|
Deficient management leads INDITEX on the verge of fail
BUCHAREST,
ROMANIA - Zara wants to cover losses from theft with employees’
money.
The management, theft and losses give headaches to the Spanish
group INDITEX, the owner of the ZARA chain. Only 10 months before, on
July 25th, 2011, the publication Ziarul Financiar
announced the fact that “INDITEX takes the manager from the
Douglas perfumeries” pointing at Paul Cuza, who previously had
the function of General Manager for Parfumerie Douglas SRL.
Currently, the Romanian INDITEX group performs salary and structural
changes without precedent, which the management team from Bucharest doesn’t want to explain.
The problem of the clothes theft is a known phenomenon, especially
when it comes to expensive brands such as ZARA or Massimo Dutti. The
phenomenon was publicly recognized even by the management of the
INDITEX Group Romania, two years before. Probably worried by this
fact, Mihai Cioltea, the development manager of the INDITEX Group
from Romania, also named by the press as “the Zara man”,
stated in 2010 for the economic website InCont the following: “They
steal a lot. Only for the stores in Bucharest we have 10 cases of
stealing per day, which we discover and, depending on the severity,
we call the police”.[...]
Read the rest of the article...
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ACM INSTITUTIONAL RESERVES, INC.
ANNUAL REPORT
APRIL 30, 1996
STATEMENT OF NET ASSETS
April 30, 1996 ACM Institutional Reserves - Prime Portfolio
_______________________________________________________________________________
Principal
Amount
|
(000) Security Yield Value
COMMERCIAL PAPER--49.5%
AGA Capital, Inc.
$ 15,000 5/17/96 5.38% $ 14,964,133
4,300 5/07/96 5.42 4,296,116
Allianz of America Finance Corp.
5,000 5/16/96 5.18 4,989,208
7,000 5/24/96 5.32 6,976,208
Banca CRT Financial Corp.
16,000 5/08/96 5.36 15,983,324
Beta Finance, Inc.
10,000 9/12/96 5.20 9,806,444
Bil North America, Inc.
8,000 6/06/96 5.11 7,959,120
Chiao Tung Bank Co., Ltd.
2,000 5/31/96 5.45 1,990,917
Corporate Asset Securitization
Australia Ltd.
7,000 5/24/96 5.36 6,976,029
CS First Boston, Inc.
12,000 5/16/96 5.34 11,973,300
Den Danske Corp.
5,000 5/01/96 5.21 5,000,000
Embarcadero Center Venture (Four)
5,270 5/28/96 5.40 5,248,657
Generale Bank, Inc.
5,000 5/28/96 5.10 4,980,875
International Securitization Corp.
10,000 5/20/96 5.37 9,971,658
Kaempfer Capital Corp.
2,000 5/03/96 5.37 1,999,403
Market Street Funding Corp.
16,000 5/23/96 5.37 15,947,493
Merrill Lynch & Co.
6,000 6/28/96 5.25 5,949,250
14,000 5/22/96 5.35 13,956,308
Mitsubishi Motors Credit
10,000 6/06/96 5.40 9,946,000
Morgan Stanley Group, Inc.
4,000 5/31/96 5.10 3,983,000
7,000 5/02/96 5.15 6,998,999
National Australia Funding
5,000 5/29/96 5.43 4,978,883
Premium Funding, Inc.
2,524 6/03/96 Series B 5.35 2,511,622
3,215 5/15/96 Series B 5.40 3,208,248
4,303 5/20/96 Series E 5.40 4,290,736
Sumitomo Corp. of America
5,000 6/18/96 5.36 4,964,267
10,000 5/31/96 5.37 9,955,250
5,000 6/13/96 5.37 4,967,930
Triple-A-One Funding Corp.
3,196 5/07/96 5.40 3,193,124
Wal-Mart Stores, Inc.
15,221 5/02/96 5.26 15,218,776
Working Capital Management Co., L.P.
5,000 5/07/96 5.38 4,995,517
16,000 5/17/96 5.50 15,960,889
Total Commercial Paper
(amortized cost $244,141,684) 244,141,684
CERTIFICATES OF DEPOSIT--36.1%
American Express Centurion Bank
20,000 5.31%, 5/24/96 5.31 20,000,000
Bank of Nova Scotia
5,000 5.37%, 7/12/96 5.35 5,000,095
Bank of Tokyo - Mitsubishi
10,000 5.50%, 7/15/96 5.50 10,000,000
Banque Nationale de Paris
10,000 5.34%, 6/03/96 5.32 10,000,183
Dai Ichi Kangyo Bank Ltd.
15,290 5.48%, 5/17/96 5.45 15,290,203
Deutsche Bank
5,000 5.48%, 1/03/97 5.65 4,991,449
5,000 5.53%, 4/02/97 5.80 4,987,688
Hessische Landesbank
15,000 5.10%, 9/06/96 5.15 14,997,402
Norinchukin Bank
5,000 5.48%, 7/26/96 5.47 5,000,118
18,000 5.56%, 7/10/96 5.55 18,000,345
Sanwa Bank
4,000 5.40%, 5/10/96 5.39 4,000,010
5,000 5.43%, 5/22/96 5.40 5,000,080
16,000 5.47%, 5/10/96 5.46 16,000,040
Societe Generale N.A., Inc.
20,000 5.34%, 6/03/96 5.32 20,000,350
Sumitomo Bank
4,000 5.42%, 5/08/96 5.46 3,999,952
5,000 5.44%, 5/28/96 5.40 5,000,149
16,000 5.49%, 5/07/96 5.50 15,999,965
Total Certificates of Deposit
(amortized cost $178,268,029) 178,268,029
U.S. GOVERNMENT & AGENCY OBLIGATIONS--6.5%
Federal Home Loan Bank
5,000 5.25%, 11/13/96 FRN 5.32 4,998,182
5,000 5.30%, 10/16/96 FRN 5.43 4,997,206
Federal National Mortgage Assn.
2,000 5.44%, 9/27/96 FRN 5.44 2,000,000
Federal National Mortgage Assn.
5,000 5.16%, 1/27/97 FRN 5.28 4,995,692
Student Loan Marketing Assn.
5,000 5.45%, 1/21/98 FRN 5.48 4,997,521
U.S. Treasury Note
10,000 6.63%, 3/31/97 5.15 10,122,703
Total U.S. Government &
Agency Obligations
(amortized cost $32,111,304) 32,111,304
CORPORATE OBLIGATIONS--5.1%
Eksportfinans
5,000 5.50%, 2/17/97 5.25 5,008,306
General Electric Capital Corp.
5,000 5.27%, 7/22/96 FRN 5.47 4,997,744
Goldman Sachs Group LP
10,000 5.51%, 9/13/96 FRN 5.51 10,000,000
Toyota Motor Credit Corp.
5,000 5.00%, 2/26/97 5.10 4,995,271
Total Corporate Obligations
(amortized cost $25,001,321) 25,001,321
BANK OBLIGATIONS--3.0%
Morgan Guaranty Trust Co.
5,000 5.50%, 1/08/97 5.50 5,000,000
Wachovia Bank
5,000 5.31%, 1/03/97 FRN 5.41 4,996,878
5,000 6.30%, 7/15/96 5.78 5,004,934
Total Bank Obligations
(amortized cost $15,001,812) 15,001,812
TOTAL INVESTMENTS--100.2%
(amortized cost $494,524,150) 494,524,150
Other assets less liabilities--(0.2%) (1,204,927)
NET ASSETS--100%
(offering and redemption price of
$1.00 per share; 493,504,955 shares
outstanding) $493,319,223
Glossary:
FRN Floating Rate Note.
|
See notes to financial statements.
STATEMENT OF NET ASSETS
April 30, 1996 ACM Institutional Reserves - Government Portfolio
_______________________________________________________________________________
Principal
Amount
|
(000) Security Yield Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS--98.8%
FEDERAL NATIONAL MORTGAGE ASSOCIATION--43.6%
$ 12,000 7/30/96 5.20% $ 11,844,000
3,000 7/23/96 5.20 2,964,033
5,000 5.21%, 9/03/96 FRN 5.25 4,999,341
10,000 5.21%, 4/04/97 FRN 5.24 9,997,088
4,000 5.24%, 10/15/96 FRN 5.31 3,998,729
15,000 5.28%, 10/01/96 FRN 5.36 14,994,558
2,000 5.44%, 9/27/96 FRN 5.44 2,000,000
5,000 5.56%, 10/15/97 FRN 5.56 5,000,825
10,000 5.62%, 7/02/96 5.12 10,007,378
------------
65,805,952
FEDERAL HOME LOAN BANK--14.9%
6,000 6/10/96 4.90 5,967,333
2,500 5.19%, 8/05/96 FRN 5.34 2,499,077
2,500 5.25%, 11/13/96 FRN 5.32 2,499,091
1,500 5.29%, 2/06/97 5.30 1,499,827
5,000 8.00%, 7/25/96 5.30 5,029,646
5,000 8.25%, 5/27/96 5.26 5,009,622
------------
22,504,596
U.S. TREASURY NOTES--11.4%
5,000 6.50%, 9/30/96 5.02 5,028,168
5,000 6.88%, 2/28/97 5.38 5,059,180
7,000 7.50%, 1/31/97 5.12 7,118,885
------------
17,206,233
FEDERAL FARM CREDIT BANK--11.1%
5,000 4.95%, 3/03/97 5.00 4,997,562
7,300 5.19%, 9/03/96 FRN 5.19 7,300,000
4,000 5.23%, 6/20/96 FRN 5.28 3,999,727
500 5.60%, 7/01/96 5.61 499,919
------------
16,797,208
STUDENT LOAN MARKETING ASSOCIATION--9.4%
4,500 5.22%, 7/12/99 FRN 5.62 4,446,966
1,715 5.25%, 7/19/96 FRN 5.22 1,715,099
4,000 5.45%, 1/21/98 FRN 5.48 3,998,017
4,000 5.50%, 1/23/97 FRN 5.45 4,006,423
------------
14,166,505
FEDERAL HOME LOAN MORTGAGE CORP.--8.3%
4,000 5/20/96 5.18 3,989,064
5,000 5/20/96 5.20 4,986,278
3,000 5/28/96 5.21 2,988,278
500 5/01/96 5.88 500,000
------------
12,463,620
TOTAL INVESTMENTS--98.8%
(amortized cost $148,944,114) 148,944,114
Other assets less liabilities--1.2% 1,872,064
NET ASSETS--100%
(offering and redemption price of
$1.00 per share; 150,945,387
shares outstanding) $150,816,178
|
Glossary:
FRN Floating Rate Note.
See notes to financial statements.
STATEMENT OF NET ASSETS
April 30, 1996 ACM Institutional Reserves - Tax-Free Portfolio
_______________________________________________________________________________
Principal
Amount
|
(000) Security+ Yield Value
MUNICIPAL BONDS--75.4%
ALASKA--0.4%
Anchorage Electric Utility Rev.
Pre-refunded AMBAC
$ 800 6/01/96 3.60% $ 801,563
ARIZONA--4.0%
Maricopa County Pollution Control PCR
(Arizona Public Service Co. - Palo
Verde Project) Series '94B VRDN*
2,800 5/01/29 4.10 2,800,000
Maricopa County Pollution Control PCR
(Arizona Public Service Co. - Palo
Verde Project) Series '94E VRDN*
4,500 5/01/29 4.10 4,500,000
-----------
7,300,000
CALIFORNIA--6.1%
Alameda County TRAN
Board of Education
750 7/05/96 4.00 750,632
Los Angeles Regional Airport
(American Airlines) Series '84D VRDN*
2,600 12/01/24 4.05 2,600,000
Los Angeles Regional Airport Improvement Airport Rev.
(LAX International Airport) AMT VRDN*
6,900 12/01/25 4.15 6,900,000
Santa Clara TRAN
Unified School District Series '95
1,000 7/10/96 4.00 1,000,919
-----------
11,251,551
COLORADO--2.3%
Arapahoe County COP
AMBAC
610 12/01/96 3.80 615,552
Colorado HFA MFHR
(Hunters) VRDN*
1,960 3/01/12 4.80 1,960,000
Colorado TRAN
Series A
1,600 6/27/96 3.60 1,602,024
-----------
4,177,576
DISTRICT OF COLUMBIA--6.2%
District of Columbia GO
Series '92 A-1 VRDN*
3,000 10/01/07 4.30 3,000,000
District of Columbia GO
Series '92 A-2 VRDN*
2,500 10/01/07 4.30 2,500,000
District of Columbia GO
Series '92 A-4 VRDN*
2,000 10/01/07 4.30 2,000,000
District of Columbia GO
Series '92 A-6 VRDN*
1,300 10/01/07 4.30 1,300,000
District of Columbia HFA MFHR
(McLean Apts.) Series '85A VRDN*
2,600 12/01/05 4.40 2,600,000
-----------
11,400,000
FLORIDA--2.8%
Pinellas County Health Facilities Auth.
(Mease Manor, Inc.) Series '95 VRDN*
5,100 11/01/15 4.30 5,100,000
GEORGIA--0.9%
College Park IDR
(Wynefield I Project) AMT VRDN*
1,700 12/01/16 3.75 1,700,000
HAWAII--1.4%
Hawaii State Housing Finance & Dev. Corp.
(Kamakee Vista) Series '90A VRDN*
2,600 7/01/25 4.35 2,600,000
IDAHO--0.8%
Idaho GO TRAN
Series '95
1,500 6/27/96 3.60 1,501,888
ILLINOIS--4.7%
Elmhurst Hospital Revenue
(Joint Comm. Health Org.)
Series '88 VRDN*
4,400 7/01/18 4.35 4,400,000
Southwestern Illinois Dev. Auth.
(Shell Oil/Wood River Project)
Series '91 AMT VRDN*
2,500 8/01/21 4.25 2,500,000
Vernon Hills IDR
(Kinder Care Center) VRDN*
550 2/01/01 4.40 550,000
West Chicago IDR
(Acme Printing Co.) Series '89
AMT VRDN*
1,100 5/01/99 4.28 1,100,000
-----------
8,550,000
INDIANA--1.1%
Seymour Econ. Dev.
(Kobelco Metal Powder Co.)
Series '87 AMT VRDN*
2,000 12/01/97 4.75 2,000,000
KANSAS--0.5%
Butler County
(Texaco Refining & Marketing)
Series A AMT VRDN*
1,000 8/01/24 4.45 1,000,000
LOUISIANA--1.3%
West Baton Rouge Industrial District #3
(Dow Chemical) Series '94B VRDN*
2,300 12/01/16 4.15 2,300,000
MARYLAND--1.3%
Maryland Health & Education Facilities
(Loyola College Issue) Series '85 VRDN*
2,300 10/01/10 3.65 2,300,000
MICHIGAN--3.0%
Michigan Strategic Funding PCR
(Consumers Power Co.)
Series '88A VRDN*
5,550 4/15/18 4.10 5,550,000
MINNESOTA--0.3%
Eden Prairie IDA
(Kinder Care Project) Series C VRDN*
465 2/01/01 4.40 465,000
MISSOURI--0.3%
Blue Springs IDA
(Kinder Care Project) Series C VRDN*
540 2/01/01 4.40 540,000
NEW HAMPSHIRE--2.6%
Nashua Housing Auth. MFHR
(Clocktower Project) AMT VRDN*
201 10/20/99 4.75 201,000
Nashua Housing Auth. MFHR
(Clocktower Project) AMT VRDN*
626 10/20/06 4.75 626,000
Nashua Housing Authority MFHR
(Clocktower Project) AMT VRDN*
4,000 10/20/28 4.75 4,000,000
-----------
4,827,000
NEW JERSEY--1.6%
Jersey City
School Promissory Note
1,000 3/07/97 3.55 1,001,615
Jersey City BAN
2,000 9/27/96 4.02 2,005,714
-----------
3,007,329
NEW YORK--6.2%
New York Airport Revenue
(Nippon Cargo Airlines Co.)
Series '92 AMT VRDN*
2,000 11/01/15 4.75 2,000,000
New York City GO
Series '94C VRDN*
2,300 10/01/23 4.25 2,300,000
Port Authority of New York and New Jersey
(Versatile Structure) Series 3 VRDN*
7,000 6/01/20 3.90 7,000,000
-----------
11,300,000
OHIO--2.3%
Hamilton County Health Systems
(Franciscan Sisters) Series '87A VRDN*
4,300 3/01/17 3.90 4,300,000
OREGON--4.4%
Port Morrow
(Portland General Electric) VRDN*
3,900 10/01/13 4.25 3,900,000
Port St. Helens
(Portland General Electric)
Series B VRDN*
4,200 6/01/10 4.10 4,200,000
-----------
8,100,000
PENNSYLVANIA--1.3%
Montgomery County IDA
(Kinder Care Project) Series D VRDN*
400 10/01/00 4.40 400,000
Philadelphia GO TRAN
Series A
1,000 6/27/96 3.90 1,000,857
Philadelphia School District TRAN
1,000 6/28/96 3.95 1,000,840
-----------
2,401,697
RHODE ISLAND--0.7%
Rhode Island Housing & Mortgage Finance
(Homeownership Opportunity)
Series 19C Putable
1,255 1/30/97 3.45 1,255,000
SOUTH CAROLINA--1.4%
Berkeley County PCR
(Amoco Chemical Co.) Series '94 VRDN*
2,600 7/01/12 4.00 2,600,000
SOUTH DAKOTA--1.1%
South Dakota HFA SFMR
(Homeownership Mortgage) Series F
1,000 5/01/97 3.78 1,004,537
South Dakota HFA SFMR
(Homeownership Mortgage) Series G
1,000 5/01/97 3.90 1,003,381
-----------
2,007,918
TEXAS--10.8%
Brazos River Texas Harbor District
(Dow Chemical) Series '92A AMT VRDN*
4,000 12/01/18 4.30 4,000,000
El Paso HFA MFHR
(Viva Apartments Project)
Series '93 AMT Putable
1,500 9/01/96 4.25 1,500,000
Grapevine Dev. Corp. Rev.
(American Airlines) Series B-3 VRDN*
1,600 12/01/24 4.05 1,600,000
Gulf Coast Waste Disposal Auth.
(Amoco Oil Co. Project)
Series '94 AMT VRDN*
600 8/01/23 4.25 600,000
Harris County IDR
(Nippon Pigment USA Project)
Series '87 AMT VRDN*
1,500 7/01/02 4.60 1,500,000
Harris County Toll Road
Multimode-A
1,030 8/15/96 3.70 1,038,085
Midlothian Industrial Dev. Corp.
(Box-Crow Cement Co.) VRDN*
2,300 12/01/09 4.30 2,300,000
Southwest Higher Education Auth.
(Southern Methodist Univ.) VRDN*
7,300 7/01/15 4.10 7,300,000
-----------
19,838,085
VIRGINIA--2.8%
King George County IDA
(Birchwood Power Partners) AMT VRDN*
1,500 4/01/26 4.40 1,500,000
Peninsula Port Authority
(Dominion Terminal Project)
Series '87C VRDN*
400 7/01/16 3.95 400,000
Peninsula Port Authority
(Dominion Terminal Project)
Series '87D VRDN*
3,205 7/01/16 4.10 3,205,000
-----------
5,105,000
WASHINGTON--1.6%
Washington Public Power Supply
(Nuclear Project #2)
3,000 7/01/96 3.50 3,005,616
WISCONSIN--1.2%
Wausau PCR
(Minnesota Mining & Manufacturing) VRDN*
900 8/01/17 3.88 900,000
Wisconsin GO
Series '95
1,300 6/17/96 3.77 1,301,108
-----------
2,201,108
Total Municipal Bonds
(amortized cost $138,486,331) 138,486,331
COMMERCIAL PAPER--26.0%
ARIZONA--1.3%
Salt River Project
Agricultural Imp. & Power District
2,324 8/16/96 3.50 2,324,000
CALIFORNIA--1.3%
Irvine Assessment District
Series '85-7
2,400 5/08/96 4.00 2,400,000
COLORADO--2.6%
Denver Airport Revenue
Series B AMT
2,000 5/03/96 3.60 2,000,000
Denver Airport Revenue
Series B AMT
2,000 5/13/96 3.60 2,000,000
Denver Airport Revenue
Series B AMT
800 8/14/96 3.85 800,000
-----------
4,800,000
FLORIDA--3.0%
Florida Local Government Comm.
(Association of Counties)
2,000 7/25/96 3.45 2,000,000
Jacksonville Pollution Control
1,000 8/15/96 3.50 1,000,000
Sarasota Public Hospital District
Hospital Revenue
(Sarasota Memorial Hospital) Series C
1,200 7/22/96 3.80 1,200,000
Sunshine State Government Finance Agency
Series '86
1,300 5/02/96 3.40 1,299,995
-----------
5,499,995
GEORGIA--1.0%
Georgia Municipal Gas Auth.
(Transco Portfolio 1) Series B
1,900 8/28/96 3.60 1,900,000
ILLINOIS--0.8%
Decatur Water Rev.
1,500 5/09/96 3.45 1,500,000
LOUISIANA--2.7%
Plaquemines Port Harbor & Terminal
(Electro-Coal Corp./Tampa Electric)
2,500 8/13/96 3.45 2,500,000
Plaquemines Port Harbor & Terminal
(Electro-Coal Corp./Tampa Electric)
2,500 5/10/96 3.50 2,500,000
-----------
5,000,000
MASSACHUSETTS--1.6%
Massachusetts Bay Trans. Auth.
3,000 5/16/96 3.50 3,000,000
NEW YORK--1.7%
New York City GO
Series '96
2,000 8/22/96 3.50 2,000,000
New York City Municipal Water Auth.
1,200 8/12/96 3.80 1,200,000
-----------
3,200,000
OHIO--1.1%
Montgomery County Hospital Rev.
(Miami Valley Hospital) Series C
2,000 9/09/96 3.65 2,000,000
PENNSYLVANIA--0.5%
Philadelphia Gas Works
Series B
1,000 5/02/96 3.40 999,996
TEXAS--6.9%
Austin Utility Systems
(Travis & Williamson County) Series A
1,000 5/07/96 3.35 1,000,000
Austin Utility Systems
(Travis & Williamson County) Series A
1,969 8/22/96 3.40 1,969,000
Austin Utility Systems
(Travis & Williamson County) Series A
1,400 8/29/96 3.70 1,400,000
Brownsville Utility Systems
Series A
2,000 7/12/96 3.45 2,000,000
Dallas Area Rapid Transit
Sales Series A
2,000 8/22/96 3.50 2,000,000
Dallas Area Rapid Transit
Sales Series A
2,000 9/10/96 3.65 2,000,000
University of Texas
Board of Regents Series A
2,210 7/16/96 3.40 2,210,000
-----------
12,579,000
UTAH--0.6%
Intermountain Power Agency Power
Supply Rev.
Series '85F
1,000 9/10/96 3.50 1,000,000
VERMONT--0.3%
Vermont GO
Series H
500 6/03/96 3.40 499,998
WISCONSIN--0.6%
Wisconsin Health & Education Facilities
(Alexian Village of Milwaukee)
Series '88A
1,000 5/01/96 3.50 1,000,000
Total Commercial Paper
(amortized cost $47,702,867) 47,702,989
TOTAL INVESTMENTS--101.4%
(amortized cost $186,189,198) 186,189,320
Other assets less liabilities--(1.4%) (2,577,651)
NET ASSETS--100%
(offering and redemption price of
$1.00 per share; 183,695,120 shares
outstanding) $183,611,669
|
+ All securities either mature or their interest rate changes in one year or
less.
* Variable Rate Demand Notes (VRDN) are instruments whose interest rates
change on a specified date (such as a coupon date or interest payment date) or
whose interest rates vary with changes in a designated base rate (such as the
prime interest rate). These instruments are payable on demand and are secured
by letters of credit or other credit support agreements from major banks.
Periodic Put Bonds (PPB) are payable on demand quarterly, semi-annually or
annually and their interest rates change less frequently than rates on Variable
Rate Demand Notes.
Glossary:
AMBAC American Municipal Bond Assurance Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
COP Certificate of Participation
GO General Obligation
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
|
See notes to financial statements.
STATEMENT OF NET ASSETS
April 30, 1996 ACM Institutional Reserves - Trust Portfolio
_______________________________________________________________________________
Principal
Amount
|
(000) Security Yield Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS--99.3%
FEDERAL NATIONAL MORTGAGE ASSOCIATION--33.2%
$ 2,000 5/14/96 4.97% $ 1,996,411
5,365 6/26/96 5.05 5,322,855
2,500 7/12/96 5.20 2,474,000
4,000 7/30/96 5.20 3,948,000
10,000 7/05/96 FRN 5.27 9,998,775
5,000 5/10/96 5.29 4,993,387
1,750 5/13/96 5.35 1,746,885
3,000 5/24/96 5.35 2,989,746
5,000 5.21%, 9/03/96 FRN 5.25 4,999,341
6,000 5.24%, 10/15/96 FRN 5.31 5,998,094
2,000 5.44%, 9/27/96 FRN 5.44 2,000,000
5,000 5.56%, 10/15/97 FRN 5.56 5,000,825
5,000 5.76%, 9/03/96 5.30 5,004,806
-----------
56,473,125
FEDERAL HOME LOAN MORTGAGE CORP.--22.0%
5,000 5/20/96 5.18 4,986,331
5,000 5/28/96 5.21 4,980,462
10,000 5/30/96 5.24 9,957,789
17,000 5/01/96 5.30 17,000,000
500 5/01/96 5.88 500,000
-----------
37,424,582
STUDENT LOAN MARKETING ASSOCIATION--15.9%
1,680 5.25%, 7/19/96 FRN 5.30 1,679,841
22,300 5.45%, 11/20/97 FRN 5.40 22,320,198
2,960 5.50%, 11/01/96 FRN 5.30 2,962,807
-----------
26,962,846
U.S. TREASURY NOTES--10.1%
5,000 6.50%, 9/30/96 5.02 5,028,168
5,000 6.88%, 2/28/97 5.38 5,059,180
7,000 7.50%, 1/31/97 5.12 7,118,885
-----------
17,206,233
FEDERAL HOME LOAN BANK--9.6%
2,000 6/10/96 4.90 1,989,111
2,000 5/15/96 4.99 1,996,119
4,000 8/12/96 5.19 3,940,603
2,500 5.25%, 11/13/96 FRN 5.32 2,499,091
1,500 5.29%, 2/06/97 5.30 1,499,827
4,350 5.30%, 10/16/96 FRN 5.43 4,347,569
-----------
16,272,320
FEDERAL FARM CREDIT BANK--8.5%
10,000 5.19%, 9/03/96 FRN 5.19 10,000,000
4,000 5.23%, 6/20/96 FRN 5.28 3,999,727
500 5.60%, 7/01/96 5.61 499,919
-----------
14,499,646
TOTAL INVESTMENTS--99.3%
(amortized cost $168,838,752) 168,838,752
Other assets less liabilities--0.7% 1,226,670
NET ASSETS--100%
(offering and redemption price of
$1.00 per share; 170,118,302 shares
outstanding) $170,065,422
|
Glossary:
FRN Floating Rate Note.
See notes to financial statements.
STATEMENT OF OPERATIONS
Year Ended April 30, 1996 ACM Institutional Reserves - Prime Portfolio
_______________________________________________________________________________
INVESTMENT INCOME
Interest $18,667,854
EXPENSES
Advisory fee (Note B) $650,885
Registration fees 229,188
Custodian fees 88,024
Transfer agency 24,037
Audit and legal fees 9,533
Directors' fees 5,825
Amortization of organization expenses 1,936
Printing 1,500
Miscellaneous 14,399
Total expenses 1,025,327
Less: expense reimbursement (374,443) 650,884
Net investment income 18,016,970
REALIZED LOSS ON INVESTMENTS
Net realized loss on investments (67,682)
NET INCREASE IN NET ASSETS FROM OPERATIONS $17,949,288
|
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
April 30,1996 April 30,1995
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 18,016,970 $ 8,084,553
Net realized loss on investments (67,682) (77,316)
Net increase in net assets from operations 17,949,288 8,007,237
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (18,016,970) (8,084,553)
CAPITAL STOCK TRANSACTIONS
Net increase 295,597,513 89,756,927
Total increase 295,529,831 89,679,611
NET ASSETS
Beginning of year 197,789,392 108,109,781
End of year $493,319,223 $197,789,392
|
See notes to financial statements.
STATEMENT OF OPERATIONS
Year Ended April 30, 1996 ACM Institutional Reserves - Government Portfolio
_______________________________________________________________________________
INVESTMENT INCOME
Interest $8,411,860
EXPENSES
Advisory fee (Note B) $ 295,096
Registration fees 111,308
Custodian fees 67,505
Transfer agency 24,669
Audit and legal fees 14,095
Amortization of organization expenses 7,320
Directors' fees 5,704
Printing 1,500
Miscellaneous 9,397
Total expenses 536,594
Less: expense reimbursement (241,498) 295,096
Net investment income 8,116,764
REALIZED LOSS ON INVESTMENTS
Net realized loss on investments (44,374)
NET INCREASE IN NET ASSETS FROM OPERATIONS $8,072,390
|
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
April 30,1996 April 30,1995
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 8,116,764 $ 4,532,827
Net realized loss on investments (44,374) (23,230)
Net increase in net assets from operations 8,072,390 4,509,597
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (8,116,764) (4,532,827)
CAPITAL STOCK TRANSACTIONS
Net increase 46,450,680 27,878,851
Total increase 46,406,306 27,855,621
NET ASSETS
Beginning of year 104,409,872 76,554,251
End of year $150,816,178 $104,409,872
|
See notes to financial statements.
STATEMENT OF OPERATIONS
Year Ended April 30, 1996 ACM Institutional Reserves - Tax-Free Portfolio
_______________________________________________________________________________
INVESTMENT INCOME
Interest $3,612,924
EXPENSES
Advisory fee (Note B) $ 183,789
Registration fees 117,197
Custodian fees 69,030
Audit and legal fees 20,709
Transfer agency 20,319
Directors' fees 11,200
Amortization of organization expenses 7,320
Printing 1,500
Miscellaneous 6,710
Total expenses 437,774
Less: expense reimbursement (253,985) 183,789
Net investment income 3,429,135
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss on investments (66,276)
Net change in unrealized appreciation of investments (44)
Net loss on investments (66,320)
NET INCREASE IN NET ASSETS FROM OPERATIONS $3,362,815
|
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
April 30,1996 April 30,1995
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 3,429,135 $ 1,069,590
Net realized loss on investments (66,276) (11,019)
Net change in unrealized appreciation
of investments (44) (154,369)
Net increase in net assets from operations 3,362,815 904,202
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (3,429,135) (1,069,590)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease) 148,180,832 (133,564)
OTHER CAPITAL CONTRIBUTIONS 0 154,387
Total increase (decrease) 148,114,512 (144,565)
NET ASSETS
Beginning of year 35,497,157 35,641,722
End of year $183,611,669 $35,497,157
|
See notes to financial statements.
STATEMENT OF OPERATIONS
Year Ended April 30, 1996 ACM Institutional Reserves - Trust Portfolio
_______________________________________________________________________________
INVESTMENT INCOME
Interest $8,807,446
EXPENSES
Advisory fee (Note B) $ 685,336
Registration fees 107,261
Custodian fees 62,435
Transfer agency 20,740
Audit and legal fees 17,417
Directors' fees 5,735
Printing 3,500
Miscellaneous 6,419
Total expenses 908,843
Less: expense reimbursement (147,358) 761,485
Net investment income 8,045,961
REALIZED LOSS ON INVESTMENTS
Net realized loss on investments (32,758)
NET INCREASE IN NET ASSETS FROM OPERATIONS $8,013,203
|
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
April 30,1996 April 30,1995
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 8,045,961 $ 3,667,921
Net realized loss on investments (32,758) (16,775)
Net increase in net assets from operations 8,013,203 3,651,146
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (8,045,961) (3,667,921)
CAPITAL STOCK TRANSACTIONS
Net increase 60,921,819 72,386,158
Total increase 60,889,061 72,369,383
NET ASSETS
Beginning of year 109,176,361 36,806,978
End of year $170,065,422 $109,176,361
|
See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS
April 30, 1996 ACM Institutional Reserves, Inc.
NOTE A: Significant Accounting Policies
ACM Institutional Reserves, Inc. (the "Fund") is an open-end investment company
registered under the Investment Company Act of 1940. The Fund operates as a
series company currently consisting of four Portfolios: Prime Portfolio,
Government Portfolio, Tax-Free Portfolio and Trust Portfolio. Each series is
considered to be a separate entity for financial reporting and tax purposes. As
a matter of fundamental policy, each Portfolio pursues its objectives by
maintaining a portfolio of high-quality money market securities all of which,
at the time of investment, have remaining maturities of 397 days or less. 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. Amortization of premium is charged to income.
Accretion of market discount is credited to unrealized gain.
2. Organization Expenses
The organization expenses of the Fund are being amortized against income on a
straight-line basis through July 1996 on Government and Tax-Free Portfolios.
3. Federal Income Taxes
It is the Fund's policy to comply with the require-
ments 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.
4. Dividends
The Fund declares dividends daily from net investment income 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. Dividends paid by Tax-Free Portfolio from net investment
income for the year ended April 30, 1996 are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax
(AMT).
5. Accounting Estimates
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the
financial statements and the amounts of income and expense during the reporting
period. Actual results could differ from those estimates.
6. General
Interest income is accrued daily. Security transactions are recorded on the
date securities are purchased or sold. Realized gain (loss) from security
transactions is recorded on the identified cost basis.
NOTES TO FINANCIAL STATEMENTS (continued) ACM Institutional Reserves, Inc.
NOTE B: Advisory Fee and Transactions with an Affiliate of the Adviser
The Fund pays its Adviser, Alliance Capital Management L.P., an advisory fee at
the annual rate of .20 of 1% of average daily net assets for the Prime,
Government and Tax-Free Portfolios and .45 of 1% of average daily net assets
for the Trust Portfolio. The Adviser has agreed to reimburse the Prime,
Government and Tax-Free Portfolios to the extent that their annual aggregate
operating expenses (excluding taxes, brokerage, interest and, where permitted,
extraordinary expenses) exceed .20 of 1% of their average daily net assets for
any fiscal year, and in regard to the Trust Portfolio, exceed .50 of 1% of its
average daily net assets. For the year ended April 30, 1996, reimbursement was
$374,443, $241,498 $253,985 and $147,358 for the Prime, Government, Tax-Free
and Trust Portfolios, respectively. The Prime, Government, Tax-Free and Trust
Portfolios compensate Alliance Fund Services, Inc. (a wholly-owned subsidiary
of the Adviser) for providing personnel and facilities to perform transfer
agency services. Such compensation for the Prime, Government, Tax-Free and
Trust Portfolios, for the year ended April 30, 1996, amounted to $18,000 per
portfolio. The Adviser purchased tax and revenue anticipation notes issued by
Orange County, California and held by the Tax-Free Portfolio on July 19, 1995
for $500,000.
NOTE C: Investment Transactions
At April 30, 1996, the cost of securities for federal income tax purposes was
the same as the cost for financial reporting purposes for all portfolios. For
federal income tax purposes, the Prime Portfolio had a capital loss
carryforward at April 30, 1996 of $185,732, of which $1,377 expires in 1999,
$3,535 in 2000, $6,777 in 2001, $29,045 in 2002, $77,316 in 2003 and $67,682 in
the year 2004; the Government Portfolio had a capital loss carry-forward of
$129,209, of which $1,340 expires in 2000, $9,174 in 2001, $51,091 in 2002,
$23,230 in 2003 and $44,374 in the year 2004; the Tax-Free Portfolio had a
capital loss carryforward of $83,573, of which $87 expires in 2000, $6,191 in
2002, $11,019 in 2003 and $66,276 in the year 2004; and the Trust Portfolio
had a capital loss carryforward of $52,880, of which $3,347 expires in 2002,
$16,775 in 2003 and $32,758 in the year 2004.
NOTES TO FINANCIAL STATEMENTS (continued) ACM Institutional Reserves, Inc.
NOTE D: Capital Stock
There are 1,000,000,000 shares of $.01 par value capital stock authorized. At
April 30, 1996, capital paid-in aggregated $493,504,955 on Prime Portfolio,
$150,945,387 on Government Portfolio, $183,695,120 on Tax-Free Portfolio, and
$170,118,302 on Trust Portfolio. Transactions, all at $1.00 per share, were as
follows:
Year Ended Year Ended
PRIME PORTFOLIO April 30,1996 April 30,1995
- ------------------------------------------- --------------- ---------------
Shares sold 4,839,076,341 1,407,213,884
Shares issued on reinvestments of dividends 18,016,970 8,106,776
Shares redeemed (4,561,495,798) (1,325,563,733)
Net increase 295,597,513 89,756,927
Year Ended Year Ended
GOVERNMENT PORTFOLIO April 30,1996 April 30,1995
- ------------------------------------------- --------------- ---------------
Shares sold 1,212,530,228 608,886,851
Shares issued on reinvestments of dividends 8,116,764 4,548,358
Shares redeemed (1,174,196,312) (585,556,358)
Net increase 46,450,680 27,878,851
Year Ended Year Ended
TAX-FREE PORTFOLIO April 30,1996 April 30,1995
- ------------------------------------------- --------------- ---------------
Shares sold 1,044,165,922 295,718,756
Shares issued on reinvestments of dividends 3,429,135 1,075,771
Shares redeemed (899,414,225) (296,928,091)
Net increase (decrease) 148,180,832 (133,564)
Year Ended Year Ended
TRUST PORTFOLIO April 30,1996 April 30,1995
- ------------------------------------------- --------------- ---------------
Shares sold 989,948,926 415,936,022
Shares issued on reinvestments of dividends 8,045,961 3,675,366
Shares redeemed (937,073,068) (347,225,230)
Net increase 60,921,819 72,386,158
|
NOTES TO FINANCIAL STATEMENTS (continued) ACM Institutional Reserves, Inc.
NOTE E: Financial Highlights
Per share operating performance for a share outstanding throughout each period.
Year Ended April 30,
------------------------------------------------
PRIME PORTFOLIO 1996 1995 1994 1993 1992
- -------------------------------------- -------- -------- -------- -------- --------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.0560 0.0502 0.0325 0.0353 0.0535
LESS: DISTRIBUTIONS
Dividends from net investment income (0.0560) (0.0502) (0.0325) (0.0353) (0.0535)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on
net asset value (b) 5.76% 5.15% 3.30% 3.59% 5.50%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $493.3 $197.8 $108.1 $64.3 $25.0
Ratio to average net assets of:
Expenses, net of waivers
and reimbursements 0.20% 0.20% 0.20% 0.18% 0.02%
Expenses, before waivers
and reimbursements 0.32% 0.36% 0.42% 0.54% 0.81%
Net investment income (d) 5.54% 5.24% 3.25% 3.42% 5.30%
|
Year Ended April 30, July 22,1991(a)
-------------------------------------- Through
GOVERNMENT PORTFOLIO 1996 1995 1994 1993 April 30,1992
- -------------------------------------- -------- -------- -------- -------- --------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.0552 0.0493 0.0315 0.0339 0.0377
LESS: DISTRIBUTIONS
Dividends from net investment income (0.0552) (0.0493) (0.0315) (0.0339) (0.0377)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on
net asset value (b) 5.67% 5.06% 3.20% 3.45% 4.98%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $150.8 $104.4 $76.6 $73.2 $24.7
Ratio to average net assets of:
Expenses, net of waivers
and reimbursements 0.20% 0.20% 0.20% 0.18% 0.10%(c)
Expenses, before waivers
and reimbursements 0.36% 0.38% 0.36% 0.49% 0.86%(c)
Net investment income (d) 5.50% 4.94% 3.15% 3.30% 4.86%(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 at net asset value during the period and redemption on the last day
of the period.
(c) Annualized.
(d) Net of expenses reimbursed or waived by the Adviser.
ACM Institutional Reserves, Inc.
Year Ended April 30, July 22,1991(a)
--------------------------------------- Through
TAX-FREE PORTFOLIO 1996 1995 1994 1993 April 30,1992
- --------------------------------------- --------- -------- -------- -------- --------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.0372 0.0326 0.0240 0.0287 0.0334
Net unrealized loss on investments -0- (0.0048) -0- -0- -0-
Net increase in net asset value
from operations 0.0372 0.0278 0.0240 0.0287 0.0334
LESS: DISTRIBUTIONS
Dividends from net investment income (0.0372) (0.0326) (0.0240) (0.0287) (0.0334)
ADD: CAPITAL CONTRIBUTION
Capital Contributed by the Adviser -0- 0.0048 -0- -0- -0-
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on
net asset value (b) 3.79% 3.31%(e) 2.43% 2.92% 4.40%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $183.6 $35.5 $35.6 $40.9 $8.5
Ratio to average net assets of:
Expenses, net of waivers
and reimbursements 0.20% 0.20% 0.20% 0.18% 0.10%(c)
Expenses, before waivers
and reimbursements 0.48% 0.76% 0.69% 0.95% 2.08%(c)
Net investment income (d) 3.73% 3.31% 2.40% 2.73% 4.01%(c)
|
Year Ended April 30, Nov. 16,1992(a)
---------------------------- Through
TRUST PORTFOLIO 1996 1995 1994 April 30,1993
- --------------------------------------- --------- -------- -------- --------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.0527 0.0479 0.0309 0.0144
LESS: DISTRIBUTIONS
Dividends from net investment income (0.0527) (0.0479) (0.0309) (0.0144)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on
net asset value (b) 5.41% 4.91% 3.14% 3.21%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $170.1 $109.2 $36.8 $5.3
Ratio to average net assets of:
Expenses, net of waivers
and reimbursements 0.50% 0.49% 0.14% -0-
Expenses, before waivers
and reimbursements 0.60% 0.75% 1.23% 0.45%(c)
Net investment income (d) 5.28% 5.31% 3.15% 3.17%(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 at net asset value during the period and redemption on the last day
of the period.
(c) Annualized.
(d) Net of expenses reimbursed or waived by the Adviser.
(e) Capital contributed by the Adviser had no material effect on net asset
value, and therefore, no effect on total return.
INDEPENDENT AUDITOR'S REPORT ACM Institutional Reserves, Inc.
To the Board of Directors and Shareholders
ACM Institutional Reserves, Inc.
We have audited the accompanying statements of net assets of ACM Institutional
Reserves, Inc. - Prime, Government, Tax-Free and Trust Portfolios as of April
30, 1996 and the related statements of opera-tions, changes in net assets, and
financial highlights for the periods indicated in the accompanying financial
statements. These financial statements and financial highlights are the
responsibility of the Portfolios' management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
April 30, 1996 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of ACM
Institutional Reserves, Inc. - Prime, Government, Tax-Free and Trust Portfolios
as of April 30, 1996, and the results of its operations, changes in its net
assets, and financial highlights for the periods indicated, in conformity with
generally accepted accounting principles.
McGladrey & Pullen, LLP
New York, New York
June 6, 1996
ACM Institutional Reserves, Inc.
ACM Institutional Reserves, Inc.
1345 Avenue of the Americas
New York, New York 10105
Toll-free 1 (800) 237-5822
Yields. For current recorded yield information on the Fund, call on a
touch-tone telephone toll-free 1 (800) 251-0539 and press the following
sequence of keys: 1 * 16 # for the Prime Portfolio, 1 * 27 # for the Government
Portfolio, 1 * 38 # for the Tax-Free Portfolio and 1 * 0 # for the Trust
Portfolio.
For non-touch-tone telephones, call toll-free 1 (800) 221-9513
BOARD OF DIRECTORS
John D. Carifa, Chairman
Ruth Block
David H. Dievler
John H. Dobkin
William H. Foulk, Jr.
James M. Hester
Clifford L. Michel
Robert C. White
OFFICERS
Ronald M. Whitehill, President
Kathleen A. Corbet, Senior Vice President
Drew Biegel, Vice President
John F. Chiodi, Jr., Vice President
Raymond J. Papera, Vice President
Pamela F. Richardson, Vice President
Edmund P. Bergan, Jr., Secretary
Mark D. Gersten, Treasurer & Chief Financial Officer
Joseph J. Mantineo, 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
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.
|
