ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
SEMI-ANNUAL REPORT
DECEMBER 31, 1996
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
MUNICIPAL BONDS-81.6%
ALABAMA-1.2%
DECATUR SOLID WASTE
(Trico Steel Co. Project) AMT VRDN*
$ 15,000 3/01/26 4.30% $15,000,000
ALASKA-0.8%
ALASKA IDA
(Healy Clean Coal Project)
Series '96A AMT VRDN*
10,000 4/01/23 4.25 10,000,000
ARIZONA-2.6%
MARICOPA COUNTY TAN
(Cartwright Elementary School)
5,400 7/31/97 4.05 5,413,620
MARICOPA COUNTY TAN
(Chandler Unified School
District No. 80)
6,300 7/31/97 4.00 6,317,650
PHOENIX IDA
(America West Airlines) AMT VRDN*
18,000 8/01/16 4.45 18,000,000
TUCSON IDA
(Santa Rita Hotel)
Series B AMT VRDN*
1,765 12/01/16 4.25 1,765,000
-----------
31,496,270
ARKANSAS-1.0%
ARKANSAS DEVELOPMENT
FINANCE AUTHORITY SFMR
Series I AMT PPB*
5,000 11/05/97 3.80 5,000,000
MILLER COUNTY
(Tyson Foods, Inc. Project)
Series '96 AMT VRDN*
7,500 11/01/21 4.40 7,500,000
-----------
12,500,000
CALIFORNIA-3.4%
CALIFORNIA HFA SFMR
(Home Mortgage Revenue)
Series '96J AMT PPB*
3,800 7/24/97 4.00 3,800,000
CALIFORNIA HIGHER ED
Student Loan Revenue Series D-2 PPB*
6,300 7/01/97 3.95 6,300,000
CALIFORNIA SCHOOL CASH RESERVE NOTE
Series A MBIA
4,500 7/02/97 3.95 4,516,581
LONG BEACH
Res. Rec.: (Southeast Fac.
Auth. Lease Rev.)
Series '95B AMT VRDN*
11,300 12/01/18 4.20 11,300,000
LOS ANGELES COUNTY TRAN
Local Educational Agency FSA
7,600 6/30/97 4.05 7,625,055
SAN JOSE COUNTY TRAN
(Unified School District) Series '96
7,200 8/05/97 3.95 7,222,516
-----------
40,764,152
COLORADO-0.5%
COLORADO STUDENT
OBLIGATION BOND AUTHORITY
Student Loan Revenue
Series '90A AMT VRDN*
2,700 9/01/24 4.10 2,700,000
COLORADO STUDENT
OBLIGATION BOND AUTHORITY
Student Loan Revenue
Series '93B AMT VRDN*
3,200 7/01/20 4.10 3,200,000
-----------
5,900,000
DELAWARE-0.9%
DELAWARE ECONOMIC
DEVELOPMENT AUTHORITY
(Orient Chemical Co.) AMT VRDN*
4,620 11/01/99 4.38 4,620,000
DELAWARE ECONOMIC
DEVELOPMENT AUTHORITY
Waste Recovery
Series '96A AMT VRDN*
5,800 12/01/28 4.15 5,800,000
-----------
10,420,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
DISTRICT OF COLUMBIA-2.1%
DISTRICT OF COLUMBIA HFA MFHR
(Tyler Housing) AMT VRDN*
$ 10,500 8/01/25 4.35% $10,500,000
DISTRICT OF COLUMBIA SFMR
Series B AMT PPB*
10,000 12/01/97 3.75 10,000,000
DISTRICT OF COLUMBIA SFMR
Series C AMT PPB*
5,000 12/01/97 3.90 5,000,000
-----------
25,500,000
FLORIDA-0.8%
FLORIDA HFA MFHR
(Ashley Lake II)
Series J AMT VRDN*
600 12/01/11 4.05 600,000
ORANGE COUNTY HFA SFMR
Series '96B AMT PPB*
9,000 4/01/97 3.65 9,000,000
-----------
9,600,000
GEORGIA-0.3%
COLLEGE PARK IDR
(Wynefield 1 Project) AMT VRDN*
3,900 12/01/16 3.70 3,900,000
HAWAII-2.0%
HAWAII DEPARTMENT OF
BUDGET & FINANCE
(Wailuku River Hydro Project)
Series '91 AMT VRDN*
14,300 12/01/21 3.35 14,300,000
HAWAII HFA MFHR
(Tropicana West Project)
Series '85A VRDN*
10,100 8/01/10 3.00 10,100,000
-----------
24,400,000
ILLINOIS-10.2%
CHICAGO AIRPORT REVENUE
(Northwest Airlines Project)
Series B AMT VRDN*
16,400 2/01/24 4.55 16,400,000
CHICAGO AIRPORT REVENUE
(O'Hare International Airport)
Series '88A AMT VRDN*
20,500 1/01/18 4.20 20,500,000
ELMHURST HOSPITAL REVENUE
(Joint Comm. Health Org.)
Series '88 VRDN*
20,795 7/01/18 4.30 20,795,000
FRANKLIN PARK IDR
(Maclean-Fogg Co. Project)
Series '95 AMT VRDN*
5,000 2/01/07 4.40 5,000,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(Tajon Warehousing Corp.)
Series A AMT VRDN*
3,400 1/01/10 4.25 3,400,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(U.G.N. Inc. Project)
Series '86 AMT VRDN*
3,500 9/15/11 4.55 3,500,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(Valspar Corp.)
Series '95 AMT VRDN*
6,000 8/01/15 4.25 6,000,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY IDR
(THK America Inc. Project)
Series '91 AMT VRDN*
3,700 7/01/11 4.55 3,700,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY MFHR
(River Oaks Project)
Series '88 AMT VRDN*
15,500 12/15/19 4.10 15,500,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY PCR
(Illinois Power Project)
Series '87C AMT VRDN*
8,900 3/01/17 3.00 8,900,000
2
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
ILLINOIS HDA
(Homeowner Mortgage)
Series '96F-2 AMT PPB*
$ 10,800 12/18/97 3.70% $10,800,000
LAKE COUNTY SOLID WASTE REVENUE
(Countryside Landfill Inc.) AMT VRDN*
5,670 4/01/21 4.20 5,670,000
SOUTHWESTERN ILLINIOS
DEVELOPMENT AUTHORITY
(Shell Oil/Wood River Project)
Series '92 AMT VRDN*
2,700 4/01/22 5.05 2,700,000
-----------
122,865,000
INDIANA-1.2%
JEFFERSONVILLE IDR
(Apollo America Corp.)
Series '91 AMT VRDN*
2,500 10/01/11 4.35 2,500,000
PETERSBURG SOLID WASTE
(Indianapolis Power & Light)
Series '94A AMT VRDN*
5,000 12/01/24 4.10 5,000,000
ST. JOSEPH'S COUNTY
(Edcoat Limited Partnership)
Series '95 AMT VRDN*
5,000 9/01/25 4.35 5,000,000
WESTFIELD IDR
(Porter Project)
Series '89 AMT VRDN*
2,200 12/01/09 4.25 2,200,000
-----------
14,700,000
KANSAS-0.4%
WICHITA COUNTY
(CSJ Health Systems)
Series XXV '85 VRDN*
4,900 10/01/11 4.30 4,900,000
KENTUCKY-3.9%
BOWLING GREEN IDR
(TWN Fastener Inc.)
Series '88 AMT VRDN*
4,125 3/01/08 4.55 4,125,000
BOWLING GREEN IDR
(Woodcraft Industries, Inc.)
Series '95 AMT VRDN*
5,400 3/01/25 4.35 5,400,000
JEFFERSON COUNTY
INDUSTRIAL DEVELOPMENT
(Strawberry Lane Venture)
AMT VRDN*
3,280 7/01/19 4.25 3,280,000
KENTUCKY RURAL ECONOMIC
DEVELOPMENT AUTHORITY
(Heaven Hill Project) AMT VRDN*
2,300 10/01/16 4.25 2,300,000
LOUISVILLE AIRPORT REVENUE
(Louisville Airport)
Series '89B AMT VRDN*
25,300 2/01/19 4.30 25,300,000
MAYFIEL REVENUE LEASE
(Kentucky League of
Cities Funding Pool)
Series '96 VRDN*
7,000 7/01/26 4.30 7,000,000
-----------
47,405,000
LOUISIANA-0.8%
NEW ORLEANS BOND
(International Airport)
FGIC AMT Pre-Refunded
4,500 8/01/97 3.65 4,721,659
PARISH OF IBERVILLE
(Dow Chemical Project) AMT VRDN*
5,000 8/01/01 4.25 5,000,000
-----------
9,721,659
MISSOURI-0.7%
MEXICO IDA
(Optec D.D. USA Inc. Project)
Series '87 AMT VRDN*
7,000 10/01/97 4.38 7,000,000
MISSOURI ECONOMIC
DEVELOPMENT AUTHORITY
(Plastic Enterprises)
Series '90A AMT VRDN*
1,845 9/01/05 4.35 1,845,000
-----------
8,845,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
NEBRASKA-1.2%
NEBRASKA FINANCE AUTHORITY SFMR
Series '96C AMT PPB*
$ 13,800 5/01/97 3.85% $13,800,000
NEVADA-1.0%
CLARK COUNTY IDB
(Nevada Power Co. Project)
Series '95B AMT VRDN*
8,000 10/01/30 4.25 8,000,000
NEVADA HFA
(Oakmont at Fort Apache Road)
Series '96A AMT VRDN*
4,000 10/01/26 4.30 4,000,000
12,000,000
NEW HAMPSHIRE-1.5%
NASHUA HOUSING AUTHORITY MFHR
(Clocktower Project) AMT VRDN*
5,058 10/20/28 4.60 5,058,000
NEW HAMPSHIRE IDA
(SCI Manufacturing, Inc.)
Series '89 AMT VRDN*
5,700 6/01/14 4.40 5,700,000
NEW HAMPSHIRE PCR
(Public Service Co. of NH Project)
Series '92D AMT VRDN*
7,000 5/01/21 4.25 7,000,000
-----------
17,758,000
NEW JERSEY-2.9%
JERSEY CITY
School Promissory Note
4,500 3/07/97 3.60 4,500,488
JERSEY CITY BAN
12,000 3/27/97 3.80 12,019,329
JERSEY CITY BAN
9,900 9/26/97 4.05 9,931,416
PLEASANTVILLE SCHOOL DISTRICT
Temporary Notes
8,500 8/28/97 4.00 8,513,319
-----------
34,964,552
NEW MEXICO-1.3%
NEW MEXICO SFMR
Series '96F-2 AMT PPB*
15,850 8/28/97 4.05 15,850,000
NEW YORK-5.0%
HEMPSTEAD BAN
Series '96A
7,000 3.50%, 2/28/97 3.48 6,999,110
NEW YORK CITY IDR
(Brooklyn Navy Yard Project)
Series '95B AMT VRDN*
36,400 7/01/29 4.20 36,400,000
NEW YORK CITY RAN
Series A
16,500 4/15/97 3.70 16,536,880
-----------
59,935,990
NORTH CAROLINA-4.5%
BLADEN COUNTY PCR
(BCH Energy Project)
Series '93 AMT VRDN*
18,000 11/01/20 4.35 18,000,000
LENOIR COUNTY IDR PCR
(Carolina Energy Project)
AMT VRDN*
33,700 7/01/22 4.35 33,700,000
NORTH CAROLINA MEDICAL CARE
(Pooled Financing Project)
Series A VRDN*
3,000 10/01/16 4.25 3,000,000
-----------
54,700,000
OHIO-2.6%
OHIO HFA
Residential Mortgage Revenue Bonds
Series '96A-3 AMT PPB*
14,000 3/03/97 3.40 14,000,000
OHIO HFA
Residential Mortgage Revenue Bonds
Series '96B-3 AMT PPB
14,300 8/13/97 4.00 14,300,000
OHIO WATER DEVELOPMENT AUTHORITY
(Ohio Edison Co.)
Series A AMT PPB*
3,600 5/01/97 3.80 3,600,000
-----------
31,900,000
4
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
OREGON-3.0%
OREGON ECONOMIC DEVELOPMENT CORP.
(McFarland Cascade Project)
AMT VRDN*
$ 1,690 11/01/16 4.40% $ 1,690,000
OREGON HOUSING AND COMMUNITY
SERVICES SFMR
(Mortgage Revenue Bonds)
Series '96C AMT
3,700 5/15/97 3.85 3,700,000
OREGON HOUSING AND COMMUNITY
SERVICES SFMR
Series K AMT PPB*
5,800 6/01/97 3.65 5,800,000
PORT OF PORTLAND IDR
(Portland Bulk Terminals)
Series '96 AMT VRDN*
25,000 10/01/25 4.25 25,000,000
-----------
36,190,000
PENNSYLVANIA-1.2%
PENNSYLVANIA HIGHER EDUCATION
STUDENT LOAN REVENUE
Series '88C AMT VRDN*
5,100 7/01/18 4.25 5,100,000
PHILADELPHIA GO TRAN
Series '96A
9,000 6/30/97 3.95 9,023,450
-----------
14,123,450
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-4.2%
BERKELEY COUNTY IDB
(Nucor Corp. Project)
Series '95 AMT VRDN*
19,500 9/01/28 4.25 19,500,000
BERKELEY COUNTY IDB
(Nucor Corp. Project)
Series '96 AMT VRDN*
11,000 3/01/29 4.25 11,000,000
LAURENS COUNTY IDR
(Nicca USA Project) AMT VRDN*
8,500 4/01/09 4.70 8,500,000
SOUTH CAROLINA JOBS IDR
(Venture Packaging)
Series '95 AMT VRDN*
7,655 4/01/16 4.30 7,655,000
YORK COUNTY PCR
(Electric Project)
Series '84N-6 PPB*
3,600 3/15/97 3.80 3,600,000
-----------
50,255,000
SOUTH DAKOTA-1.0%
SOUTH DAKOTA HFA SFMR
(Homeownership Mortgage)
Series G
12,100 5/01/97 3.93 12,112,209
TENNESSEE-3.0%
HAMILTON COUNTY
INDUSTRIAL DEVELOPMENT
(Komatsu American Manufacturing)
Series '85 VRDN*
5,400 11/01/05 4.30 5,400,000
MEMPHIS-SHELBY
COUNTY AIRPORT REVENUE
Series '96B AMT VRDN*
17,300 3/01/14 4.30 17,300,000
TENNESSEE HDA SFMR
(Homeownership Program)
Series '96-5 AMT PPB*
13,500 8/21/97 4.00 13,494,687
-----------
36,194,687
TEXAS-8.5%
GREATER EAST TEXAS
STUDENT LOAN REVENUE
Series '95A AMT PPB*
10,650 5/01/97 3.85 10,650,000
GREATER EAST TEXAS
STUDENT LOAN REVENUE
Series '96A AMT PPB*
28,800 3/01/97 3.35 28,792,597
GULF COAST IDA
(Gruma Corp. Project) AMT VRDN*
6,850 11/01/09 4.50 6,850,000
5
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
HARRIS COUNTY IDR
(Nippon Pigment USA Project)
Series '87 AMT VRDN*
$ 3,500 7/01/02 4.50% $ 3,500,000
NORTH TEXAS HIGHER EDUCATION
(Student Loan Revenue)
Series '87 AMT VRDN*
27,000 12/01/05 4.10 27,000,000
PANHANDLE PLAINS
STUDENT LOAN REVENUE
Series '91A AMT VRDN*
3,000 6/01/21 4.10 3,000,000
PANHANDLE PLAINS
STUDENT LOAN REVENUE
Series '93A AMT VRDN*
4,800 6/01/23 4.10 4,800,000
PANHANDLE PLAINS
STUDENT LOAN REVENUE
Series '95A AMT VRDN*
2,200 6/01/25 4.10 2,200,000
SAN ANTONIO IDA
(Gruma Corp. Project) AMT VRDN*
6,150 11/01/09 4.50 6,150,000
TEXAS GO TRAN
Series '96
9,000 8/29/97 3.97 9,044,387
-----------
101,986,984
UTAH-2.0%
SALT LAKE COUNTY SOLID WASTE
(Kennecott Copper) AMT VRDN*
5,200 8/01/30 4.25 5,200,000
UTAH HFA SFMR
(Home Mortgage Revenue)
Series '96-3 AMT VRDN*
5,550 7/01/26 4.35 5,550,000
UTAH HFA SFMR
(Home Mortgage Revenue)
Series '95-3 VRDN*
2,000 7/01/16 4.25 2,000,000
UTAH HFA SFMR
(Home Mortgage Revenue)
Series '96-2 VRDN*
10,680 7/01/16 4.25 10,680,000
UTAH HFA SFMR
(Home Mortgage Revenue)
Series 4 AMT VRDN*
1,100 7/01/28 4.35 1,100,000
-----------
24,530,000
VIRGINIA-0.8%
ALEXANDRIA REDEVELOPMENT
AND HOUSING MFHR
(Crystal City Apts. Project)
Series '90A AMT VRDN*
3,400 12/15/18 4.25 3,400,000
AMELIA COUNTY IDA
(Chambers Waste System) AMT VRDN*
700 7/01/07 4.35 700,000
KING GEORGE COUNTY IDR
(Garnet of Virginia, Inc.)
Series '96 AMT VRDN*
2,000 9/01/21 4.20 2,000,000
RICHMOND MFHR
(Tobacco Row Revenue)
Series '89B-2 AMT VRDN*
4,000 10/01/24 4.40 4,000,000
-----------
10,100,000
WASHINGTON-4.2%
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '91 AMT VRDN*
5,700 6/01/06 4.55 5,700,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '92B AMT VRDN*
6,500 8/01/07 4.55 6,500,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '92B AMT VRDN*
2,725 12/01/07 4.55 2,725,000
WASHINGTON HFA MFHR
(Larkia Place Apartments)
Series '96 AMT VRDN*
5,565 7/01/28 4.20 5,565,000
6
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Assisted Living Concepts)
AMT VRDN*
$ 5,600 1/01/17 4.35% $ 5,600,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Brittany Park Project)
Series A AMT VRDN*
5,000 10/01/21 4.35 5,000,000
WASHINGTON HOUSING FINANCE
COMMISSION MFHR
(Heatherstone Apts.)
Series '95 AMT VRDN*
9,800 7/01/25 4.20 9,800,000
WASHINGTON STUDENT
LOAN FINANCE ASSOCIATION
(Third Program) Series B AMT VRDN*
9,500 12/01/02 4.25 9,500,000
-----------
50,390,000
WYOMING-0.6%
WYOMING COMMUNITY DEVELOPMENT
AUTHORITY MFHR
(Mountainside)
Series A FSA AMT VRDN*
7,300 9/01/28 4.20 7,300,000
Total Municipal Bonds
(amortized cost $985,999,444) 986,007,953
COMMERCIAL PAPER-23.4%
ALABAMA-0.5%
PHENIX CITY IDB
(Mead Board Project) AMT
6,600 2/26/97 3.55 6,600,000
CALIFORNIA-0.2%
CALIFORNIA GO
3,000 2/12/97 3.40 3,000,000
COLORADO-0.9%
DENVER AIRPORT REVENUE
Series B AMT
7,300 2/18/97 3.60 7,300,000
DENVER AIRPORT REVENUE
Series E AMT
3,000 2/18/97 3.60 3,000,000
-----------
10,300,000
FLORIDA-0.6%
HILLSBOROUGH COUNTY
(Tampa Intl. Airport)
Series '94 AMT
3,100 4/01/97 3.60 3,100,000
JACKSONVILLE
Series A
4,000 2/19/97 3.45 4,000,000
-----------
7,100,000
GEORGIA-1.8%
ATHENS CLARKE IDA
(Rhone-Merieux Inc. Project)
Series '88 AMT
2,600 3/05/97 3.55 2,600,000
GEORGIA MUNICIPAL
ELECTRIC AUTHORITY
Series '85C
8,000 4/01/97 3.50 8,000,000
GEORGIA MUNICIPAL GAS AUTHORITY
(Southern Portfolio 1 Project)
Series D
7,400 3/06/97 3.55 7,400,000
GEORGIE MUNICIPAL ELECTRIC AUTHORITY
(Project No. 1) Series '94E
3,500 4/01/97 3.55 3,500,000
-----------
21,500,000
HAWAII-0.5%
HAWAII DEPARTMENT OF
BUDGET & FINANCE
(Citizens Utility Company)
Series '88A AMT
6,000 2/25/97 3.55 6,000,000
7
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
INDIANA-2.4%
INDIANA SOLID WASTE
FINANCE AUTHORITY
(Pure Air Lake)
Series '91A AMT
$ 9,000 3/13/97 3.65% $9,000,000
JASPER COUNTY
(Northern Indiana Public
Service Project)
Series '88C
9,500 2/28/97 3.55 9,500,000
JASPER COUNTY
(Northern Indiana Public
Service Project)
Series '88C
10,000 4/08/97 3.55 10,000,000
-----------
28,500,000
MICHIGAN-0.8%
MICHIGAN STATE BUILDING AUTHORITY
10,000 5/01/97 3.50 10,000,000
MISSOURI-0.2%
INDEPENDENCE MUNICIPAL
WATER UTILITY REVENUE
Series '86
2,250 2/21/97 3.45 2,250,000
NEVADA-0.2%
CLARK COUNTY PCR
(Southern CA Edison Project)
Series '87A AMT
2,300 2/26/97 3.50 2,300,000
NEW YORK-1.7%
NEW YORK CITY WATER
FINANCING AUTHORITY
15,000 4/07/97 3.60 15,000,000
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
AMT
5,145 3/07/97 3.60 5,145,000
-----------
20,145,000
NORTH CAROLINA-0.8%
NORTH CAROLINA EASTERN
MUNICIPAL POWER
10,000 3/11/97 3.50 10,000,000
OHIO-1.7%
MONTGOMERY COUNTY HOSPITAL REVENUE
(Miami Valley Hospital) Series C
4,500 3/27/97 3.45 4,500,000
OHIO WATER DEVELOPMENT AUTHORITY
(Dusquesne Light Co. Project)
Series '88 AMT
3,000 3/11/97 3.45 3,000,000
OHIO WATER DEVELOPMENT AUTHORITY
(Dusquesne Light Co. Project)
Series '88 AMT
1,000 3/10/97 3.50 1,000,000
OHIO WATER DEVELOPMENT AUTHORITY
(Dusquesne Light Co. Project)
Series '88 AMT
2,000 3/25/97 3.50 2,000,000
OHIO WATER DEVELOPMENT AUTHORITY
(Dusquesne Light Co. Project)
Series '88 AMT
8,350 2/12/97 3.50 8,350,000
OHIO WATER DEVELOPMENT AUTHORITY
(Dusquesne Light Co. Project)
Series '88 AMT
2,000 3/06/97 3.60 2,000,000
-----------
20,850,000
PENNSYLVANIA-2.3%
BEAVER COUNTY PCR
(Dusquesne Light Co.)
Series '93A AMT
1,000 2/21/97 3.60 1,000,000
CARBON COUNTY
Res. Rec.: (Panther Creek Project)
Series '90 AMT
3,000 3/11/97 3.45 3,000,000
8
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
CARBON COUNTY
Res. Rec.: (Panther Creek Project)
Series '91 AMT
$ 1,545 3/11/97 3.45% $ 1,545,000
CARBON COUNTY
Res. Rec.: (Panther Creek Project)
Series '91 AMT
1,000 3/10/97 3.50 1,000,000
CARBON COUNTY
Res. Rec.: (Panther Creek Project)
Series '91 AMT
4,500 3/14/97 3.65 4,500,000
VENANGO IDA
Res. Rec.: (Scrubgrass Project)
Series '90B AMT
3,700 3/14/97 3.65 3,700,000
VENANGO IDA
Res. Rec.: (Scrubgrass Project)
Series '93 AMT
2,300 3/11/97 3.45 2,300,000
VENANGO IDA
Res. Rec.: (Scrubgrass Project)
Series '93 AMT
2,915 3/26/97 3.50 2,915,000
VENANGO IDA
Res. Rec.: (Scrubgrass Project)
Series '93 AMT
7,200 3/14/97 3.65 7,200,000
-----------
27,160,000
SOUTH CAROLINA-0.2%
SOUTH CAROLINA PUBLIC SERVICE
3,000 3/27/97 3.45 3,000,000
TEXAS-3.7%
BRAZOS RIVER AUTHORITY PCR
(Texas Utilities Project)
Series '94A AMT
2,500 3/10/97 3.50 2,500,000
BRAZOS RIVER AUTHORITY PCR
(Texas Utilities Project)
Series '94A AMT
3,000 3/27/97 3.55 3,000,000
BRAZOS RIVER AUTHORITY PCR
(Texas Utilities Project)
Series '94A AMT
12,200 3/14/97 3.65 12,200,000
BRAZOS RIVER AUTHORITY PCR
(Texas Utilities Project)
Series '94B AMT
1,500 5/01/97 3.65 1,500,000
BRAZOS RIVER HARBOR
NAVIGATION DISTRICT PCR
(Dow Chemical Project)
Series '88 AMT
2,000 2/13/97 3.50 2,000,000
BRAZOS RIVER HARBOR
NAVIGATION DISTRICT PCR
(Dow Chemical Project)
Series '92 AMT
1,000 2/26/97 3.50 1,000,000
BROWNSVILLE UTILITY SYSTEMS
Series A
3,900 3/07/97 3.55 3,900,000
HOUSTON AIRPORT REVENUE
Series A AMT
7,000 2/20/97 3.50 7,000,000
HOUSTON AIRPORT REVENUE
Series A AMT
2,200 2/18/97 3.55 2,200,000
PORT OF CORPUS CHRISTI PCR
(Koch Refining Co. Project) AMT
9,500 3/27/97 3.55 9,500,000
-----------
44,800,000
UTAH-2.3%
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.)
Series A AMT
9,000 3/12/97 3.50 9,000,000
9
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
TOOELE COUNTY WASTE REVENUE
(Rollins Environmental, Inc.)
Series A AMT
$ 18,400 3/13/97 3.50% $18,400,000
27,400,000
VIRGINIA-0.6%
LOUISA VIRGINIA IDA
(Virginia Electric & Power Co.)
Series '85
6,225 3/12/97 3.55 6,225,000
PENINSULA PORT AUTHORITY
(CSX Transportation Inc.)
Series '92
1,000 2/20/97 3.55 1,000,000
-----------
7,225,000
WEST VIRGINIA-1.2%
WEST VIRGINIA PUBLIC
ENERGY AUTHORITY
(Morgantown Energy Assoc.)
Series '89A AMT
9,100 3/10/97 3.50 9,100,000
WEST VIRGINIA PUBLIC
ENERGY AUTHORITY
(Morgantown Energy Assoc.)
Series '89A AMT
5,000 3/14/97 3.65 5,000,000
-----------
14,100,000
PUERTO RICO-0.8%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
9,900 2/06/97 3.55 9,900,000
Total Commercial Paper
(amortized cost $282,130,000) 282,130,000
TOTAL INVESTMENTS-105.0%
(amortized cost $1,268,129,444) 1,268,137,953
Other assets less liabilities-(5.0%) (60,653,603)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
1,209,398,117 shares outstanding) $1,207,484,350
# 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 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
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assuarance
GO General Obligation
HDA Housing Development Authority
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDB Industrial Development Board
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
SFMR Single Family Mortgage Revenue
TAN Tax Anticipation Note
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
10
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $22,173,833
EXPENSES
Advisory fee (Note B) $3,028,971
Distribution assistance and administrative
service (Note C) 1,870,106
Transfer agency (Note B) 479,121
Custodian fees 150,084
Registration fees 125,558
Printing 60,273
Audit and legal fees 27,431
Trustees' fees 2,181
Miscellaneous 11,320
Total expenses 5,755,045
Net investment income 16,418,788
UNREALIZED GAIN ON INVESTMENTS
Net change in unrealized appreciation of investments 8,509
NET INCREASE IN NET ASSETS FROM OPERATIONS $16,427,297
STATEMENTS OF CHANGES IN NET ASSETS
_______________________________________________________________________________
SIX MONTHS ENDED
DEC. 31, 1996 YEAR ENDED
(UNAUDITED) JUNE 30,1996
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income $ 16,418,788 $ 35,306,792
Net realized gain on investments -0- 21,901
Net change in unrealized appreciation of
investments 8,509 (17,829)
Net increase in net assets from operations 16,427,297 35,310,864
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (16,418,788) (35,306,792)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (Note E) 59,459,489 (41,279,072)
Total increase (decrease) 59,467,998 (41,275,000)
NET ASSETS
Beginning of period 1,148,016,352 1,189,291,352
End of period $1,207,484,350 $1,148,016,352
See notes to financial statements.
11
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 (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. As a matter of fundamental policy, each Portfolio, except the Florida
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
six months ended December 31, 1996, are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax.
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 six months ended December 31, 1996 for expenses exceeding .95 of 1% of its
average daily assets. No reimbursement was required for the six months ended
December 31, 1996. 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 $238,030 for the six months ended December 31, 1996.
12
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
NOTE C: DISTRIBUTION ASSISTANCE AND ADMINISTRATIVE SERVICES PLAN
Under this Plan, the Portfolio pays the Adviser a distribution fee at the
annual rate of up to .25 of 1% of the average daily value of the Portfolio's
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, 1996, the distribution fee amounted to $1,514,486. In
addition, the Portfolio may reimburse certain broker-dealers for administrative
costs incurred in connection with providing shareholder services, and may
reimburse the Adviser for accounting and bookkeeping, and legal and compliance
support. For the six months ended December 31, 1996, such payments by the
Portfolio amounted to $355,620 of which $52,500 was paid to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At December 31, 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 December 31,
1996, capital paid-in aggregated $1,209,388,117. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DEC. 31, 1996 JUNE 30,
(UNAUDITED) 1996
---------------- ---------------
Shares sold 2,345,054,605 4,856,711,351
Shares issued on reinvestments of dividends 16,418,788 35,306,792
Shares redeemed (2,302,013,904) (4,933,297,215)
Net increase (decrease) 59,459,489 (41,279,072)
13
NOTES TO FINANCIAL STATEMENTS (CONT.)
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,
1996 ---------------------------------------------------------------
(UNAUDITED) 1996 1995 1994 1993 1992
------------- ----------- ----------- ----------- ----------- -----------
<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 .014 .029 .028 .018 .020 .034
Net realized and unrealized loss on
investments -0- -0- (.003) -0- -0- -0-
Net increase in net asset value
from operations .014 .029 .025 .018 .020 .034
ADD: CAPITAL CONTRIBUTIONS
Capital contributed by the Adviser -0- -0- .003 -0- -0- -0-
LESS: DISTRIBUTIONS
Dividends from net investment income (.014) (.029) (.028) (.018) (.020) (.034)
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) 2.72%(b) 2.93% 2.83%(c) 1.81% 2.05% 3.48%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,207 $1,148 $1,189 $1,134 $1,016 $914
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .95%(b) .95% .94% .92% .92% .92%
Expenses, before waivers and
reimbursements .95%(b) .95% .95% .94% .94% .95%
Net investment income (d) 2.71%(b) 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) Annualized.
(c) The capital contribution by the Adviser had no effect on total return.
(d) Net of expenses reimbursed or waived by the Adviser.
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
DREW BIEGEL, SENIOR VICE 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
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
ALLIANCE CAPITAL
DISTRIBUTION OF THIS REPORT OTHER THAN TO SHAREHOLDERS MUST
BE PRECEDED OR ACCOMPANIED BY THE FUND'S CURRENT PROSPECTUS,
WHICH CONTAINS FURTHER INFORMATION ABOUT THE FUND.
R THESE REGISTERED SERVICE MARKS USED UNDER LICENSE FROM
THE OWNER, ALLIANCE CAPITAL MANAGEMENT L.P.
AMTSR
ALC64PR07
