ALLIANCE MONEY MARKET FUND
- -GENERAL MUNICIPAL PORTFOLIO
- -PRIME PORTFOLIO
- -GOVERNMENT PORTFOLIO
SEMI-ANNUAL REPORT
MAY 31, 1998
(UNAUDITED)
STATEMENT OF NET ASSETS
MAY 31, 1998 (UNAUDITED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
MUNICIPAL BONDS-98.3%
ALABAMA-6.0%
ABBEVILLE IDR
(Greenbush Woods Project)
AMT VRDN (a)
$ 515 4/01/04 4.20% $ 515,000
BIRMINGHAM-CARRAWAY SPECIAL
CARE FINANCE AUTHORITY
(Carraway Methodist
Health Systems)
Series '98A VRDN (a)
1,500 8/15/28 3.90 1,500,000
DECATUR PCR
(Trico Steel Co. Project)
Series '98 AMT VRDN (a)
7,000 1/01/27 4.00 7,000,000
---------------
9,015,000
ALASKA-2.7%
ALASKA IDA
(Fairbanks Gold Mining Inc.)
Series '97 AMT VRDN (a)
3,000 5/01/09 4.00 3,000,000
ALASKA STUDENT LOAN
CORP. AMBAC
Student Loan Revenue
Series A AMT
1,000 7/01/98 4.10 1,000,796
---------------
4,000,796
ARIZONA-1.9%
APACHE COUNTY IDR
(Tucson Electric Power Co.)
Series '83C VRDN (a)
1,800 12/15/18 3.85 1,800,000
PHOENIX IDA
(V.A.W. of America, Inc.)
Series '97 AMT VRDN (a)
1,000 2/01/12 4.05 1,000,000
---------------
2,800,000
ARKANSAS-1.5%
CLARK COUNTY SWR
(Reynolds Metals Co.)
Series '92 AMT VRDN (a)
1,400 8/01/22 4.00 1,400,000
Series '93 AMT VRDN (a)
900 8/01/22 4.00 900,000
---------------
2,300,000
CALIFORNIA-2.6%
CALIFORNIA HIGHER EDUCATION
Student Loan Revenue
Series B PPB (a)
1,000 7/01/02 4.00 1,000,000
LOS ANGELES COUNTY HOUSING
AUTHORITY MFHR
(Studio Colony)
Series '85C VRDN (a)
1,000 5/01/07 4.45 1,000,000
LOS ANGELES COUNTY HOUSING
AUTHORITY MFHR
(Valencia Village Project)
Series '84C VRDN (a)
2,000 10/01/14 3.65 2,000,000
---------------
4,000,000
COLORADO-0.7%
DENVER HFA MFHR
(Seasons Apts Project)
Series '90 VRDN (a)
1,100 10/01/06 3.90 1,100,000
DISTRICT OF COLUMBIA-3.8%
DISTRICT OF COLUMBIA
HFA MFHR
(Tyler Housing Trust)
AMT VRDN (a)
4,200 8/01/25 4.15 4,200,000
DISTRICT OF COLUMBIA
HFA SFMR
Series C AMT PPB (a)
1,500 9/01/98 4.05 1,500,000
---------------
5,700,000
FLORIDA-1.0%
PINELLAS COUNTY
HFA SFMR
Multi-County Program
Series D AMT PPB (a)
1,475 9/01/26 4.00 1,475,000
GEORGIA-3.5%
GWINNETT COUNTY IDA
(Network Publications
Project) Series '98
AMT VRDN (a)
1,000 3/01/08 4.00 1,000,000
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 4.00% $ 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
---------------
5,300,000
HAWAII-0.8%
HAWAII AIRPORT SYSTEMS
REVENUE AMBAC
Third Series AMT
1,250 7/01/98 3.96 1,250,796
ILLINOIS-3.4%
AURORA KANE & DU
PAGE COUNTIES IDR
(A & B Holdings LLC Project)
Series '97A
AMT VRDN (a)
1,300 10/01/27 3.95 1,300,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(U.G.N. Inc. Project)
Series '86 AMT VRDN (a)
3,000 9/15/11 4.50 3,000,000
Series '87 AMT VRDN (a)
790 4/01/99 4.50 790,000
---------------
5,090,000
INDIANA-7.6%
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 4.10 725,000
COLUMBIA CITY ECONOMIC
DEVELOPMENT AUTHORITY
(Precision Plastics Project)
AMT VRDN (a)
3,700 11/30/17 4.05 3,700,000
INDIANA HEALTH FINANCE
AUTHORITY
(Capital Access)
Series '98 VRDN (a)
4,500 4/01/13 3.80 4,500,000
SEYMOUR ECONOMIC
DEVELOPMENT AUTHORITY
(Kobelco Metal Powder
Co. Project) Series '97
AMT VRDN (a)
1,775 12/01/07 4.50 1,775,000
---------------
11,500,000
IOWA-1.3%
IOWA SCHOOL CORPS
WARRANTS FSA
Cash Anticipation Program
Series '97A
2,000 6/26/98 3.89 2,000,620
KANSAS-1.5%
FREDONIA IDR
(Systech Environmental Corp.)
AMT VRDN (a)
1,000 2/01/07 4.10 1,000,000
SPRING HILL IDR
(Abrasive Engineering and
Manufacturing Project)
Series '96
AMT VRDN (a)
1,200 9/01/16 3.95 1,200,000
---------------
2,200,000
KENTUCKY-5.2%
HOPKINSVILLE IDR
(American Precision Machinery)
AMT VRDN (a)
600 5/01/00 3.95 600,000
LOUISVILLE AIRPORT REVENUE
Series '89B
AMT VRDN (a)
1,000 2/01/19 3.95 1,000,000
2
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
LOUISVILLE & JEFFERSON
COUNTY REGIONAL AIRPORT
AUTHORITY
Series '97A-1
AMT VRDN (a)
$ 1,000 6/30/98 4.00% $ 1,000,000
Series '97AA-1
AMT VRDN (a)
1,000 6/30/02 4.00 1,000,000
RUSSELLVILLE IDB
(JS Technos Corp. Project)
Series '89
AMT VRDN (a)
3,000 12/01/09 4.50 3,000,000
SCOTT COUNTY IDR
(Interstate Transformer Inc.)
Series '90
AMT VRDN (a)
1,300 9/01/05 4.05 1,300,000
---------------
7,900,000
LOUISIANA-4.1%
LAKE CHARLES HARBOR &
TERMINAL DISTRICT REVENUE
AMT VRDN (a)
3,000 1/01/19 3.75 3,000,000
NEW ORLEANS HOME MORTGAGE
AUTHORITY SFMR
Series '97C-2 PPB (a)
2,000 12/01/18 3.92 2,000,000
WEST BATON ROUGE PARISH IDR
(Dow Chemicals Co. Project)
Dist. #3
Series '93
AMT VRDN (a)
1,200 12/01/23 4.20 1,200,000
---------------
6,200,000
MAINE-6.5%
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)
120 12/01/03 4.25 120,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Barber Foods, Inc.)
Series '90B
AMT VRDN (a)
85 12/01/06 4.25 85,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Cornwall, McCann, Thurston)
Series '88D-F
AMT VRDN (a)
775 6/01/04 4.25 775,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Stratton Lumber, Inc.)
Series '88C
AMT VRDN (a)
220 12/01/04 4.25 220,000
MAINE FINANCE AUTHORITY
Economic Development Revenue
(Volco Realty Co., Inc.)
Series '89L
AMT VRDN (a)
160 6/01/05 4.25 160,000
MAINE FINANCE AUTHORITY
(William Arthur, Inc.)
Series '97
AMT VRDN (a)
1,500 10/01/12 4.10 1,500,000
ORRINGTON RESOURCE RECOVERY
(Penobscot Energy Project B)
AMT VRDN (a)
1,455 5/01/03 3.95 1,455,000
---------------
9,840,000
MICHIGAN-1.3%
MICHIGAN STRATEGIC FUND
(Donnelly Corp. Project)
Series A AMT VRDN (a)
2,000 3/01/10 4.00 2,000,000
3
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
MISSOURI-0.3%
MISSOURI HOUSING DEVELOPMENT
COMMISSION SFMR
Series '98C
AMT PPB (a)
$ 500 3/01/30 3.90% $ 500,000
NEBRASKA-2.0%
NEBRASKA FINANCE
AUTHORITY SFMR
Series '97C AMT PPB (a)
1,000 9/01/29 3.90 1,000,000
STANTON COUNTY IDR
(Nucor Corp. Project)
Series '96 AMT VRDN (a)
2,000 11/01/26 4.00 2,000,000
---------------
3,000,000
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-0.7%
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Newark Recycling)
Series '97 AMT PPB (a)
1,000 12/01/22 3.95 1,000,000
NEW YORK-1.3%
LONG ISLAND POWER AUTHORITY
ELECTRIC SYSTEMS REVENUE
Series '98-2 VRDN (a)
2,000 5/01/33 4.00 2,000,000
NORTH CAROLINA-2.3%
JOHNSON COUNTY IDA
(Mebane Packaging Corp.)
AMT VRDN (a)
3,000 6/01/03 4.00 3,000,000
ROCKINGHAM COUNTY IDR
(Philip Morris Cos. Project)
VRDN (a)
425 4/01/99 4.00 425,000
---------------
3,425,000
NORTH DAKOTA-1.0%
NORTH DAKOTA
HFA SFMR
Series '98C AMT
1,500 6/01/99 3.90 1,500,000
OHIO-1.3%
OHIO HFA
Series '98A-3
AMT PPB (a)
2,000 3/01/99 3.80 2,000,000
OKLAHOMA-1.3%
BROKEN ARROW
(Paragon Films Project)
AMT VRDN (a)
1,970 8/01/04 4.07 1,970,000
OREGON-1.8%
OREGON ECONOMIC
DEVELOPMENT AUTHORITY
(Kyotaru Oregon Project)
Series '89
AMT VRDN (a)
1,000 12/01/99 4.07 1,000,000
PORTLAND HFA MFHR
(Union Station Project)
Phase B Series '96
AMT VRDN (a)
1,750 10/01/31 4.05 1,750,000
---------------
2,750,000
PENNSYLVANIA-5.2%
DELAWARE IDA COP
(Cliff House Assisted)
Series '97A
AMT VRDN (a)
2,000 8/01/12 4.15 2,000,000
PENNSYLVANIA ECONOMIC
DEVELOPMENT AUTHORITY
(National Gypsum Co. Project)
Series '97A
AMT VRDN (a)
2,000 11/01/27 3.90 2,000,000
PENNSYLVANIA ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Ram Forest Products Inc.)
Series '88A-3
AMT VRDN (a)
290 12/01/99 4.25 290,000
4
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
PHILADELPHIA GO TRAN
Series '97A
$ 3,500 6/30/98 3.99% $ 3,501,245
---------------
7,791,245
SOUTH CAROLINA-3.3%
BERKELEY COUNTY IDR
(Nucor Corp. Project)
Series '97 AMT VRDN (a)
5,000 4/01/30 4.00 5,000,000
SOUTH DAKOTA-0.9%
SOUTH DAKOTA HOUSING DEVELOPMENT
AUTHORITY SFMR
Series '97G
1,300 8/13/98 3.95 1,300,000
TENNESSEE-5.9%
FAYETTEVILLE & LINCOLN IDR
(V.A.W. of America, Inc.)
AMT VRDN (a)
2,800 10/01/12 4.05 2,800,000
MEMPHIS-SHELBY
AIRPORT REVENUE
Series '96B
AMT VRDN (a)
2,000 3/01/14 4.00 2,000,000
VOLUNTEER STUDENT
LOAN REVENUE
Series '87A-3
AMT VRDN (a)
4,100 12/01/17 4.25 4,100,000
---------------
8,900,000
TEXAS-0.3%
SAN ANTONIO IDA
(Gruma Corp. Project)
AMT VRDN (a)
400 11/01/09 3.95 400,000
UTAH-2.5%
SALT LAKE CITY AIRPORT
REVENUE
Series '96A
AMT VRDN (a)
2,000 6/27/01 3.90 2,000,000
UTAH HFA SFMR
Series '97-2 AMT VRDN (a)
835 7/01/30 4.05 835,000
WEST JORDAN IDR
(Vesper Corp. Project)
Series '94A AMT VRDN (a)
1,000 4/01/14 4.05 1,000,000
---------------
3,835,000
WASHINGTON-9.0%
PIERCE COUNTY ECONOMIC
DEVELOPMENT CORP.
(Truss Co. Project)
AMT VRDN (a)
500 1/01/20 4.10 500,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '92B
AMT VRDN (a)
700 8/01/07 4.50 700,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Evergreen Ridge Apts.
Project) AMT VRDN (a)
2,500 12/01/24 4.00 2,500,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Pacific Inn Apts. Project)
Series A
AMT VRDN (a)
2,575 5/01/28 4.00 2,575,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Sherwood Springs Apts. Project)
Series '97A
AMT VRDN (a)
3,720 9/01/27 4.00 3,720,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Summerglen Apts. Project)
AMT VRDN (a)
1,250 11/01/25 4.00 1,250,000
5
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
WASHINGTON HOUSING
FINANCE COMMISSION
MFHR
(Twin Ponds Project)
Series '98A
AMT VRDN (a)
$ 1,000 2/01/28 4.05% $ 1,000,000
YAKIMA COUNTY IDR
(Can-Am Millwork Ltd.)
AMT VRDN (a)
1,415 12/01/14 4.15 1,415,000
---------------
13,660,000
WEST VIRGINIA-1.0%
MARION COUNTY SWR
(Grant Town Project)
Series '92A
AMT VRDN (a)
1,500 10/01/17 4.00 1,500,000
WISCONSIN-2.1%
MANITOWOC IDR
(THT Enterprises LLC)
Series '97
AMT VRDN (a)
1,000 5/01/17 4.10 1,000,000
ONALASKA IDR
(Empire Screen Printing
Project) Series '98
AMT VRDN (a)
2,200 5/01/18 4.10 2,200,000
---------------
3,200,000
TOTAL INVESTMENTS-98.3%
(amortized cost
$148,403,457) 148,403,457
Other assets less
liabilities-1.7% 2,567,594
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
150,971,066 shares
outstanding) $ 150,971,051
See Footnotes and Glossary of Terms on page 12.
See notes to financial statements.
6
STATEMENT OF NET ASSETS
MAY 31, 1998 (UNAUDITED) ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
COMMERCIAL PAPER-57.9%
ASSET BACKED CAPITAL FINANCE
$ 51,500 9/22/98 (b) 5.46% $ 50,617,376
4,600 11/02/98 (b) 5.55 4,490,788
ASSET SECURITIZATION CORP.
35,000 6/03/98 (b) 5.52 34,989,267
ASSOCIATES CORP. OF
NORTH AMERICA
95,000 6/29/98 5.51 94,592,133
47,900 6/01/98 5.68 47,900,000
BANQUE CAISSE
D'EPARGNE L'ETAT
1,000 7/20/98 5.55 992,446
BARTON CAPITAL CORP.
19,468 6/17/98 (b) 5.60 19,419,546
CENTAURI CORP. USA
42,000 6/30/98 (b) 5.54 41,812,765
24,000 11/09/98 (b) 5.55 23,404,300
CERTAIN FUNDING CORP.
22,000 7/15/98 (b) 5.51 21,851,842
CONCORD MINUTEMAN
32,791 6/17/98 (b) 5.52 32,710,553
97,000 6/03/98 (b) 5.55 96,970,092
CORPORATE ASSET
SECURITIZATION, AUSTRALIA
30,000 7/16/98 (b) 5.52 29,793,000
CXC, INC.
25,000 6/25/98 (b) 5.54 24,907,833
DAKOTA FUNDING, INC.
100,000 6/01/98 (b) 5.52 100,000,000
EAGLE FUNDING CORP.
19,872 6/18/98 (b) 5.60 19,819,450
28,500 6/24/98 (b) 5.60 28,398,033
3,765 6/26/98 (b) 5.60 3,750,358
14,554 6/12/98 (b) 5.65 14,528,874
EDISON ASSET FUNDING
70,000 6/11/98 (b) 5.54 69,892,278
ENTERPRISE FUNDING
38,027 8/27/98 (b) 5.54 37,517,882
25,000 6/30/98 (b) 5.56 24,888,028
FOUR WINDS FUNDING
74,544 6/30/98 (b) 5.55 74,210,726
GREENWICH FUNDING, INC.
10,503 7/01/98 (b) 5.54 10,454,511
IMI FUNDING CORP.
3,340 9/30/98 5.55 3,277,695
ING INSURANCE
HOLDINGS, INC.
52,000 8/13/98 5.56 51,414,256
INTERNATIONAL
SECURITIZATION CORP.
31,502 6/30/98 (b) 5.53 31,361,667
LEXINGTON PARKER
96,017 6/01/98 (b) 5.67 96,017,000
MERRILL LYNCH & CO., INC.
135,000 6/17/98 5.51 134,669,400
MORGAN STANLEY DEAN WITTER
80,000 6/25/98 5.52 79,705,600
58,500 6/01/98 5.65 58,500,000
OLD LINE FUNDING
15,932 6/03/98 (b) 5.52 15,927,114
3,900 7/01/98 (b) 5.57 3,881,898
PARK AVENUE
RECEIVABLES CORP.
125,262 6/01/98 (b) 5.67 125,262,000
PREMIUM FUNDING, INC.
SERIES E
16,226 6/16/98 (b) 5.52 16,188,680
RANGER FUNDING CORP.
15,000 6/02/98 (b) 5.53 14,997,696
SIGMA FINANCE CORP.
25,000 11/09/98 (b) 5.49 24,386,151
33,353 9/28/98 (b) 5.50 32,746,624
60,000 7/01/98 (b) 5.54 59,723,000
SPECIAL PURPOSE
ACCOUNTS RECEIVABLE
COOPERATIVE CORP.
8,000 6/26/98 (b) 5.51 7,969,389
15,000 6/15/98 (b) 5.54 14,967,683
63,000 6/03/98 (b) 5.57 62,980,522
THAMES ASSET GLOBAL
SECURITIZATION
15,760 6/15/98 (b) 5.54 15,726,046
30,046 6/16/98 (b) 5.54 29,976,644
116,564 6/18/98 (b) 5.56 116,257,955
THREE RIVERS FUNDING CORP.
26,263 6/26/98 (b) 5.57 26,161,413
TORONTO DOMINION
HOLDINGS CORP.
7,000 6/08/98 5.54 6,992,460
7
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
TRIPLE A1 FUNDING CORP.
$ 12,297 6/12/98 (b) 5.52% $ 12,276,259
VARIABLE FUNDING CORP.
50,730 6/17/98 (b) 5.52 50,605,542
65,000 6/30/98 (b) 5.52 64,710,967
79,000 6/01/98 (b) 5.72 79,000,000
WESTWAYS FUNDING II LTD.
25,000 6/17/98 (b) 5.55 24,938,333
WINDMILL FUNDING CORP.
89,792 6/26/98 (b) 5.54 89,446,550
Total Commercial Paper
(amortized cost
$2,257,980,625) 2,257,980,625
CORPORATE OBLIGATIONS-12.8%
ASSET BACKED CAPITAL FINANCE
60,000 5.63%, 12/01/98 FRN (b) 5.63 60,000,000
25,000 5.64%, 8/24/98 FRN (b) 5.64 25,000,000
CENTAURI CORP. USA
15,000 5.72%, 3/09/99 (b) 5.72 15,000,000
20,000 5.72%, 3/10/99 (b) 5.72 20,000,000
5,000 5.75%, 10/27/98 FRN (b) 5.75 4,999,797
15,000 5.76%, 10/27/98 FRN (b) 5.76 15,000,000
25,000 5.80%, 4/09/99 (b) 5.80 25,000,000
GENERAL AMERICAN
FUNDING AGREEMENT
95,000 5.86%, 4/14/99 FRN 5.86 95,000,000
MERRILL LYNCH & CO., INC.
50,000 5.64%, 7/27/98 FRN 5.64 50,000,000
SIGMA FINANCE CORP.
25,000 5.71%, 3/02/99 (b) 5.71 25,000,000
25,000 6.00%, 10/26/98 (b) 6.00 25,000,000
SMM TRUST 1997-A
60,000 5.69%, 12/16/98 FRN (b) 5.69 60,000,000
SMM TRUST 1997-I
20,000 5.64%, 05/28/99 FRN (b) 5.64 20,000,000
SMM TRUST 1997-X
60,000 5.65%, 12/14/98 FRN (b) 5.65 60,000,000
Total Corporate Obligations
(amortized cost
$499,999,797) 499,999,797
TIME DEPOSITS-10.1%
CANADIAN IMPERIAL
BANK OF COMMERCE
95,000 5.69%, 6/01/98 5.69 95,000,000
REPUBLIC NATIONAL BANK N.Y.
100,000 5.69%, 6/01/98 5.69 100,000,000
SOCIETE GENERALE
50,000 5.69%, 6/01/98 5.69 50,000,000
WESTDEUTSCHE LANDESBANK
150,000 5.69%, 6/01/98 5.69 150,000,000
Total Time Deposits
(amortized cost
$395,000,000) 395,000,000
BANK OBLIGATIONS-8.7%
BANK OF MONTREAL CHICAGO
125,000 5.76%, 10/01/98 FRN 5.76 125,000,000
BAYERISCHE VEREINSBANK
75,000 5.52%, 6/30/98 FRN 5.52 74,996,531
DEUTSCHE BANK N.Y.
25,000 5.52%, 7/01/98 FRN 5.52 24,998,006
MORGAN GUARANTY TRUST CO.
10,000 5.97%, 6/22/98 5.97 9,999,808
ROYAL BANK OF CANADA
25,000 5.74%, 9/30/98 FRN 5.74 25,000,000
WACHOVIA BANK & TRUST CO.
80,000 5.54%, 2/19/99 FRN 5.54 79,971,812
Total Bank Obligations
(amortized cost
$339,966,157) 339,966,157
PROMISSORY NOTES-4.8%
GOLDMAN SACHS GROUP LP
71,000 5.63%, 10/13/98 FRN (b) 5.63 71,000,000
25,000 5.66%, 9/14/98 FRN (b) 5.66 25,000,000
89,000 5.81%, 7/06/98 (b) 5.81 89,000,000
Total Promissory Notes
(amortized cost
$185,000,000) 185,000,000
8
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
CERTIFICATES OF
DEPOSIT-4.6%
BAYERISCHE LANDESBANK
$ 10,000 5.86%, 7/17/98 5.86% $ 9,999,819
BAYERISCHE VEREINSBANK
85,000 5.64%, 2/25/99 5.64 85,000,000
BETA FINANCE CORP.
25,000 5.74%, 3/16/99 (b) 5.74 25,000,000
20,000 6.00%, 10/29/98 (b) 6.00 20,000,000
CANADIAN IMPERIAL
BANK OF COMMERCE
13,600 5.57%, 6/23/98 5.57 13,599,862
CREDIT AGRICOLE
NEW YORK
25,000 5.98%, 6/16/98 5.98 25,000,351
Total Certificates of
Deposit
(amortized cost
$178,600,032) 178,600,032
U.S. GOVERNMENT
AND AGENCIES-0.8%
FEDERAL FARM CREDIT BANK
32,000 5.32%, 8/03/98 FRN
(amortized cost
$31,997,408) 5.32 31,997,408
TOTAL INVESTMENTS-99.7%
(amortized cost
$3,888,544,019) 3,888,544,019
Other assets less
liabilities-0.3% 10,439,312
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
3,898,978,073 shares
outstanding) $ 3,898,983,331
See Footnotes and Glossary of Terms on page 12.
See notes to financial statements.
9
STATEMENT OF NET ASSETS
MAY 31, 1998 (UNAUDITED) ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
U.S. GOVERNMENT AND
AGENCIES-43.1%
FEDERAL NATIONAL MORTGAGE
ASSOCIATION-20.7%
$ 1,000 6/17/98 5.48% $ 997,595
1,500 6/12/98 5.49 1,497,521
1,000 5.35%, 7/16/98 5.49 999,673
3,000 6/30/98 5.50 2,986,890
3,000 5.55%, 3/03/99 FRN 5.50 2,999,209
2,000 6/26/98 5.51 1,992,458
2,000 5.68%, 6/19/98 FRN 5.60 2,000,070
3,000 5.57%, 3/05/99 5.62 2,998,862
3,000 5.66%, 4/28/99 FRN 5.62 2,998,640
4,500 5.66%, 5/21/99 FRN 5.66 4,496,613
1,000 6.41%, 7/17/98 5.67 1,000,796
2,000 5.62%, 10/20/98 FRN 5.67 1,999,664
1,725 5.84%, 3/29/99 5.69 1,726,889
5,000 5.67%, 11/04/98 FRN 5.79 4,998,758
---------------
33,693,638
FEDERAL HOME LOAN
MORTGAGE CORP.-12.1%
4,000 6/05/98 5.45 3,997,591
5,000 6/15/98 5.45 4,989,442
5,800 6/26/98 5.46 5,778,129
1,000 6/08/98 5.48 998,948
1,500 6/10/98 5.48 1,497,971
2,398 6/18/98 5.51 2,391,851
---------------
19,653,932
FEDERAL HOME LOAN BANK-9.7%
4,000 5.48%, 7/30/98 FRN 5.53 3,999,504
1,000 5.65%, 3/30/99 5.62 1,000,000
4,000 5.65%, 3/12/99 5.69 4,000,000
1,500 5.71%, 3/04/99 5.71 1,500,000
2,375 5.56%, 3/25/99 5.71 2,372,404
1,000 5.72%, 7/07/98 5.72 1,000,083
2,000 5.71%, 3/17/99 5.73 1,999,525
---------------
15,871,516
FEDERAL FARM CREDIT BANK-0.6%
1,000 5.50%, 6/01/98 5.57 1,000,000
Total U.S. Government
and Agencies
(amortized cost $70,219,086) 70,219,086
REPURCHASE AGREEMENTS-57.2%
BARCLAYS DEZOETE
WEDD SECURITIES, INC.
8,000 5.61%, dated 5/29/98,
due 6/01/98
in the amount of $8,003,740
(cost $8,000,000;
collateralized by $13,210,000
Federal National
Mortgage Assn;
7.85%, 2/01/26
value $8,172,895) (c) 5.61 8,000,000
CHASE SECURITIES, INC.
7,500 5.51%, dated 5/11/98,
due 6/15/98
in the amount of $7,540,177
(cost $7,500,000;
collateralized by $8,175,000
Federal Home Loan
Mortgage Corp - Gold;
7.00%, 8/01/27,
value $7,796,305) (c) 5.51 7,500,000
CIBC WOOD GUNDY
SECURITIES CORP.
7,500 5.51%, dated 5/01/98,
due 6/05/98
in the amount of $7,540,177
(cost $7,500,000;
collateralized by $8,785,000
Federal Home Loan
Mortgage Corp;
6.22%, 2/01/37,
value $7,692,096) (c) 5.51 7,500,000
CS FIRST BOSTON CORP.
7,500 5.47%, dated 5/06/98,
due 6/08/98
in the amount of $7,537,606
(cost $7,500,000;
collateralized by $21,854,000
Federal Home Loan
Mortgage Corp;
7.822%, 2/01/24,
value $7,102,359;
collateralized by $901,558
Federal National
Mortgage Assn;
8.00%, 12/01/25,
value $617,046) (c) 5.47 7,500,000
10
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
FUJI SECURITIES INC.
$ 8,000 5.60%, dated 5/29/98,
due 6/01/98
in the amount of $8,003,733
(cost $8,000,000;
collateralized by $8,120,000
Federal National
Mortgage Assn;
5.54%, 4/02/99,
value $8,183,148) (c) 5.60% $ 8,000,000
GOLDMAN SACHS & CO.
7,500 5.49%, dated 5/06/98
due 6/09/98
in the amount of $7,538,888
(cost $7,500,000;
collateralized by $7,832,000
Federal Home Loan
Mortgage Corp - Gold;
7.00%, 2/01/28,
value $7,798,342) (c) 5.49 7,500,000
MERRILL LYNCH & CO.
7,800 5.51%, dated 5/20/98
due 6/23/98
in the amount of $7,840,590
(cost $7,800,000;
collateralized by $23,154,000
Federal Home Loan
Mortgage Corp;
7.78%, 4/01/24
value $8,132,089) 5.51 7,800,000
MORGAN STANLEY DEAN WITTER
7,900 5.48%, dated 5/21/98
due 6/17/98
in the amount of $7,932,469
(cost $7,900,00;
collateralized by $9,425,000
Federal National
Mortgage Assn;
6.00%, 7/01/24
value $8,168,556) (c) 5.48 7,900,000
NIKKO SECURTIES CO.
8,000 5.60%, dated 5/29/98
due 6/01/98
in the amount of $8,003,733
(cost $8,000,000;
collateralized by $8,425,000
Federal National
Mortgage Assn;
6.00%, 5/01/28
value $8,216,832) (c) 5.60 8,000,000
PAINE WEBBER, INC.
5,000 5.60%, dated 5/29/98
due 6/01/98
in the amount of $5,002,333
(cost $5,000,000;
collateralized by $5,240,000
Federal Home Loan
Mortgage Corp - Gold;
7.00%, 11/01/27
value $5,131,737) (c) 5.60 5,000,000
PRUDENTIAL SECURITIES, INC.
3,000 5.51%, dated 5/20/98
due 6/22/98
in the amount of $3,015,152
(cost $3,000,000;
collateralized by $3,146,000
Federal Home Loan
Mortgage Corp - Gold;
7.00%, 12/01/27
value $3,082,655) (c) 5.51 3,000,000
PRUDENTIAL SECURITIES, INC.
5,000 5.61%, dated 5/29/98
due 6/01/98
in the amount of $5,002,338
(cost $ 5,000,000;
collateralized by $5,226,000
Federal Home Loan
Mortgage Corp - Gold;
7.00%, 10/01/27
value $5,132,093) (c) 5.61 5,000,000
11
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------------
SALOMON SMITH BARNEY
$ 5,500 5.51%, dated 5/13/98,
due 6/19/98
in the amount of $5,531,147
(cost $ 5,500,000;
collateralized by $6,136,000
Federal National
Mortgage Assn;
7.50%, 8/01/27,
value $5,661,532) 5.51% $ 5,500,000
SBC WARBURG, INC.
5,000 5.55%, dated 5/29/98
due 6/01/98
in the amount of $5,002,313
(cost $5,000,000;
collateralized by $6,501,000
Federal National
Mortgage Assn;
6.50%, 11/01/24,
value $ 5,101,337 (c) 5.55 5,000,000
Total Repurchase Agreements
(amortized cost $93,200,000) 93,200,000
TOTAL INVESTMENTS-100.3%
(amortized cost
$163,419,086) 163,419,086
Other assets less
liabilities-(0.3%) (428,065)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
162,990,885 shares
outstanding) 162,991,021
# 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.
Period 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 May 31, 1998, these securities amounted
to $2,364,936,432 representing 60.7% 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
COP Certificate of Participation
FRN Floating Rate Note
FSA Financial Security Assurance, Inc.
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.
12
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1998 (UNAUDITED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
INVESTMENT INCOME
Interest $ 2,859,188 $102,873,954 $ 3,908,504
EXPENSES
Advisory fee (Note B) 370,681 8,997,563 345,620
Distribution assistance
fee (Note C) 333,614 8,097,806 311,058
Registration fees 63,727 566,348 54,696
Custodian fees 55,369 183,546 59,433
Administrative fee (Note C) 37,068 899,759 34,562
Audit and legal fees 10,538 27,510 10,111
Printing 8,129 235,318 4,792
Organization 7,280 7,462 7,280
Trustees' fees 3,305 3,274 3,086
Miscellaneous 3,881 25,842 3,609
Total expenses 893,592 19,044,428 834,247
Less: fee waiver and
reimbursement (152,231) (1,049,302) (143,007)
Net expenses 741,361 17,995,126 691,240
Net investment income 2,117,827 84,878,828 3,217,264
REALIZED GAIN ON INVESTMENTS
Net realized gain on
investment transactions -0- 5,258 136
NET INCREASE IN NET ASSETS
FROM OPERATIONS $ 2,117,827 $ 84,884,086 $ 3,217,400
See notes to financial statements.
13
STATEMENTS OF CHANGES IN NET ASSETS ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
GENERAL
MUNICIPAL PORTFOLIO PRIME PORTFOLIO GOVERNMENT PORTFOLIO
------------------------------- ------------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
MAY 31, 1998 NOVEMBER 30, MAY 31, 1998 NOVEMBER 30, MAY 31, 1998 NOVEMBER 30,
(UNAUDITED) 1997 (UNAUDITED) 1997 (UNAUDITED) 1997
-------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS
Net investment income $ 2,117,827 $ 3,963,913 $ 84,878,828 $ 142,927,476 $ 3,217,264 $ 5,103,019
Net realized gain
(loss) on investment
transactions -0- (15) 5,258 25,953 136 10
Net increase in net
assets from
operations 2,117,827 3,963,898 84,884,086 142,953,429 3,217,400 5,103,029
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS FROM:
Net investment income (2,117,827) (3,963,913) (84,878,828) (142,927,476) (3,217,264) (5,103,019)
Net realized gain on
investments (615) -0- (26,728) -0- (187) -0-
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST (Note E)
Net increase 13,613,280 13,871,990 601,104,069 526,103,101 39,124,498 23,558,311
Total increase 13,612,665 13,871,975 601,082,599 526,129,054 39,124,447 23,558,321
NET ASSETS
Beginning of year 137,358,386 123,486,411 3,297,900,732 2,771,771,678 123,866,574 100,308,253
End of period $ 150,971,051 $ 137,358,386 $3,898,983,331 $3,297,900,732 $ 162,991,021 $ 123,866,574
</TABLE>
See notes to financial statements.
14
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1998 (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 currently
offers 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 six months ended May 31, 1998 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 six months ended
May 31, 1998 for the General Municipal Portfolio, Prime Portfolio and
Government Portfolio, the Adviser reimbursed $129,744, $495,842 and $121,539,
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.
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 six months ended May 31, 1998 the General Municipal Portfolio, Prime
Portfolio and Government Portfolio, paid fees of $333,614, $8,097,806 and
$311,058, 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, 1998, the General Municipal Portfolio incurred fees of
$37,068 of which $22,487 were waived, the Prime Portfolio incurred fees of
$899,759 of which $553,460 were waived and the Government Portfolio incurred
fees of $34,562 of which $21,468 were waived.
NOTE D: INVESTMENT TRANSACTIONS
At May 31, 1998, the cost of portfolio securities for federal income tax
purposes was the same as the cost for financial reporting purposes.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At May 31,
1998, capital paid-in aggregated $150,971,066, $3,898,978,073 and $162,990,885
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 PORTFOLIO PRIME PORTFOLIO GOVERNMENT PORTFOLIO
------------------------------- ------------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
MAY 31, YEAR ENDED MAY 31, YEAR ENDED MAY 31, YEAR ENDED
1998 NOVEMBER 30, 1998 NOVEMBER 30, 1998 NOVEMBER 30,
(UNAUDITED) 1997 (UNAUDITED) 1997 (UNAUDITED) 1997
-------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 310,907,705 536,421,356 9,470,591,749 15,146,343,094 303,924,497 485,426,533
Shares issued on
reinvestments of
dividends 2,118,442 3,963,913 84,905,556 142,927,476 3,217,451 5,103,019
Shares redeemed (299,412,867) (526,513,279) (8,954,393,236) (14,763,167,469) (268,017,450) (466,971,241)
Net increase 13,613,280 13,871,990 601,104,069 526,103,101 39,124,498 23,558,311
</TABLE>
16
FINANCIAL HIGHLIGHTS ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GENERAL MUNICIPAL PORTFOLIO
------------------------------------
DECEMBER 13,
SIX MONTHS 1995(A)
ENDED YEAR ENDED TO
MAY 31, 1998 NOVEMBER 30, NOVEMBER 30,
(UNAUDITED) 1997 1996
----------- ----------- -----------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .014 .029 .027
LESS: DIVIDENDS
Dividends from net investment income (.014) (.029) (.027)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (c) 2.88%(d) 2.92% 2.80%(d)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $151 $137 $123
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(d) 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.21%(d) 1.21% 1.39%(d)
Net investment income (b) 2.86%(d) 2.87% 2.76%(d)
See footnote summary on page 19.
17
FINANCIAL HIGHLIGHTS (CONTINUED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
PRIME PORTFOLIO
------------------------------------
DECEMBER 29,
SIX MONTHS 1995(A)
ENDED YEAR ENDED TO
MAY 31, 1998 NOVEMBER 30, NOVEMBER 30,
(UNAUDITED) 1997 1996
----------- ----------- -----------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .024 .046 .041
LESS: DIVIDENDS
Dividends from net investment income (.024) (.046) (.041)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (c) 4.78%(d) 4.75% 4.58%(d)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $3,899 $3,298 $2,772
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(d) 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.06%(d) 1.06% 1.23%(d)
Net investment income (b) 4.72%(d) 4.65% 4.50%(d)
See footnote summary on page 19.
18
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GOVERNMENT PORTFOLIO
------------------------------------
DECEMBER 29,
SIX MONTHS 1995(A)
ENDED YEAR ENDED TO
MAY 31, 1998 NOVEMBER 30, NOVEMBER 30,
(UNAUDITED) 1997 1996
----------- ----------- -----------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .023 .045 .041
LESS: DIVIDENDS
Dividends from net investment income (.023) (.045) (.041)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (c) 4.72%(d) 4.64% 4.52%(d)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $163 $124 $100
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(d) 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.21%(d) 1.25% 1.42%(d)
Net investment income (b) 4.65%(d) 4.54% 4.45%(d)
(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
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.
