ALLIANCE MONEY MARKET FUND
-GENERAL MUNICIPAL PORTFOLIO
-PRIME PORTFOLIO
-GOVERNMENT PORTFOLIO
SEMI-ANNUAL REPORT
MAY 31, 2000
STATEMENT OF NET ASSETS
May 31, 2000 (unaudited)
Alliance Money Market Fund - General Municipal Portfolio
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
-------------------------------------------------------------------------------
MUNICIPAL BONDS-98.1%
ALABAMA-3.3%
ALABAMA SPECIAL CARE FACILITY
ASCENSION HEALTH CARE AUTHORITY
Series 99B
$ 500 11/15/39 (b) 4.55% $ 500,000
MONTOGOMERY IDA
(Norment Industries)
Series 99 AMT
2,100 8/01/14 (b) 4.45 2,100,000
2,600,000
ARIZONA-3.9%
PHOENIX CIVIC IMPROVEMENT AUTHORITY
Sub Excise Tax
(Airport Improvements)
Series 95 AMT
1,000 6/01/20 (b) 4.15 1,000,000
PHOENIX IDA
(V.A.W. of America, Inc.)
Series 97 AMT
1,000 2/01/12 (b) 4.55 1,000,000
TUCSON AIRPORT AUTHORITY
(Learjet, Inc.)
Series 98A AMT
1,000 10/01/28 (b) 4.55 1,000,000
3,000,000
ARKANSAS-3.1%
ARKANSAS DEVELOPMENT FINANCE AUTHORITY
(Riceland Foods, Inc.)
Series 99B AMT
2,000 11/01/10 (b) 4.60 2,000,000
ARKANSAS DEVELOPMENT FINANCE
AUTHORITY SFMR
Series 00D AMT
375 1/01/32 (b) 4.30 375,000
2,375,000
DELAWARE-0.6%
DELAWARE EDA
(Delaware Clean Power)
Series 97A AMT
500 8/01/29 (b) 4.25 500,000
DISTRICT OF COLUMBIA-1.3%
DISTRICT OF COLUMBIA HFA SFMR
(Mortgage Revenue) GNMA
Series 99B AMT
1,000 6/15/00 3.30 1,000,000
GEORGIA-5.7%
RICHMOND COUNTY DEVELOPMENT AUTHORITY
(Evergreen Nylon Recycling, Inc.)
Series 98 AMT
2,400 7/01/32 (b) 4.20 2,400,000
SUMMERSVILLE IDA
(Image Industries, Inc.)
Series 97 AMT
2,000 9/01/17 (b) 4.50 2,000,000
4,400,000
ILLINOIS-7.0%
CHICAGO GAS SUPPLY REVENUE
(People Gas Light & Coke)
Series 00D AMT
2,000 3/01/30 (b) 4.40 2,000,000
EAST MOLINE IDA
(Elliott Aviation)
Series 99 AMT
1,200 12/01/19(b) 4.50 1,200,000
ILLINOIS DEVELOPMENT FINANCE
AUTHORITY MFHR
(Butterfield Creek Association)
Series 99 AMT
750 4/01/39 (b) 4.50 750,000
ILLINOIS HDA SFMR
(Homeowner Mortgage Revenue)
Series 99B-2 AMT
1,435 12/22/00 4.25 1,435,000
5,385,000
INDIANA-7.0%
AUBURN EDA
(R.J. Tower Corp.)
Series 88 AMT
380 9/01/00 (b) 4.50 380,000
1
STATEMENT OF NET ASSETS
(continued) Alliance Money Market Fund - General Municipal Portfolio
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
-------------------------------------------------------------------------------
GIBSON COUNTY IDR
(Toyota Motor Manufacturing)
Series 97 AMT
$ 500 10/01/27 (b) 4.15% $ 500,000
GIBSON COUNTY IDR
(Toyota Motor Manufacturing)
Series 98 AMT
1,500 1/01/28 (b) 4.15 1,500,000
INDIANA HEALTH FACILITY
FINANCE AUTHORITY
(Ascension Health)
Series 99B
3,000 11/15/39 (b) 4.55 3,000,000
5,380,000
KANSAS-5.4%
COLWICH IDA
(Epco Carbondioxide Products)
Series 99 AMT
1,985 8/01/14 (b) 4.45 1,985,000
DODGE CITY IDA
(Farmland National Beef Packing Co.)
Series 00 AMT
1,000 3/01/15 (b) 4.55 1,000,000
SPRING HILL IDA
(Abrasive Engineering and
Manufacturing Project)
Series 96 AMT
1,200 9/01/16 (b) 4.37 1,200,000
4,185,000
KENTUCKY-3.2%
LOUISVILLE & JEFFERSON COUNTY
(Regional Airport Authority)
Series 97A-1 AMT
1,000 6/30/02 (b) 4.45 1,000,000
WARSAW INDUSTRIAL BUILDING AUTHORITY
(SDI Operation Partner)
Series 98 AMT
1,490 8/01/09 (b) 4.45 1,490,000
2,490,000
LOUISIANA-5.7%
JEFFERSON PARISH HOME
MORTGAGE AUTHORITY
Series 99B-2 AMT
955 6/30/00 3.65 955,000
LINCOLN PARISH IDR
(Willamette Industries, Inc.)
Series 95 AMT
3,500 9/01/25 (b) 4.15 3,500,000
4,455,000
MAINE-0.7%
MAINE FINANCE AUTHORITY
ECONOMIC DEVELOPMENT
Series 88A-D AMT
80 12/01/03 (b) 4.40 80,000
MAINE FINANCE AUTHORITY
ECONOMIC DEVELOPMENT
(Barber Foods, Inc.)
Series 90B AMT
65 12/01/06 (b) 4.40 65,000
MAINE FINANCE AUTHORITY
ECONOMIC DEVELOPMENT
(Cornwall, McCann, Thurston)
Series 88D-F AMT
280 6/01/04 (b) 4.40 280,000
MAINE FINANCE AUTHORITY
ECONOMIC DEVELOPMENT
(Volco Realty Company, Inc.)
Series 89L AMT
125 6/01/05 (b) 4.40 125,000
550,000
MARYLAND-1.3%
MARYLAND STATE CDA
(Housing and Community Development)
Series 99G AMT
1,000 8/30/00 3.65 1,000,000
2
Alliance Money Market Fund - General Municipal Portfolio
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
-------------------------------------------------------------------------------
MICHIGAN-1.1%
WAYNE COUNTY AIRPORT AUTHORITY
(Detroit Metro Airport)
Series 96A AMT
$ 875 12/01/16 (b) 4.15% $ 875,000
MISSISSIPPI-1.0%
MISSISSIPPI HOME CORP. MFHR
(Summer Park Apts)
Series 99D-2 AMT
750 10/01/29 (b) 4.55 750,000
MISSOURI-0.6%
ST. LOUIS IDA
(Hammert's Iron Works, Inc.)
Series 99 AMT
500 6/01/09 (b) 4.50 500,000
NEVADA-3.7%
CLARK COUNTY IDA
(Airport System, Sub-lien)
Series 99B-1 AMT
1,000 7/01/29 4.15 1,000,000
CLARK COUNTY IDA
(School District Bond)
Series 99C FSA
1,830 6/15/00 3.60 1,830,610
2,830,610
NEW HAMPSHIRE-1.3%
NEW HAMPSHIRE IDA
(SCI Manufacturing, Inc.)
Series 89 AMT
1,000 6/01/14 (b) 4.30 1,000,000
NORTH CAROLINA-0.4%
JOHNSON COUNTY IDA
(Mebane Packaging Corp.)
Series 92 AMT
300 6/01/03 (b) 4.50 300,000
NORTH DAKOTA-1.3%
NORTH DAKOTA HFA SFMR
(Mortgage Revenue)
Series 99E AMT
1,000 9/29/00 3.80 1,000,000
OKLAHOMA-1.3%
BROKEN ARROW EDA
(Paragon Films, Inc.)
Series 89 AMT
970 8/01/04 (b) 4.72 970,000
RHODE ISLAND-1.4%
RHODE ISLAND STUDENT LOAN REVENUE
Series 95-1 AMT
1,100 7/01/19 (b) 4.20 1,100,000
SOUTH CAROLINA-5.7%
BERKELEY COUNTY IDA
(Nucor Corp. Project)
Series 97 AMT
3,600 4/01/30 (b) 4.20 3,600,000
FLORENCE COUNTY IDA
(Roche Carolina, Inc.)
Series 97 AMT
800 4/01/27 (b) 4.55 800,000
4,400,000
TENNESSEE-7.4%
EDUCATIONAL FUNDING OF THE SOUTH
(Student Funding Corp.)
Series 87A-3 AMT
1,200 12/01/17 (b) 4.15 1,200,000
KNOX HEALTH EDUCATIONAL AND
HOUSING FACILITY BOARD
(THA Solutions Group, Inc. Project)
Series 99
2,000 5/01/29 (b) 4.25 2,000,000
STEWART COUNTY IDA
(Standard Gypsum Project)
Series 99A AMT
2,500 5/01/34 (b) 4.15 2,500,000
5,700,000
TEXAS-5.8%
BRAZOS RIVER HARBOR NAVIGATION DISTRICT
(Dow Chemical Co. Project)
Series 96 AMT
200 4/01/26 (b) 4.60 200,000
CAMP COUNTY IDA
(Pilgrims Pride Corp.)
Series 99 AMT
3,000 7/01/29 (b) 4.15 3,000,000
3
STATEMENT OF NET ASSETS
(continued) Alliance Money Market Fund - General Municipal Portfolio
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
-------------------------------------------------------------------------------
GULF COAST WASTE DISPOSABLE AUTHORITY
(Amoco Oil Co. Project)
Series 96 AMT
$ 300 5/01/24 (b) 4.55% $ 300,000
TEXAS STATE TRAN
Series 99A
1,000 8/31/00 3.71 1,001,907
4,501,907
VIRGINIA-5.2%
EMPORIA IDA
(Toll III Project)
Series 99 AMT
2,000 11/01/23 (b) 4.50 2,000,000
NORFOLK IDA
(Ballentine Home Corp. Project)
Series 99
2,000 12/01/24 (b) 4.30 2,000,000
4,000,000
WASHINGTON-7.7%
OLYMPIA EDA
(Spring Air Northwest Project)
Series 98 AMT
1,300 11/01/23 (b) 4.55 1,300,000
PIERCE COUNTY EDA
(Truss Co.)
Series 95 AMT
400 1/01/20 (b) 4.55 400,000
PORT OF ANGELES IDA
(Daishowa America Project)
Series 92B AMT
2,000 12/01/07 (b) 4.45 2,000,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Summerglen Apartment Project)
AMT
1,250 11/01/25 (b) 4.55 1,250,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Twin Ponds Apartment Project)
Series 98A AMT
1,000 2/01/28 (b) 4.45 1,000,000
5,950,000
WEST VIRGINIA-2.1%
MARION COUNTY SWDR
(Granttown Cogen Project)
Series 92A AMT
1,600 10/01/17 (b) 4.15 1,600,000
WISCONSIN-3.9%
FRANKLIN IDA
(Nowakowski, Inc. Project)
Series 98 AMT
1,510 12/01/18 (b) 4.50 1,510,000
KENOSHA IDA
(Leblanc Corp. Project)
Series 98A AMT
1,500 12/01/18 (b) 4.60 1,500,000
3,010,000
TOTAL INVESTMENTS-98.1%
(amortized cost $75,807,517) 75,807,517
Other assets less liabilities-1.9% 1,451,938
NET ASSETS-100%
(offering and redemption price of
$1.00 per share; 77,259,351
shares outstanding) $ 77,259,455
See Footnotes and Glossary of Terms on page 10.
See notes to financial statements.
4
STATEMENT OF NET ASSETS
May 31, 2000 (unaudited) Alliance Money Market Fund - Prime Portfolio
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
-------------------------------------------------------------------------------
COMMERCIAL PAPER-48.2%
ABBEY NATIONAL
$ 22,000 11/27/00 6.75% $ 21,261,625
AKZO NOBEL
18,000 6/19/00 6.10 17,945,100
ALLSTATE CORP.
8,500 6/01/00 6.77 8,500,000
ASSET BACKED CAPITAL FINANCE LTD.
18,000 5/25/01 MTN (c) 6.53 17,998,277
BANK OF NEW YORK CO., INC.
7,000 11/06/00 6.58 6,797,848
BANK OF NOVA SCOTIA
18,000 6/26/00 6.12 17,923,500
BARTON CAPITAL CORP.
18,000 6/23/00 (c) 6.10 17,932,900
CAISSE CENTRALE JARDINS
18,500 6/29/00 6.12 18,411,940
CATERPILLAR FINANCIAL SERVICES
18,090 6/29/00 6.11 18,004,032
CBA (FINANCE) DELAWARE, INC.
18,000 6/27/00 6.11 17,920,570
CORPORATE RECEIVABLES CORP.
22,000 8/21/00 (c) 6.64 21,671,320
CXC, INC.
18,000 8/22/00 (c) 6.65 17,727,350
DAIMLER-CHRYSLER CORP.
18,000 6/15/00 6.10 17,957,300
DEXIA CALIFORNIA FINANCE CO.
18,000 6/22/00 6.11 17,935,845
ENTERPRISE FUNDING
22,000 8/14/00 (c) 6.64 21,699,724
FORTIS FUNDING, INC.
18,300 6/27/00 6.11 18,219,246
GOLDEN FUNDING CORP.
17,500 6/15/00 (c) 6.54 17,455,492
GOVERNMENT DEVELOPMENT BANK OF
PUERTO RICO
9,120 6/15/00 6.50 9,096,947
GREENWICH FUNDING CORP.
17,428 8/15/00 (c) 6.65 17,186,550
HALIFAX PLC.
21,000 6/14/00 6.52 20,950,557
HOME DEPOT REAL ESTATE
18,200 11/06/00 6.77 17,659,227
HOUSEHOLD FINANCE CORP.
18,000 6/19/00 6.50 17,941,500
ING AMERICA INSURANCE HOLDINGS, INC.
15,000 6/28/00 6.15 14,930,869
INTERNATIONAL SECURITIZATION CORP.
18,665 6/30/00 (c) 6.17 18,572,230
NATIONAL CITY CORP.
18,000 6/30/99 6.50 17,905,750
OLD LINE FUNDING, INC.
20,000 6/01/00 (c) 6.10 20,000,000
PACIFIC GAS & ELECTRIC CORP.
18,000 6/14/00 6.54 17,957,490
PFIZER CORP.
60,000 6/29/00 (c) 6.47 59,698,067
PRUDENTIAL FUNDING CORP.
18,000 6/01/00 6.78 18,000,000
SVENSKA HANDELSBANKEN
18,000 6/28/00 6.11 17,917,515
TEACHER'S INSURANCE
12,500 6/13/00 6.53 12,472,792
TRIPLE A FUNDING CORP.
8,000 6/27/00 (c) 6.15 7,964,467
Total Commercial Paper
(amortized cost $583,616,030) 583,616,030
CERTIFICATES OF DEPOSIT-35.2%
BANQUE NATIONALE DE PARIS
18,000 6.21%, 6/30/00 6.21 18,000,000
BARCLAYS BANK PLC.
21,000 5.61%, 06/14/00 5.66 20,999,641
BAYERISCHE HYPO-VEREINSBANK
20,000 6.42%, 9/28/00 6.44 19,998,203
BETA FINANCE, INC.
22,000 7.01%, 7/31/00 FRN (c) 7.01 22,000,000
CENTAURI CORP. USA, INC.
22,000 6.84%, 8/25/00 FRN (c) 6.84 22,000,000
22,000 7.01%, 7/31/00 FRN (c) 7.01 22,000,000
CREDIT AGRICOLE INDOSUEZ
22,000 7.21%, 3/08/01 7.20 22,001,618
DEN DANSKE CORP.
18,000 6.22%, 6/29/00 6.22 18,000,000
5
STATEMENT OF NET ASSETS
(continued) Alliance Money Market Fund - Prime Portfolio
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
-------------------------------------------------------------------------------
DEUTSCHE BANK
$ 22,000 6.42%, 3/13/01 FRN 6.46% $ 21,993,239
DORADA FINANCE, INC.
15,000 6.02%, 9/15/00 MTN (c) 6.02 15,000,000
DRESDNER BANK
22,000 6.46%, 12/11/00 6.46 22,000,000
FIRST TENNESSEE BANK
18,000 6.53%, 6/19/00 6.53 18,000,000
LANDESBANK BADEN-WURTTEMBERG
45,000 7.37%, 5/30/01 7.37 45,000,000
LANDESBANK HESSEN-THUERINGEN
15,000 5.92%, 9/29/00 5.98 14,997,172
NATIONAL WESTMINSTER BANK
22,000 7.21%, 3/08/01 7.20 22,001,618
RABO BANK N.Y.
8,500 5.64%, 7/20/00 5.90 8,496,535
ROYAL BANK OF SCOTLAND
18,000 6.20%, 6/29/00 6.20 18,000,000
SAN PAOLO IMI CORP.
18,000 6.21%, 6/29/00 6.21 18,000,000
SIGMA FINANCE CORP.
20,000 6.26%, 6/29/00 FRN (c) 6.26 20,000,000
20,000 6.64%, 6/30/00 FRN (c) 6.64 20,000,000
SOUTHTRUST BANK
18,000 6.21%, 6/30/00 6.21 18,000,000
Total Certificates of Deposit
(amortized cost $426,488,026) 426,488,026
U.S. GOVERNMENT AND AGENCIES-12.0%
FANNIE MAE
15,000 6.59%, 10/5/00 MTN FRN 6.64 14,997,475
FEDERAL HOME LOAN BANK
15,000 6.40%, 2/09/01 MTN 6.42 14,997,626
50,000 6.60%, 10/06/00 FRN 6.67 49,988,131
STUDENT LOAN MARKETING ASSOCIATION
15,000 6.59%, 10/04/00 FRN 6.70 14,997,495
50,000 6.59%, 10/12/00 FRN 6.70 49,980,470
Total U.S. Government and Agencies
(amortized cost $144,961,197) 144,961,197
CORPORATE OBLIGATIONS-3.5%
CITICORP
18,000 6.23%, 08/02/00 MTN FRN 6.17 17,999,714
MERRILL LYNCH & CO., INC.
24,000 6.52%,4/12/01 MTN FRN 6.53 23,997,917
Total Corporate Obligations
(amortized cost $41,997,631) 41,997,631
TIME DEPOSITS-0.7%
BANK OF MONTREAL
8,800 6.75%, 6/01/00 (amortized cost $8,800,000) 6.75 8,800,000
TOTAL INVESTMENTS-99.6%
(amortized cost $1,205,862,884) 1,205,862,884
Other assets less liabilities-0.4% 5,835,483
NET ASSETS-100%
(offering and redemption price of
$1.00 per share; 1,211,690,189
shares outstanding) $ 1,211,698,367
See Footnotes and Glossary of Terms on page 10.
See notes to financial statements.
6
STATEMENT OF NET ASSETS
May 31, 2000 (unaudited) Alliance Money Market Fund - Government Portfolio
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
-------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES-47.2%
FEDERAL NATIONAL MORTGAGE ASSOCIATION-13.8%
$ 1,000 6.36%, 8/16/00 MTN 5.76% $ 1,001,203
500 5.56%, 7/24/00 5.85 499,747
500 6.09%, 7/11/00 5.92 500,086
239 8/11/00 5.94 236,313
500 6/15/00 5.95 498,876
500 6/22/00 6.04 498,291
600 6/15/00 6.11 598,593
500 5.92%, 12/07/00 6.12 499,515
500 6/29/00 6.14 497,647
372 5.90%, 12/01/00 6.16 371,544
365 9/21/00 6.30 358,039
300 5.89%, 12/22/00 6.35 299,236
1,400 9/28/00 6.38 1,371,435
500 8/03/00 6.57 494,339
1,000 6.77%, 7/17/00 FRN 6.82 999,937
2,000 7.00%, 5/17/01 6.97 2,000,464
1,000 7.25%, 5/25/01 7.25 1,000,000
11,725,265
FEDERAL HOME LOAN MORTGAGE CORP.-13.5%
210 8/04/00 5.94 207,872
1,000 6/08/00 6.05 998,839
1,000 6/22/00 6.07 996,512
500 5.99%, 12/06/00 MTN 6.10 499,592
300 6/15/00 6.11 299,296
5,000 6/20/00 6.38 4,983,238
3,000 6/13/00 6.43 2,993,605
500 8/03/00 6.57 494,339
11,473,293
FEDERAL HOME LOAN BANK-12.9%
900 5.42%, 6/14/00 5.46 899,988
390 5.48%, 7/13/00 5.58 389,957
500 5.56%, 7/14/00 5.58 499,791
260 5.47%, 8/17/00 5.85 259,759
500 5.62%, 8/10/00 5.97 499,664
500 6.05%, 11/03/00 6.05 499,985
488 9/15/00 6.30 479,192
1,000 6.40%, 2/09/01 MTN 6.42 999,842
3,000 6.42%, 7/28/00 FRN 6.51 2,999,579
1,000 6.50%, 2/15/01 MTN 6.59 999,367
1,000 6.60%, 10/06/00 FRN 6.67 999,763
1,000 6.63%, 10/16/00 FRN 6.73 999,617
445 6.75%, 5/04/01 7.13 443,488
10,969,992
STUDENT LOAN MARKETING ASSOCIATION-7.0%
3,000 6.59%, 8/10/00 FRN 6.62 2,999,828
1,000 6.57%, 11/17/00 FRN 6.64 999,677
1,000 6.59%, 11/15/00 FRN 6.64 999,776
1,000 6.59%, 10/12/00 FRN 6.70 999,609
5,998,890
Total U.S. Government Agencies
(amortized cost $40,167,440) 40,167,440
REPURCHASE AGREEMENTS-52.6%
BANK OF AMERICA
4,400 6.55%, dated 5/31/00 due 6/01/00
in the amount of $4,400,801
(cost $4,400,000; collateralized by
$5,000,000 FNMA; 6.50%, 12/01/14
value $4,586,000) 6.55 4,400,000
BARCLAYS DEZOETE WEDD SECURITIES, INC.
4,000 6.43%, dated 5/16/00 due 6/09/00
in the amount of $4,017,147
(cost $4,000,000; collateralized by
$3,905,000 FFCB; 5.57%, 7/06/00
value $4,098,432) (d) 6.43 4,000,000
CHASE MANHATTAN BANK
4,000 6.43%, dated 5/31/00 due 6/21/00
in the amount of $4,015,003
(cost $4,000,000; collateralized by
$8,172,000 FNMA; 6.22%,
4/01/34 value $4,148,633) (e) 6.43 4,000,000
DEUTSCHE MORGAN GRENFELL
4,000 6.43%, dated 5/15/00 due 6/05/00
in the amount of $4,014,289
(cost $4,000,000; collateralized by
$10,800,000 FNMA; 6.92%, 3/25/25
value $4,117,625) (e) 6.43 4,000,000
7
STATEMENT OF NET ASSETS
(continued) Alliance Money Market Fund - Government Portfolio
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY YIELD VALUE
-------------------------------------------------------------------------------
GOLDMAN SACHS & COMPANY
$ 4,000 6.41%, DATED 5/17/00 DUE 6/07/00
IN THE AMOUNT OF $4,014,244
(COST $4,000,000; COLLATERALIZED BY
$4,907,000 FNMA; 6.00%, 11/01/28
VALUE $4,158,017) (E) 6.41% $ 4,000,000
LEHMAN BROTHERS
4,000 6.41%, DATED 05/16/00 DUE 6/06/00
IN THE AMOUNT OF $4,014,244
(COST $4,000,000; COLLATERALIZED BY
$5,151,321 FHLMC; 6.70%,
7/01/01 4,135,979) (E) 6.41 4,000,000
MORGAN STANLEY DEAN WITTER
4,000 6.38%, DATED 5/24/00 DUE 6/12/00
IN THE AMOUNT OF $4,012,760
(COST $4,000,000; COLLATERALIZED BY
$4,748,000 FNMA; 6.00%,
7/01/29 VALUE $4,136,487) (E) 6.38 4,000,000
PANIE WEBBER, INC.
2,000 6.45%, DATED 5/17/00 DUE 6/16/00
IN THE AMOUNT OF $2,010,750
(COST $2,000,000; COLLATERALIZED BY
$2,507,000 FNMA; 7.00%,
4/01/14 VALUE $2,060,358) (E) 6.45 2,000,000
PAINE WEBBER, INC.
2,000 6.45%, DATED 5/31/00 DUE 6/26/00
IN THE AMOUNT OF $2,009,317
(COST $2,000,000; COLLATERALIZED BY
$2,060,000 FNMA; 7.00%,
8/01/29 VALUE $2,057,700) (E) 6.45 2,000,000
PARIBAS CORP.
4,400 6.50%, DATED 5/31/00 DUE 6/01/00
IN THE AMOUNT OF $4,400,794
(COST $4,400,000; COLLATERALIZED BY
$4,781,000 FHLMC; 4.48%,
4/26/01 VALUE $4,488,024) 6.50 4,400,000
PRUDENTIAL SECURITIES, INC.
4,000 6.43%, DATED 5/31/00 DUE 6/26/00
IN THE AMOUNT OF $4,018,576
(COST $4,000,000; COLLATERALIZED BY
$5,305,892 FGLMC; 6.50%,
6/01/28 VALUE $4,129,976) (E) 6.43 4,000,000
WARBURG DILLON READ
4,000 6.47%, DATED 5/30/00 DUE 6/14/00
IN THE AMOUNT OF $4,010,783
(COST $4,000,000; COLLATERALIZED BY
$4,760,000 FNMA; 6.21%,
8/06/38 VALUE $4,164,114) (E) 6.47 4,000,000
TOTAL REPURCHASE AGREEMENTS
(AMORTIZED COST $44,800,000) 44,800,000
TOTAL INVESTMENTS-99.8%
(AMORTIZED COST $84,967,440) 84,967,440
OTHER ASSETS LESS LIABILITIES-0.2%) 132,845
NET ASSETS-100%
(OFFERING AND REDEMPTION PRICE OF
$1.00 PER SHARE; 85,105,600
SHARES OUTSTANDING) $ 85,100,285
See Footnotes and Glossary of Terms on page 10.
See notes to financial statements.
8
Alliance Money Market Fund
_______________________________________________________________________________
(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, 2000, these securities amounted
to $358,906,377 representing 29.6% of net assets in the Prime Portfolio.
(d) Illiquid security amounted to $4,000,000 representing 4.5% of net assets
on the Government Portfolio.
(e) Repurchase agreements which are terminable within 7 days.
Glossary of Terms:
AMT Alternative Minimum Tax
CDA Community Development Authority
EDA Economic Development Authority
FFCB Federal Farm Credit Bank
FGLMC Federal Gold Loan Mortgage Corporation
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FRN Floating Rate Note
FSA Financial Security Assurance, Inc.
GNMA Government National Mortgage Association
HAD 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
SWDR Solid Waste Disposal Revenue
TRAN Tax & Revenue Anticipation Note
See notes to financial statements.
9
STATEMENTS OF OPERATIONS
Six Months Ended May 31, 2000 (unaudited) Alliance Money Market Fund
_______________________________________________________________________________
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ------------ ------------
INVESTMENT INCOME
Interest $ 1,548,445 $ 36,073,105 $ 2,466,717
EXPENSES
Advisory fee (Note B) 190,662 2,961,072 207,220
Distribution assistance (Note C) 171,597 2,664,965 186,497
Custodian fees 54,389 100,113 47,723
Registration fees 21,438 4,263 21,679
Administrative fee (Note C) 19,067 296,107 20,721
Printing 15,492 80,270 4,937
Trustees' fees 13,500 13,500 13,500
Organization 7,320 7,503 7,320
Audit and legal fees 5,872 38,123 4,243
Miscellaneous 4,434 18,444 2,247
Total expenses 503,771 6,184,360 516,087
Less: fee waiver and
reimbursement (122,445) (262,218) (101,649)
Net expenses 381,326 5,922,142 414,438
Net investment income 1,167,119 30,150,963 2,052,279
REALIZED GAIN ON INVESTMENTS
Net realized gain on
investment transactions -0- 7,279 288
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,167,119 $ 30,158,242 $ 2,052,567
See notes to financial statements.
10
STATEMENTS OF CHANGES IN NET ASSETS Alliance Money Market Fund
_______________________________________________________________________________
<TABLE>
<CAPTION>
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ---------------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED SIX MONTHS ENDED ENDED
MAY 31, YEAR ENDED MAY 31, YEAR ENDED MAY 31, YEAR ENDED
2000 NOVEMBER 30, 2000 NOVEMBER 30, 2000 NOVEMBER 30,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
----------- ----------- ------------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income $ 1,167,119 $ 1,392,877 $ 30,150,963 $ 36,460,481 $ 2,052,279 $ 2,445,846
Net realized gain on investment
transactions -0- -0- 7,279 4,180 288 199
Net increase in net assets from
Operations 1,167,119 1,392,877 30,158,242 36,464,661 2,052,567 2,446,045
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (1,167,119) (1,392,877) (30,150,963) (36,460,481) (2,052,279) (2,445,846)
Net realized gain on investments -0- (5,812) -0- -0- -0- -0-
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST (Note E)
Net increase 13,662,173 19,262,396 121,120,411 408,101,387 9,029,718 33,884,576
Total increase 13,662,173 19,256,584 121,127,690 408,105,567 9,030,006 33,884,775
NET ASSETS
Beginning of period 63,597,282 44,340,698 1,090,570,677 682,465,110 76,070,279 42,185,504
End of period $ 77,259,455 $63,597,282 $1,211,698,367 $1,090,570,677 $85,100,285 $ 76,070,279
</TABLE>
See notes to financial statements.
11
NOTES TO FINANCIAL STATEMENTS
May 31, 2000 (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 accounting principles generally accepted in the United States,
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, 2000 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, 2000 for the
General Municipal Portfolio, Prime Portfolio and Government Portfolio, the
Adviser reimbursed $120,319, $262,218 and $101,548, 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.
12
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 .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, 2000, the General Municipal Portfolio, Prime Portfolio and
Government Portfolio, paid fees of $171,597, $2,664,965 and $186,497,
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, 2000, the General Municipal Portfolio incurred fees of
$19,067 of which $2,126 were waived, the Prime Portfolio incurred fees of
$296,107 of which none were waived and the Government Portfolio incurred fees
of $20,721 of which $101 were waived.
NOTE D: INVESTMENT TRANSACTIONS
At May 31, 2000, the cost of portfolio securities for federal income tax
purposes was the same as the cost for financial reporting purposes. At November
30, 1999, the Government Portfolio had a capital loss carryforward of $5,604
expiring in the year 2007.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.001 par value) are authorized. At May 31,
2000, capital paid-in aggregated $77,259,351, $1,211,690,189 and $85,105,600
for the General Municipal Portfolio, Prime Portfolio and Government Portfolio,
respectively. Transactions, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
GENERAL
MUNICIPAL PRIME GOVERNMENT
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------ ---------------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED SIX MONTHS ENDED ENDED
MAY 31, YEAR ENDED MAY 31, YEAR ENDED MAY 31, YEAR ENDED
2000 NOVEMBER 30, 2000 NOVEMBER 30, 2000 NOVEMBER 30,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
----------- ----------- ------------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 94,180,222 171,640,243 849,476,846 1,240,264,656 76,005,911 93,325,987
Shares issued on reinvestments of
Dividends 1,165,711 1,398,689 30,150,814 36,460,481 2,052,451 2,445,846
Shares redeemed (81,683,760)(153,776,536) (758,507,249) (868,623,750) (69,028,644) (61,887,257)
Net increase 13,662,173 19,262,396 121,120,411 408,101,387 9,029,718 33,884,576
</TABLE>
13
FINANCIAL HIGHLIGHTS Alliance Money Market Fund
_______________________________________________________________________________
<TABLE>
<CAPTION>
GENERAL MUNICIPAL PORTFOLIO
-----------------------------------------------------------------
SIX MONTHS DECEMBER 13,
ENDED 1995(A)
MAY 31, YEAR ENDED NOVEMBER 30, TO
2000 ------------------------------------- NOVEMBER 30,
(UNAUDITED) 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .015 .024 .027 .029 .027
LESS: DIVIDENDS
Dividends from net investment income (.015) (.024) (.027) (.029) (.027)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on net
asset value (c) 1.54% 2.42% 2.76% 2.92% 2.71%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $77 $64 $44 $137 $123
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(d) 1.00% 1.00% 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.32%(d) 1.37% 1.17% 1.21% 1.39%(d)
Net investment income (b) 3.06%(d) 2.40% 2.74% 2.87% 2.76%(d)
</TABLE>
See footnote summary on page 17.
14
Alliance Money Market Fund
_______________________________________________________________________________
<TABLE>
<CAPTION>
PRIME PORTFOLIO
-----------------------------------------------------------------
SIX MONTHS DECEMBER 29,
ENDED 1995(A)
MAY 31, YEAR ENDED NOVEMBER 30, TO
2000 ------------------------------------- NOVEMBER 30,
(UNAUDITED) 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .026 .042 .047 .046 .041
LESS: DIVIDENDS
Dividends from net investment income (.026) (.042) (.047) (.046) (.041)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on net
asset value (c) 2.58% 4.31% 4.77% 4.75% 4.23%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,212 $1,091 $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% 1.00%(d)
Expenses, before waivers and
reimbursements 1.04%(d) 1.11% 1.06% 1.06% 1.23%(d)
Net investment income (b) 5.09%(d) 4.24% 4.69% 4.65% 4.50%(d)
</TABLE>
See footnote summary on page 17.
15
FINANCIAL HIGHLIGHTS (CONTINUED) Alliance Money Market Fund
_______________________________________________________________________________
<TABLE>
<CAPTION>
GOVERNMENT PORTFOLIO
-----------------------------------------------------------------
SIX MONTHS DECEMBER 29,
ENDED 1995(A)
MAY 31, YEAR ENDED NOVEMBER 30, TO
2000 ------------------------------------- NOVEMBER 30,
(UNAUDITED) 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .025 .041 .046 .045 .041
LESS: DIVIDENDS
Dividends from net investment income (.025) (.041) (.046) (.045) (.041)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN
Total investment return based on net
asset value (c) 2.50% 4.23% 4.67% 4.64% 4.18%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $85 $76 $42 $124 $100
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 1.00%(d) 1.00% 1.00% 1.00% 1.00%(d)
Expenses, before waivers and
reimbursements 1.25%(d) 1.34% 1.14% 1.25% 1.42%(d)
Net investment income (b) 4.95%(d) 4.17% 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.
16
Alliance Money Market Fund
_______________________________________________________________________________
ALLIANCE MONEY MARKET FUND
Alliance Money Market Fund
1345 Avenue of the Americas
New York, NY 10105
Toll-free 1(800) 221-5672
CUSTODIAN
BANK OF NEW YORK
90 Washington Street
New York, NY 10286
PRINCIPAL UNDERWRITER
Alliance Fund Distributors, Inc.
1345 Avenue of the Americas
New York, NY 10105
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
Toll-Free 1-(800) 221-5672
INDEPENDENT ACCOUNTANTS
PRICEWATERHOUSECOOPERS LLP
1177 Avenue of the Americas
New York, NY 10036
LEGAL COUNSEL
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
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.
MONMKTSR500
