ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
SEMI-ANNUAL REPORT
DECEMBER 31, 1996
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
MUNICIPAL BONDS-86.0%
CALIFORNIA-86.0%
ALAMEDA COUNTY IDA
(Jacobs Investment Co. Project)
VRDN*
$ 3,800 10/01/07 4.00% $ 3,800,000
ALAMEDA COUNTY IDB
(Ream Enterprises Project)
Series A AMT VRDN*
2,450 11/01/20 4.25 2,450,000
ALAMEDA COUNTY IDR
(Heat & Control Inc. Project)
Series '95A AMT VRDN*
4,800 11/01/25 4.25 4,800,000
ALAMEDA COUNTY IDR
(JMS Family Partnership Project)
Series '95A AMT VRDN*
2,600 10/01/25 4.25 2,600,000
ALAMEDA COUNTY TRAN
(Board of Education) Series '96
7,000 7/01/97 4.03 7,015,525
ALAMEDA COUNTY TRAN
Series '96
2,600 6/30/97 3.95 2,606,782
ASSOCIATED BAY AREA
GOVERNMENT FIN. AUTHORITY
(Univ. of California Project) VRDN*
2,500 12/01/01 4.10 2,500,000
CALIFORNIA ALTERNATIVE
ENERGY FIN. AUTHORITY
(GE Capital Corp.-Arroyo)
Series B AMT VRDN*
4,860 10/01/20 4.05 4,860,000
CALIFORNIA ECON.
DEVELOPMENT AUTHORITY
(Marko Foam Products Inc.)
Series '96 AMT VRDN*
2,945 11/01/26 4.40 2,945,000
CALIFORNIA ECON.
DEVELOPMENT AUTHORITY
(Pioneer Converting Inc.) AMT VRDN*
2,200 4/01/16 4.25 2,200,000
CALIFORNIA ECON.
DEVELOPMENT AUTHORITY IDR
(National R.V. Inc.)
Series '95 AMT VRDN*
4,000 12/01/20 4.40 4,000,000
CALIFORNIA ECON.
DEVELOPMENT FIN. AUTHORITY
(Inland Empire Venture L.L.C.)
Series '95 AMT VRDN*
2,500 7/01/25 4.25 2,500,000
CALIFORNIA ECON.
DEVELOPMENT FIN. AUTHORITY
(Valley Plating Works, Inc.)
Series '95 AMT VRDN*
6,100 10/01/20 4.40 6,100,000
CALIFORNIA GO RAN
Series '96 VRDN*
6,400 6/30/97 4.00 6,400,000
CALIFORNIA HFA SFMR
(Home Mortgage Revenue)
Series '96J AMT PPB*
14,000 7/24/97 4.00 14,000,000
CALIFORNIA PCFA
(CR & R Inc. Project)
Series '95A AMT VRDN*
2,000 10/01/10 4.10 2,000,000
CALIFORNIA PCFA
(Pacific Gas & Electric)
Series A AMT VRDN*
12,500 12/01/16 4.00 12,500,000
CALIFORNIA PCFA
(Sanger Project)
Series '90A AMT VRDN*
2,600 9/01/20 4.00 2,600,000
CALIFORNIA PCFA
(Santa Fe Geothermal Inc.)
Series '83 VRDN*
1,600 9/01/13 3.50 1,600,000
CALIFORNIA PCFA
(Western Waste Industries Project)
Series '94A AMT VRDN*
11,100 10/01/06 4.10 11,100,000
CALIFORNIA PCFA SOLID WASTE
(Athens Disposal Co. Project)
Series '95A AMT VRDN*
5,000 1/01/16 4.10 5,000,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
CALIFORNIA PCFA SOLID WASTE
(Burrtec Waste Project)
Series '95A AMT VRDN*
$ 3,500 10/01/02 4.10% $ 3,500,000
CALIFORNIA PCFA SOLID WASTE
(California Waste Recovery Project)
Series '96A AMT VRDN*
1,815 10/01/06 4.10 1,815,000
CALIFORNIA PCFA SOLID WASTE
(Calsan Inc. Project)
Series '96A AMT VRDN*
6,700 12/01/11 4.10 6,700,000
CALIFORNIA PCFA SOLID WASTE
(Edco Disposal Corp. Project)
Series '96A AMT VRDN*
3,000 10/01/16 4.10 3,000,000
CALIFORNIA PCFA SOLID WASTE
(Gilton Solid Waste Management)
Series '95A AMT VRDN*
2,600 12/01/05 4.15 2,600,000
CALIFORNIA PCFA SOLID WASTE
(Taormina Inds. Inc. Project)
Series '96A AMT VRDN*
2,500 8/01/16 4.25 2,500,000
CALIFORNIA SCHOOL CASH RESERVE
Series A
15,000 7/02/97 4.01 15,052,360
CALIFORNIA STATEWIDE COMM.
DEVELOPMENT CORP. IDR
(Contech Construction Products)
Series '89 AMT VRDN*
1,560 5/01/09 4.05 1,560,000
CALIFORNIA STATEWIDE COMM.
DEVELOPMENT CORP. IDR
(Eurodesign Cabinets Inc.)
Series '90 AMT VRDN*
1,000 8/01/05 4.05 1,000,000
CALIFORNIA STATEWIDE COMM.
DDEVELOPMENT CORP. IDR
(Howard Leight & Assoc.)
Series '95B AMT VRDN*
3,340 7/01/20 4.20 3,340,000
CALIFORNIA STATEWIDE COMM.
DEVELOPMENT CORP. IDR
(Huntington Memorial Hospital)
Series '96
CONNIE LEE COP
1,745 7/01/97 4.00 1,745,000
CHULA VISTA IDR
(Home Depot Project) VRDN*
2,900 12/01/10 4.00 2,900,000
CHULA VISTA IDR
(Sutherland/Palumbo Project)
AMT VRDN*
1,100 12/01/21 4.40 1,100,000
COMMERCE JOINT POWERS
(Precision Wire Projects)
AMT VRDN*
2,620 11/01/14 4.25 2,620,000
CONTRA COSTA COUNTY MFHR
(Park Regency Apts.)
Series '92A AMT VRDN*
8,600 8/01/32 4.20 8,600,000
FAIRFIELD COUNTY IDR
(Aitchison Family Partnership) VRDN*
1,700 4/01/12 4.25 1,700,000
INDIO HOUSING AUTHORITY MFHR
(Smoketree Apts.) Series A VRDN*
3,600 12/01/07 4.25 3,600,000
LONG BEACH
Res. Rec.: (Southeast Fac.
Authority Lease Rev.)
Series '95B AMT VRDN*
19,000 12/01/18 4.20 19,000,000
LOS ANGELES COUNTY TRAN
(Local Educational Agency) FSA
10,000 6/30/97 4.05 10,032,966
2
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
LOS ANGELES MFHR
(Poinsettia Apartment Project)
Series '89A AMT VRDN*
$ 5,450 7/01/19 4.10% $ 5,450,000
LOS ANGELES MFHR
(Studio Colony Project)
Series '85C VRDN*
1,900 5/01/07 4.20 1,900,000
MARIN COUNTY HOUSING
AUTHORITY MFHR
(Crest Marin ll Apts.)
Series A AMT VRDN*
9,450 10/15/29 3.35 9,450,000
MONROVIA REDEV. AGENCY
(Holiday Inn Hotel Project)
Series '84 VRDN*
4,500 12/01/14 3.75 4,500,000
MORGAN HILL REDEV. AGENCY
(Nob Hill Venture Investors) VRDN*
1,620 12/01/09 5.36 1,620,000
OCEANSIDE MFHR
(Riverview Springs Apts.)
Series '90A AMT VRDN*
17,400 7/01/20 4.25 17,400,000
ORANGE COUNTY HFA MFHR
(Lantern Pines Project) VRDN*
1,600 12/01/07 4.25 1,600,000
ORANGE COUNTY HFA MFHR
(Yorba Linda Project)
Series D VRDN*
7,600 4/01/06 4.15 7,600,000
ORANGE COUNTY MFHR
(Alicia Viejo Project)
Series '86A AMT VRDN*
290 12/01/16 4.25 290,000
PANAMA-BUENA VISTA
(Unified School District
Capital Improvement
Financing Project) VRDN*
5,000 6/01/24 4.30 5,000,000
PASADENA COP
(Rose Bowl Improvements Project)
VRDN*
2,500 12/01/16 3.85 2,500,000
PLEASANT HILL REDEV. AGENCY MFHR
(Chateau III Project)
Series '96A AMT VRDN*
2,260 8/01/26 4.35 2,260,000
RIVERSIDE COUNTY GO RAN
(School Financing Authority)
Series '96
4,000 7/17/97 4.05 4,011,913
SAN FRANCISCO IDR
(Hoefer Scientific Institute)
Series '92A AMT VRDN*
940 8/01/07 4.75 940,000
SAN JOSE MFHR
(Siena at Renaissance Apts.)
Series '96A AMT VRDN*
3,500 12/01/29 4.20 3,500,000
SANTA ANA IDR
(Newport Electronics Project)
Series '88A AMT VRDN*
1,300 11/01/18 4.10 1,300,000
SANTA FE SPRINGS IDR
(Metal Center Inc. Project)
Series '89A AMT VRDN*
3,550 7/01/14 4.15 3,550,000
SIMI VALLEY
(Public Financing Authority) VRDN*
6,000 9/01/15 4.00 6,000,000
SOUTH COAST TRAN
Series '96A
10,000 6/30/97 4.07 10,032,182
TRIUNFO COUNTY
Sanitation District Revenue VRDN*
1,000 6/01/19 4.20 1,000,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
UPLAND COMM. REDEV. AGENCY MFHR
(Northwoods 156) Series A VRDN*
$ 4,925 3/01/14 4.50% $ 4,925,000
UPLAND COMM. REDEV. AGENCY MFHR
(Northwoods 168) Series B VRDN*
1,460 3/01/14 4.50 1,460,000
Total Municipal Bonds
(amortized cost $292,231,728) 292,231,728
COMMERCIAL PAPER-13.1%
CALIFORNIA-5.9%
CALIFORNIA GO
6,000 2/11/97 3.40 6,000,000
CALIFORNIA GO
10,000 2/12/97 3.40 10,000,000
RIVERSIDE TRANSPORTATION AUTHORITY
Sales Tax Revenue
4,000 3/10/97 3.50 4,000,000
------------
20,000,000
PUERTO RICO-7.2%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series' 96
4,000 3/10/97 3.50 4,000,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series' 96
3,500 2/06/97 3.55 3,500,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series' 96
9,000 4/07/97 3.55 9,000,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series' 96
8,000 2/14/97 3.65 8,000,000
------------
24,500,000
Total Commercial Paper
(amortized cost $44,500,000) 44,500,000
TOTAL INVESTMENTS-99.1%
(amortized cost $336,731,728) 336,731,728
Other assets less liabilities-0.9% 3,161,009
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
339,916,736 shares outstanding) $339,892,737
# 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
CONNIE LEE College Construction Loan Assurance Assn
COP Certificate of Participation
FSA Financial Security Assurance
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
PPB Periodic Put Bond
RAN Revenue Anticipation Note
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
4
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $6,147,255
EXPENSES
Advisory fee (Note B) $ 847,934
Distribution assistance and administrative
service (Note C) 542,194
Transfer agency (Note B) 139,315
Custodian fees 50,738
Audit and legal fees 13,237
Registration fees 22,785
Printing 22,615
Trustees' fees 1,139
Miscellaneous 5,035
Total expenses 1,644,992
Less: fee waiver (67,835) 1,577,157
Net investment income 4,570,098
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments 100
Net change in unrealized appreciation of investments (114)
Net loss on investments (14)
NET INCREASE IN NET ASSETS FROM OPERATIONS $4,570,084
See notes to financial statements.
5
STATEMENTS OF CHANGES IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DEC. 31, 1996 YEAR ENDED
(UNAUDITED) JUNE 30, 1996
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 4,570,098 $ 8,134,512
Net realized gain on investments 100 8,350
Net change in unrealized appreciation
of investments (114) (6,990)
Net increase in net assets from operations 4,570,084 8,135,872
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (4,570,098) (8,134,512)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) 42,030,310 61,381,700
Total increase 42,030,296 61,383,060
NET ASSETS
Beginning of period 297,862,441 236,479,381
End of period $339,892,737 $297,862,441
See notes to financial statements.
6
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Municipal Trust (the "Fund") is registered under the Investment
Company Act of 1940, as amended, as an open-end investment company. The Fund
operates as a series company currently issuing seven classes of shares of
beneficial interest: Alliance Municipal Trust-General Portfolio, Alliance
Municipal Trust-New York Portfolio, Alliance Municipal Trust-California
Portfolio (the "Portfolio"), Alliance Municipal Trust-Connecticut Portfolio,
Alliance Municipal Trust-New Jersey Portfolio, 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 annual
aggregate expenses (excluding taxes, brokerage, interest and, where permitted,
extraordinary expenses) exceed 1% of its average daily net assets for any
fiscal year. The Adviser also voluntarily agreed to reimburse the Portfolio for
the six months ended December 31, 1996 for expenses exceeding .93 of 1% of its
average daily net 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 $70,814 for the six months ended December 31, 1996.
7
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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 $423,967 of
which $67,835 was waived. 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 $118,227 of which
$47,000 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 $24,099, of which $11,688
expires in the year 2002 and $12,411 expires in the year 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1996, capital paid-in aggregated $339,916,736. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DEC. 31, 1996 JUNE 30,
(UNAUDITED) 1996
-------------- ---------------
Shares sold 719,135,844 1,207,086,940
Shares issued on reinvestments of dividends 4,570,098 8,134,512
Shares redeemed (681,675,632) (1,153,839,752)
Net increase 42,030,310 61,381,700
8
ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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 .027 .018 .020 .032
LESS: DISTRIBUTIONS
Dividends from net investment income (.014) (.029) (.027) (.018) (.020) (.032)
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) 2.70%(b) 2.91% 2.78% 1.83% 2.05% 3.26%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $339,893 $297,862 $236,479 $219,673 $156,200 $121,317
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .93%(b) .93% .93% .93% .93% .95%
Expenses, before waivers and
reimbursements .97%(b) .94% 1.01% 1.02% 1.02% 1.05%
Net investment income (c) 2.69%(b) 2.86% 2.75% 1.82% 2.01% 3.18%
</TABLE>
(a) Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period.
(b) Annualized.
(c) Net of expenses reimbursed or waived by the Adviser.
9
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
TRUSTEES
DAVE H. WILLIAMS, CHAIRMAN
JOHN D. CARIFA
SAM Y. CROSS
CHARLES H.P. DUELL
WILLIAM H. FOULK, JR.
ELIZABETH J. MCCORMACK
DAVID K. STORRS
SHELBY WHITE
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
10
ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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 # 3 0 #
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.
ACASR
ALC30PR01
