ALLIANCE MUNICIPAL TRUST
-GENERAL PORTFOLIO
ALLIANCECAPITAL
ANNUAL REPORT
JUNE 30, 1995
LETTER TO SHAREHOLDERS ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
August 3, 1995
Dear Shareholder:
On December 31, 1994, James P. Syrett retired as President of Alliance Cash
Management. His seven years as President were very productive and saw Alliance
become the dominant provider of money funds sold through regional brokerage
firms. On January 1, 1995, it was with great pride that I assumed Jim's
responsibilities, and I look forward to maintaining the high standard of
excellence to which you have grown accustomed.
Money fund assets continue to grow despite volatility in the stock and bond
markets. AMT-General assets have grown to over $1.1 billion in the past year,
in large part because of the effects of T+3-the accelerated settlement of most
security transactions.
Weakness in the fixed income markets has meant significantly higher yields for
money fund investors. Alliance Municipal Trust - General Portfolio's 30 day net
yield as of June 30, 1995 was 3.06% vs. 1.81% for the same period ending June
30, 1994.
Alliance has once again demonstrated its dependability. When Orange County
filed for bankruptcy protection last year, Alliance took action to protect the
$1.00 per share net asset value of the two Alliance tax-free money market funds
holding positions in Orange County securities: Alliance Municipal Trust -
General Portfolio and ACM Institutional Reserves - Tax Free Portfolio. Alliance
arranged for the issuance of a letter of credit from an unaffiliated bank
assuring the payment in full of principal and interest due to the Funds, to the
extent Orange County defaulted on the payments. Thereafter, on July 19, 1995,
in view of continuing uncertainty regarding Orange County's performance of its
financial obligations, Alliance purchased approximately $21 million of Orange
County securities from the two Alliance money market funds, thus eliminating
all Orange County securities from our Alliance money fund portfolios.
Speaking for myself and the entire division, we at Alliance look forward to
serving you with continued diligence in the future.
Very truly yours,
Ronald M. Whitehill
President
1
STATEMENT OF NET ASSETS
JUNE 30, 1995 ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
MUNICIPAL BONDS-75.1%
ALABAMA-1.2%
BIRMINGHAM IDR
(O'Neal Steel) AMT VRDN*
$ 4,745 6/01/08 4.30% $ 4,745,000
BRIDGEPORT IDR
(Beaulieu Nylon, Inc.) Series '87 VRDN*
10,000 11/01/15 4.45 10,000,000
14,745,000
ARIZONA-1.6%
COCONINO COUNTY PCR
(Public Service Co. Navajo Project)
Series '94A AMT VRDN*
1,800 10/01/29 4.40 1,800,000
PHOENIX INDUSTRIAL DEVELOPMENT
AUTHORITY MFHR
(Mariners Pointe Apts. Project)
Series '93A AMT VRDN*
8,420 10/01/23 4.35 8,420,000
PIMA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
(Tucson Electric) Series '90A AMT VRDN*
3,900 5/01/25 4.30 3,900,000
PIMA COUNTY PCR
(Tucson Electric) Series '83A VRDN*
5,000 3/15/18 3.95 5,000,000
19,120,000
ARKANSAS-1.6%
ARKANSAS STUDENT LOAN AUTHORITY
Series '93 AMT VRDN*
12,345 6/01/10 4.40 12,345,000
SPRINGDALE IDR
(Clarke Holding Corp.) Series '88 AMT VRDN*
6,000 8/01/08 4.45 6,000,000
18,345,000
CALIFORNIA-11.9%
CALIFORNIA STATEWIDE DEPARTMENT OF
WATER RESOURCES
Pre-Refunded (Central Valley Project)
14,990 12/01/95 4.15 15,415,204
KERN COUNTY TRAN
Community College Series '94
$7,100 7/20/95 3.99% $7,102,609
LOS ANGELES CONVENTION AND EXHIBITION CENTER
Authority Lease Revenue MBIA VRDN*
17,225 8/15/18 4.25 17,225,000
LOS ANGELES TRAN
(Unified School District) Series '94
6,500 7/10/95 3.60 6,500,011
OAKLAND GO TRAN
Series '94
30,000 7/24/95 4.01 30,008,874
ORANGE COUNTY TRAN
Series A
20,850 7/19/95 3.79 17,061,555
Irrevocable standby letter of credit dated
December 8, 1994 with Chase Manhattan Bank,
of which the Portfolio is the beneficiary,
for account of the Alliance Capital Management,
L.P., securing Orange County TRAN7/19/95** 3,795,862
20,857,417
SAN BERNARDINO COUNTY
Sales Tax Revenue Series '94A VRDN*
10,600 3/01/10 3.80 10,600,000
SAN FRANCISCO GO TRAN
Series '94
20,000 7/15/95 3.65-4.75 20,002,241
VISTA COMMUNITY DEV. COMM. BAN PPB*
14,000 11/01/97 4.50 14,002,663
141,714,019
COLORADO-2.1%
COLORADO STUDENTOBLIGATION BOND AUTHORITY
Student Loan Revenue Series '89 A AMT VRDN*
6,900 3/01/24 4.30 6,900,000
LOWER COLORADO RIVER AUTHORITY
Pre-Refunded
5,000 1/01/96 4.20 5,227,028
2
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
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PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
---------------------------------------------------------------------------
LOWER COLORADO RIVER AUTHORITY
Pre-Refunded
$ 4,000 1/01/96 4.20% $ 4,171,849
PUEBLO COUNTY IDR
(Kaiser Aerospace & Electronics Project)
Series '87 AMT VRDN*
8,300 9/01/07 4.25 8,300,000
24,598,877
CONNECTICUT-0.7%
CONNECTICUT DEVELOPMENT AUTH.
HEALTH FACILITY
(Independent Living) Series '90 VRDN*
4,600 7/01/15 3.95 4,600,000
CONNECTICUT HFA SFMR
(Home Mortgage Finance Project)
Series E2 AMT PPB*
3,100 11/15/95 4.50 3,100,072
7,700,072
FLORIDA-6.8%
BROWARD COUNTY MFHR
(Sawgrass Pines Apts.)Series '93A AMT VRDN*
6,000 11/01/23 4.60 6,000,000
DADE COUNTY SOILD WASTE IDR
(Montenay-Dade Ltd. Project)
Series '88 AMT VRDN*
5,120 12/01/10 4.45 5,120,000
DADE COUNTY SOLID WASTE IDR
(Montenay-Dade Ltd. Project)
Series '90A AMT VRDN*
15,535 12/01/13 4.45 15,535,000
FLORIDA HFA MFHR
(Ashley Lake II) Series J VRDN*
5,000 12/01/11 4.25 5,000,000
FLORIDA HFA MFHR
(Park Colony Project) Series '95D VRDN*
5,000 4/01/13 4.20 5,000,000
FLORIDA STATE MUNICIPAL
POWER AGENCY REVENUE
VRDN* AMBAC
10,875 10/01/16 4.10 10,875,000
GULF BREEZE REVENUE
Local Government Loan Program
Series '85C FGIC VRDN*
2,700 12/01/15 3.90% $2,700,000
JACKSONVILLE ELECTRIC AUTHORITY
Pre-Refunded Series 2
5,165 10/01/95 4.13 5,281,160
ORANGE COUNTY HEALTH FACILITIES AUTHORITY
Hospital Loan Program Series '85 MBIA VRDN*
20,000 8/04/95 4.20 20,000,000
ORANGE COUNTY HFA MFHR
(Sundown Assoc. II) Series B VRDN*
5,000 6/01/04 4.25 5,000,000
80,511,160
GEORGIA-4.7%
CARROLLTON GEORGIA PAYROLL DEV. AUTH.
(Flowers Baking Villa Rica)
Series '94 AMT VRDN*
6,000 8/01/14 4.25 6,000,000
CARTERSVILLE IDR
(Bliss & Laughlin Steel)
Series '88 AMT VRDN*
3,600 12/01/18 4.45 3,600,000
COLUMBIA COUNTY ELDERLY
AUTHORITY RESIDENTIAL CARE FACILITY
Augusta Res. Center on Aging
5,000 1/01/21 4.15 5,000,000
DE KALB COUNTY HOUSING AUTHORITY MFHR
(Post Ashford Project) Series '95 VRDN*
9,895 6/01/25 4.05 9,895,000
DE KALB COUNTY HOUSING AUTHORITY MFHR
(Post Brook Project) Series '95
4,300 6/01/25 4.05 4,300,000
FULTON COUNTY MFHR
(Champion Green Apts.) VRDN*
8,940 10/01/25 4.15 8,940,000
MACON-BIBB COUNTY HOSPITAL REV.
(Charter Med/Macon) Series '86 VRDN*
4,400 3/01/05 4.40 4,400,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
SMYRNA HOUSING AUTHORITY
MFHR
(Post Valley Project) Series '95 VRDN*
$ 13,600 6/01/25 4.05% $13,600,000
55,735,000
IDAHO-0.4%
IDAHO GO TAN
Series '95
5,000 6/27/96 3.80 5,032,900
ILLINOIS-6.5%
CHICAGO AIRPORT REVENUE
(O'Hare International Airport)
Series '88A AMT VRDN*
20,150 1/01/18 4.35 20,150,000
FRANKLIN PARK IDR
(Maclean-Fogg Co. Project)
Series '95 AMT VRDN*
5,000 2/01/07 4.35 5,000,000
FULTON COUNTY SOLID WASTE DISPOSAL FACILITY
(Fulton Project) Series A PPB*
10,000 9/07/95 4.35 10,000,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY IDR
(Addison Project) Series '89 AMT VRDN*
2,900 12/01/09 4.20 2,900,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY IDR
(Crane-Tripp Partners Project)
Series '93 AMT PPB*
4,075 8/01/95 5.35 4,075,000
ILLINOIS HOUSING DEVELOPMENT AUTHORITY SFMR
(Home Mortgage Program) AMT VRDN*
32,775 8/01/19 4.35 32,775,000
ROCKFORD IDR
(Fastener Engineers Project) Series '95 AMT
2,300 2/01/15 4.35 2,300,000
77,200,000
INDIANA-1.6%
INDIANA DEVELOPMENT AUTHORITY SOLID WASTE
(Pure Air Lake) Series '90A AMT
11,050 7/27/95 4.25% $11,050,000
INDIANA EMP. DEV. COMM. IDR
(O'Neal Steel) AMT VRDN*
1,000 4/01/10 4.30 1,000,000
INDIANA HEALTH FACILITY FINANCING AUTHORITY
(St. Anthony Medical Center)Series '89 VRDN*
1,500 12/01/14 4.40 1,500,000
INDIANAPOLIS
Res. Rec.: (Ogden Martin Systems)
Series '87 AMT VRDN*
3,100 12/01/16 4.45 3,100,000
WESTFIELD IDR
(Porter Project) Series '89 AMT VRDN*
2,400 12/01/09 4.35 2,400,000
19,050,000
IOWA-0.4%
DUBUQUE IDR
(Jeld-Wen, Inc.) Series '88 AMT VRDN*
5,250 10/01/08 4.55 5,250,000
KANSAS-0.1%
JOHNSON COUNTY WATER DISTRICT
Pre-Refunded 001 Water Revenue MBIA
1,000 12/01/95 4.18 1,030,450
KENTUCKY-1.6%
BEREA IDR
(Tokico Manufacturing Corp.)
Series '87 AMT VRDN*
6,000 12/01/97 4.20 6,000,000
BOWLING GREEN IDR
(Woodcraft Industries, Inc.)
Series '95 AMT VRDN*
5,400 3/01/25 4.35 5,400,000
4
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
HENDERSON COUNTY SOLID WASTE
(Hudson Foods Inc.) Series '95 VRDN*
$ 8,000 3/01/15 4.25% $ 8,000,000
19,400,000
LOUISIANA-0.1%
CALCASIEU PARISH
(Citgo Petroleum Corp.) VRDN*
1,500 3/01/25 4.45 1,500,000
MARYLAND-0.2%
MARYLAND HEALTH AND EDUCATIONAL
FACILITIES AUTHORITY
Pooled Loan Program Series B VRDN*
2,400 4/01/35 4.30 2,400,000
MASSACHUSETTS-1.1%
MASSACHUSETTS GO
Series B VRDN*
7,200 12/01/97 4.20 7,200,000
MASSACHUSETTS INDUSTRIAL FINANCE AGENCY IDR
(Wing Realty Trust) VRDN*
327 10/01/99 5.85 326,700
MASSACHUSETTS MUNICIPAL POWER SUPPLY REVENUE
Series C VRDN*
6,000 7/01/19 3.85 6,000,000
13,526,700
MICHIGAN-1.0%
MICHIGAN HIGHER EDUCATION
Student Loan Revenue
Series XII AMT VRDN* AMBAC
7,300 10/01/15 4.30 7,300,000
MICHIGAN MUNICIPAL BOND AUTHORITY
Series B
2,500 7/03/96 3.80 2,516,850
MICHIGAN STRATEGIC FUND
WASTE DISPOSAL REVENUE
(United Waste Systems Inc.)
Series '95 VRDN*
2,500 4/01/10 4.30 2,500,000
12,316,850
MISSISSIPI-0.5%
MISSISSIPPI BUSINESS FINANCE CORP.
(Choctaw Maid Farms, Inc.)
Series '95 AMT VRDN*
5,600 3/01/10 4.25% 5,600,000
MISSOURI-0.6%
MISSOURI GO
P-Floats VRDN*
6,900 8/01/16 4.20 6,900,000
NEBRASKA-0.3%
DOUGLAS COUNTY IDR
(Chemicals Inc. Project)
Series '90 AMT VRDN*
3,500 10/01/01 4.45 3,500,000
NEVADA-1.0%
CLARK COUNTY AIRPORT REVENUE
Series A2 AMT VRDN*
4,430 7/01/25 4.15 4,430,000
CLARK COUNTY IDR
(Nevada Cogoneration Assoc. 2) AMT VRDN*
1,950 12/01/22 4.35 1,950,000
NEVADA IDR
(Cimco, Inc. Project) Series A AMT VRDN*
4,830 9/15/08 4.40 4,830,000
11,210,000
NEW HAMPSHIRE-3.3%
NEW HAMPSHIRE BUSINESS FINANCE AUTH. PCR
(Public Service Co. Project)
Series '92D AMT VRDN*
33,700 5/01/21 4.30 33,700,000
NEW HAMPSHIRE HFA MFHR
(Fairways Project) AMT VRDN*
5,000 1/01/24 4.25 5,000,000
38,700,000
NEW JERSEY-0.4%
NEW JERSEY HOUSING FINANCE AUTHORITY SFMR
EAGLE TRUST
(Home Owner Mortgage) Ser. C-D MBIA VRDN*
4,400 10/01/15 4.25 4,400,000
5
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
NEW YORK-3.4%
BATTERY PARK CITY FHA
Apt. Dev.: Marina Towers VRDN*
$ 4,800 6/01/23 4.00% $ 4,800,000
BATTERY PARK CITY FHA
Apt. Dev.: Marina Towers VRDN*
4,665 6/01/23 4.00 4,665,000
NEW YORK CITY HOUSING DEVELOPMENT
(James Tower Development) Series 4 VRDN*
7,200 7/01/05 3.85 7,200,000
NEW YORK GO
Series '95B-2 VRDN*
4,900 8/15/03 4.25 4,900,000
NEW YORK MEDICAL CARE FACILITIES AUTHORITY
Eagle Trust (New York Hospital)
Series 953202 VRDN* AMBAC
7,000 8/15/24 4.25 7,000,000
NEW YORK STATE ENVIRONMENTAL
FACILITIES CORP. PCR
(Eagle Trust) (NYC Water Finance Auth.)
Series '94A VRDN*
12,000 6/15/12 4.25 12,000,000
40,565,000
NORTH CAROLINA-2.6%
BLADEN COUNTY PCFA
(BCH Energy Project) Series '93 AMT VRDN*
16,500 11/01/20 4.30 16,500,000
NCNB POOLED MUNICIPAL TRUST
Series '90B VRDN*
9,915 11/15/20 5.63 9,915,000
ROBESON COUNTY IDR
(Core Industries) Series '91 AMT VRDN*
5,000 8/01/06 4.35 5,000,000
31,415,000
OKLAHOMA-0.7%
OKLAHOMA MUNICIPAL POWER AUTHORITY
FGIC VRDN*
7,840 1/01/28 4.25 7,840,000
OREGON-0.2%
OREGON ECONOMIC DEVELOPMENT AUTHORITY IDR
(Stagg Foods) Series 75 AMT VRDN*
2,300 3/01/04 4.35% 2,300,000
PENNSYLVANIA-0.7%
HORSHAM TOWNSHIP IDR
(Wilgoco II Associates) Series '84 VRDN*
2,650 12/01/11 5.85 2,650,000
PHILADELPHIA HOSPITAL REVENUE
(Charter Hospital) Series '86 VRDN*
6,175 1/01/01 4.40 6,175,000
8,825,000
RHODE ISLAND-0.4%
RHODE ISLAND GO TAN
5,000 6/28/96 3.65 5,040,450
SOUTH CAROLINA-1.4%
LAURENS COUNTY IDR
(Nicca USA Project) AMT VRDN*
7,500 4/01/09 4.70 7,500,000
PIEDMONT MUNICIPAL POWER AGENCY
Pre-Refunded
1,000 1/01/96 4.20 1,056,175
SOUTH CAROLINA JOBS IDR
(Venture Packaging) Series '95 AMT VRDN*
8,325 4/01/16 4.35 8,325,000
16,881,175
TENNESSEE-3.1%
ANDERSON COUNTY INDUSTRIAL
DEVELOPMENT AUTHORITY
(Hollingsworth Project) VRDN*
1,820 6/01/03 4.15 1,820,000
MEMPHIS SHELBY COUNTY AIRPORT AUTHORITY
1,800 9/11/95 4.00 1,800,000
6
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
NASHVILLE COUNTY
(McKendree Village Inc. Project) VRDN*
$ 11,410 4/01/15 4.15% $11,410,000
NASHVILLE COUNTY
Metro Water & Sewer Pre-Refunded
5,000 1/01/96 4.25 5,207,434
SULLIVAN COUNTY IDR
(Modern Forge Co. Project) Series '90 VRDN*
2,000 7/01/10 4.35 2,000,000
TENNESSEE HOUSING DEVELOPMENT AGENCY
AMT VRDN*
10,315 7/01/16 4.36 10,315,000
TULLAHOMA INDUSTRIAL DEVELOPMENT AUTHORITY
(Rock Tennessee Converting Co.)
Series '95 AMT VRDN*
4,000 3/01/15 4.25 4,000,000
36,552,434
TEXAS-7.0%
ANGELINA & NECHES RIVER SOLID WASTE
(Champion International Corp.) AMT VRDN*
6,750 4/01/18 4.25 6,750,000
AUSTIN UTILITY SYSTEMS REVENUE
Series '92A MBIA
4,880 11/15/95 4.80 4,890,647
CALHOUN COUNTY INDUSTRIAL
DEVELOPMENT AUTHORITY
(Formosa Plastics Corp.) Series '94 VRDN*
10,000 11/01/15 4.30 10,000,000
GALVESTON IDR
(Mitchell Project) Series '93 AMT VRDN*
4,400 6/01/09 4.20 4,400,000
GULF COAST INDUSTRIAL DEVELOPMENT AUTHORITY
(Gruma Corp.) AMT VRDN*
6,850 11/01/09 4.40 6,850,000
HARRIS COUNTY GO TAN
5,000 2/28/96 3.60% 5,021,039
PANHANDLE PLAINS STUDENT LOAN REVENUE
Series '95A AMT VRDN*
10,000 6/01/25 4.30 10,000,000
SAN ANTONIO INDUSTRIAL DEVELOPMENT AUTHORITY
(Gruma Corp.) AMT VRDN*
5,250 11/01/09 4.40 5,250,000
TARRANT COUNTY IDR
(AL- Ko Southwest Inc.) AMT VRDN*
2,500 4/01/00 4.70 2,500,000
TEXAS GO TRAN
13,000 8/31/95 4.14 13,015,485
TEXAS GO TRAN
15,000 8/31/95 4.14-4.15 15,020,994
83,698,165
VIRGINIA-3.2%
BEDFORD COUNTY IDR
(Nekoosa Packaging Project) Series '93 VRDN*
2,100 10/01/04 4.25 2,100,000
FAIRFAX COUNTY IDR
(Fairfax Hospital) Series '88B VRDN*
2,200 10/01/25 4.15 2,200,000
NORFOLK GO
(Eagle Trust) Series 944601 VRDN*
18,500 6/01/06 4.25 18,500,000
VIRGINIA GO EAGLE TRUST SERIES 954601
(Eagle Trust) Series 954601
10,900 6/01/21 4.25 10,900,000
VIRGINIA HOUSING DEVELOPMENT AUTHORITY SFMR
Series '95I AMT PPB*
4,500 9/12/95 4.18 4,500,000
38,200,000
7
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
WASHINGTON-1.2%
PILCHUCK IDR
(Canyon Park Assoc. Lot #12)
Series III '89 VRDN*
$ 1,706 8/01/04 4.30% $ 1,706,000
PILCHUCK IDR
(Hillsdale Assoc. Lot #6)
Series III '89 VRDN*
1,209 8/01/09 4.30 1,209,000
PILCHUCK IDR
(Kohkoku USA Project) AMT VRDN*
3,000 11/01/99 4.50 3,000,000
PILCHUCK IDR
(Omni Assoc. Lot 7) Series III '89 VRDN*
1,500 8/01/10 4.30 1,500,000
REDMOND PUBLIC COMM. IDR
(Hinds Project Lot #4) VRDN*
672 8/01/05 4.30 672,000
REDMOND PUBLIC COMM. IDR
(Trinity @ Canyon Park) VRDN*
580 8/01/02 4.30 580,000
REDMOND PUBLIC COMM. IDR
(Willows Project Lot #2) VRDN*
495 8/01/05 4.30 495,000
WASHINGTON HFA MFHR
(Arbor Park Project) Series '94 AMT VRDN*
5,500 10/01/24 4.35 5,500,000
14,662,000
WEST VIRGINIA-0.4%
MARION COUNTY
(Solid Waste Grant Town Cogeneration)
AMT VRDN*
5,200 10/01/17 4.30 5,200,000
WISCONSIN-0.7%
PLEASANT PRAIRIE IDR
(Nucon Corp. Project) Series '95 AMT VRDN*
3,000 2/01/22 4.15 3,000,000
WISCONSIN STATE
Operating Notes Series '95
5,000 6/17/96 3.63 5,039,800
8,039,800
WYOMING-0.4%
LINCOLN COUNTY
(Exxon Project) Series '87A AMT VRDN*
5,000 7/01/17 4.35% 5,000,000
Total Municipal Bonds
(amortized cost $893,687,223) 893,705,052
COMMERCIAL PAPER-26.2%
ALABAMA-0.4%
PHENIX CITY INDUSTRIAL DEVELOPMENT AUTHORITY
(Mead Board Project) Series '88 AMT
4,500 10/02/95 4.20 4,500,000
ARIZONA-0.2%
MESA COUNTY MUNICIPAL
DEVELOPMENT CORPORATION
(Special Tax Bonds) Series '85
3,000 10/02/95 3.90 3,000,000
CALIFORNIA-0.3%
LONG BEACH
(Harbor & Terminal Project) AMT
3,600 9/12/95 4.15 3,600,000
COLORADO-2.5%
DENVER AIRPORT REVENUE
Series '90B
14,080 9/08/95 4.30 14,080,000
DENVER AIRPORT REVENUE
Series '90B AMT
3,800 8/01/95 4.35 3,800,000
DENVER AIRPORT REVENUE
Series '90D
8,700 10/02/95 4.25 8,700,000
DENVER AIRPORT REVENUE
Series '90D
3,000 8/21/95 4.30 3,000,000
29,580,000
FLORIDA-2.7%
FLORIDA STATE MUNICIPAL POWER AGENCY REVENUE
Series A
15,000 10/16/95 4.00 15,000,000
8
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
PINELLAS COUNTY EDUCATIONAL
FACILITY
Pooled Loan Program Series '85 MBIA
$ 7,500 8/08/95 4.20% $ 7,500,000
PINELLAS COUNTY EDUCATIONAL FACILITY
Pooled Loan Revenue
3,000 7/03/95 3.45 3,000,000
SUNSHINE STATE GOVERNMENT FINANCE COMMISSION
Revenue Bonds Series '86
6,100 8/21/95 4.10 6,100,000
31,600,000
GEORGIA-0.7%
BURKE COUNTY PCR
(Oglethorpe Power/Vogtle Project)
Series '92A
8,550 8/15/95 4.10 8,550,000
ILLINOIS-1.1%
DECATUR WATER REVENUE
(New South Water Treatment) Series '85
8,500 10/06/95 4.20 8,500,000
ILLINOIS HEALTH FACILITIES AUTHORITY
(Alexanian Brothers Medical Center)
Series '85D MBIA
4,450 9/01/95 4.15 4,450,000
12,950,000
INDIANA-0.7%
JASPER COUNTY
(North Indiana Public Service Project)
Series '88A
4,000 10/13/95 4.00 4,000,000
JASPER COUNTY
(North Indiana Public Service Project)
Series '88C
4,300 8/14/95 4.10 4,300,000
8,300,000
KANSAS-0.3%
BURLINGTON PCR
(Kansas City Power & Light) Series '95
3,500 8/02/95 4.20 3,500,000
LOUISIANA-0.6%
LOUISIANA GO
Series '91A
7,500 8/21/95 4.15% 7,500,000
MARYLAND-0.7%
ANNE ARUNDEL COUNTY
(Baltimore Gas & Electric Co.)
Series '88 AMT
2,400 8/11/95 4.15 2,400,000
ANNE ARUNDEL COUNTY
(Baltimore Gas & Electric Co.)
Series '88 AMT
3,750 7/28/95 4.20 3,750,000
ANNE ARUNDEL COUNTY
(Baltimore Gas & Electric Co.)
Series '88 AMT
1,800 8/11/95 4.20 1,800,000
7,950,000
MICHIGAN-1.8%
MICHIGAN STRAGETIC FUND
WASTE DISPOSAL REVENUE
(S.D. Warren Co.) Series '87C AMT
10,000 7/18/95 4.25 10,000,000
MICHIGAN STRATEGIC FUND
WASTE DISPOSAL REVENUE
(S.D. Warren Co.) Series '87A AMT
4,000 7/25/95 4.25 4,000,000
MICHIGAN STRATEGIC FUND
WASTE DISPOSAL REVENUE
(S.D.Warren Co.) Series B AMT
5,000 8/21/95 4.15 5,000,000
MICHIGAN STRATEGIC FUND
WASTE DISPOSAL REVENUE
(S.D.Warren Co.) Series B AMT
3,000 7/24/95 4.20 3,000,000
22,000,000
MISSOURI-0.4%
MISSOURI PCR
(Union Electric Project) Series '85A
4,300 10/02/95 3.90 4,300,000
9
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
NEW YORK-1.8%
NEW YORK CITY MUNICIPAL WATER DISTRICT
$ 6,700 8/15/95 4.15% $ 6,700,000
NEW YORK CITY MUNICIPAL WATER DISTRICT
Series 4
6,100 9/11/95 4.20 6,100,000
PORT AUTHORITY OF NEW YORK & NEW JERSEY
AMT
8,160 7/07/95 4.55 8,160,000
20,960,000
NORTH CAROLINA-0.5%
WAKE COUNTY PCFA
(Carolina Power & Light) Series '90A
5,400 8/18/95 4.10 5,400,000
OHIO-1.3%
OHIO AIR QUALITY DEVELOPMENT AUTHORITY
(Dusquesne Light Co.) Series '88 AMT
5,000 7/28/95 3.80 5,000,000
OHIO AIR QUALITY DEVELOPMENT AUTHORITY
PCR
(Cincinnati Gas & Electric) Series '85A
3,000 8/02/95 4.15 3,000,000
OHIO AIR QUALITY DEVELOPMENT AUTHORITY
PCR
(Cincinnati Gas & Electric) Series '85A
3,500 9/12/95 4.15 3,500,000
OHIO AIR QUALITY DEVELOPMENT AUTHORITY
PCR
(Cincinnati Gas & Electric) Series '85B
4,500 9/12/95 4.15 4,500,000
16,000,000
PENNSYLVANIA-2.1%
CARBON COUNTY
Res. Rec.:(Panther Creek Project)
Series '90A AMT
2,100 10/02/95 4.05% 2,100,000
CARBON COUNTY
Res. Rec.:(Panther Creek Project)
Series '90A AMT
5,000 8/25/95 4.20 5,000,000
CARBON COUNTY
Res. Rec.:(Panther Creek Project)
Series '90B AMT
2,200 8/14/95 4.15 2,200,000
PHILADELPHIA GAS WORKS
Series B
5,000 10/04/95 4.00 5,000,000
VENANGO INDUSTRIAL DEVELOPMENT AUTHORITY
Res. Rec.:(Scrubgrass Project)
Series '90B AMT
2,200 9/21/95 3.75 2,200,000
VENANGO INDUSTRIAL DEVELOPMENT AUTHORITY
Res. Rec.:(Scrubgrass Project)
Series '93 AMT
8,000 8/25/95 4.20 8,000,000
24,500,000
TEXAS-3.9%
AUSTIN UTILITY SYSTEMS REVENUE
Series A
4,200 9/14/95 3.75 4,200,000
HARRIS COUNTY HEALTH FACILITY
Sisters of Charity
10,000 10/11/95 4.20 10,000,000
HOUSTON AIRPORT REVENUE
AMT
5,400 8/01/95 4.25 5,400,000
NORTH CENTRAL HEALTH FACILITY
(Methodist Hospital) Series '91A
9,000 8/24/95 4.15 9,000,000
10
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
----------------------------------------------------------------------------
TEXAS GO
$ 10,000 8/03/95 4.20% $10,000,000
TEXAS GO
8,300 9/07/95 4.20 8,300,000
46,900,000
UTAH-1.3%
TOOELE COUNTY WASTE REVENUE
(Rollins Environment, Inc.) Series A AMT
15,000 10/10/95 3.90 15,000,000
VIRGINIA-0.8%
LOUISA INDUSTRIAL DEVELOPMENT AUTHORITY
(Virginia Electric & Power Co.) Series '85
10,125 10/18/95 4.05 10,125,000
WASHINGTON-0.6%
SEATTLE MUNICIPAL POWER & LIGHT
Series '91B
7,000 8/10/95 4.20 7,000,000
WEST VIRGINIA-0.8%
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.) Series '89 AMT
7,000 7/28/95 4.20% 7,000,000
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.) Series '89A AMT
2,000 8/25/95 4.20 2,000,000
9,000,000
WYOMING-0.7%
LINCOLN COUNTY PCR
(Pacificorp Project) Series '91
8,900 9/11/95 4.20 8,900,000
Total Commercial Paper
(amortized cost $311,115,000) 311,115,000
TOTAL INVESTMENTS-101.3%
(amortized cost $1,204,802,223) 1,204,820,052
Other assets less liabilities-(1.3%) (15,528,700)
NET ASSETS-100%
(offering and redemption price of $1.00
per share; 1,191,217,700) shares outstanding $1,189,291,352
+ All securities either mature or their interest rate changes in one year or
less.
* Variable Rate Demand Notes (VRDN) are instruments whose interest rates
change on a specified date (such as a coupon date or interest payment date) or
whose interest rates vary with changes in a designated base rate (such as the
prime interest rate). These instruments are payable on demand and are secured
by letters of credit or other credit support agreements from major banks.
Periodic Put Bonds (PPB) are payable on demand quarterly, semi-annually or
annually and their interest rates change less frequently than rates on Variable
Rate Demand Notes.
** See Note B to financial statements.
Glossary of Terms:
AMBAC American Municipal Bond Assurance Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
FGIC Financial Guaranty Insurance Company
FHA Federal Housing Administration
GO General Obligation
HFA Housing Finance Agency/Authority
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
MFHR Multi-Family Housing Revenue
PCFA Pollution Control Financing Authority
PCR Pollution Control Revenue
PPB Periodic Put Bond
SFMR Single Family Mortgage Revenue
TAN Tax Anticipation Note
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
11
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1995 ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
INVESTMENT INCOME
Interest $42,350,143
EXPENSES
Advisory fee (Note B) $ 5,696,283
Distribution assistance and administrative
service (Note C) 3,320,897
Transfer agency 1,130,778
Registration fees 266,437
Custodian fees 188,716
Printing 87,146
Audit and legal fees 26,985
Trustees' fees 22,738
Miscellaneous 34,901
Total expenses 10,774,881
Less: expense reimbursement and fee waiver (96,114)
10,678,767
Net investment income 31,671,376
REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS
Net realized loss on investments (1,793,640)
Net change in unrealized appreciation of investments (3,201,732)
Net loss on investments (4,995,372)
NET INCREASE IN NET ASSETS FROM OPERATIONS $26,676,004
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED
JUNE 30,1995 JUNE 30,1994
------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $31,671,376 $20,532,812
Net realized loss on investments (1,793,640) (134,924)
Net change in unrealized appreciation of
investments (3,201,732) (748)
Net increase in net assets from operations 26,676,004 20,397,140
OTHER CAPITAL CONTRIBUTIONS
Total increase (Note B) 3,218,975 -0-
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (31,671,376) (20,532,812)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase 56,798,166 118,724,622
Total increase 55,021,769 118,588,950
NET ASSETS
Beginning of year 1,134,269,583 1,015,680,633
End of year $1,189,291,352 $1,134,269,583
See notes to financial statements.
12
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995 ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Municipal Trust (the 'Fund') is registered under the Investment
Company Act of 1940, as amended, as an open-end investment company. The Fund
operates as a series company currently issuing six classes of shares of
beneficial interest: Alliance Municipal Trust-General Portfolio (the
'Portfolio'), Alliance Municipal Trust-New York Portfolio, Alliance Municipal
Trust-California Portfolio, Alliance Municipal Trust-Connecticut Portfolio,
Alliance Municipal Trust-New Jersey Portfolio and Alliance Municipal
Trust-Virginia Portfolio. Each series is considered to be a separate entity for
financial reporting and tax purposes. The following is a summary of significant
accounting policies followed by the Portfolio.
1. VALUATION OF SECURITIES
Securities in which the Portfolio invests are traded primarily in the
over-the-counter market and are valued at amortized cost, under which method a
portfolio instrument is valued at cost and any premium or discount is amortized
on a constant basis to maturity. Amortization of premium is charged to income.
Accretion of market discount is credited to unrealized gains.
2. TAXES
It is the Portfolio's 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.
3. DIVIDENDS
The Portfolio declares dividends daily from net investment income and
automatically reinvests such dividends in additional shares at net asset value.
Net realized capital gains on investments, if any, are expected to be
distributed near year end. Dividends paid from net investment income for the
year ended June 30, 1995, are exempt from federal income taxes. However,
certain shareholders may be subject to the alternative minimum tax (AMT).
4. GENERAL
Interest income is accrued daily. Security transactions are recorded on the
date securities are purchased or sold. Realized gain (loss) from security
transactions is recorded on the identified cost basis.
NOTE B: ADVISORY FEE AND TRANSACTIONS WITH AN AFFILIATE OF THE ADVISER
The Portfolio pays its Adviser, Alliance Capital Management L.P., an advisory
fee at the annual rate of .50 of 1% on the first $1.25 billion of average daily
net assets; .49 of 1% on the next $.25 billion; .48 of 1% on the next $.25
billion; .47 of 1% on the next $.25 billion; .46 of 1% on the next $1 billion;
and .45 of 1% in excess of $3 billion. The Adviser has agreed, pursuant to the
advisory agreement, to reimburse the 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 any
fiscal year. No reimbursement was required for the year ended June 30, 1995.
The Portfolio compensates Alliance Fund Services, Inc. (a wholly-owned
subsidiary of the Adviser) for providing personnel and facilities to perform
transfer agency services for the Portfolio. Such compensation amounted to
$634,498 for the year ended June 30, 1995.
The Adviser established an irrevocable standby letter of credit with a
commercial bank, for the benefit of the Portfolio, in the event tax and revenue
anticipation notes issued by Orange County, California and held by the
Portfolio were not paid in full at maturity. On July 19, 1995 the Adviser
purchased all such remaining notes held by the Portfolio for $20.85 million.
13
NOTES TO FINANCIAL STATEMENTS (CONT.)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
NOTE C: DISTRIBUTION ASSISTANCE AND ADMINISTRATIVE SERVICES PLAN
Under this Plan, the Portfolio pays a distribution fee to the Adviser at an
annual rate of up to .25 of 1% of the Portfolio's average daily net assets.
The Plan provides that the Adviser will use such payments in their entirety for
distribution assistance and promotional activities. For the year ended June 30,
1995, the distribution amounted to $2,848,142 of which $96,114 was waived. In
addition, the Portfolio reimbursed certain broker-dealers for administrative
costs incurred in connection with providing shareholder services, accounting,
bookkeeping, legal and compliance support. For the year ended June 30, 1995,
such payments by the Portfolio amounted to $472,755 of which $112,500 was paid
to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At June 30, 1995, the cost of securities for federal income tax purposes was
the same as the cost for financial reporting purposes. At June 30, 1995 the
Portfolio had a capital loss carryforward of $1,934,177, of which $5,613
expires in the year 2001, $134,924 expires in the year 2002 and $1,793,640
expires in the year 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At June 30,
1995, capital paid-in aggregated $1,191,207,700. Transactions, all at $1.00 per
share, were as follows:
YEAR ENDED YEAR ENDED
JUNE 30, 1995 JUNE 30, 1994
--------------- ---------------
Shares sold 4,443,583,142 3,818,700,772
Shares issued on reinvestments of dividends 31,671,376 20,558,991
Shares redeemed (4,418,456,352) (3,720,535,141)
Net increase 56,798,166 118,724,622
14
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
NOTE F: FINANCIAL HIGHLIGHTS
Per share operating performance for a share outstanding throughout each period.
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
------------------------------------------------
1995 1994 1993 1992 1991
---------- ------- -------- -------- --------
<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 (a) .028 .018 .020 .034 .046
Net realized and unrealized loss on investments (.003) -0- -0- -0- -0-
Net increase in net asset value from operations .025 .018 .020 .034 .046
ADD: CAPITAL CONTRIBUTIONS (SEE NOTE B)
Capital Contributed by the Adviser .003 -0- -0- -0- -0-
LESS: DISTRIBUTIONS
Dividends from net investment income (.028) (.018) (.020) (.034) (.046)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on net asset value (b) 2.83%(c) 1.81% 2.05% 3.48% 4.71%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,189 $1,134 $1,016 $914 $883
Ratio to average net assets of:
Expenses, net of waivers and reimbursements .94% .92% .92% .92% .89%
Expenses, before waivers and reimbursements .95% .94% .94% .95% .95%
Net investment income 2.78% 1.80% 2.02% 3.40% 4.57%
</TABLE>
(a) Net of expenses reimbursed or waived by the Adviser.
(b) 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 during the period, and redemption on
the last day of the period.
(c) The capital contribution by the Adviser described in Note B had no effect
on total return.
15
INDEPENDENT AUDITOR'S REPORT ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
We have audited the accompanying statement of net assets of the General
Portfolio of Alliance Municipal Trust as of June 30, 1995 and the related
statements of operations, changes in net assets, and financial highlights for
the periods indicated in the accompanying financial statements. These financial
statements and financial highlights are the responsibility of the Portfolio's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1995, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
General Portfolio of Alliance Municipal Trust as of June 30, 1995, and the
results of its operations, changes in its net assets, and its financial
highlights for the periods indicated, in conformity with generally accepted
accounting principles.
New York, New York
August 8, 1995
16
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
-------------------------------------------------------------------------------
TRUSTEES
DAVE H. WILLIAMS, CHAIRMAN
JOHN D. CARIFA
SAM Y. CROSS
CHARLES H.P. DUELL
WILLIAM H. FOULK, JR.
ELIZABETH J. MCCORMACK
DAVID K. STORRS
SHELBY WHITE
JOHN WINTHROP
OFFICERS
RONALD M. WHITEHILL, PRESIDENT
JOHN R. BONCZEK, SENIOR VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
ROBERT I. KURZWEIL, SENIOR VICE PRESIDENT
PATRICIA NETTER, SENIOR VICE PRESIDENT
RONALD R. VALEGGIA, SENIOR VICE PRESIDENT
DREW BIEGEL, VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
WILLIAM E. OLIVER, VICE PRESIDENT
RAYMOND J. PAPERA, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
JOSEPH J. MANTINEO, CONTROLLER
CUSTODIAN
STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
AUDITORS
MCGLADREY & PULLEN, LLP
555 Fifth Avenue
New York, NY 10017
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
DISTRIBUTOR
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
17
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
1345 Avenue of the Americas, New York, NY 10105
Toll free 1 (800) 221-5672
YIELDS. For current recorded yield information on Alliance
Municipal Trust, call on a touch-tone telephone toll-free
(800) 251-0539 and press the following sequence of keys:
1 # 1 # 6 4 #
For non-touch-tone telephones, call toll-free (800) 221-9513
ALLIANCECAPITAL
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.
ALC507074
AMTAR
