ALLIANCE MONEY MARKET FUND
- -GENERAL MUNICIPAL PORTFOLIO
- -PRIME PORTFOLIO
- -GOVERNMENT PORTFOLIO
SEMI-ANNUAL REPORT
MAY 31, 1996
(UNAUDITED)
STATEMENT OF NET ASSETS
MAY 31, 1996 (UNAUDITED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------------
MUNICIPAL BONDS56.0%
ALABAMA2.1%
ABBEVILLE IDR
(Greenbush Woods Project) AMT VRDN*
$ 455 4/01/04 3.90% $ 455,000
ALABAMA HIGHER EDUCATION
Student Loan Revenue Series C AMT
1,000 3/01/97 3.70 1,008,719
DECATUR IDB SOLID WASTE REVENUE
(Trico Steel Co. Project) AMT VRDN*
1,000 3/01/26 3.90 1,000,000
----------
2,463,719
CALIFORNIA2.1%
LOS ANGELES TRAN
(Unified School District)
2,400 7/03/96 3.62 2,401,660
DELAWARE0.3%
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY
(Orient Chemical Company) AMT VRDN*
400 11/01/99 3.88 400,000
DISTRICT OF COLUMBIA1.5%
DISTRICT OF COLUMBIA GO
Series '92 A-6 VRDN*
400 10/01/07 4.15 400,000
DISTRICT OF COLUMBIA HFA MFHR
(McLean Apts.) Series '85A VRDN*
1,390 12/01/05 3.85 1,390,000
----------
1,790,000
FLORIDA2.8%
ORANGE COUNTY HFA SFMR
GNMA/FNMA Mortgage Program Series '96
AMT PPB*
1,000 4/01/29 3.65 1,000,000
PINELLAS COUNTY SFMR
Multi-County Program GNMA/FNMA Mortgage
Program Series B AMT PPB*
1,600 4/01/29 3.40% $1,600,000
WAUCHULA IDR
(Hardee County CenterProject) VRDN*
650 12/01/13 3.70 650,000
----------
3,250,000
ILLINOIS5.3%
CHICAGO AIRPORT REVENUE
(O'Hare International Airport)
Series '88A AMT VRDN*
1,900 1/01/18 3.75 1,900,000
CITY OF CHICAGO SFMR
Series '96B AMT PPB*
500 9/01/27 3.30 500,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY
(U.G.N. Inc. Project)
Series '86 AMT VRDN*
3,000 9/15/11 4.15 3,000,000
WOOD DALE CITY IDR
(Nippon Express USA, Inc.)
Series '85 VRDN*
800 6/01/00 3.85 800,000
----------
6,200,000
INDIANA5.2%
ALLEN COUNTY ECONOMIC DEVELOPMENT AUTHORITY
(Mattel Power Wheels, Inc.) AMT VRDN*
1,300 12/01/18 3.90 1,300,000
JEFFERSONVILLE ECONOMIC DEVELOPMENT AUTHORITY
(Apollo America Corp. Project) AMT VRDN*
3,000 10/01/11 3.90 3,000,000
SEYMOUR ECONOMIC DEVELOPMENT AUTHORITY
(Kobelco Metal Powder Co. Project)
Series '87 AMT VRDN*
1,775 12/01/97 4.15 1,775,000
----------
6,075,000
1
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------------
KENTUCKY5.6%
BEREA IDR
(Tokico Manufacturing Corp.)
Series '87 AMT VRDN*
$ 2,400 12/01/97 4.15% $2,400,000
RUSSELLVILLE IDB
(JS Technos Corp. Project)
Series '89 AMT VRDN*
3,000 12/01/09 4.15 3,000,000
WARSAW INDUSTRIAL BUILDING AUTHORITY
(SDI Operating Partners)
Series '88 AMT VRDN*
1,150 8/01/09 3.70 1,150,000
----------
6,550,000
LOUISIANA0.3%
WEST BATON ROUGE IDR
(Dow Chemical Corp.) Series '95 AMT VRDN*
400 11/01/25 4.15 400,000
MAINE4.1%
MAINE FINANCE AUTHORITY
Series H AMT VRDN*
610 6/01/01 4.05 610,000
MAINE FINANCE AUTHORITY
Series '88C AMT VRDN*
260 12/01/04 4.05 260,000
MAINE FINANCE AUTHORITY
Series '89D AMT VRDN*
120 6/01/00 4.05 120,000
MAINE FINANCE AUTHORITY
Series '89K AMT VRDN*
145 12/01/97 4.05 145,000
MAINE FINANCE AUTHORITY
Economic Development Revenue Series B
AMT VRDN*
510 6/01/99 4.05 510,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
Series D-F AMT VRDN*
745 6/01/04 4.05 745,000
MAINE FINANCE AUTHORITY
Insured Loan Revenue Series '88A-D AMT VRDN*
1,595 12/01/03 4.05 1,595,000
ORRINGTON RESOURCE RECOVERY
(Penobscot Energy Project B) VRDN*
800 5/01/03 3.75% $ 800,000
----------
4,785,000
MICHIGAN1.7%
MICHIGAN STRATEGIC FUND
(Donnelly Corp. Project)
Series A AMT VRDN*
2,000 3/01/10 4.05 2,000,000
MISSOURI2.1%
MISSOURI ECONOMIC DEVELOPMENT AUTHORITY
Export & Infrastructure Series A AMT VRDN*
290 9/01/05 3.95 290,000
MISSOURI ECONOMIC DEVELOPMENT AUTHORITY
Export & Infrastructure Series C AMT VRDN*
1,465 9/01/05 3.95 1,465,000
MISSOURI INDUSTRIAL DEVELOPMENT AUTHORITY
(Excelsior Manufacturing) Series B AMT VRDN*
645 2/01/09 3.95 645,000
----------
2,400,000
NEBRASKA1.0%
NEBRASKA FINANCE AUTHORITY
(Single Family Housing) Series '96C AMT PPB*
1,200 9/01/28 3.85 1,200,000
NEW HAMPSHIRE1.3%
NASHUA HOUSING AUTHORITY MFHR
(Clocktower Project) AMT VRDN*
1,500 10/20/28 4.20 1,500,000
NEW YORK3.6%
NEW YORK GO
Series F-6 VRDN*
3,500 2/15/18 3.80 3,500,000
2
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------------
NEW YORK AIRPORT REVENUE
(Nippon Cargo Air) AMT VRDN*
$ 700 11/01/15 4.35% $ 700,000
----------
4,200,000
NORTH CAROLINA0.9%
BLADEN COUNTY PCR
(BCH Energy LP Project) Series '93 AMT VRDN*
1,000 11/01/20 3.95 1,000,000
OHIO1.2%
OHIO HOUSING FINANCE AGENCY
Residential Mortgage Revenue
Series '96A-3 AMT PPB*
1,000 9/01/28 3.40 1,000,000
OHIO WATER DEVELOPMENT AUTHORITY
(Ohio Edison Company) Series A AMT PPB*
400 5/01/18 3.80 400,000
----------
1,400,000
OKLAHOMA1.7%
BROKEN ARROW
(Paragon Films Project) AMT VRDN*
1,970 8/01/04 3.88 1,970,000
OREGON0.2%
OREGON HOUSING & COMMUNITY SERVICE SFMR
Mortgage Revenue Series '96C AMT
300 5/15/97 3.85 300,000
PENNSYLVANIA0.9%
PENNSYLVANIA ECONOMIC DEVELOPMENT
AUTHORITY IDR
(Jones Partnership) Series '88A-4 AMT VRDN*
440 12/01/03 3.90 440,000
PENNSYLVANIA ECONOMIC DEVELOPMENT
AUTHORITY IDR
(Ram Forest Products Inc.)
Series '88A-3 AMT VRDN*
580 12/01/99 3.90% $580,000
----------
1,020,000
RHODE ISLAND0.5%
RHODE ISLAND HOUSING & FINANCE CORP.
Homeownership Opportunity Series 19D AMT PPB*
600 10/01/26 3.55 600,000
SOUTH DAKOTA0.6%
SOUTH DAKOTA HFA SFMR
Homeownership Mortgage Series G
700 5/01/97 4.25 702,166
TEXAS5.1%
GREATER EAST TEXAS HIGHER EDUCATION
Student Loan Revenue Series '95A AMT PPB*
1,000 5/01/11 3.85 1,000,000
GREATER TEXAS STUDENT LOAN CORP.
Student Loan Revenue Series '96A AMT PPB*
1,200 4/01/05 3.35 1,200,000
GULF COAST
(Amoco Oil Co) Series '93 AMT VRDN*
200 4/01/28 4.00 200,000
HARRIS COUNTY IDR
(Nippon Pigment USA Project)
Series '87 AMT VRDN*
1,500 7/01/02 4.00 1,500,000
TRAVIS COUNTY
Insured Series B
2,000 3/01/97 3.65 2,032,729
----------
5,932,729
3
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- -------------------------------------------------------------------------------
UTAH0.4%
UTAH HOUSING FINANCE AGENCY SFMR
Home Mortgage Revenue Series 4 AMT VRDN*
$ 500 7/01/28 3.80% $ 500,000
VIRGINIA1.3%
AMELIA COUNTY IDA
(Chambers Waste Systems, Inc.) AMT VRDN*
1,500 7/01/07 3.95 1,500,000
WASHINGTON4.2%
PORT OF VANCOUVER IDR
(United Grain Corp.) Series '92 AMT VRDN*
500 12/01/10 4.05 500,000
WASHINGTON HOUSING FINANCE COMMISSION MFHR
(LTC Properties Inc. Project) AMT VRDN*
1,500 12/01/15 4.30 1,500,000
WASHINGTON PUBLIC POWER SUPPLY
(Nuclear Project #2)
1,500 7/01/96 3.50 1,501,381
YAKIMA COUNTY IDR
(Can-Am Millwork LTD) AMT VRDN*
1,415 12/01/14 3.85 1,415,000
----------
4,916,381
Total Municipal Bonds
(amortized cost $65,456,655) 65,456,655
COMMERCIAL PAPER43.6%
ALABAMA1.7%
PHENIX CITY IDB
(Mead Board Project)
2,000 7/11/96 3.60 2,000,000
CALIFORNIA3.4%
CALIFORNIA PCR
(Pacific Gas & Electric) Series '88D AMT
4,000 7/25/96 3.50 4,000,000
COLORADO3.4%
DENVER AIRPORT REVENUE
Series B AMT
1,500 8/08/96 3.85 1,500,000
DENVER AIRPORT REVENUE
Series B AMT
1,500 8/07/96 3.95% $1,500,000
DENVER AIRPORT REVENUE
Series E AMT
1,000 8/08/96 3.85 1,000,000
----------
4,000,000
FLORIDA5.1%
FLORIDA LOCAL GOVERMENT COMMISSION
(Florida Association of Counties)
3,080 7/25/96 3.45 3,080,000
FLORIDA LOCAL GOVERMENT COMMISSION
(Florida Association of Counties)
1,000 7/25/96 3.45 1,000,000
JACKSONVILLE PCR
(Florida Power & Light) Series '94
400 10/17/96 3.65 400,000
SARASOTA PUBLIC HOSPITAL REVENUE
(Sarasota Memorial Hospital) Series B
1,500 8/19/96 3.80 1,500,000
----------
5,980,000
GEORGIA5.3%
FULCO COUNTY HOSPITAL REVENUE
(St. Joseph's Hospital of Atlanta)
5,000 7/10/96 3.55 5,000,000
MUNICIPAL GAS AUTHORITY
Gas Revenue Bonds Series '85B
1,200 8/23/96 3.70 1,200,000
----------
6,200,000
ILLINOIS1.3%
DECATUR WATER REVENUE
(New South Water Treatment) Series '85
800 7/18/96 3.70 800,000
DECATUR WATER REVENUE
(New South Water Treatment) Series '85
700 7/18/96 3.80 700,000
----------
1,500,000
4
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------------
MICHIGAN0.7%
MICHIGAN BUILDING AUTHORITY
AMT
$ 800 8/28/96 3.70% $ 800,000
NEVADA2.1%
WASHOE COUNTY WATER FACILITIES
(Sierra Pacific Power Co.) Series '90 AMT
2,400 6/19/96 3.60 2,400,000
NEW YORK3.0%
NEW YORK GO
Series '96
1,000 8/22/96 3.50 1,000,000
NEW YORK MUNICIPAL WATER AUTHORITY
Series '94
600 8/08/96 3.70 600,000
NEW YORK MUNICIPAL WATER AUTHORITY
Series '94
600 8/12/96 3.80 600,000
NIAGARA COUNTY IDA
(American Ref. Fuel Co.) Series '94B AMT
1,000 7/30/96 3.70 1,000,000
NIAGARA COUNTY IDA
(American Ref. Fuel Co.) Series '94C AMT
300 8/16/96 3.60 300,000
----------
3,500,000
OHIO2.8%
OHIO WATER DEVELOPMENT AUTHORITY PCR
(Duquesne Light) Series '88 AMT
3,300 6/12/96 3.50 3,300,000
PENNSYLVANIA2.0%
CARBON COUNTY
Rec. Rec: (Panther Creek Project)
Series '90B AMT
300 10/18/96 3.75 300,000
VENANGO INDUSTRIAL DEVELOPMENT AUTHORITY
Res. Rec: (Scrubgrass Project)
Series '93 AMT
2,000 8/23/96 3.50% $2,000,000
----------
2,300,000
PUERTO RICO0.7%
PUERTO RICO DEVELOPMENT BANK
800 8/21/96 3.65 800,000
TEXAS9.5%
BRAZOS RIVER AUTHORITY
(Dow Chemical Project) Series '88 AMT
700 8/13/96 3.75 700,000
BRAZOS RIVER AUTHORITY
(Dow Chemical Project) Series '92 AMT
800 8/13/96 3.75 800,000
BRAZOS RIVER AUTHORITY PCR
(Texas Utilities Project) Series '94B AMT
1,500 8/15/96 3.30 1,500,000
DALLAS AREA RAPID TRANSIT
Sales Tax Revenue Series A
2,400 8/22/96 3.50 2,400,000
HOUSTON AIRPORT
Series A AMT
3,700 7/11/96 3.60 3,700,000
PORT DEVELOPMENT CORP.
(Mitsui Marine Terminal Project) Series '85A
850 8/14/96 3.80 850,000
UNIVERSITY OF TEXAS
(Board of Regents) Series A
1,200 10/18/96 3.65 1,200,000
----------
11,150,000
5
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------------
UTAH1.2%
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.) Series A AMT
$ ,400 8/21/96 3.75% $ 1,400,000
VIRGINIA1.0%
LOUISA PCR
(Virginia Electric & Power Co.) Series '87
1,100 7/24/96 3.70 1,100,000
WEST VIRGINIA0.4%
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.) Series '89A AMT
500 8/06/96 3.30 500,000
VALUE
- ------------------------------------------------------------------------------
Total Commercial Paper
(amortized cost $50,930,000) $ 50,930,000
TOTAL INVESTMENTS99.6%
(amortized cost $116,386,655) 116,386,655
Other assets less liabilities0.4% 519,388
NET ASSETS100%
(offering and redemption price of $1.00
per share; 116,905,668 shares outstanding) $116,906,043
+ 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 of Terms:
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
GO General Obligation
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
PPB Periodic Put Bond
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
6
STATEMENT OF NET ASSETS
MAY 31, 1996 (UNAUDITED) ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
COMMERCIAL PAPER72.1%
AGA CAPITAL INC.
$ 16,000 6/14/96 5.32% $15,969,262
5,000 6/03/96 5.35 4,998,514
AKZO NOBEL, INC.
15,000 7/22/96 5.31 14,887,162
ALAMO FUNDING L.P.
5,000 6/11/96 5.32 4,992,611
10,000 6/04/96 5.33 9,995,558
9,000 6/11/96 5.35 8,986,625
ALLIANZ OF AMERICA FINANCE
9,640 7/08/96 5.30 9,587,489
ALPHA FINANCE
20,000 6/03/96 5.10 19,994,333
ASI FUNDING CORP.
20,686 8/09/96 5.33 20,474,675
BANCA CRT FINANCIAL CORP.
6,200 6/27/96 5.31 6,176,223
8,500 6/03/96 5.35 8,497,474
BARTON CAPITAL CORP.
13,571 6/28/96 5.30 13,517,055
9,273 6/10/96 5.31 9,260,690
BAYERISCHE VEREINSBANK
50,000 6/12/96 5.30 49,919,028
BIL NORTH AMERICA, INC.
25,000 7/31/96 5.30 24,779,167
BRIARCLIFF CAPITAL CORP.
28,048 6/25/96 5.30 27,948,897
17,324 6/24/96 5.32 17,265,118
CARGILL FINANCIAL SERVICES CORP.
10,000 8/21/96 5.00 9,887,500
CEMEX, S.A.
25,000 7/22/96 5.33 24,811,229
CHIAO TUNG BANK CO., LTD.
10,000 6/28/96 5.22 9,960,850
3,000 6/12/96 5.32 2,995,096
40,000 7/11/96 5.38 39,760,889
CLIPPER RECEIVABLES CORP.
30,000 6/18/96 5.32 29,924,633
25,000 6/13/96 5.34 24,955,500
COPLEY FINANCING CORP.
22,000 06/24/96 5.34 21,924,943
CORPORATE ASSET SECURITIZATION
AUSTRALIA
7,000 7/19/96 5.32 6,950,347
26,500 6/21/96 5.33 26,421,531
CS FIRST BOSTON
22,000 6/20/96 5.30% $21,938,461
DELAWARE FUNDING CORP.
13,000 6/17/96 5.30 12,969,378
54,812 7/23/96 5.33 54,390,008
ENTERPRISE FUNDING CORP.
25,629 6/04/96 5.32 25,617,638
EQUIPMENT FUNDING, INC.
11,000 6/05/96 5.33 10,993,486
EQUIPMENT INTERMEDIATION L.P.
35,000 6/05/96 5.32 34,979,311
EXPORT DEVELOPMENT CORP.
25,000 6/10/96 5.30 24,966,875
FALCON ASSET SECURITIZATION
22,420 6/17/96 5.30 22,367,188
FINANCE ONE FUNDING CORP.
10,000 6/27/96 5.32 9,961,578
12,000 8/09/96 5.32 11,877,640
FLETCHER CHALLENGE FINANCE
50,000 06/28/96 5.30 49,801,250
FORD MOTOR CREDIT CO.
35,000 6/13/96 5.00 34,941,667
11,000 7/19/96 5.30 10,922,267
GENERAL ELECTRIC CAPITAL CORP.
30,000 6/12/96 5.32 29,951,233
GREENWICH ASSET FUNDING, INC.
7,000 6/17/96 5.30 6,983,511
31,661 6/03/96 5.34 31,651,607
IMI FUNDING
10,422 8/26/96 5.30 10,290,046
8,000 7/16/96 5.33 7,946,700
35,427 6/17/96 5.35 35,342,762
INTERNATIONAL SECURITIZATION CORP.
25,000 6/28/96 5.32 24,900,250
JEFFERSON SMURFIT FINANCE CORP.
7,500 6/25/96 5.32 7,473,400
9,500 7/15/96 5.32 9,438,229
5,000 6/11/96 5.35 4,992,569
7
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
KINGDOM OF SWEDEN
$ 20,000 6/05/96 5.20% $19,988,445
40,000 1/10/97 5.38 38,666,956
MARKET STREET FUNDING
12,272 6/12/96 5.33 12,252,014
10,000 6/18/96 5.33 9,974,831
MITSUBISHI ELECTRIC FINANCE
7,620 6/26/96 5.33 7,591,795
MORGAN STANLEY GROUP, INC.
50,000 8/22/96 5.30 49,396,389
OLD LINE FUNDING CORP.
15,338 7/02/96 5.32 15,267,735
10,000 6/13/96 5.33 9,982,233
25,000 6/10/96 5.35 24,966,563
PACIFIC DUNLOP
16,000 6/07/96 5.30 15,985,867
PREMIUM FUNDING, INC.
SERIES B
9,213 6/24/96 5.33 9,181,627
11,100 7/19/96 5.33 11,021,116
PREMIUM FUNDING, INC.
SERIES E
12,000 7/10/96 5.33 11,930,710
13,963 6/19/96 5.35 13,925,649
5,034 6/28/96 5.35 5,013,801
27,562 7/10/96 5.35 27,402,623
10,135 7/02/96 5.38 10,088,047
PRIME ASSET VEHICLE, LTD.
20,000 8/16/96 5.30 19,776,222
19,882 6/24/96 5.32 19,814,423
11,935 6/28/96 5.32 11,887,379
16,000 8/12/96 5.32 15,829,760
RANGER FUNDING CORP.
13,000 7/25/96 5.30 12,896,650
6,000 6/03/96 5.35 5,998,217
RECEIVABLES CAPITAL CORP.
4,560 6/18/96 5.32 4,548,544
25,000 7/10/96 5.32 24,855,917
SHEFFIELD RECEIVABLES CORP.
35,000 6/12/96 5.30 34,943,319
SIGMA FINANCE CORP.
35,000 7/08/96 5.30% $34,809,347
10,000 10/25/96 5.31 9,784,650
7,500 7/01/96 5.33 7,466,688
6,500 7/22/96 5.33 6,450,920
9,000 8/16/96 5.33 8,898,730
SUMITOMO CORP. OF AMERICA
7,000 8/22/96 5.31 6,915,335
15,000 7/03/96 5.32 14,929,067
20,000 8/05/96 5.33 19,807,528
15,000 9/09/96 5.35 14,777,083
THAMES ASSET GLOBAL SECURITIZATION
35,066 8/30/96 5.38 34,594,362
THREE RIVERS FUNDING CORP.
8,000 6/07/96 5.32 7,992,907
TRIPLE-A ONE FUNDING CORP.
40,000 6/21/96 5.31 39,882,000
6,606 7/09/96 5.32 6,568,904
47,626 6/07/96 5.33 47,583,692
18,000 6/14/96 5.33 17,965,355
UBS FINANCE (DELAWARE) INC.
5,000 6/03/96 5.41 4,998,497
UNILEVER CAPITAL CORP.
20,000 10/22/96 4.94 19,607,544
VATTENFALL TREASURY AB
30,000 7/22/96 5.30 29,774,750
Total Commercial Paper
(amortized cost $1,735,533,644) 1,735,533,644
CERTIFICATES OF DEPOSIT15.3%
BANK OF TOKYO LTD.
45,000 5.50%, 7/15/96 5.50 45,000,000
BANK ONE, DAYTON, OHIO
55,000 5.30%, 6/25/96 5.31 54,999,635
BANQUE NATIONALE DE PARIS
15,000 5.33%, 7/01/96 5.40 15,000,125
10,000 5.36%, 6/19/96 5.38 9,999,802
20,000 5.39%, 8/13/96 5.35 20,001,377
8
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
COMMERZBANK AG
$ 50,000 5.47%, 12/02/96 5.45% $ 50,004,970
DAI-ICHI KANGYO BANK LTD.
20,000 5.43%, 6/19/96 5.42 20,000,100
DEUTSCHE BANK
15,000 5.48%, 1/03/97 5.65 14,977,567
20,000 5.53%, 4/02/97 5.80 19,955,297
HESSICHE LANDESBANK
10,000 5.70%, 4/29/97 5.80 9,991,046
NORINCHUKIN BANK LTD.
20,000 5.48%, 7/26/96 5.47 20,000,301
20,000 5.56%, 7/10/96 5.55 20,000,214
SANWA BANK LTD.
23,000 5.43%, 6/10/96 5.41 23,000,110
SOCIETE GENERALE
25,000 5.36%, 6/04/96 5.34 25,000,038
SUMITOMO BANK LTD.
7,000 5.43%, 6/03/96 5.43 7,000,000
15,000 5.45%, 6/07/96 5.44 15,000,025
Total Certificates of Deposit
(amortized cost $369,930,607) 369,930,607
CORPORATE OBLIGATIONS7.1%
BETA FINANCE
25,000 5.92%, 6/06/97 5.92 25,000,000
GENERAL ELECTRIC CAPITAL CORP.
25,000 7.85%, 7/17/96 5.35 25,074,092
GOLDMAN SACHS GROUP L.P.
50,000 5.45%, 9/13/96 FRN 5.45 50,000,000
J.P. MORGAN & CO.
60,000 5.39%, 3/21/97 FRN 5.44 60,022,930
TOYOTA MOTOR CREDIT CORP.
10,000 5.00%, 2/26/97 5.10 9,991,516
Total Corporate Obligations
(amortized cost $170,088,538) 170,088,538
U.S. GOVERNMENT AND AGENCIES5.1%
FEDERAL FARM CREDIT BANK
25,000 5.21%, 1/22/97 FRN 5.25% $ 24,993,794
FEDERAL HOME LOAN BANK
25,000 5.23%, 10/16/96 5.33 24,991,789
FEDERAL NATIONAL MORTGAGE ASSOCIATION
12,000 5.19%, 1/27/97 FRN 5.31 11,990,843
20,000 5.47%, 9/27/96 FRN 5.37 20,001,729
U.S. TREASURY NOTE
40,000 6.63%, 3/31/97 5.23 40,445,256
Total U.S. Government and Agencies
(amortized cost $122,423,411) 122,423,411
BANK OBLIGATIONS1.2%
BANK OF NEW YORK CO., INC.
10,000 5.14%, 9/09/96 5.15 9,999,730
MORGAN GUARANTY TRUST OF NY
20,000 5.50%, 1/08/97 5.50 20,000,000
Total Bank Obligations
(amortized cost $29,999,730) 29,999,730
TOTAL INVESTMENTS100.8%
(amortized cost $2,427,975,930) 2,427,975,930
Other assets less liabilities(0.8)% (19,969,655)
NET ASSETS100%
(offering and redemption price of $1.00
per share; 2,408,004,366 shares outstanding) $2,408,006,275
+ All securities either mature or their interest rate changes in one year or
less.
Glossary:
FRN - Floating Rate Note
See notes to financial statements.
9
STATEMENT OF NET ASSETS
MAY 31, 1996 (UNAUDITED) ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCIES99.5%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION30.5%
$ 500 6/24/96 5.23% $ 498,329
15,000 5.47%, 9/27/96 FRN 5.37 15,001,297
15,000 5.47%, 10/04/96 FRN 5.39 15,002,679
-----------
30,502,305
FEDERAL HOME LOAN MORTGAGE CORP.26.5%
600 6/28/96 5.20 597,660
3,500 7/29/96 5.21 3,470,621
1,000 8/19/96 5.21 988,567
7,600 6/20/96 5.23 7,579,025
14,000 8/12/96 5.24 13,853,280
-----------
26,489,153
FEDERAL HOME LOAN BANK26.5%
8,000 10/18/96 5.16 7,840,613
1,000 8/12/96 5.19 989,620
11,000 6/17/96 5.20 10,974,602
1,700 7/31/96 5.23 1,685,182
5,000 5.23%, 10/16/96 FRN 5.33 4,998,358
-----------
26,488,375
U.S. TREASURY NOTE 8.1%
8,000 6.50%, 5/15/97 5.66% $ 8,061,974
FEDERAL FARM CREDIT BANK5.9%
3,400 6/06/96 5.20 3,397,545
2,500 5.15%, 5/20/97 FRN 5.27 2,497,178
-----------
5,894,723
STUDENT LOAN MARKETING ASSOCIATION2.0%
2,000 6.13%, 6/30/97 FRN 5.87 2,001,094
TOTAL INVESTMENTS99.5%
(amortized cost $99,437,624) 99,437,624
Other assets less liabilities0.5% 548,200
NET ASSETS100%
(offering and redemption price of $1.00
per share; 99,985,751 shares outstanding) $99,985,824
+ All securities either mature or their interst rate changes in one year or
less.
Glossary:
FRN - Floating Rate Note
See notes to financial statements.
10
STATEMENT OF OPERATIONS
(UNAUDITED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ------------
DEC. 13, DEC. 29, DEC. 29,
1995* TO 1995* TO 1995* TO
MAY 31,1996 MAY 31,1996 MAY 31,1996
----------- ------------ ------------
INVESTMENT INCOME
Interest $1,500,081 $45,089,108 $1,837,909
EXPENSES
Advisory fee (Note B) 196,171 4,096,554 166,121
Distribution assistance fee (Note C) 176,554 3,686,898 149,509
Administrative fee (Note C) 19,617 409,656 16,612
Registration fees 56,318 341,465 61,792
Custodian fees 39,588 119,660 36,114
Audit and legal fees 22,013 23,965 15,151
Printing 2,956 31,775 2,192
Transfer agency 45,500 1,182,290 39,833
Organization 5,472 4,960 4,960
Trustees' fees 3,310 2,945 3,067
Miscellaneous 3,605 11,315 3,262
Total expenses 571,104 9,911,483 498,613
Less: fee waiver and reimbursement (178,762) (1,718,375) (166,372)
----------- ------------ ------------
392,342 8,193,108 332,241
----------- ------------ ------------
Net investment income 1,107,739 36,896,000 1,505,668
REALIZED GAIN ON INVESTMENTS
Net realized gain on investments 375 1,909 73
NET INCREASE IN NET ASSETS FROM
OPERATIONS $1,108,114 $36,897,909 $1,505,741
* Commencement of operations.
See notes to financial statements.
11
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
a GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------- --------------- ------------
DEC. 13, DEC. 29, DEC. 29,
1995* TO 1995* TO 1995* TO
MAY 31,1996 MAY 31,1996 MAY 31,1996
------------- --------------- ------------
INCREASE IN NET ASSETS FROM
OPERATIONS
Net investment income $ 1,107,739 $ 36,896,000 $ 1,505,668
Net realized gain on investments 375 1,909 73
Net increase in net assets
from operations 1,108,114 36,897,909 1,505,741
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,107,739) (36,896,000) (1,505,668)
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST
Net increase 116,872,335 2,407,971,032 99,952,418
Total increase 116,872,710 2,407,972,941 99,952,491
NET ASSETS
Beginning of period 33,333 33,334 33,333
End of period $116,906,043 $2,408,006,275 $99,985,824
* Commencement of operations.
See notes to financial statements.
12
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1996 (UNAUDITED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Money Market Fund (the 'Fund') is an open-end diversified investment
company registered under the Investment Company Act of 1940. The Fund consists
of three Portfolios: General Municipal Portfolio, Prime Portfolio and
Government Portfolio (the 'Portfolios'). Each Portfolio 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 Portfolios.
1. VALUATION OF SECURITIES
Securities in which the Portfolios invest 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. ORGANIZATION EXPENSES
Organization expenses of approximately $58,000 for each of the Portfolios have
been deferred and are being amortized on a straight-line basis through
December, 2000.
3. TAXES
It is the Portfolios' 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.
4. DIVIDENDS
The Portfolios declare dividends daily and automatically reinvest 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. Dividends
paid from net investment income for the period ended May 31, 1996 from the
General Municipal Portfolio 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 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
Under the Advisory Agreement, each Portfolio pays the Adviser, Alliance Capital
Management L.P., an advisory fee at the annual rate of .50 of 1% of each
Portfolio's average daily net assets. The Adviser has voluntarily agreed to
reimburse the Portfolios 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 the fiscal year until February 28, 1997
unless such reimbursement is eliminated or modified upon approval of the
Trustees prior thereto. For the period December 13, 1995 through May 31, 1996
for General Municipal Portfolio and for the period December 29, 1995 through
May 31, 1996 for Prime Portfolio and Government Portfolio, the Adviser
reimbursed $171,969, $1,595,856 and $161,275, respectively.
NOTE C: DISTRIBUTION SERVICES AGREEMENT AND ADMINISTRATION AGREEMENT
Under the Distribution Services Agreement, which includes a distribution plan
adopted pursuant to Rule 12b-1 of the Investment Company Act of 1940 (the
'Plan'), the Fund pays the Adviser a distribution fee at the annual rate of up
to .45 of 1% of the average daily value of the Fund'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,
13
NOTES TO FINANCIAL STATEMENTS (CONT.) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
including the Portfolios' 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 Portfolios. For
the period December 13, 1995 through May 31, 1996 for General Municipal
Portfolio and for the period December 29, 1995 through May 31, 1996 for Prime
Portfolio and Government Portfolio, the Portfolios incurred fees of $176,554,
$3,686,898 and $149,509, respectively.
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. For the period December
13, 1995 through May 31, 1996 for General Municipal Portfolio and for the
period December 29, 1995 through May 31, 1996 for Prime Portfolio and
Government Portfolio, the Portfolios incurred fees of $19,617 of which $6,793
was waived, $409,656 of which $122,519 was waived and $16,612 of which $5,097
was waived, respectively.
NOTE D: INVESTMENT TRANSACTIONS
At May 31, 1996, the cost of portfolio securities for federal income tax
purposes was the same as the cost for financial reporting purposes.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At May 31,
1996, capital paid-in aggregated $116,905,668, $2,408,004,366 and $99,985,751
for the General Municipal Portfolio, Prime Portfolio and Government Portfolio,
respectively. Transactions, all at $1.00 per share, were as follows:
DECEMBER 13,1995*
TO
MAY 31, 1996
(UNAUDITED)
-----------------
GENERAL MUNICIPAL PORTFOLIO
Shares sold 300,749,053
Shares issued on reinvestments of dividends 1,107,739
Shares redeemed (184,984,457)
Net increase 116,872,335
DECEMBER 29,1995*
TO
MAY 31, 1996
(UNAUDITED)
-----------------
PRIME PORTFOLIO
Shares sold 5,848,381,895
Shares issued on reinvestments of dividends 36,896,000
Shares redeemed (3,477,306,862)
Net increase 2,407,971,033
* Commencement of operations.
14
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
DECEMBER 29,1995*
TO
MAY 31, 1996
(UNAUDITED)
-----------------
GOVERNMENT PORTFOLIO
Shares sold 212,039,041
Shares issued on reinvestments of dividends 1,505,668
Shares redeemed (113,592,291)
Net increase 99,952,418
* Commencement of operations.
15
NOTES TO FINANCIAL STATEMENTS
(CONTINUED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
NOTE F: FINANCIAL HIGHLIGHTS
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- -----------
DEC. 13, DEC. 29, DEC. 29,
1995* 1995* 1995*
TO TO TO
MAY 31,1996 MAY 31,1996 MAY 31,1996
(UNAUDITED) (UNAUDITED) (UNAUDITED)
----------- ----------- -----------
Net asset value, beginning of period $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .013 .019 .019
LESS: DISTRIBUTIONS
Dividends from net investment income (.013) (019) (.019)
Net asset value, end of period $1.00 $1.00 $1.00
TOTAL RETURN
Total investment return based on:
net asset value (a) 2.83% 4.53% 4.52%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $117 $2,408 $100
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(b) 1.00%(b) 1.00%(b)
Expenses, before waivers and
reimbursements 1.46%(b) 1.21%(b) 1.50%(b)
Net investment income (c) 2.82%(b) 4.50%(b) 4.53%(b)
* Commencement of operations.
(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 period.
(b) Annualized.
(c) Net of expenses reimbursed or waived by the Adviser.
16
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
TRUSTEES
JOHN D. CARIFA, CHAIRMAN
RICHARD S. BORISOFF
ROBERT J. CASALE
JEFFREY M. COLE
WILLIAM H. FOULK, JR.
ARTHUR S. KRANSELER
RICHARD KRUYFF
ROBERT A. LEWIS
CLIFFORD L. MICHEL
WILLIAM L. RHOADS, III
RONALD M. WHITEHILL
OFFICERS
RONALD M. WHITEHILL, PRESIDENT
JOHN R. BONCZEK, SENIOR VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
ROBERT I KURZWEIL, SENIOR VICE PRESIDENT
PATRICIA NETTER, SENIOR VICE PRESIDENT
RONALD R. VALEGGIA, SENIOR VICE PRESIDENT
JOHN F. CHIODI, JR., VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
LINDA D. NEIL, 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
THE BANK OF NEW YORK
48 Wall Street
New York, NY 10286
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
ADMINISTRATOR
ADP FINANCIAL INFORMATION SERVICES, INC.
2 Journal Square Plaza
Jersey City, NJ 07306-0817
17
THE ALLIANCE FAMILY OF MUTUAL FUNDS
_______________________________________________________________________________
FIXED INCOME
Alliance Bond Fund
U.S. Government Portfolio
Corporate Bond Portfolio
Alliance Global Dollar Government Fund
Alliance Global Strategic Income Trust
Alliance Mortgage Securities Income Fund
Alliance Limited Maturity Government Fund
Alliance Multi-Market Strategy Trust
Alliance North American Government Income Trust
Alliance Short-Term Multi-Market Trust
Alliance Short-Term U.S. Government Fund
Alliance World Income Trust
TAX-FREE INCOME
Alliance Municipal Income Fund
California Portfolio
Insured California Portfolio
Insured National Portfolio
National Portfolio
New York Portfolio
Alliance Municipal Income Fund II
Arizona Portfolio
Florida Portfolio
Massachusetts Portfolio
Michigan Portfolio
Minnesota Portfolio
New Jersey Portfolio
Ohio Portfolio
Pennsylvania Portfolio
Virginia Portfolio
MONEY MARKET
AFD Exchange Reserves
GROWTH
The Alliance Fund
Alliance Global Small Cap Fund
Alliance Growth Fund
Alliance Premier Growth Fund
GROWTH & INCOME
Alliance Strategic Balanced Fund
Alliance Balanced Shares
Alliance Conservative Investors Fund
Alliance Growth & Income Fund
Alliance Growth Investors Fund
Alliance Income Builder Fund
Alliance Utility Income Fund
AGGRESSIVE GROWTH
Alliance Quasar Fund
Alliance Technology Fund
INTERNATIONAL
Alliance All-Asia Investment Fund
Alliance International Fund
Alliance New Europe Fund
Alliance Worldwide Privatization Fund
CLOSED-END FUNDS
Alliance All-Market Advantage Fund
Alliance Global Environment Fund
ACM Government Income Fund
ACM Government Opportunity Fund
ACM Government Securities Fund
ACM Government Spectrum Fund
ACM Managed Dollar Income Fund
ACM Managed Income Fund
ACM Municipal Securities Income Fund
Alliance World Dollar Government Fund
Alliance World Dollar Government Fund II
The Austria Fund
The Korean Investment Fund
The Spain Fund
The Southern Africa Fund
CASH MANAGEMENT SERVICES
ACM Institutional Reserves
Government Portfolio
Prime Portfolio
Tax-Free Portfolio
Trust Portfolio
Alliance Capital Reserves
Alliance Government Reserves
Alliance Insured Account
Alliance Money Reserves
Alliance Municipal Trust
California Portfolio
Connecticut Portfolio
Florida Portfolio
General Portfolio
New Jersey Portfolio
New York Portfolio
Virginia Portfolio
Alliance Treasury Reserves
Alliance Money Market Fund
Prime Portfolio
Government Portfolio
General Municipal Portfolio
18
ALLIANCE MONEY MARKET FUND
1345 Avenue of the Americas, New York, NY 10105
ALLIANCE CAPITAL
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.
