ALLIANCE MUNICIPAL TRUST-GENERAL PORTFOLIO
ALLIANCECAPITAL
ANNUAL REPORT
JUNE 30, 1996
STATEMENT OF NET ASSETS
JUNE 30, 1996 ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
MUNICIPAL BONDS-57.0%
ALABAMA-1.6%
BIRMINGHAM IDR
(O'Neal Steel) AMT VRDN*
$ 4,745 6/01/08 3.60% $ 4,745,000
DECATUR SOLID WASTE
(Trico Steel Co. Project) AMT VRDN*
14,000 3/01/26 3.60 14,000,000
-----------
18,745,000
ARIZONA-2.2%
PHOENIX IDA
(America West Airlines) AMT VRDN*
10,000 8/01/16 3.70 10,000,000
PHOENIX IDA MFHR
(Mariners Pointe Apts. Project)
Series '93A AMT VRDN*
8,420 10/01/23 3.60 8,420,000
TUCSON IDA MFHR
(Lincoln Garden Apts.) VRDN*
6,750 2/01/06 3.55 6,750,000
-----------
25,170,000
CALIFORNIA-3.4%
ALAMEDA COUNTY IDR
(JMS Partnership Proj.)
Series '95A AMT VRDN*
2,600 10/01/25 3.30 2,600,000
ALAMEDA COUNTY TRAN
10,000 7/05/96 4.00 10,000,519
CALIFORNIA HIGHER ED
Student Loan Revenue Series D-2 PPB*
6,300 7/01/97 3.95 6,300,000
CALIFORNIA PCFA SOLID WASTE
(CR&R Inc. Project)
Series '95A AMT VRDN*
2,000 10/01/10 3.40 2,000,000
INDIO HOUSING AUTH. MFHR
(Smoketree Apts.) Series A VRDN*
1,500 12/01/07 3.25 1,500,000
LANCASTER MFHR
(Household Bank Project)
Series '84A VRDN*
7,200 11/01/04 3.43% 7,200,000
LOS ANGELES TRAN
(Unified School District)
7,500 7/03/96 3.95 7,500,204
OCEANSIDE MFHR
(Riverview Springs Apts.)
Series '90A AMT VRDN*
2,000 7/01/20 3.80 2,000,000
-----------
39,100,723
DELAWARE-0.4%
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY
(Orient Chemical Co.) AMT VRDN*
4,620 11/01/99 3.68 4,620,000
DISTRICT OF COLUMBIA-0.9%
DISTRICT OF COLUMBIA HFA MFHR
(Tyler Housing) AMT VRDN*
10,500 8/01/25 3.80 10,500,000
FLORIDA-0.9%
FLORIDA HOUSING FINANCE AGENCY MFHR
(Lakes of Northdale Project)
Series '84D VRDN*
1,800 6/01/07 3.30 1,800,000
ORANGE COUNTY HFA SFMR
Series '96B AMT PPB*
9,000 4/01/97 3.65 9,000,000
-----------
10,800,000
GEORGIA-0.7%
CARTERSVILLE IDR
(Bliss & Laughlin Steel)
Series '88 AMT VRDN*
3,600 12/01/18 3.70 3,600,000
COLLEGE PARK IDR
(Wynefield I Project) AMT VRDN*
4,000 12/01/16 3.75 4,000,000
-----------
7,600,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
HAWAII-0.1%
HAWAII HOUSING FINANCE &
DEVELOPMENT CORP.
Series '90B VRDN*
$ 1,100 7/01/25 3.65% $ 1,100,000
ILLINOIS-10.5%
CHICAGO AIRPORT REVENUE
(Northwest Airlines Project)
Series B AMT VRDN*
16,400 2/01/24 3.75 16,400,000
CHICAGO AIRPORT REVENUE
(O'Hare International Airport)
Series '88A AMT VRDN*
30,000 1/01/18 3.55 30,000,000
ELMHURST HOSPITAL REVENUE
(Joint Comm. Health Org.)
Series '88 VRDN*
8,920 7/01/18 3.50 8,920,000
FRANKLIN PARK IDR
(Maclean-Fogg Co. Project)
Series '95 AMT VRDN*
5,000 2/01/07 3.60 5,000,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(Bridgestone Inc.) VRDN*
3,800 7/01/00 3.75 3,800,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(U.G.N. Inc. Project)
Series '86 AMT VRDN*
3,500 9/15/11 3.75 3,500,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(Valspar Corp.)
Series '95 AMT VRDN*
6,000 8/01/15 3.55 6,000,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY IDR
(THK America Inc. Project)
Series '91 AMT VRDN*
3,700 7/01/11 3.75 3,700,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY PCR
(Illinois Power Project)
Series '87C AMT VRDN*
7,900 3/01/17 3.75 7,900,000
ILLINOIS HOUSING
DEVELOPMENT AUTHORITY SFMR
(Home Mortgage Program)
Series PT-7 AMT VRDN* AMBAC
29,725 8/01/19 3.75% 29,725,000
LAKE COUNTY SOLID WASTE REVENUE
(Countryside Landfill Inc.)
AMT VRDN*
5,670 4/01/21 3.30 5,670,000
-----------
120,615,000
INDIANA-1.0%
INDIANA EMP. DEVELOPMENT COMM. IDR
(O'Neal Steel) AMT VRDN*
1,000 4/01/10 3.60 1,000,000
RUSHVILLE IDR
(Fujitsu Ten America)
Series '86 AMT VRDN*
3,600 11/01/96 3.60 3,600,000
ST. JOSEPH'S COUNTY
(Edcoat Limited Partnership)
Series '95 AMT VRDN*
5,000 9/01/25 3.55 5,000,000
WESTFIELD IDR
(Porter Project)
Series '89 AMT VRDN*
2,300 12/01/09 3.65 2,300,000
-----------
11,900,000
KANSAS-0.7%
BUTLER COUNTY
(Texaco Refining & Marketing)
Series A AMT VRDN*
6,700 8/01/24 3.85 6,700,000
WICHITA HEALTH REVENUE
(CSJ Health Systems)
Series XXV '85 VRDN*
1,900 10/01/11 3.65 1,900,000
-----------
8,600,000
KENTUCKY-1.5%
BEREA IDR
(Tokico Manufacturing Corp.)
Series '87 AMT VRDN*
3,600 12/01/97 3.85 3,600,000
2
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
BOWLING GREEN IDR
(TWN Fastener Inc.)
Series '88 AMT VRDN*
$ 4,125 3/01/08 3.75% $ 4,125,000
BOWLING GREEN IDR
(Woodcraft Industries, Inc.)
Series '95 AMT VRDN*
5,400 3/01/25 3.55 5,400,000
KENTUCKY HIGHER EDUCATION
(Student Loan Rev.)
Series '91E AMT VRDN*
4,000 12/01/11 3.50 4,000,000
-----------
17,125,000
MAINE-0.6%
ORRINGTON RESOURCE RECOVERY
(Penobscot Energy Project)
Series B AMT VRDN*
6,470 5/01/03 3.55 6,470,000
MICHIGAN-0.4%
MICHIGAN HOUSING
DEVELOPMENT AUTHORITY MFHR
(Woodland Meadows Apts.)
AMT VRDN*
2,000 11/01/13 3.60 2,000,000
MICHIGAN MUNICIPAL BOND AUTHORITY
Series B
2,500 7/03/96 3.80 2,500,092
-----------
4,500,092
MISSOURI-0.8%
MEXICO IDA
(Optec D.D. USA Inc. Project)
Series '87 AMT VRDN*
7,000 10/01/97 3.83 7,000,000
MISSOURI ECONOMIC
DEVELOPMENT AUTHORITY
Export and Infrastructure
Series A AMT VRDN*
2,000 9/01/05 3.75 2,000,000
-----------
9,000,000
NEBRASKA-1.2%
NEBRASKA FINANCE AUTHORITY SFMR
Series '96C AMT PPB*
13,800 5/01/97 3.85% 13,800,000
NEVADA-0.7%
CLARK COUNTY IDB
(Nevada Power Co. Project)
Series '95B AMT VRDN*
8,000 10/01/30 3.60 8,000,000
NEW HAMPSHIRE-0.7%
NASHUA HOUSING AUTHORITY MFHR
(Clocktower Project)
AMT VRDN*
6,058 10/20/28 3.95 6,058,000
NEW HAMPSHIRE IDA
(Connecticut Light & Power Co.)
Series '86 AMT VRDN*
1,900 11/01/16 3.55 1,900,000
-----------
7,958,000
NEW JERSEY-1.3%
JERSEY CITY BAN
15,000 9/27/96 4.00 15,026,001
NEW MEXICO-0.3%
SANTA FE MORTGAGE REVENUE SMFR
(Home Mortgage Revenue)
Series '95B AMT PPB*
3,000 11/15/96 4.00 3,000,000
NORTH CAROLINA-4.2%
BLADEN COUNTY PCR
(BCH Energy Project)
Series '93 AMT VRDN*
18,000 11/01/20 3.70 18,000,000
LENOIR COUNTY IDR PCR
(Carolina Energy Project) AMT VRDN*
30,000 7/01/22 3.70 30,000,000
-----------
48,000,000
OHIO-1.5%
OHIO HOUSING FINANCE AGENCY
Residential Mortgage Revenue Bonds
Series '96 A-3 AMT PPB*
14,000 3/03/97 3.40 14,000,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
OHIO WATER DEVELOPMENT AUTHORITY
(Ohio Edison Co.) Series A AMT PPB*
$ 3,600 5/01/97 3.80% $3,600,000
-----------
17,600,000
OREGON-2.9%
OREGON HOUSING AND
COMMUNITY SERVICES SFMR
Series '96C AMT
3,700 5/15/97 3.85 3,700,000
PORT OF PORTLAND SPECIAL OBLIGATION
(Portland Bulk Terminals)
Series '96 AMT VRDN*
30,000 10/01/25 3.55 30,000,000
-----------
33,700,000
PENNSYLVANIA-0.8%
PHILADELPHIA GO TRAN
Series '96A
9,000 6/30/97 3.95 9,047,160
RHODE ISLAND-0.3%
RHODE ISLAND HOUSING AND
MORTGAGE FINANCE CORP.
(Homeownership Opportunity)
Series 19D AMT PPB*
4,000 1/30/97 3.55 4,000,000
SOUTH CAROLINA-4.0%
BERKELEY COUNTY IDB
(Nucor Corp. Project)
Series '95 AMT VRDN*
19,500 9/01/28 3.65 19,500,000
BERKELEY COUNTY IDB
(Nucor Corp. Project)
Series '96A AMT VRDN*
10,000 3/01/29 3.65 10,000,000
LAURENS COUNTY IDR
(Nicca USA Project) AMT VRDN*
8,500 4/01/09 4.10 8,500,000
SOUTH CAROLINA JOBS IDR
(Venture Packaging)
Series '95 AMT VRDN*
7,990 4/01/16 3.55 7,990,000
-----------
45,990,000
SOUTH DAKOTA-1.1%
SOUTH DAKOTA HFA SFMR
(Homeownership Mortgage) Series G
12,100 5/01/97 4.25% 12,130,929
TENNESSEE-0.5%
HAMILTON COUNTY INDUSTRIAL DEVELOPMENT
(Komatsu American Manufacturing)
Series '85 VRDN*
5,400 11/01/05 3.65 5,400,000
TEXAS-5.7%
GREATER EAST TEXAS
STUDENT LOAN REVENUE
Series '95A AMT PPB*
10,650 5/01/97 3.85 10,650,000
GREATER TEXAS STUDENT LOAN REVENUE
Series '96A AMT PPB*
18,800 3/01/97 3.35 18,800,000
GULF COAST IDA
(Gruma Corp. Project) AMT VRDN*
6,850 11/01/09 3.65 6,850,000
HARRIS COUNTY IDR
(Nippon Pigment USA Project)
Series '87 AMT VRDN*
2,500 7/01/02 3.95 2,500,000
SAN ANTONIO IDA
(Gruma Corp. Project) AMT VRDN*
6,150 11/01/09 3.65 6,150,000
TEXAS GO TRAN
Series '95A
20,000 8/30/96 3.93-4.07 20,023,566
-----------
64,973,566
UTAH-2.6%
UTAH HFA SFMR
(Home Mortgage Revenue)
Series '96-2 VRDN*
17,180 7/01/16 3.75 17,180,000
UTAH HFA SFMR
(Home Mortgage Revenue)
Series 2 AMT VRDN*
9,000 7/01/29 3.70 9,000,000
4
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
UTAH HFA SFMR
(Home Mortgage Revenue)
Series 4 AMT VRDN*
$ 3,100 7/01/28 3.60% $ 3,100,000
-----------
29,280,000
WASHINGTON-3.5%
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '91 AMT VRDN*
5,700 6/01/06 3.75 5,700,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '92B AMT VRDN*
6,200 8/01/07 3.75 6,200,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '92B AMT VRDN*
2,725 12/01/07 3.75 2,725,000
WASHINGTON HFA MFHR
(Arbor Park Project)
Series '94 AMT VRDN*
6,400 10/01/24 3.60 6,400,000
WASHINGTON HFA MFHR
(Heatherstone Apts.)
Series '95 AMT VRDN*
9,800 7/01/25 3.40 9,800,000
WASHINGTON PUBLIC POWER SUPPLY
Electric Revenue Project #1
Series '93 IA2 VRDN*
100 7/01/17 3.35 100,000
WASHINGTON STUDENT
LOAN FINANCE ASSOCIATION
Third Program Series B AMT VRDN*
9,000 12/01/02 3.55 9,000,000
-----------
39,925,000
Total Municipal Bonds
(amortized cost $653,676,471) 653,676,471
COMMERCIAL PAPER-45.6%
ALABAMA-0.5%
PHENIX CITY IDB
(Mead Board Project) AMT
5,500 7/11/96 3.60 5,500,000
ARIZONA-1.6%
SALT RIVER PROJECT
Agricultural Imp. & Power District
7,039 8/26/96 3.45% 7,039,000
SALT RIVER PROJECT
Agricultural Imp. & Power District
11,000 8/16/96 3.50 11,000,000
18,039,000
CALIFORNIA-0.5%
CALIFORNIA PCFA PCR
(Pacific Gas & Electric)
Series '88D AMT
6,000 7/25/96 3.50 6,000,000
COLORADO-2.6%
DENVER AIRPORT REVENUE
Series B AMT
2,700 7/15/96 3.70 2,700,000
DENVER AIRPORT REVENUE
Series B AMT
7,000 8/08/96 3.85 7,000,000
DENVER AIRPORT REVENUE
Series B AMT
20,230 8/07/96 3.95 20,230,000
-----------
29,930,000
FLORIDA-3.9%
FLORIDA LOCAL GOVERNMENT COMM.
(Assoc. of Counties)
8,741 8/20/96 3.50 8,740,800
JACKSONVILLE POLLUTION CONTROL
(Florida Power & Light) Series '94
3,200 8/15/96 3.50 3,200,000
JACKSONVILLE POLLUTION CONTROL
(Florida Power & Light) Series '94
4,600 10/17/96 3.65 4,600,000
SARASOTA HOSPITAL REVENUE
(Sarasota Memorial Hospital) Series A
3,200 7/16/96 3.60 3,200,000
5
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
SARASOTA HOSPITAL REVENUE
(Sarasota Memorial Hospital)
Series B
$ 2,500 8/08/96 3.80% $ 2,500,000
SARASOTA HOSPITAL REVENUE
(Sarasota Memorial Hospital)
Series C
5,000 7/26/96 3.55 5,000,000
SARASOTA HOSPITAL REVENUE
(Sarasota Memorial Hospital)
Series C
1,200 8/08/96 3.80 1,200,000
ST. LUCIE PCR
(Florida Power & Light) Series '94A
16,650 8/15/96 3.45 16,650,000
-----------
45,090,800
GEORGIA-2.4%
ATHENS CLARKE IDA
(Rhone-Merieux Inc. Project)
Series '88 AMT
2,900 8/27/96 3.75 2,900,000
GEORGIA MUNICIPAL GAS AUTHORITY
(Southern Portfolio 1 Project)
Series D
7,000 7/18/96 3.55 7,000,000
GEORGIA MUNICIPAL GAS AUTHORITY
(Transco Portfolio 1) Series B
3,000 8/28/96 3.60 3,000,000
GEORGIA MUNICIPAL GAS AUTHORITY
Series '85B
14,950 8/23/96 3.70 14,950,000
-----------
27,850,000
ILLINOIS-1.9%
DECATUR WATER REVENUE
(New South Water Treatment)
Series '85
9,900 7/18/96 3.70 9,900,000
DECATUR WATER REVENUE
(New South Water Treatment)
Series '85
12,000 7/18/96 3.80 12,000,000
-----------
21,900,000
INDIANA-0.3%
SULLIVAN COOPERATIVE FINANCE CORP.
(Hoosier Energy Rural Electric)
Series '85L-6
3,000 10/01/96 3.65% 3,000,000
KANSAS-0.5%
BURLINGTON PCR
(Kansas City Power & Light)
Series '85B
6,000 9/11/96 3.70 6,000,000
MASSACHUSETTS-0.3%
MASSACHUSETTS BAY TRANS. AUTH.
Series B
4,000 7/11/96 3.50 4,000,000
MICHIGAN-1.6%
MICHIGAN BUILDING AUTHORITY AMT
9,200 8/28/96 3.70 9,200,000
MICHIGAN HOUSING DEVELOPMENT
AUTHORITY MFHR
(Housing Revenue Bonds)
Series '88A AMT
4,700 7/12/96 3.40 4,700,000
MICHIGAN HOUSING DEVELOPMENT
AUTHORITY MFHR
(Housing Revenue Bonds)
Series '88A AMT
5,000 7/29/96 3.70 5,000,000
-----------
18,900,000
NEW YORK-7.4%
NEW YORK CITY GO
Series '96
19,000 8/22/96 3.50 19,000,000
NEW YORK MUNICIPAL WATER AUTHORITY
Series '94
7,400 8/08/96 3.70 7,400,000
NEW YORK MUNICIPAL WATER AUTHORITY
Series 3
8,000 7/15/96 3.50 8,000,000
NEW YORK MUNICIPAL WATER AUTHORITY
Series 3
11,500 10/10/96 3.60 11,500,000
6
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
NEW YORK MUNICIPAL WATER AUTHORITY
Series 4
$ 6,500 8/12/96 3.80% $ 6,500,000
NIAGARA COUNTY SOLID WASTE REV. IDA
(American Ref-Fuel Co.)
Series '94B AMT
12,700 7/30/96 3.70 12,700,000
NIAGARA COUNTY SOLID WASTE REV. IDA
(American Ref-Fuel Co.)
Series '94C AMT
4,500 7/26/96 3.55 4,500,000
NIAGARA COUNTY SOLID WASTE REV. IDA
(American Ref-Fuel Co.)
Series '94C AMT
5,000 7/12/96 3.60 5,000,000
NIAGARA COUNTY SOLID WASTE REV. IDA
(American Ref-Fuel Co.)
Series '94C AMT
5,700 8/16/96 3.60 5,700,000
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY AMT
4,225 9/10/96 3.70 4,225,000
-----------
84,525,000
OHIO-0.3%
OHIO WATER DEVELOPMENT AUTHORITY PCR
(Dusquesne Light Co.) Series '88 AMT
3,000 8/02/96 3.60 3,000,000
PENNSYLVANIA-4.3%
ALLEGHENY COUNTY IDR
(U.S. Steel Environment Imp.)
Series '85
18,300 9/06/96 3.75 18,300,000
CARBON COUNTY
Res. Rec.:(Panther Creek Project)
Series '90A AMT
5,000 8/23/96 3.50 5,000,000
CARBON COUNTY
Res. Rec.:(Panther Creek Project)
Series '90B AMT
5,700 10/18/96 3.75 5,700,000
VENANGO INDUSTRIAL DEVELOPMENT
AUTHORITY
Res. Rec.:(Scrubgrass Project)
Series '93 AMT
6,000 8/23/96 3.50% 6,000,000
VENANGO INDUSTRIAL DEVELOPMENT
AUTHORITY
Res. Rec.:(Scrubgrass Project)
Series '93 AMT
4,200 8/26/96 3.55 4,200,000
VENANGO INDUSTRIAL DEVELOPMENT
AUTHORITY
Res. Rec.:(Scrubgrass Project)
Series '93 AMT
7,400 8/30/96 3.70 7,400,000
VENANGO INDUSTRIAL DEVELOPMENT
AUTHORITY
Res. Rec.:(Scrubgrass Project)
Series '93 AMT
2,750 10/01/96 3.70 2,750,000
-----------
49,350,000
TEXAS-9.6%
AUSTIN UTILITY SYSTEMS
(Travis & Williamson County) Series A
7,000 8/22/96 3.40 7,000,000
BRAZOS RIVER AUTHORITY PCR
(Texas Utility Electric Co.)
Series '94A AMT
2,400 7/29/96 3.40 2,400,000
BRAZOS RIVER AUTHORITY PCR
(Texas Utility Electric Co.)
Series '94A AMT
3,700 8/12/96 3.50 3,700,000
BRAZOS RIVER AUTHORITY PCR
(Texas Utility Electric Co.)
Series '94A AMT
2,000 8/12/96 3.60 2,000,000
BRAZOS RIVER HARBOR NAVIGATION
DISTRICT PCR
(Dow Chemical Project)
Series '88 AMT
5,000 7/19/96 3.65 5,000,000
7
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
BRAZOS RIVER HARBOR NAVIGATION
DISTRICT PCR
(Dow Chemical Project)
Series '88 AMT
$ 8,300 8/13/96 3.75% $ 8,300,000
BRAZOS RIVER HARBOR NAVIGATION
DISTRICT PCR
(Dow Chemical Project) Series '92 AMT
9,860 8/13/96 3.75 9,860,000
DALLAS AREA RAPID TRANSIT
Sales Tax Revenue Series A
10,000 8/26/96 3.45 10,000,000
DALLAS AREA RAPID TRANSIT
Sales Tax Revenue Series A
5,600 8/22/96 3.50 5,600,000
DALLAS AREA RAPID TRANSIT
Sales Tax Revenue Series A
5,000 8/20/96 3.55 5,000,000
DALLAS AREA RAPID TRANSIT
Sales Tax Revenue Series A
8,000 9/10/96 3.65 8,000,000
DALLAS AREA RAPID TRANSIT
Sales Tax Revenue Series A
5,000 9/10/96 3.70 5,000,000
PORT DEVELOPMENT CORP.
(Mitsui Marine Terminal Project)
Series '85A
6,000 8/14/96 3.80 6,000,000
SAN ANTONIO WATER SYSTEMS
Series '95
10,000 7/23/96 3.45 10,000,000
UNIVERSITY OF TEXAS BOARD OF REGENTS
Series A
9,000 8/16/96 3.45 9,000,000
UNIVERSITY OF TEXAS BOARD OF REGENTS
Series A
13,800 10/18/96 3.65% 13,800,000
-----------
110,660,000
UTAH-3.2%
INTERMOUNTAIN POWER AGENCY
Power Supply Revenue Series '85E
8,000 7/19/96 3.50 8,000,000
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.)
Series A AMT
16,200 8/21/96 3.75 16,200,000
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.)
Series A AMT
12,300 7/09/96 3.75 12,300,000
-----------
36,500,000
VIRGINIA-0.3%
LOUISA PCR
(Virginia Electric & Power Co.)
Series '87
4,000 7/24/96 3.70 4,000,000
WEST VIRGINIA-1.6%
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.)
Series '89A AMT
6,500 8/06/96 3.30 6,500,000
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.)
Series '89A AMT
10,000 8/22/96 3.50 10,000,000
WEST VIRGINIA PUBLIC ENERGY AUTHORITY
(Morgantown Energy Assoc.)
Series '89A AMT
2,000 10/18/96 3.75 2,000,000
-----------
18,500,000
8
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ------------------------------------------------------------------------
WISCONSIN-0.5%
WISCONSIN HEALTH & EDUCATION
FACILITIES
(Alexian Village of Milwaukee)
Series '88A
$ 5,500 7/22/96 3.80% $ 5,500,000
WYOMING-0.6%
SWEETWATER COUNTY PCR
Series '92B
6,305 7/11/96 3.40 6,305,000
PUERTO RICO-1.7%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
10,000 8/09/96 3.65 10,000,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
9,200 8/21/96 3.65% 9,200,000
-----------
19,200,000
Total Commercial Paper
(amortized cost $523,749,800) 523,749,800
TOTAL INVESTMENTS-102.6%
(amortized cost $1,177,426,271) 1,177,426,271
Other assets less liabilities-(2.6%) (29,409,919)
NET ASSETS-100%
(offering and redemption price of
$1.00 per share; 1,149,938,628
shares outstanding) $1,148,016,352
+ All securities either mature or their interest rate changes in one year or
less.
* Variable Rate Demand Notes (VRDN) are instruments whose interest rates
change on a specified date (such as a coupon date or interest payment date) or
whose interest rates vary with changes in a designated base rate (such as the
prime interest rate). These instruments are payable on demand and are secured
by letters of credit or other credit support agreements from major banks.
Periodic Put Bonds (PPB) are payable on demand quarterly, semi-annually or
annually and their interest rates change less frequently than rates on Variable
Rate Demand Notes.
Glossary of Terms:
AMBAC American Municipal Bond Assurance Corporation
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
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
9
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1996 ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $46,854,539
EXPENSES
Advisory fee (Note B) $ 6,077,761
Distribution assistance and administrative
service (Note C) 3,609,988
Transfer agency (Note B) 1,101,586
Custodian fees 265,308
Registration fees 201,324
Printing 173,281
Audit and legal fees 68,509
Trustees' fees 13,419
Miscellaneous 41,518
Total expenses 11,552,694
Less:expense reimbursement (4,947)
11,547,747
Net investment income 35,306,792
REALIZED AND UNREALIZED GAIN (LOSS)ON INVESTMENTS
Net realized gain on investments 21,901
Net change in unrealized appreciation of investments (17,829)
Net gain on investments 4,072
NET INCREASE IN NET ASSETS FROM OPERATIONS $35,310,864
STATEMENTS OF CHANGES IN NET ASSETS
_______________________________________________________________________________
YEAR ENDED YEAR ENDED
JUNE 30,1996 JUNE 30,1995
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 35,306,792 $ 31,671,376
Net realized gain (loss) on investments 21,901 (1,793,640)
Net change in unrealized appreciation of
investments (17,829) (3,201,732)
Net increase in net assets from operations 35,310,864 26,676,004
OTHER CAPITAL CONTRIBUTIONS
Total increase -0- 3,218,975
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (35,306,792) (31,671,376)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (Note E) (41,279,072) 56,798,166
Total increase (decrease) (41,275,000) 55,021,769
NET ASSETS
Beginning of year 1,189,291,352 1,134,269,583
End of year $1,148,016,352 $1,189,291,352
See notes to financial statements.
10
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996 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. As a matter of fundamental policy, each Portfolio pursues its
objectives by maintaining a portfolio of high-quality money market securities
all of which, at the time of investment, have remaining maturities of 397 days
or less. The following is a summary of significant accounting policies followed
by the Portfolio.
1. VALUATION OF SECURITIES
Securities in which the Portfolio invests are traded primarily in the
over-the-counter market and are valued at amortized cost, under which method a
portfolio instrument is valued at cost and any premium or discount is amortized
on a constant basis to maturity. Amortization of premium is charged to income.
Accretion of market discount is credited to unrealized gains.
2. TAXES
It is the Portfolio's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its investment company taxable income and net realized gains, if applicable,
to its shareholders. Therefore, no provisions for federal income or excise
taxes are required.
3. DIVIDENDS
The Portfolio declares dividends daily from net investment income and
automatically reinvests such dividends in additional shares at net asset value.
Net realized capital gains on investments, if any, are expected to be
distributed near year end. Dividends paid from net investment income for the
year ended June 30, 1996, 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. The Adviser also voluntarily agreed to reimburse the Portfolio for
the year ended June 30, 1996 for expenses exceeding .95 of 1% of its average
daily assets. For the year ended June 30, 1996, the reimbursement amounted
$4,947. 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
$621,449 for the year ended June 30, 1996. The Adviser purchased tax and
revenue anticipation notes issued by Orange County, California on July 19, 1995
for $20.85 million.
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 year ended June 30,
1996, the distribution fee amounted to $3,038,881. In addition, the Portfolio
reimbursed certain broker-dealers for administrative costs incurred in
connection with providing shareholder services, accounting, bookkeeping, legal
and compliance support. For the year ended June 30, 1996, such payments by the
Portfolio amounted to $571,107 of which $109,000 was paid to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At June 30, 1996, the cost of securities for federal income tax purposes was
the same as the cost for financial reporting purposes. At June 30, 1996 the
Portfolio had a capital loss carryforward of $1,912,276, of which $118,636
expires in the year 2002 and $1,793,640 expires in the year 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At June 30,
1996, capital paid-in aggregated $1,149,928,628. Transactions, all at $1.00 per
share, were as follows:
YEAR ENDED YEAR ENDED
JUNE 30, 1996 JUNE 30, 1995
--------------- ---------------
Shares sold 4,856,711,351 4,443,583,142
Shares issued on reinvestments of dividends 35,306,792 31,671,376
Shares redeemed (4,933,297,215) (4,418,456,352)
Net increase (decrease) (41,279,072) 56,798,166
12
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
NOTE F: FINANCIAL HIGHLIGHTS
Per share operating performance for a share outstanding throughout each year.
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
-----------------------------------------------------------
1996 1995 1994 1993 1992
----------- ----------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .029 .028 .018 .020 .034
Net realized and unrealized loss
on investments -0- (.003) -0- -0- -0-
Net increase in net asset value
from operations .029 .025 .018 .020 .034
ADD: CAPITAL CONTRIBUTIONS
Capital Contributed by the Adviser -0- .003 -0- -0- -0-
LESS: DISTRIBUTIONS
Dividends from net investment income (.029) (.028) (.018) (.020) (.034)
Net asset value, end of year $1.00 $1.00 $1.00 $1.00 $1.00
TOTAL RETURNS
Total investment return based on
net asset value (a) 2.93% 2.83%(b) 1.81% 2.05% 3.48%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in millions) $1,148 $1,189 $1,134 $1,016 $914
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .95% .94% .92% .92% .92%
Expenses, before waivers and
reimbursements .95% .95% .94% .94% .95%
Net investment income (c) 2.90% 2.78% 1.80% 2.02% 3.40%
</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) The capital contribution by the Adviser had no effect on total return.
(c) Net of expenses reimbursed or waived by the Adviser.
13
INDEPENDENT AUDITOR'S REPORT ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS ALLIANCE MUNICIPAL TRUST - GENERAL
PORTFOLIO
We have audited the accompanying statement of net assets of the General
Portfolio of Alliance Municipal Trust as of June 30, 1996 and the related
statements of operations, changes in net assets, and financial highlights for
the periods indicated in the accompanying financial statements. These financial
statements and financial highlights are the responsibility of the Portfolio's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1996, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
General Portfolio of Alliance Municipal Trust as of June 30, 1996, and the
results of its operations, changes in its net assets, and its financial
highlights for the periods indicated, in conformity with generally accepted
accounting principles.
McGladrey & Pullen, LLP
New York, New York
July 26, 1996
14
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
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
15
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.
AMTAR
