Within the framework of the refined alternant molecular orbital method, a general energy expression is derived for the lowest state of any desired multiplicity of an arbitrary system with closed-shell structure. A numerical analysis of the lowest singlet, triplet, and quintet state of the pi-electron sextet in benzene reveals that the many-parameter alternant molecular orbital wavefunction does, in each case, account for better than 90% of the energy improvement obtained in a full configuration interaction treatment. A detailed comparison of the AMO and CI wavefunctions for both triplet and quintet state is presented. Both methods yield a singlet—triplet separation that is too low, which suggests a basic deficiency in the customary approach to the quantum chemistry of conjugated hydrocarbons.