ALLIANCE MONEY MARKET FUND
- -GENERAL MUNICIPAL PORTFOLIO
- -PRIME PORTFOLIO
- -GOVERNMENT PORTFOLIO
ANNUAL REPORT
NOVEMBER 30, 1996
STATEMENT OF NET ASSETS
NOVEMBER 30, 1996
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MUNICIPAL BONDS-86.0%
ALABAMA-1.2%
ABBEVILLE IDR
(Greenbush Woods Project) AMT VRDN*
$ 455 4/01/04 3.80% $ 455,000
ALABAMA HIGHER EDUCATION FSA
Student Loan Revenue Series C AMT
1,000 3/01/97 3.70 1,002,874
-----------
1,457,874
ARKANSAS-1.5%
ARKANSAS DEVELOPMENT FINANCE
AUTHORITY SFMR
Series PG-H AMT VRDN*
1,855 1/01/30 3.60 1,855,000
ARIZONA-1.1%
MARICOPA COUNTY TAN
(Cartwright Elementary School)
No. 83 Series B
600 7/31/97 4.05 601,736
MARICOPA COUNTY TAN
(Chandler Unified School District)
No. 80 Series B
700 7/31/97 4.00 702,249
-----------
1,303,985
CALIFORNIA-2.7%
CALIFORNIA MBIA
School Cash Reserve Program Authority
Series A
500 7/02/97 3.95 502,156
CALIFORNIA HIGHER EDUCATION
Student Loan Revenue Series D-2 PPB*
700 4/01/00 3.95 700,000
CALIFORNIA HOUSING FINANCE
(Home Mortgage Revenue)
Series J AMT PPB*
500 8/01/28 4.00 500,000
LOS ANGELES FSA TRAN
Series PG-A
800 6/30/97 4.05 803,092
SAN JOSE COUNTY GO TRAN
(Unified School District) Series '96
800 8/05/97 3.95% 802,861
-----------
3,308,109
COLORADO-0.9%
COLORADO CERTIFICATE OF
PARTICIPATION MBIA
(Master Lease Purchase Agreement II)
1,090 11/01/97 3.90 1,120,040
DELAWARE-0.3%
DELAWARE ECONOMIC DEVELOPMENT
AUTHORITY
(Orient Chemical Company) AMT VRDN*
400 11/01/99 3.83 400,000
DISTRICT OF COLUMBIA-4.6%
DISTRICT OF COLUMBIA GO MBIA
Series 88A
400 12/01/96 3.80 400,000
DISTRICT OF COLUMBIA HFA MFHR
(McLean Apts.) Series '85A VRDN*
1,390 12/01/05 3.70 1,390,000
DISTRICT OF COLUMBIA HFA MFHR
(Tyler Housing Trust) AMT VRDN*
2,900 8/01/25 3.85 2,900,000
DISTRICT OF COLUMBIA HFA SFMR
GNMA/FNMA Mortgage Series B AMT PPB*
1,000 12/01/29 3.75 1,000,000
-----------
5,690,000
FLORIDA-2.1%
ORANGE COUNTY HFA SFMR
GNMA/FNMA Mortgage Program Series '96B
AMT PPB*
1,000 4/01/29 3.65 1,000,000
1
STATEMENT OF NET ASSETS
(CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
PINELLAS COUNTY SFMR
Multi-County Program
GNMA/FNMA Mortgage
Program Series B AMT PPB*
$ 1,600 4/01/29 3.40% $1,600,000
-----------
2,600,000
GEORGIA-2.6%
THOMASTON-UPSON COUNTY IDR
(De Ster Production Corp.)
Series A AMT VRDN*
3,200 10/01/09 3.90 3,200,000
ILLINOIS-3.7%
ILLINOIS DEVELOPMENT FINANCE AUTHORITY
(U.G.N. Inc. Project) Series '86
AMT VRDN*
3,000 9/15/11 3.95 3,000,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY
(U.G.N. Inc. Project) Series '87
AMT VRDN*
790 4/01/99 3.95 790,000
WOOD DALE CITY IDR
(Nippon Express USA, Inc.)
Series '85 VRDN*
800 6/01/00 3.70 800,000
-----------
4,590,000
INDIANA-6.8%
ALLEN COUNTY ECONOMIC DEVELOPMENT
AUTHORITY
(Mattel Power Wheels, Inc.)
AMT VRDN*
3,300 12/01/18 3.70 3,300,000
AUBURN ECONOMIC DEVELOPMENT AUTHORITY
(R.J. Tower Corp. Project)
Series '88 AMT VRDN*
865 9/01/00 3.80 865,000
JEFFERSONVILLE ECONOMIC DEVELOPMENT
AUTHORITY
(Apollo America Corp. Project)
AMT VRDN*
2,500 10/01/11 3.75 2,500,000
SEYMOUR ECONOMIC DEVELOPMENT
AUTHORITY
(Kobelco Metal Powder Co. Project)
Series '87 AMT VRDN*
1,775 12/01/97 3.95% 1,775,000
-----------
8,440,000
KANSAS-1.0%
SPRING HILL IDR
(Abrasive Engineering Project) VRDN*
1,200 9/01/16 3.75 1,200,000
KENTUCKY-4.4%
RUSSELLVILLE IDB
(JS Technos Corp. Project)
Series '89 AMT VRDN*
3,000 12/01/09 3.95 3,000,000
SCOTT COUNTY IDR
(Interstate Transformer Co.)
Series '90 AMT VRDN*
1,400 9/01/05 3.75 1,400,000
WARSAW INDUSTRIAL BUILDING AUTHORITY
(SDI Operating Partners)
Series '88 AMT VRDN*
1,050 8/01/09 3.65 1,050,000
-----------
5,450,000
LOUISIANA-0.4%
NEW ORLEANS FGIC
(Louisiana International Airport)
Series '87A AMT VRDN*
500 8/01/17 3.65 527,618
MAINE-4.2%
MAINE FINANCE AUTHORITY
Series H AMT VRDN*
560 6/01/01 3.80 560,000
MAINE FINANCE AUTHORITY
Series '88C AMT VRDN*
260 12/01/04 3.80 260,000
MAINE FINANCE AUTHORITY
Series '89D AMT VRDN*
75 6/01/00 3.80 75,000
MAINE FINANCE AUTHORITY
Series '89 K AMT VRDN*
145 12/01/97 3.80 145,000
2
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MAINE FINANCE AUTHORITY
Economic Development Revenue
Series B AMT VRDN*
$ 440 6/01/99 3.80% $ 440,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
Series D-F AMT VRDN*
715 6/01/04 3.80 715,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
Series K AMT VRDN*
125 12/01/06 3.80 125,000
MAINE FINANCE AUTHORITY
Insured Loan Revenue Series '88A-D
AMT VRDN*
1,580 12/01/03 3.80 1,580,000
ORRINGTON RESOURCE RECOVERY
(Penobscot Energy Project B) VRDN*
1,285 5/01/03 3.70 1,285,000
-----------
5,185,000
MARYLAND-0.8%
MARYLAND ENERGY FINANCE
ADMINISTRATION
(Keywell LLC Project)
Series '96 AMT VRDN*
1,000 9/01/06 3.50 1,000,000
MICHIGAN-1.6%
Michigan Strategic Fund
(Donnelly Corp. Project)
Series A AMT VRDN*
2,000 3/01/10 3.95 2,000,000
MISSOURI-4.7%
MISSOURI ECONOMIC DEVELOPMENT
AUTHORITY
Plastic Enterprises
Series 90A AMT VRDN*
270 9/01/05 3.75 270,000
MISSOURI ECONOMIC DEVELOPMENT
AUTHORITY
Variform Inc.
Series 90C AMT VRDN*
1,455 9/01/05 3.75 1,455,000
MISSOURI ECONOMIC DEVELOPMENT
AUTHORITY
Export & Infrastructure
Series D AMT VRDN*
2,530 9/01/10 3.75% 2,530,000
MISSOURI INDUSTRIAL DEVELOPMENT
AUTHORITY
(Kawasaki Motor Corp.)
Series '89 AMT VRDN*
200 4/01/99 3.80 200,000
MISSOURI INDUSTRIAL DEVELOPMENT
AUTHORITY
(Tradco Inc.) Series H AMT VRDN*
555 10/01/03 3.75 555,000
MISSOURI INDUSTRIAL DEVELOPMENT
AUTHORITY
(Wainwright Industries Inc.)
Series F AMT VRDN*
800 10/01/03 3.75 800,000
-----------
5,810,000
NEBRASKA-1.0%
NEBRASKA FINANCE AUTHORITY
(Single Family Housing)
Series '96C AMT PPB*
1,200 9/01/28 3.85 1,200,000
NEW HAMPSHIRE-4.1%
NASHUA HOUSING AUTHORITY MFHR
(Clocktower Project) AMT VRDN*
2,500 10/20/28 3.90 2,500,000
NEW HAMPSHIRE IDA
(Connecticut Light & Power Co.
Project) Series '86 AMT VRDN*
1,700 11/01/16 3.60 1,700,000
NEW HAMPSHIRE IDA
(SCI Manufacturing Inc.)
Series '89 AMT VRDN*
800 6/01/14 3.80 800,000
-----------
5,000,000
NEW JERSEY-2.8%
JERSEY CITY (School Promissory Note)
500 3/07/97 3.60 500,080
JERSEY CITY GO BAN
1,300 3/27/97 3.80 1,302,858
3
STATEMENT OF NET ASSETS
(CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
JERSEY CITY GO BAN
$ 1,100 9/26/97 4.05% $1,103,894
PLEASANTVILLE
(School District Temporary Notes)
500 8/28/97 4.00 500,885
-----------
3,407,717
NEW MEXICO-1.4%
NEW MEXICO MORTGAGE FINANCE
AUTHORITY
(GNMA/FNMA/FHLMC Mortgage Program)
Series '96 F-2 AMT PPB*
1,765 7/01/30 4.05 1,765,000
NEW YORK-0.8%
NEW YORK GO RAN
Series A
1,000 4/15/97 3.70 1,002,901
NORTH CAROLINA-5.3%
BLADEN COUNTY PCR
(BCH Energy LP Project)
Series '93 AMT VRDN*
1,000 11/01/20 3.75 1,000,000
LENOIR COUNTY IDR PCR
(Carolina Energy Project)
Series '95 AMT VRDN*
5,500 7/01/22 3.75 5,500,000
-----------
6,500,000
OHIO-2.5%
OHIO HOUSING FINANCE AGENCY
Residential Mortgage Revenue
Series '96A-3 AMT PPB*
1,000 9/01/28 3.40 1,000,000
OHIO HOUSING FINANCE AGENCY
Residential Mortgage Revenue
Series '96B-3 AMT PPB*
1,700 9/01/28 4.00 1,700,000
OHIO WATER DEVELOPMENT AUTHORITY
(Ohio Edison Company)
Series A AMT PPB*
400 5/01/18 3.80 400,000
-----------
3,100,000
OKLAHOMA-1.6%
BROKEN ARROW
(Paragon Films Project) AMT VRDN*
1,970 8/01/04 3.83% 1,970,000
OREGON-3.0%
OREGON HOUSING & COMMUNITY SERVICE SFMR
Mortgage Revenue Series '96C AMT
300 5/15/97 3.85 300,000
OREGON ECONOMIC DEVELOPMENT REVENUE IDR
(McFarland Cascade Project)
Series 175 AMT VRDN*
1,690 11/01/16 3.80 1,690,000
PORTLAND HOUSING MFHR
(Union Station Project)
Phase B Series '96 AMT VRDN*
1,750 10/01/31 3.80 1,750,000
-----------
3,740,000
PENNSYLVANIA-1.3%
PENNSYLVANIA ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Ram Forest Products Inc.)
Series '88A-3 AMT VRDN*
580 12/01/99 3.85 580,000
PHILADELPHIA GO TRAN
Series '96A
1,000 6/30/97 3.95 1,003,054
-----------
1,583,054
RHODE ISLAND-0.5%
RHODE ISLAND HOUSING & FINANCE CORP.
Homeownership Opportunity Series 19D
AMT PPB*
600 10/01/26 3.55 600,000
SOUTH CAROLINA-0.3%
YORK COUNTY PCR
(N C Elec. Project)
Series '84N-6 VRDN*
400 9/15/14 3.80 400,000
4
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
SOUTH DAKOTA-1.0%
SOUTH DAKOTA HFA SFMR
Homeownership Mortgage
Series G AMT
$ 1,200 5/01/97 3.90-4.00% $1,201,473
TENNESSEE-1.2%
TENNESSEE HOUSING DEVELOPMENT
AGENCY SFMR
(Homeownership Program)
Series '96-5 AMT PPB*
1,500 7/01/28 4.00 1,499,145
TEXAS-7.4%
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
HARRIS COUNTY IDR
(Nippon Pigment USA Project)
Series '87 AMT VRDN*
500 7/01/02 3.95 500,000
NORTH TEXAS HIGHER EDUCATION
Student Loan Revenue Series '87
AMT VRDN*
2,950 12/01/05 3.60 2,950,000
SAN ANTONIO IDA
(Gruma Corporation Project)
AMT VRDN*
500 11/01/09 3.80 500,000
TEXAS GOTRAN
1,000 8/29/97 3.97 1,005,569
TRAVIS COUNTY FGIC
Certificates of Obligation
Insured Series B
2,000 3/01/97 3.65 2,010,790
-----------
9,166,359
UTAH-0.4%
UTAH HOUSING FINANCE AGENCY SFMR
Home Mortgage Revenue
Series 4 AMT VRDN*
500 7/01/28 3.75% 500,000
VIRGINIA-2.2%
AMELIA COUNTY IDA
(Chambers Waste Systems, Inc.)
AMT VRDN*
1,500 7/01/07 3.80 1,500,000
FAIRFAX COUNTY IDA
(Fairfax Hospital System)
Series '88D VRDN*
200 10/01/25 3.55 200,000
RICHMOND REDEVELOPMENT & HOUSING
AUTHORITY
Series '89B-2 AMT VRDN*
1,000 10/01/24 3.80 1,000,000
-----------
2,700,000
WASHINGTON-4.5%
KINGS COUNTY ECONOMIC CORP.
(Barriers Inc. Project) AMT VRDN*
1,000 5/01/07 3.60 1,000,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
AMT VRDN*
700 8/01/07 3.95 700,000
PORT OF VANCOUVER IDR
(United Grain Corp.)
Series '92 AMT VRDN*
500 12/01/10 3.90 500,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(LTC Properties Inc. Project)
AMT VRDN*
1,500 12/01/15 3.65 1,500,000
WASHINGTON STUDENT LOAN FINANCE
ASSOCIATION
Third Program Series B AMT VRDN*
500 12/01/02 3.70 500,000
5
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
YAKIMA COUNTY IDR
(Can-Am Millwork LTD) AMT VRDN*
$ 1,415 12/01/14 3.75% $ 1,415,000
-------------
5,615,000
Total Municipal Bonds
(amortized cost $106,188,275) 106,188,275
COMMERCIAL PAPER-14.4%
ALABAMA-0.6%
PHENIX CITY IDB
(Mead Board Project) AMT
700 2/26/97 3.55 700,000
COLORADO-1.6%
DENVER AIRPORT REVENUE
Series B AMT
2,000 2/18/97 3.60 2,000,000
FLORIDA-0.3%
HILLSBOROUGH COUNTY
(Tampa International Airport Revenue)
Series '94 AMT
400 12/20/96 3.65 400,000
GEORGIA-0.2%
ATHENS-CLARKE IDA
(Rhode-Merieux Project)
300 Series '88 AMT
3/05/97 3.55 300,000
HAWAII-0.6%
HAWAII BUDGET & FINANCE
(Citizens Utility Company)
Series '88 AMT
700 12/06/96 3.65 700,000
INDIANA-2.2%
INDIANA DEVELOPMENT FINANCE AUTHORITY
SOLID WASTE REVENUE
(Pure Air Lake) Series '91A AMT
1,000 3/13/97 3.65 1,000,000
JASPER COUNTY
(North Indiana Public Service Project)
Series '88C
1,700 12/10/96 3.75 1,700,000
-------------
2,700,000
PENNSYLVANIA-2.9%
CARBON COUNTY
Res. Rec.: (Panther Creek Project)
Series '90B AMT
600 12/12/96 3.60% 600,000
CARBON COUNTY
Res. Rec.: (Panther Creek Project)
Series '91 AMT
1,300 12/06/96 3.55 1,300,000
CARBON COUNTY
Res. Rec.: (Panther Creek Project)
Series '91 AMT
500 3/14/97 3.65 500,000
VENANGO INDUSTRIAL AUTHORITY
Res. Rec.: (Scrubgrass Project)
Series '90B AMT
400 3/14/97 3.65 400,000
VENANGO INDUSTRIAL AUTHORITY
Res. Rec.: (Scrubgrass Project)
Series '93 AMT
800 3/14/97 3.65 800,000
-------------
3,600,000
TEXAS-2.3%
BRAZOS RIVER AUTHORITY PCR
(Texas Utilities Project)
Series '94A AMT
1,400 3/14/97 3.65 1,400,000
HOUSTON AIRPORT
Series A AMT
1,000 2/18/97 3.55 1,000,000
PORT OF CORPUS CHRISTI NUECES
COUNTY PCR
(Koch Refining Project) AMT
500 12/11/96 3.70 500,000
-------------
2,900,000
6
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
$ 1,700 12/05/96 3.65% $ 1,700,000
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.)
Series A AMT
1,500 12/05/96 3.70 1,500,000
-------------
3,200,000
WEST VIRGINIA-1.1%
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.)
Series '89A AMT
900 12/06/96 3.55 900,000
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.)
Series '89A AMT
400 3/14/97 3.65% 400,000
-------------
1,300,000
Total Commercial Paper
(amortized cost $17,800,000) 17,800,000
TOTAL INVESTMENTS-100.3%
(amortized cost $123,888,275) 123,888,275
Other assets less liabilities-(0.3)% (401,864)
NET ASSETS-100%
(offering and redemption price
of $1.00 per share; 123,485,796
shares outstanding) $123,486,411
# 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
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 Authority
IDB Industrial Development Board
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
PPB Periodic Put Bond
RAN Revenue Anticipation Note
SFMR Single Family Mortgage Revenue
TAN Tax Anticipation Note
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
7
STATEMENT OF NET ASSETS
NOVEMBER 30, 1996
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ---------------------------------------------------------------------------
COMMERCIAL PAPER-67.6%
ABN AMRO NORTH AMERICA FINANCE, INC.
$ 35,000 3/06/97 5.58% $34,484,625
ALAMO FUNDING L.P.
20,000 12/04/96* 5.27 19,991,217
17,000 12/13/96* 5.27 16,970,137
19,525 12/06/96* 5.30 19,510,627
ALLIANZ OF AMERICA FINANCE
8,000 12/20/96* 5.47 7,976,904
ASSET SECURIZATION CO-OP CORP.
10,000 12/26/96* 5.32 9,963,056
25,000 12/11/96* 5.35 24,962,847
ATLAS FUNDING CORP.
25,000 12/03/96* 5.33 24,992,597
35,000 12/24/96* 5.37 34,879,921
BARTON CAPITAL CORP.
45,877 12/12/96* 5.29 45,802,845
33,117 1/31/97* 5.35 32,816,785
BAYER CORP.
26,000 12/30/96 5.25 25,890,042
CAISSE CENTRALE DES JARDINES
DU QUEBEC
10,000 3/19/97 5.65 9,830,500
CAISSE D'AMORTISSEMENT DE LA SOCIALE
15,000 3/10/97 5.64 14,767,556
CENTAURI CORP.
60,700 3/13/97* 5.32 59,785,049
17,000 2/25/97* 5.35 16,782,731
CHIAO TUNG BANK CO., LTD.
10,000 1/08/97 5.47 9,942,261
CLIPPER RECEIVABLES CORP.
35,000 12/18/96* 5.30 34,912,403
10,000 12/30/96* 5.31 9,957,225
DELAWARE FUNDING CORP.
63,029 12/19/96* 5.29 62,862,062
ENTERPRISE FUNDING CORP.
13,000 12/05/96* 5.28 12,992,373
7,721 2/14/97* 5.35 7,634,943
30,835 2/18/97* 5.35 30,472,989
EUREKA SECURIZATION
30,000 12/11/96* 5.27% 29,956,083
50,000 12/23/96* 5.27 49,838,972
15,000 12/04/96* 5.28 14,993,400
26,000 2/03/97* 5.35 25,752,711
10,000 12/13/96* 5.37 9,982,100
GENERAL ELECTRIC CAPITAL CORP.
21,000 3/03/97 5.59 20,700,003
GOTHAM FUNDING CORP.
25,000 2/03/97* 5.38 24,760,889
GREENWICH ASSET FUNDING, INC.
25,533 3/26/97* 5.32 25,099,081
GREENWICH FUNDING CORP.
37,619 12/02/96 5.30 37,613,462
7,800 12/20/96* 5.30 7,778,182
40,000 12/23/96* 5.52 39,865,067
INTERNATIONAL SECURITIZATION CORP.
30,300 12/02/96* 5.35 30,295,497
25,000 12/27/96* 5.40 24,902,500
16,482 12/17/96* 5.41 16,442,370
4,547 12/24/96* 5.50 4,531,022
5,149 3/17/97* 5.67 5,063,037
INTERNATIONALE NEDERLANDEN
30,000 12/30/96* 5.28 29,872,400
JEFFERSON SMURFIT FINANCE CORP.
11,500 12/31/96* 5.27 11,449,496
KINGDOM OF SWEDEN
40,000 1/10/97* 5.38 39,760,889
KOREAN DEVELOPMENT BANK
5,000 12/05/96* 5.48 4,996,956
MARKET STREET FUNDING
21,200 12/30/96* 5.32 21,109,146
25,000 12/31/96* 5.32 24,889,167
OLD LINE FUNDING CORP.
28,573 12/11/96* 5.32 28,530,775
17,000 2/12/97* 5.38 16,814,712
PREFERRED RECEIVABLES FUNDING CORP.
23,100 12/18/96* 5.30 23,042,186
5,825 12/26/96* 5.30 5,803,561
8
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ---------------------------------------------------------------------------
PREMIUM FUNDING, INC. SERIES B
$ 10,000 12/04/96* 5.50% $ 9,995,417
PREMIUM FUNDING, INC. SERIES E
21,000 12/04/96* 5.27 20,990,777
29,905 12/05/96* 5.30 29,887,389
22,786 12/13/96* 5.33 22,745,517
19,945 12/24/96* 5.40 19,876,190
PRIME ASSET VEHICLE, LTD. SERIES B
35,559 12/30/96* 5.34 35,406,037
15,290 2/25/97* 5.35 15,094,585
19,219 12/19/96* 5.52 19,165,956
RANGER FUNDING CORP.
15,135 12/17/96* 5.27 15,099,550
15,000 2/13/97* 5.35 14,835,042
15,000 12/10/96* 5.47 14,979,487
RECEIVABLES CAPITAL CORP.
24,536 12/11/96* 5.30 24,499,878
34,413 12/03/96* 5.31 34,402,848
43,308 12/17/96* 5.32 43,205,601
3,907 12/16/96* 5.35 3,898,291
SIGMA FINANCE CORP.
26,000 5/16/97* 5.32 25,362,191
83,700 2/10/97* 5.35 82,817,833
10,000 4/28/97* 5.36 9,779,644
10,000 12/10/96* 5.38 9,986,550
10,000 2/03/97* 5.39 9,904,178
SOUTHERN CO.
6,900 12/04/96 5.32 6,896,941
THAMES ASSET GLOBAL SECURITIZATION
20,000 2/18/97* 5.35 19,765,194
10,000 2/19/97* 5.38 9,880,555
22,000 12/16/96* 5.40 21,950,500
42,477 2/28/97* 5.40 41,909,932
THREE RIVERS FUNDING CORP.
2,600 12/27/96* 5.32 2,590,010
TRIPLE ASSET FUNDING CORP.
30,192 12/09/96* 5.29 30,156,508
21,518 12/11/96* 5.29 21,486,380
7,000 12/13/96* 5.30 6,987,633
17,000 1/21/97* 5.36 16,870,913
WOOD STREET FUNDING CORP.
4,000 12/26/96* 5.33 3,985,194
18,886 12/27/96* 5.40 18,812,345
WORKING CAPITAL MANAGEMENT CO.
19,041 12/12/96* 5.32% 19,010,048
20,000 12/16/96* 5.34 19,955,500
28,336 12/19/96* 5.35 28,260,201
Total Commercial Paper
(amortized cost $1,872,476,174) 1,872,476,174
CERTIFICATES OF DEPOSIT-14.5%
BANK OF TOKYO, LTD.
50,000 5.45%, 2/20/97 5.45 50,000,000
20,000 5.66%, 12/27/96 5.66 20,000,000
COMMERZBANK AG
50,000 5.47%, 12/02/96 5.45 50,000,027
DEUTSCHE BANK
50,000 5.30%, 12/31/96 5.30 50,000,000
15,000 5.48%, 1/03/97 5.65 14,996,573
20,000 5.53%, 4/02/97 5.80 19,982,119
HESSICHE LANDESBANK
10,000 5.70%, 4/29/97* 5.80 9,995,981
40,000 6.05%, 6/13/97* 5.95 39,993,909
NORINCHUKIN BANK, LTD.
25,000 5.46%, 2/18/97 5.45 25,000,541
SALT III CAYMAN ISLAND CORP.
76,000 5.68%, 1/23/97* 5.68 76,000,000
SANWA BANK, LTD.
25,000 5.52%, 1/29/97 5.52 25,000,000
SOCIETE GENERALE
2,000 5.57%, 4/04/97 5.40 1,999,850
SUMITOMO BANK, LTD.
20,000 5.38%, 12/04/96 5.38 20,000,000
Total Certificates of Deposit
(amortized cost $402,969,000) 402,969,000
CORPORATE OBLIGATIONS-13.1%
BANKERS TRUST N.Y. CO.
27,000 5.52%, 2/05/97 FRN 5.52 27,000,000
BETA FINANCE
25,000 5.92%, 6/06/97* 5.92 25,000,000
CORPORATE ASSET FUNDING CO., INC.
50,000 5.37%, 6/10/97 FRN* 5.38 49,997,384
50,000 5.40%, 12/02/97 FRN* 5.43 49,990,000
9
STATEMENT OF NET ASSETS
(CONTINUED)
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ---------------------------------------------------------------------------
GOLDMAN SACHS GROUP L.P.
$ 50,000 5.38%, 2/14/97 5.38% $ 50,000,000
50,000 5.53%, 3/13/97 FRN 5.53 50,000,000
J.P. MORGAN & CO.
40,000 5.34%, 8/15/97 FRN 5.39 39,986,461
60,000 5.43%, 3/21/97 FRN* 5.48 60,008,609
TOYOTA MOTOR CREDIT CORP.
10,000 5.00%, 2/26/97 5.10 9,997,266
Total Corporate Obligations
(amortized cost $361,979,720) 361,979,720
U.S. GOVERNMENT AND AGENCIES-5.4%
FEDERAL FARM CREDIT BANK
25,000 5.21%, 1/22/97 FRN 5.25 24,998,627
32,000 5.43%, 8/03/98 FRN 5.48 31,974,901
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
12,000 5.23%, 1/27/97 FRN 5.35 11,997,826
40,000 5.33%, 8/25/97 FRN 5.37 39,988,697
U.S. TREASURY NOTE
40,000 6.63%, 3/31/97 5.23% 40,176,339
Total U.S. Government and Agencies
(amortized cost $149,136,390) 149,136,390
BANK OBLIGATIONS-0.7%
MORGAN GUARANTY TRUST OF NY
20,000 5.50%, 1/08/97
(amortized cost $20,000,000) 5.50 20,000,000
TOTAL INVESTMENTS-101.3%
(amortized cost $2,806,561,284) 2,806,561,284
Other assets less liabilities-(1.3)% (34,789,606)
NET ASSETS-100%
(offering and redemption price of
$1.00 per share; 2,771,770,903
shares outstanding) $2,771,771,678
# All securities either mature or their interest rate changes in one year or
less.
* Restricted security.
Glossary:
FRN - Floating Rate Note
See notes to financial statements.
10
STATEMENT OF NET ASSETS
NOVEMBER 30, 1996
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ---------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCIES-79.9%
FEDERAL HOME LOAN MORTGAGE CORP.-33.7%
$ 5,500 12/11/96 5.19% $ 5,492,071
1,391 12/06/96 5.20 1,389,995
2,780 12/03/96 5.22 2,779,194
1,300 12/16/96 5.22 1,297,172
5,000 1/03/97 5.22 4,976,075
1,000 3/05/97 5.22 986,370
2,500 12/24/96 5.23 2,491,647
9,500 1/17/97 5.23 9,435,133
2,000 12/18/96 5.35 1,994,947
3,000 12/04/96 5.41 2,998,647
------------
33,841,251
FEDERAL NATIONAL MORTGAGE
ASSOCIATION-17.1%
5,000 2/24/97 5.20 4,938,611
2,200 12/30/96 5.21 2,190,767
4,500 2/18/97 5.22 4,448,453
2,600 1/17/97 5.24 2,582,213
3,000 5.45%, 9/12/97 5.52 2,999,051
------------
17,159,095
U.S. TREASURY NOTE-8.0%
8,000 6.50%, 5/15/97 5.66 8,029,384
STUDENT LOAN MARKETING
ASSOCIATION-7.8%
3,810 12/31/96 5.23 3,793,395
2,000 5.40%, 9/03/97 5.46 1,999,124
2,000 6.13%, 6/30/97 FRN 5.87 2,000,583
------------
7,793,102
FEDERAL FARM CREDIT BANK-7.5%
2,500 5.28%, 5/20/97 FRN 5.40 2,498,641
5,000 4.55%, 12/06/96 5.65 4,999,195
------------
7,497,836
FEDERAL HOME LOAN BANK-5.8%
1,000 1/23/97 5.28% 992,227
2,000 12/11/96 5.37 1,997,017
2,800 12/02/96 5.85 2,799,545
------------
5,788,789
Total U.S. Government and Agencies
(amortized cost $80,109,457) 80,109,457
REPURCHASE AGREEMENTS-19.9%
CS FIRST BOSTON CORP.
4,000 5.33%, dated 11/25/96, due 2/24/97
in the amount of $4,053,892
(cost $4,000,000; collateralized by
$4,197,455 Federal National
Mortgage Assn., 6.00%, 2/01/09,
value $4,099,077) 5.33 4,000,000
GOLDMAN SACHS & CO.
4,000 5.32%, dated 11/26/96,
due 2/25/97 in the amount of
$4,053,791 (cost $4,000,000;
collateralized by $4,121,145 Federal
National Mortgage Assn., 6.50%,
1/01/11, value $4,100,110) 5.32 4,000,000
J.P. MORGAN & CO.
4,000 5.25%, dated 11/18/96,
due 12/09/96 in the amount of
$4,012,250 (cost $4,000,000;
collateralized by $3,933,000 U.S.
Treasury Note, 7.25%, 2/15/98,
value $4,093,793) 5.25 4,000,000
11
STATEMENT OF NET ASSETS
(CONTINUED)
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ---------------------------------------------------------------------------
LEHMAN BROTHERS INC.
$ 4,000 5.28%, dated 11/04/96,
due 12/04/96 in the amount of
$4,017,600 (cost $4,000,000;
collateralized by $4,131,894
Federal National Mortgage Assn.,
7.50%, 6/01/09, value $4,197,031) 5.28% $ 4,000,000
MERRILL LYNCH & CO., INC.
4,000 5.29%, dated 11/13/96,
due 12/04/96 in the amount of
$4,012,343 (cost $4,000,000;
collateralized by $4,189,465
Federal Home Loan Mortgage Corp.,
7.00%, 2/01/26, value $4,174,045) 5.29 4,000,000
Total Repurchase Agreements
(amortized cost $20,000,000) 20,000,000
TOTAL INVESTMENTS-99.8%
(amortized cost $100,109,457) $100,109,457
Other assets less liabilities-0.2% 198,796
NET ASSETS-100%
(offering and redemption price of
$1.00 per share; 100,308,076
shares outstanding) $100,308,253
# All securities either mature or their interest rate changes in one year or
less.
Glossary:
FRN - Floating Rate Note
See notes to financial statements.
12
STATEMENT OF OPERATIONS
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------- -------------
DEC. 13,1995* DEC. 29,1995* DEC. 29,1995*
TO TO TO
NOV. 30,1996 NOV. 30,1996 NOV. 30,1996
------------- ------------- -------------
INVESTMENT INCOME
Interest $3,760,880 $114,660,456 $4,496,740
EXPENSES
Advisory fee (Note B) 500,241 10,427,618 412,525
Distribution assistance fee
(Note C) 450,217 9,384,854 371,276
Administrative fee (Note C) 50,024 1,042,760 41,253
Custodian fees 101,578 258,902 81,482
Registration fees 94,927 1,272,234 96,349
Transfer agency 114,026 2,942,602 99,731
Audit and legal fees 32,931 33,359 23,073
Organization 14,160 13,858 13,520
Printing 11,559 301,274 10,916
Trustees' fees 6,663 8,122 7,126
Miscellaneous 13,931 14,453 13,906
Total expenses 1,390,257 25,700,036 1,171,157
Less: fee waiver and reimbursement (389,775) (4,844,801) (346,104)
------------ ------------- -------------
1,000,482 20,855,235 825,053
Net investment income 2,760,398 93,805,221 3,671,687
REALIZED GAIN ON INVESTMENTS
Net realized gain on investments 615 775 177
NET INCREASE IN NET ASSETS FROM
OPERATIONS $2,761,013 $ 93,805,996 $3,671,864
* Commencement of operations.
See notes to financial statements.
13
STATEMENTS OF CHANGES IN NET ASSETS
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------- --------------- -------------
DEC. 13,1995* DEC. 29,1995* DEC. 29,1995*
TO TO TO
NOV. 30,1996 NOV. 30,1996 NOV. 30,1996
------------- --------------- -------------
INCREASE IN NET ASSETS FROM
OPERATIONS
Net investment income $ 2,760,398 $ 93,805,221 $ 3,671,687
Net realized gain on
investments 615 775 177
Net increase in net assets
from operations 2,761,013 93,805,996 3,671,864
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (2,760,398) (93,805,221) (3,671,687)
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST
Net increase 123,452,463 2,771,737,569 100,274,743
Total increase 123,453,078 2,771,738,344 100,274,920
NET ASSETS
Beginning of period 33,333 33,334 33,333
End of period $123,486,411 $2,771,771,678 $100,308,253
* Commencement of operations.
See notes to financial statements.
14
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1996
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 year end. Dividends
paid from net investment income for the period ended November 30, 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 unless such reimbursement is eliminated or
modified upon approval of the Trustees prior thereto. For the period December
13, 1995 through November 30, 1996 for General Municipal Portfolio and for the
period December 29, 1995 through November 30, 1996 for Prime Portfolio and
Government Portfolio, the Adviser reimbursed $368,300, $4,434,560 and $330,256,
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.
15
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 period December 13, 1995 through November 30, 1996 for General Municipal
Portfolio and for the period December 29, 1995 through November 30, 1996 for
Prime Portfolio and Government Portfolio, the Portfolios paid fees of $450,217,
$9,384,854 and $371,276, 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
period December 13, 1995 through November 30, 1996 for General Municipal
Portfolio and for the period December 29, 1995 through November 30, 1996 for
Prime Portfolio and Government Portfolio, the General Municipal Portfolio
incurred fees of $50,024 of which $21,475 was waived, the Prime Portfolio
incurred fees of $1,042,760 of which $410,241 was waived and the Government
Portfolio incurred fees of $41,253 of which $15,848 was waived.
NOTE D: INVESTMENT TRANSACTIONS
At November 30, 1996, the cost of portfolio securities for federal income tax
purposes was the same as the cost for financial reporting purposes.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At November 30,
1996, capital paid-in aggregated $123,485,796, $2,771,770,903 and $100,308,076
for the General Municipal Portfolio, Prime Portfolio and Government Portfolio,
respectively. Transactions, all at $1.00 per share, were as follows:
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------- --------------- -------------
DEC. 13,1995* DEC. 29,1995* DEC. 29,1995*
TO TO TO
NOV. 30,1996 NOV. 30,1996 NOV. 30,1996
------------- --------------- -------------
Shares sold 494,868,947 11,085,409,424 372,258,638
Shares issued on reinvestments
of dividends 2,760,398 93,805,221 3,671,687
Shares redeemed (374,176,882) (8,407,477,076) (275,655,582)
Net increase 123,452,463 2,771,737,569 100,274,743
* Commencement of operations.
16
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
NOTE F: FINANCIAL HIGHLIGHTS
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
DECEMBER 13, DECEMBER 29, DECEMBER 29,
1995* 1995* 1995*
TO TO TO
NOV. 30,1996 NOV. 30,1996 NOV. 30,1996
------------ ------------ ------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .027 .041 .041
LESS: DISTRIBUTIONS
Dividends from net investment income (.027) (.041) (.041)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (a)(b) 2.80% 4.58% 4.52%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $123 $2,772 $100
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements (b) 1.00% 1.00% 1.00%
Expenses, before waivers and
reimbursements (b) 1.39% 1.23% 1.42%
Net investment income (b)(c) 2.76% 4.50% 4.45%
* 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.
17
INDEPENDENT AUDITOR'S REPORT
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS
ALLIANCE MONEY MARKET FUND
We have audited the accompanying statement of net assets of Alliance Money
Market Fund - General, Prime, and Government Portfolios as of November 30, 1996
and the related statements of operations, changes in net assets, and financial
highlights for the periods indicated in the accompanying financial statements.
These financial statements and financial highlights are the responsibility of
the Portfolio's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
November 30, 1996, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Alliance Money Market Fund - General, Prime, and Government Portfolios as of
November 30, 1996, and the results of its operations, changes in its net
assets, and its financial highlights for the periods indicated, in conformity
with generally accepted accounting principles.
McGladrey & Pullen, LLP
New York, New York
January 3, 1997
18
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
ROBERT A. LEWIS
CLIFFORD L. MICHEL
PETER QUICK
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
19
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.
