ALLIANCE MUNICIPAL TRUST, N-30B-2, 1995-03-30

ALLIANCE MUNICIPAL TRUST
N-30B-2, 1995-03-30

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<PAGE>
<PAGE>
STATEMENT OF NET ASSETS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST -
GENERAL PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
ALABAMA--1.9%
ALABAMA SPECIAL CARE
FACILITIES FINANCE AUTH.
Montgomery Hospital
Revenue
VRDN*
$15,000 4/01/15........... 5.50% $ 15,000,000
BIRMINGHAM IDR
(O'Neal Steel)
AMT VRDN*
4,745 6/01/08........... 5.85 4,745,000
---------------
19,745,000
---------------
ARIZONA--6.4%
PHOENIX INDUSTRIAL
DEVELOPMENT AUTHORITY
MFHR
Series '93A
(Mariners Pointe
Apts Project)
AMT VRDN*
8,420 10/01/23.......... 5.85 8,420,000
PIMA COUNTY PCR
(Tucson Electric)
VRDN*
25,000 3/15/18........... 5.40 25,000,000
PIMA COUNTY PCR
(Tuscon Electric)
VRDN*
35,100 6/15/22........... 5.60 35,100,000
---------------
68,520,000
---------------
ARKANSAS--2.7%
CLARK COUNTY
SOLID WASTE
(Reynolds Metals
Co. Project)
AMT VRDN*
18,100 8/01/22........... 5.60 18,100,000
CLARK COUNTY
SOLID WASTE
(Reynolds Metals
Co. Project)
AMT VRDN*
<PAGE>
4,300 8/01/22........... 5.60 4,300,000
SPRINGDALE IDR
(Clarke Holding Corp.)
AMT VRDN*
6,000 8/01/08........... 6.00 6,000,000
---------------
28,400,000
---------------
CALIFORNIA--13.0%
ANAHEIM COP
VRDN* AMBAC
$ 3,400 8/01/19........... 5.50% $ 3,400,000
KERN COUNTY TRAN
COMMUNITY COLLEGE
7,100 7/20/95........... 4.75 7,127,459
LOS ANGELES
CONVENTION AND
EXHIBITION CENTER
Authority Lease Revenue
MBIA VRDN*
4,000 8/15/18........... 5.85 4,000,000
LOS ANGELES COUNTY
GO TRAN
2,500 6/30/95........... 4.50 2,497,525
LOS ANGELES
COUNTY MFHR
Series K
VRDN*
500 7/01/10........... 5.00 500,000
LOS ANGELES TRAN
(Unified School District)
6,500 7/10/95........... 4.50 6,500,230
OAKLAND GO TRAN
30,000 7/24/95........... 4.50 30,078,710
ORANGE COUNTY
GO TRAN
Series A
29,000 7/19/95........... 4.50 29,114,050
SAN BERNARDINO
COUNTY MFHR
(Meadowland Apartments)
AMT VRDN*
2,000 9/01/10........... 5.55 2,000,000
SAN DIEGO TRAN
30,200 6/30/95........... 4.50 30,320,517
SAN FRANCISCO
GO TRAN
20,000 7/15/95........... 4.25 20,031,222
SOUTHERN CALIFORNIA PUBLIC
POWER AUTHORITY PROJECT
VRDN* AMBAC
2,500 7/01/20........... 5.40 2,500,000
---------------
138,069,713
<PAGE>
---------------
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1

<PAGE>
STATEMENT OF NET ASSETS (CONT.) ALLIANCE MUNICIPAL TRUST -
GENERAL PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
COLORADO--1.0%
COLORADO STUDENT
OBLIGATION
BOND AUTHORITY
Student Loan Revenue
Series '89A
AMT VRDN*
$ 1,900 3/01/24........... 5.05% $ 1,900,000
PUEBLO COUNTY IDR
(Kaiser Aerospace &
Electronics Project)
AMT VRDN*
8,300 9/01/07........... 5.65 8,300,000
---------------
10,200,000
---------------
FLORIDA--4.5%
BROWARD COUNTY MFHR
(Fisherman's Landing
Project)
VRDN*
2,000 11/01/07.......... 5.65 2,000,000
DADE COUNTY SOLID
WASTE IDR
(Montenay-Dade
Ltd. Project)
Series '88
AMT VRDN*
5,190 12/01/10.......... 5.05 5,190,000
DADE COUNTY SOLID
WASTE IDR
(Montenay-Dade
Ltd. Project)
Series '90A
AMT VRDN*
29,935 12/01/13.......... 5.05 29,935,000
FLORIDA STATE MUNICIPAL
POWER AGENCY REVENUE
VRDN*
10,875 10/01/16.......... 5.75 10,875,000
---------------
48,000,000
---------------
<PAGE>
GEORGIA--3.9%
ATLANTA WATER &
SEWER REVENUE
Series '93 P-Float
VRDN*
3,600 1/01/23........... 5.20 3,600,000
CARROLLTON GEORGIA PAYROLL
DEV. AUTH.
(Flowers Baking
Villa Rica)
AMT VRDN*
5,000 8/01/14........... 5.75 5,000,000
CARTERSVILLE IDR
(Bliss & Laughlin Steel)
AMT VRDN*
$ 3,600 12/01/18.......... 5.80% $ 3,600,000
COLLEGE PARK IDR
(Wynefield I Project)
AMT VRDN*
3,100 12/01/16.......... 4.00 3,100,000
FULTON COUNTY MFHR
(Champion Green Apts)
VRDN*
10,140 10/01/25.......... 5.95 10,140,000
GEORGIA STATE MUNICIPAL
ELECTRIC AUTHORITY
Series '85A
11,000 1/01/20........... 10.5 11,220,000
MACON-BIBB COUNTY
HOSPITAL REV.
(Charter Med/Macon)
Series '86
VRDN*
4,400 3/01/05........... 5.51 4,400,000
---------------
41,060,000
---------------
HAWAII--2.9%
HAWAII DEPARTMENT OF
BUDGET & FINANCE
Electric Revenue
AMT VRDN*
24,750 12/01/21.......... 5.90 24,750,000
HAWAII STATE
HFA SFMR
Series '73A
VRDN*
6,160 7/01/16........... 5.85 6,160,000
---------------
30,910,000
---------------
ILLINOIS--3.8%
CHICAGO AIRPORT REVENUE
(O'Hare International
<PAGE>
Airport)
Series '88A
AMT VRDN*
11,000 1/01/18........... 5.60 11,000,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY IDR
(Crane Tripp Partners
Project)
AMT PPB*
4,160 2/01/95........... 3.25 4,160,000

--
2

INDIANA--0.3%
INDIANA EMP. DEV.
COMM. IDR
(O'Neal Metals)
AMT VRDN*
1,000 4/01/10........... 5.85 1,000,000
WESTFIELD IDR
(Porter Project)
AMT VRDN*
2,400 12/01/09.......... 6.25 2,400,000
---------------
3,400,000
---------------

<PAGE>
IOWA--0.5%
DUBUQUE IDR
(Jeld-Wen, Inc.)
AMT VRDN*
5,250 10/01/08.......... 5.60 5,250,000
---------------
KENTUCKY--1.6%
BEREA SERIES '87 IDR
(Tokico Manufacturing
Corp.)
AMT VRDN*
6,000 12/01/97.......... 5.85 6,000,000
LOUISVILLE AIRPORT
REVENUE
(Louisville Airport)
Series '89B
AMT VRDN*
10,600 2/01/19........... 5.55 10,600,000
---------------
16,600,000
---------------
LOUISIANA--0.6%
LOUISIANA PFA
Sisters of Charity
Incarnate
$ 6,100 1/01/15........... 9.38% $ 6,222,000
---------------
MASSACHUSETTS--0.3%
MASSACHUSETTS GO
Series '93A
VRDN* AMBAC
2,600 2/01/06........... 5.59 2,600,000
MASSACHUSETTS INDUSTRIAL
FINANCE AGENCY IDR
(Wing Realty Trust)
VRDN*
386 10/01/99.......... 5.53 386,100
---------------
2,986,100
---------------
MICHIGAN--0.3%
MICHIGAN HIGHER
EDUCATION
Student Loan Revenue
Series B
AMT VRDN* AMBAC
2,900 10/01/13.......... 5.05 2,900,000
---------------
MISSOURI--1.3%
MISSOURI GO
VRDN*
7,200 8/01/16........... 5.65 7,200,000
SAINT CHARLES COUNTY
INDUSTRIAL DEVELOPMENT
<PAGE>
AUTHORITY MFHR
(Vanderbilt Apts)
Series '90A
VRDN*
7,000 8/01/17........... 5.50 7,000,000
---------------
14,200,000
---------------
NEBRASKA--0.6%
DOUGLAS COUNTY IDR
(Chemicals Inc. Project)
AMT VRDN*
3,500 10/01/01.......... 5.90 3,500,000
NEBRASKA HIGHER
EDUCATION
(Student Loan Revenue)
Series '88C
AMT VRDN*
2,950 8/01/18........... 5.50 2,950,000
---------------
6,450,000
---------------

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3

<PAGE>
STATEMENT OF NET ASSETS (CONT.) ALLIANCE MUNICIPAL TRUST -
GENERAL PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
NEW HAMPSHIRE--3.4%
NEW HAMPSHIRE BUSINESS
FINANCE AUTH. PCR
(Public Service Co.
Project)
Series '92D
AMT VRDN*
$ 36,200 5/01/21........... 5.80% $ 36,200,000
---------------
NEW JERSEY--1.0%
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
Stp Company 2 through 4
Project 1992
VRDN*
700 7/01/06........... 5.35 700,000
NEW JERSEY ECONOMIC
DEVELOPMENT
AUTHORITY IDR
(Sound Design Corp.)
VRDN*
<PAGE>
176 12/31/99.......... 5.53 176,370
NEW JERSEY GO TRAN
2,000 6/15/95........... 5.00 2,008,510
NEW JERSEY HOUSING
FINANCIAL AUTHORITY
SFMR
(Home Owner Mortgage)
Ser. C-D MBIA
VRDN*
8,100 10/01/15.......... 5.73 8,100,000
---------------
10,984,880
---------------
NEW MEXICO--0.2%
NEW MEXICO
EDUCATION ASSISTANCE
(Student Loan Revenue)
AMT VRDN* AMBAC
1,700 4/01/05........... 5.10 1,700,000
---------------
NEW YORK--9.0%
BABYLON GO
Series '94B
VRDN* AMBAC
3,800 1/15/04........... 4.70 3,800,000
BATTERY PARK CITY FHA
Apt. Dev.: Marina Towers
VRDN*
4,800 6/01/23........... 5.75 4,800,000
BATTERY PARK CITY FHA
Apt. Dev.: Marina Towers
VRDN*
4,665 6/01/23........... 5.75 4,665,000
NEW YORK GO RAN
$ 36,600 4/12/95........... 4.50% $ 36,669,695
NEW YORK STATE
ENVIRONMENTAL
FACILITIES CORP. PCR
(NYC Water Fin. Authority)
Series '94A
12,000 6/15/12........... 5.73 12,000,000
NEW YORK STATE MORTGAGE
AGENCY REVENUE
Series PT-11
AMT VRDN*
19,120 10/01/21.......... 5.75 19,120,000
NEW YORK STATE MORTGAGE
AGENCY REVENUE
Series PT-18
AMT VRDN*
13,450 4/01/19........... 5.75 13,450,000
PORT AUTHORITY OF
NEW YORK AND NEW JERSEY
Series 3 Util. Rev.:
<PAGE>
(KIAC Partners Project)
AMT VRDN*
625 10/01/14.......... 5.35 625,000
---------------
95,129,695
---------------
NORTH CAROLINA--1.6%
NCNB POOLED MUNICIPAL
TRUST
Series '90B
VRDN*
11,900 11/15/20.......... 5.31 11,900,000
ROBESON COUNTY
Series '91 IDR
(Core Industries)
AMT VRDN*
5,000 8/01/06........... 5.90 5,000,000
---------------
16,900,000
---------------
OHIO--3.5%
CLERMONT COUNTY HOSPITAL
FACILITIES REVENUE
(Mercy Health System)
Series B
VRDN*
25,000 9/01/21........... 5.25 25,000,000
OHIO AIR QUALITY DEV.
AUTH. REV. PCR
(JMG Funding)
Series '94B
AMT VRDN*
6,000 4/01/28........... 5.75 6,000,000

--
4

<PAGE>
ALLIANCE MUNICIPAL TRUST - GENERAL
PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
OHIO PUBLIC FACILITIES
COMMISSION
VRDN* AMBAC
$ 2,480 11/01/07.......... 5.70% $ 2,480,000
STARK COUNTY IDR
(Crane CR/PL, Inc.)
VRDN*
4,100 9/01/01........... 4.47 4,100,000
---------------
37,580,000
<PAGE>
---------------
OKLAHOMA--0.7%
OPTIMA MUNICIPAL
AUTHORITY INDUSTRIAL
REVENUE IDR
(Seaboard Project)
Series '94
AMT VRDN*
7,500 9/01/19........... 5.75 7,500,000
---------------
OREGON--0.2%
OREGON ECONOMIC DEV.
AUTH. IDR
(Stagg Foods)
AMT VRDN*
2,550 3/01/04........... 6.25 2,550,000
---------------
PENNSYLVANIA--1.4%
HORSHAM TWP
Series '84 IDR
(Wilgoco II Associates)
VRDN*
2,710 12/01/11.......... 5.53 2,710,000
PENNSYLVANIA COP
Series A39
VRDN* AMBAC
4,335 7/01/00........... 4.65 4,335,000
PENNSYLVANIA HIGHER
EDUCATION ASSISTANCE
Student Loan Revenue
AMT VRDN*
2,000 7/01/18........... 5.50 2,000,000
PHILADELPHIA HOSPITAL
REVENUE
(Charter Hospital)
VRDN*
6,175 1/01/01........... 5.51 6,175,000
---------------
15,220,000
---------------
SOUTH CAROLINA--0.6%
LAURENS COUNTY IDR
(Nicca USA Project)
AMT VRDN*
6,000 2/09/09........... 6.00 6,000,000
---------------
TENNESSEE--4.2%
ANDERSON COUNTY IDR
(Becromal of
America Inc.)
AMT VRDN*
$ 3,500 2/01/10........... 5.75% $ 3,500,000
ANDERSON COUNTY IDR
(Becromal of
<PAGE>
America Inc.)
AMT VRDN*
2,110 9/01/02........... 5.75 2,110,000
NASHVILLE COUNTY
(McKendree Village
Inc. Project)
VRDN*
11,645 4/01/15........... 5.65 11,645,000
SULLIVAN COUNTY IDR
(Modern Forge
Co. Project)
VRDN*
3,500 7/01/10........... 5.75 3,500,000
TENNESSEE HOUSING
DEVELOPMENT AGENCY
AMT VRDN*
1,500 7/01/16........... 5.74 1,500,000
VOLUNTEER STUDENT
FUNDING CORP.
Student Loan Revenue
AMT VRDN*
22,900 12/01/23.......... 5.45 22,900,000
---------------
45,155,000
---------------
TEXAS--2.8%
DALLAS COUNTY
Series '85 IDR
(Crane CR/PL, Inc.)
VRDN*
3,550 5/01/10........... 5.70 3,550,000
GALVESTON IDR
(Mitchell Project)
Series '93
AMT VRDN*
4,700 6/01/09........... 5.85 4,700,000
HARRIS COUNTY GO
VRDN*
8,600 8/15/14........... 5.80 8,600,000
PORT ARTHUR TEXAS
NAVIGATION DISTRICT PCR
(Star Enterprises Project)
AMT VRDN*
9,700 4/01/14........... 5.78 9,700,000

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5

<PAGE>
STATEMENT OF NET ASSETS (CONT.) ALLIANCE MUNICIPAL TRUST -
GENERAL PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
<PAGE>
------------------------------------------------------------------------------
TARRANT COUNTY IDR
(AL- Ko Southwest Inc.)
AMT VRDN*
$ 3,000 4/01/00........... 6.30% $ 3,000,000
---------------
29,550,000
---------------
UTAH--2.1%
UTAH GO HFA SFMR
Series 2
AMT VRDN*
22,065 7/01/21........... 5.80 22,065,000
---------------
VIRGINIA--1.8%
NORFOLK GO
(Eagle Trust)
Series 944601
19,500 6/01/06........... 5.73 19,500,000
---------------
WASHINGTON--1.6%
PILCHUCK IDR
(Canyon Park Assoc.
Lot #12)
Series III '89
VRDN*
1,706 8/01/04........... 5.85 1,706,000
PILCHUCK IDR
(Composite Refunding
Issue Lot #6)
Series III '89
VRDN*
1,209 8/01/09........... 5.85 1,209,000
PILCHUCK IDR
(Composite Refunding
Issue Lot #7)
Series III '89
VRDN*
1,500 8/01/10........... 5.85 1,500,000
REDMOND PUBLIC
COMM. IDR
(Hinds Project Lot #4)
VRDN*
672 8/01/05........... 5.85 672,000
REDMOND PUBLIC
COMM. IDR
(Trinity @ Canyon Park)
VRDN*
580 8/01/02........... 5.85 580,000
REDMOND PUBLIC
COMM. IDR
(Willows Project Lot #2)
VRDN*
495 8/01/05........... 5.85 495,000
<PAGE>
WASHINGTON HFA MFHR
(Arbor Park Project)
Series '94
AMT VRDN*
$ 5,500 10/01/24.......... 5.85% $ 5,500,000
YAKIMA COUNTY IDR
(Can-Am Millwork)
AMT VRDN*
5,600 12/01/14.......... 5.75 5,600,000
---------------
17,262,000
---------------
WEST VIRGINIA--2.3%
GRANT COUNTY
COMMISSION IDR
(NB Partners)
Series '88B
AMT VRDN*
16,800 12/01/16.......... 5.60 16,800,000
MARION COUNTY RES. REC.
(Grant Town Project)
AMT VRDN*
3,600 10/01/17.......... 5.95 3,600,000
MARION COUNTY RES. REC.
(Grant Town Project)
AMT VRDN*
4,000 10/01/17.......... 5.95 4,000,000
---------------
24,400,000
---------------
WISCONSIN--0.4%
MILWAUKEE IDR
Multi Modal Refunding
(Pharmacia Biotech)
VRDN*
4,100 6/01/09........... 5.85 4,100,000
---------------
TOTAL INVESTMENTS--82.4%
(amortized cost
$875,265,409)..... 875,269,388
Other assets less
liabilities--17.6%... 187,154,785
---------------
NET ASSETS--100%
(offering and
redemption price
of $1.00 per
share;
1,063,230,489
shares
outstanding)...... $ 1,062,424,173
---------------
---------------

<PAGE>
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6

<PAGE>
ALLIANCE MUNICIPAL TRUST - GENERAL
PORTFOLIO
------------------------------------------------------------------------------

+ 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.

GLOSSARY OF TERMS:

AMBAC American Municipal Bond Assurance
Corporation
AMT Alternative Minimum Tax
COP Certificate of Participation
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
PCR Pollution Control Revenue
PFA Public Facilities Authority
PPB Periodic Put Bond
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1994 (UNAUDITED)
------------------------------------------------------------------------------

ASSETS
Investments in securities, at value (cost
$875,265,409)................................ $ 875,269,388
Cash............................................ 45,272,579
Receivable for investments sold................. 137,500,328
Interest receivable............................. 8,015,531
---------------
Total assets.................................... 1,066,057,826
---------------
LIABILITIES
<PAGE>
Payable for investments purchased............... 2,554,713
Investment advisory fee payable................. 486,817
Dividends payable............................... 223,710
Unclaimed dividends............................. 5,585
Accrued expenses................................ 362,828
---------------
Total liabilities............................... 3,633,653
---------------
NET ASSETS........................................ $ 1,062,424,173
---------------
---------------

COMPOSITION OF NET ASSETS
Capital shares.................................. $ 1,063,220,489
Net unrealized gain............................. 3,979
Accumulated net realized loss on investments.... (800,295)
---------------
$ 1,062,424,173
---------------
---------------

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7

<PAGE>
STATEMENT OF OPERATIONS ALLIANCE MUNICIPAL
TRUST
SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED) - GENERAL
PORTFOLIO
------------------------------------------------------------------------------

INVESTMENT INCOME
Interest........................................ $19,816,032

EXPENSES
Advisory fee (Note B)........................... $2,896,671
Distribution assistance and administrative
service...................................... 1,682,248
Transfer agency................................. 584,535
Registration fees............................... 117,113
Custodian fees.................................. 84,474
Printing........................................ 41,752
Audit and legal fees............................ 35,042
Trustees' fees.................................. 4,963
Miscellaneous................................... 8,820
-----------
Total expenses.................................. 5,455,618
Less: fee waiver................................ (96,114) 5,359,504
----------- ------------
Net investment income........................... 14,456,528
------------

REALIZED LOSS ON INVESTMENTS
Net realized loss on investments................ (659,758)
Net change in unrealized appreciation of
investments.................................. 3,393
<PAGE>
------------
Net loss on investments......................... (656,365)
------------

NET INCREASE IN NET ASSETS FROM OPERATIONS........
$13,800,163
------------
------------

STATEMENT OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31, 1994 YEAR ENDED
(UNAUDITED) JUNE 30, 1994
----------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income........................... $ 14,456,528 $ 20,532,812
Net realized loss on investments................ (659,758) (134,924)
Net change in unrealized appreciation of
investments................................... 3,393 (748)
----------------- --------------
Net increase in net assets from operations...... 13,800,163 20,397,140

DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income........................... (14,456,528) (20,532,812)

TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease)......................... (71,189,045) 118,724,622
----------------- --------------
Total increase (decrease)....................... (71,845,410) 118,588,950

NET ASSETS
Beginning of period............................. 1,134,269,583 1,015,680,633
----------------- --------------
End of period................................... $ 1,062,424,173 $1,134,269,583
----------------- --------------
----------------- --------------
</TABLE>
------------------------------------------------------------------------------

See notes to financial statements.

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8

<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST -
GENERAL PORTFOLIO
------------------------------------------------------------------------------

NOTE A: SIGNIFICANT ACCOUNTING POLICIES

<PAGE>
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
six months ended December 31, 1994, 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
<PAGE>
permitted, extraordinary expenses) exceed 1% of its average daily net assets
for any fiscal year. No reimbursement was required for the six months ended
December 31, 1994. 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 $316,673 for the six months ended December 31, 1994.

The Adviser established an irrevocable standby letter of credit with a
commercial bank, in beneficial interest of the Portfolio, to pay the Portfolio
in the event debt obligations issued by Orange County California held by the
Portfolio default. The letter of credit in the amount of $30,355,750
approximates the principal and accrued interest due the Portfolio by the
issuer at maturity. The letter of credit will be reduced prorata to reflect
any subsequent sales of these debt obligations by the Portfolio, and the
Adviser has undertaken to reimburse the Portfolio, under certain
circumstances, for a portion of any realized loss incurred in such sales.

------------------------------------------------------------------------------

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 six months
ended December 31, 1994, the distribution amounted to $1,448,336 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 six months ended December 31, 1994, such payments by the
Portfolio amounted to $233,912 of which $56,000 was paid to the Adviser.

--
9

<PAGE>
ALLIANCE MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONT.) - GENERAL
PORTFOLIO
------------------------------------------------------------------------------

NOTE D: INVESTMENT TRANSACTIONS

At December 31, 1994, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1994
the Portfolio had a capital loss carryforward of $140,537, of which $5,613
expires in the year 2001 and $134,924 expires in the year 2002.

------------------------------------------------------------------------------

NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST

An unlimited number of shares ($.01 par value) are authorized. At December 31,
<PAGE>
1994, capital paid-in aggregated $1,063,230,489. Transactions, all at $1.00
per share, were as follows:

SIX MONTHS
ENDED
DECEMBER 31,
1994 YEAR ENDED
(UNAUDITED) JUNE 30, 1994
-------------- --------------
Shares sold.................................. 2,100,902,186 3,818,700,772
Shares issued on reinvestments of
dividends.................................. 14,236,797 20,558,991
Shares redeemed.............................. (2,186,328,028) (3,720,535,141)
-------------- --------------
Net increase (decrease)...................... (71,189,045) 118,724,622
-------------- --------------
-------------- --------------

------------------------------------------------------------------------------
NOTE F: FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout each
period.

<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JUNE 30,
DECEMBER 31, 1994
(UNAUDITED) 1994 1993 1992
1991 1990
----------------- ---------- ---------- -------- -------- --------
<S> <C> <C> <C> <C>
<C> <C>
Net asset value, beginning of
period...................... $1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
$ 1.00
----- ------- ------ ------ ------ -------
INCOME FROM INVESTMENT
OPERATIONS
----------------------
Net investment income......... .013 .018 .020 .034
.046 .055
----- ------- ------ ------ ------ -------
LESS: DISTRIBUTIONS
-------------------
Dividends from net investment
income...................... (.013) (.018) (.020) (.034) (.046)
(.055)
----- ------- ------ ------ ------ -------
Net asset value, end of
period...................... $1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
$ 1.00
----- ------- ------ ------ ------ -------
----- ------- ------ ------ ------ -------
TOTAL RETURNS
-------------
Total investment return based
on net asset value (a)...... 2.51%(b) 1.81% 2.05% 3.48%
4.71% 5.65%
----- ------- ------ ------ ------ -------
----- ------- ------ ------ ------ -------
<PAGE>
RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets, end of period
(000's omitted)............. $1,062,424 $1,134,270 $1,015,681 $914,452
$883,333 $798,774
Ratio of expenses to average ---------- ---------- ---------- -------- --------
--------
net assets.................. .93%(c) .92%(d) .92% .92%
.89% .83%
Ratio of net investment income
to average net assets....... 2.50%(c) 1.80%(d) 2.02% 3.40%
4.57% 5.50%
</TABLE>
------------------------------------------------------------------------------
(a) 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.
(b) Annualized.
(c) If the Fund had borne all expenses, the expense ratio would have been
.95%. The net investment income ratio would have been 2.47%.
(d) If the Fund had borne all expenses, the expense ratio would have been
.94%. The net investment income ratio would have been 1.78%.

--
10

<PAGE>

STATEMENT OF NET ASSETS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST -
CALIFORNIA PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
CALIFORNIA--96.6%
CALIFORNIA HFA SFMR
Cust. Receipt Series 15A
Home Mortgage E
AMT VRDN*
$ 1,600 8/01/25............. 5.85% $ 1,600,000
CALIFORNIA HFA SFMR
FHA/CHIF
AMT VRDN*
1,000 2/01/23............. 5.85 1,000,000
CALIFORNIA HFA SFMR
Series 19B Home Mortgage
AMT VRDN*
4,400 8/01/19............. 5.85 4,400,000
CALIFORNIA PCFA PCR
(Taormina Industries)
Series '94A
AMT VRDN*
3,400 8/01/14............. 5.15 3,400,000
CALIFORNIA PCFA PCR
(Wadham Energy Project)
Series '87C
AMT VRDN*
1,700 11/01/17............ 5.60 1,700,000
CALIFORNIA STATEWIDE
COMM. DEV. CORP.
(Chino Basin Municipal
Water)
AMT VRDN*
2,395 8/01/10............. 5.45 2,395,000
CALIFORNIA STATEWIDE
COMM. DEV. CORP. IDR
(Charles/Loralie)
AMT VRDN*
1,690 7/01/09............. 5.55 1,690,000
CALIFORNIA STATEWIDE
COMM. DEV. CORP. IDR
(K.U.M. Ltd.)
AMT VRDN*
2,000 6/01/22............. 5.55 2,000,000
CHULA VISTA IDR
(Charter City/Home
Depot Project)
VRDN*
3,400 12/01/10............ 6.25 3,400,000
CHULA VISTA IDR
<PAGE>
(San Diego Gas & Electric
Co.) Series '92B
AMT VRDN*
2,900 12/01/27............ 5.50 2,900,000
CONTRA COSTA
Sales Tax Revenue
Series '93A
FGIC VRDN*
$ 9,500 3/01/09............. 5.65% $ 9,500,000
CONTRA COSTA
COUNTY MFHR
(Park Regency Apts.)
Series A
AMT VRDN*
4,000 8/01/32............. 5.50 4,000,000
EASTERN MUNICIPAL
WATER COP
(Riverside County Water &
Sewer) Series '93B
VRDN*
600 7/01/20............. 5.40 600,000
GRAND TERRACE MFHR
(Mt. Vernon Villas)
Series '85A
VRDN*
1,440 12/01/11............ 6.75 1,440,000
LOS ANGELES COUNTY
(Convention and Exhibition
Center)
MBIA VRDN*
16,000 8/15/18............. 5.85 16,000,000
LOS ANGELES COUNTY
Metropolitan Transportation
IDR Series '93A
MBIA VRDN*
3,600 7/01/20............. 5.40 3,600,000
LOS ANGELES COUNTY
MFHR
Series K
VRDN*
5,900 7/01/10............. 5.00 5,900,000
LOS ANGELES COUNTY
TRANSPORT COMMISSION
CR92
MBIA VRDN*
3,000 7/01/05............. 4.50 3,000,000
LOS ANGELES COUNTY
TRANSPORT COMMISSION
CR92
MBIA VRDN*
3,000 7/01/05............. 4.50 3,000,000
LOS ANGELES HFA MFHR
(Mayor Wilshire Housing)
VRDN*
<PAGE>
4,000 12/01/10............ 5.25 4,000,000

--
1

<PAGE>
ALLIANCE MUNICIPAL TRUST
STATEMENT OF NET ASSETS (CONT.) - CALIFORNIA
PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
LOS ANGELES MFHR
(Poinsettia Apartment
Project)
Series '89A
MT VRDN*
$ 1,500 7/01/19............. 5.75% $ 1,500,000
LOS ANGELES TRAN
(Unified School District)
15,000 7/10/95............. 4.50 15,067,784
MONROVIA REDEV. AGY.
(Holiday Inn)
VRDN*
4,700 12/01/14............ 3.85 4,700,000
MORGAN HILL REDEV. AGY.
(Kent Trust)
VRDN*
2,640 12/01/14............ 5.53 2,640,000
MORGAN HILL REDEV. AGY.
(Nob Hill Venture Investors)
VRDN*
1,970 12/01/09............ 5.53 1,970,000
OCEANSIDE MFHR
(Riverview Springs)
Series A
AMT VRDN*
3,520 7/01/20............. 6.00 3,520,000
ORANGE COUNTY
Series '86A MFHR
(Alicia Viejo Project)
AMT VRDN*
4,120 12/01/16............ 7.00 4,120,000
RIVERSIDE COUNTY
SCHOOL FINANCING
AUTHORITY RAN
12,000 7/07/95............. 4.50 12,050,383
SAN BERNARDINO COUNTY
Sales Tax Revenue
Series '94A
VRDN*
12,600 3/01/10............. 6.00 12,600,000
SAN BERNARDINO
<PAGE>
COUNTY GO TRAN
10,000 7/31/95............. 4.50 10,014,721
SAN DIEGO MFHR
(La Serena Apartments)
VRDN*
8,000 2/01/09............. 6.75 8,000,000
SAN DIEGO REGIONAL
TRANSPORTATION AUTHORITY
Sales Tax Revenue
Series A
FGIC VRDN*
$ 17,400 4/01/08............. 4.75% $ 17,400,000
SAN FRANCISCO CITY &
COUNTY IDR
(Hoefer Scientific
Project)
AMT VRDN*
980 8/01/07............. 5.40 980,000
SANTA ANA IDR
(Newport Electronics)
AMT VRDN*
1,700 11/01/18............ 6.60 1,700,000
SANTA CLARA TRAN
(Unified School District)
7,500 6/30/95............. 4.25 7,519,582
SANTA FE SPRINGS IDR
(Metal Center Project)
Series '89A
AMT VRDN*
3,750 7/01/14............. 6.25 3,750,000
SOUTHERN CALIFORNIA PUBLIC
POWER AUTHORITY
Transmission Project
Revenue
VRDN* AMBAC
14,800 7/01/19............. 4.80 14,800,000
SOUTHERN CALIFORNIA PUBLIC
POWER AUTHORITY
VRDN* AMBAC
1,500 7/01/20............. 5.40 1,500,000
UPLAND COMM.
REDEV. AGY. MFHR
(Northwoods 168)
VRDN*
950 3/01/14............. 6.30 950,000
-------------
TOTAL INVESTMENTS--96.6%
(amortized cost
$200,306,375)....... 200,307,470
Other assets less
liabilities--3.4%... 6,943,359
-------------
NET ASSETS--100%
(offering and
<PAGE>
redemption price of
$1.00 per share;
207,281,860 shares
outstanding)........ $ 207,250,829
-------------
-------------

--
2

<PAGE>
ALLIANCE MUNICIPAL TRUST - CALIFORNIA
PORTFOLIO
------------------------------------------------------------------------------

+ All securities either mature or their interest rate changes in one year or
less.

GLOSSARY OF TERMS:

AMBAC American Municipal Bond Assurance
Corporation
AMT Alternative Minimum Tax
CHIF California Housing Insurance Fund
COP Certificate of Participation
ETM Escrowed to Maturity
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
RAN Revenue Anticipation Note
RAW Revenue Anticipation Warrants
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note

See notes to financial statements.

--
3
<PAGE>

<PAGE>
STATEMENT OF OPERATIONS ALLIANCE MUNICIPAL
TRUST -
SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED) CALIFORNIA
PORTFOLIO
------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
INVESTMENT INCOME
Interest.............................................................. $
3,763,699

EXPENSES
Advisory fee (Note B)................................................. $ 558,064
Distribution assistance and administrative service.................... 364,771
Transfer agency....................................................... 98,833
Custodian fees........................................................ 50,995
Registration fees..................................................... 17,836
Audit and legal fees.................................................. 27,151
Printing.............................................................. 10,290
Trustees' fees........................................................ 2,295
Miscellaneous......................................................... 4,530
----------------
Total expenses........................................................ 1,134,765
Less: fee waiver...................................................... (96,765)
1,038,000
---------------- -------------
Net investment income.................................................
2,725,699
-------------

REALIZED GAIN/LOSS ON INVESTMENTS
Net realized loss on investments......................................
(12,088)
Net change in unrealized appreciation of investments..................
1,095
-------------
Net loss on investments...............................................
(10,993)
-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS..............................
$ 2,714,706
-------------
-------------

<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------
SIX MONTHS ENDED
DECEMBER 31, 1994
YEAR ENDED
(UNAUDITED) JUNE
30, 1994
------------------- --------------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income................................................. $ 2,725,699 $
3,228,452
Net realized loss on investments...................................... (12,088)
(13,804)
Net change in unrealized appreciation of investments.................. 1,095
-0-
----------------- -------------
Net increase in net assets from operations............................ 2,714,706
3,214,648

DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income................................................. (2,725,699)
(3,228,452)
<PAGE>

TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease)............................................... (12,411,310)
63,486,936
----------------- -------------
Total increase (decrease)............................................. (12,422,303)
63,473,132

NET ASSETS
Beginning of period................................................... 219,673,132
156,200,000
----------------- -------------
End of period......................................................... $ 207,250,829
$219,673,132
----------------- -------------
----------------- -------------
</TABLE>
------------------------------------------------------------------------------
See notes to financial statements.

--
4

<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST -
CALIFORNIA 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, Alliance
Municipal Trust-New York Portfolio, Alliance Municipal Trust-California
Portfolio (the '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

2. TAXES

3. DIVIDENDS
<PAGE>

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
six months ended December 31, 1994 are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax
(AMT).

4. GENERAL

------------------------------------------------------------------------------

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 annual 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 six months
ended December 31, 1994. 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 $60,531 for the six months ended December 31, 1994.

------------------------------------------------------------------------------

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 six months
ended December 31, 1994, the distribution amounted to $279,032 of which
$96,765 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 six months ended December 31, 1994, such payments by the Portfolio
amounted to $85,739 of which $45,600 was paid to the Adviser.

--
5
<PAGE>

ALLIANCE MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONT.) - CALIFORNIA
PORTFOLIO
------------------------------------------------------------------------------

NOTE D: INVESTMENT TRANSACTIONS

At December 31, 1994, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1994
the Portfolio had a capital loss carryforward of $20,038, of which $6,234
expires in the year 2000 and $13,804 expires in the year 2002.

------------------------------------------------------------------------------

NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST

An unlimited number of shares ($.01 par value) are authorized. At December 31,
1994, capital paid-in aggregated $207,281,860. Transactions, all at $1.00
per share, were as follows:

<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31, 1994
YEAR ENDED
(UNAUDITED)
JUNE 30, 1994
---------------------
----------------
<S> <C>
<C>
Shares sold.............................................................. 387,521,783
704,558,192
Shares issued on reinvestments of dividends.............................. 2,677,997
3,238,981
Shares redeemed.......................................................... (402,611,090)
(644,310,237)
------------------
---------------
Net increase (decrease).................................................. (12,411,310)
63,486,936
------------------
---------------
------------------
---------------
</TABLE>
------------------------------------------------------------------------------

NOTE F: FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout each
period.

SIX MONTHS ENDED YEAR
ENDED JUNE 30,
DECEMBER 31, 1994
--------------------------------------------------------------
(UNAUDITED) 1994 1993
1992 1991
1990
--------------------- ----------- ----------- -----------
-----------
----------
<S> <C> <C> <C>
<C> <C> <C>
Net asset value, beginning of period......... $1.00 $1.00 $1.00
$1.00 $1.00
$1.00
----- ----- ----- -----
-----
-----
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
Net investment income........................ .012 .018 .020
.032 .043
.050
<PAGE>
----- ----- ----- -----
-----
-----
LESS: DISTRIBUTIONS
-------------------
Dividends from net investment income......... (.012) (.018) (.020)
(.032) (.043)
(.050)
----- ----- ----- -----
-----
-----
Net asset value, end of period............... $1.00 $1.00 $1.00
$1.00 $1.00
$1.00
----- ----- ----- -----
-----
-----
----- ----- ----- -----
-----
-----
TOTAL RETURNS
-------------
Total investment return based on net asset
value (a).................................. 2.47%(b) 1.83% 2.05%
3.26% 4.43%
5.17%

RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets, end of period (000's omitted).... $207,251 $219,673
$156,200 $121,317 $111,957
$104,097
Ratio of expenses to average net assets...... .93%(b)(c) .93%(c)
.93% .95% 1.00%
.99%
Ratio of net investment income to average net
assets..................................... 2.44%(b)(c) 1.82%(c) 2.01%
3.18% 4.32%
5.03%
</TABLE>
------------------------------------------------------------------------------
(a) 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 the period.
(b) Annualized.
(c) Net of voluntary fee waiver equivalent to .07% of average daily net
assets.

--
6
<PAGE>
<PAGE>
ALLIANCE MUNICIPAL TRUST - CALIFORNIA
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
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
EDMUND P. BERGAN, JR., Secretary
MARK D. GERSTEN, Treasurer & Chief Financial Officer
PATRICK J. FARRELL, Controller

CUSTODIAN

STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105

TRANSFER AGENT

ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520

LEGAL COUNSEL

SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004

DISTRIBUTOR

ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105

AUDITORS

MCGLADREY & PULLEN
555 Fifth Avenue
New York, NY 10017
<PAGE>
<PAGE>
ALLIANCE MUNICIPAL TRUST--CALIFORNIA PORTFOLIO BULK
RATE
1345 Avenue of the Americas, New York, NY 10105 U.S. POSTAGE
Toll-free 1 (800) 221-5672 PAID
New York, NY
Permit No. 7131

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/ /#/ /3/ /0/ /#/

For non-touch-tone telephones, call toll-free (800) 221-9513
------------------------------------------------------------

ALLIANCE CAPITAL [LOGO](Registered)

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.

(Registered) These registered service marks used under license from
the owner, Alliance Capital Management L.P.

ALC501294
ACASR
<PAGE>
<PAGE>
---------------------------------------------------------
ALLIANCE
MUNICIPAL
TRUST

- CALIFORNIA PORTFOLIO

ALLIANCE CAPITAL [LOGO](Registered)

SEMI-ANNUAL REPORT
DECEMBER 31, 1994

<PAGE>
<PAGE>
STATEMENT OF NET ASSETS ALLIANCE MUNICIPAL
TRUST -
DECEMBER 31, 1994 (UNAUDITED) CONNECTICUT PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
ARIZONA--3.1%
APACHE COUNTY PCR
(Tucson Electric Power)
Series '83A
VRDN*
$ 2,000 12/15/18............. 5.40% $ 2,000,000
------------
CALIFORNIA--7.7%
LOS ANGELES COUNTY
MFHR
Series K
VRDN*
3,000 7/01/10.............. 5.00 3,000,000
SAN DIEGO REGIONAL
TRANSPORTATION AUTHORITY
Sales Tax Revenue
Series A FGIC
VRDN*
2,000 4/01/08.............. 4.75 2,000,000
------------
5,000,000
------------
CONNECTICUT--82.8%
CONNECTICUT DEVELOPMENT
AUTH.
Series '89B Res. Rec.
(Exeter Energy Project)
AMT VRDN*
2,700 12/01/19............. 5.35 2,700,000
CONNECTICUT DEVELOPMENT
AUTH. HEALTH FACILITY
(Independent Living)
VRDN*
3,800 7/01/15.............. 5.50 3,800,000
CONNECTICUT DEVELOPMENT
AUTH. IDR
(International Ice Cream
Project) Series '86
AMT VRDN*
1,500 12/01/06............. 4.05 1,500,000
CONNECTICUT DEVELOPMENT
AUTH. PCR
(Central Vermont Public
Service)
VRDN*
1,000 12/01/15............. 3.50 1,000,000
<PAGE>
CONNECTICUT DEVELOPMENT
AUTH. PCR
(Connecticut Light and Power)
Series '93A
VRDN*
3,100 9/01/28.............. 5.40 3,100,000
CONNECTICUT DEVELOPMENT
AUTH. PCR
(Western Mass. Elec. Co.)
Series '93A
VRDN*
$ 3,700 9/01/28.............. 5.50% $ 3,700,000
CONNECTICUT DEVELOPMENT
AUTH. REVENUE
(Rand Whitney Container
Board Project)
AMT VRDN*
4,000 8/01/23.............. 4.60 4,000,000
CONNECTICUT GO
Economic Recovery Note
Series B
VRDN*
6,300 6/01/96.............. 5.40 6,300,000
CONNECTICUT GO
P-Floats
VRDN*
2,960 3/15/11.............. 5.70 2,960,000
CONNECTICUT HEFA
(Kent School) Series A
VRDN*
1,200 7/01/23.............. 4.50 1,200,000
CONNECTICUT HEFA
Series '90B
(Charlotte Hungerford
Hospital)
VRDN*
2,100 7/01/10.............. 5.75 2,100,000
CONNECTICUT HFA
(Home Mortgage Finance
Project) Series E2
AMT PPB*
2,290 11/15/95............. 4.50 2,290,000
CONNECTICUT HFA
Series G2 AMT PPB*
2,000 5/15/95.............. 3.65 2,000,000
CONNECTICUT RESOURCES
RECOVERY AUTHORITY RAN
2,100 6/22/95.............. 3.88 2,102,620
CONNECTICUT SPECIAL
ASSESSMENT UNEMPLOYMENT
COMPENSATION
Series C FGIC PPB*
5,000 7/01/95.............. 3.85 5,000,000

--
1
<PAGE>
<PAGE>
ALLIANCE MUNICIPAL TRUST
STATEMENT OF NET ASSETS (CONT.) - CONNECTICUT
PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
HARTFORD REDEV. AGY.
MFHR
(Underwood Towers
Project)
FSA Series '90
VRDN*
$ 3,100 6/01/20.............. 5.75% $ 3,100,000
MERIDEN GO BOND
AMBAC
1,825 10/15/95............. 7.00 1,866,771
SOUTH CENTRAL WATER
SYSTEMS FGIC
Series 6B
VRDN*
2,800 8/01/07.............. 5.20 2,800,000
STAMFORD HFA MFHR
(Morgan Street Project)
AMT VRDN*
1,600 8/01/24.............. 5.25 1,600,000
WINDSOR LOCKS GO
BAN
1,000 5/25/95.............. 3.50 1,000,000
------------
54,119,391
------------
PUERTO RICO--7.0%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '85
VRDN*
$ 2,600 12/01/15............. 5.15% $ 2,600,000
PUERTO RICO INDUSTRIAL
MEDICAL AND
ENVIRONMENTAL PCR
(Abbott Laboratories)
Series '83A PPB*
2,000 3/01/23.............. 2.60 2,000,000
------------
4,600,000
------------
TOTAL INVESTMENTS--100.6%
(amortized cost
$65,719,391)......... 65,719,391
<PAGE>
Other assets less
liabilities--(0.6%)... (385,046)
------------
NET ASSETS--100%
(offering and
redemption price of
$1.00 per share;
65,361,911 shares
outstanding)......... $ 65,334,345
------------
------------

------------------------------------------------------------------------------
+ All securities either mature or their interest rate changes in one year or
less.

GLOSSARY OF TERMS:

AMBAC American Municipal Bond Assurance
Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance
GO General Obligation
HEFA Health & Educational Facility
Authority
HFA Housing Finance Agency/Authority
IDR Industrial Development Revenue
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
PPB Periodic Put Bond
RAN Revenue Anticipation Note
VRDN Variable Rate Demand Note

See notes to financial statements.

--
2

<PAGE>
STATEMENT OF OPERATIONS ALLIANCE MUNICIPAL
TRUST -
SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED) CONNECTICUT
PORTFOLIO
------------------------------------------------------------------------------
<TABLE>
<PAGE>
<S> <C>
<C>
INVESTMENT INCOME
Interest.................................................................. $
1,037,932

EXPENSES
Advisory fee (Note B)..................................................... $ 158,106
Distribution assistance and administrative service........................ 132,825
Transfer agency........................................................... 36,755
Custodian fees............................................................ 24,782
Audit and legal fees...................................................... 16,467
Printing.................................................................. 4,906
Registration expense...................................................... 3,144
Trustees' fees............................................................ 2,607
Amortization of organization expenses..................................... 795
Miscellaneous............................................................. 1,870
----------------
Total expenses............................................................ 382,257
Less: expense reimbursement and fee waiver................................ (129,288)
252,969
----------------
-------------
Net investment income.....................................................
784,963

-------------
NET INCREASE IN NET ASSETS FROM OPERATIONS..................................
$ 784,963

-------------

-------------
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------

SIX MONTHS ENDED
DECEMBER 31, 1994
YEAR ENDED
(UNAUDITED)
JUNE 30, 1994
-------------------
--------------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income..................................................... $ 784,963
$ 1,044,516
Net realized loss on investments.......................................... -0-
(16,849)
----------------
-------------
Net increase in net assets from operations................................ 784,963
1,027,667

DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income..................................................... (784,963)
(1,044,516)

TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase.............................................................. 8,020,078
1,106,888
----------------
-------------
Total increase............................................................ 8,020,078
1,090,039

NET ASSETS
Beginning of period....................................................... 57,314,267
56,224,228
----------------
-------------
End of period............................................................. $ 65,334,345
$ 57,314,267
----------------
-------------
----------------
-------------
</TABLE>
<PAGE>
------------------------------------------------------------------------------

See notes to financial statements.
--
3

<PAGE>
NOTES TO FINANCIAL STATEMENTS ALLIANCE MUNICIPAL
TRUST
DECEMBER 31, 1994 (UNAUDITED) - CONNECTICUT
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, Alliance
Municipal Trust-New York Portfolio, Alliance Municipal Trust-California
Portfolio, Alliance Municipal Trust-Connecticut Portfolio (the 'Portfolio'),
Alliance Municipal Trust-New Jersey Portfolio and Alliance Muncipal
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

2. ORGANIZATION EXPENSES

The organization expenses of the Portfolio are being amortized against income
on a straight-line basis through January, 1995.

3. TAXES

4. 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
six months ended December 31, 1994 are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax
(AMT).
<PAGE>

5. GENERAL

------------------------------------------------------------------------------

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 annual aggregate expenses (excluding taxes, brokerage, interest and,
where permitted, extraordinary expenses) exceed 1% of its average daily net
assets for any fiscal year. The Adviser also voluntarily agreed to reimburse
the Portfolio for the six months ended December 31, 1994 for expenses
exceeding .80 of 1% of its average daily net assets. For the six months ended
December 31, 1994, the reimbursement amounted to $97,666. 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 $19,468 for the six
months ended December 31, 1994.

------------------------------------------------------------------------------

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 six months
ended December 31, 1994, the distribution fee amounted to $79,053 of which
$31,622 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 six months ended December 31, 1994, such payments by the Portfolio
amounted to $53,772 of which $44,700 was paid to the Adviser.

--
4

<PAGE>
ALLIANCE MUNICIPAL TRUST - CONNECTICUT
PORTFOLIO
------------------------------------------------------------------------------

NOTE D: INVESTMENT TRANSACTIONS

At December 31, 1994, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1994,
<PAGE>
the Portfolio had a capital loss carryforward of $27,566 of which $10,717
expires in the year 2000 and $16,849 expires in the year 2002.

------------------------------------------------------------------------------

NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST

An unlimited number of shares ($.01 par value) are authorized. At December 31,
1994, capital paid-in aggregated $65,361,911. Transactions, all at $1.00 per
share, were as follows:

<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31, 1994
YEAR ENDED
(UNAUDITED)
JUNE 30, 1994
-----------------
-------------
<S> <C>
<C>
Shares sold.................................................................... 114,689,804
181,209,614
Shares issued on reinvestments of dividends.................................... 770,295
1,046,059
Shares redeemed................................................................ (107,440,021)
(181,148,785)
----------------
-------------
Net increase................................................................... 8,020,078
1,106,888
----------------
-------------
----------------
-------------
</TABLE>
------------------------------------------------------------------------------
NOTE F: FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout each
period.

SIX MONTHS ENDED YEAR ENDED
JUNE 30,
DECEMBER 31, 1994
--------------------------------------------------
(UNAUDITED) 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................. .012 .017 .020
.033 .045
----- ----- ----- -----
-----
LESS: DISTRIBUTIONS
-------------------
Dividends from net investment
income.............................. (.012) (.017) (.020) (.033)
(.045)
----- ----- ----- -----
-----
Net asset value, end of period........ $1.00 $1.00 $1.00
$1.00 $1.00
----- ----- ----- -----
-----
<PAGE>
----- ----- ----- -----
-----
TOTAL RETURNS
-------------
Total investment return
based on net asset value (b)........ 2.48%(c) 1.71% 2.00%
3.35% 4.57%

RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets, end of period (000's
omitted) $65,334 $57,314 $56,224
$54,751 $48,482
Ratio of expenses to average net
assets (d)(e)....................... .80%(c) .77% .70%
.58% .44%
Ratio of net investment income to
average net assets (d)(e)........... 2.48%(c) 1.69% 1.97%
3.28% 4.39%

JANUARY 5, 1990(A)
THROUGH
JUNE 30, 1990
-------------------
<S> <C>
Net asset value, beginning of
period.............................. $1.00
-----
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
Net investment income................. .026
-----
LESS: DISTRIBUTIONS
-------------------
Dividends from net investment
income.............................. (.026)
-----
Net asset value, end of period........ $1.00
-----
-----
TOTAL RETURNS
-------------
Total investment return
based on net asset value (b)........ 5.53%(c)

RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets, end of period (000's
omitted) $27,945
Ratio of expenses to average net
assets (d)(e)....................... .19%(c)
Ratio of net investment income to
average net assets (d)(e)........... 5.39%(c)
</TABLE>
------------------------------------------------------------------------------
(a) Commencement of operations.
(b) Total investment return is calculated assuming an initial investment made
<PAGE>
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 the period.
(c) Annualized.
(d) Net of expense reimbursement.
(e) Net of voluntary expense reimbursement equivalent to .20%, .23%, .30%,
.42%, .56%, and .81%, respectively, of average daily net assets.
--
5
<PAGE>
<PAGE>
ALLIANCE MUNICIPAL TRUST - CONNECTICUT
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

CUSTODIAN

STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105

TRANSFER AGENT

ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520

LEGAL COUNSEL

SEWARD AND KISSEL
One Battery Park Plaza
New York, NY 10004

DISTRIBUTOR

ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105

AUDITORS

MCGLADREY & PULLEN
555 Fifth Avenue
New York, NY 10017
<PAGE>
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
<PAGE>

ALLIANCE MUNICIPAL TRUST--CONNECTICUT 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/ /#/ /2/ /8/ /#/

For non-touch-tone telephones, call toll-free (800) 221-9513
------------------------------------------------------------

ALLIANCE CAPITAL [LOGO](Registered)

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.

(Registered) These registered service marks used under license from
the owner, Alliance Capital Management L.P.

ALC501293
ACTSR

<PAGE>
<PAGE>
---------------------------------------------------------
ALLIANCE
MUNICIPAL
TRUST

- CONNECTICUT PORTFOLIO

ALLIANCE CAPITAL [LOGO](Registered)

SEMI-ANNUAL REPORT
DECEMBER 31, 1994
---------------------------------------------------------

<PAGE>
<PAGE>
STATEMENT OF NET ASSETS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - NEW
JERSEY PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
COLORADO--3.8%
COLORADO STUDENT OBLIGATION
BOND AUTHORITY
Student Loan Revenue
Series '90A
AMT VRDN*
$ 2,000 9/01/24.............. 5.05% $ 2,000,000
------------
ILLINOIS--0.8%
CHICAGO AIRPORT REVENUE
Series '88A
(O'Hare International
Airport) AMT VRDN*
400 1/01/18.............. 5.60 400,000
------------
MICHIGAN--1.3%
MICHIGAN HIGHER EDUCATION
Student Loan Revenue
Series B
AMT VRDN* AMBAC
700 10/01/13............. 5.05 700,000
------------
NEW JERSEY--87.8%
GLOUCESTER COUNTY PCR
(Mobil Oil Co.)
VRDN*
2,000 12/01/13............. 5.00 2,000,000
MONMOUTH COUNTY GO
BAN
2,000 8/31/95.............. 4.75 2,009,587
MORRIS COUNTY GO
BAN
3,000 12/15/95............. 4.70 3,002,717
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(American Water Project)
AMT FGIC VRDN*
2,500 11/01/24............. 5.40 2,500,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
Office Court Project '89
Revenue
AMT VRDN*
1,400 4/01/11.............. 5.05 1,400,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
<PAGE>
Stp Company 2 through 4
Project 1992 VRDN*
2,185 7/01/06.............. 5.35 2,184,999
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Dow Chemical)
VRDN*
$ 2,200 5/01/01.............. 6.00% $ 2,200,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Economic Growth)
Series B
AMT VRDN*
1,600 8/01/04.............. 5.40 1,600,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Sound Design Corp.)
VRDN*
2,942 12/31/99............. 5.53 2,942,131
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Toys R Us)
VRDN*
1,300 4/01/19.............. 5.60 1,300,000
NEW JERSEY GO
TRAN
3,000 6/15/95.............. 5.00 3,012,766
NEW JERSEY HEALTH CARE
HOSPITAL REVENUE
(South Jersey Hospital)
MBIA
1,625 7/01/95.............. 4.50 1,625,000
NEW JERSEY HFA SFMR
Eagle Trust (Home Owner
Mtg.) Series C-D
MBIA VRDN*
3,000 10/01/15............. 5.73 3,000,000
NEW JERSEY SPORTS &
EXPOSITION AUTHORITY
Series C MBIA VRDN*
2,400 9/01/24.............. 5.40 2,400,000
NEW JERSEY STATE
HFA MFHR PPB*
(Statewide Mortgage)
Series 1
990 10/01/14............. 4.20 990,000
NEW JERSEY STATE
TURNPIKE AUTHORITY
(Turnpike Revenue)
Series '91A
MBIA VRDN*
900 1/01/00.............. 5.50 900,000

--
1
<PAGE>
<PAGE>
ALLIANCE MUNICIPAL TRUST
STATEMENT OF NET ASSETS (CONT.) - NEW JERSEY
PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
NEW JERSEY STATE
TURNPIKE AUTHORITY
(Turnpike Revenue)
Series '91A
MBIA VRDN*
$ 1,000 1/01/01.............. 5.50% $ 1,000,000
NEW JERSEY STATE
TURNPIKE AUTHORITY
(Turnpike Revenue)
Series D
FGIC VRDN*
1,600 1/01/18.............. 4.65 1,600,000
PASSAIC COUNTY NEW JERSEY
WATER COMMISSION
(Water Supply Revenue)
FGIC VRDN*
1,260 12/15/22............. 4.90 1,260,000
PORT AUTHORITY OF NEW YORK
AND NEW JERSEY
Series 3 Util Rev:
(KIAC Partners Project)
AMT VRDN*
2,100 10/01/14............. 5.35 2,100,000
PRINCETON TOWNSHIP
BAN GO
$ 3,300 3/16/95.............. 3.75% $ 3,304,218
WALL TOWNSHIP
BAN GO
3,500 4/19/95.............. 3.63 3,503,252
------------
45,834,670
------------
TOTAL INVESTMENTS--93.7%
(amortized cost
$48,934,670)......... 48,934,670
Other assets less
liabilities--6.3%.... 3,312,180
------------
NET ASSETS--100%
(offering and
redemption
price of $1.00 per
share;
52,247,888 shares
<PAGE>
outstanding)......... $ 52,246,850
------------
------------

------------------------------------------------------------------------------
+ All securities either mature or their interest rate changes in one year or
less.

GLOSSARY OF TERMS:

AMBAC American Municipal Bond Assurance
Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
FGIC Financial Guaranty Insurance Company
GO General Obligation
HFA Housing Finance Agency/Authority
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
PPB Periodic Put Bond
SFMR Single Family Mortgage Revenue
TRAN Tax Revenue Anticipation Note
VRDN Variable Rate Demand Note

See notes to financial statements.

--
2

<PAGE>
STATEMENT OF ASSETS AND LIABILITIES ALLIANCE
MUNICIPAL TRUST
DECEMBER 31, 1994 (UNAUDITED) - NEW JERSEY
PORTFOLIO
------------------------------------------------------------------------------
<TABLE>
<S>
<C>
ASSETS
Investments in securities, at value (cost $48,934,670)..........................................
$ 48,934,670
Cash............................................................................................
2,827,341
Interest receivable.............................................................................
518,902
Receivable from investment adviser..............................................................
24,009
Deferred organization expense...................................................................
8,311

--------------
Total assets....................................................................................
52,313,233
<PAGE>

--------------

LIABILITIES
Investment advisory fee payable.................................................................
21,302
Dividends payable...............................................................................
10,515
Accrued expenses................................................................................
34,566

--------------
Total liabilities...............................................................................
66,383

--------------
NET ASSETS........................................................................................
$ 52,246,850

--------------

COMPOSITION OF NET ASSETS
Shares of beneficial interest................................................................... $
52,247,888
Accumulated net realized loss on investments....................................................
(1,038)

--------------
$
52,246,850

--------------

--------------
</TABLE>
------------------------------------------------------------------------------

See notes to financial statements.

--
3

<PAGE>
STATEMENT OF OPERATIONS ALLIANCE MUNICIPAL
TRUST
SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED) - NEW JERSEY
PORTFOLIO
------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
INVESTMENT INCOME
Interest.............................................................. $
757,357

EXPENSES
Advisory fee (Note B)................................................. $ 112,525
Distribution assistance and administrative service.................... 102,254
Transfer agency....................................................... 37,101
Custodian fees........................................................ 25,576
Audit and legal fees.................................................. 16,895
Registration fees..................................................... 8,494
Printing.............................................................. 2,774
Trustees' fees........................................................ 1,993
Prepaid organization expense.......................................... 1,021
Miscellaneous......................................................... 525
-----------
Total expenses........................................................ 309,158
Less: expense reimbursement and fee waiver............................ (151,622)
157,536
----------- ----------
Net investment income.................................................
599,821

<PAGE>
REALIZED LOSS ON INVESTMENTS
Net realized loss on investments......................................
(1,038)
----------
NET INCREASE IN NET ASSETS FROM OPERATIONS..............................
$ 598,783
----------
----------
<CAPTION>

STATEMENT OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------
SIX MONTHS ENDED
FEBRUARY 7, 1994*
DECEMBER 31, 1994
TO
(UNAUDITED)
JUNE 30, 1994
-------------------
-------------------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income................................................. $ 599,821
$ 270,045
Net realized loss on investments...................................... (1,038)
-0-
---------------- ----------------
Net increase in net assets from operations............................ 598,783
270,045

DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income................................................. (599,821)
(270,045)

TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase.......................................................... 15,339,304
36,908,584
---------------- ----------------
Total increase........................................................ 15,338,266
36,908,584

NET ASSETS
Beginning of period................................................... 36,908,584
-0-
---------------- ----------------
End of period......................................................... $ 52,246,850 $
36,908,584
---------------- ----------------
---------------- ----------------
</TABLE>
------------------------------------------------------------------------------
* Commencement of operations.

See notes to financial statements.

--
4

<PAGE>
NOTES TO FINANCIAL STATEMENTS ALLIANCE MUNICIPAL
TRUST
DECEMBER 31, 1994 (UNAUDITED) - NEW JERSEY
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
<PAGE>
beneficial interest: Alliance Municipal Trust-General Portfolio, Alliance
Municipal Trust-New York Portfolio, Alliance Municipal Trust-California
Portfolio, Alliance Municipal Trust-Connecticut Portfolio, Alliance Municipal
Trust-New Jersey Portfolio (the '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

2. ORGANIZATION EXPENSES

The organization expenses of the Portfolio are being amortized against income
on a straight-line basis through February 7, 1999.

3. TAXES

4. DIVIDENDS

5. GENERAL

------------------------------------------------------------------------------

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,
<PAGE>
pursuant to the advisory agreement, to reimburse the Portfolio to the extent
that its annual aggregate expenses (excluding taxes, brokerage, interest and,
where permitted, extraordinary expenses) exceed 1% of its average daily net
assets for any fiscal year. For the six months ended December 31, 1994, the
Adviser also voluntarily agreed to reimburse the Portfolio for expenses
exceeding .70 of 1% of its average daily net assets. For the six months ended
December 31, 1994, the reimbursement amounted to $129,117. 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 $25,058 for the six
months ended December 31, 1994.

------------------------------------------------------------------------------

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 six months ended December 31, 1994, the distribution amounted to
$56,263 of which $22,505 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 six months ended December 31, 1994, such payments by the
Portfolio amounted to $45,991 of which $44,500 was paid to the Adviser.

--
5
<PAGE>
ALLIANCE MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONT.) - NEW JERSEY
PORTFOLIO
------------------------------------------------------------------------------

NOTE D: INVESTMENT TRANSACTIONS

At December 31, 1994, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes.

------------------------------------------------------------------------------

NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST

An unlimited number of shares ($.01 par value) are authorized. At December
31, 1994, capital paid-in aggregated $52,247,888. Transactions, all at $1.00
per share, were as follows:

<TABLE>
<CAPTION>
SIX MONTHS ENDED
FEBRUARY 7, 1994(A)
DECEMBER 31, 1994
THROUGH
(UNAUDITED) JUNE 30,
1994
<PAGE>
--------------------- -----------------------
<S> <C> <C>
Shares sold................................................ 107,336,237
93,355,382
Shares issued on reinvestments of dividends................ 589,306
269,901
Shares redeemed............................................ (92,586,239)
(56,716,699)
----------------- ------------------
Net increase............................................... 15,339,304
36,908,584
----------------- ------------------
----------------- ------------------
</TABLE>
------------------------------------------------------------------------------

NOTE F: FINANCIAL HIGHLIGHTS

Per share operating performance for a share
outstanding throughout each period.

<TABLE>
<CAPTION>
SIX MONTHS ENDED
FEBRUARY 7, 1994(A)
DECEMBER 31, 1994
THROUGH
(UNAUDITED) JUNE 30,
1994
----------------------- -------------------------
<S> <C> <C>
Net asset value, beginning of period.................... $ 1.00 $
1.00
------ ------
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
Net investment income................................... .013 .008
------ ------
LESS: DISTRIBUTIONS
-------------------
Dividends from net investment income.................... (.013)
(.008)
------ ------
Net asset value, end of period.......................... $ 1.00 $ 1.00
------ ------
------ ------
TOTAL RETURNS
-------------
Total investment return based on net asset value
(b)(c)................................................ 2.65% 2.08%

RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets, end of period (000's omitted)............... $52,247
$36,909
Ratio of expenses to average net assets (c)(d).......... .70%(e)
.70%(f)
Ratio of net investment income to average
net assets (c)(d)..................................... 2.67%(e)
2.07%(f)
</TABLE>
------------------------------------------------------------------------------
(a) Commencement of operations.
(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 value during the period, and
<PAGE>
redemption on the last day of the period.
(c) Annualized.
(d) Net of expense reimbursement.
(e) If the fund had borne all expenses, the expense ratio would have been
1.37%. The net investment income ratio would have been 1.99%.
(f) If the fund had borne all expenses, the expense ratio would have been
1.93%. The net investment income ratio would have been .84%.

--
6

<PAGE>
ALLIANCE MUNICIPAL TRUST - NEW JERSEY
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

CUSTODIAN

STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105

TRANSFER AGENT

ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520

LEGAL COUNSEL

<PAGE>
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004

DISTRIBUTOR

ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105

AUDITORS

MCGLADREY & PULLEN
555 Fifth Avenue
New York, NY 10017
<PAGE>
<PAGE>

ALLIANCE MUNICIPAL TRUST--NEW JERSEY PORTFOLIO BULK
RATE
1345 Avenue of the Americas, New York, NY 10105 U.S. POSTAGE
Toll-free 1 (800) 221-5672 PAID
New York, NY
Permit No. 7131

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/ /#/ /9/ /2/ /#/

For non-touch-tone telephones, call toll-free (800) 221-9513
------------------------------------------------------------

ALLIANCE CAPITAL [LOGO](Registered)

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.

(Registered) These registered service marks used under license from
the owner, Alliance Capital Management L.P.

ALC501300
ANJSR

---------------------------------------------------------
ALLIANCE
MUNICIPAL
TRUST

- NEW JERSEY PORTFOLIO

ALLIANCE CAPITAL [LOGO](Registered)

SEMI-ANNUAL REPORT
DECEMBER 31, 1994

<PAGE>
<PAGE>
STATEMENT OF NET ASSETS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - NEW
YORK PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
NEW YORK--90.8%
BABYLON GO
Series 94
VRDN* AMBAC
$ 5,000 1/15/04............. 4.70% $ 5,000,000
BATTERY PARK CITY FHA
Apt. Dev.: Marina Towers
VRDN*
3,760 6/01/23............. 5.75 3,760,000
BATTERY PARK CITY FHA
Apt. Dev.: Marina Towers
VRDN*
3,100 6/01/23............. 5.75 3,100,000
BROOKHAVEN IDR
(Di-Anna Realty Co.)
VRDN*
382 12/01/95............ 5.53 382,203
DUTCHESS COUNTY IDR
(Toys 'R' Us/NYTEX)
Series '84
VRDN*
1,000 11/01/19............ 6.00 1,000,000
ERIE COUNTY GO RAN
1,500 8/15/95............. 4.75 1,506,696
FRANKLIN COUNTY IDR
(KES Chateaugay)
AMT VRDN*
1,500 7/01/21............. 5.40 1,500,000
FRANKLIN COUNTY IDR
(McCadam Cheese Co.,
Inc. Project)
Series '90
VRDN*
2,500 2/01/03............. 5.70 2,500,000
HEMPSTEAD GO BAN
5,000 8/17/95............. 4.50 5,015,616
ISLIP IDR
(Erin Associates) Series '85
VRDN*
704 8/01/02............. 5.53 703,989
MASSAPEQUA TAN
(Unified School District)
10,000 6/30/95............. 4.25 10,022,334
METROPOLITAN TRANSPORT
AUTHORITY
(Commuter Facility Revenue)
<PAGE>
VRDN*
2,300 7/01/21............. 5.15 2,300,000
METROPOLITAN TRANSPORT
AUTHORITY
(Commuter Facility Revenue)
VRDN*
$ 3,000 7/01/07............. 5.35% $ 3,000,000
MONROE COUNTY IDR
(ENBI Corporation)
AMT VRDN*
2,000 12/01/18............ 5.35 2,000,000
NEW YORK GO
(Custodial Receipt)
Series A28
VRDN* AMBAC
5,000 7/01/03............. 4.35 5,000,000
NEW YORK GO RAN
10,000 4/12/95............. 4.50 10,022,980
NEW YORK GO
(Custodial Receipt)
Series A29
VRDN* AMBAC
4,000 8/01/03............. 4.35 4,000,000
NEW YORK IDR
(ACME Metal Co.)
VRDN*
124 4/01/95............. 5.53 123,750
NEW YORK IDR
(Madelaine Chocolate
Novelties) Series '86
VRDN*
672 4/01/01............. 5.53 671,747
NEW YORK IDR
(Madelaine Chocolate
Novelties) Series '86
VRDN*
307 6/10/99............. 5.53 307,256
NEW YORK IDR
(Monadnock Construction)
VRDN*
275 12/01/95............ 5.53 274,581
NEW YORK IDR
(Western Carpet &
Linoleum)
VRDN*
907 6/10/00............. 5.53 907,488
NEW YORK STATE DORMITORY
AUTHORITY
(Custodial Receipt)
Series A32
FGIC VRDN*
2,000 7/01/03............. 4.35 2,000,000

--
1
<PAGE>
<PAGE>
STATEMENT OF NET ASSETS (CONT.) ALLIANCE MUNICIPAL TRUST - NEW
YORK PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
NEW YORK STATE
ENVIRONMENTAL FACILITIES
CORP. PCR
(New York City Water
Finance Auth.)
Series '94A
VRDN*
$ 8,000 6/15/12............. 5.73% $ 8,000,000
NEW YORK STATE
ERDA PCR
(Long Island Lighting
Co.) Series A PPB*
6,500 3/01/95............. 3.00 6,500,000
NEW YORK STATE ERDA
UTIL. REV.
(Rochester Gas &
Electric) Series '85
PPB*
5,000 11/15/95............ 4.40 5,000,000
NEW YORK STATE HFA
MFHR
(Wood Creek Meadows)
AMT VRDN* AMBAC
4,650 11/01/28............ 5.35 4,650,000
NEW YORK STATE JOB
DEV. AUTH.
Series '86A-1
AMT VRDN*
2,165 3/01/00............. 3.85 2,165,000
NEW YORK STATE JOB
DEV. AUTH.
Series '86C-1
AMT VRDN*
955 3/01/00............. 3.85 955,000
NEW YORK STATE MEDICAL
CARE FACILITIES FINANCE
AGENCY
Pooled Equipment
Loan Program
VRDN*
900 11/01/15............ 5.10 900,000
NEW YORK STATE MEDICAL
CARE FACILITIES FINANCE
AGENCY FHA
St. Lukes Hosp.
<PAGE>
Series '93
VRDN*
10,000 5/12/05............. 5.70 10,000,000
NEW YORK STATE
MEDICAL CARE FACILITIES
FINANCE AUTH.
VRDN*
$ 8,245 2/15/13............. 5.70% $ 8,245,001
NEW YORK STATE
POWER AUTH.
BTCO-30
2,300 1/01/03............. 5.50 2,300,000
NEW YORK STATE
POWER AUTH.
General Purpose PPB*
10,000 3/01/95............. 3.80 10,000,000
PORT AUTHORITY OF
NEW YORK AND NEW JERSEY
Series 3 Util Rev: (KIAC
Partners Project)
AMT VRDN*
275 10/01/14............ 5.35 275,000
ROCKLAND COUNTY IDR
Series 85
(Bendix Mouldings, Inc.)
VRDN*
1,200 12/01/01............ 5.10 1,200,000
TRIBOROUGH BRIDGE &
TUNNEL AUTHORITY
(Special Obligation)
MBIA VRDN*
2,000 1/01/05............. 5.50 2,000,000
TRIBOROUGH BRIDGE &
TUNNEL AUTHORITY
(Special Obligation)
MBIA VRDN*
4,900 1/01/04............. 5.50 4,900,000
WESTCHESTER COUNTY IDR
(Hitachi America)
VRDN*
3,200 7/01/98............. 3.85 3,200,000
-------------
TOTAL INVESTMENTS-90.8%
(amortized cost
$135,388,641)....... 135,388,641
Other assets less
liabilities-9.2%.... 13,670,049
-------------
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
149,122,994 shares
outstanding)........ $ 149,058,690
-------------
-------------

--
2
<PAGE>
<PAGE>
ALLIANCE MUNICIPAL TRUST - NEW YORK
PORTFOLIO
------------------------------------------------------------------------------

+ All securities either mature or their interest rate changes in one year or
less.

GLOSSARY OF TERMS:

AMBAC American Municipal Bond Assurance
Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
ERDA Energy Research & Development
Authority
FGIC Financial Guaranty Insurance Company
FHA Federal Housing Agency/Authority
GO General Obligation
HFA Housing Finance Agency/Authority
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
PPB Periodic Put Bond
RAN Revenue Anticipation Note
TAN Tax Anticipation Note
VRDN Variable Rate Demand Note

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1994 (UNAUDITED)
------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments in securities, at value (cost $135,388,641)......................................
$ 135,388,641
Cash.........................................................................................
12,322,140
Interest receivable..........................................................................
1,495,271
Receivable from investment adviser...........................................................
66,164
<PAGE>

---------------
Total assets.................................................................................
149,272,216

---------------

LIABILITIES
Investment advisory fee payable..............................................................
64,586
Dividends payable............................................................................
29,067
Accrued expenses.............................................................................
119,873

---------------
Total liabilities............................................................................
213,526

---------------
NET ASSETS..................................................................................... $
149,058,690

---------------

COMPOSITION OF NET ASSETS
Shares of beneficial interest................................................................ $
149,122,994
Accumulated net realized loss on investments.................................................
(64,304)

---------------
$
149,058,690

---------------

---------------
</TABLE>
------------------------------------------------------------------------------
See notes to financial statements.

--
3

<PAGE>
STATEMENT OF OPERATIONS ALLIANCE MUNICIPAL
TRUST
SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED) - NEW YORK
PORTFOLIO
------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
INVESTMENT INCOME
Interest.............................................................. $
2,611,171

EXPENSES
Advisory fee (Note B)................................................. $ 393,728
Distribution assistance and administrative service.................... 273,236
Transfer agency....................................................... 62,028
Custodian fees........................................................ 27,660
Audit and legal fees.................................................. 16,560
Printing.............................................................. 5,888
Trustees' fees........................................................ 2,576
Registration fees..................................................... 1,656
Miscellaneous......................................................... 2,668
---------------
Total expenses........................................................ 786,000
Less: expense reimbursement and fee waiver............................ (116,662)
669,338
--------------- ----------------
Net investment income.................................................
1,941,833
----------------
<PAGE>
REALIZED GAIN/LOSS ON INVESTMENTS
Net realized loss on investments......................................
(13,088)
Net change in unrealized appreciation of investments..................
(4,676)
----------------
Net loss on investments...............................................
(17,764)
----------------
NET INCREASE IN NET ASSETS FROM OPERATIONS..............................
$ 1,924,069
----------------
----------------
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------

SIX MONTHS ENDED
DECEMBER 31, 1994
YEAR ENDED
(UNAUDITED) JUNE
30, 1993
------------------- --------------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income................................................. $ 1,941,833 $
2,384,824
Net realized loss on investments...................................... (13,088)
(7,816)
Net change in unrealized appreciation of investments.................. (4,676)
4,676
----------------- -------------
Net increase in net assets from operations............................ 1,924,069
2,381,684

DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income................................................. (1,941,833)
(2,384,824)

TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease)............................................... (13,762,920)
62,313,218
----------------- -------------
Total increase (decrease)............................................. (13,780,684)
62,310,078

NET ASSETS
Beginning of year..................................................... 162,839,374
100,529,296
----------------- -------------
End of period......................................................... $ 149,058,690
$162,839,374
----------------- -------------
----------------- -------------
</TABLE>
------------------------------------------------------------------------------
See notes to financial statements.

--
4

<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - NEW
YORK PORTFOLIO
------------------------------------------------------------------------------

NOTE A: SIGNIFICANT ACCOUNTING POLICIES

Alliance Municipal Trust (the 'Fund') is registered under the Investment
<PAGE>
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, Alliance
Municipal Trust-New York Portfolio (the '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

2. TAXES

3. DIVIDENDS

4. GENERAL

------------------------------------------------------------------------------

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 annual aggregate expenses (excluding taxes, brokerage, interest and,
where permitted, extraordinary expenses) exceed 1% of its average daily net
<PAGE>
assets for any fiscal year. For the six months ended December 31, 1994, the
Adviser also voluntarily agreed to reimburse the Portfolio for expenses
exceeding .85 of 1% of its average daily net assets. For the six months ended
December 31, 1994, the reimbursement amounted to $37,917. 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 $45,252 for the year
ended December 31, 1994.

------------------------------------------------------------------------------

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 six months ended December 31, 1994, the distribution fee amounted to
$196,864 of which $78,745 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 six months ended December 31, 1994, such payments by the
Portfolio amounted to $76,372 of which $45,400 was paid to the Adviser.

--
5

<PAGE>
ALLIANCE MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONT.) - NEW YORK
PORTFOLIO
------------------------------------------------------------------------------

NOTE D: INVESTMENT TRANSACTIONS

At December 31, 1994, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1994,
the Portfolio had a capital loss carryforward of $51,214, of which $43,398
which expires in the year 1995 and $7,816 expires in the year 2002.

------------------------------------------------------------------------------

NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST

An unlimited number of shares ($.01 par value) are authorized. At December
31, 1994, capital paid-in aggregated $149,122,994. Transactions, all at $1.00
per share, were as follows:

<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31, 1994
YEAR ENDED
(UNAUDITED)
JUNE 30, 1994
<PAGE>
-----------------
-------------

<S> <C>
<C>
Shares sold.................................................................... 259,686,845
453,679,312
Shares issued on reinvestments of dividends....................................
1,912,766 2,386,594
Shares redeemed................................................................ (275,362,531)
(393,752,688)
----------------
-------------
Net increase (decrease)........................................................ (13,762,920)
62,313,218
----------------
-------------
----------------
-------------
</TABLE>
------------------------------------------------------------------------------

NOTE F: FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout each
period.

<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30,
DECEMBER 31, 1994
-----------------------------------------------------
(UNAUDITED) 1994 1993 1992
1991 1990
----------------- --------- --------- ---------
---------
---------
<S> <C> <C> <C>
<C> <C> <C>
Net asset value, beginning of
period.............................. $1.00 $1.00 $1.00 $1.00
$1.00
$1.00
----- ----- ----- -----
-----
-----

INCOME FROM INVESTMENT OPERATIONS
---------------------------------
Net investment income................. .012 .018 .019 .034
.042
.051
----- ----- ----- -----
-----
-----
LESS: DISTRIBUTIONS
-------------------
Dividends from net investment income.. (.012) (.018) (.019)
(.034) (.042)
(.051)
----- ----- ----- -----
-----
-----
Net asset value, end of period........ $1.00 $1.00 $1.00
$1.00 $1.00
$1.00
----- ----- ----- -----
-----
-----
----- ----- ----- -----
-----
-----
TOTAL RETURNS
-------------
Total investment return
based on net asset value (a)........ 2.49%(b) 1.77% 1.94%
3.47% 4.32%
5.26%

RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets, end of period
(000's omitted)..................... $ 149,059 $ 162,839 $ 100,529 $
100,476 $ 71,748 $
62,536
Ratio of expenses to
average net assets (c).............. .85%(d) .84%(e) .80%(f)
.80%(f) .80%(f)
.80%(f)
Ratio of net investment income to
average net assets (c).............. 2.47%(d) 1.77%(e) 1.91%(f)
3.35%(f) 4.20%(f)
5.13%(f)
</TABLE>
<PAGE>
------------------------------------------------------------------------------
(a) 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 the period.
(b) Annualized.
(c) Net of expense reimbursement.
(d) Net of voluntary expense reimbursement equivalent to .15% of average daily
net assets.
(e) Net of voluntary expense reimbursement equivalent to .16% of average daily
net assets.
(f) Net of voluntary expense reimbursement equivalent to .20% of average
daily net assets.

--
6
<PAGE>
<PAGE>
ALLIANCE MUNICIPAL TRUST - NEW YORK
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

CUSTODIAN

STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105

TRANSFER AGENT

ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520

LEGAL COUNSEL

SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004

DISTRIBUTOR

ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105

AUDITORS

MCGLADREY & PULLEN
555 Fifth Avenue
New York, NY 10017
<PAGE>
<PAGE>

ALLIANCE MUNICIPAL TRUST--NEW YORK PORTFOLIO BULK
RATE
1345 Avenue of the Americas, New York, NY 10105 U.S. POSTAGE
Toll-free 1 (800) 221-5672 PAID
New York, NY
Permit No. 7131

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/ /#/ /4/ /9/ /#/

For non-touch-tone telephones, call toll-free (800) 221-9513
------------------------------------------------------------

ALLIANCE CAPITAL [LOGO](Registered)

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.

(Registered) These registered service marks used under license from
the owner, Alliance Capital Management L.P.

ALC501297
ANYSR

<PAGE>
<PAGE>
---------------------------------------------------------
ALLIANCE
MUNICIPAL
TRUST

- NEW YORK PORTFOLIO

ALLIANCE CAPITAL [LOGO](Registered)

SEMI-ANNUAL REPORT
DECEMBER 31, 1994

<PAGE>
<PAGE>
STATEMENT OF NET ASSETS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST -
VIRGINIA PORTFOLIO
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
ARKANSAS--5.9%
CLARK COUNTY SOLID WASTE
(Reynolds Metals Co. Project)
AMT VRDN*
$ 3,000 8/01/22.............. 5.60% $ 3,000,000
------------
FLORIDA--2.2%
DADE COUNTY WATER &
SEWER SYSTEMS REVENUE
Series '94
FGIC VRDN*
1,100 10/05/22............. 4.95 1,100,000
------------
GEORGIA--3.1%
BURKE COUNTY PCR
(Oglethorpe Power Corp.)
Series '93A
FGIC VRDN*
1,600 1/01/16.............. 4.95 1,600,000
------------
ILLINOIS--2.8%
CHICAGO AIRPORT REVENUE
(O'Hare International Airport)
Series '88A
AMT VRDN*
1,400 1/01/18.............. 5.60 1,400,000
------------
VIRGINIA--76.8%
ARLINGTON COUNTY
(Ballston Public Parking
Facility)
1,700 8/01/17.............. 5.50 1,700,000
BEDFORD COUNTY IDR
(Nekoosa Packaging
Project)
Series '93
2,000 10/01/04............. 5.65 2,000,000
CAMPBELL COUNTY IDR
(Hadson Power) AMT
1,000 4/01/15.............. 5.95 1,000,000
CHESAPEAKE BAY BRIDGE &
TUNNEL AUTHORITY
1,080 7/01/22.............. 5.70 1,080,000
CHESTERFIELD COUNTY PCR
(Electric And Power Co.)
2,000 3/10/95.............. 3.80 2,000,000
<PAGE>
FAIRFAX COUNTY GO
1,000 4/01/95.............. 7.40 1,019,777
FAIRFAX COUNTY HOSPITAL
REVENUE (Fairfax Hospital)
Series B
VRDN*
$ 1,400 10/01/25............. 5.60% $ 1,400,000
FAIRFAX COUNTY
IDA HOSPITAL REVENUE
(Nova Health Services)
Series '93A
1,600 1/03/95.............. 3.80 1,600,000
KING GEORGE COUNTY IDR
(Birchwood Power)
Series '94A
AMT VRDN*
2,000 10/01/24............. 6.00 2,000,000
LYNCHBURG COUNTY
GO BOND
500 4/01/95.............. 7.38 504,255
LYNCHBURG IDA
(Pooled Hospital Finance)
Series B
VRDN* AMBAC
2,300 12/01/25............. 5.25 2,300,000
LYNCHBURG IDA
(Pooled Hospital Finance)
Series C
VRDN* AMBAC
300 12/01/25............. 5.25 300,000
LYNCHBURG IDA
(Pooled Hospital Finance)
Series E
VRDN* AMBAC
100 12/01/25............. 5.25 100,000
NORFOLK GO BOND
905 6/01/95.............. 4.30 905,726
NORFOLK GO EAGLE TRUST
SERIES 944601
2,900 6/01/06.............. 5.73 2,900,000
NORFOLK IDA
(Sentra Hospital Project A)
2,000 2/10/95.............. 3.60 2,000,000
PENINSULA PORT AUTHORITY
(Dominion Terminal Project)
Series '87D
VRDN*
2,090 7/01/16.............. 5.95 2,090,000

--
1

<PAGE>
STATEMENT OF NET ASSETS (CONT.) ALLIANCE MUNICIPAL TRUST -
VIRGINIA PORTFOLIO
<PAGE>
------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
------------------------------------------------------------------------------
PENINSULA PORT AUTHORITY
(Shell Company)
VRDN*
$ 2,600 12/01/05............. 6.15% $ 2,600,000
PRINCE WILLIAM COUNTY
WATER & SEWER SYSTEM
REVENUE FGIC
820 7/01/21.............. 4.85 820,000
RICHMOND IDR
(Cogentrix of Richmond)
AMT VRDN*
300 12/01/17............. 5.95 300,000
RICHMOND RES. REC.
(Cogentrix Of Richmond)
AMT VRDN*
2,000 12/01/17............. 5.95 2,000,000
ROANOKE COUNTY WATER
SYSTEMS REVENUE
FGIC VRDN*
1,120 7/01/21.............. 4.85 1,120,000
ROANOKE IDA HOSPITAL
REVENUE
(Roanoke Memorial Hospital)
2,100 7/01/17.............. 5.85 2,100,000
VIRGINIA STATE HFA SFMR
(Commonwealth Mortgage)
Series B PPB*
2,000 7/12/95.............. 4.40 2,000,000
VIRGINIA STATE PUBLIC
SCHOOL AUTHORITY
$ 1,050 1/01/95.............. 5.00% $ 1,050,000
VIRGINIA STATE
TRANSPORTATION
BOARD
(Route 28 Project)
2,175 4/01/95.............. 5.00 2,180,716
------------
39,070,474
------------
PUERTO RICO--3.9%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '85
VRDN*
2,000 12/01/15............. 5.15 2,000,000
------------
TOTAL INVESTMENTS--94.7%
(amortized cost
$48,170,474)......... 48,170,474
<PAGE>
Other assets less
liabilities--5.3%.... 2,713,749
------------
NET ASSETS--100%
(offering and
redemption price of
$1.00 per share;
50,892,127 shares
outstanding)......... $ 50,884,223
------------
------------

------------------------------------------------------------------------------
+ All securities either mature or their interest rate changes in one year or
less.

GLOSSARY OF TERMS:

AMBAC American Municipal Bond Assurance
Corporation
AMT Alternative Minimum Tax
FGIC Financial Guaranty Insurance Company
GO General Obligation
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue
PCR Pollution Control Revenue
PPB Periodic Put Bond
SFMR Single Family Mortgage Revenue
VRDN Variable Rate Demand Note

See notes to financial statements.

--
2

<PAGE>
STATEMENT OF ASSETS AND LIABILITIES ALLIANCE
MUNICIPAL TRUST
DECEMBER 31, 1994 (UNAUDITED) - VIRGINIA PORTFOLIO
------------------------------------------------------------------------------
<TABLE>
<S>
<C>
ASSETS
Investments in securities, at value (cost
$48,170,474)............................................ $ 48,170,474
Receivable for investments sold...................................................................
3,271,205
<PAGE>
Interest receivable...............................................................................
290,835
Receivable from investment adviser................................................................
32,212
Deferred organization expense.....................................................................
8,183

------------
Total assets......................................................................................
51,772,909

------------
LIABILITIES
Due to custodian..................................................................................
809,440
Investment advisory fee payable...................................................................
18,789
Dividends payable.................................................................................
13,187
Accrued expenses..................................................................................
47,270

------------
Total liabilities.................................................................................
888,686

------------
NET ASSETS..........................................................................................
$ 50,884,223

------------

------------
COMPOSITION OF NET ASSETS
Shares of beneficial interest..................................................................... $
50,892,127
Accumulated net realized loss on
investments...................................................... (7,904)

------------
$
50,884,223

------------

------------
</TABLE>
------------------------------------------------------------------------------

See notes to financial statements.

--
3

<PAGE>
STATEMENT OF OPERATIONS ALLIANCE MUNICIPAL
TRUST
OCTOBER 25, 1994* TO DECEMBER 31, 1994 (UNAUDITED) - VIRGINIA
PORTFOLIO
------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Interest................................................................. $ 276,060

EXPENSES
Advisory fee (Note B).................................................... $ 36,558
Distribution assistance and administrative service....................... 19,634
Transfer agency.......................................................... 16,466
Custodian fees........................................................... 12,520
Registration fees........................................................ 8,715
Audit and legal fees..................................................... 7,276
Printing................................................................. 2,040
Trustees' fees........................................................... 952
Prepaid organization expense............................................. 317
Miscellaneous............................................................ 408
----------
Total expenses........................................................... 104,886
<PAGE>
Less: expense reimbursement and fee waiver............................... (75,799)
29,087
---------- ----------
Net investment income.................................................... 246,973

REALIZED LOSS ON INVESTMENTS
Net realized loss on investments......................................... (7,904)
----------

NET INCREASE IN NET ASSETS FROM OPERATIONS.................................
$ 239,069
----------
----------
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
------------------------------------------------------------------------------
OCTOBER 25, 1994*
TO
DECEMBER 31, 1994
(UNAUDITED)
-------------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income.................................................... $ 246,973
Net realized loss on investments......................................... (7,904)
----------------
Net increase in net assets from operations............................... 239,069

DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income.................................................... (246,973)

TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase............................................................. 50,891,927
----------------
Total increase........................................................... 50,884,023

NET ASSETS
Beginning of period...................................................... 200
----------------
End of period............................................................ $ 50,884,223
----------------
----------------
</TABLE>
------------------------------------------------------------------------------
* Commencement of operations.

See notes to financial statements.

--
4

<PAGE>
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 (UNAUDITED) ALLIANCE MUNICIPAL TRUST -
VIRGINIA PORTFOLIO
------------------------------------------------------------------------------

<PAGE>
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, 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
(the '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

2. ORGANIZATION EXPENSES

The organization expenses of the Portfolio are being amortized against income
on a straight-line basis through October, 1999.

3. TAXES

4. DIVIDENDS

The Portfolio declares dividends daily from net invest-ment income and
automatically reinvests such divi-dends 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
period ended December 31, 1994, are exempt from federal income taxes. However,
certain shareholders may be subject to the alternative minimum tax (AMT).

5. GENERAL

------------------------------------------------------------------------------

NOTE B: ADVISORY FEE AND TRANSACTIONS WITH AN AFFILIATE OF THE
ADVISER

The Portfolio pays its Adviser, Alliance Capital Management L.P., an advisory
<PAGE>
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 annual aggregate expenses (excluding taxes, brokerage, interest and,
where permitted, extraordinary expenses exceed 1% of its average daily net
assets for any fiscal year. The Adviser also voluntarily agreed to reimburse
the Portfolio on October 25, 1994 (commencement of operations) for all
expenses and from October 26, 1994 to December 31, 1994 for expenses exceeding
.40 of 1% of its average daily net assets. For the period ended December 31,
1994, the reimbursement amounted to $68,487. 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 $5,842 for the period ended December
31, 1994.

------------------------------------------------------------------------------

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 period ended
December 31, 1994, the distribution amounted to $18,279 of which $7,312 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
period ended December 31, 1994, such payments by the Portfolio amounted to
$1,355 of which $-0- was paid to the Adviser.

--
5
<PAGE>
ALLIANCE MUNICIPAL TRUST
NOTES TO FINANCIAL STATEMENTS (CONT.) - VIRGINIA
PORTFOLIO
------------------------------------------------------------------------------

NOTE D: INVESTMENT TRANSACTIONS

At December 31, 1994, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes.

------------------------------------------------------------------------------

NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST

An unlimited number of shares ($.01 par value) are authorized. At December
31, 1994, capital paid-in aggregated $50,892,127. Transactions, all at $1.00
per share, were as follows:

<TABLE>
<PAGE>
<CAPTION>
OCTOBER
25, 1994(A)

THROUGH
DECEMBER
31, 1994

(UNAUDITED)

---------------------
<S> <C>
Shares sold...............................................................................
78,120,017
Shares issued on reinvestments of dividends...............................................
233,786
Shares redeemed...........................................................................
(27,461,876)

----------------------
Net increase..............................................................................
50,891,927

----------------------

----------------------
</TABLE>
------------------------------------------------------------------------------

NOTE F: FINANCIAL HIGHLIGHTS

Per share operating performance for a share outstanding throughout each
period.
<TABLE>
<CAPTION>
OCTOBER
25, 1994(A)

THROUGH

DECEMBER 31, 1994

(UNAUDITED)

-------------------------
<S> <C>
Net asset value, beginning of period......................................................
$ 1.00
------
INCOME FROM INVESTMENT OPERATIONS
---------------------------------
Net investment income.....................................................................
.006
------
LESS: DISTRIBUTIONS
-------------------
Dividends from net investment income......................................................
(.006)
------
Net asset value, end of period............................................................ $
1.00
------
------
TOTAL RETURNS
-------------
Total investment return based on net asset value (b)(c)...................................
3.29%

RATIOS/SUPPLEMENTAL DATA
------------------------
Net assets, end of period (000's omitted).................................................
$50,884
Ratio of expenses to average net assets (c)(d)............................................
.40%
Ratio of net investment income to average net assets (c)(d)...............................
3.38%
</TABLE>
------------------------------------------------------------------------------

<PAGE>
(a) Commencement of operations.
(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 value during the period, and
redemption on the last day of the period.
(c) Annualized.
(d) If the fund had borne all expenses, the expense ratio would have been
1.43%. The net investment income ratio would have been 2.34%.

--
6

<PAGE>
ALLIANCE MUNICIPAL TRUST - VIRGINIA 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

CUSTODIAN

STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105

TRANSFER AGENT

ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520

LEGAL COUNSEL
<PAGE>

SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004

DISTRIBUTOR

ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105

AUDITORS

MCGLADREY & PULLEN
555 Fifth Avenue
New York, NY 10017
<PAGE>
<PAGE>

ALLIANCE MUNICIPAL TRUST--VIRGINIA PORTFOLIO BULK
RATE
1345 Avenue of the Americas, New York, NY 10105 U.S. POSTAGE
Toll-free 1 (800) 221-5672 PAID
New York, NY
Permit No. 7131

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/ /#/ /2/ /1/ /#/

For non-touch-tone telephones, call toll-free (800) 221-9513
------------------------------------------------------------

ALLIANCE CAPITAL [LOGO](Registered)

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.

(Registered) These registered service marks used under license from
the owner, Alliance Capital Management L.P.

ALC501291
AVASR

<PAGE>
<PAGE>
---------------------------------------------------------
ALLIANCE
MUNICIPAL
TRUST

- VIRGINIA PORTFOLIO

ALLIANCE CAPITAL [LOGO](Registered)

SEMI-ANNUAL REPORT
DECEMBER 31, 1994

<PAGE>

ALLIANCE MUNICIPAL TRUST--GENERAL PORTFOLIO BULK
RATE
1345 Avenue of the Americas, New York, NY 10105 U.S. POSTAGE
Toll-free 1 (800) 221-5672 PAID
New York, NY
Permit No. 7131

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
------------------------------------------------------------

ALLIANCE CAPITAL [LOGO](Registered)

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.

(Registered) These registered service marks used under license from
the owner, Alliance Capital Management L.P.

ALC501298
AMTSR

<PAGE>
<PAGE>
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

CUSTODIAN

STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105

TRANSFER AGENT

ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520

LEGAL COUNSEL

SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004

DISTRIBUTOR

ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105

AUDITORS

MCGLADREY & PULLEN
555 Fifth Avenue
New York, NY 10017
<PAGE>
<PAGE>
---------------------------------------------------------

ALLIANCE
MUNICIPAL
TRUST

- GENERAL PORTFOLIO

ALLIANCE CAPITAL [LOGO](Registered)

SEMI-ANNUAL REPORT
DECEMBER 31, 1994