ALLIANCE MUNICIPAL TRUST -NEW YORK PORTFOLIO
SEMI-ANNUAL REPORT
DECEMBER 31, 1997
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1997 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MUNICIPAL BONDS-87.3%
NEW YORK-87.2%
ALBANY CITY SCHOOL DISTRICT
Series A FGIC
$ 1,075 5/01/98 4.00% $ 1,078,426
ALBANY IDR
(Davies Office Refurbishing Inc.)
Series '95 AMT VRDN (a)
2,405 9/01/15 4.15 2,405,000
ALBANY IDR
(Davies Office Refurbishing Inc.)
Series '97 AMT VRDN (a)
1,300 2/01/17 4.15 1,300,000
BABYLON UNION FREE
SCHOOL DISTRICT TAN
Series B
1,500 6/29/98 3.85 1,502,833
BROOME COUNTY
(Public Improvement Project)
Series '97 MBIA
3,200 4/15/98 3.90 3,213,057
BROOME COUNTY BAN
Series '97
7,973 4/15/98 3.92 7,980,182
CENTRAL ISLIP UNION FREE
SCHOOL DISTRICT TAN
5,000 6/30/98 3.90 5,001,165
CLYDE-SAVANNAH
CENTRAL SCHOOL DISTRICT
FGIC
625 6/15/98 3.90 628,288
COHOES CITY SCHOOL DISTRICT
FGIC
750 6/15/98 3.90 753,206
COPAKE-TACONIC HILLS
CENTRAL SCHOOL DISTRICT
10,000 9/30/98 3.95 10,021,462
CORNING BAN
Series '97
1,079 9/10/98 3.97 1,081,403
DUTCHESS COUNTY IDR
(Toys 'R' Us/NYTEX)
Series '84 VRDN (a)
1,000 11/01/19 3.83 1,000,000
ERIE COUNTY IDA SOLID WASTE
(Canfibre Lackawanna)
Series '97 AMT VRDN (a)
9,000 12/01/27 4.30 9,000,000
ERIE COUNTY RAN
Series 97A
2,500 6/25/98 3.80 2,508,077
FRANKLIN COUNTY IDR
(KES Chateaugay L.P.)
Series '91A AMT VRDN (a)
14,900 7/01/21 4.25 14,900,000
GENESEO BAN
Series '97
1,133 4/03/98 3.90 1,134,648
GENEVA CITY SCHOOL DISTRICT
FGIC
550 6/15/98 3.95 551,926
HEMPSTEAD COUNTY IDR
(American Ref-Fuel)
Series '97 AMT VRDN (a)
5,300 12/01/10 3.60 5,300,000
HILTON CENTRAL SCHOOL DISTRICT BAN
Series '97
7,435 6/16/98 3.87 7,447,585
ISLIP IDA
(Radiation Dynamics)
Series '88A AMT VRDN (a)
6,000 1/01/09 4.33 6,000,000
LANSING CENTRAL SCHOOL DISTRICT BAN
Series '97
3,000 6/30/98 3.89 3,001,569
NAPLES CENTRAL SCHOOL DISTRICT
FSA
275 6/15/98 4.00 276,386
NEW YORK CITY GO
Series '95F-4 VRDN (a)
7,200 2/15/20 3.60 7,200,000
NEW YORK CITY GO
Series '95F-5 VRDN (a)
16,400 2/15/16 3.60 16,400,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
NEW YORK CITY GO
Series '95F-6 VRDN (a)
$ 2,500 2/15/18 3.65% $ 2,500,000
NEW YORK CITY HEALTH &
HOSPITAL CORP.
(Health Systems)
Series C VRDN (a)
10,000 2/15/26 3.55 10,000,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(100 Jane Street)
Series '95A AMT VRDN (a)
4,550 10/01/30 3.65 4,550,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(2111 Hughes Ave. Project)
Series '97A VRDN (a)
4,900 12/01/29 4.00 4,900,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(400 West 59th Street Project)
Series A-1 AMT VRDN (a)
7,400 11/01/30 3.60 7,400,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(Queenswood Apts. Project)
Series '89A VRDN (a)
4,960 2/01/17 4.10 4,960,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(Tompkins Court Project)
Series '97A VRDN (a)
7,100 12/01/29 4.00 7,100,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(Vermont School Project)
Series '97A VRDN (a)
5,000 12/01/29 4.00 5,000,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(West 89th Street Project)
Series '96A AMT VRDN (a)
8,100 12/01/29 3.60 8,100,000
NEW YORK CITY IDA
(Korean Airlines Co.)
Series A AMT VRDN (a)
5,000 11/01/24 3.60 5,000,000
NEW YORK CITY IDA
(Nippon Cargo Air Project)
Series '92 AMT VRDN (a)
10,100 11/01/15 4.60 10,100,000
NEW YORK CITY IDA SOLID WASTE
(USA Waste Services)
Series '97 AMT VRDN (a)
5,000 12/01/17 4.05 5,000,000
NEW YORK CITY MUNICIPAL
ASSISTANCE CORP.
Sub Series K-1 VRDN (a)
7,700 7/01/08 3.55 7,700,000
NEW YORK STATE DORMITORY AUTHORITY
(NY Foundling Charitable Project)
VRDN (a)
6,800 7/01/12 3.60 6,800,000
NEW YORK STATE ERDA
(Lilco) Series '94A
AMT VRDN (a)
3,000 10/01/24 3.80 3,000,000
NEW YORK STATE ERDA
(Lilco) Series '97A
AMT VRDN (a)
10,000 12/01/27 4.10 10,000,000
NEW YORK STATE ERDA PCR
(Central Hudson Electric & Gas)
Series '87A AMT VRDN (a)
7,000 6/01/27 4.10 7,000,000
2
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
NEW YORK STATE ERDA PCR
(Long Island Lighting Co.)
Series A PPB (a)
$ 6,000 3/01/16 3.60% $ 6,000,000
NEW YORK STATE ERDA PCR
(New York State Electric & Gas)
Series '85 PPB (a)
5,000 3/15/15 3.65 5,000,000
NEW YORK STATE ERDA PCR
(Niagara Mohawk Corp.)
Series '86A AMT VRDN (a)
8,600 12/01/26 5.00 8,600,000
NEW YORK STATE ERDA PCR
(Niagara Mohawk Corp.)
Series '85C VRDN (a)
1,200 12/01/25 4.95 1,200,000
NEW YORK STATE HFA
(East 84th Street)
Series '95A AMT VRDN (a)
4,000 11/01/28 3.60 4,000,000
NEW YORK STATE HFA
(Tribeca Landing)
Series '97A AMT VRDN (a)
10,000 11/01/30 3.55 10,000,000
NEW YORK STATE HFA
(Tribeca Park)
Series '97A AMT VRDN (a)
10,000 11/01/30 3.55 10,000,000
NEW YORK STATE HFA MFHR
(Saxony Housing)
Series '97A AMT VRDN (a)
5,000 12/01/30 3.70 5,000,000
NEW YORK STATE JOB
DEVELOPMENT AUTHORITY
Series '86A-1
AMT VRDN (a)
1,840 3/01/00 4.55 1,840,000
NEW YORK STATE JOB
DEVELOPMENT AUTHORITY
Series '86C-1
AMT VRDN (a)
755 3/01/00 4.55 755,000
NEW YORK STATE LOCAL
GOVERNMENT ASSISTANCE CORP.
Series '95C VRDN (a)
2,500 4/01/25 3.55 2,500,000
NEW YORK STATE MEDICAL
CARE FACILITIES FINANCE AGENCY
(Equipment Loan Program I)
Series '85 VRDN (a)
2,100 11/01/15 3.70 2,100,000
NEW YORK STATE MEDICAL
CARE FACILITIES FINANCE AGENCY
(Equipment Loan Program II)
Series '94A VRDN (a)
19,670 11/01/03 3.65 19,670,000
NEW YORK STATE THRUWAY AUTHORITY
(Highway & Bridge Trust Fund)
Series '97A
10,195 4/01/98 3.75 10,213,230
NIAGARA COUNTY IDR
(American Ref-Fuel)
Series '94A VRDN (a)
18,800 11/15/24 3.80 18,800,000
NIAGARA COUNTY IDR
(American Ref-Fuel)
Series '96D AMT VRDN (a)
3,100 11/15/26 3.70 3,100,000
NIAGARA COUNTY IDR
(Pyron Corp. Project)
Series '89 AMT VRDN (a)
2,151 11/01/04 3.75 2,150,500
OLEAN BAN
FSA
370 10/01/98 3.90 371,611
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
ONONDAGA COUNTY IDA
(Southern Container Project)
Series '87 AMT VRDN (a)
$ 515 12/01/07 3.75% $ 515,000
ONTARIO COUNTY IDR
(Ultrafab Inc.)
Series '95 AMT VRDN (a)
2,100 12/01/15 4.25 2,100,000
PORT AUTHORITY NEW
YORK & NEW JERSEY
(Versatile Structure)
Series '971-R VRDN (a)
7,000 8/01/28 5.10 7,000,000
RENSSELAER COUNTY IDA
(Rensselaer Polytechnic
Institute Project)
Series '97A VRDN (a)
4,400 2/01/22 4.10 4,400,000
SHENENDEHOWA CENTRAL
SCHOOL DISTRICT BAN
Series '97
3,000 5/06/98 4.03 3,004,634
SOUTHEAST NEW YORK IDA
(The Rawplug Project)
Series '96 AMT VRDN (a)
2,300 5/01/21 4.25 2,300,000
SUFFOLK COUNTY
(Public Improvement Project)
Series A AMBAC
2,355 6/15/98 3.90 2,366,368
SUFFOLK COUNTY IDR
(Nissequogue Cogen Partners)
Series '93 AMT VRDN (a)
2,200 12/15/23 3.65 2,200,000
TRIBOROUGH BRIDGE & TUNNEL AUTHORITY
Series '94 FGIC VRDN (a)
4,100 1/01/24 3.55 4,100,000
WESTCHESTER COUNTY IDR
(Hitachi America) VRDN (a)
1,500 7/01/98 4.50 1,500,000
WYANDANCH UNION FREE
SCHOOL DISTRICT
FSA
315 4/01/98 3.85 316,245
-------------
359,897,801
PUERTO RICO-0.1%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '85 MBIA VRDN (a)
300 12/01/15 3.35 300,000
Total Municipal Bonds
(amortized cost $360,197,801) 360,197,801
COMMERCIAL PAPER-10.8%
NEW YORK-9.5%
NEW YORK CITY GO
Series '96J-2
1,000 2/26/98 3.75 1,000,000
NEW YORK CITY GO
Series '96J-3
7,000 2/26/98 3.75 7,000,000
NEW YORK CITY MUNICIPAL
ASSISTANCE CORP.
Sub Series K-3
5,000 1/12/98 3.60 5,000,000
NEW YORK CITY MUNICIPAL WATER
FINANCE AUTHORITY
Series 3
5,000 2/26/98 3.70 5,000,000
5,000 2/25/98 3.75 5,000,000
NEW YORK STATE BAN
Series S
4,000 1/27/98 3.70 4,000,000
NEW YORK STATE
DORMITORY AUTHORITY
(Memorial Sloan-
Kettering Cancer Center)
Series '89A
5,000 2/27/98 3.75 5,000,000
NEW YORK STATE
DORMITORY AUTHORITY
(Second Short Term Notes)
Series '89A
7,160 1/08/98 3.75 7,160,000
-------------
39,160,000
4
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
PUERTO RICO-1.3%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
$ 5,500 2/12/98 3.75% $ 5,500,000
Total Commercial Paper
(amortized cost $44,660,000) 44,660,000
TOTAL INVESTMENTS-98.1%
(amortized cost $404,857,801) $404,857,801
Other assets less liabilities-1.9% 7,993,832
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
412,915,579 shares outstanding) $412,851,633
# 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
FSA Financial Security Assurance
GO General Obligation
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
RAN Revenue Anticipation Note
TAN Tax Anticipation Note
See notes to financial statements.
5
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1997 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $8,007,354
EXPENSES
Advisory fee (Note B) $1,086,102
Distribution assistance and administrative
service (Note C) 713,975
Transfer agency (Note B) 220,411
Custodian fees 60,028
Registration fees 17,309
Printing 20,855
Audit and legal fees 13,009
Trustees' fees 1,593
Miscellaneous 4,734
Total expenses 2,138,016
Less: expense reimbursement and fee waiver (254,028)
Net expenses 1,883,988
NET INCREASE IN NET ASSETS FROM OPERATIONS $6,123,366
See notes to financial statements.
6
STATEMENT OF CHANGES IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DEC. 31, 1997 YEAR ENDED
(UNAUDITED) JUNE 30,1997
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 6,123,366 $ 10,008,303
Net realized gain on investment transactions -0- 51
Net change in unrealized appreciation
of investments -0- (2,331)
Net increase in net assets from operations 6,123,366 10,006,023
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (6,123,366) (10,008,303)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) 57,391,107 24,478,975
Total increase 57,391,107 24,476,695
NET ASSETS
Beginning of period 355,460,526 330,983,831
End of period $412,851,633 $355,460,526
See notes to financial statements.
7
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW YORK 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, Alliance
Municipal Trust-New York Portfolio (the "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 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 Advisor also voluntarily agreed to reimburse the Portfolio
from July 1, 1997 to November 19, 1997 for expenses exceeding .85 of 1% of its
average daily net assets and from November 20, 1997 to December 31, 1997 for
expenses exceeding .93 of 1% of its average daily net assets. For the six
months ended December 31, 1997, the reimbursement amounted to $60,317.
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 $174,821 for the six months ended December 31,
1997.
8
ALLIANCE MUNICIPAL TRUST - NEW YORK 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
$543,051 of which $193,711 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, 1997, such payments by the Portfolio amounted to $170,924 of which
$47,000 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 $20,548, of which $7,459
expires in 2002 and $13,089 expires in the year 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1997, capital paid-in aggregated $412,872,181. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DEC. 31, 1997 JUNE 30,
(UNAUDITED) 1997
---------------- ---------------
Shares sold 1,043,594,570 1,393,269,626
Shares issued on reinvestments of dividends 6,123,366 10,008,303
Shares redeemed (992,326,829) (1,378,798,954)
Net increase 57,391,107 24,478,975
9
FINANCIAL HIGHLIGHTS
ALLIANCE MUNICIPAL TRUST - NEW YORK 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 (a) .014 .027 .028 .028 .018 .019
LESS: DIVIDENDS
Dividends from net investment income (.014) (.027) (.028) (.028) (.018) (.019)
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) 2.85%(c) 2.77% 2.87% 2.84% 1.77% 1.94%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $412,852 $355,461 $330,984 $177,254 $162,839 $100,529
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .87%(c) .85% .85% .85% .84% .80%
Expenses, before waivers and
reimbursements .98%(c) 1.04% 1.03% 1.03% 1.08% 1.06%
Net investment income (a) 2.82%(c) 2.73% 2.82% 2.81% 1.77% 1.91%
</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.
10
ALLIANCE MUNICIPAL TRUST - NEW YORK 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 # 4 9 #
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.
ANYSR
