ALLIANCE MUNICIPAL TRUST -GENERAL PORTFOLIO
ALLIANCE CAPITAL
SEMI-ANNUAL REPORT
DECEMBER 31, 1997
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1997 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MUNICIPAL BONDS-88.0%
ALABAMA-2.1%
DECATUR SOLID WASTE
(Trico Steel Co. Project)
Series '96 AMT VRDN (a)
$ 23,000 3/01/26 3.80% $23,000,000
DECATUR SOLID WASTE
(Trico Steel Co. Project)
Series '97 AMT VRDN (a)
2,200 1/01/27 3.80 2,200,000
------------
25,200,000
ARIZONA-2.8%
COCONINO COUNTY PCR
(Arizona Public Service)
Series '94A AMT VRDN (a)
5,000 10/01/29 5.10 5,000,000
FLAGSTAFF IDA
(Woodcrest Apts.)
AMT VRDN (a)
7,855 2/01/24 3.85 7,855,000
PHOENIX IDA
(America West Airlines)
AMT VRDN (a)
18,000 8/01/16 4.40 18,000,000
TUCSON IDA
(Santa Rita Hotel)
Series B AMT VRDN (a)
1,765 12/01/16 4.05 1,765,000
------------
32,620,000
ARKANSAS-2.2%
CLARK COUNTY SOLID WASTE
(Reynolds Metals Co. Project)
Series '93 AMT VRDN (a)
4,000 8/01/22 3.95 4,000,000
MILLER COUNTY
(Tyson Foods, Inc. Project)
Series '96 AMT VRDN (a)
7,500 11/01/21 4.20 7,500,000
UNION COUNTY SOLID WASTE
(Deltic Timber/Temple Inland)
AMT VRDN (a)
$ 14,500 10/01/27 3.80% 14,500,000
------------
26,000,000
CALIFORNIA-2.9%
CALIFORNIA HIGHER ED.
Student Loan Revenue
Series B PPB (a)
7,000 7/01/02 4.00 7,000,000
CALIFORNIA PCR
(Pacific Electric & Gas)
Series '97B AMT VRDN (a)
4,000 11/01/26 4.95 4,000,000
LOS ANGELES HFA MFHR
(Sand Canyon Village Project)
Series '89A AMT VRDN (a)
4,200 11/01/09 4.50 4,200,000
LOS ANGELES HFA MFHR
(Valencia Village Project)
VRDN (a)
8,000 10/01/14 4.50 8,000,000
LOS ANGELES MFHR
(Studio Colony Project)
Series '85C VRDN (a)
10,881 5/01/07 4.35 10,881,000
------------
34,081,000
COLORADO-1.8%
COLORADO STUDENT LOAN
Series '90A AMT VRDN (a)
7,100 9/01/24 3.75 7,100,000
COLORADO STUDENT LOAN
Series '97D AMT VRDN (a)
13,900 7/01/27 3.75 13,900,000
------------
21,000,000
DELAWARE-1.2%
DELAWARE ECONOMIC
DEVELOPMENT AUTHORITY
(Orient Chemical Co.)
AMT VRDN (a)
2,620 11/01/99 4.53 2,620,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
DELAWARE ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Delaware Clean Power Project)
Series '97A AMT VRDN (a)
$ 10,000 8/01/29 3.75% $10,000,000
DELAWARE ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Delmarva Power & Light)
Series '88 AMT VRDN (a)
1,500 10/01/17 5.25 1,500,000
------------
14,120,000
DISTRICT OF COLUMBIA-1.4%
DISTRICT OF COLUMBIA
Series '92 A-4 VRDN (a)
3,500 10/01/07 5.15 3,500,000
DISTRICT OF COLUMBIA HFA MFHR
(Tyler Housing) AMT VRDN (a)
13,200 8/01/25 4.50 13,200,000
------------
16,700,000
FLORIDA-1.2%
BROWARD COUNTY HFA SFMR
Series '97B AMT PPB (a)
8,500 10/01/30 4.05 8,500,000
JACKSONVILLE HOSPITAL REVENUE
(University Medical Center Project)
Series '89 VRDN (a)
2,600 2/01/19 4.65 2,600,000
LEE COUNTY IDA
(Cypress Cove Healthpark)
Series '97C VRDN (a)
3,000 10/01/04 3.65 3,000,000
------------
14,100,000
GEORGIA-3.3%
BURKE COUNTY DEVELOPMENT
AUTHORITY PCR
(Oglethorpe Power Corp./
Vogtle Project)
Series '97B AMBAC
19,000 5/28/98 3.80% 19,000,000
COLLEGE PARK IDA
(Wynefield 1 Project) AMT VRDN (a)
3,900 12/01/16 4.15 3,900,000
GEORGIA HFA SFMR
Sub Series D-2
FGIC AMT PPB (a)
8,800 12/01/28 3.85 8,800,000
SAVANNAH ECONOMIC DEVELOPMENT
AUTHORITY FACILITY REVENUE
(Georgia Kaolin)
Series '97 AMT VRDN (a)
3,000 7/01/27 4.35 3,000,000
SUMMERVILLE IDA
(Image Industries Project)
Series '97 AMT VRDN (a)
4,000 9/01/17 4.35 4,000,000
------------
38,700,000
HAWAII-2.1%
HAWAII DEPARTMENT OF
BUDGET & FINANCE
(Wailuku River Hydro Project)
Series '91 AMT VRDN (a)
13,875 12/01/21 4.80 13,875,000
HAWAII HOUSING FINANCE &
DEVELOPMENT CORP.
(Kamakee Vista Apts.)
Series '90A VRDN (a)
11,100 7/01/25 4.30 11,100,000
------------
24,975,000
ILLINOIS-9.8%
CHICAGO AIRPORT REVENUE
(Northwest Airlines Project)
Series B AMT VRDN (a)
16,400 2/01/24 4.70 16,400,000
2
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
CHICAGO AIRPORT REVENUE
(O'Hare International Airport)
Series '88A AMT VRDN (a)
$ 24,700 1/01/18 3.95% $24,700,000
CHICAGO IDR
(BTI, Inc. Project)
Series A AMT VRDN (a)
3,800 9/01/27 4.30 3,800,000
ELMHURST HOSPITAL REVENUE
(Joint Comm. Health Org.)
Series '88 VRDN (a)
17,980 7/01/18 4.30 17,980,000
FRANKLIN PARK IDR
(Maclean-Fogg Co. Project)
Series '95 AMT VRDN (a)
5,000 2/01/07 4.25 5,000,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(Power Conversion Products Inc.)
Series '97 AMT VRDN (a)
5,000 6/01/13 4.00 5,000,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(Tajon Warehousing Corp.)
Series A AMT VRDN (a)
3,400 1/01/10 4.25 3,400,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY
(Valspar Corp.) Series '95
AMT VRDN (a)
6,000 8/01/15 4.30 6,000,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY IDR
(THK America Inc. Project)
Series '91 AMT VRDN (a)
3,700 7/01/11 4.35 3,700,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY PCR
(Illinois Power Co.)
Series '87C AMT VRDN (a)
11,900 3/01/17 4.60 11,900,000
ILLINOIS DEVELOPMENT
FINANCE AUTHORITY PCR
(Waste Management, Inc. Project)
Series '97 AMT VRDN (a)
10,000 1/01/10 4.15% 10,000,000
LAKE COUNTY IDB
(Okamato Corp.)
Series '85 AMT VRDN (a)
3,100 10/01/15 4.20 3,100,000
RICHMOND IDR
(Maclean-Fogg Project)
AMT VRDN (a)
3,800 2/01/10 4.15 3,800,000
------------
114,780,000
INDIANA-0.5%
ALLEN COUNTY ECONOMIC
DEVELOPMENT AUTHORITY
(Mattel Power Wheels Inc.)
AMT VRDN (a)
2,400 12/01/18 4.00 2,400,000
PRINCETON IDA
(Orion Denki America, Inc. Project)
Series '87 AMT VRDN (a)
3,545 5/01/17 4.20 3,545,000
------------
5,945,000
KANSAS-0.4%
WICHITA COUNTY
(CSJ Health Systems)
Series XXV '85 VRDN (a)
4,900 10/01/11 4.35 4,900,000
KENTUCKY-2.0%
BOWLING GREEN IDR
(TWN Fastener Inc.)
Series '88 AMT VRDN (a)
4,125 3/01/08 4.35 4,125,000
BOWLING GREEN IDR
(Woodcraft Industries, Inc.)
Series '95 AMT VRDN (a)
5,400 3/01/25 4.35 5,400,000
HOPKINSVILLE IDR
(American Precision)
AMT VRDN (a)
3,000 5/01/00 4.40 3,000,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
JEFFERSON COUNTY
INDUSTRIAL DEVELOPMENT
(Strawberry Lane Venture)
AMT VRDN (a)
$ 2,960 7/01/19 4.40% $ 2,960,000
KENTUCKY RURAL ECONOMIC
DEVELOPMENT AUTHORITY
(Heaven Hill Project)
AMT VRDN (a)
2,400 10/01/16 4.40 2,400,000
LOUISVILLE & JEFFERSON
AIRPORT AUTHORITY
Series '97AA-1 AMT VRDN (a)
4,000 6/30/02 4.20 4,000,000
WARSAW
(SDI Operating Partners)
Series '88 AMT VRDN (a)
1,800 8/01/09 3.95 1,800,000
------------
23,685,000
LOUISIANA-0.7%
CALCASIEU PARISH IDR
(Citgo Petroleum Corp.)
Series '94 AMT VRDN (a)
2,100 12/01/24 5.15 2,100,000
PARISH OF IBERVILLE
(Dow Chemical Project)
AMT VRDN (a)
6,500 8/01/01 3.80 6,500,000
------------
8,600,000
MAINE-0.3%
WESTBROOK IDA
(D & G Group Project)
AMT VRDN (a)
3,100 6/01/07 4.35 3,100,000
MICHIGAN-1.0%
MICHIGAN HOSPITAL FINANCE AUTHORITY
(Obligated Hospital Group)
VRDN(a)
3,000 11/01/11 4.15 3,000,000
MICHIGAN STRATEGIC FUND
(Detroit Edison Co.)
Series '95C VRDN (a)
8,500 9/01/30 5.00 8,500,000
------------
11,500,000
MINNESOTA-0.8%
DULUTH COUNTY HEALTH
CARE FACILITIES
(Miller Dawn Medical Center Project)
VRDN (a)
9,200 6/01/19 5.25% 9,200,000
MISSOURI-0.7%
MISSOURI HEALTH &
EDUCATIONAL FACILITIES
(Barnes Hospital Project)
Series '85 VRDN (a)
8,000 12/01/15 3.65 8,000,000
NEBRASKA-0.6%
NEBRASKA FINANCING AUTHORITY SFHR
Series '97C AMT PPB (a)
7,300 9/01/29 3.90 7,300,000
NEVADA-0.8%
NEVADA IDB
(Pilot Company Project)
Series '91A AMT VRDN (a)
4,400 7/01/16 3.80 4,400,000
WASHOE COUNTY IDR
(Sierra Pacific Power Co.)
Series '90 AMT VDRN (a)
5,000 12/01/20 5.10 5,000,000
------------
9,400,000
NEW HAMPSHIRE-2.3%
NEW HAMPSHIRE HFA MFHR
(Countryside Ltd. Project)
Series '94 AMT VRDN (a)
7,040 7/01/24 3.90 7,040,000
NEW HAMPSHIRE IDA
(SCI Manufacturing, Inc.)
Series '89 AMT VRDN (a)
5,700 6/01/14 4.05 5,700,000
4
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
NEW HAMPSHIRE PCR
(Public Service Co. of NH Project)
Series '92D AMT VRDN (a)
$ 14,700 5/01/21 3.80% $14,700,000
------------
27,440,000
NEW JERSEY-2.4%
JERSEY CITY GO BAN
5,400 2/05/98 3.85 5,400,197
JERSEY CITY GO BAN
Renewal Notes
23,000 9/18/98 3.90 23,076,383
------------
28,476,580
NEW MEXICO-0.6%
NEW MEXICO HFA SFMR
(Home Mortgage Revenue)
Series '97-2 AMT PPB (a)
5,000 10/15/98 3.90 5,000,000
NEW MEXICO HFA SFMR
(Home Mortgage Revenue)
Series '97D-2 AMT PPB (a)
2,500 7/01/30 3.95 2,500,000
------------
7,500,000
NEW YORK-1.9%
ERIE COUNTY IDA SOLID WASTE
(Canfibre Lackawanna)
Series '97 AMT VRDN (a)
9,000 12/01/27 4.30 9,000,000
NEW YORK STATE ERDA
(Lilco) Series '94A
AMT VRDN (a)
12,900 10/01/24 3.80 12,900,000
------------
21,900,000
NORTH CAROLINA-0.5%
WAKE COUNTY PCR
(Carolina Power & Light Co. Project)
Series '87 AMT VRDN (a)
6,400 3/01/17 5.40 6,400,000
NORTH DAKOTA-1.3%
NORTH DAKOTA HFA SFMR
(Home Mortgage Revenue)
Series '97C AMT PPB (a)
15,000 8/04/98 4.00 15,000,000
OHIO-2.0%
OHIO AIR QUALITY AUTHORITY
(Ohio Edison Project)
Series B AMT PPB (a)
7,000 5/01/18 4.10 7,000,000
OHIO HFA
(Residential Mortgage Revenue)
Series '97A-2 AMT PPB (a)
16,000 3/01/28 3.65 16,000,000
------------
23,000,000
OREGON-2.1%
OREGON ECONOMIC
DEVELOPMENT CORP. IDR
(McFarland Cascade Project)
AMT VRDN (a)
1,690 11/01/16 4.30 1,690,000
PORT OF PORTLAND IDR
(Portland Bulk Terminals)
Series '96 AMT VRDN (a)
23,600 10/01/25 4.25 23,600,000
------------
25,290,000
PENNSYLVANIA-3.1%
DELAWARE COUNTY IDA
(Cliff House Assisted)
Series '97 AMT VRDN (a)
9,000 8/01/12 4.35 9,000,000
PENNSYLVANIA ECONOMIC DEVELOPMENT
FINANCE AUTHORITY
(National Gypsum Co.)
Series '97A AMT VRDN (a)
7,500 11/01/32 3.85 7,500,000
PHILADELPHIA GO TRAN
Series '97A
20,000 6/30/98 4.00 20,047,405
------------
36,547,405
5
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
RHODE ISLAND-0.1%
PROVIDENCE
(Public Park Garage)
Series '91 AMT VRDN (a)
$ 1,000 12/01/22 3.75% $ 1,000,000
SOUTH CAROLINA-4.5%
BERKELEY COUNTY IDB
(Nucor Corp. Project)
Series '95 AMT VRDN (a)
19,500 9/01/28 3.80 19,500,000
BERKELEY COUNTY IDB
(Nucor Corp. Project)
Series '96 AMT VRDN (a)
11,000 3/01/29 3.80 11,000,000
BERKELEY COUNTY IDR
(Nucor Corp. Project)
Series '97 AMT VRDN (a)
4,000 4/01/30 3.80 4,000,000
FLORENCE COUNTY SOLID WASTE
(Roche Carolina Inc.)
Series '97 AMT VRDN (a)
3,000 4/01/27 5.10 3,000,000
LAURENS COUNTY IDR
(Nicca USA Project)
AMT VRDN (a)
8,500 4/01/09 4.65 8,500,000
SOUTH CAROLINA JOBS IDR
(Venture Packaging)
Series '95 AMT VRDN (a)
6,985 4/01/16 4.25 6,985,000
------------
52,985,000
SOUTH DAKOTA-0.4%
SOUTH DAKOTA HDA SFMR
(Home Mortgage Revenue)
Series '97H AMT
4,300 8/13/98 3.95 4,300,000
TENNESSEE-4.2%
MEMPHIS-SHELBY COUNTY
AIRPORT REVENUE
Series '96B AMT VRDN (a)
17,300 3/01/14 4.25 17,300,000
MONTGOMERY COUNTY
PUBLIC BUILDING AUTHORITY
Series '97 VRDN (a)
5,500 11/01/27 4.20 5,500,000
TENNESSEE HDA
Series '97-1 AMT PPB (a)
3,600 2/19/98 3.75 3,600,000
VOLUNTEER STATE STUDENT
LOAN REVENUE
Series '87A-3 AMT VRDN (a)
22,700 12/01/17 3.90 22,700,000
------------
49,100,000
TEXAS-8.2%
BRAZOS RIVER AUTHORITY
(Dow Chemical Co. Project)
Series '96 AMT VRDN (a)
1,700 4/01/26 5.15 1,700,000
BRAZOS RIVER AUTHORITY PCR
(Texas Utility Electric Co.)
Series '95 VRDN(a)
18,370 4/01/30 5.10 18,370,000
BRAZOS RIVER HARBOR DISTRICT
(Dow Chemical Co. Project)
Series '97 AMT VRDN (a)
13,300 5/01/27 5.15 13,300,000
BRAZOS RIVER HARBOR DISTRICT
(Dow Chemical)
Series '92A AMT VRDN (a)
5,700 12/01/18 5.15 5,700,000
BRAZOS RIVER IDR
(Dow Chemical Co. Project)
Series '93 AMT VRDN (a)
11,700 5/01/23 5.15 11,700,000
CALHOUN COUNTY IDA
(Formosa Plastics Corp.)
Series '94 VRDN (a)
2,000 11/01/15 3.80 2,000,000
6
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
GREATER EAST TEXAS
STUDENT LOAN REVENUE
Series '95A AMT PPB (a)
$ 5,400 5/01/11 4.10% $ 5,400,000
GULF COAST IDA
(Gruma Corp. Project)
AMT VRDN (a)
6,440 11/01/09 4.85 6,440,000
GULF COAST SOLID WASTE IDA
(Citgo Petroleum Corp.)
Series '94 AMT VRDN (a)
3,100 4/01/26 5.15 3,100,000
PANHANDLE PLAINS
STUDENT LOAN REVENUE
Series '95A AMT VRDN (a)
5,800 6/01/21 3.75 5,800,000
PANHANDLE PLAINS
STUDENT LOAN REVENUE
Series '97Y AMT VRDN (a)
8,000 10/01/02 3.75 8,000,000
PORT CORPUS CHRISTI
SOLID WASTE IDA
(Citgo Petroleum Corp. Project)
AMT VRDN (a)
1,100 4/01/26 5.15 1,100,000
SAN ANTONIO IDA
(Gruma Corp. Project)
AMT VRDN (a)
3,695 11/01/09 3.85 3,695,000
SOUTH TEXAS STUDENT LOAN REVENUE
Series '97 AMT VRDN (a)
10,000 12/01/27 3.75 10,000,000
------------
96,305,000
UTAH-4.2%
CLINTON CITY MFHR
(Country Pines)
Series '97 VRDN (a)
2,900 8/01/19 3.90 2,900,000
SALT LAKE CITY AIRPORT REVENUE
Series '96A AMT VRDN (a)
11,200 6/27/01 4.20 11,200,000
SALT LAKE COUNTY SOLID WASTE
(Kennecott Copper)
AMT VRDN (a)
7,200 8/01/30 3.85 7,200,000
UTAH STATE HFA SFMR
(Home Mortgage Revenue)
Series '97-2 AMT VRDN (a)
18,300 7/01/30 3.85 18,300,000
UTAH STATE HFA SFMR
(Home Mortgage Revenue)
Series '97-4 AMT VRDN (a)
10,000 7/01/28 4.30 10,000,000
------------
49,600,000
VIRGINIA-3.6%
BEDFORD COUNTY IDA
(Nekoosa Packaging Corp.)
Series '96 AMT VRDN (a)
4,000 12/01/25 4.15 4,000,000
CHESTERFIELD COUNTY IDR
(Philip Morris Co.) VRDN (a)
5,500 4/01/09 4.45 5,500,000
HENRICO COUNTY IDA
(White Oak Semiconductor-A)
AMT VRDN (a)
10,844 10/01/27 3.80 10,844,000
HENRICO COUNTY IDA
(White Oak Semiconductor-B)
AMT VRDN (a)
10,000 10/01/27 3.80 10,000,000
KING GEORGE COUNTY IDA
(Birchwood Power Project)
AMT VRDN (a)
3,900 4/01/26 5.10 3,900,000
7
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
KING GEORGE COUNTY IDA
(Birchwood Power Project)
Series '97 AMT VRDN (a)
$ 1,100 3/01/27 5.10% $ 1,100,000
PENINSULA PORTS AUTHORITY IDR
(Ziegler Coal Project)
Series '97 AMT VRDN (a)
7,000 5/01/22 5.10 7,000,000
------------
42,344,000
WASHINGTON-6.3%
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '91 AMT VRDN (a)
5,700 6/01/06 4.35 5,700,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '92B AMT VRDN (a)
6,500 8/01/07 4.35 6,500,000
PORT OF PORT ANGELES IDR
(Daishowa America Project)
Series '92B AMT VRDN (a)
3,025 12/01/07 4.35 3,025,000
PORT OF VANCOUVER IDR
(United Grain Corp. of Oregon)
Series '84A VRDN (a)
1,000 12/01/09 4.25 1,000,000
PORT OF VANCOUVER IDR
(United Grain Corp. of Oregon)
Series '84B VRDN (a)
1,300 12/01/09 4.25 1,300,000
WASHINGTON HFA
(Canyon Lakes II Project)
AMT VRDN (a)
5,935 10/01/19 5.00 5,935,000
WASHINGTON HFA MFHR
(Larkin Place Apts.)
Series '96 AMT VRDN (a)
5,565 7/01/28 4.35 5,565,000
WASHINGTON HFA MFHR
(LTC Properties Inc. Project)
AMT VRDN (a)
2,180 12/01/15 4.30 2,180,000
WASHINGTON HFA MFHR
(Marketplace Apts.)
Series '97A AMT VRDN (a)
6,020 7/01/29 4.30 6,020,000
WASHINGTON HFA MFHR
(Merrill Gardens Apts.)
Series '97A AMT VRDN (a)
2,000 7/01/22 4.30 2,000,000
WASHINGTON HFA SFMR
Series '97-1A AMT PPB (a)
3,385 4/01/98 4.00 3,385,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Assisted Living Concepts)
AMT VRDN (a)
6,400 1/01/17 4.30 6,400,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Brittany Park Project)
Series A AMT VRDN (a)
5,000 10/01/21 4.30 5,000,000
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Hamilton Place) AMT VRDN (a)
3,000 7/01/28 4.35 3,000,000
8
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
WASHINGTON HOUSING
FINANCE COMMISSION MFHR
(Heatherstone Apts.)
Series '95 AMT VRDN (a)
$ 9,800 7/01/25 4.35% $ 9,800,000
WASHINGTON STUDENT
LOAN FINANCE ASSOCIATION
Series '88A AMT VRDN (a)
7,100 1/01/04 4.10 7,100,000
------------
73,910,000
WEST VIRGINIA-0.8%
MARION COUNTY
Res. Rec.:(Grant Town Cogeneration)
AMT VRDN (a)
6,100 10/01/17 3.75 6,100,000
MARION COUNTY SOLID WASTE
(Grant Town Cogeneration Project)
Series '92A AMT VRDN (a)
3,700 10/01/17 3.80 3,700,000
------------
9,800,000
WISCONSIN-0.3%
WISCONSIN HEALTH &
EDUCATIONAL FACILITIES
(Obligated Hospital Group)
VRDN(a)
3,000 11/01/26 3.65 3,000,000
WYOMING-0.6%
WYOMING COMMUNITY
DEVELOPMENT AUTHORITY MFHR
(Mountainside)
Series A AMT VRDN (a)
7,300 9/01/28 3.95 7,300,000
Total Municipal Bonds
(amortized cost $1,035,103,985) 1,035,103,985
COMMERCIAL PAPER-10.2%
ALABAMA-0.5%
MONTGOMERY PCR
(General Electric Co. Project)
Series '90
6,305 3/30/98 3.75 6,305,000
COLORADO-2.4%
DENVER COUNTY AIRPORT REVENUE
Series A AMT
10,000 3/27/98 3.80 10,000,000
DENVER COUNTY AIRPORT REVENUE
Series A AMT
18,000 2/27/98 3.85 18,000,000
------------
28,000,000
GEORGIA-0.2%
ATHENS CLARKE IDA
(Rhone-Merieux Inc. Project)
Series '88 AMT
2,900 2/18/98 3.80 2,900,000
HAWAII-1.1%
HAWAII DEPARTMENT OF
BUDGET & FINANCE
(Citizens Utility Company)
Series '88A AMT
5,000 2/12/98 3.90 5,000,000
HAWAII DEPARTMENT OF
BUDGET & FINANCE
(Citizens Utility Company)
Series '88C AMT
7,790 2/12/98 3.90 7,790,000
------------
12,790,000
INDIANA-0.4%
MOUNT VERNON PCR
(General Electric Co. Project)
Series '89A
4,500 3/30/98 3.75 4,500,000
9
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
PENNSYLVANIA-0.2%
VENANGO IDA
Res. Rec.:(Scrubgrass Project)
Series '93 AMT
$ 2,000 3/27/98 3.80% $ 2,000,000
PUERTO RICO-1.3%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
15,000 2/12/98 3.75 15,000,000
TEXAS-3.0%
BRAZOS RIVER AUTHORITY PCR
(Texas Utilities Project)
Series '94A AMT
9,470 4/09/98 3.80 9,470,000
CITY OF AUSTIN
Series A
17,500 1/22/98 3.75 17,500,000
TEXAS GO
Public Finance Authority
Series '93A
9,000 4/01/98 3.75 9,000,000
------------
35,970,000
VIRGINIA-1.1%
NORFOLK IDA
(Sentara Health System)
13,000 3/27/98 3.80 13,000,000
Total Commercial Paper
(amortized cost $120,465,000) 120,465,000
TOTAL INVESTMENTS-98.2%
(amortized cost $1,155,568,985) 1,155,568,985
Other assets less liabilities-1.8% 21,145,094
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
1,178,631,870 shares outstanding) $1,176,714,079
# All securities either mature or their interest rate changes in one year or
less.
(a) 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:
AMBAC American Municipal Bond Assurance Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
ERDA Energy Research & Development Authority
FGIC Financial Guaranty Insurance Company
GO General Obligation
HAD Housing Development Authority
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
SFHR Single Family Housing Revenue
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
See notes to financial statements.
10
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1997 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $21,982,959
EXPENSES
Advisory fee (Note B) $2,861,925
Distribution assistance and administrative
service (Note C) 1,799,935
Transfer agency (Note B) 453,620
Registration fees 184,179
Custodian fees 114,015
Printing 51,980
Audit and legal fees 30,912
Trustees' fees 1,812
Miscellaneous 9,634
Total expenses 5,508,012
Net investment income 16,474,947
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions 80
Net change in unrealized appreciation of investments (6,527)
Net loss on investment transactions (6,447)
NET INCREASE IN NET ASSETS FROM OPERATIONS $16,468,500
See notes to financial statements.
11
STATEMENT OF CHANGES IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DEC. 31, 1997 YEAR ENDED
(UNAUDITED) JUNE 30, 1997
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 16,474,947 $ 32,634,656
Net realized gain on investment transactions 80 4,405
Net change in unrealized appreciation
of investments (6,527) 6,527
Net increase in net assets from operations 16,468,500 32,645,588
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (16,474,947) (32,634,656)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (Note E) 197,201,793 (168,508,551)
Total increase (decrease) 197,195,346 (168,497,619)
NET ASSETS
Beginning of period 979,518,733 1,148,016,352
End of period $1,176,714,079 $ 979,518,733
See notes to financial statements.
12
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 (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 eight 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, Alliance Municipal Trust-Florida Portfolio and
Alliance Municipal Trust-Massachusetts Portfolio. Each series is considered to
be a separate entity for financial reporting and tax purposes. The 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 financial statements have been prepared in conformity
with generally accepted accounting principles which require management to make
certain estimates and assumptions that affect the reported amounts of assets
and liabilities in the financial statements and amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.
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, 1997, are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax.
4. INVESTMENT INCOME AND INVESTMENT TRANSACTIONS
Interest income is accrued as earned. Investment transactions are recorded on a
trade date basis. Realized gain (loss) from investment 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, 1997.
The Portfolio compensates Alliance Fund Services, Inc., a wholly-owned
subsidiary of the Adviser, under a Transfer Agency Agreement for providing
personnel and facilities to perform transfer agency services for the Portfolio.
Such compensation amounted to $220,839 for the six months ended December 31,
1997.
13
NOTES TO FINANCIAL STATEMENTS (CONT.)
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, 1997, the distribution fee amounted to $1,430,968. 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, 1997, such payments by the
Portfolio amounted to $368,967 of which $53,500 was paid to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At December 31, 1997, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1997 the
Portfolio had a capital loss carryforward of $1,907,871, of which $1,208
expires in the year 2001, $134,924 expires in the year 2002, $4,619 expires in
the year 2003 and $1,767,120 expires in the year 2004.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1997, capital paid-in aggregated $1,178,621,870. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 1997 JUNE 30,
(UNAUDITED) 1997
----------------- ---------------
Shares sold 3,265,027,611 4,839,300,426
Shares issued on reinvestments of dividends 16,474,947 32,634,656
Shares redeemed (3,084,300,765) (5,040,443,633)
Net increase (decrease) 197,201,793 (168,508,551)
14
FINANCIAL HIGHLIGHTS
ALLIANCE MUNICIPAL TRUST - GENERAL PORTFOLIO
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
DECEMBER 31, YEAR ENDED JUNE 30,
1997 ---------------------------------------------------------------
(UNAUDITED) 1997 1996 1995 1994 1993
------------ ---------- ----------- ------------ ----------- -----------
<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 .028 .029 .028(a) .018(a) .020(a)
Net realized and unrealized loss on
investments -0- -0- -0- (.003) -0- -0-
Net increase in net asset value from
operations .014 .028 .029 .025 .018 .020
ADD: CAPITAL CONTRIBUTIONS
Capital contributed by the Adviser -0- -0- -0- .003 -0- -0-
LESS: DIVIDENDS
Dividends from net investment income (.014) (.028) (.029) (.028) (.018) (.020)
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 (b) 2.89%(c) 2.81% 2.93% 2.83%(d) 1.81% 2.05%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,177 $980 $1,148 $1,189 $1,134 $1,016
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .96%(c) .94% .95% .94% .92% .92%
Expenses, before waivers and
reimbursements .96%(c) .94% .95% .95% .94% .94%
Net investment income 2.88%(c) 2.76% 2.90% 2.78%(a) 1.80%(a) 2.02%(a)
</TABLE>
(a) Net of expenses reimbursed or waived by the Adviser.
(b) Total investment return is calculated assuming an initial investment made
at the net asset value at the beginning of the period, reinvestment of all
dividends and distributions at net asset value during the period, and
redemption on the last day of the period.
(c) Annualized.
(d) The capital contribution by the Adviser had no effect on total return.
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
