<PAGE>
Alliance Money Market Fund
This is filed pursuant to Rule 497(e).
File Nos. 033-85850 and 811-08838.
<PAGE>
Alliance Money Market Fund--General Municipal Portfolio (the "Fund")
is a diversified, open-end management investment company with investment
objectives of safety, liquidity and maximum current income that is exempt from
Federal income taxes to the extent consistent with the first two objectives.
This Prospectus sets forth the information about the Fund that a prospective
investor should know before investing. Please retain it for future reference.
AN INVESTMENT IN THE FUND 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 THE FUND 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, contact your Investment Executive.
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.
[LOGO] Wayne Hummer
Investments LLC
Introduces...
Alliance
Money
Market
Fund
General Municipal Portfolio
Prospectus
April 20, 1995
[LOGO] Wayne Hummer
Investments LLC
300 South Wacker Drive
Chicago, Illinois 60606
<PAGE>
EXPENSE INFORMATION
SHAREHOLDER TRANSACTION EXPENSES
The Fund has no sales load on purchases or reinvested dividends, deferred
sales load, redemption fee or exchange fee.
<TABLE>
<CAPTION>
ESTIMATED ANNUAL PORTFOLIO OPERATING EXPENSES
(as a percentage of average net assets, after expense reimbursement)
<S> <C>
Management Fees...................................................... .50%
12b-1 Fees........................................................... .45
Other Expenses....................................................... .05
----
Total Portfolio Operating Expenses................................... 1.00%
</TABLE>
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):
<TABLE>
<CAPTION>
1 YEAR 3 YEARS
------ -------
<S> <C> <C>
General Municipal............................................. $10 $32
</TABLE>
The purpose of the foregoing table is to assist the investor in understand-
ing the various costs and expenses that an investor in the Fund will bear di-
rectly or indirectly. The expenses listed in the table for the Fund are net of
voluntary expense reimbursements. The expenses before expense reimbursements
would be: Management Fees--.50%, 12b-1 Fees--.45%, Other Expenses--.19% and
Total Fund Operating Expenses--1.14%. The category "Other Expenses" is based
on the estimated amounts expected to be incurred during the Fund's first fis-
cal year. THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FU-
TURE EXPENSES; ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
INVESTMENT OBJECTIVES AND POLICIES
The investment objectives of the Fund are--in the following order of priori-
ty--safety of principal, excellent liquidity and, to the extent consistent
with the first two objectives, maximum current income that is exempt from in-
come taxes to the extent described below. As a matter of fundamental policy,
the Fund pursues its objectives by maintaining a portfolio of high-quality
money market securities. While the Fund may not 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 the Fund's objectives
will be achieved. The Fund is a series of Alliance Money Market Fund which
consists of six other series not offered by this Prospectus.
The Fund 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, qual-
ity and maturity limitations imposed by the Rule. Accordingly, the Fund will
invest in securities which, at the time of investment, have remaining maturi-
ties not exceeding 397 days, and the average maturity of the Fund'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.
As a matter of fundamental policy, the Fund, except when assuming a tempo-
rary defensive position, must maintain at least 80% of its total assets in
high-quality municipal securities (as opposed to the taxable investments de-
scribed below). Normally, substantially all of the Fund's income will be tax-
exempt as described below. The Fund seeks maximum current income that is ex-
empt from Federal income taxes by investing principally in a diversified port-
folio of high-quality municipal securities. Such income may be subject to
state or local income taxes.
2
<PAGE>
Alternative Minimum Tax. The Fund may invest without limitation in tax-ex-
empt 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 pri-
vate 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) inter-
est on all tax-exempt obligations will be included in "adjusted current earn-
ings" of corporations for AMT purposes. Such bonds have provided, and may con-
tinue to provide, somewhat higher yields than other comparable municipal secu-
rities. See below, "Daily Dividends and Other Distributions" and "Taxes."
Municipal Securities. The municipal securities in which the Fund invests in-
clude municipal notes and short-term municipal bonds. Municipal notes are gen-
erally used to provide for short-term capital needs and generally have maturi-
ties of one year or less. Examples include tax anticipation and revenue antic-
ipation 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 Fund 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 Fed-
eral 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 Fund's total as-
sets.
Each of the Fund'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 Fund 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 Fund's net assets. The Fund may commit up to 15% of its net as-
sets to the purchase of when-issued securities. The Fund's Custodian will
maintain, in a separate account of the Fund, 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 Fund.
The Fund will not maintain more than 10% of its net assets in illiquid secu-
rities which include "restricted securities" subject to legal restrictions on
resale arising from an issuer's reliance upon certain exemptions from regis-
tration under the Securities Act of 1933, as amended (the "Securities Act").
The Fund may purchase restricted securities determined by the Adviser to be
liquid in accordance with procedures adopted by the Trustees of the Fund, in-
cluding securities eligible for resale under Rule 144A under the Securities
Act and commercial paper issued in reliance upon the exemption from registra-
tion in Section 4(2) of the Securities Act.
Taxable Investments. The taxable investments in which the Fund may invest
include obligations of the U.S. Government and its agencies, high-quality cer-
tificates of deposit and bankers' acceptances, prime commercial paper and re-
purchase agreements.
3
<PAGE>
Certain Fundamental Investment Policies. To reduce investment risk, the Fund
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 Fund 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.
PURCHASE AND REDEMPTION OF SHARES
OPENING ACCOUNTS
Contact your Investment Executive to use Alliance Money Market Fund--General
Municipal Portfolio in conjunction with your brokerage account. There is a
minimum initial purchase of $500.
SUBSEQUENT INVESTMENTS
BY CHECK. Mail or deliver your check payable to Wayne Hummer Investments LLC
to your Investment Executive who will deposit it into the Fund. Please indi-
cate your brokerage account number on the check or draft.
BY SWEEP. Wayne Hummer Investments LLC has an automatic "sweep" available
for shareholders in the Fund. All cash balances in your brokerage account in
excess of $100 but less than $500 will be "swept" into the Fund on a weekly
basis. However, when the daily balance of your brokerage account exceeds $500,
all of the funds in your brokerage account will be "swept" daily into the
Fund.
REDEMPTIONS
BY CONTACTING YOUR INVESTMENT EXECUTIVE. Instruct your Investment Executive
to order a withdrawal from your Money Market account and issue a check made
payable to you.
BY SWEEP. Wayne Hummer Investments LLC's automatic "sweep" moves money from
your money market account automatically to cover security purchases into your
brokerage account.
BY CHECK-WRITING. With this service, you may write checks made payable to
any payee in any amount of $500 or more. Checks cannot be written for more
than the principal balance (not including any accrued dividends) in your ac-
count. First you must fill out the Signature Card which you can obtain from
your Investment Executive. There is no separate charge for the check-writing
service and your checks are provided free of charge. The check-writing service
enables you to receive the daily dividends declared on the shares to be re-
deemed 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 redemp-
tion 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
the Fund'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 the Fund is calculated by taking the sum of the value of the Fund'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 the Fund outstanding. All expenses, including the fees payable to
the Adviser, are accrued daily.
TIMING OF INVESTMENTS AND REDEMPTIONS
The Fund has 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
4
<PAGE>
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 re-
demption 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 the Fund is determined each business day at 4:00 p.m. and
is paid immediately thereafter pro rata to shareholders of record of the Fund
via automatic investment in additional full and fractional shares of the Fund
in each shareholder's account. As such additional shares are entitled to divi-
dends on following days, a compounding growth of income occurs.
Net income consists of all accrued interest income on the Fund's assets less
the Fund's expenses applicable to that dividend period. Realized gains and
losses are reflected in its net asset value and are not included in net in-
come.
TAXES
A prospective investor should review the more detailed discussion of Federal
income tax considerations relevant to the Fund that is contained in the State-
ment of Additional Information. In addition, each prospective investor should
consult with his/her own tax advisers as to the tax consequences of an invest-
ment in the Fund, including the status of distributions from the Fund in
his/her own state and locality and the possible applicability of the AMT to a
portion of the distributions of the Fund.
The Fund intends to qualify each year as a separate "regulated investment
company" and as such, the Fund will not be subject to Federal income and ex-
cise taxes on the investment company taxable income and net capital gains, if
any, distributed to shareholders.
DISTRIBUTIONS FROM THE FUND. Distributions to you out of tax-exempt interest
income earned by the Fund are not subject to Federal income tax (other than
the AMT), but may be subject to state or local income taxes. Any exempt-inter-
est 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 Fund to a corporate shareholder are not
exempt from the corporate taxes imposed by the respective jurisdictions. Dis-
tributions 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 irre-
spective 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 ad-
ditional shares of the Fund. In general, distributions by the Fund are taken
into account by shareholders in the year in which they are made. However, cer-
tain distributions made during January will be treated as having been paid by
the Fund and received by the shareholders on December 31 of the preceding
year. A statement setting forth the Federal income tax status of all distribu-
tions made (or deemed made) during the calendar year, including any portions
which constitute ordinary income dividends, capital gains dividends and ex-
empt-interest dividends and U.S. Government interest dividends will be sent to
each shareholder of the Fund promptly after the end of each calendar year.
5
<PAGE>
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, NY 10105, has
been retained by the Fund under an investment advisory agreement (the "Advi-
sory Agreement") to provide investment advice and, in general, to conduct the
management and investment program of the Fund under the supervision and con-
trol 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 Incor-
porated, a holding company controlled by AXA, a French insurance holding com-
pany. 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 Advi-
sory Agreement, the Fund pays the Adviser a fee at the annual rate of .50% of
the Fund's average daily net assets. The Adviser may, from time to time, vol-
untarily waive a portion of its advisory fees payable from the Fund.
In addition to the payments to the Adviser under the Advisory Agreement de-
scribed 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, ac-
counting, administrative and other office costs, (v) costs of personnel pro-
viding services to the Fund, as applicable, (vi) costs of printing prospec-
tuses and shareholder reports, (vii) expenses and fees related to registration
and filing with the Securities and Exchange Commission and with state regula-
tory 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"), the Fund pays the
Adviser at a maximum annual rate of .45 of 1% of the Fund'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 account-
ing services provided to the Fund, with any remaining amounts being used to
partially defray other expenses incurred by the Adviser in distributing the
Fund's 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 Fund or their shareholders) in the future to maintain such legal
conformity should any changes in, or interpretations of, such laws or regula-
tions 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. The Administrator performs or arranges for the per-
formance of certain services, mainly remote processing services through its
propriety shareholder accounting system. ADP is entitled to receive from the
Fund a fee computed daily and paid monthly at a maximum annual rate equal to
.05% of the Fund's average daily net assets. ADP may, from time to time, vol-
untarily waive all or a portion of its fees payable to it under the Adminis-
tration Agreement. ADP shall not have any responsibility or authority for the
Fund's investments, the determination of investment policy, or for any matter
pertaining to the distribution of Fund shares.
TRANSFER AGENT AND DISTRIBUTOR
Alliance Fund Services, Inc., P.O. Box 1520, Secaucus, NJ 07096-1520 and Al-
liance Fund Distributors, Inc., 1345 Avenue of the Americas, New York, NY
10105, are the Fund's Transfer Agent and Distributor, respectively.
6
<PAGE>
ORGANIZATION
Alliance Money Market Fund (the "Trust") is an open-end management invest-
ment company registered under the 1940 Act and organized as a Massachusetts
business trust on October 26, 1994. The Trust's activities are supervised by
the Trustees of the Fund. Normally, shares of each series of the Trust are en-
titled to one vote per share, and vote as a single series, on matters that af-
fect 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.
7
