio
Florida Portfolio
General Portfolio
New Jersey Portfolio
New York Portfolio
Virginia Portfolio
Alliance Treasury Reserves
Alliance Money Market Fund
Prime Portfolio
Government Portfolio
General Municipal Portfolio
13
