LETTER TO SHAREHOLDERS ALLIANCE MONEY RESERVES
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August 3, 1995
Dear Shareholder:
On December 31, 1994, James P. Syrett retired as President of Alliance Cash
Management. His seven years as President were very productive and saw Alliance
become the dominant provider of money funds sold through regional brokerage
firms. On January 1, 1995, it was with great pride that I assumed Jim's
responsibilities, and I look forward to maintaining the high standard of
excellence to which you have grown accustomed.
Money fund assets continue to grow despite volatility in the stock and bond
markets. AMR assets have grown 40% to over $2.5 billion in the past year, in
large part because of the effects of T+3-the accelerated settlement of most
security transactions.
Weakness in the fixed income markets has meant significantly higher yields for
money fund investors. The 30 day net yield for Alliance Money Reserves as of
June 30, 1995 was 5.13% vs. 3.14% for the same period ending June 30, 1994.
Alliance has once again demonstrated its dependability. When Orange County
filed for bankruptcy protection last year, Alliance took action to protect the
$1.00 per share net asset value of the two Alliance tax-free money market funds
holding positions in Orange County securities: Alliance Municipal Trust -
General Portfolio and ACM Institutional Reserves - Tax Free Portfolio. Alliance
arranged for the issuance of a letter of credit from an unaffiliated bank
assuring the payment in full of principal and interest due to the Funds, to the
extent Orange County defaulted on the payments. Thereafter, on July 19, 1995,
in view of continuing uncertainty regarding Orange County's performance of its
financial obligations, Alliance purchased approximately $21 million of Orange
County securities from the two Alliance money market funds, thus eliminating
all Orange County securities from our Alliance money fund portfolios.
Speaking for myself and the entire division, we at Alliance look forward to
serving you with continued diligence in the future.
Very truly yours,
Ronald M. Whitehill
President
1
STATEMENT OF NET ASSETS
JUNE 30, 1995 ALLIANCE MONEY RESERVES
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PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------
COMMERCIAL PAPER-66.5%
ABBEY NATIONAL
$ 31,460 9/07/95 5.82% $31,114,150
AES BARBERS POINT, INC.
35,000 7/27/95 6.02 34,847,828
5,000 7/07/95 6.06 4,994,950
AGA CAPITAL CORP.
17,000 7/17/95 6.05 16,954,289
AKZO NOBEL, INC.
23,600 8/31/95 5.86 23,365,665
ALLIANZ OF AMERICA FINANCE CORP.
10,000 7/05/95 6.15 9,993,167
19,500 9/05/95 6.25 19,276,562
AMERICAN BANKERS INSURANCE GROUP, INC.
16,000 9/06/95 5.80 15,827,289
BANK OF NEW YORK
15,000 7/20/95 5.97 14,952,738
BAYER, INC.
40,000 7/31/95 5.94 39,802,000
25,000 7/18/95 5.95 24,929,757
11,000 7/06/95 5.96 10,990,894
BHF FINANCE DELAWARE, INC.
45,000 8/02/95 5.99 44,760,400
CAISSE DES DEPOTS ET CONSIGNATIONS
25,000 8/28/95 5.94 24,760,750
50,000 7/24/95 5.96 49,809,611
CARGILL, INC.
20,000 7/19/95 5.95 19,940,500
CHEMICAL BANKING CORP.
40,000 9/13/95 5.85 39,519,000
CHIAO TUNG BANK CO., LTD.
31,000 7/19/95 5.99 30,907,155
CREGEM NORTH AMERICA, INC.
50,000 7/14/95 6.03 49,891,125
DEUTSCHE BANK FINANCIAL, INC.
15,000 7/07/95 5.88 14,985,300
30,000 7/07/95 5.95 29,970,250
DRESDNER US FINANCE, INC.
37,000 9/05/95 5.70 36,613,350
DUPONT (E. I.) DE NEMOURS & CO.
8,790 7/11/95 5.95 8,775,472
30,000 10/11/95 6.05 29,485,750
20,000 1/09/96 6.08 19,351,467
EKSPORTFINANS
40,000 8/09/95 5.93 39,743,033
EUROPEAN INVESTMENT BANK
15,000 7/12/95 5.98 14,972,592
EXPORT DEVELOPMENT CORP.
52,500 7/13/95 5.95% $52,395,875
FINANCE ONE FUNDING CORP.
20,000 8/11/95 5.90 19,865,611
15,000 11/07/95 5.90 14,682,875
FORD MOTOR CREDIT CORP.
20,000 9/05/95 5.88 19,784,400
25,000 7/12/95 6.09 24,953,479
GALICIA FUNDING
15,000 9/29/95 6.20 14,767,500
GENERAL ELECTRIC CREDIT CORP.
45,000 9/05/95 5.70 44,529,750
15,000 7/26/95 6.00 14,937,500
GOLDMAN SACHS GROUP LP
35,000 7/27/95 5.95 34,849,597
HALIFAX BUILDING SOCIETY
25,000 11/02/95 5.89 24,492,806
25,000 9/15/95 5.92 24,687,555
IMI FUNDING CORP. (USA)
9,766 9/15/95 6.20 9,638,174
IOWA STUDENT LOAN LIQUIDITY CORP.
22,670 7/10/95 5.98 22,636,108
KINGDOM OF SWEDEN
35,000 8/21/95 5.91 34,706,963
25,000 9/08/95 6.28 24,699,083
MITSUBISHI MOTORS CREDIT OF AMERICA
15,000 7/25/95 6.02 14,939,800
MORGAN STANLEY GROUP, INC.
60,000 7/07/95 6.00 59,940,000
MPS US, INC.
30,000 8/03/95 6.02 29,834,450
NORDIC INVESTMENT BANK
30,000 7/07/95 5.92 29,970,400
10,000 7/03/95 5.97 9,996,683
ODC CAPITAL CORP.
19,450 7/18/95 5.97 19,395,167
PACIFIC DUNLOP HOLDINGS, INC.
22,701 7/31/95 6.20 22,583,712
PROVINCE OF QUEBEC
35,000 12/11/95 6.19 34,019,057
15,000 12/08/95 6.22 14,585,333
QUEENSLAND ALUMINA
10,997 7/18/95 6.04 10,965,634
RAYTHEON CO.
22,000 7/13/95 5.94 21,956,440
2
ALLIANCE MONEY RESERVES
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PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------
SANTANDER FINANCE DELAWARE
$ 45,000 11/08/95 5.92% $44,038,000
SEVENTY FIVE STATE STREET CAPITAL CORP.
48,054 7/14/95 6.02 47,949,536
SKANDINAVISKA ENSKILDA BANKEN
25,000 9/11/95 6.24 24,688,000
SMITHKLINE BEECHAM
20,000 7/14/95 5.80 19,958,111
30,000 2/02/96 5.87 28,944,300
SOCIETE GENERAL N.A., INC.
15,000 9/25/95 5.95 14,786,792
SVENSKA HANDELSBANKEN
20,000 9/01/95 5.90 19,796,778
27,000 8/04/95 5.95 26,848,275
TELSTRA CORP.
20,000 7/20/95 5.95 19,937,194
TOMEN AMERICA, INC.
10,000 7/07/95 5.95 9,990,083
TOYOTA MOTOR CREDIT CORP.
20,000 8/02/95 5.94 19,894,400
UBFC, INC.
16,000 7/11/95 5.95 15,973,556
VATTENFALL TREASURY, INC.
25,000 8/04/95 6.11 24,855,736
Total Commercial Paper
(amortized cost $1,668,009,757) 1,668,009,757
BANK OBLIGATIONS-14.2%
AFRICAN DEVELOPMENT BANK
5,000 10.50%, 11/01/95 6.48 5,062,702
AMERICAN EXPRESS CENTURION BANK
25,000 5.98%, 7/24/95 5.98 25,000,000
BANK OF AMERICA ILLINOIS
20,000 5.90%, 8/15/95 5.93 19,999,257
BANK OF NEW YORK
10,000 6.25%, 8/02/95 6.40 9,998,574
BANK ONE CHICAGO N. A.
10,000 5.40%, 7/27/95 5.83 9,997,024
BANK ONE INDIANAPOLIS
25,000 5.98%, 8/01/95 5.98 25,000,000
BANK ONE MILWAUKEE
5,000 5.98%, 7/31/95 5.93 5,000,174
15,000 6.82%, 3/07/96 6.68 15,010,738
BOATMENS FIRST NATIONAL BANK OF KANSAS CITY
16,000 6.11%, 8/18/95 FRN 6.17 15,998,851
CHASE MANHATTAN CORP.
10,000 7.59%, 1/30/96 6.75% $10,045,287
COMERICA BANK DETROIT MICHIGAN
15,000 5.64%, 9/29/95 FRN 5.71 14,997,493
19,000 5.62%, 11/22/95 FRN 5.78 18,988,748
FIFTH THIRD BANK
25,000 6.08%, 11/10/95 6.08 25,000,000
27,000 6.20%, 10/26/95 6.20 27,000,000
NATIONAL BANK OF DETROIT
20,000 6.32%, 10/12/95 6.32 20,000,000
NATIONSBANK DALLAS
10,000 7.00%, 2/06/96 7.20 9,987,953
NATIONSBANK NORTH CAROLINA
10,000 5.75%, 7/21/95 5.77 9,999,583
REPUBLIC NATIONAL BANK
35,000 4.90%, 7/27/95 6.03 34,967,734
STATE STREET BANK
25,000 5.83%, 9/05/95 5.90 24,996,198
WACHOVIA BANK
10,000 4.30%, 8/07/95 6.63 9,976,661
6,000 5.38%, 12/22/95 6.71 5,963,267
WORLD SAVINGS & LOAN ASSOC.
14,200 4.88%, 3/01/96 6.00 14,023,267
Total Bank Obligations
(amortized cost $357,013,511) 357,013,511
CERTIFICATES OF DEPOSIT-12.9%
BANQUE NATIONALE DE PARIS
20,000 5.83%, 8/04/95 5.92 19,998,280
BAYERISCHE HYPOBANK
25,000 6.10%, 7/19/95 6.08 25,000,170
22,000 6.11%, 7/14/95 6.08 22,000,130
CARIPLO
20,500 6.62%, 7/13/95 6.26 20,501,934
CREDIT SUISSE
7,000 6.13%, 10/05/95 5.75 7,006,276
HESSISCHE LANDESBANK GIROZENTRALE
10,000 6.05%, 7/14/95 6.05 9,999,982
MORGAN GUARANTY TRUST CO.
5,000 6.61%, 7/31/95 6.03% $5,001,938
NORINCHUKIN BANK
25,000 6.02%, 7/17/95 6.01 25,000,110
RABOBANK NEDERLAND
20,000 6.18%, 11/03/95 6.10 20,005,319
SOCIETE GENERALE N.A., INC.
35,000 6.13%, 7/05/95 6.09 35,000,114
SUMITOMO BANK
40,000 6.02%, 7/17/95 6.01 40,000,177
3
STATEMENT OF NET ASSETS (CONTINUED) ALLIANCE MONEY RESERVES
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PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------
SWISS BANK
$ 95,000 6.01%, 7/21/95 6.00% $95,000,365
Total Certificates of Deposit
(amortized cost $324,514,795) 324,514,795
CORPORATE OBLIGATIONS-4.8%
ABBEY NATIONAL TREASURY SERVICES
10,000 7.40%, 12/15/95 6.60 10,030,401
10,000 7.05%, 3/01/96 7.05 10,000,000
BEAR STEARNS COS., INC.
15,000 6.14%, 7/14/95 FRN 6.14 15,000,000
10,000 6.16%, 1/26/96 FRN 6.16 10,000,000
10,000 6.18%, 10/20/95 FRN 6.18 10,000,000
BETA FINANCE CORP., LTD.
10,000 5.52%, 11/08/95 FRN* 5.52 10,000,000
FORD MOTOR CREDIT CORP.
5,000 8.88%, 3/15/96 6.70 5,072,716
GOLDMAN SACHS GROUP
20,000 5.53%, 11/02/95 FRN* 5.53 20,000,000
MERRILL LYNCH & CO.
10,000 5.62%, 3/25/96 FRN 5.62 10,000,000
15,000 6.95%, 2/27/96 7.00 15,000,000
PACCAR FINANCIAL
5,000 5.75%, 8/15/95 6.07 4,996,720
Total Corporate Obligations
(amortized cost $120,099,837) 120,099,837
U.S. GOVERNMENT & AGENCY OBLIGATIONS-1.0%
FEDERAL HOME LOAN MORTGAGE CORP.-1.0%
25,000 7/03/95
(amortized cost $24,991,528) 6.10% $24,991,528
BANKERS ACCEPTANCE-0.4%
BANK OF TOKYO
10,050 7/20/95
(amortized cost$10,015,682) 6.47 10,015,682
TOTAL INVESTMENTS-99.8%
(amortized cost $2,504,645,110) 2,504,645,110
Other assets less liabilities-0.2% 4,954,874
NET ASSETS-100%
(offering and redemption price of
$1.00 per share; 2,511,011,583
shares outstanding) $2,509,599,984
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+ All securities either mature or their interest rate changes in one year or
less.
* Restricted security (see Note F).
Glossary of Terms:
FRN - Floating Rate Note
See notes to financial statements.
4
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1995 ALLIANCE MONEY RESERVES
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INVESTMENT INCOME
Interest $109,833,529
EXPENSES
Advisory fee (Note B) $9,777,831
Distribution assistance and administrative
service (Note C) 6,951,676
Transfer agency 2,859,543
Printing 368,119
Registration fees 364,678
Custodian fees 275,214
Audit and legal fees 74,495
Trustees' fees 16,811
Miscellaneous 39,627
Total expenses 20,727,994
Less: expense reimbursement and fee waiver (881,544)
19,846,450
Net investment income 89,987,079
REALIZED LOSS ON INVESTMENTS
Net realized loss on investments (479,849)
NET INCREASE IN NET ASSETS FROM OPERATIONS $89,507,230
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED
JUNE 30,1995 JUNE 30,1994
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $89,987,079 $45,487,973
Net realized loss on investments (479,849) (64,655)
Net increase in net assets from operations 89,507,230 45,423,318
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (89,987,079) (45,487,973)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase 714,092,254 170,535,622
Total increase 713,612,405 170,470,967
NET ASSETS
Beginning of year 1,795,987,579 1,625,516,612
End of year $2,509,599,984 $1,795,987,579
See notes to financial statements.
5
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 ALLIANCE MONEY RESERVES
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NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Capital Reserves (the 'Trust') is an open-end diversified investment
company registered under the Investment Company Act of 1940. The Trust consists
of two portfolios: Alliance Capital Reserves and Alliance Money Reserves (the
'Portfolio'). Each portfolio is considered to be a separate entity for
financial reporting and tax purposes. The following is a summary of significant
accounting policies followed by the Portfolio.
1. VALUATION OF SECURITIES
Securities in which the Portfolio 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. TAXES
It is the Portfolio'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.
3. DIVIDENDS
The Portfolio 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 year end.
4. GENERAL
Interest income is accrued as earned. Security transactions are recorded on a
trade date basis. Realized gain (loss) from security transactions is recorded
on the identified cost basis.
NOTE B: ADVISORY FEE AND TRANSACTIONS WITH AN AFFILIATE OF THE ADVISER
The Portfolio pays its Adviser, Alliance Capital Management L.P., an advisory
fee at the annual rate of .50 of 1% on the first $1.25 billion of average daily
net assets; .49 of 1% on the next $.25 billion; .48 of 1% on the next $.25
billion; .47 of 1% on the next $.25 billion; .46 of 1% on the next $1 billion;
and .45 of 1% in excess of $3 billion. The Adviser has agreed to reimburse the
Portfolio to the extent that its aggregate expenses (excluding taxes,
brokerage, interest and, where permitted, extraordinary expenses) exceed 1% of
its average daily net assets for any fiscal year. For the year ended June 30,
1995, the reimbursement amounted to $87,685. The Portfolio compensates Alliance
Fund Services, Inc. (a wholly-owned subsidiary of the Adviser) for providing
personnel and facilities to perform transfer agency services for the Portfolio.
Such compensation amounted to $1,362,327 for the year ended June 30, 1995.
NOTE C: DISTRIBUTION ASSISTANCE AND ADMINISTRATIVE SERVICES PLAN
Under this plan, the Portfolio pays the Adviser a distribution fee at the
annual rate of up to .25 of 1% of the average daily value of the Portfolio's
net assets. The Plan provides that the Adviser will use amounts payable under
the Plan in their entirety for (i) payments to broker-dealers and other
financial intermediaries, including the Portfolio's distributor, for
distribution assistance and payments to banks and other depository institutions
for administrative and accounting services and (ii) otherwise promoting the
sale of shares of the Portfolio. For the year ended June 30, 1995 the Portfolio
incurred fees of $4,961,613 of which $793,859 was waived. In addition, the
Portfolio reimbursed certain broker-dealers for administrative costs incurred
in connection with providing shareholder services, accounting and bookkeeping,
and legal and compliance support. For the year ended June 30, 1995 such
payments by the Portfolio amounted to $1,990,063 of which $140,000 was paid to
the Adviser.
6
ALLIANCE MONEY RESERVES
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NOTE D: INVESTMENT TRANSACTIONS
At June 30, 1995, the cost of portfolio securities for federal income tax
purposes was the same as the cost for financial reporting purposes. At June 30,
1995, the Portfolio had a capital loss carryforward of $1,411,599 of which
$794,283 expires in 1999, $72,812 expires in 2001, $64,655 expires in 2002 and
$479,849 expires in 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At June 30,
1995, capital paid-in aggregated $2,511,011,583. Transactions, all at $1.00 per
share, were as follows:
YEAR ENDED YEAR ENDED
JUNE 30, 1995 JUNE 30, 1994
--------------- ---------------
Shares sold 8,315,302,942 7,454,664,537
Shares issued on reinvestments of dividends 89,987,079 45,508,231
Shares redeemed (7,691,197,767) (7,329,637,146)
Net increase 714,092,254 170,535,622
NOTE F: RESTRICTED SECURITIES
The following securities are restricted as to resale except among qualified
institutional investors such as the Portfolio.
DATE % OF NET
SECURITY ACQUIRED VALUE ASSETS
-------- -------- ----------- --------
Beta Finance Corp., Ltd., 5.52%, 11/08/95 FRN 11/08/94 $10,000,000 .40%
Goldman Sachs Group, 5.53%, 11/02/95 FRN 11/02/94 20,000,000 .80
----------- -------
$30,000,000 1.20%
7
NOTES TO FINANCIAL STATEMENTS (CONTINUED) ALLIANCE MONEY RESERVES
-------------------------------------------------------------------------------
NOTE G: FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period.
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
-----------------------------------------------
1995 1994 1993 1992 1991
------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .045 .025 .027 .044 .066
LESS: DISTRIBUTIONS
Dividends from net investment income (.045) (.025) (.027) (.044) (.066)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (a) 4.50% 2.57% 2.71% 4.47% 6.87%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $2,510 $1,795 $1,626 $1,412 $1,262
Ratio to average net assets of:
Expenses, net of waivers and reimbursements 1.00% 1.00% 1.00% 1.00% .97%
Expenses, before waivers and reimbursements 1.04% 1.09% 1.04% 1.04% 1.00%
Net investment income 4.53% 2.55% 2.67% 4.33% 6.56%
</TABLE>
(a) 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.
8
INDEPENDENT AUDITOR'S REPORT ALLIANCE MONEY RESERVES
-------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS ALLIANCE MONEY RESERVES PORTFOLIO
We have audited the accompanying statement of net assets of Alliance Money
Reserves Portfolio as of June 30, 1995 and the related statements of
operations, 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 Portfolio's 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 June
30, 1995 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
Alliance Money Reserves Portfolio as of June 30, 1995, and the results of its
operations, changes in its net assets, and its financial highlights for the
periods indicated, in conformity with generally accepted accounting principles.
MCGLADREY &PULLEN, LLP
New York, New York
August 8, 1995
9
ALLIANCE MONEY RESERVES
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TRUSTEES
DAVE H. WILLIAMS, CHAIRMAN
JOHN D. CARIFA
SAM Y. CROSS
CHARLES H.P. DUELL
WILLIAM H. FOULK, JR.
ELIZABETH J. MCCORMACK
DAVID K. STORRS
SHELBY WHITE
JOHN WINTHROP
OFFICERS
RONALD M. WHITEHILL, PRESIDENT
JOHN R. BONCZEK, SENIOR VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
ROBERT I. KURZWEIL, SENIOR VICE PRESIDENT
WAYNE D. LYSKI, SENIOR VICE PRESIDENT
PATRICIA NETTER, SENIOR VICE PRESIDENT
RONALD R. VALEGGIA, SENIOR VICE PRESIDENT
DREW BIEGEL, VICE PRESIDENT
JOHN F. CHIODI, JR., VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
PAMELA F. RICHARDSON, VICE PRESIDENT
RAYMOND J. PAPERA, 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
10
ALLIANCE MONEY RESERVES
1345 Avenue of the Americas, New York, NY 10105
Toll free 1 (800) 221-5672
YIELDS. For current recorded yield information on Alliance
Money Reserves, call on a touch-tone telephone toll-free
(800) 251-0539 and press the following sequence of keys:
1 # 1 # 3 6 #
For non-touch-tone telephones, call toll-free (800) 221-9513
ALLIANCECAPITAL
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.
ALC507072
MONAR
ALLIANCE MONEY RESERVES
ALLIANCECAPITAL
ANNUAL REPORT
JUNE 30, 1995
