ALLIANCE MONEY MARKET FUND
- -GENERAL MUNICIPAL PORTFOLIO
- -PRIME PORTFOLIO
- -GOVERNMENT PORTFOLIO
SEMI-ANNUAL REPORT
MAY 31, 1999
(UNAUDITED)
STATEMENT OF NET ASSETS
MAY 31, 1999 (UNAUDITED)
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
MUNICIPAL BONDS-98.8%
ALABAMA-1.7%
BIRMINGHAM-CARRAWAY
SPECIAL CARE FINANCE
AUTHORITY
(Carraway Methodist
Health Systems)
Series '98A VRDN
$ 1,200 8/15/28 (b) 3.35% $ 1,200,000
ALASKA-2.1%
ALASKA IDA
(Fairbanks Gold
Mining, Inc.)
Series '97 AMT VRDN
1,500 5/01/09 (b) 3.45 1,500,000
ARIZONA-4.7%
PHOENIX CIVIC
IMPROVEMENT AUTHORITY
(Airport Improvements)
Series '95 AMT VRDN
1,000 6/01/20 (b) 3.40 1,000,000
PHOENIX IDA
(V.A.W. of America,
Inc. Project)
Series '97 AMT VRDN
1,000 2/01/12 (b) 3.40 1,000,000
PHOENIX IDA MFHR
(Ventana Palms
Apartments Project)
Series '94 AMT VRDN
310 2/01/24 (b) 3.45 310,000
TUCSON AIRPORT
AUTHORITY
(Learjet, Inc.)
Series '98A AMT VRDN
1,000 10/01/28 (b) 3.40 1,000,000
-------------
3,310,000
ARKANSAS-1.4%
BLYTHEVILLE IDR
(Nucor Corp. Project)
Series '98 AMT VRDN
1,000 6/01/28 (b) 3.40 1,000,000
CALIFORNIA-1.4%
CALIFORNIA HIGHER
EDUCATION
(Student Loan Revenue)
Series '87C AMT VRDN
1,000 7/01/02 (b) 3.25 1,000,000
DELAWARE-0.7%
DELAWARE EDA
(Delaware Clean Power
Project)
Series '97A AMT VRDN
500 8/01/29 (b) 3.35 500,000
FLORIDA-3.6%
ORANGE COUNTY
HFA MFHR
(Smokewood/Sunkey
Apartments Project)
Series '92A VRDN
2,500 12/01/22 (b) 3.20 2,500,000
GEORGIA-6.3%
RICHMOND COUNTY
DEVELOPMENT AUTHORITY
(Evergreen Nylon
Recycling, Inc.)
Series '98 AMT VRDN
2,400 7/01/32 (b) 3.30 2,400,000
SUMMERSVILLE IDA
(Image Industries, Inc.)
Series '97 AMT VRDN
2,000 9/01/17 (b) 3.35 2,000,000
-------------
4,400,000
ILLINOIS-5.4%
EAST MOLINE IDR
(Elliott Aviation Project)
Series '99 AMT VRDN
1,200 12/01/19 (b) 3.45 1,200,000
ELMHURST HOSPITAL
REVENUE
(Joint Community
Health Organization)
Series '88 VRDN
300 7/01/18(b) 3.30 300,000
ILLINOIS HDA
(Homeowner Mortgage
Revenue)
Series '98A-2 AMT PPB
480 8/01/28 (b) 3.10 480,000
1
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
ILLINOIS HDA
(Homeowner Mortgage
Revenue)
Series '98B-2 AMT PPB
$ 1,815 8/01/26 (b) 3.25% $ 1,815,000
-------------
3,795,000
INDIANA-3.3%
AUBURN EDA
(R.J. Tower Corp.
Project)
Series '88 AMT VRDN
505 9/01/00 (b) 3.45 505,000
GIBSON COUNTY IDR
(Toyota Motor
Manufacturing Project)
Series '98 AMT VRDN
1,500 1/01/28 (b) 3.35 1,500,000
INDIANA FINANCE
AUTHORITY ENVIROMENTAL
REVENUE
(USX Corp. Project)
Series '98 PPB
300 12/01/22 (b) 3.00 300,000
-------------
2,305,000
KANSAS-1.7%
SPRING HILL IDR
(Abrasive Engineering
and Manufacturing
Project)
Series '96 AMT VRDN
1,200 9/01/16 (b) 3.32 1,200,000
KENTUCKY-2.3%
HOPKINSVILLE IDR
(American Precision
Machinery)
AMT VRDN
600 5/01/00 (b) 4.52 600,000
LOUISVILLE & JEFFERSON
COUNTY REGIONAL
AIRPORT AUTHORITY
Series '97A-1
AMT VRDN
1,000 6/30/02 (b) 3.35 1,000,000
-------------
1,600,000
LOUISIANA-1.0%
LOUSIANA PUBLIC
FACILITIES AUTHORITY
HOSPITAL REVENUE
Series '85A AMT VRDN
700 12/01/10 (b) 3.40 700,000
MAINE-3.6%
MAINE FINANCE
AUTHORITY
Economic Development
Revenue
Series '88A-D
AMT VRDN
100 12/01/03 (b) 3.55 100,000
MAINE FINANCE
AUTHORITY
Economic Development
Revenue
(Barber Foods, Inc.)
Series '90B AMT VRDN
65 12/01/06 (b) 3.55 65,000
MAINE FINANCE
AUTHORITY
Economic Development
Revenue
(Cornwall, McCann,
Thurston)
Series '88D-F
AMT VRDN
675 6/01/04 (b) 3.55 675,000
MAINE FINANCE
AUTHORITY
Economic Development
Revenue
(Volco Realty Co., Inc.)
Series '89L AMT VRDN
150 6/01/05(b) 3.55 150,000
MAINE FINANCE
AUTHORITY
Economic Development
Revenue
(William Arthur, Inc.)
Series '98 AMT VRDN
1,500 10/01/12 (b) 3.35 1,500,000
-------------
2,490,000
2
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
MICHIGAN-2.1%
MICHIGAN HOSPITAL
FINANCE AUTHORITY
Series '98A VRDN
$ 1,500 12/01/23 (b) 3.45% $ 1,500,000
MISSOURI-0.7%
ST. LOUIS IDA
(Hammert's Iron Works
Inc. Project)
Series '99 AMT VRDN
500 6/01/09 (b) 3.35 500,000
NEVADA-4.4%
CLARK COUNTY IDR
(Cogeneration
Association Project)
Series '92 AMT VRDN
400 12/01/22 (b) 3.50 400,000
WASHOE COUNTY IDR
(Sierra Pacific Power
Company Project)
Series '90 AMT VRDN
2,700 12/01/20 (b) 3.50 2,700,000
-------------
3,100,000
NEW HAMPSHIRE-1.4%
NEW HAMPSHIRE IDA
(SCI Manufacturing Inc.)
Series '89 AMT VRDN
1,000 6/01/14(b) 3.70 1,000,000
NEW MEXICO-2.1%
NEW MEXICO MORTGAGE
FINANCE AUTHORITY
SFMR
Series '99 AMT PPB
1,500 8/03/99 (b) 3.13 1,500,000
NORTH CAROLINA-0.4%
JOHNSON COUNTY IDA
(Mebane Packaging
Corp.)
AMT VRDN
300 6/01/03 (b) 3.35 300,000
NORTH DAKOTA-2.1%
NORTH DAKOTA
HFA SFMR
Series '98C AMT
1,500 6/01/99 3.90 1,500,000
OHIO-1.4%
OHIO AIR QUALITY
DEVELOPMENT AUTHORITY
(JMG Funding
Partnership)
Series '94B AMT VRDN
1,000 4/01/28 (b) 3.40 1,000,000
OKLAHOMA-1.4%
BROKEN ARROW EDA
(Paragon Films Project)
AMT VRDN
970 8/01/04 (b) 3.62 970,000
OREGON-1.7%
OREGON EDA
(Kyotaru Oregon Project)
Series '89 AMT VRDN
1,000 12/01/99 (b) 3.62 1,000,000
OREGON HFA SFMR
Ser '98I AMT VRDN
150 12/02/99 (b) 3.15 150,000
-------------
1,150,000
RHODE ISLAND-2.7%
PROVIDENCE PUBLIC
PARKING
(Washington Street
Garage Project)
Series '91 AMT VRDN
200 12/01/22 (b) 3.35 200,000
RHODE ISLAND STUDENT
LOAN REVENUE
Series '95-1 AMT VRDN
1,700 7/01/19 (b) 3.30 1,700,000
-------------
1,900,000
SOUTH CAROLINA-3.0%
BERKELEY COUNTY IDR
(Nucor Corp. Project)
Series '97 AMT VRDN
2,100 4/01/30 (b) 3.40 2,100,000
3
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
TENNESSEE-11.1%
EDUCATIONAL FUNDING
OF THE SOUTH STUDENT
LOAN REVENUE
(Student Funding Corp.)
Series '87A-3 VRDN
$ 1,200 12/01/17 (b) 3.30% $ 1,200,000
KNOX HEALTH
EDUCATIONAL AND
HOUSING FACILITY
BOARD
(THA Solutions Group,
Inc. Project)
Series '99 VRDN
2,000 5/01/29 (b) 3.50 2,000,000
MEMPHIS-SHELBY
AIRPORT REVENUE
Series '96B AMT VRDN
2,100 3/01/14 (b) 3.35 2,100,000
STEWART COUNTY IDR
(Standard Gypsum
Project)
Series '99 VRDN
2,500 5/01/34 (b) 3.45 2,500,000
-------------
7,800,000
TEXAS-8.3%
BRAZOS RIVER HARBOR
NAVIGATION DISTRICT
BRAZORIA COUNTY
(Dow Chemical
Company Project)
Series '96 AMT VRDN
2,300 4/01/26 (b) 3.50 2,300,000
BRAZOS RIVER HARBOR
NAVIGATION DISTRICT
BRAZORIA COUNTY
(Dow Chemical
Company Project)
Series '98 AMT VRDN
400 3/01/28 (b) 3.50 400,000
BRAZOS RIVER HARBOR
NAVIGATION DISTRICT
BRAZORIA COUNTY
(Merey Sweeney Project)
Series '98 AMT VRDN
800 9/01/18 (b) 3.50 800,000
PANHANDLE-PLAINS IDA
(Higher Education
Student Loan Revenue)
Series '97Y AMT VRDN
1,500 10/01/02 (b) 3.25 1,500,000
TEXAS STATE TRAN
800 4.50%, 8/31/99 2.98 802,906
-------------
5,802,906
UTAH-1.6%
UTAH HFA SFMR
Series '98-4 AMT VRDN
1,080 7/01/32 (b) 3.45 1,080,000
VIRGINIA-2.2%
VIRGINIA HFA
Series G Subseries
G-1 AMT
1,500 5.85%, 7/01/99 3.77 1,502,489
WASHINGTON-8.7%
OLYMPIA EDA
(Spring Air Northwest
Project)
Series '98 AMT VRDN
1,300 11/01/23(b) 3.50 1,300,000
PIERCE COUNTY EDA
(Truss Co. Project)
AMT VRDN
500 1/01/20 (b) 3.50 500,000
PORT ANGELES IDR
(Daishowa America
Project)
Series '92B AMT VRDN
2,000 12/01/07 (b) 3.35 2,000,000
WASHINGTON HOUSING
FINANCE COMMISSION
MFHR
(Summerglen Apartment
Project) AMT VRDN
1,250 11/01/25 (b) 3.50 1,250,000
4
ALLIANCE MONEY MARKET FUND - GENERAL MUNICIPAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
WASHINGTON HOUSING
FINANCE COMMISSION
MFHR
(Twin Ponds Apartment
Project)
Series '98A AMT VRDN
$ 1,000 2/01/28 (b) 3.40% $ 1,000,000
-------------
6,050,000
WISCONSIN-4.3%
FRANKLIN IDR
(Nowakowski Inc.
Project)
Series '98 AMT VRDN
1,510 12/01/18 (b) 3.45 1,510,000
KENOSHA IDR
(Leblanc Corp. Project)
Series '98A AMT VRDN
1,500 12/01/18 (b) 3.45 1,500,000
-------------
3,010,000
Total Municipal Bonds
(amortized cost
$69,265,395) 69,265,395
COMMERCIAL PAPER-0.7%
TEXAS-0.7%
CALHOUN COUNTY PORT
REVENUE
(British Petroleum)
Series '98 AMT
8/25/99
(amortized cost
500 $500,000) 3.20 500,000
TOTAL INVESTMENTS-99.5%
(amortized cost
$69,765,395) 69,765,395
Other assets less
liabilities-0.5% 328,656
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
70,093,947 shares
outstanding) $ 70,094,051
See Footnotes and Glossary of Terms on page 10.
See notes to financial statements.
5
STATEMENT OF NET ASSETS
MAY 31, 1999 (UNAUDITED) ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
COMMERCIAL PAPER-64.6%
ABBEY NATIONAL
$30,000 6/30/99 4.25% $ 29,883,275
AMERICAN GENERAL
CORP.
13,000 6/15/99 4.85 12,975,481
ASSOCIATES CORP. FIRST
CAPITAL
35,000 6/14/99 4.83 34,938,954
BANK OF NOVA SCOTIA
35,000 6/15/99 4.81 34,934,531
BANQUE CAISSE
D'EPARGNE L'ETAT
25,000 6/07/99 4.86 24,979,750
BELL ATLANTIC NETWORK
FUNDING
20,000 6/30/99 4.81 19,922,506
CIT GROUP, INC.
21,000 6/29/99 4.82 20,921,273
DOW CHEMICAL CO.
35,000 6/01/99 4.92 35,000,000
FORD MOTOR CREDIT CO.
25,000 6/10/99 4.86 24,969,625
HALIFAX PLC.
36,000 6/29/99 4.80 35,865,600
KOCH INDUSTRIES, INC.
35,000 6/15/99 (c) 4.85 34,933,986
NATIONAL CITY CORP.
30,000 6/30/99 4.82 29,882,973
PFIZER CORP.
10,000 6/23/99 (c) 4.81 9,970,606
15,805 6/28/99 (c) 4.80 15,748,102
10,000 6/29/99 (c) 4.79 9,962,744
PRUDENTIAL FUNDING
CO.
38,000 6/15/99 4.82 37,928,771
SHELL OIL CO.
35,000 8/02/99 4.82 34,709,461
SVENSKA
HANDLESBANKEN
25,000 6/30/99 4.80 24,903,333
TEACHER'S INSURANCE
25,000 6/01/99 4.79 25,000,000
13,000 6/30/99 4.81 12,949,629
VATTENFALL TREASURY
23,000 6/16/99 4.85 22,953,521
Total Commercial Paper
(amortized cost
$533,334,121) 533,334,121
CERTIFICATES OF
DEPOSIT-24.2%
BAYERISCHE
LANDESBANK
20,000 4.89%, 3/30/00 FRN 4.95 19,990,211
10,000 5.115%, 3/21/00 5.15 9,997,681
CHASE MANHATTAN
BANK
25,000 5.685%, 8/03/99 4.97 25,026,034
DEUTSCHE BANK
10,000 5.11%, 2/22/00 5.16 9,997,544
FIRST TENNESSEE BANK
20,000 4.82%, 6/09/99 4.82 20,000,000
NATIONAL WESTMINSTER
BANK
32,000 4.883%, 4/17/00 FRN 4.94 31,984,226
STATE STREET BANK &
TRUST CO.
10,000 4.95%, 9/13/99 4.95 10,000,000
TORONTO DOMINION
BANK
12,000 5.295%, 3/06/00 5.33 11,996,913
UBS FINANCE
(DELAWARE), INC.
20,000 5.16%, 2/28/00 5.19 19,995,695
16,000 5.29%, 5/19/00 5.34 15,992,560
WACHOVIA BANK &
TRUST CO.
25,000 5.09%, 2/23/00 5.13 24,993,832
Total Certificates of
Deposit
(amortized cost
$199,974,696) 199,974,696
TIME DEPOSIT-4.3%
BANK OF MONTREAL
35,300 4.50%, 6/01/99
(amortized cost
$35,300,000) 4.50 35,300,000
6
ALLIANCE MONEY MARKET FUND - PRIME PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
U.S. GOVERNMENT
AND AGENCIES-3.7%
STUDENT LOAN
MARKETING ASSOCIATION
$30,000 5.32%, 2/04/00 FRN
(amortized cost
$29,996,011) 5.34% $ 29,996,011
BANKERS
ACCEPTANCE-3.0%
TORONTO DOMINION
BANK
25,000 6/09/99
(amortized cost
$24,973,333) 4.80 24,973,333
TOTAL INVESTMENTS-99.8%
(amortized cost
$823,578,161) 823,578,161
Other assets less
liabilities-0.2% 1,595,913
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
825,174,403 shares
outstanding) $825,174,074
See Footnotes and Glossary of Terms on page 10.
See notes to financial statements.
7
STATEMENT OF NET ASSETS
MAY 31, 1999 (UNAUDITED) ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
U.S. GOVERNMENT
AGENCIES-73.8%
FEDERAL HOME
LOAN MORTGAGE
CORP.-21.9%
$ 547 7/13/99 4.78% $ 543,988
700 8/23/99 4.79 692,399
685 8/10/99 4.80 678,713
787 8/20/99 4.80 778,745
840 6/23/99 4.81 837,562
500 7/06/99 4.81 497,691
700 9/13/99 4.81 690,475
200 6/11/99 4.82 199,735
1,331 7/09/99 4.83 1,324,325
730 7/14/99 4.83 725,815
541 7/16/99 4.83 537,781
190 8/27/99 4.83 187,824
660 7/01/99 4.84 657,377
140 6/22/99 4.85 139,608
500 8/06/99 4.85 495,641
500 6/02/99 4.86 499,933
565 10/01/99 4.86 555,867
328 8/12/99 4.87 324,838
925 8/13/99 4.87 916,101
829 9/09/99 4.87 818,039
487 6/04/99 4.88 486,806
300 10/08/99 4.94 294,786
-------------
12,884,049
FEDERAL HOME
LOAN BANK-19.3%
410 6/09/99 4.86 409,558
500 6/30/99 4.87 498,087
575 8/06/99 4.87 569,919
750 2/10/00 5.00 749,948
1,000 5.00%, 2/10/00 5.00 1,000,000
430 2/25/00 5.00 429,851
265 6/11/99 5.01 264,632
300 6/23/99 5.02 299,084
200 7/02/99 5.02 199,139
650 7/16/99 5.03 645,937
250 3/03/00 5.03 249,969
800 5.05%, 3/03/00 5.03 800,000
500 5.061%, 8/12/99 FRN 5.06 499,501
340 2/17/00 5.07 339,718
500 2/18/00 5.07 499,584
500 5.14%, 3/17/00 5.12 500,000
600 3/03/00 5.15 599,765
900 5/17/00 5.15 899,430
900 5/19/00 5.15 899,262
1,000 3/08/00 5.23 999,424
-------------
11,352,808
FEDERAL NATIONAL
MORTGAGE
ASSOCIATION-13.9%
1,000 6/18/99 4.81 997,766
756 6/24/99 4.82 753,682
240 7/07/99 4.83 238,848
541 7/30/99 4.84 536,780
303 9/16/99 4.84 298,731
1,800 6/10/99 4.85 1,797,852
500 6/03/99 4.86 499,866
500 9/17/99 4.88 492,860
620 7/06/99 4.90 617,119
642 11/19/99 4.94 627,301
500 5.04%, 4/06/00 MTN 5.10 499,680
800 5.00%, 5/05/00 MTN 5.10 799,140
-------------
8,159,625
STUDENT LOAN
MARKETING
ASSOCIATION-13.6%
1,000 5.201%, 7/15/99 FRN 5.20 1,000,000
1,000 5.261%, 6/30/99 FRN 5.26 999,992
1,000 5.271%, 6/17/99 FRN 5.27 1,000,000
1,000 5.271%, 2/14/00 FRN 5.27 999,585
1,000 5.291%, 11/24/99 FRN 5.29 999,855
1,000 5.301%, 9/30/99 FRN 5.30 1,000,000
1,000 5.321%, 2/04/00 FRN 5.32 999,867
1,000 5.371%, 11/09/99 FRN 5.37 999,740
-------------
7,999,039
FEDERAL FARM
CREDIT BANK-5.1%
1,100 9/01/99 4.87 1,099,630
565 7/09/99 4.93 562,077
300 7/12/99 4.93 298,326
430 10/21/99 4.95 421,774
500 5.43%, 8/02/99 4.96 500,289
125 6/10/99 5.01 124,844
-------------
3,006,940
Total U.S. Government
Agencies
(amortized cost
$43,402,461) 43,402,461
8
ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
REPURCHASE
AGREEMENTS-26.5%
THE BANK OF NEW YORK
$ 1,500 4.25%, dated 5/28/99
due 6/01/99 in the
amount of $1,500,708
(cost $1,500,000;
collateralized by $1,540,000
U.S Treasury Note,
5.00%, 4/30/01
value $1,540,083 4.25% $ 1,500,000
BARCLAYS DEZOETE
WEDD SECURITIES, INC.
2,900 4.85%, dated 5/28/99
due 6/01/99 in the
amount of $2,901,563
(cost $2,900,000;
collateralized by $2,995,000
Federal Home Loan
Mortgage Corp;
4.83%, 8/24/99
value $2,959,273 4.85 2,900,000
MERRILL LYNCH & CO., INC.
2,500 4.82%, dated 5/25/99
due 6/30/99 in the
amount of $2,512,050
(cost $2,500,000;
collateralized by $9,301,000
Federal Home Loan
Mortgage Corp;
6.30%, 12/01/22
value $2,627,607) 4.82 2,500,000
PAINE WEBBER, INC.
2,900 4.85%, dated 5/27/99
due 6/14/99 in the
amount of $2,907,033
(cost $2,900,000;
collateralized by $2,952,000
Federal National
Mortgage Assn;
7.00%, 6/01/29
value $2,969,343) (d) 4.85 2,900,000
PARIBAS CORP.
2,900 4.87%, date 5/28/99
due 6/01/99 in the
amount of $ 2,901,569
(cost $2,900,000;
collateralized by $3,022,000
Federal National
Mortgage Assn;
5.125%, 2/13/04
value $2,957,415) 4.87 2,900,000
PRUDENTIAL SECURITIES,
INC.
2,900 4.88%, date 5/28/99
due 6/01/99 in the
amount of $2,901,569
(cost $2,900,000;
collateralized by $3,147,000
Federal National
Mortgage Assn;
6.00%, 2/01/29
value $2,973,646) 4.88 2,900,000
Total Repurchase
Agreements
(amortized cost
$15,600,000) 15,600,000
TOTAL INVESTMENTS-100.3%
(amortized cost
$59,002,461) 59,002,461
Other assets less
liabilities-(0.3%) (190,015)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
58,818,090 shares
outstanding) $ 58,812,446
See Footnotes and Glossary of Terms on page 10.
See notes to financial statements.
9
STATEMENT OF NET ASSETS
(CONTINUED) ALLIANCE MONEY MARKET FUND - GOVERNMENT PORTFOLIO
_______________________________________________________________________________
(a) All securities either mature or their interest rate changes in 397 days or
less.
(b) 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.
(c) 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, 1999, the security amounted to
$70,615,438 representing 8.6% of net assets on the Prime Portfolio.
(d) Repurchase agreements which are terminable within 7 days.
Glossary of Terms:
AMT Alternative Minimum Tax
EDA Economic Development Authority
FRN Floating Rate Note
HDA Housing Development Agency
HFA Housing Finance Agency/Authority
IDA Industrial Development Agency/Authority
IDR Industrial Development Revenue
MFHR Multi-Family Housing Revenue
MTN Medium Term Note
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
See notes to financial statements.
10
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1999 (UNAUDITED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------ ------------
INVESTMENT INCOME
Interest $ 849,535 $ 19,004,558 $ 1,234,759
EXPENSES
Advisory fee (Note B) 128,509 1,867,553 122,275
Distribution assistance (Note C) 115,657 1,680,797 110,049
Custodian fees 54,696 109,483 48,083
Registration fees 28,303 309,305 17,187
Administrative fee (Note C) 12,851 186,756 12,227
Printing 7,462 87,685 4,685
Organization 7,280 7,462 7,280
Audit and legal fees 6,669 41,289 5,062
Trustees' fees 4,178 3,458 4,434
Miscellaneous 4,449 24,612 3,445
Total expenses 370,054 4,318,400 334,727
Less: fee waiver and
reimbursement (113,039) (583,296) (90,176)
Net expenses 257,015 3,735,104 244,551
Net investment income 592,520 15,269,454 990,208
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment
transactions -0- 2,952 159
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 592,520 $ 15,272,406 $ 990,367
See notes to financial statements.
11
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, 1999 NOVEMBER 30, MAY 31, 1999 NOVEMBER 30, MAY 31, 1999 NOVEMBER 30,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
------------- ------------- ---------------- ---------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS
Net investment income $ 592,520 $ 3,628,070 $ 15,269,454 $ 147,275,473 $ 990,208 $ 5,891,478
Net realized gain
(loss) on investments
transactions -0- 5,931 2,952 (3,281) 159 (5,803)
Net increase in net
assets from
operations 592,520 3,634,001 15,272,406 147,272,192 990,367 5,885,675
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS FROM:
Net investment income (592,520) (3,628,070) (15,269,454) (147,275,473) (990,208) (5,891,478)
Net realized gain on
investments (5,812) (615) -0- (26,728) -0- (187)
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST (Note E)
Net increase (decrease) 25,759,165 (93,023,004) 142,706,012 (2,615,405,613) 16,626,783 (81,675,080)
Total increase (decrease) 25,753,353 (93,017,688) 142,708,964 (2,615,435,622) 16,626,942 (81,681,070)
NET ASSETS
Beginning of year 44,340,698 137,358,386 682,465,110 3,297,900,732 42,185,504 123,866,574
End of period $ 70,094,051 $ 44,340,698 $ 825,174,074 $ 682,465,110 $ 58,812,446 $ 42,185,504
</TABLE>
See notes to financial statements.
12
NOTES TO FINANCIAL STATEMENTS
MAY 31, 1999 (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. 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. Certain illiquid securities containing
unconditional par puts are also valued at amortized cost.
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, 1999 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 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. For the six months ended May 31, 1999 for the
General Municipal Portfolio, Prime Portfolio and Government Portfolio, the
Adviser reimbursed $109,749, $582,979 and $90,145, 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.
13
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 Alliance Fund Distributors, Inc. (the "Distributor"), a
wholly owned subsidiary of 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 Distributor will use amounts payable under the Plan in
their entirety for (i) payments to broker-dealers and other financial
intermediaries, including the 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, 1999, the General Municipal
Portfolio, Prime Portfolio and Government Portfolio, paid fees of $115,657,
$1,680,797 and $110,049, 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, 1999, the General Municipal Portfolio incurred fees of
$12,851 of which $3,290 were waived, the Prime Portfolio incurred fees of
$186,756 of which $317 were waived and the Government Portfolio incurred fees
of $12,227 of which $31 were waived.
NOTE D: INVESTMENT TRANSACTIONS
At May 31, 1999, the cost of portfolio securities for federal income tax
purposes was the same as the cost for financial reporting purposes. At November
30, 1998, the Prime Portfolio and Government Portfolio had capital loss
carryforwards of $3,281 and $5,803, respectively. Such carryforwards expire in
the year 2007.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At May 31,
1999, capital paid-in aggregated $70,093,947, $825,174,403 and $58,818,090 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
1999 NOVEMBER 30, 1999 NOVEMBER 30, 1999 NOVEMBER 30,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
------------- -------------- -------------- ----------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 104,456,187 567,543,637 572,411,344 15,983,075,639 42,332,710 518,447,921
Shares issued on
reinvestments of
dividends 595,520 3,628,685 15,269,454 147,302,201 990,208 5,891,665
Shares redeemed (79,292,542) (664,195,326) (444,974,786) (18,745,783,453) (26,696,135) (606,014,666)
Net increase
(decrease) 25,759,165 (93,023,004) 142,706,012 (2,615,405,613) 16,626,783 (81,675,080)
</TABLE>
14
FINANCIAL HIGHLIGHTS ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
GENERAL MUNICIPAL PORTFOLIO
----------------------------------------------------
DECEMBER 13,
SIX MONTHS 1995(A)
ENDED YEAR ENDED NOVEMBER 30, TO
MAY 31, 1999 ------------------------ NOVEMBER 30,
(UNAUDITED) 1998 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .012 .027 .029 .027
LESS: DIVIDENDS
Dividends from net investment income (.012) (.027) (.029) (.027)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (c) 1.16% 2.76% 2.92% 2.71%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $70 $44 $137 $123
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(d) 1.00% 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.44%(d) 1.17% 1.21% 1.39%(d)
Net investment income (b) 2.31%(d) 2.74% 2.87% 2.76%(d)
</TABLE>
See footnote summary on page 17.
15
FINANCIAL HIGHLIGHTS (CONTINUED) ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
PRIME PORTFOLIO
----------------------------------------------------
DECEMBER 29,
SIX MONTHS 1995(A)
ENDED YEAR ENDED NOVEMBER 30, TO
MAY 31, 1999 ------------------------ NOVEMBER 30,
(UNAUDITED) 1998 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .020 .047 .046 .041
LESS: DIVIDENDS
Dividends from net investment income (.020) (.047) (.046) (.041)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (c) 2.06% 4.77% 4.75% 4.23%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $825 $682 $3,298 $2,772
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(d) 1.00% 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.16%(d) 1.06% 1.06% 1.23%(d)
Net investment income (b) 4.09%(d) 4.69% 4.65% 4.50%(d)
</TABLE>
See footnote summary on page 17.
16
ALLIANCE MONEY MARKET FUND
_______________________________________________________________________________
<TABLE>
<CAPTION>
GOVERNMENT PORTFOLIO
----------------------------------------------------
DECEMBER 29,
SIX MONTHS 1995(A)
ENDED YEAR ENDED NOVEMBER 30, TO
MAY 31, 1999 ------------------------ NOVEMBER 30,
(UNAUDITED) 1998 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .020 .046 .045 .041
LESS: DIVIDENDS
Dividends from net investment income (.020) (.046) (.045) (.041)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on:
net asset value (c) 2.04% 4.67% 4.64% 4.18%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $59 $42 $124 $100
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(d) 1.00% 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.36%(d) 1.14% 1.25% 1.42%(d)
Net investment income (b) 4.05%(d) 4.60% 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. Total investment return calculated for a
period of less than one year is not annualized.
(d) Annualized.
17
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.
MONMKTSR599
