ALLIANCE MUNICIPAL TRUST-GENERAL PORTFOLIO
ALLIANCE CAPITAL
SEMI-ANNUAL REPORT
DECEMBER 31, 1995
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
MUNICIPAL BONDS-69.2%
ALABAMA-0.4%
BIRMINGHAM IDR
(O'Neal Steel) AMT VRDN*
$ 4,745 6/01/08 5.45% $ 4,745,000
ARIZONA-1.7%
PHOENIX IDA
(America West Airlines) AMT VRDN*
10,000 8/01/16 5.60 10,000,000
PHOENIX IDA MFHR
(Mariners Pointe Apts. Project)
Series '93A AMT VRDN*
8,420 10/01/23 5.30 8,420,000
-----------
18,420,000
ARKANSAS-0.7%
ARKANSAS IDB
(Potlatch Corp. Project)
Series '95A AMT VRDN*
7,250 8/01/25 5.15 7,250,000
CALIFORNIA-10.7%
ALAMEDA COUNTY TRAN
10,000 7/05/96 4.00 10,024,133
CALIFORNIA GO RAW
Series C
23,000 4/25/96 3.83 23,133,001
LONG BEACH
Res. Rec.: (Southeast Fac. Auth. Lease Rev.)
Series '95B AMT VRDN*
8,900 12/01/18 5.30 8,900,000
LOS ANGELES
(Channel Gateway Apts.)
Series '89B AMT VRDN*
31,500 8/01/19 5.45 31,500,000
LOS ANGELES COUNTY GO TRAN
Series '95
20,000 7/01/96 4.00 20,044,503
LOS ANGELES TRAN
(Unified School District)
7,500 7/03/96 3.95 7,518,770
MARIN COUNTY HFA MFHR
(Crest Marin II Apts.)
Series A AMT VRDN*
7,650 10/15/29 5.45 7,650,000
OCEANSIDE MFHR
(Riverview Springs Apts.)
Series '90A AMT VRDN*
7,380 7/01/20 5.60% 7,380,000
-----------
116,150,407
COLORADO-2.2%
COLORADO STUDENT OBLIGATION BOND AUTHORITY
Student Loan Revenue Series '90A AMT VRDN*
16,000 9/01/24 5.20 16,000,000
PUEBLO COUNTY IDR
(Kaiser Aerospace & Electronics Project)
Series '87 AMT VRDN*
7,700 9/01/07 5.30 7,700,000
-----------
23,700,000
DISTRICT OF COLUMBIA-0.8%
DISTRICT OF COLUMBIA HFA MFHR
(Tyler Housing Trust) AMT VRDN*
9,000 8/01/25 5.50 9,000,000
FLORIDA-0.9%
BROWARD COUNTY HFA MFHR
(Parkview Partnership Ltd.) VRDN*
1,000 12/01/10 5.25 1,000,000
BROWARD COUNTY HFA MFHR
(Sawgrass Pines Apts.)
Series '93A AMT VRDN*
6,000 11/01/23 5.50 6,000,000
DADE COUNTY SOLID WASTE IDR
(Montenay-Dade Ltd. Project)
Series '90A AMT VRDN*
2,935 12/01/13 5.10 2,935,000
-----------
9,935,000
GEORGIA-0.3%
CARTERSVILLE IDR
(Bliss & Laughlin Steel)
Series '88 AMT VRDN*
3,600 12/01/18 5.50 3,600,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
IDAHO-0.5%
IDAHO GO TAN
Series '95
$ 5,000 6/27/96 3.80% $ 5,016,404
ILLINOIS-11.8%
CHICAGO AIRPORT REVENUE
(Northwest Airlines Project)
Series A AMT VRDN*
8,000 2/01/24 5.55 8,000,000
CHICAGO AIRPORT REVENUE
(Northwest Airlines Project)
Series B AMT VRDN*
16,400 2/01/24 5.55 16,400,000
CHICAGO AIRPORT REVENUE
(O'Hare International Airport)
Series '88A AMT VRDN*
29,950 1/01/18 5.40 29,950,000
ELMHURST HOSPITAL REVENUE
(Joint Comm. Health Org.) Series '88 VRDN*
18,420 7/01/18 5.45 18,420,000
FRANKLIN PARK IDR
(Maclean-Fogg Co. Project)
Series '95 AMT VRDN*
5,000 2/01/07 5.40 5,000,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY
(Latin School of Chicago) VRDN*
1,500 6/01/30 5.50 1,500,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY
(U.G.N. Inc. Project) Series '86 AMT VRDN*
3,500 9/15/11 5.80 3,500,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY
(Valspar Corp.) Series '95 AMT VRDN*
6,000 8/01/15 5.25 6,000,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY IDR
(Crane Tripp Partners Project) AMT PPB*
4,075 2/01/13 5.35 4,075,000
ILLINOIS DEVELOPMENT FINANCE AUTHORITY IDR
(THK America Inc. Project)
Series '91 AMT VRDN*
3,700 7/01/11 5.80 3,700,000
ILLINOIS HOUSING DEVELOPMENT
AUTHORITY SFMR
(Home Mortgage Program)
Series PT-7 AMT VRDN*
31,835 8/01/19 4.00 31,835,000
-----------
128,380,000
INDIANA-1.6%
INDIANA EMP. DEV. COMM. IDR
(O'Neal Steel) AMT VRDN*
1,000 4/01/10 5.45 1,000,000
RUSHVILLE IDR
(Fujitsu Ten America) Series '86 AMT VRDN*
3,600 11/01/96 4.25 3,600,000
SOUTH BEND REDEVELOPMENT AUTHORITY
(College Football Hall of Fame) VRDN*
5,200 2/01/19 5.40 5,200,000
ST. JOSEPH'S COUNTY
(Edcoat Limited Partnership)
Series '95 AMT VRDN*
5,000 9/01/25 5.50 5,000,000
WESTFIELD IDR
(Porter Project) Series '89 AMT VRDN*
2,300 12/01/09 5.25 2,300,000
-----------
17,100,000
IOWA-0.5%
DUBUQUE IDR
(Jeld-Wen, Inc.) Series '88 AMT VRDN*
5,000 10/01/08 5.60 5,000,000
KENTUCKY-0.9%
BOWLING GREEN IDR
(Fastener Inc. Project)
Series '88 AMT VRDN*
4,125 3/01/08 5.80 4,125,000
BOWLING GREEN IDR
(Woodcraft Industries, Inc.)
Series '95 AMT VRDN*
5,400 3/01/25 5.50 5,400,000
-----------
9,525,000
MASSACHUSETTS-0.0%
MASSACHUSETTS IDR
(Wing Realty Trust) VRDN*
267 10/01/99 5.53 267,300
2
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
MICHIGAN-1.1%
MICHIGAN HOUSING DEVELOPMENT
AUTHORITY MFHR
(Woodland Meadows Apts.) AMT VRDN*
$ 9,500 11/01/13 5.20% $ 9,500,000
MICHIGAN MUNICIPAL BOND AUTHORITY
Series B
2,500 7/03/96 3.80 2,508,471
-----------
12,008,471
MISSOURI-0.6%
MEXICO IDA
(Optec D.D. USA Inc. Project)
Series '87 AMT VRDN*
7,000 10/01/97 5.23 7,000,000
NEBRASKA-0.3%
DOUGLAS COUNTY IDR
(QO Chemicals Inc. Project)
Series '90 AMT VRDN*
3,500 10/01/01 5.55 3,500,000
NEVADA-0.4%
NEVADA IDR
(Cimco, Inc. Project) Series A AMT VRDN*
4,485 9/15/08 5.45 4,485,000
NEW HAMPSHIRE-0.7%
NASHUA HOUSING AUTHORITY MFHR
(Clocktower Project) AMT VRDN*
7,558 10/20/28 5.85 7,558,000
NEW JERSEY-1.4%
JERSEY CITY BAN
15,000 9/27/96 4.00 15,079,776
NEW MEXICO-0.3%
SANTA FE MORTGAGE REVENUE SMFR
(Home Mortgage Revenue)
Series '95B AMT PPB*
3,000 11/01/28 4.00 3,000,000
NEW YORK-2.8%
NEW YORK GO RAN
Series A
20,000 4/11/96 3.90 20,031,847
NEW YORK GO TAN
Series A
10,000 2/15/96 3.75 10,008,202
-----------
30,040,049
NORTH CAROLINA-5.7%
BLADEN COUNTY PCFA PCR
(BCH Energy Project) Series '93 AMT VRDN*
18,000 11/01/20 5.40 18,000,000
LENOIR COUNTY IDR PCR
(Carolina Energy Project) AMT VRDN*
30,000 7/01/22 5.40 30,000,000
NCNB POOLED MUNICIPAL TRUST
Series '90B VRDN*
8,855 11/15/20 4.25 8,855,000
ROBESON COUNTY IDR
(Core Industries) Series '91 AMT VRDN*
5,000 8/01/06 5.40 5,000,000
-----------
61,855,000
OREGON-0.6%
OREGON ECONOMIC DEVELOPMENT AUTHORITY
(Toyo Tanso USA) Series CXLVII AMT VRDN*
6,000 2/02/12 5.38 6,000,000
PENNSYLVANIA-3.0%
HORSHAM TOWNSHIP IDR
(Wilgoco II Associates) Series '84 VRDN*
2,650 12/01/11 5.53 2,650,000
PHILADELPHIA GO TRAN
Series A
18,000 6/27/96 3.92 18,047,369
PHILADELPHIA HOSPITAL REVENUE
(Charter Hospital) Series '86 VRDN*
4,175 1/01/01 5.20 4,175,000
PHILADELPHIA SCHOOL DISTRICT TRAN
8,000 6/28/96 3.95 8,020,748
-----------
32,893,117
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
RHODE ISLAND-0.5%
RHODE ISLAND GO TAN
$ 5,000 6/28/96 3.65% $5,020,057
SOUTH CAROLINA-1.7%
LAURENS COUNTY IDR
(Nicca USA Project) AMT VRDN*
8,500 4/01/09 5.45 8,500,000
PIEDMONT MUNICIPAL POWER AGENCY
Pre-refunded
1,000 1/01/96 4.20 1,030,000
SOUTH CAROLINA JOBS IDR
(Venture Packaging) Series '95 AMT VRDN*
8,325 4/01/16 5.35 8,325,000
-----------
17,855,000
TENNESSEE-0.9%
HAMILTON COUNTY INDUSTRIAL DEVELOPMENT
(Komatsu American Manufacturing)
Series '85 VRDN*
5,000 11/01/05 5.30 5,000,000
NASHVILLE COUNTY
Metro Water & Sewer Pre-refunded
5,000 1/01/96 4.25 5,100,000
-----------
10,100,000
TEXAS-7.2%
CALHOUN COUNTY IDA
(Formosa Plastics Corp.)
Series '94 VRDN*
6,000 11/01/15 5.30 6,000,000
CENTRAL WACO DEVELOPMENT CORP.
(Enterprise Zone Facility
Rev.- Convention Hotels)
Series '95 AMT VRDN*
3,000 11/01/15 5.40 3,000,000
GULF COAST IDA
(Gruma Corp.) AMT VRDN*
6,850 11/01/09 5.50 6,850,000
GULF COAST SOLID WASTE
(Amoco Project) PPB*
5,700 4/01/15 3.85 5,700,000
HARRIS COUNTY GO TAN
Series '95
5,000 2/28/96 3.60 5,005,042
LOWER COLORADO RIVER AUTHORITY
Pre-refunded
9,000 1/01/96 4.20 9,180,000
NORTH TEXAS HIGHER EDUCATION
Student Loan Revenue
Series '87 AMT VRDN*
10,000 12/01/05 5.55 10,000,000
PANHANDLE PLAINS STUDENT LOAN REVENUE
Series '95A AMT VRDN*
4,500 6/01/25 5.20 4,500,000
SAN ANTONIO IDA
(Gruma Corp.) AMT VRDN*
5,550 11/01/09 5.50 5,550,000
TARRANT COUNTY IDR
(AL- Ko Southwest Inc.) AMT VRDN*
2,500 4/01/00 5.75 2,500,000
TEXAS GO TRAN
Series '95A
20,000 8/30/96 4.00 20,095,048
-----------
78,380,090
VIRGINIA-0.9%
VIRGINIA HOUSING DEVELOPMENT AUTH.
(AHC Service Corp.- Lee Gardens)
Series '87A VRDN*
9,900 9/01/17 5.35 9,900,000
WASHINGTON-7.1%
PILCHUCK IDR
(Canyon Park Assoc. Lot #12)
Series III '89 VRDN*
1,584 8/01/04 5.85 1,584,000
PILCHUCK IDR
(Hillsdale Assoc. Lot #6)
Series III '89 VRDN*
1,128 8/01/09 5.85 1,128,000
PILCHUCK IDR
(Kohkoku USA Project) AMT VRDN*
4,000 11/01/99 5.38 4,000,000
4
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
PILCHUCK IDR
(Omni Assoc. Lot 7) Series III '89 VRDN*
$ 1,406 8/01/10 5.85% $ 1,406,000
PORT OF PORT ANGELES IDR
(Daishowa America Project) AMT VRDN*
6,200 8/01/07 5.80 6,200,000
REDMOND PUBLIC COMM. IDR
(Hinds Project Lot #4) VRDN*
625 8/01/05 5.85 625,000
REDMOND PUBLIC COMM. IDR
(Trinity @ Canyon Park) VRDN*
532 8/01/02 5.85 532,000
REDMOND PUBLIC COMM. IDR
(Willows Project Lot #2) VRDN*
460 8/01/05 5.85 460,000
WASHINGTON HFA MFHR
(Arbor Park Project) Series '94 AMT VRDN*
5,500 10/01/24 5.30 5,500,000
WASHINGTON HOUSING FINANCE COMMISSION MFHR
(Heatherstone Apts.) Series '95 AMT VRDN*
9,800 7/01/25 5.40 9,800,000
WASHINGTON PUBLIC POWER SUPPLY
(Nuclear Project #3) Series 3A-2 VRDN*
25,000 7/01/18 5.35 25,000,000
WASHINGTON STUDENT LOAN FINANCE
ASSOCIATION
Third Program Series B AMT VRDN*
21,000 12/01/02 5.35 21,000,000
-----------
77,235,000
WEST VIRGINIA-0.5%
MARION COUNTY SOLID WASTE
(Grant Town Cogeneration)
Series '92A AMT VRDN*
5,100 10/01/17 5.15 5,100,000
WISCONSIN-0.5%
WISCONSIN GO
Operating Notes Series '95
5,000 6/17/96 3.63 5,019,269
Total Municipal Bonds
(amortized cost $750,117,940) $750,117,940
COMMERCIAL PAPER-34.1%
CALIFORNIA-2.5%
ANAHEIM ELECTRIC REV. NOTES
$ 8,700 2/13/96 3.60% 8,700,000
CALIFORNIA PCR
(Pacific Gas & Electric) Series '88D AMT
9,000 2/23/96 3.80 9,000,000
TUSTIN ASSESSMENT DISTRICT 85-1
9,570 1/17/96 4.30 9,570,000
-----------
27,270,000
COLORADO-2.8%
DENVER AIRPORT REVENUE
Series B AMT
8,500 2/01/96 4.10 8,500,000
DENVER AIRPORT REVENUE
Series D AMT
21,730 2/09/96 4.10 21,730,000
-----------
30,230,000
FLORIDA-2.7%
ST. LUCIE COUNTY PCR
(Florida Power & Light) Series '94A
5,500 3/12/96 3.65 5,500,000
ST. LUCIE COUNTY PCR
(Florida Power & Light) Series '94A
11,750 3/28/96 3.65 11,750,000
SUNSHINE STATE GOVERNMENT FINANCE
COMMISSION
Series '86
6,000 2/09/96 3.60 6,000,000
SUNSHINE STATE GOVERNMENT FINANCE
COMMISSION
Series '86
6,000 1/22/96 3.65 6,000,000
-----------
29,250,000
ILLINOIS-2.8%
DECATUR WATER REVENUE
(New South Water Treatment) Series '85
3,800 2/06/96 3.65 3,800,000
DECATUR WATER REVENUE
(New South Water Treatment) Series '85
3,000 1/17/96 4.10 3,000,000
5
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
ILLINOIS EDUCATIONAL FACILITIES AUTHORITY
Pooled Finance Authority
$ 23,300 2/20/96 3.60% $23,300,000
-----------
30,100,000
INDIANA-4.0%
INDIANA DEVELOPMENT FINANCE AUTHORITY
SOLID WASTE REVENUE
(Pure Air Lake) Series '90A AMT
4,750 2/09/96 3.90 4,750,000
INDIANA DEVELOPMENT FINANCE AUTHORITY
SOLID WASTE REVENUE
(Pure Air Lake) Series '90A AMT
10,000 2/09/96 3.95 10,000,000
INDIANA DEVELOPMENT FINANCE AUTHORITY
SOLID WASTE REVENUE
(Pure Air Lake) Series '90A AMT
6,250 2/15/96 4.00 6,250,000
INDIANA DEVELOPMENT FINANCE AUTHORITY
SOLID WASTE REVENUE
(Pure Air Lake) Series '91 AMT
8,500 2/15/96 4.00 8,500,000
INDIANA DEVELOPMENT FINANCE AUTHORITY
SOLID WASTE REVENUE
(Pure Air Lake) Series '91 AMT
2,200 2/15/96 4.10 2,200,000
JASPER COUNTY
(N. Indiana Public Service Project)
Series '88B
12,000 3/27/96 3.65 12,000,000
-----------
43,700,000
LOUISIANA-1.0%
ST. CHARLES PARISH
(Shell Oil Co.) Series '95
11,000 2/28/96 3.60 11,000,000
MASSACHUSETTS-1.8%
MASSACHUSETTS WATER RESOURCES AUTHORITY
7,000 4/08/96 3.60 7,000,000
MASSACHUSETTS WATER RESOURCES AUTHORITY
12,100 3/29/96 3.65 12,100,000
-----------
19,100,000
NEVADA-1.4%
WASHOE COUNTY WATER FACILITIES
(Sierra Pacific Power Co.) Series '90 AMT
10,000 3/11/96 3.70 10,000,000
WASHOE COUNTY WATER FACILITIES
(Sierra Pacific Power Co.) Series '90 AMT
5,245 3/22/96 3.75 5,245,000
-----------
15,245,000
NEW YORK-0.6%
NEW YORK CITY MUNICIPAL WATER DISTRICT
Series 4
6,700 2/07/96 3.85 6,700,000
NORTH CAROLINA-1.0%
NORTH CAROLINA MUNICIPAL POWER AGENCY
(Catawba Project #1)
11,510 1/29/96 3.65 11,510,000
OHIO-1.6%
MONTGOMERY COUNTY
(Miami Hospital) Series B
2,000 2/09/96 3.80 2,000,000
MONTGOMERY COUNTY
(Miami Hospital) Series C
1,500 2/09/96 3.80 1,500,000
OHIO AIR QUALITY PCR
(Dusquesne Light Co.) Series '88 AMT
10,850 1/26/96 3.80 10,850,000
OHIO WATER DEVELOPMENT AUTHORITY PCR
(Dusquesne Light Co.) Series '88 AMT
2,900 2/16/96 3.85 2,900,000
-----------
17,250,000
6
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
PENNSYLVANIA-4.0%
ALLEGHENY COUNTY
(U.S. Steel Environment Imp.) Series '86
$ 2,400 3/08/96 3.70% $ 2,400,000
CARBON COUNTY
Res. Rec.:(Panther Creek Project)
Series '90A AMT
5,000 3/18/96 3.60 5,000,000
PHILADELPHIA GAS WORKS
Series B
5,900 3/11/96 3.60 5,900,000
PHILADELPHIA GAS WORKS
Series B
9,000 2/08/96 3.85 9,000,000
PHILADELPHIA GO
Series '90
10,000 1/25/96 3.85 10,000,000
PHILADELPHIA GO
Series '90
3,000 1/17/96 4.10 3,000,000
VENANGO INDUSTRIAL AUTHORITY
Res. Rec.:(Scrubgrass Project)
Series '93 AMT
8,000 3/18/96 3.60 8,000,000
-----------
43,300,000
TEXAS-3.5%
AUSTIN UTILITY SYSTEMS
(Travis & Williamson County) Series A
5,000 3/11/96 3.60 5,000,000
BRAZOS RIVER AUTHORITY
(Texas Utility Electric Co.)
Series '94A AMT
3,700 3/11/96 3.70 3,700,000
BRAZOS RIVER AUTHORITY
(Texas Utility Electric Co.)
Series '94A AMT
9,170 2/07/96 4.00 9,170,000
DALLAS AREA RAPID TRANSIT
Sales Tax Revenue Series A
5,600 3/29/96 3.60 5,600,000
DALLAS AREA RAPID TRANSIT
Sales Tax Revenue Series A
$ 7,600 3/25/96 3.65% $7,600,000
PORT DEVELOPMENT CORP.
(Mitsui Marine Terminal Project)
Series '85A
6,850 2/12/96 3.65 6,850,000
-----------
37,920,000
UTAH-2.5%
EMERY COUNTY PCR
(Pacificorp Project) Series '91
10,100 1/29/96 3.65 10,100,000
SALT LAKE CITY HOSPITAL REVENUE
Pooled Hospital Financing Series '90
2,490 2/09/96 3.90 2,490,000
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.) Series A AMT
15,000 2/15/96 3.90 15,000,000
-----------
27,590,000
WEST VIRGINIA-1.6%
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.) Series '89A AMT
10,000 3/11/96 3.70 10,000,000
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.) Series '89A AMT
7,000 2/08/96 3.95 7,000,000
-----------
17,000,000
7
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- -----------------------------------------------------------------------------
WISCONSIN-0.3%
WISCONSIN HEALTH & EDUCATION AUTHORITY
(Alexian Village of Milwaukee)
Series '88
$ 3,000 1/25/96 3.90% $ 3,000,000
Total Commercial Paper
(amortized cost $370,165,000) 370,165,000
TOTAL INVESTMENTS-103.3%
(amortized cost $1,120,282,940) $1,120,282,940
Other assets less liabilities-(3.3%) (36,082,754)
NET ASSETS-100%
(offering and redemption price of $1.00
per share; 1,086,124,231 shares outstanding) $1,084,200,186
+ 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:
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
GO General Obligation
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue
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 Warrant
SFMR Single Family Mortgage Revenue
TAN Tax Anticipation Note
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
8
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1995 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $25,382,300
EXPENSES
Advisory fee (Note B) $3,169,308
Distribution assistance and administrative service
(Note C) 1,840,714
Transfer agency 590,290
Registration fees 135,213
Custodian fees 129,571
Printing 76,802
Audit and legal fees 25,512
Trustees' fees 9,558
Miscellaneous 31,788
Total expenses 6,008,756
Less: expense reimbursement and fee waiver 13,994
6,022,750
Net investment income 19,359,550
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments 20,132
Net change in unrealized appreciation of investments (17,829)
Net gain on investments 2,303
NET INCREASE IN NET ASSETS FROM OPERATIONS $19,361,853
See notes to financial statements.
9
STATEMENTS OF CHANGES IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DECEMBER 31,1995 YEAR ENDED
(UNAUDITED) JUNE 30, 1995
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 19,359,550 $ 31,671,376
Net realized gain (loss) on investments 20,132 (1,793,640)
Net change in unrealized appreciation of
investments (17,829) (3,201,732)
Net increase in net assets from operations 19,361,853 26,676,004
OTHER CAPITAL CONTRIBUTIONS
Total increase -0- 3,218,975
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (19,359,550) (31,671,376)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (105,093,469) 56,798,166
Total increase (decrease) (105,091,166) 55,021,769
NET ASSETS
Beginning of period 1,189,291,352 1,134,269,583
End of period $1,084,200,186 $1,189,291,352
See notes to financial statements.
10
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Municipal Trust (the 'Fund') is registered under the Investment
Company Act of 1940, as amended, as an open-end investment company. The Fund
operates as a series company currently issuing seven 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, Alliance Municipal
Trust-Virginia Portfolio and Alliance Municipal Trust-Florida 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, 1995, are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax
(AMT).
4. GENERAL
Interest income is accrued daily. Security transactions are recorded on the
date securities are purchased or sold. Realized gain (loss) from security
transactions is recorded on the identified cost basis.
NOTE B: ADVISORY FEE AND TRANSACTIONS WITH AN AFFILIATE OF THE ADVISER
The Portfolio pays its Adviser, Alliance Capital Management L.P., an advisory
fee at the annual rate of .50 of 1% on the first $1.25 billion of average daily
net assets; .49 of 1% on the next $.25 billion; .48 of 1% on the next $.25
billion; .47 of 1% on the next $.25 billion; .46 of 1% on the next $1 billion;
and .45 of 1% in excess of $3 billion. The Adviser has agreed, pursuant to the
advisory agreement, to reimburse the Portfolio to the extent that its aggregate
expenses (excluding taxes, brokerage, interest and, where permitted,
extraordinary expenses) exceed 1% of its average daily net assets for any
fiscal year. No reimbursement was required for the six months ended December
31, 1995. The Portfolio compensates Alliance Fund Services, Inc. (a
wholly-owned subsidiary of the Adviser) for providing personnel and facilities
to perform transfer agency services for the Portfolio. Such compensation
amounted to $331,628 for the six months ended December 31, 1995.
11
NOTES TO FINANCIAL STATEMENTS (CONT.)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
NOTE C: DISTRIBUTION ASSISTANCE AND ADMINISTRATIVE SERVICES PLAN
Under this Plan, the Portfolio pays a distribution fee to the Adviser at an
annual rate of up to .25 of 1% of the Portfolio's average daily net assets.
The Plan provides that the Adviser will use such payments in their entirety for
distribution assistance and promotional activities. For the six months ended
December 31, 1995, the distribution amounted to $1,584,932. 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, 1995, such
payments by the Portfolio amounted to $255,782 of which $56,500 was paid to the
Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At December 31, 1995, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1995 the
Portfolio had a capital loss carryforward of $1,934,177, of which $5,613
expires in the year 2001, $134,924 expires in the year 2002 and $1,793,640
expires in the year 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1995, capital paid-in aggregated $1,086,114,231. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31,1995 JUNE 30,
(UNAUDITED) 1995
---------------- ---------------
Shares sold 2,262,733,465 4,443,583,142
Shares issued on reinvestments of dividends 19,359,550 31,671,376
Shares redeemed (2,387,186,484) (4,418,456,352)
Net increase (decrease) (105,093,469) 56,798,166
12
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
NOTE F: FINANCIAL HIGHLIGHTS
Per share operating performance for a share outstanding throughout each period.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
DECEMBER 31, YEAR ENDED JUNE 30,
1995 --------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991
------------ ---------- ------- ------- ------ ------
<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 .015 .028 .018 .020 .034 .046
Net realized and unrealized loss on
investments -0- (.003) -0- -0- -0- -0-
Net increase in net asset value from
operations .015 .025 .018 .020 .034 .046
ADD: CAPITAL CONTRIBUTIONS
(SEE NOTE B)
Capital Contributed by the Adviser -0- .003 -0- -0- -0- -0-
LESS: DISTRIBUTIONS
Dividends from net investment income (.015) (.028) (.018) (.020) (.034) (.046)
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) 3.07%(b) 2.83%(c) 1.81% 2.05% 3.48% 4.71%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period(in millions) $1,084 $1,189 $1,134 $1,016 $914 $883
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .95%(b) .94% .92% .92% .92% .89%
Expenses, before waivers and
reimbursements .95%(b) .95% .94% .94% .95% .95%
Net investment income (d) 3.05%(b) 2.78% 1.80% 2.02% 3.40% 4.57%
</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) The capital contribution by the Adviser described in Note B had no effect
on total return.
(d) Net of expenses reimbursed or waived by the Adviser.
13
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
TRUSTEES
DAVE H. WILLIAMS, CHAIRMAN
JOHN D. CARIFA
SAM Y. CROSS
CHARLES H.P. DUELL
WILLIAM H. FOULK, JR.
ELIZABETH J. MCCORMACK
DAVID K. STORRS
SHELBY WHITE
JOHN WINTHROP
OFFICERS
RONALD M. WHITEHILL, PRESIDENT
JOHN R. BONCZEK, SENIOR VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
ROBERT I. KURZWEIL, SENIOR VICE PRESIDENT
WAYNE D. LYSKI, SENIOR VICE PRESIDENT
PATRICIA NETTER, SENIOR VICE PRESIDENT
RONALD R. VALEGGIA, SENIOR VICE PRESIDENT
DREW BIEGEL, VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
WILLIAM J. FAGAN, VICE PRESIDENT
JOSEPH R. LASPINA, VICE PRESIDENT
LINDA D. NEIL, VICE PRESIDENT
WILLIAM E. OLIVER, VICE PRESIDENT
RAYMOND J. PAPERA, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
JOSEPH J. MANTINEO, CONTROLLER
CUSTODIAN
STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
AUDITORS
MCGLADREY & PULLEN, LLP
555 Fifth Avenue
New York, NY 10017
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
DISTRIBUTOR
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
14
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
1345 Avenue of the Americas, New York, NY 10105
Toll free 1 (800) 221-5672
YIELDS. For current recorded yield information on Alliance
Municipal Trust, call on a touch-tone telephone toll-free
(800) 251-0539 and press the following sequence of keys:
1 # 1 # 6 4 #
For non-touch-tone telephones, call toll-free (800) 221-9513
ALLIANCECAPITAL
DISTRIBUTION OF THIS REPORT OTHER THAN TO SHAREHOLDERS MUST
BE PRECEDED OR ACCOMPANIED BY THE FUND'S CURRENT PROSPECTUS,
WHICH CONTAINS FURTHER INFORMATION ABOUT THE FUND.
R THESE REGISTERED SERVICE MARKS USED UNDER LICENSE FROM
THE OWNER, ALLIANCE CAPITAL MANAGEMENT L.P.
ALC601036
AMTSR
