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SIGNATURE CATHY WHITE
TITLE VICE PRESIDENT
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AFD EXCHANGE RESERVES
77.I)
In 1996, the Fund issued a new class of shares, Advisor Class
shares. Adviser Class shares, along with Class A, Class B, Class C
shares each represent an interest in the same portfolio of investments
of the Fund, have the same rights and are identical in all respects,
except that Class A shares and Class B shares bear the expense of their
respective contingent deferred sales charge, Class B shares and Class C
shares bear the expense of a higher distribution services fee and higher
transfer agency costs, each class has exclusive voting rights with
respect to provisions of the Rule 12b-1 Plan pursuant to which its
distribution services fee is paid which relates to a specific class and
other matters for which separate class voting is appropriate under
applicable law, provided that, if the Fund submits to a vote of both the
Class A shareholders and the Class B shareholders an amendment to the
Rule 12b-1 Plan that would materially increase the amount to be paid
thereunder with respect to the Class A shares, the Class A shareholders
and the Class B shareholders will vote separately by Class, and Advisor
shares and Class B shares are subject to a conversion feature. Each
class has different exchange privileges and certain different
shareholder service options available.
77.Q1
(1) (a) Agreement and Declaration of Trust of the Registrant -
Incorporated by reference (filed as Exhibit 1(a) to Post-Effective
Amendment No. 7 of Registration Statement on Form N-1A, filed January
30, 1998.
(b) Certificate of Amendment of the Agreement and
Declaration of Trust - Incorporated by reference (filed as Exhibit 1(b)
to Post-Effective Amendment No. 7 of Registration Statement on Form N-
1A, filed
January 30, 1998.
(2) By-Laws of the Registrant - Incorporated by reference
(filed as Exhibit 2 to Post-Effective Amendment No. 7 of Registration
Statement on Form N-1A, filed
January 30, 1998.
(5) Advisory Agreement between the Registrant and Alliance
Capital Management L.P. - Incorporated by reference to Exhibit No. 5 to
Post-Effective Amendment No. 2 of the Registration Statement on Form N-
1A, filed January 27, 1995.