ALLIANCE MONEY MARKET FUND
- -GENERAL MUNICIPAL PORTFOLIO
- -PRIME PORTFOLIO
- -GOVERNMENT PORTFOLIO
ANNUAL REPORT
NOVEMBER 30, 1997
STATEMENT OF NET ASSETS
NOVEMBER 30, 1997
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MUNICIPAL BONDS-85.3%
ALABAMA-0.4%
ABBEVILLE IDR
(Greenbush Woods Project)
AMT VRDN (a)
$ 575 4/01/04 4.20% $ 575,000
ALASKA-1.1%
ALASKA IDA
(Fairbanks Gold Mining Inc.)
AMT VRDN (a)
500 5/01/09 3.95 500,000
ALASKA STUDENT LOAN CORP. AMBAC
Student Loan Revenue Series A AMT
1,000 7/01/98 4.10 1,005,628
-----------
1,505,628
ARIZONA-1.5%
PHOENIX IDA
(America West Airlines)
AMT VRDN (a)
1,000 8/01/16 4.25 1,000,000
PHOENIX IDA
(V.A.W. of America, Inc.)
AMT VRDN (a)
1,000 2/01/12 4.25 1,000,000
-----------
2,000,000
CALIFORNIA-0.7%
CALIFORNIA HIGHER EDUCATION
Student Loan Revenue
Series B PPB (a)
1,000 7/01/02 4.00 1,000,000
DELAWARE-0.3%
DELAWARE ECONOMIC DEVELOPMENT
AUTHORITY
(Orient Chemical Company)
AMT VRDN (a)
400 11/01/99 4.22 400,000
DISTRICT OF COLUMBIA-6.5%
DISTRICT OF COLUMBIA HFA MFHR
(McLean Apts.) Series '85A VRDN (a)
1,390 12/01/05 4.30 1,390,000
DISTRICT OF COLUMBIA HFA MFHR
(Tyler Housing Trust) AMT VRDN (a)
4,200 8/01/25 4.20% $4,200,000
DISTRICT OF COLUMBIA HFA SFMR
Series B AMT PPB (a)
1,000 12/01/29 3.75 1,000,000
DISTRICT OF COLUMBIA HFA SFMR
Series C AMT PPB (a)
1,500 9/01/98 4.05 1,500,000
805 12/01/29 3.90 805,000
-----------
8,895,000
FLORIDA-2.5%
BROWARD COUNTY HFA SFMR
Series '97B AMT PPB (a)
1,000 10/01/30 4.05 1,000,000
PINELLAS COUNTY HFA SFMR
Multi-County Program
Series D AMT PPB (a)
1,475 9/01/26 4.00 1,475,000
ST. LUCIE PCR
(Florida Light & Power
Co. Project) Series '93
AMT VRDN (a)
1,000 1/01/27 4.10 1,000,000
-----------
3,475,000
GEORGIA-5.5%
BURKE COUNTY DEVELOPMENT
AUTHORITY PCR
AMBAC
(Oglethorpe Power Corp.) Series B
3,000 5/28/98 3.80 3,000,000
CARTERSVILLE ECONOMIC
DEVELOPMENT AUTHORITY
(Sekisui Jushi Project)
Series ' 92 VRDN (a)
300 6/01/12 4.40 300,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
SUMMERSVILLE IDA
(Image Industries, Inc.)
Series '97 AMT VRDN (a)
$ 1,000 9/01/17 4.20% $1,000,000
THOMASTON-UPSON COUNTY IDR
(De Ster Production Corp.)
Series A AMT VRDN (a)
3,300 10/01/09 4.30 3,300,000
-----------
7,600,000
HAWAII-0.9%
HAWAII AIRPORT SYSTEMS REVENUE AMBAC
Third Series AMT
1,250 7/01/98 4.75 1,255,622
ILLINOIS-5.4%
AURORA KANE & DU PAGE COUNTIES IDR
(A & B Holdings LLC Project)
Series '97A AMT VRDN (a)
1,300 10/01/27 4.10 1,300,000
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 4.30 800,000
-----------
7,390,000
INDIANA-2.4%
ALLEN COUNTY ECONOMIC
DEVELOPMENT AUTHORITY
(Mattel Power Wheels, Inc.)
AMT VRDN (a)
800 12/01/18 4.15 800,000
AUBURN ECONOMIC
DEVELOPMENT AUTHORITY
(R.J. Tower Corp. Project)
Series '88 AMT VRDN (a)
725 9/01/00 4.25 725,000
SEYMOUR ECONOMIC
DEVELOPMENT AUTHORITY
(Kobelco Metal Powder Co. Project)
Series '87 AMT VRDN (a)
1,775 12/15/97 4.40 1,775,000
-----------
3,300,000
KANSAS-1.6%
FREDONIA IDR
(Systech Environmental Corp.)
AMT VRDN (a)
1,000 2/01/07 4.20 1,000,000
SPRING HILL IDR
(Abrasive Engineering
and Manufacturing Project)
Series '96 VRDN (a)
1,200 9/01/16 4.15 1,200,000
-----------
2,200,000
KENTUCKY-6.5%
HOPKINSVILLE IDR
(American Precision Machinery)
AMT VRDN (a)
3,600 5/01/00 4.10 3,600,000
LOUISVILLE & JEFFERSON
COUNTY REGIONAL AIRPORT
AUTHORITY BAN
Series AA-1 AMT VRDN (a)
1,000 6/30/02 4.05 1,000,000
RUSSELLVILLE IDB
(JS Technos Corp. Project)
Series '89 AMT VRDN (a)
3,000 12/01/09 4.40 3,000,000
2
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
SCOTT COUNTY IDR
(Interstate Transformer Inc.)
Series '90 AMT VRDN (a)
$ 1,300 9/01/05 4.10% $ 1,300,000
------------
8,900,000
LOUISIANA-1.5%
NEW ORLEANS HOME
MORTGAGE AUTHORITY SFMR
Series 97C-2 PPB (a)
2,000 12/01/18 3.92 2,000,000
MAINE-8.2%
BIDDEFORD IDR
(DK Associates & Volk Packaging)
Series '97 AMT VRDN (a)
5,525 7/01/17 4.20 5,525,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue Series '88A-D
AMT VRDN (a)
135 12/01/03 4.20 135,000
MAINE FINANCE AUTHORITY
Economic Development
Revenue (Barber Foods, Inc.)
Series '90B AMT VRDN (a)
105 12/01/06 4.20 105,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Cornwall, McCann, Thurston)
Series '88D-F AMT VRDN (a)
875 6/01/04 4.20 875,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(DC & F, Inc.) Series '89F
AMT VRDN (a)
410 12/01/05 4.20 410,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Forster Mfg Co., Inc.)
Series '89H AMT VRDN (a)
455 6/01/01 4.20 455,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(JS McCarthy & Co., Inc.)
Series '96B AMT VRDN (a)
300 6/01/99 4.20 300,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Stratton Lumber, Inc.)
Series '88C AMT VRDN (a)
250 12/01/04 4.20 250,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Stratton Lumber, Inc.)
Series '89K AMT VRDN (a)
20 12/01/97 4.20 20,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Volco Realty Co., Inc.)
Series '89L AMT VRDN (a)
170 6/01/05 4.20 170,000
MAINE FINANCE AUTHORITY
(William Arthur, Inc.)
Series '97 AMT VRDN (a)
1,500 10/01/12 3.80 1,500,000
ORRINGTON RESOURCE RECOVERY
(Penobscot Energy Project B)
AMT VRDN (a)
1,540 5/01/03 4.10 1,540,000
------------
11,285,000
MICHIGAN-1.5%
MICHIGAN STRATEGIC FUND
(Donnelly Corp. Project)
Series A AMT VRDN (a)
2,000 3/01/10 4.00 2,000,000
MISSOURI-4.1%
MISSOURI ECONOMIC
DEVELOPMENT AUTHORITY
Export & Infrastructure
Series D AMT VRDN (a)
2,270 9/01/10 4.15 2,270,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MISSOURI ECONOMIC
DEVELOPMENT AUTHORITY
(Plastic Enterprises)
Series '90A AMT VRDN (a)
$ 250 9/01/05 4.25% $ 250,000
MISSOURI ECONOMIC
DEVELOPMENT AUTHORITY
(Variform Inc.)
Series '90C AMT VRDN (a)
1,340 9/01/05 4.15 1,340,000
MISSOURI IDA
(Kawasaki Motor Corp.)
Series '89 AMT VRDN (a)
395 4/01/99 4.30 395,000
MISSOURI IDA
(Tradco Inc.) Series H
AMT VRDN (a)
740 10/01/03 4.15 740,000
MISSOURI IDA
(Wainwright Industries Inc.)
Series F AMT VRDN (a)
690 10/01/03 3.90 690,000
------------
5,685,000
NEBRASKA-0.7%
NEBRASKA FINANCE AUTHORITY SFMR
Series '97C AMT PPB (a)
1,000 9/01/29 3.90 1,000,000
NEW HAMPSHIRE-0.7%
NEW HAMPSHIRE IDA
(SCI Manufacturing Inc.)
Series '89 AMT VRDN (a)
1,000 6/01/14 4.20 1,000,000
NEW JERSEY-0.4%
JERSEY CITY GO BAN
600 2/05/98 3.85 600,041
NEW MEXICO-0.1%
NEW MEXICO MORTGAGE
FINANCE AUTHORITY SFMR
Series '97D-2
AMT PPB (a)
170 7/01/30 3.95 170,000
NORTH DAKOTA-1.2%
NORTH DAKOTA HFA
Series '97C AMT PPB (a)
1,600 8/04/98 4.00 1,600,000
OHIO-1.2%
OHIO AIR QUALITY
DEVELOPMENT AUTHORITY PCR
(Ohio Edison Company)
Series B AMT PPB (a)
700 5/01/18 4.10 700,000
OHIO HFA
Series '97A-2 AMT PPB (a)
1,000 3/01/28 3.65 1,000,000
------------
1,700,000
OKLAHOMA-1.4%
BROKEN ARROW
(Paragon Films Project)
AMT VRDN (a)
1,970 8/01/04 4.22 1,970,000
OREGON-1.8%
OREGON HOUSING & COMMUNITY SERVICES
DEPARTMENT SFMR
Series '96K AMT PPB (a)
690 12/11/97 3.65 690,000
PORTLAND HFA MFHR
(Union Station Project)
Phase B Series '96
AMT VRDN (a)
1,750 10/01/31 4.05 1,750,000
------------
2,440,000
PENNSYLVANIA-5.1%
DELAWARE IDA COP
(Cliff House Assisted)
Series '97A AMT VRDN (a)
2,000 8/01/12 4.20 2,000,000
PENNSYLVANIA ECONOMIC
DEVELOPMENT AUTHORITY
(National Gypsum Co.
Project) Series '97A
AMT VRDN (a)
2,000 11/01/32 4.10 2,000,000
4
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
PENNSYLVANIA ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Ram Forest Products Inc.)
Series '88A-3 AMT VRDN (a)
$ 435 12/01/99 4.50% $ 435,000
PHILADELPHIA GO TRAN
Series '97A
2,500 6/30/98 4.00 2,506,946
------------
6,941,946
SOUTH DAKOTA-0.9%
SOUTH DAKOTA HOUSING
DEVELOPMENT AUTHORITY SFMR
Series '97G
1,300 8/13/98 3.95 1,300,000
TENNESSEE-3.8%
FAYETTEVILLE & LINCOLN IDR
(V.A.W. of America, Inc.)
AMT VRDN (a)
2,800 10/01/12 4.25 2,800,000
MONTGOMERY COUNTY
PUBLIC BUILDING AUTHORITY
Pooled Funding Revenue
Series '97 VRDN (a)
2,000 11/01/27 4.05 2,000,000
TENNESSEE HOUSING
DEVELOPMENT AGENCY
Series '97-1 AMT PPB (a)
400 1/01/28 3.75 400,000
------------
5,200,000
TEXAS-2.3%
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
SAN ANTONIO IDA
(Gruma Corporation Project)
AMT VRDN (a)
500 11/01/09 4.05 500,000
------------
3,100,000
UTAH-2.9%
PROVO HOUSING AUTHORITY MFHR
(Branbury Project)
Series B AMT VRDN (a)
1,000 12/15/10 4.15 1,000,000
UTAH BOARD OF REGENTS AMBAC
Student Loan Revenue Series O
2,000 5/01/98 4.70 2,006,001
WEST JORDAN IDR
(Vesper Corp. Project)
Series '94A AMT VRDN (a)
1,000 4/01/14 4.10 1,000,000
------------
4,006,001
WASHINGTON-9.3%
PIERCE COUNTY ECONOMIC
DEVELOPMENT CORP.
(Truss Company Project)
AMT VRDN (a)
500 1/01/20 4.35 500,000
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 '84A VRDN (a)
1,000 12/01/09 4.30 1,000,000
PORT OF VANCOUVER IDR
(United Grain Corp.)
Series '92 AMT VRDN (a)
500 12/01/10 4.40 500,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Evergreen Ridge Apts. Project)
AMT VRDN (a)
2,500 12/01/24 4.10 2,500,000
5
STATEMENT OF NET ASSETS (CONTINUED)
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 4.10% $ 2,575,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Sherwood Springs Apts. Project)
Series '97A AMT VRDN (a)
2,000 9/01/27 4.10 2,000,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Summerglen Apts. Project)
AMT VRDN (a)
1,250 11/01/25 4.10 1,250,000
WASHINGTON HOUSING
FINANCE COMMISSION SFMR
Series 1A AMT PPB (a)
290 6/01/30 4.00 290,000
YAKIMA COUNTY IDR
(Can-Am Millwork Ltd.)
AMT VRDN (a)
1,415 12/01/14 4.15 1,415,000
------------
12,730,000
WEST VIRGINIA-2.9%
MARION COUNTY SWR
(Grant Town Project)
Series '92A AMT VRDN (a)
1,500 10/01/17 4.05 1,500,000
WEST VIRGINIA PUBLIC
ENERGY AUTHORITY
(Morgantown Energy Assoc. Project)
Series A AMT PPB (a)
2,500 7/01/08 5.50 2,503,226
------------
4,003,226
Total Municipal Bonds
(amortized cost $117,227,464) 117,227,464
COMMERCIAL PAPER-14.0%
COLORADO-4.4%
DENVER AIRPORT REVENUE
Series A AMT
4,000 12/17/97 3.85 4,000,000
2,000 12/12/97 3.90 2,000,000
------------
6,000,000
FLORIDA-0.7%
ORANGE COUNTY GO
Series A
1,000 12/10/97 3.80 1,000,000
HAWAII-1.5%
HAWAII BUDGET & FINANCE
(Citizens Utility Company)
Series '88A AMT
2,000 2/12/98 3.90 2,000,000
INDIANA-1.1%
INDIANA DEVELOPMENT
FINANCE AUTHORITY
(Pure Air Lake) Series '90A AMT
1,500 12/11/97 3.85 1,500,000
NEBRASKA-1.5%
NEBRASKA PUBLIC POWER DISTRICT
Series B
2,000 12/19/97 3.80 2,000,000
PENNSYLVANIA-2.0%
BEAVER COUNTY PCR
(Dusquesne Light Co.)
Series '93A AMT
800 12/11/97 3.85 800,000
VENANGO IDA
(Scrubgrass Project)
Series '90A AMT
2,000 12/11/97 3.85 2,000,000
------------
2,800,000
PUERTO RICO-2.2%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
3,000 2/12/98 3.75 3,000,000
6
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
TEXAS-0.6%
CITY OF AUSTIN GO
Series A
$ 850 12/08/97 3.80% $ 850,000
Total Commercial Paper
(amortized cost $19,150,000) 19,150,000
TOTAL INVESTMENTS-99.3%
(amortized cost $136,377,464) $136,377,464
Other assets less liabilities-0.7% 980,922
NET ASSETS-100%
(offering and redemption price of
$1.00 per share; 137,357,786 shares
outstanding) $137,358,386
See Footnotes and Glossary of Terms on page 14.
See notes to financial statements.
7
STATEMENT OF NET ASSETS
NOVEMBER 30, 1997
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
COMMERCIAL PAPER-56.5%
APEX FUNDING CORP.
$ 50,000 12/30/97 (b) 5.62% $ 49,773,639
ASSET BACKED CAPITAL FINANCE
2,700 12/22/97 (b) 5.58 2,691,212
26,700 2/17/98 (b) 5.60 26,376,040
51,700 4/15/98 (b) 5.61 50,612,361
22,700 12/08/97 (b) 5.70 22,674,863
ASSOCIATES CORP.
162,000 12/01/97 5.75 162,000,000
BHF FINANCE (DE) INC.
26,000 12/01/97 5.53 26,000,000
15,000 12/09/97 5.64 14,981,200
CENTAURI CORP.
25,000 3/03/98 (b) 5.62 24,640,944
CERTAIN FUNDING CORP.
17,800 12/23/97 (b) 5.55 17,739,628
11,850 12/01/97 (b) 5.56 11,850,000
15,300 12/10/97 (b) 5.56 15,278,733
CITICORP
7,000 12/05/97 5.58 6,995,660
CXC, INC.
50,000 12/04/97 (b) 5.56 49,976,833
25,000 2/03/98 (b) 5.64 24,749,333
DAKOTA FUNDING INC.
50,000 12/16/97 (b) 5.54 49,884,583
EDISON ASSET SECURITIZATION
35,000 2/04/98 (b) 5.73 34,637,896
FALCON ASSET SECURITIZATION
31,800 12/02/97 (b) 5.58 31,795,071
GENERAL ELECTRIC CAPITAL CORP.
26,000 3/03/98 5.60 25,627,911
GOTHAM FUNDING CORP.
20,000 12/02/97 (b) 5.60 19,996,889
GREENWICH ASSET FUNDING INC.
15,000 1/13/98 (b) 5.54 14,900,742
17,000 4/01/98 (b) 5.55 16,682,879
HOUSEHOLD FINANCIAL CORP. LTD.
32,000 12/01/97 5.75 32,000,000
INTERNATIONALE NEDERLANDEN
26,700 12/18/97 (b) 5.52 26,630,402
J. P. MORGAN & CO., INC.
28,513 12/08/97 5.51 28,482,452
85,000 12/29/97 5.57 84,631,761
MARKET STREET FUNDING CORP.
15,522 12/15/97 (b) 5.62 15,488,076
MERRILL LYNCH & CO., INC.
42,521 12/01/97 5.75 42,521,000
44,000 12/15/97 5.77 43,901,269
PARK AVENUE INC.
20,597 2/13/98 (b) 5.70 20,355,672
18,111 2/11/98 (b) 5.72 17,903,810
16,419 2/12/98 (b) 5.72 16,228,558
PREFERRED RECEIVABLES
FUNDING CORP.
8,070 12/08/97 (b) 5.58 8,061,244
PREMIUM FUNDING INC.
10,119 12/16/97 (b) 5.55 10,095,600
21,239 12/17/97 (b) 5.62 21,185,950
PRIME ASSET VEHICLE
LTD.
15,000 12/01/97 5.52 15,000,000
RANGER FUNDING CORP.
20,000 2/04/98 (b) 5.64 19,796,333
20,000 2/11/98 (b) 5.65 19,774,000
15,000 2/19/98 (b) 5.72 14,809,333
RECEIVABLES CAPITAL CORP.
28,000 12/15/97 (b) 5.56 27,939,022
37,758 12/12/97 (b) 5.64 37,692,930
23,440 12/19/97 (b) 5.64 23,373,899
REPUBLIC FUNDING CORP.
11,000 12/17/97 5.62 10,972,524
SIGMA FINANCE CORP.
3,561 12/03/97 (b) 5.57 3,559,898
35,000 3/23/98 (b) 5.57 34,393,489
100,000 3/05/98 (b) 5.62 98,532,556
SOUTHERN CO.
10,000 12/01/97 5.60 10,000,000
SPECIAL PURPOSE ACCOUNTS
RECEIVABLE COOPERATIVE CORP.
39,000 12/11/97 (b) 5.59 38,939,442
8
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
STRATEGIC ASSET FUNDING CORP.
$ 46,800 12/30/97 (b) 5.60% $ 46,588,880
15,171 12/01/97 (b) 5.62 15,171,000
15,166 12/04/97 (b) 5.62 15,158,897
10,717 12/26/97 (b) 5.62 10,675,174
SUMITOMO CAPITAL MARKETS
25,000 12/12/97 5.58 24,957,375
SUNTRUST BANKS, INC.
27,000 12/17/97 5.57 26,933,160
THREE RIVERS FUNDING CORP.
68,000 12/16/97 (b) 5.64 67,840,200
TRIPLE ASSET FUNDING CORP.
108,000 12/30/97 (b) 5.62 107,511,060
WESTWAYS FUNDING I LTD.
25,573 12/10/97 (b) 5.59 25,537,402
WINDMILL FUNDING CORP.
29,000 12/18/97 (b) 5.53 28,924,270
2,100 12/03/97 (b) 5.55 2,099,353
WOOD STREET FUNDING CORP.
70,761 12/01/97 (b) 5.77 70,761,000
Total Commercial Paper
(amortized cost $1,864,293,408) 1,864,293,408
CORPORATE OBLIGATIONS-15.2%
ASSET BACKED CAPITAL FINANCE
25,000 5.82%, 8/24/98 FRN (b) 5.82 25,000,000
BETA FINANCE CORP.
25,000 5.97%, 3/18/98 (b) 5.97 25,000,000
CENTAURI CORP.
25,000 5.73%, 2/06/98 FRN (b) 5.73 24,999,778
10,000 5.75%, 2/13/98 (b) 5.75 9,997,007
5,000 5.88%, 10/27/98 FRN (b) 5.88 4,999,548
15,000 5.89%, 10/27/98 FRN (b) 5.89 15,000,000
GOLDMAN SACHS GROUP LP
80,000 5.72%, 1/05/98 5.72 80,000,000
70,000 5.75%, 4/13/98 FRN 5.75 70,000,000
MERRILL LYNCH & CO., INC.
25,000 5.65%, 12/24/97 FRN 5.65 24,999,694
50,000 5.69%, 7/27/98 FRN 5.69 50,000,000
25,000 5.73%, 1/27/98 FRN 5.73 24,999,019
SHORT TERM CARD
ACCOUNT TRUST 1996-1
125,000 5.69%, 1/15/98 FRN 5.69 125,000,000
SMM TRUST 1997-1
20,000 5.66%, 5/29/98 FRN (b) 5.66 20,000,000
Total Corporate Obligations
(amortized cost $499,995,046) 499,995,046
CERTIFICATES OF DEPOSIT-14.2%
BAYERISCHE LANDESBANK
10,000 5.86%, 7/17/98 5.88 9,999,104
BETA FINANCE CORP.
20,000 6.00%, 10/29/98 (b) 6.00 20,000,000
CANADIAN IMPERIAL
BANK OF COMMERCE
85,000 5.63%, 12/30/97 5.57 85,004,320
CENTAURI CORP.
12,000 5.75%, 2/13/98 (b) 5.67 11,996,585
10,000 6.36%, 5/01/98 (b) 5.68 10,000,000
COMMERZBANK NEW YORK
1,400 5.78%, 2/27/98 5.88 1,399,669
CREDIT AGRICOLE NEW YORK
25,000 5.98%, 6/16/98 5.94 25,004,606
J. P. MORGAN & CO., INC.
10,000 5.92%, 3/19/98 5.95 9,999,151
LANDESBANK HESSEN-THURINGEN
25,000 5.90%, 3/17/98 5.93 24,997,917
25,000 6.13%, 4/07/98 6.25 24,990,047
NORINCHUKIN BANK, LTD.
75,000 5.70%, 12/08/97 5.69 75,000,144
RABO BANK N.Y.
25,000 5.98%, 3/20/98 6.00 24,993,451
SIGMA FINANCE CORP.
25,000 6.00%, 10/26/98 (b) 6.00 25,000,000
SUMITOMO BANK, LTD.
25,000 5.62%, 12/17/97 5.62 25,000,000
95,000 5.70%, 12/29/97 5.70 95,000,000
Total Certificates of Deposit
(amortized cost $468,384,994) 468,384,994
9
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
BANK OBLIGATIONS-12.7%
BANK OF MONTREAL CHICAGO
$ 125,000 5.79%, 10/01/98 FRN 5.79% $ 125,000,000
BANKERS TRUST NEW YORK CORP.
20,000 5.91%, 2/17/98 FRN 5.91 20,000,000
140,000 5.91%, 2/23/98 FRN 5.91 140,000,000
BAYERISCHE VEREINSBANK
75,000 5.56%, 6/30/98 FRN 5.56 74,974,762
DEUTSCHE BANK N.Y.
25,000 5.61%, 7/01/98 FRN 5.61 24,985,908
MORGAN GUARANTY TRUST CO.
10,000 5.97%, 6/22/98 5.97 9,998,140
ROYAL BANK OF CANADA
25,000 5.86%, 9/30/98 FRN 5.86 25,000,000
Total Bank Obligations
(amortized cost $419,958,810) 419,958,810
U.S. GOVERNMENT AND AGENCIES-1.0%
FEDERAL FARM CREDIT BANK
$ 32,000 5.35%, 8/03/98 FRN
(amortized cost $31,989,919) 5.35% 31,989,919
TOTAL INVESTMENTS-99.6%
(amortized cost $3,284,622,177) 3,284,622,177
Other assets less liabilities-0.4% 13,278,555
NET ASSETS-100%
(offering and redemption price of
$1.00 per share; 3,297,874,004
shares outstanding) $3,297,900,732
See Footnotes and Glossary of Terms on page 14.
See notes to financial statements.
10
STATEMENT OF NET ASSETS
NOVEMBER 30, 1997
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCIES-34.7%
FEDERAL HOME LOAN MORTGAGE
CORP.-13.4%
$ 2,500 12/16/97 5.47% $ 2,494,375
3,500 12/05/97 5.50 3,497,875
2,600 12/11/97 5.57 2,596,042
5,000 12/01/97 5.63 5,000,000
2,000 5.715%, 3/17/98 5.87 1,999,164
1,000 5.84%, 4/08/98 6.04 999,358
------------
16,586,814
FEDERAL NATIONAL MORTGAGE
ASSOCIATION-12.9%
1,000 12/08/97 5.43 998,944
392 12/09/97 5.47 391,530
1,000 12/15/97 5.47 997,900
656 12/17/97 5.47 654,426
1,000 12/23/97 5.50 996,685
1,000 12/29/97 5.50 995,780
1,000 12/30/97 5.50 995,630
1,000 5.59%, 12/18/97 5.63 999,927
1,000 6.41%, 7/17/98 5.74 1,003,944
2,000 5.748%,10/20/98 FRN 5.79 1,999,230
5,000 5.798%,11/04/98 FRN 5.88 4,997,309
1,000 6.02%, 4/15/98 6.15 999,576
------------
16,030,881
FEDERAL HOME LOAN BANK-6.1%
1,500 12/10/97 5.45 1,497,956
599 12/12/97 5.48 598,010
3,000 5.529%, 12/04/97 FRN 5.58 2,997,534
1,500 5.87%, 1/30/98 5.87 1,500,000
1,000 6.11%, 4/17/98 6.14 999,892
------------
7,593,392
STUDENT LOAN MARKETING
ASSOCIATION-1.6%
2,000 5.44%, 12/19/97 5.94 1,999,510
FEDERAL FARM CREDIT BANK-0.7%
815 12/08/97 5.47 814,144
Total U.S. Government and Agencies
(amortized cost $43,024,741) 43,024,741
REPURCHASE AGREEMENTS-66.3%
BARCLAYS DEZOETE
WEDD SECURITIES, INC.
6,100 5.75%, dated 11/28/97, due 12/01/97
in the amount of $6,102,923
(cost $6,100,000; collateralized by
$6,179,000 Federal Farm Credit
Bank, 5.60%, 10/01/98,
value $6,224,195) (c) 5.75 6,100,000
CHASE SECURITIES INC.
3,600 5.53%, dated 10/16/97,
due 12/19/97
in the amount of $3,635,392
(cost $3,600,000;
collateralized by $3,950,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 3/01/04,
value $3,811,441) (c) 5.53 3,600,000
CHASE SECURITIES INC.
2,500 5.56%, dated 11/13/97,
due 12/15/97
in the amount of $2,512,356
(cost $2,500,000;
collateralized by $2,900,000
Federal National Mortgage Assn.,
6.50%, 12/01/23,
value $2,591,751) (c) 5.56 2,500,000
CS FIRST BOSTON CORP.
3,100 5.52%, dated 10/06/97,
due 12/08/97
in the amount of $3,129,946
(cost $3,100,000;
collateralized by $4,589,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 10/01/09,
value $3,145,958) (c) 5.52 3,100,000
11
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
CS FIRST BOSTON CORP.
$ 3,000 5.56%, dated 11/24/97,
due 12/08/97
in the amount of $3,006,487
(cost $3,000,000;
collateralized by $3,958,000
Federal Home Loan
Mortgage Corp - Gold.,
6.50%, 12/01/13,
value $3,150,581;
collateralized by $140,000
by Federal National
Mortgage Assn., 7.00%, 2/01/14
value $104,842) (c) 5.56% $3,000,000
FUJI SECURITIES INC.
6,000 5.50%, dated 11/24/97,
due 12/01/97
in the amount of $6,006,417
(cost $6,000,000;
collateralized by $5,920,000
Federal Home Loan
Mortgage Corp., 5.79%, 2/01/99,
value $6,132,039) (c) 5.50 6,000,000
GOLDMAN SACHS & CO.
3,100 5.52%, dated 10/16/97,
due 12/17/97
in the amount of $3,129,471
(cost $3,100,000;
collateralized by $3,185,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 8/01/27,
value $3,186,847) (c) 5.52 3,100,000
GOLDMAN SACHS & CO.
3,000 5.55%, dated 11/24/97,
due 12/02/97
in the amount of $3,003,700
(cost $3,000,000;
collateralized by $4,316,000
Federal National Mortgage Assn.,
6.00%, 2/01/09,
value $3,085,404) (c) 5.55 3,000,000
LEHMAN BROTHERS INC.
3,200 5.54%, dated 10/21/97,
due 12/24/97
in the amount of $3,231,516
(cost $3,200,000;
collateralized by $4,045,963
Federal Home Loan
Mortgage Corp - Gold.,
8.00%, 4/01/08,
value $3,252,569) (c) 5.54 3,200,000
MERRILL LYNCH & CO., INC.
6,000 5.60%, dated 11/24/97,
due 12/04/07
in the amount of $6,009,333
(cost $6,000,000;
collateralized by $6,186,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 12/01/27,
value $6,241,674) 5.60 6,000,000
MORGAN STANLEY DEAN WITTER
3,200 5.53%, dated 10/21/97,
due 12/22/97
in the amount of $3,230,476
(cost $3,200,000;
collateralized by $4,760,000
Federal National Mortgage Corp.,
7.50%, 5/01/09,
value $3,210,235;
collateralized by $110,000
U.S. Treasury Bond,
7.50%, 11/15/16,
value $130,425) (c) 5.53 3,200,000
MORGAN STANLEY DEAN WITTER
3,000 5.55%, dated 10/27/97,
due 12/29/97
in the amount of $3,029,138
(cost $3,000,000;
collateralized by $14,847,000
Federal Home Loan Mortgage Corp.,
6.114%, 1/01/30,
value $3,075,510) (c) 5.55 3,000,000
12
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
NIKKO SECURITIES CO.
$ 3,000 5.52%, dated 10/28/97,
due 12/01/97
in the amount of $3,015,640
(cost $3,000,000;
collateralized by $3,142,000
Government National
Mortgage Assn., 8.00%, 8/15/26,
value $3,031,015) (c) 5.52% $3,000,000
NIKKO SECURITIES CO.
3,000 5.77%, dated 11/28/97,
due 12/01/97
in the amount of $3,001,443
(cost $3,000,000;
collateralized by $3,220,000
Government National
Mortgage Assn., 7.50%, 1/15/27,
value $3,079,000) (c) 5.77 3,000,000
PAINEWEBBER, INC.
3,400 5.53%, dated 10/17/97,
due 12/12/97
in the amount of $3,429,248
(cost $3,400,000;
collateralized by $3,882,000
Federal National Mortgage Assn.,
6.50%, 8/01/25,
value $3,497,660) (c) 5.53 3,400,000
PAINEWEBBER, INC.
2,800 5.58%, dated 11/25/97,
due 12/03/97
in the amount of $2,803,472
(cost $2,800,000;
collateralized by $2,866,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 9/01/27,
value $2,872,292) (c) 5.58 2,800,000
PRUDENTIAL SECURITIES, INC.
6,000 5.53%, dated 11/24/97,
due 12/01/97
in the amount of $6,006,452
(cost $6,000,000;
collateralized by $6,255,000
Federal National Mortgage Assn.,
6.50%, 9/01/12,
value $6,148,492) (c) 5.53 6,000,000
SBC WARBURG, INC.
2,700 5.54%, dated 11/07/97,
due 12/11/97
in the amount of $2,714,127
(cost $2,700,000;
collateralized by $4,494,000
Federal National Mortgage Assn.,
6.50%, 9/01/08,
value $2,780,480) (c) 5.54 2,700,000
SBC WARBURG, INC.
3,400 5.58%, dated 11/24/97,
due 12/03/97
in the amount of $3,404,743
(cost $3,400,000;
collateralized by $3,628,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 11/01/26,
value $3,485,343) (c) 5.58 3,400,000
SMITH BARNEY, INC.
1,800 5.55%, dated 11/03/97,
due 12/04/97
in the amount of $1,808,603
(cost $1,800,000;
collateralized by $1,950,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 12/01/26,
value $1,875,546) (c) 5.55 1,800,000
SMITH BARNEY, INC.
4,200 5.56%, dated 10/24/97,
due 12/23/97
in the amount of $4,238,920
(cost $4,200,000;
collateralized by $4,475,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 12/01/26,
value $4,304,137) (c) 5.56 4,200,000
UBS SECURITIES, INC.
2,000 5.52% dated 11/24/97,
due 12/01/97
in the amount of $2,002,147
(cost $2,000,000;
collateralized by $2,087,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 8/01/27,
value $2,088,210) (c) 5.52 2,000,000
13
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
UBS SECURITIES, INC.
$ 4,000 5.55%, dated 10/27/97, due 12/26/97
in the amount of $4,037,000
(cost $4,000,000;
collateralized by $4,173,000
Federal Home Loan
Mortgage Corp - Gold.,
7.00%, 9/01/27,
value $4,183,770) (c) 5.55% $ 4,000,000
Total Repurchase Agreements
(amortized cost $82,100,000) 82,100,000
TOTAL INVESTMENTS-101.0%
(amortized cost $125,124,741) $125,124,741
Other assets less liabilities-(1.0%) (1,258,167)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
123,866,387 shares outstanding) $123,866,574
# All securities either mature or their interest rate changes in 397 days 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.
(b) 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. These
securities have been determined by the Adviser to be liquid pursuant to
procedures adopted by the Trustees. At November 30, 1997, these securities
amounted to $1,501,282,014 representing 45.5% of net assets on the Prime
Portfolio.
(c) Repurchase agreements which are terminable within 7 days.
Glossary of Terms:
AMBAC American Bond Assurance Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
COP Certificate of Participation
FRN Floating Rate Note
GO General Obligation
HFA Housing Finance Agency/Authority
IDA Industrial Development Agency/Authority
IDB Industrial Development Board
IDR Industrial Development Revenue
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
SFMR Single Family Mortgage Revenue
SWR Solid Waste Revenue
TRAN Tax & Revenue Anticipation Note
See notes to financial statements.
14
STATEMENTS OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1997 ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------- -----------
INVESTMENT INCOME
Interest $5,346,650 $173,672,798 $6,226,273
EXPENSES
Advisory fee (Note B) 691,369 15,372,661 561,629
Distribution assistance fee (Note C) 622,230 13,835,394 505,467
Registration fees 117,391 943,700 110,753
Custodian fees 106,491 328,453 109,479
Administrative fee (Note C) 69,138 1,537,267 56,162
Printing 17,151 393,737 12,706
Organization 14,600 14,965 14,600
Audit and legal fees 13,535 40,240 22,783
Trustees' fees 7,182 7,182 7,182
Miscellaneous 8,815 39,820 8,806
Total expenses 1,667,902 32,513,419 1,409,567
Less: fee waiver and reimbursement (285,165) (1,768,097) (286,313)
Net expenses 1,382,737 30,745,322 1,123,254
Net investment income 3,963,913 142,927,476 5,103,019
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on
investment transactions (15) 25,953 10
NET INCREASE IN NET ASSETS FROM
OPERATIONS $3,963,898 $142,953,429 $5,103,029
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
---------------------------- -------------------------------- ----------------------------
DECEMBER 13, DECEMBER 29, DECEMBER 29,
1995(A) 1995(A) 1995(A)
YEAR ENDED TO YEAR ENDED TO YEAR ENDED TO
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
1997 1996 1997 1996 1997 1996
------------- ------------- --------------- --------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS
Net investment income $ 3,963,913 $ 2,760,398 $ 142,927,476 $ 93,805,221 $ 5,103,019 $ 3,671,687
Net realized gain (loss) on
investment transactions (15) 615 25,953 775 10 177
Net increase in net assets
from operations 3,963,898 2,761,013 142,953,429 93,805,996 5,103,029 3,671,864
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (3,963,913) (2,760,398) (142,927,476) (93,805,221) (5,103,019) (3,671,687)
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST (Note E)
Net increase 13,871,990 123,452,463 526,103,101 2,771,737,569 23,558,311 100,274,743
Total increase 13,871,975 123,453,078 526,129,054 2,771,738,344 23,558,321 100,274,920
NET ASSETS
Beginning of period 123,486,411 33,333 2,771,771,678 33,334 100,308,253 33,333
End of period $137,358,386 $123,486,411 $3,297,900,732 $2,771,771,678 $123,866,574 $100,308,253
</TABLE>
(a) Commencement of operations.
See notes of financial statements.
16
NOTES TO FINANCIAL STATEMENTS
NOVEMBER 30, 1997 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 financial
statements have been prepared in conformity with generally accepted accounting
principles which require management to make certain estimates and assumptions
that affect the reported amounts of assets and liabilities in the financial
statements and amounts of income and expenses during the reporting period.
Actual results could differ from those estimates. 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 straight-line 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 year ended November 30, 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 possession 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 each Portfolio 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 year ended
November 30, 1997 for General Municipal Portfolio, Prime Portfolio and
Government Portfolio, the Adviser reimbursed $247,578, $923,957 and $255,475,
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 or for out of pocket expenses.
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 year ended November 30, 1997 for General Municipal Portfolio, Prime
Portfolio and Government Portfolio, the Portfolios paid fees of $622,230,
$13,835,394 and $505,467, 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
year ended November 30, 1997, the General Municipal Portfolio incurred fees of
$69,138 of which $37,587 was waived, the Prime Portfolio incurred fees of
$1,537,267 of which $844,140 was waived and the Government Portfolio incurred
fees of $56,162 of which $30,838 was waived.
NOTE D: INVESTMENT TRANSACTIONS
At November 30, 1997, the cost of portfolio securities for federal income tax
purposes was the same as the cost for financial reporting purposes.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At November 30,
1997, capital paid-in aggregated $137,357,786, $3,297,874,004 and $123,866,387
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
---------------------------- --------------------------------- ----------------------------
DECEMBER 13, DECEMBER 29, DECEMBER 29,
1995(A) 1995(A) 1995(A)
YEAR ENDED TO YEAR ENDED TO YEAR ENDED TO
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
1997 1996 1997 1996 1997 1996
------------- ------------- ---------------- --------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 536,421,356 494,868,947 15,146,343,094 11,085,409,424 485,426,533 372,258,638
Shares issued on
reinvestments of
dividends 3,963,913 2,760,398 142,927,476 93,805,221 5,103,019 3,671,687
Shares redeemed (526,513,279) (374,176,882) (14,763,167,469) (8,407,477,076) (466,971,241) (275,655,582)
Net increase 13,871,990 123,452,463 526,103,101 2,771,737,569 23,558,311 100,274,743
</TABLE>
(a) Commencement of operations.
18
FINANCIAL HIGHLIGHTS ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------- -------------------------- --------------------------
DECEMBER 13, DECEMBER 29, DECEMBER 29,
1995(A) 1995(A) 1995(A)
YEAR ENDED TO YEAR ENDED TO YEAR ENDED TO
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
1997 1996 1997 1996 1997 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) .029 .027 .046 .041 .045 .041
LESS: DIVIDENDS
Dividends from net investment income (.029) (.027) (.046) (.041) (.045) (.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) 2.92% 2.80%(d) 4.75% 4.58%(d) 4.64% 4.52%(d)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in millions) $137 $123 $3,298 $2,772 $124 $100
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00% 1.00%(d) 1.00% 1.00%(d) 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.21% 1.39%(d) 1.06% 1.23%(d) 1.25% 1.42%(d)
Net investment income (b) 2.87% 2.76%(d) 4.65% 4.50%(d) 4.54% 4.45%(d)
</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
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, 1997
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, 1997, 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, 1997, 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
December 18, 1997
20
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
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
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
21
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.
