Alliance Money Market Fund (the "Fund") is an open-end management investment
company comprised of seven portfolios (the "Portfolios"), three of which are
offered by this Prospectus, each with investment objectives of safety,
liquidity and maximum current income (in the case of the General Municipal
Portfolio, exempt from Federal income taxes), to the extent consistent with the
first two objectives. The Prime, Government and General Municipal Portfolios
are diversified. This Prospectus sets forth the information about each
Portfolio that a prospective investor should know before investing. Please
retain it for future reference. You will receive semi-annual and annual reports
of your particular Portfolio.
AN INVESTMENT IN A PORTFOLIO IS (I) NEITHER INSURED NOR GUARANTEED BY THE U.S.
GOVERNMENT; (II) NOT A DEPOSIT OR OBLIGATION OF, OR GUARANTEED OR ENDORSED BY,
ANY BANK; AND (III) NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY. THERE CAN BE NO
ASSURANCE THAT A PORTFOLIO WILL BE ABLE TO MAINTAIN A STABLE NET ASSET VALUE OF
$1.00 PER SHARE.
A "Statement of Additional Information" for the Fund dated April 20, 1995,
which provides a further discussion of certain areas in this Prospectus and
other matters which may be of interest to some investors, has been filed with
the Securities and Exchange Commission and is incorporated herein by reference.
For a free copy, write the respective Portfolio at the address shown on page 8.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
ALLIANCE MONEY MARKET FUND
* PRIME PORTFOLIO
* GOVERNMENT PORTFOLIO
* GENERAL MUNICIPAL PORTFOLIO
PROSPECTUS
April 20, 1995
EXPENSE INFORMATION
SHAREHOLDER TRANSACTION EXPENSES
The Portfolios have no sales load on purchases or reinvested dividends,
deferred sales load, redemption fee or exchange fee.
ESTIMATED ANNUAL PORTFOLIO OPERATING EXPENSES
(as a percentage of average net assets,
after expense reimbursement) GENERAL
PRIME GOVERNMENT MUNICIPAL
------- ---------- ---------
Management Fees .50% .50% .50%
12b-1 Fees .45% .45% .45%
Other Expenses .05% .05% .05%
--- --- ---
Total Portfolio Operating Expenses 1.00% 1.00% 1.00%
EXAMPLE
You would pay the following expenses on a $1,000 investment, assuming a 5%
annual return (cumulatively through the end of each time period):
1 YEAR 3 YEARS
-------- ---------
Prime $10 $32
Government 10 32
General Municipal 10 32
The purpose of the foregoing table is to assist the investor in understanding
the various costs and expenses that an investor in a Portfolio will bear
directly or indirectly. The expenses listed in the table for the Prime,
Government and General Municipal Portfolios are net of voluntary expense
reimbursements. The expenses of such Portfolios before expense reimbursements
would be: Prime Portfolio: Management Fees-.50%, 12b-1 fees-.45%, Other
Expenses-.12% and Total Operating Expenses-1.07%; Government Portfolio:
Management Fees-.50%, 12b-1 fees-.45%, Other Expenses-.20% and Total Operating
Expenses-1.15%; General Municipal Portfolio: Management Fees-.50%, 12b-1
fees-.45%, Other Expenses-.19% and Total Operating Expenses-1.14%. The category
"Other Expenses" is based on the estimated amounts expected to be incurred
during each Portfolio's first fiscal year. The example should not be considered
a representation of past or future expenses; actual expenses may be greater or
less than those shown.
INVESTMENT OBJECTIVES AND POLICIES
The investment objectives of each Portfolio are-in the following order of
priority-safety of principal, excellent liquidity and, to the extent consistent
with the first two objectives, maximum current income (exempt from income taxes
to the extent described below in the case of the General Portfolio). As a
matter of fundamental policy, each Portfolio pursues its objectives by
maintaining a portfolio of high-quality money market securities. While no
Portfolio may change this policy or the "other fundamental investment policies"
described below without shareholder approval, it may, upon notice to
shareholders, but without such approval, change non-fundamental investment
policies or create additional series or classes of shares in order to establish
portfolios which may have different investment objectives. There can be no
assurance that any Portfolio's objectives will be achieved.
The Portfolios will comply with Rule 2a-7 under the Investment Company Act of
1940 (the "1940 Act"), as amended from time to time, including the diversity,
quality and maturity limitations imposed by the Rule. Accordingly, each
Portfolio will invest in securities which, at the time of investment, have
remaining maturities not exceeding 397 days, and the average maturity of each
Portfolio's investment portfolio will not exceed 90 days. A more detailed
description of Rule 2a-7 is set forth in the Fund's Statement of Additional
Information.
PRIME PORTFOLIO
The money market securities in which the Prime Portfolio invests include: (1)
marketable obligations of, or guaranteed by, the United States Government, its
agencies or instrumentalities (collectively, the "U.S. Government"); (2)
certificates of deposit, bankers' acceptances and interest-bearing savings
deposits issued or guaranteed by banks or savings and loan associations having
total assets of more than $1 billion and which are members of the Federal
Deposit Insurance Corporation and certificates of deposit and bankers'
acceptances denominated in U.S. dollars and issued by U.S. branches of foreign
banks having total assets of at least $1 billion that are believed by Alliance
Capital Management L.P. (the "Adviser") to be of quality equivalent to that of
other such instruments in which the Portfolio may invest; (3) commercial paper
of prime quality [i.e., rated A-1+ or A-1 by Standard & Poor's Corporation
("Standard & Poor's") or Prime-1 by Moody's Investors Service, Inc. ("Moody's")
or, if not rated, issued by companies having outstanding debt securities rated
AAA or AA by Standard & Poor's, or Aaa or Aa by Moody's] and participation
interests in loans extended by banks to such companies; and (4) repurchase
agreements that are collateralized in full each day by liquid securities of the
types listed above. These agreements are entered into with "primary dealers"
(as designated by the Federal Reserve Bank of New York) in U.S. Government
securities or The Bank of New York, the Fund's Custodian, and would create a
loss to the Prime Portfolio if, in the event of a dealer default, the proceeds
from the sale of the collateral were less than the repurchase price. The Prime
Portfolio may also invest in certificates of deposits issued by, and time
deposits maintained at, foreign branches of domestic banks described in (2)
above and prime quality dollar-denominated commercial paper issued by foreign
companies meeting the criteria specified in (3) above.
The Prime Portfolio also may invest in asset-backed securities that meet its
existing diversification, quality and maturity criteria. Asset-backed
securities are securities issued by special purpose entities whose primary
assets consist of a pool of loans or accounts receivable. The securities may be
in the form of a beneficial interest in a special purpose trust, limited
partnership interest, or commercial paper or other debt securities issued by a
special purpose corporation. Although the securities may have some form of
credit or liquidity enhancement, payments on the securities depend
predominately upon collection of the loans and receivables held by the issuer.
CERTAIN FUNDAMENTAL INVESTMENT POLICIES. To maintain portfolio diversification
and reduce investment risk, the Prime Portfolio may not: (1) invest more than
25% of its assets in the securities of issuers conducting their principal
business activities in any one industry although there is no such limitation
with respect to U.S. Government securities or certificates of deposit, bankers'
acceptances and interest bearing savings deposits; (2) invest more than 5% of
its assets in securities of any one issuer (except the U.S. Government)
although with respect to one-quarter of its total assets it may invest without
regard to such limitation; (3) invest more than 5% of its assets in the
securities of any issuer (except the U.S. Government) having less than three
years of continuous operation or purchase more than 10% of any class of the
outstanding securities of any issuer (except the U.S. Government); (4) borrow
money except from banks on a temporary basis or by entering into reverse
repurchase agreements in aggregate amounts not exceeding 15% of its assets and
to facilitate the orderly maturation and sale of portfolio securities during
any periods of abnormally heavy redemption requests; or (5) mortgage, pledge or
hypothecate its assets except to secure such borrowings.
As a matter of operating policy, fundamental policy number (2) would give the
Prime Portfolio the ability to invest, with respect to 25% of its assets, more
than 5% of its assets in any one issuer only in the event Rule 2a-7 is amended
in the future.
GOVERNMENT PORTFOLIO
The securities in which the Government Portfolio invests are: (1) marketable
obligations of, or guaranteed by, the United States Government, its agencies or
instrumentalities (collectively, the "U.S. Government"), including issues of
the United States Treasury, such as bills, certificates of indebtedness, notes
and bonds, and issues of agencies and instrumentalities established under the
authority of an act of Congress; and (2) repurchase agreements that are
collateralized in full each day by the types of securities listed above. These
agreements are entered into with "primary dealers" (as designated by the
Federal Reserve Bank of New York) in U.S. Government securities or the Fund's
Custodian and would create a loss to the Government Portfolio if, in the event
of a dealer default, the proceeds from the sale of the collateral were less
than the repurchase price. The Government Portfolio may commit up to 15% of its
net assets to the purchase of when-issued U.S. Government securities, whose
value may fluctuate prior to their settlement, thereby creating an unrealized
gain or loss to the Government Portfolio.
CERTAIN FUNDAMENTAL INVESTMENT POLICIES. To maintain portfolio diversification
and reduce investment risk, the Government Portfolio may not: (1) borrow money
except from banks on a temporary basis or by entering into reverse repurchase
agreements in aggregate amounts not exceeding 10% of its assets and to be used
exclusively to facilitate the orderly maturation and sale of portfolio
securities during any periods of abnormally heavy redemption requests, if they
should occur; such borrowings may not be used to purchase investments and it
will not purchase any investment while any such borrowings exist; or (2)
pledge, hypothecate or in any manner transfer, as security for indebtedness,
its assets except to secure such borrowings.
GENERAL MUNICIPAL PORTFOLIO
As a matter of fundamental policy, the General Municipal Portfolio, except when
assuming a temporary defensive position, must maintain at least 80% of its
total assets in high-quality municipal securities (as opposed to the taxable
investments described below). Normally, substantially all of the General
Municipal Portfolio's income will be tax-exempt as described below. The General
Municipal Portfolio seeks maximum current income that is exempt from Federal
income taxes by investing principally in a diversified portfolio of
high-quality municipal securities. Such income may be subject to state or local
income taxes.
ALTERNATIVE MINIMUM TAX. The General Municipal Portfolio may invest without
limitation in tax-exempt municipal securities subject to the Federal
alternative minimum tax (the "AMT").
Under current Federal income tax law, (1) interest on tax-exempt municipal
securities issued after August 7, 1986 which are "specified private activity
bonds," and the proportionate share of any exempt-interest dividends paid by a
regulated investment company which receives interest from such specified
private activity bonds, will be treated as an item of tax preference for
purposes of the AMT imposed on individuals and corporations, though for regular
Federal income tax purposes such interest will remain fully tax-exempt, and (2)
interest on all tax-exempt obligations will be included in "adjusted current
earnings" of corporations for AMT purposes. Such bonds have provided, and may
continue to provide, somewhat higher yields than other comparable municipal
securities. See below, "Daily Dividends and Other Distributions" and "Taxes."
MUNICIPAL SECURITIES. The municipal securities in which the General Municipal
Portfolio invests include municipal notes and short-term municipal bonds.
Municipal notes are generally used to provide for short-term capital needs and
generally have maturities of one year or less. Examples include tax
anticipation and revenue anticipation notes which are generally issued in
anticipation of various seasonal revenues, bond anticipation notes, and
tax-exempt commercial paper. Short-term municipal bonds may include general
obligation bonds, which are secured by the issuer's pledge of its faith, credit
and taxing power for payment of principal and interest, and revenue bonds,
which are generally paid from the revenues of a particular facility or a
specific excise or other source.
The General Municipal Portfolio may invest in variable rate obligations whose
interest rates are adjusted either at predesignated periodic intervals or
whenever there is a change in the market rate to which the security's interest
rate is tied. Such adjustments tend to minimize changes in the market value of
the obligation and, accordingly, enhance the ability of the Portfolio to
maintain a stable net asset value. Variable rate securities purchased may
include participation interests in industrial development bonds backed by
letters of credit of Federal Deposit Insurance Corporation member banks having
total assets of more than $1 billion. The letters of credit of any single bank
in respect of all variable rate obligations will not cover more than 10% of the
General Municipal Portfolio's total assets.
Each of the General Municipal Portfolio's municipal securities at the time of
purchase are rated within the two highest quality ratings of Moody's (Aaa and
Aa, MIG 1 and MIG 2 or VMIG 1 and VMIG 2) or Standard & Poor's (AAA and AA or
SP-1 and SP-2), or judged by the Adviser to be of comparable quality.
Securities must also meet credit standards applied by the Adviser.
The General Municipal Portfolio also may invest in stand-by commitments, which
may involve certain expenses and risks, but such commitments are not expected
to comprise more than 5% of the Portfolio's net assets. The General Municipal
Portfolio may commit up to 15% of its net assets to the purchase of when-issued
securities. The Fund's Custodian will maintain, in a separate account of the
General Municipal Portfolio, liquid high-grade debt securities having value
equal to, or greater than, such commitments. The price of when-issued
securities, which is generally expressed in yield terms, is fixed at the time
the commitment to purchase is made, but delivery and payment for such
securities takes place at a later time. Normally the settlement date occurs
from within ten days to one month after the purchase of the issue. The value of
when-issued securities may fluctuate prior to their settlement, thereby
creating an unrealized gain or loss to the General Municipal Portfolio.
TAXABLE INVESTMENTS. The taxable investments in which the General Municipal
Portfolio may invest include obligations of the U.S. Government and its
agencies, high-quality certificates of deposit and bankers' acceptances, prime
commercial paper and repurchase agreements.
CERTAIN FUNDAMENTAL INVESTMENT POLICIES. To reduce investment risk, the General
Municipal Portfolio may not invest more than 25% of its total assets in
municipal securities whose issuers are located in the same state and may not:
(1) invest more than 25% of its total assets in municipal securities the
interest upon which is paid from revenues of similar-type projects; (2) invest
more than 5% of its total assets in the securities of any one issuer except the
U.S. Government, although with respect to 25% of its total assets the General
Municipal Portfolio may invest up to 10% per issuer; or (3) purchase more than
10% of any class of the voting securities of any one issuer except those of the
U.S. Government.
POLICIES APPLICABLE TO EACH PORTFOLIO
No Portfolio will maintain more than 10% of its net assets in illiquid
securities which include "restricted securities" subject to legal restrictions
on resale arising from an issuer's reliance upon certain exemptions from
registration under the Securities Act of 1933, as amended (the "Securities
Act"). Each Portfolio may purchase restricted securities determined by the
Adviser to be liquid in accordance with procedures adopted by the Trustees of
the Fund, including securities eligible for resale under Rule 144A under the
Securities Act and commercial paper issued in reliance upon the exemption from
registration in Section 4(2) of the Securities Act.
PURCHASE AND REDEMPTION OF SHARES
OPENING ACCOUNTS
Instruct your broker to use one or more of Alliance Money Market Fund's
Portfolios-Prime, Government, or General Municipal Portfolio-in conjunction
with your brokerage account. There is no minimum for initial investment or
subsequent investments.
SUBSEQUENT INVESTMENTS
BY CHECK. Mail or deliver your check or negotiable draft, payable to your
broker dealer, who will deposit it into the Portfolio(s). Please designate the
appropriate Portfolio and indicate your brokerage account number on the check
or draft.
BY SWEEP. An automatic "sweep" is available for shareholders in the Alliance
Money Market Fund. All cash balances in your brokerage account in excess of
$100 but less than $1,000 will be "swept" into the Portfolio(s) of your
choice on a weekly basis. However, when the daily balance in your brokerage
account exceeds $1,000, all of the funds in your brokerage account will be
"swept" daily into the Portfolio(s) of your choice.
REDEMPTIONS
BY CONTACTING YOUR BROKER. Instruct your Broker to order a withdrawal from your
Money Market account.
BY SWEEP. The sweep arrangement moves money from your money market account to
cover security purchases in your brokerage account.
BY CHECK-WRITING. With this service, you may write checks made payable to any
payee in any amount of $100 or more. Checks cannot be written for more than the
principal balance (not including any accrued dividends) in your account. First
you must fill out the signature card which you can obtain from your Broker.
There is no separate charge for the check-writing service. THE CHECK-WRITING
SERVICE ENABLES YOU TO RECEIVE THE DAILY DIVIDENDS DECLARED ON THE SHARES TO BE
REDEEMED UNTIL THE DAY THAT YOUR CHECK IS PRESENTED FOR PAYMENT.
ADDITIONAL INFORMATION
SHARE PRICE
Shares are sold and redeemed on a continuous basis without sales or redemption
charges at their net asset value which is expected to be constant at $1.00 per
share, although this price is not guaranteed. The net asset value of each
Portfolio's shares is determined each business day (i.e., any weekday exclusive
of days on which the New York Stock Exchange or The Bank of New York is closed)
at 12:00 Noon and 4:00 p.m. (New York time). The net asset value per share of a
Portfolio is calculated by taking the sum of the value of that Portfolio's
investments (amortized cost value is used for this purpose) and any cash or
other assets, subtracting liabilities, and dividing by the total number of
shares of that Portfolio outstanding. All expenses, including the fees payable
to the Adviser, are accrued daily.
TIMING OF INVESTMENTS AND REDEMPTIONS
The Portfolios have two transaction times each business day, 12:00 Noon and
4:00 p.m. (New York time). New investments represented by Federal funds or bank
wire monies received by The Bank of New York at any time during a day prior to
4:00 p.m. are entitled to the full dividend to be paid to shareholders for that
day. Shares do not earn dividends on the day a redemption is effected
regardless of whether the redemption order is received before or after 12:00
Noon.
Redemption proceeds are normally wired or mailed either the same or the next
business day, but in no event later than seven days, unless redemptions have
been suspended or postponed due to the determination of an "emergency" by the
Securities and Exchange Commission or to certain other unusual conditions.
DAILY DIVIDENDS AND OTHER DISTRIBUTIONS
All net income of each Portfolio is determined each business day at 4:00 p.m.
and is paid immediately thereafter pro rata to shareholders of record of that
Portfolio via automatic investment in additional full and fractional shares of
that Portfolio in each shareholder's account. As such additional shares are
entitled to dividends on following days, a compounding growth of income occurs.
Net income consists of all accrued interest income on a Portfolio's assets less
the Portfolio's expenses applicable to that dividend period. Realized gains and
losses of each Portfolio are reflected in its net asset value and are not
included in its net income.
TAXES
A prospective investor should review the more detailed discussion of Federal
income tax considerations relevant to each Portfolio that is contained in the
Statement of Additional Information. In addition, each prospective investor
should consult with his/her own tax advisers as to the tax consequences of an
investment in the Portfolios, including the status of distributions from a
Portfolio in his/her own state and locality and the possible applicability of
the AMT to a portion of the distributions of the General Municipal Portfolio.
The Fund intends to qualify each Portfolio each year as a separate "regulated
investment company" and as such, each Portfolio will not be subject to Federal
income and excise taxes on the investment company taxable income and net
capital gains, if any, distributed to shareholders.
PRIME PORTFOLIO AND GOVERNMENT PORTFOLIO. Shareholders of the Prime Portfolio
and Government Portfolio (other than tax-exempt shareholders) will be subject
to Federal income tax on the ordinary income dividends and any capital gains
dividends from these Portfolios and may also be subject to state and local
taxes. The laws of some states and localities, however, may exempt from some
taxes dividends paid on shares of the Prime Portfolio and Government Portfolio,
which are dividends attributable to interest from obligations of the U.S.
Government and certain of its agencies and instrumentalities.
DISTRIBUTIONS FROM THE GENERAL MUNICIPAL PORTFOLIO. Distributions to you out of
tax-exempt interest income earned by the General Municipal Portfolio are not
subject to Federal income tax (other than the AMT), but may be subject to state
or local income taxes. Any exempt-interest dividends derived from interest on
municipal securities subject to the AMT will be a specific preference item for
purposes of the Federal individual and corporate AMT. Distributions from the
General Municipal Portfolio to a corporate shareholder are not exempt from the
corporate taxes imposed by the respective jurisdictions. Distributions out of
taxable interest income, other investment income and short-term capital gains
are taxable to you as ordinary income and distributions of long-term capital
gains, if any, are taxable as long-term taxable gains irrespective of the
length of time you may have held your shares. Distributions of short and
long-term capital gains, if any, are normally made near year-end. Each year
shortly after December 31, the Fund will send to you tax information stating
the amount and type of all its distributions for the year just ended.
GENERAL. Distributions to shareholders will be treated in the same manner for
Federal income tax purposes whether received in cash or reinvested in
additional shares of a Portfolio. In general, distributions by a Portfolio are
taken into account by shareholders in the year in which they are made. However,
certain distributions made during January will be treated as having been paid
by a Portfolio and received by the shareholders on December 31 of the preceding
year. A statement setting forth the Federal income tax status of all
distributions made (or deemed made) during the calendar year, including any
portions which constitute ordinary income dividends, capital gains dividends
and exempt-interest dividends and U.S. Government interest dividends will be
sent to each shareholder of a Portfolio promptly after the end of each calendar
year.
MANAGEMENT OF THE FUND
ADVISER
Alliance Capital Management L.P., a New York Stock Exchange listed company with
principal offices at 1345 Avenue of the Americas, New York, New York 10105, has
been retained by the Fund, on behalf of each Portfolio, under an investment
advisory agreement (the "Advisory Agreement") to provide investment advice and,
in general, to conduct the management and investment program of the Fund under
the supervision and control of the Fund's Trustees.
Alliance Capital Management Corporation, the sole general partner of, and the
owner of a 1% general partnership interest in, the Adviser is an indirect
wholly-owned subsidiary of The Equitable Life Assurance Society of the United
States ("Equitable"), one of the largest life insurance companies in the United
States and a wholly-owned subsidiary of The Equitable Companies Incorporated, a
holding company controlled by AXA, a French insurance holding company. Certain
information concerning the ownership and control of Equitable by AXA is set
forth in the Statement of Additional Information under "Management of the Fund."
Under its Advisory Agreement with the Fund, the Adviser provides investment
advisory services and order placement facilities for the Fund. Under the
Advisory Agreement, each Portfolio pays the Adviser a fee at the annual rate of
.50% of a Portfolio's average daily net assets. The Adviser may, from time to
time, voluntarily waive a portion of its advisory fees payable from one or more
of the Portfolios.
In addition to the payments to the Adviser under the Advisory Agreement
described above, the Fund may pay certain other costs, including (i) custody,
transfer and dividend disbursing expenses, (ii) fees of the Trustees who are
not affiliated persons, (iii) legal and auditing expenses, (iv) clerical,
accounting, administrative and other office costs, (v) costs of personnel
providing services to the Fund, as applicable, (vi) costs of printing
prospectuses and shareholder reports, (vii) expenses and fees related to
registration and filing with the Securities and Exchange Commission and with
state regulatory authorities and (viii) such promotional expenses as may be
contemplated by an effective plan pursuant to Rule 12b-1 under the 1940 Act.
Under a Distribution Services Agreement (the "Agreement"), each Portfolio pays
the Adviser at a maximum annual rate of .45 of 1% of the Portfolio's aggregate
average daily net assets. Substantially all such monies (together with
significant amounts from the Adviser's own resources) are paid by the Adviser
to broker-dealers and other financial intermediaries for their distribution
assistance and to banks and other depository institutions for administrative
and accounting services provided to the Portfolios, with any remaining amounts
being used to partially defray other expenses incurred by the Adviser in
distributing the Portfolios' shares. The Fund believes that the administrative
services provided by depository institutions are permissible activities under
present banking laws and regulations and will take appropriate actions (which
should not adversely affect the Portfolios or their shareholders) in the future
to maintain such legal conformity should any changes in, or interpretations of,
such laws or regulations occur.
ADMINISTRATOR
Pursuant to an Administration Agreement, ADP Financial Information Services,
Inc., a wholly-owned subsidiary of Automatic Data Processing, Inc., serves as
administrator of the Fund, on behalf of the Portfolios. The Administrator
performs or arranges for the performance of certain services, mainly remote
processing services through its propriety shareholder accounting system. ADP is
entitled to receive from each Portfolio a fee computed daily and paid monthly
at a maximum annual rate equal to .05% of such Portfolio's average daily net
assets. ADP may, from time to time, voluntarily waive all or a portion of its
fees payable to it under the Administration Agreement. ADP shall not have any
responsibility or authority for any Portfolio's investments, the determination
of investment policy, or for any matter pertaining to the distribution of
Portfolio shares.
TRANSFER AGENT AND DISTRIBUTOR
Alliance Fund Services, Inc., P.O. Box 1520, Secaucus, NJ 07096-1520 and
Alliance Fund Distributors, Inc., 1345 Avenue of the Americas, New York, NY
10105, are the Fund's Transfer Agent and Distributor, respectively.
ORGANIZATION
Each of the Portfolios is a series of Alliance Money Market Fund, an open-end
management investment company registered under the 1940 Act and organized as a
Massachusetts business trust on October 26, 1994. The New Jersey, New York,
California and Connecticut Municipal Portfolios are non-diversified series of
the Fund and are not offered by this Prospectus. Each Portfolio's activities
are supervised by the Trustees of the Fund. Normally, shares of each series are
entitled to one vote per share, and vote as a single series, on matters that
affect each series in substantially the same manner. Massachusetts law does not
require annual meetings of shareholders and it is anticipated that shareholder
meetings will be held only when required by Federal law. Shareholders have
available certain procedures for the removal of Trustees.
