ALLIANCE MONEY MARKET FUND
- -GENERAL MUNICIPAL PORTFOLIO
- -PRIME PORTFOLIO
- -GOVERNMENT PORTFOLIO
SEMI-ANNUAL REPORT
MAY 31, 1997
(UNAUDITED)
STATEMENT OF NET ASSETS
MAY 31, 1997 (UNAUDITED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MUNICIPAL BONDS-90.5%
ALABAMA-0.4%
ABBEVILLE IDR
(Greenbush Woods Project)
AMT VRDN (a)
$ 575 4/01/04 4.25% $ 575,000
ALASKA-1.5%
ALASKA IDA
(Fairbanks Gold Mining Inc.)
AMT VRDN (a)
2,000 5/01/09 4.00 2,000,000
ARIZONA-1.7%
MARICOPA COUNTY TAN
(Cartwright Elementary School)
No. 83 Series B
600 7/31/97 4.05 600,423
MARICOPA COUNTY TAN
(Chandler Unified School District)
No. 80 Series B
700 7/31/97 4.00 700,548
PHOENIX IDA
(America West Airlines)
AMT VRDN (a)
1,000 8/01/16 4.15 1,000,000
-----------
2,300,971
CALIFORNIA-4.2%
CALIFORNIA HFA
(Home Mortgage Revenue)
Series J AMT PPB (a)
500 8/01/28 4.00 500,000
CALIFORNIA MBIA
School Cash Reserve
Program Authority Series A
500 7/02/97 3.96 500,304
CALIFORNIA COMMUNITY COLLEGE
FINANCING AUTHORITY FSA TRAN
Series A
2,500 7/2/97 3.90 2,501,450
CALIFORNIA HIGHER EDUCATION
Student Loan Revenue
Series D-2 PPB (a)
700 4/01/00 3.95 700,000
LOS ANGELES (LOCAL EDUCATION AGENCY)
FSA TRAN
Series PG-A
800 6/30/97 4.05% 800,410
SAN JOSE COUNTY GO TRAN
(Unified School District)
Series '96
800 8/05/97 3.96 800,741
-----------
5,802,905
COLORADO-0.8%
COLORADO CERTIFICATE OF
PARTICIPATION MBIA
(Master Lease Purchase Agreement II)
1,090 11/01/97 3.90 1,103,630
DELAWARE-0.3%
DELAWARE ECONOMIC
DEVELOPMENT AUTHORITY
(Orient Chemical Company)
AMT VRDN (a)
400 11/01/99 4.23 400,000
DISTRICT OF COLUMBIA-4.4%
DISTRICT OF COLUMBIA HFA MFHR
(McLean Apts.)
Series '85A VRDN (a)
1,390 12/01/05 4.10 1,390,000
DISTRICT OF COLUMBIA HFA MFHR
(Tyler Housing Trust)
AMT VRDN (a)
2,900 8/01/25 4.20 2,900,000
DISTRICT OF COLUMBIA HFA SFMR
GNMA/FNMA Mortgage
Series B AMT PPB (a)
1,000 12/01/29 3.75 1,000,000
DISTRICT OF COLUMBIA HFA SFMR
GNMA/FNMA Mortgage
Series C AMT PPB (a)
805 12/01/25 3.90 805,000
-----------
6,095,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
FLORIDA-0.7%
BROWARD COUNTY HFA SFMR
GNMA/FNMA Mortgage Series '97B
AMT PPB (a)
$ 1,000 10/01/30 4.05% $1,000,000
GEORGIA-2.7%
DALTON DEVELOPMENT AUTHORITY MBIA
(Hamilton Health Care Systems, Inc.)
460 8/15/97 3.60 460,000
THOMASTON-UPSON COUNTY IDR
(De Ster Production Corp.)
Series A AMT VRDN (a)
3,300 10/01/09 4.35 3,300,000
-----------
3,760,000
ILLINOIS-6.3%
CHICAGO SFMR
GNMA/FNMA/FHLMC
Mortgage Series '97B AMT PPB (a)
500 9/01/28 3.80 500,000
CHICAGO AIRPORT REVENUE
(O'Hare International Airport)
Series '88A AMT VRDN (a)
1,100 1/01/18 4.00 1,100,000
CHICAGO O'HARE
INTERNATIONAL AIRPORT
(Compagnie Nationale Air France)
Series '90 AMT VRDN (a)
1,000 5/01/18 4.00 1,000,000
ILLINOIS DEVELOPMENT FINANCE
AUTHORITY
(U.G.N. Inc. Project)
Series '86 AMT VRDN (a)
3,000 9/15/11 4.40 3,000,000
ILLINOIS DEVELOPMENT FINANCE
AUTHORITY
(U.G.N. Inc. Project)
Series '87 AMT VRDN (a)
790 4/01/99 4.40% 790,000
ILLINOIS HOUSING DEVELOPMENT
AUTHORITY
Homeowner Mortgage
Series '96F-2 AMT PPB (a)
1,500 8/01/28 3.70 1,500,000
WOOD DALE CITY IDR
(Nippon Express USA, Inc.)
Series '85 VRDN (a)
800 6/01/00 4.10 800,000
-----------
8,690,000
INDIANA-6.9%
ALLEN COUNTY ECONOMIC
DEVELOPMENT AUTHORITY
(Mattel Power Wheels, Inc.)
AMT VRDN (a)
3,300 12/01/18 4.20 3,300,000
AUBURN ECONOMIC
DEVELOPMENT AUTHORITY
(R.J. Tower Corp. Project)
Series '88 AMT VRDN (a)
875 9/01/00 4.25 875,000
PRINCETON IDA
(Orion Denki America, Inc. Project)
Series '87 AMT VRDN (a)
3,545 5/01/17 4.10 3,545,000
SEYMOUR ECONOMIC
DEVELOPMENT AUTHORITY
(Kobelco Metal Powder Co. Project)
Series '87 AMT VRDN (a)
1,775 12/01/97 4.40 1,775,000
-----------
9,495,000
2
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
KANSAS-0.9%
SPRING HILL IDR
(Abrasive Engineering
and Manufacturing Project)
Series '96 VRDN (a)
$ 1,200 9/01/16 4.15% $1,200,000
KENTUCKY-3.2%
RUSSELLVILLE IDB
(JS Technos Corp. Project)
Series '89 AMT VRDN (a)
3,000 12/01/09 4.40 3,000,000
SCOTT COUNTY IDR
(Interstate Transformer Co.)
Series '90 AMT VRDN (a)
1,400 9/01/05 4.10 1,400,000
-----------
4,400,000
LOUISIANA-0.4%
NEW ORLEANS FGIC
(Louisiana International Airport)
Series '87A AMT VRDN (a)
500 8/01/17 3.65 526,948
MAINE-6.2%
MAINE FINANCE AUTHORITY
Economic Development Revenue
Series '88A-D AMT VRDN (a)
125 12/01/03 4.25 125,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '88C
AMT VRDN (a)
250 12/01/04 4.25 250,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
Series '88D-F AMT VRDN (a)
855 6/01/04 4.25 855,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '89D
AMT VRDN (a)
30 6/01/00 4.25% 30,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '89F
AMT VRDN (a)
410 12/01/05 4.25 410,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '89H
AMT VRDN (a)
455 6/01/01 4.25 455,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '89K
AMT VRDN (a)
20 12/01/97 4.25 20,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '89L
AMT VRDN (a)
170 6/01/05 4.25 170,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '90B
AMT VRDN (a)
105 12/01/06 4.25 105,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '96B
AMT VRDN (a)
300 6/01/99 4.25 300,000
ORRINGTON RESOURCE RECOVERY
(Penobscot Energy Project B)
AMT VRDN (a)
2,655 5/01/03 4.10 2,655,000
WESTBROOK IDA
(D & G Group Project) AMT VRDN (a)
3,100 5/01/07 4.30 3,100,000
-----------
8,475,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MICHIGAN-1.5%
MICHIGAN STRATEGIC FUND
(Donnelly Corp. Project)
Series A AMT VRDN (a)
$ 2,000 3/01/10 4.10% $2,000,000
MISSOURI-5.1%
MISSOURI ECONOMIC
DEVELOPMENT AUTHORITY
Export & Infrastructure
Series D AMT VRDN (a)
2,530 9/01/10 4.20 2,530,000
MISSOURI ECONOMIC
DEVELOPMENT AUTHORITY
Plastic Enterprises
Series '90A AMT VRDN (a)
270 9/01/05 4.20 270,000
MISSOURI ECONOMIC
DEVELOPMENT AUTHORITY
Variform Inc.
Series '90C AMT VRDN (a)
1,455 9/01/05 4.20 1,455,000
MISSOURI IDA
(Jay Henges Enterprise)
Series '89G-2 AMT VRDN (a)
450 2/01/00 4.05 450,000
MISSOURI IDA
(Kawasaki Motor Corp.)
Series '89 AMT VRDN (a)
300 4/01/99 4.30 300,000
MISSOURI IDA
(P D George Company)
Series '88G AMT VRDN (a)
305 10/1/03 4.20 305,000
MISSOURI IDA
(Tradco Inc.)
Series H AMT VRDN (a)
860 10/01/03 4.20 860,000
MISSOURI IDA
(Wainwright Industries Inc.)
Series F AMT VRDN (a)
800 10/01/03 4.20 800,000
-----------
6,970,000
NEW HAMPSHIRE-0.7%
NEW HAMPSHIRE IDA
(SCI Manufacturing Inc.)
Series '89 AMT VRDN (a)
1,000 6/01/14 4.25% 1,000,000
NEW JERSEY-1.6%
JERSEY CITY GO BAN
600 2/05/98 3.85 600,155
JERSEY CITY GO BAN
1,100 9/26/97 4.05 1,101,511
PLEASANTVILLE
(School District Temporary Notes)
500 8/28/97 4.00 500,285
-----------
2,201,951
NEW YORK-3.9%
NEW YORK CITY IDA IDR
(Brooklyn Navy Yard Project)
Series '95A AMT VRDN (a)
3,500 7/01/29 4.25 3,500,000
NEW YORK CITY IDA IDR
(Nippon Cargo Airlines Company)
Series '92 AMT VRDN (a)
800 11/01/15 4.50 800,000
NEW YORK GO RAN
1,000 Series B 6/30/97 3.80 1,000,470
-----------
5,300,470
NORTH CAROLINA-2.0%
BLADEN COUNTY PCR
(BCH Energy LP Project)
Series '93 AMT VRDN (a)
900 11/01/20 4.25 900,000
LENOIR COUNTY IDR PCR
(Carolina Energy Project)
Series '95 AMT VRDN (a)
1,800 7/01/22 4.25 1,800,000
-----------
2,700,000
4
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
OHIO-3.2%
HILLSBORO IDR
(T D Manufacturing Co. Ltd.)
Series '87 AMT VRDN (a)
$ 1,000 6/01/97 4.45% $1,000,000
OHIO AIR QUALITY
DEVELOPMENT AUTHORITY PCR
(Ohio Edison Company)
Series B AMT PPB (a)
700 5/1/18 4.10 700,000
OHIO HFA
Residential Mortgage
Revenue Series '96B-3
AMT PPB (a)
1,700 9/01/28 4.00 1,700,000
OHIO HFA
Residential Mortgage
Revenue Series '97A-2
AMT PPB (a)
1,000 3/01/28 3.65 1,000,000
-----------
4,400,000
OKLAHOMA-1.4%
BROKEN ARROW
(Paragon Films Project)
AMT VRDN (a)
1,970 8/01/04 4.23 1,970,000
OREGON-1.8%
OREGON HOUSING & COMMUNITY SERVICES
DEPARTMENT SFMR
Mortgage Revenue
Series '96K AMT PPB (a)
700 12/11/97 3.65 700,000
PORTLAND HOUSING MFHR
(Union Station Project)
Phase B Series '96
AMT VRDN (a)
1,750 10/01/31 4.15 1,750,000
-----------
2,450,000
PENNSYLVANIA-1.4%
ELK COUNTY IDA
(Willamette Industries Inc. Project)
Series '92 AMT VRDN (a)
500 8/01/10 3.95% 500,000
PENNSYLVANIA ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Ram Forest Products Inc.)
Series '88A-3
AMT VRDN (a)
435 12/01/99 4.30 435,000
PHILADELPHIA GO TRAN
Series '96A
1,000 6/30/97 3.96 1,000,405
-----------
1,935,405
TENNESSEE-5.9%
SELMER/MCNAIRY COUNTY IDB IDR
(United Stainless Inc.)
AMT VRDN (a)
2,500 12/01/14 3.95 2,500,000
TENNESSEE HOUSING
DEVELOPMENT AGENCY SFMR
(Homeownership Program)
Series '96-5 AMT PPB (a)
4,000 7/01/28 4.00 3,999,395
TENNESSEE HOUSING
DEVELOPMENT AGENCY SFMR
(Homeownership Program)
Series '97-1 AMT PPB (a)
400 1/01/28 3.75 400,000
VOLUNTEER STUDENT
FUNDING AUTHORITY
Series '87A-2 AMT VRDN (a)
1,200 12/01/17 3.95 1,200,000
-----------
8,099,395
5
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
TEXAS-6.1%
BRAZOS RIVER HARBOR
NAVIGATION DISTRICT
(Dow Chemical Company Project)
Series '93 AMT VRDN (a)
$ 3,000 5/01/23 4.35% $3,000,000
GREATER EAST TEXAS
HIGHER EDUCATION
Student Loan Revenue
Series '95A AMT PPB (a)
600 5/01/11 4.10 600,000
GREATER TEXAS STUDENT LOAN CORP.
Student Loan Revenue
Series '96A AMT PPB (a)
2,000 4/01/05 3.70 2,000,000
GULF COAST IDA
(Citgo Petroleum Corp. Project)
Series '95 AMT VRDN (a)
1,300 5/01/25 4.35 1,300,000
SAN ANTONIO IDA
(Gruma Corporation Project)
AMT VRDN (a)
500 11/01/09 4.10 500,000
TEXAS GO TRAN
1,000 8/29/97 3.98 1,001,808
-----------
8,401,808
UTAH-2.2%
PROVO CITY HOUSING AUTHORITY
(Branbury Project)
Series B AMT VRDN (a)
1,000 12/15/10 4.25 1,000,000
UTAH BOARD OF REGENTS AMBAC
Student Loan Revenue Series O
2,000 5/01/98 3.96 2,013,235
-----------
3,013,235
VIRGINIA-0.7%
RICHMOND REDEVELOPMENT &
HOUSING AUTHORITY
Series '89B-2 AMT VRDN (a)
1,000 10/01/24 4.05% 1,000,000
WASHINGTON-9.5%
PIERCE COUNTY ECONOMIC
DEVELOPMENT CORP.
(Truss Company Project)
AMT VRDN (a)
500 1/01/20 4.45 500,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
AMT VRDN (a)
700 8/01/07 4.40 700,000
PORT OF VANCOUVER IDR
(United Grain Corp.)
Series '92 AMT VRDN (a)
500 12/01/10 4.35 500,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Assisted Living Concepts)
AMT VRDN (a)
800 1/01/17 4.20 800,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Evergreen Ridge Apts.
Project) AMT VRDN (a)
2,500 12/01/24 4.20 2,500,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(LTC Properties Inc. Project)
AMT VRDN (a)
2,290 12/01/15 4.20 2,290,000
6
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Pacific Inn Apts. Project)
Series A AMT VRDN (a)
$ 2,575 5/01/28 4.20% $ 2,575,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Summerglen Apts. Project)
AMT VRDN (a)
1,250 11/01/25 4.20 1,250,000
WASHINGTON HOUSING
FINANCE COMMISSION
Single Family Program
Series 1A AMT PPB (a)
600 6/01/30 4.00 600,000
YAKIMA COUNTY IDR
(Can-Am Millwork LTD)
AMT VRDN (a)
1,415 12/01/14 4.20 1,415,000
-----------
13,130,000
WEST VIRGINIA-2.9%
MARION COUNTY IDA
(Grant Town Project)
Series '92A AMT VRDN (a)
1,500 10/01/17 4.00 1,500,000
WEST VIRGINIA PUBLIC
ENERGY AUTHORITY
(Morgantown Energy Assoc. Project)
Series A AMT PPB (a)
2,500 7/01/08 3.75 2,522,161
-----------
4,022,161
Total Municipal Bonds
(amortized cost $124,418,879) 124,418,879
COMMERCIAL PAPER-10.5%
HAWAII-3.3%
HAWAII BUDGET & FINANCE
(Citizens Utility Company)
Series '88A AMT
1,500 9/08/97 3.60% 1,500,000
HAWAII BUDGET & FINANCE
(Citizens Utility Company)
Series '88A AMT
3,000 7/30/97 3.80 3,000,000
-----------
4,500,000
INDIANA-0.7%
JASPER COUNTY
(Northern Indiana Public
Service Project) Series '88C
1,000 8/15/97 3.85 1,000,000
KANSAS-0.7%
BURLINGTON KANSAS ELECTRIC POWER
(National Rural Utilities)
Series '85C-2
1,000 8/13/97 3.80 1,000,000
MASSACHUSETTS-1.3%
MASSACHUSETTS PORT AUTHORITY
Series '96
1,800 6/09/97 3.90 1,799,622
PENNSYLVANIA-1.5%
MONTGOMERY COUNTY IDA
(Peco Energy Project)
Series '94A
2,000 8/25/97 3.80 2,000,000
PUERTO RICO-0.4%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
600 6/20/97 3.80 600,000
7
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
UTAH-2.6%
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.)
Series A AMT
$ 1,500 8/14/97 3.80% $ 1,500,000
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.)
Series A AMT
2,000 8/25/97 3.85 2,000,000
-------------
3,500,000
Total Commercial Paper
(amortized cost $14,399,622) $ 14,399,622
TOTAL INVESTMENTS-101.0%
(amortized cost $138,818,501) 138,818,501
Other assets less liabilities-(1.0%) (1,395,400)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
137,422,339 shares outstanding) $137,423,101
# All securities either mature or their interest rate changes in one year or
less.
(a) 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:
AMBAC American Bond Assurance Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
FGIC Financial Guaranty Insurance Company
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FSA Financial Security Assurance, Inc.
GNMA Government National Mortgage Association
GO General Obligation
HFA Housing Finance Agency/Authority
IDA Industrial Development Agency/Authority
IDB Industrial Development Board
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
RAN Revenue Anticipation Note
SFMR Single Family Mortgage Revenue
TAN Tax Anticipation Note
TRAN Tax & Revenue Anticipation Note
See notes to financial statements.
8
STATEMENT OF NET ASSETS
MAY 31, 1997 (UNAUDITED)
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
COMMERCIAL PAPER-59.2%
ALAMO FUNDING L.P.
$ 2,600 6/25/97 (a) 5.55% $ 2,590,781
52,000 6/03/97 (a) 5.56 51,991,969
ASSOCIATES CORP.
32,000 6/27/97 5.72 31,872,889
ATLAS FUNDING CORP.
29,000 6/30/97 (a) 5.62 28,873,238
30,400 6/16/97 (a) 5.71 30,332,495
BANCO NATIONAL DE COMERCIO
35,000 6/17/97 5.38 34,921,542
BANKERS TRUST SECURITIES CORP.
7,000 6/30/97 5.64 6,969,293
BARTON CAPITAL CORP.
10,000 6/16/97 (a) 5.35 9,979,194
BHF FINANCE (DE) INC.
10,000 9/08/97 5.42 9,852,456
10,000 10/01/97 5.70 9,808,417
BETA FINANCE CORP.
3,640 6/30/97 (a) 5.40 3,624,712
CAISSE CENTRALE DES
JARDINES DU QUEBEC
15,000 8/27/97 5.40 14,806,500
CENTAURI CORP.
3,000 8/18/97 (a) 5.37 2,965,542
5,195 7/31/97 (a) 5.40 5,149,024
25,000 6/25/97 (a) 5.60 24,910,556
23,200 9/24/97 (a) 5.63 22,786,383
CERTAIN FUNDING CORP.
13,000 6/02/97 (a) 5.42 13,000,000
12,850 6/09/97 (a) 5.42 12,836,458
31,300 6/10/97 (a) 5.60 31,261,049
CHIAO TUNG BANK CO., LTD.
30,000 7/10/97 5.42 29,828,367
25,000 7/24/97 5.70 24,794,167
CLIPPER RECEIVABLES CORP.
10,155 6/30/97 (a) 5.66 10,110,295
COMMONWEALTH BANK OF AUSTRALIA
10,000 10/03/97 5.72 9,804,567
CORPORATE ASSET
SECURITIZATION AUSTRALIA
20,000 6/02/97 (a) 5.60 20,000,000
15,000 6/04/97 (a) 5.60 14,995,333
30,000 6/27/97 (a) 5.62 29,882,917
10,000 7/17/97 (a) 5.70 9,928,750
11,000 8/07/97 (a) 5.70 10,885,050
CS FIRST BOSTON CORP.
25,000 8/19/97 5.40 24,707,500
DAKOTA FUNDING INC.
25,000 6/25/97 (a) 5.60 24,910,555
25,000 6/27/97 (a) 5.60 24,902,430
10,000 6/16/97 (a) 5.62 9,978,144
25,000 6/27/97 (a) 5.62 24,902,778
DEN DANKSE BANK
25,000 6/12/97 5.33 24,962,986
19,000 7/28/97 5.39 18,840,696
EKSPORT FINANS ALS
21,150 6/18/97 5.35 21,099,710
ENTERPRISE FUNDING CORP.
5,916 6/23/97 (a) 5.60 5,896,674
18,561 6/30/97 (a) 5.65 18,479,435
GENERALE BANK
9,000 7/29/97 5.39 8,923,192
GLENCORE FINANCE
45,000 8/26/97 5.42 44,424,125
15,000 8/25/97 5.43 14,809,950
GREENWICH FUNDING CORP.
42,725 7/01/97 (a) 5.35 42,540,867
INDUSTRIAL BANK OF KOREA
10,000 6/10/97 5.42 9,987,956
25,000 6/11/97 5.42 24,966,125
7,000 8/25/97 5.68 6,907,227
6,000 7/17/97 5.72 5,957,100
10,000 8/05/97 5.73 9,898,133
15,000 8/08/97 5.73 14,840,037
INTERNATIONAL
SECURITIZATION CORP.
20,564 7/28/97 (a) 5.40 20,391,262
6,000 7/31/97 (a) 5.40 5,946,900
6,573 6/04/97 (a) 5.42 6,571,021
7,789 6/17/97 (a) 5.42 7,771,410
18,000 6/30/97 (a) 5.62 17,921,320
JOSEPH E. SEAGRAMS & SONS
16,000 6/30/97 5.60 15,930,311
KOREAN DEVELOPMENT BANK
12,665 8/12/97 5.67 12,523,374
30,000 8/22/97 5.67 29,617,275
40,000 8/12/97 5.70 39,550,333
MARKET STREET FUNDING
20,094 6/05/97 (a) 5.60 20,084,623
9
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MERRILL LYNCH & CO., INC.
$ 30,000 6/30/97 5.58% $29,869,800
44,000 12/15/97 5.77 42,617,764
OLD LINE FUNDING CORP.
11,850 6/05/97 (a) 5.60 11,844,470
2,363 6/16/97 (a) 5.60 2,357,854
94,130 6/27/97 (a) 5.60 93,763,939
14,000 6/13/97 (a) 5.63 13,975,916
1,000 6/10/97 (a) 5.75 998,722
PEMEX CAPITAL INC.
50,000 9/05/97 5.34 49,295,416
PREFERRED RECEIVABLES FUNDING CORP.
18,000 7/08/97 (a) 5.65 17,898,300
PREMIUM FUNDING, INC. SERIES E
26,323 6/27/97 5.65 26,219,719
PRIME ASSET VEHICLE, LTD. SERIES B
9,000 6/06/97 5.36 8,994,640
15,000 7/01/97 5.64 14,931,850
RANGER FUNDING CORP.
19,000 6/05/97 (a) 5.55 18,991,212
ROSE FUNDING INC.
79,443 6/26/97 (a) 5.65 79,143,765
14,062 6/30/97 (a) 5.65 14,000,205
SHEFFIELD RECEIVABLES CORP.
16,100 6/03/97 (a) 5.60 16,097,496
28,900 6/27/97 (a) 5.65 28,786,608
SIGMA FINANCE CORP.
34,900 7/25/97 (a) 5.40 34,622,545
20,000 7/29/97 (a) 5.40 19,829,000
5,000 7/31/97 (a) 5.40 4,955,750
25,000 8/04/97 (a) 5.40 24,763,750
6,500 10/24/97 (a) 5.67 6,352,580
SUMITOMO CAPITAL MARKETS
20,000 6/05/97 5.66 19,990,567
THAMES ASSET GLOBAL SECURITIZATION
11,297 6/19/97 (a) 5.57 11,267,286
17,171 6/20/97 (a) 5.58 17,123,093
2,503 6/11/97 (a) 5.62 2,499,483
6,447 6/18/97 (a) 5.65 6,430,811
23,858 7/14/97 (a) 5.70 23,699,344
THREE RIVERS FUNDING CORP.
21,082 6/20/97 (a) 5.56 21,023,392
TRIPLE ASSET FUNDING CORP.
14,082 6/04/97 (a) 5.60 14,077,619
20,000 6/05/97 (a) 5.60 19,990,667
VENANTUS (AB)
3,000 7/16/97 5.36 2,980,347
30,000 7/24/97 5.40 29,766,000
WOOD STREET FUNDING CORP.
10,034 6/20/97 (a) 5.70 10,005,403
Total Commercial Paper
(amortized cost $1,806,170,706) 1,806,170,706
CERTIFICATES OF DEPOSIT-21.6%
ABN AMRO NORTH AMERICA FINANCE, INC.
25,000 5.61%, 9/12/97 5.60 25,000,689
ASSOCIATES CORP.
2,500 6.70%, 6/03/97 5.60 2,500,060
2,000 7.28%, 6/04/97 5.60 2,000,156
BANK OF NEW YORK
25,000 5.51%, 7/09/97 5.51 25,000,000
BANK OF NOVA SCOTIA
7,000 5.90%, 6/10/97 5.89 7,000,299
BANK OF TOKYO - MITSUBISHI
29,000 5.54%, 6/11/97 5.50 29,000,231
68,000 5.74%, 6/26/97 5.74 68,000,000
13,000 5.84%, 7/18/97 5.84 13,000,000
33,000 5.85%. 8/06/97 5.85 33,000,000
BAYERISCHE HYPOBANK
21,000 6.02%, 9/23/97 5.56 21,019,999
CAISSE NATIONALE DE CREDIT AGRICOLE
50,000 5.60%,10/10/97 5.60 50,000,000
CENTAURI CORP.
10,000 6.36%, 5/01/98 (a) 6.36 10,000,000
COMMERZBANK AG
5,000 6.02%, 9/23/97 5.75 5,005,644
HESSICHE LANDESBANK
25,000 6.01%, 7/18/97 5.53 25,010,453
40,000 6.05%, 6/13/97 5.95 39,999,655
J. P. MORGAN & CO., INC.
10,000 5.92%, 3/19/98 5.95 9,997,721
KOREAN DEVELOPMENT BANK
25,000 5.78%, 6/11/97 5.76 25,000,124
10
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
LANDESBANK-HESSEN-THUERINGEN
$ 25,000 5.90%, 3/17/98 5.93% $24,994,340
25,000 6.13%, 4/07/98 6.21 24,975,785
NORINCHUKIN BANK, LTD.
50,000 5.75%, 6/09/97 5.74 50,000,096
20,000 5.79%, 7/14/97 5.78 20,000,230
RABO BANK N.Y.
25,000 5.98%, 3/20/98 6.05 24,982,515
SANWA BANK, LTD.
30,000 5.63%, 6/30/97 5.63 30,000,000
SOCIETE GENERALE
15,000 5.49%, 8/11/97 5.41 15,002,017
25,000 5.56%, 9/03/97 5.55 25,000,628
SUMITOMO BANK, LTD.
55,000 5.68%, 6/30/97 5.68 55,000,000
Total Certificates of Deposit
(amortized cost $660,490,642) 660,490,642
CORPORATE OBLIGATIONS-13.2%
BETA FINANCE CORP.
25,000 5.92%, 6/06/97 (a) 5.92 25,000,000
25,000 5.97%, 3/18/98 (a) 5.97 25,000,000
CENTAURI CORP.
25,000 5.56%, 2/06/98 FRN (a) 5.55 24,999,173
GOLDMAN SACHS GROUP L.P.
70,000 5.71%, 10/14/97 FRN 5.71 70,000,000
MERRILL LYNCH & CO., INC.
25,000 5.57%, 12/24/97 FRN 5.59 24,997,276
25,000 5.60%, 1/27/98 FRN 5.63 24,995,888
SALTS II 1997-10
22,000 5.61%, 6/19/97 (a) 5.61 22,000,000
SALTS III
40,000 5.79%, 7/23/97 (a) 5.79 40,000,000
SHORT TERM CARD ACCOUNT TRUST 1996-1
125,000 5.71%, 1/15/98 FRN 5.71 125,000,000
SMM TRUST 1997-1
20,000 5.69%, 5/29/98 FRN 5.69 20,000,000
Total Corporate Obligations
(amortized cost $401,992,337) 401,992,337
U.S. GOVERNMENT AND AGENCIES-2.4%
FEDERAL FARM CREDIT BANK
32,000 5.61%, 8/03/98 FRN 5.66 31,982,431
FEDERAL NATIONAL
MORTGAGE ASSOCIATION
40,000 5.54%, 8/25/97 FRN 5.58 39,996,444
Total U.S. Government and Agencies
(amortized cost $71,978,875) 71,978,875
BANK OBLIGATIONS-1.8%
FIRST NATIONAL BANK OF CHICAGO
15,000 5.50%, 6/18/97 5.50 15,000,000
J.P. MORGAN & CO., INC.
40,000 5.55%, 8/15/97 FRN 5.60 39,996,101
Total Bank Obligations
(amortized cost $54,996,101) 54,996,101
TIME DEPOSIT-1.0%
DEUTSCHE BANK
31,500 5.69%, 6/02/97
(amortized cost $31,500,000) 5.69 31,500,000
TOTAL INVESTMENTS-99.2%
(amortized cost $3,027,128,661) 3,027,128,661
Other assets less liabilities-0.8% 24,775,055
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
3,051,878,767 shares outstanding) $3,051,903,716
# All securities either mature or their interest rate changes in one year or
less.
(a) Securities issued in reliance on section 4 (2) or Rule 144A of the
Securities Act of 1933. Rule 144A Securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At May
31, 1997, these securities amounted to $1,227,899,548 representing 40.2% of net
assets on the Prime Portfolio.
Glossary:
FRN - Floating rate note
See notes to financial statements.
11
STATEMENT OF NET ASSETS
MAY 31, 1997 (UNAUDITED) ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCIES-50.8%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION-21.3%
$ 2,000 6/03/97 5.28% $ 1,999,707
2,000 6/05/97 5.28 1,999,120
1,080 9/11/97 5.37 1,063,729
2,000 7/17/97 5.39 2,000,000
3,000 6/16/97 5.40 2,993,700
4,100 6/12/97 5.43 4,093,816
3,000 5.382%, 9/12/97 FRN 5.45 2,999,660
1,000 8/11/97 5.53 989,247
2,000 8/12/97 5.53 1,978,187
2,000 8/04/97 5.54 1,980,610
1,000 4/15/98 6.15 999,004
------------
23,096,780
FEDERAL HOME LOAN BANK-15.8%
1,500 6/05/97 5.30 1,499,338
3,000 5.349%, 12/04/97 FRN 5.44 2,997,534
7,200 6/02/97 5.55 7,200,000
1,000 10/22/97 5.58 977,990
1,000 9/24/97 5.69 1,000,712
1,500 1/30/98 5.87 1,500,000
1,000 4/17/98 6.04 999,750
1,000 3/24/98 6.15 997,340
------------
17,172,664
STUDENT LOAN MARKETING
ASSOCIATION-5.5%
2,000 5.35%, 9/03/97 FRN 5.41 1,999,705
2,000 12/19/97 5.44 1,994,560
2,000 5.87%, 6/30/97 FRN 5.86 2,000,077
------------
5,994,342
FEDERAL HOME LOAN MORTGAGE CORP.-5.5%
1,000 7/18/97 5.51 992,959
2,000 8/15/97 5.57 1,977,101
2,000 3/17/98 5.87 1,997,727
1,000 4/08/98 6.04 998,446
------------
5,966,233
FEDERAL FARM CREDIT BANK-2.7%
2,000 11/03/97 5.60 1,999,353
1,000 11/19/97 5.60 973,556
------------
2,972,909
Total U.S. Government and Agencies
(amortized cost $55,202,928) $55,202,928
REPURCHASE AGREEMENTS-48.9%
CHASE SECURITIES INC.
3,200 5.58%, dated 4/08/97, due 6/11/97
in the amount of $3,231,744
(cost $3,200,000;
collateralized by $3,360,000
Federal National Mortgage
Assn., 7.00%, 4/01/27,
value $3,291,517) (a) 5.58 3,200,000
CHASE SECURITIES INC.
2,000 5.625%, dated 4/01/97, due 6/30/97
in the amount of $2,028,125
(cost $2,000,000;
collateralized by $2,230,000
Federal Home Loan Mortgage Corp.,
7.00%, 11/01/26,
value $2,147,005) (a) 5.625 2,000,000
CS FIRST BOSTON CORP.
5,400 5.62%, dated 5/30/97, due 6/02/97
in the amount of $5,402,529
(cost $5,400,000; collateralized
by $5,676,089 Federal Home Loan
Mortgage Corp., 7.00%, 11/01/26,
value $5,544,275) 5.62 5,400,000
LEHMAN BROTHERS INC.
2,000 5.54%, dated 4/16/97, due 6/18/97
in the amount of $2,019,390
(cost $2,000,000;
collateralized by $7,419,795
Federal National Mortgage Assn.,
8.00%, 5/01/07, value $2,049,289) (a) 5.54 2,000,000
12
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
LEHMAN BROTHERS INC.
$ 3,000 5.55%, dated 4/09/97, due 6/09/97
in the amount of $3,028,213
(cost $3,000,000; collateralized
by $3,736,238 Federal National
Mortgage Assn., 6.00%, 12/01/24,
value $3,138,376) (a) 5.55% $ 3,000,000
MORGAN STANLEY & CO.
3,200 5.48%, dated 5/01/97, due 6/04/97
in the amount of $3,216,562
(cost $3,200,000; collateralized
by $4,387,000 Federal National
Mortgage Assn., 8.50%, 2/01/25,
value $3,250,485; collateralized
by $100,000 U.S. Treasury Note,
6.25%, 5/31/00 value $102,842) (a) 5.48 3,200,000
MORGAN STANLEY & CO.
2,000 5.55%, dated 5/02/97, due 7/01/97
in the amount of $2,018,500
(cost $2,000,000; collateralized
by $2,548,000 Federal National
Mortgage Assn., 8.00%, 8/01/24,
value $2,043,649) (a) 5.55 2,000,000
NIKKO SECURITIES CO.
3,400 5.48%, dated 5/23/97, due 6/10/97
in the amount of $3,409,316
(cost $3,400,000; collateralized
by $3,585,000 Federal Home Loan
Mortgage Corp., 7.00%, 4/01/27,
value $3,511,921) (a) 5.48 3,400,000
NIKKO SECURITIES CO.
2,000 5.57%, dated 4/30/97, due 7/02/97
in the amount of $2,019,495
(cost $2,000,000; collateralized
by $3,136,000 Federal National
Mortgage Assn., 6.00%, 11/01/00,
value $2,064,156) (a) 5.57% $2,000,000
PAINE WEBBER INC.
2,400 5.52%, dated 5/21/97, due 6/24/97
in the amount of $2,412,512
(cost $2,400,000; collateralized
by $3,137,000 Federal National
Mortgage Assn., 7.00%, 3/01/14,
value $2,457,095) (a) 5.52 2,400,000
PAINE WEBBER INC.
3,000 5.54%, dated 5/14/97, due 6/06/97
in the amount of $3,010,618
(cost $3,000,000; collateralized
by $3,211,000 Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 11/01/26,
value $3,086,120) (a) 5.54 3,000,000
PRUDENTIAL SECURITIES INC.
5,400 5.56%, dated 5/30/97, due 6/02/97
in the amount of $5,402,502
(cost $5,400,000; collateralized
by $6,830,000 Federal Home Loan
Mortgage Corp., 7.50%, 6/01/24,
value $5,544,275) 5.56 5,400,000
SBC WARBURG INC.
3,000 5.53%, dated 4/17/97, due 6/18/97
in the amount of $3,028,572
(cost $3,000,000; collateralized
by $3,919,000 Federal National
Mortgage Assn., 7.00%, 11/01/23,
value $3,066,409) (a) 5.53 3,000,000
13
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
SBC WARBURG INC.
$ 2,400 5.58%, dated 5/30/97, due 6/02/97
in the amount of $2,401,116
(cost $2,400,000; collateralized
by $3,102,000 Federal Home Loan
Mortgage Corp., 6.50%, 6/01/09,
value $2,466,346) 5.58% $ 2,400,000
SMITH BARNEY INC.
3,300 5.52%, dated 5/13/97, due 6/03/97
in the amount of $3,310,626
(cost $3,300,000; collateralized
by $4,150,000 Federal National
Mortgage Assn., 6.50%, 5/01/24,
value $3,404,596) (a) 5.52 3,300,000
SMITH BARNEY INC.
2,000 5.55%, dated 5/13/97, due 6/12/97
in the amount of $2,009,250
(cost $2,000,000; collateralized
by $3,755,000 Federal Home Loan
Mortgage Corp., 8.00%, 8/01/23,
value $2,061,134) (a) 5.55 2,000,000
UBS SECURITIES INC.
2,200 5.55%, dated 5/13/97, due 6/16/97
in the amount of $2,211,532
(cost $2,200,000; collateralized
by $2,456,000 Federal Home Loan
Mortgage Corp., 6.50%, 3/01/26,
value $2,286,989) (a) 5.55% $ 2,200,000
UBS SECURITIES INC.
3,200 5.65%, dated 4/17/97, due 7/16/97
in the amount of $3,245,200
(cost $3,200,000; collateralized
by $3,423,000 Federal Home Loan
Mortgage Corp., 7.00%, 1/01/27,
value $3,281,611) (a) 5.65 3,200,000
Total Repurchase Agreements
(amortized cost $53,100,000) 53,100,000
TOTAL INVESTMENTS-99.7%
(amortized cost $108,302,928) 108,302,928
Other assets less liabilities-0.3% 336,988
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
108,639,708 shares outstanding) $108,639,916
# All securities either mature or their interest rate changes in one year or
less.
(a) Repurchase agreements which are terminable within 7 days.
Glossary:
FRN - Floating rate note
See notes to financial statements.
14
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1997 (UNAUDITED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
INVESTMENT INCOME
Interest $2,528,554 $81,085,040 $2,920,654
EXPENSES
Advisory fee (Note B) 332,331 7,264,339 267,511
Distribution assistance fee (Note C) 299,097 6,537,905 240,760
Administrative fee (Note C) 33,233 726,433 26,751
Transfer agency out of pocket 70,890 1,908,533 59,517
Custodian fees 54,351 151,579 49,153
Registration fees 38,083 300,837 36,423
Audit and legal fees 14,370 20,670 14,775
Printing 7,552 156,777 6,198
Organization 7,320 7,503 7,320
Trustees' fees 3,500 3,500 3,500
Miscellaneous 7,743 13,653 7,077
Total expenses 868,470 17,091,729 718,985
Less: fee waiver and expense
reimbursement (203,809) (2,563,052) (183,963)
Net expenses 664,661 14,528,677 535,022
Net investment income 1,863,893 66,556,363 2,385,632
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment
transactions 147 24,174 31
NET INCREASE IN NET ASSETS FROM
OPERATIONS $1,864,040 $66,580,537 $2,385,663
See notes to financial statements.
15
STATEMENTS OF CHANGES IN NET ASSETS ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------- -------------------------------- ----------------------------
SIX MONTHS DECEMBER 13, SIX MONTHS DECEMBER 29, SIX MONTHS DECEMBER 29,
ENDED 1995(A) ENDED 1995(A) ENDED 1995(A)
MAY 31, TO MAY 31, TO MAY 31, TO
1997 NOVEMBER 30, 1997 NOVEMBER 30, 1997 NOVEMBER 30,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------- --------------- --------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS
FROM OPERATIONS
Net investment income $ 1,863,893 $ 2,760,398 $ 66,556,363 $ 93,805,221 $ 2,385,632 $ 3,671,687
Net realized gain on investments 147 615 24,174 775 31 177
Net increase in net assets from
operations 1,864,040 2,761,013 66,580,537 93,805,996 2,385,663 3,671,864
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,863,893) (2,760,398) (66,556,363) (93,805,221) (2,385,632) (3,671,687)
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST (Note E)
Net increase 13,936,543 123,452,463 280,107,864 2,771,737,569 8,331,632 100,274,743
Total increase 13,936,690 123,453,078 280,132,038 2,771,738,344 8,331,663 100,274,920
NET ASSETS
Beginning of period 123,486,411 33,333 2,771,771,678 33,334 100,308,253 33,333
End of period $137,423,101 $123,486,411 $3,051,903,716 $2,771,771,678 $108,639,916 $100,308,253
</TABLE>
(a) Commencement of operations.
See notes to financial statements.
16
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1997 (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. At the time of investment,
such securities 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 $74,000 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 calender year end.
Dividends paid from net investment income for the six months ended May 31, 1997
from the General Municipal Portfolio are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax
(AMT).
5. INVESTMENT INCOME AND INVESTMENT TRANSACTIONS
Interest income is accrued daily. Investment transactions are recorded on the
date securities are purchased or sold. Realized gain (loss) from investment
transactions is recorded on the identified cost basis.
6. REPURCHASE AGREEMENTS
It is the Fund's policy to take posession of securities as collateral under
repurchase agreements and to determine on a daily basis that the value of such
securities are sufficient to cover the value of the repurchase agreements.
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 unless such reimbursement is eliminated or
modified upon approval of the Trustees prior thereto. During the six months
ended May 31, 1997 for General Municipal Portfolio, Prime Portfolio and
Government Portfolio, the Adviser reimbursed $186,574, $2,186,279 and $170,041,
respectively. The General Municipal, Prime and Government Portfolios do not
compensate Alliance Fund Services, Inc. (a wholly-owned subsidiary of the
Adviser) for providing personnel and facilities to perform transfer agency
services. In addition, out of pocket expenses incurred by the transfer agent
are reimbursed by the Adviser.
17
NOTES TO FINANCIAL STATEMENTS
(CONTINUED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
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,
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 six months ended May 31, 1997 for General Municipal Portfolio, Prime
Portfolio and Government Portfolio, the Portfolios paid fees of $299,097,
$6,537,905 and $240,760, respectively.
Pursuant to an Administration Agreement, ADP Financial Information Services,
Inc. ("ADP"), 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
six months ended May 31, 1997, the General Municipal Portfolio incurred fees of
$33,233 of which $17,235 was waived, the Prime Portfolio incurred fees of
$726,433 of which $376,773 was waived and the Government Portfolio incurred
fees of $26,751 of which $13,922 was waived.
NOTE D: INVESTMENT TRANSACTIONS
At May 31, 1997, the cost of portfolio securities for federal income tax
purposes was the same as the cost for financial reporting purposes.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At May 31,
1997, capital paid-in aggregated $137,422,339, $3,051,878,767 and $108,639,708
for the General Municipal Portfolio, Prime Portfolio and Government Portfolio,
respectively. Transactions, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------- -------------------------------- ----------------------------
SIX MONTHS DECEMBER 13, SIX MONTHS DECEMBER 29, SIX MONTHS DECEMBER 29,
ENDED 1995(A) ENDED 1995(A) ENDED 1995(A)
MAY 31, TO MAY 31, TO MAY 31, TO
1997 NOVEMBER 30, 1997 NOVEMBER 30, 1997 NOVEMBER 30,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
------------- ------------- --------------- --------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 248,062,446 494,868,947 6,823,840,532 11,085,409,424 198,828,566 372,258,638
Shares issued on reinvestments
of dividends 1,863,893 2,760,398 66,556,363 93,805,221 2,385,632 3,671,687
Shares redeemed (235,989,796) (374,176,882) (6,610,289,031) (8,407,477,076) (192,882,566) (275,655,582)
Net increase 13,936,543 123,452,463 280,107,864 2,771,737,569 8,331,632 100,274,743
</TABLE>
(a) Commencement of operations.
18
FINANCIAL HIGHLIGHTS ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------- -------------------------- --------------------------
SIX MONTHS DECEMBER 13, SIX MONTHS DECEMBER 29, SIX MONTHS DECEMBER 29,
ENDED 1995(A) ENDED 1995(A) ENDED 1995(A)
MAY 31, TO MAY 31, TO MAY 31, TO
1997 NOVEMBER 30, 1997 NOVEMBER 30, 1997 NOVEMBER 30,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
----------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .014 .027 .023 .041 .022 .041
LESS: DIVIDENDS
Dividends from net investment income (.014) (.027) (.023) (.041) (0.22) (.041)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (c)(d) 2.83% 2.80% 4.65% 4.58% 4.51% 4.52%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $137 $123 $3,052 $2,772 $109 $100
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements (d) 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and
reimbursements (d) 1.31% 1.39% 1.18% 1.23% 1.34% 1.42%
Net investment income (b)(d) 2.80% 2.76% 4.58% 4.50% 4.46% 4.45%
</TABLE>
(a) Commencement of operations.
(b) Net of expenses reimbursed or waived by the Adviser.
(c) 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.
(d) Annualized.
19
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
TRUSTEES
JOHN D. CARIFA, CHAIRMAN
RICHARD S. BORISOFF
JEFFREY M. COLE
RICHARD J. DALY
WILLIAM H. FOULK, JR.
ARTHUR S. KRANSELER
ROBERT A. LEWIS
CLIFFORD L. MICHEL
PETER QUICK
WILLIAM L. RHOADS, III
RICHARD R. STUMM
RONALD M. WHITEHILL, PRESIDENT
OFFICERS
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
JOHN R. BONCZEK, SENIOR VICE PRESIDENT
ROBERT I. KURZWEIL, SENIOR VICE PRESIDENT
PATRICIA NETTER, SENIOR VICE PRESIDENT
RONALD R. VALEGGIA, SENIOR VICE PRESIDENT
KENNETH T. CARTY, VICE PRESIDENT
JOHN F. CHIODI, JR., VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
MARIA R. CONA, VICE PRESIDENT
FRANCES M. DUNN, VICE PRESIDENT
ROBERT A. FAILLA, VICE PRESIDENT
MATTHEW D. HEALY, VICE PRESIDENT
LINDA D. NEIL, VICE PRESIDENT
RAYMOND J. PAPERA, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
VINCENT S. NOTO, 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
20
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.
