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Alliance
Municipal
Trust
-Virginia Portfolio
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AllianceCapital [LOGO](R)
Annual Report
June 30, 2000
<PAGE>
LETTER TO SHAREHOLDERS Alliance Municipal Trust - Virginia Portfolio
===============================================================================
August 2, 2000
Dear Shareholder:
We are pleased to provide you with an update of Alliance Municipal
Trust-Virginia Portfolio for the annual reporting period ended June 30, 2000.
U.S. financial markets were anticipating some signs of a slowdown for the first
half of 2000--some sign that past Fed rate hikes were having an effect and that
little, if any, further tightening would be necessary. The U.S. economy,
however, has continued to grow. The U.S. Commerce Department recently reported
that the U.S. economy grew at an impressive, seasonally-adjusted annual rate of
+5.2% during the spring quarter. Inflation, as measured by the broad and
reliable gross domestic purchases and personal consumption price indices, held
stable at 2.5% on a year-earlier basis. The second-quarter growth number, well
above the 3.5% to 4.0%, consensus and actually faster than a downward-revised
quarter-one growth rate of +4.8%, created immediate anxiety. As a result,
interest rates headed higher and stock prices headed lower.
The U.S. economy's gross domestic product report does, however, give evidence
to some signs of cooling off. For example, a key measure of aggregate demand
(real final sales) slowed sharply to +4.2% from +6.7% in the first quarter.
Monthly evidence that consumers had taken a break from their long-running
shopping spree was confirmed. Household spending dipped to just +3.0% in the
second quarter versus +7.6% in the first quarter. Unwanted inventories added a
full percentage point to second-quarter growth. We also believe that a more
meaningful comparison can be made between growth during the second half of 1999
(+7.0%) and growth during the first half of this year (+5.0%).
In his late-July Congressional testimony, Fed Chairman Alan Greenspan laid out
an upbeat forecast for the U.S. economy and rendered a somewhat
self-congratulatory assessment of the role the Federal Reserve has played in
securing that future. To be sure, we welcome his endorsement of both the "New
Economy" paradigm and our own bullishness about accelerating productivity. The
subsequent report on employment costs, showing a quarter-to-quarter gain of
only 1.0% in the spring versus a 1.4% rise in the first quarter, and the
soon-to-be-released report on second-quarter productivity, should help to
validate the Chairman's optimism. Mr. Greenspan is repositioning the Fed to
play a more reactive role going forward. He understands that financial markets
should and must take the lead role in terms of steering the New Economy. As a
consequence, although we still believe the Fed will tighten further, we look
for that tightening to come late in the year and only after the bond market has
laid the groundwork.
As for U.S. financial markets, the road to higher prices will be a bit bumpier
than we expected. Inaction by the Fed toward the end of August could open the
window to the upside, but for now we see more volatility than opportunity. With
an election in front of us, the next several months could be a difficult time
for investors. Therefore investors may want to use periods of asset market
strength to establish more defensive positions.
We appreciate your investment in the portfolios of Alliance Municipal
Trust-Virginia Portfolio and look forward to reporting further investment
progress in the coming period.
Sincerely,
/s/ Ronald Whitehill
Ronald M. Whitehill
President
1
<PAGE>
STATEMENT OF NET ASSETS
June 30, 2000 Alliance Municipal Trust - Virginia Portfolio
===============================================================================
Principal
Amount
(000) Security(a) Yield Value
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MUNICIPAL BONDS- 94.6%
VIRGINIA-94.6%
Alexandria IDA Educational
Facility Revenue
(Church School Diocese of
Virginia)
Series 99
$ 3,000 1/01/30 (b)................. 4.80% $ 3,000,000
Amelia County IDA
(Chambers Waste
Systems, Inc.)
AMT
4,990 7/01/07 (b)................. 4.85 4,990,000
Arlington County
(Ballston Public Parking
Facility Project)
Series 84
3,800 8/01/17 (b)................. 5.05 3,800,000
Arlington County IDA
MFHR
(Arna Valley View
Apartments)
Series 00
AMT
5,000 8/01/32 (b)................. 4.85 5,000,000
Botetourt County IDA
(Emkay Holdings L.L.C.
Project)
Series 95
AMT
4,837 10/01/05 (b)................ 4.90 4,836,500
Botetourt County IDA
(Virginia Forge Co. Project)
Series 96
AMT
900 7/01/11 (b)................. 4.75 900,000
Bristol IDA
(Bristol Health Care Center)
Series 86
1,960 6/01/10 (b)................. 4.75 1,960,000
Campbell County PCR
(Georgia Pacific Power)
AMT
3,000 12/01/19 (b)................ 4.90 3,000,000
Capital Region Airport
Commission Revenue
(Passenger Facility)
Series B
4,500 6/01/29 (b)................. 4.75 4,500,000
Charlottesville IDA
(Martha Jefferson Hospital
Revenue)
Pre-Refunded
1,000 10/01/00.................... 3.80 1,028,547
Chesterfield County IDA
(Phillip Morris Co.)
7,000 4/01/09 (b)................. 4.90 7,000,000
Chesterfield County IDA
SWDR
(Allied Signal Inc.)
Series 99
AMT
2,500 7/01/11 (b)................. 4.95 2,500,000
Fairfax County IDA
(Fair Lakes/ D&K LP)
Series 96
AMT
7,580 8/01/16 (b)................. 4.85 7,580,000
Fairfax County IDA
(Inova Health System
Project)
Series 00
4,000 1/01/30 (b)................. 4.90 4,000,000
Hampton Redevelopment HFA
(Township Apartments
Project)
Series 98
3,300 2/01/28 (b)................. 4.85 3,300,000
Harrisonburg Housing
Authority
(Misty Ridge Project)
Series 91A
2,655 3/01/16 (b)................. 4.80 2,655,000
Henrico County Health
Facility Revenue
(Hermitage)
Series 98
3,425 8/01/23 (b)................. 4.75 3,425,000
Henrico EDA
(White Oak
Semiconductor)
Series 00
AMT
5,000 10/01/27 (b)................ 4.90 5,000,000
Henry County IDA
(Amfibe, Inc. Project)
Series 98
AMT
2,900 1/01/13 (b)................. 4.85 2,900,000
2
<PAGE>
Alliance Municipal Trust - Virginia Portfolio
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Principal
Amount
(000) Security(a) Yield Value
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James City IDA
(Greystone of Virginia,
Inc.)
Series 98
AMT
$ 5,850 9/01/08 (b)................. 4.95% $ 5,850,000
King George County IDA
(Garnet of VA, Inc.)
Series 96
AMT
2,590 9/01/06 (b)................. 4.85 2,590,000
King George County IDA
(Garnet of VA, Inc.)
Series 96
AMT
5,300 9/01/21 (b)................. 4.85 5,300,000
Loudoun County IDA
(Falcons Landing Project)
Series 98
6,445 11/01/28 (b)................ 4.75 6,445,000
Loudown County IDA
(Kinder-Care Learning
Centers)
Series A
394 6/01/02 (b)................. 4.75 394,000
Louisa County IDA
(Pooled Financing)
Series 95
1,515 1/01/20 (b)................. 4.75 1,515,000
Nelson County IDA
(Taylor Ramsey Corp.)
Series 99
AMT
1,000 8/01/09 (b)................. 4.85 1,000,000
Newport News HFA MFHR
(Jefferson Point
Development)
Series 98
5,200 11/01/11 (b)................ 4.75 5,200,000
Norfolk IDA
(Ballentine Home Corp.)
Series 99
3,625 12/01/24 (b)................ 4.75 3,625,000
Portsmouth GO
FGIC Series 96
1,000 8/01/00..................... 3.55 1,001,191
Portsmouth IDA
(Fairwood Homes Project)
Series A
3,000 11/01/27 (b)................ 4.75 3,000,000
Richmond
Redevelopment MFHR
(Tobacco Row)
Series 89B-2
AMT
1,000 10/01/24 (b)................ 4.95 1,000,000
Richmond
Redevelopment MFHR
(Tobacco Row)
Series 89B-8
AMT
3,555 10/01/24 (b)................ 4.95 3,555,000
Suffolk Redevelopment &
Housing Authority MFHR
(Oak Springs Apartments)
Series 99
4,000 12/01/19 (b)................ 4.85 4,000,000
Virginia Beach Development
Authority
(Chesapeake Bay Academy)
Series 00
AMT
2,700 4/01/05 (b)................. 4.80 2,700,000
Virginia Beach Development
Authority
(Kinder-Care Learning
Centers)
Series D
866 10/01/00.................... 4.75 866,000
Virginia Educational Loan
Authority
(Guaranteed Student Loan
Program)
Series D
AMT
895 9/01/00..................... 4.50 895,990
Virginia HDA SFMR
(Commonwealth Mortgage)
Series 94G
AMT
2,500 7/01/00..................... 3.67 2,500,000
Virginia Public Building
Authority GO
(Building Revenue)
Series 92A
1,920 8/01/00..................... 3.73 1,923,116
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Total Municipal Bonds
(amortized cost
$124,735,344)............... 124,735,344
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3
<PAGE>
STATEMENT OF NET ASSETS (continued) lliance Municipal Trust -
Virginia Portfolio
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Principal
Amount
(000) Security(a) Yield Value
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COMMERCIAL PAPER- 4.5%
VIRGINIA-4.5%
Norfolk IDA
(Sentara Hospital Revenue)
$ 3,000 9/08/00..................... 4.41% $ 3,000,000
Norfolk IDA
(Sentara Hospital Revenue)
3,000 9/11/00..................... 4.25 3,000,000
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Total Commercial Paper
(amortized cost
$6,000,000)................. 6,000,000
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TOTAL INVESTMENTS -99.1%
(amortized cost
$130,735,344)............... 130,735,344
Other assets less
liabilities-0.9%............ 1,192,590
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NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
131,935,959 shares
outstanding)................ $131,927,934
============
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(a) All securities either mature or their interest rate changes in one year or
less.
(b) 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
EDA - Economic Development Authority
FGIC - Financial Guaranty Insurance Company
GO - General Obligation
HDA - Housing Development Authority
HFA - Housing Finance Agency/Authority
IDA - Industrial Development Authority
MFHR - Multi-Family Housing Revenue
PCR - Pollution Control Revenue
SFMR - Single Family Mortgage Revenue
SWDR - Solid Waste Disposal Revenue
See notes to financial statements.
4
<PAGE>
STATEMENT OF OPERATIONS
Year Ended June 30, 2000 Alliance Municipal Trust - Virginia Portfolio
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<TABLE>
<S> <C>
INVESTMENT INCOME
Interest ................................................. $ 5,171,214
EXPENSES
Advisory fee (Note B)...........................................$ 679,258
Distribution assistance and administrative service (Note C) ..... 585,177
Custodian fees ......................................................72,922
Transfer agency (Note B) ............................................50,926
Printing ............................................................25,737
Registration fees ...................................................17,913
Audit and legal fees ................................................16,975
Trustees' fees .......................................................2,487
Amortization of oganization expense ....................................531
Miscellaneous ........................................................4,515
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Total expenses ...................................................1,456,441
Less: expense reimbursement .......................................(97,926)
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Net expenses .....................................................1,358,515
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NET INCREASE IN NET ASSETS FROM OPERATIONS .........................$ 3,812,699
===========
</TABLE>
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See notes to financial statements.
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS Alliance Municipal Trust -
Virginia Portfolio
===============================================================================
Year Ended Year Ended
June 30, 2000 June 30,1999
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INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income .................... $ 3,812,699 $ 2,992,273
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income .................... (3,812,699) (2,992,273)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (Note E) ......... 17,995,524 (9,889,578)
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Total increase (decrease) ................ 17,995,524 (9,889,578)
NET ASSETS
Beginning of period ...................... 113,932,410 123,821,988
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End of period ............................ $ 131,927,934 $ 113,932,410
============= =============
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See notes to financial statements.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
June 30, 2000 Alliance Municipal Trust - Virginia Portfolio
===============================================================================
NOTE A: Significant Accounting Policies
Alliance Municipal Trust (the "Fund") is registered under the Investment Company
Act of 1940 as an open-end investment company. The Fund operates as a series
company currently consisting of: Alliance Municipal Trust-General 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 (the "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 accounting principles generally accepted in the United States,
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. Organization Expenses
The organization expenses of the Portfolio were being amortized against income
on a straight-line basis through October, 1999.
3. Taxes
It is the policy of the Portfolio to meet 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 any, to
shareholders. Therefore, no provisions for federal income or excise taxes are
required.
4. Dividends
The Portfolio declares dividends daily from net investment income and
automatically reinvests such dividends in additional shares at net asset value.
Net realized capital gains on investments, if any, are expected to be
distributed near year end. Dividends paid from net investment income for the
year ended June 30, 2000, are exempt from federal income taxes. However,
certain shareholders may be subject to the alternative minimum tax.
5. 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% on the first $1.25 billion of average daily net
assets; .49% on the next $.25 billion; .48% on the next $.25 billion; .47% on
the next $.25 billion; .46% on the next $1 billion; and .45% 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. For
the year ended June 30, 2000, the reimbursement amounted to $97,926.
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 $18,461 for the year ended June 30, 2000.
For the year ended June 30, 2000, the Fund's expenses were reduced by $120
under an expense offset arrangement with Alliance Fund Services, Inc.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(continued) Alliance Municipal Trust - Virginia Portfolio
===============================================================================
NOTE C: Distribution Assistance and Administrative Services Plan
Under this Plan, the Portfolio pays Alliance Fund Distributors, Inc., (the
"Distributor"), a wholly-owned subsidiary of the Adviser, a distribution fee at
the annual rate of .25% of the average daily value of the Portfolio's net
assets. The Plan provides that the Distributor will use such payments in their
entirety for distribution assistance and promotional activities. For the year
ended June 30, 2000, the distribution fee amounted to $339,629. 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 year ended June 30, 2000, such payments by the Portfolio amounted to
$245,548, a substantial portion of which was paid to the Adviser and its
affiliates.
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NOTE D: Investment Transactions
At June 30, 2000, the cost of investments for federal income tax purposes was
the same as the cost for financial reporting purposes. At June 30, 2000, the
Portfolio had a capital loss carryforward of $8,025, of which $7,897 expires in
2004 and $128 expires in the year 2005. To the extent that any capital loss
carryforward is used to offset future capital gains, it is probable that these
gains will not be distributed to shareholders.
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NOTE E: Transactions in Shares of Beneficial Interest
An unlimited number of shares ($.01 par value) are authorized. At June 30,
2000, capital paid-in aggregated $131,935,959. Transactions, all at $1.00 per
share, were as follows:
Year Ended Year Ended
June 30, June 30,
2000 1999
------------ ------------
Shares sold .................................... 304,469,746 212,940,218
Shares issued on reinvestments of dividends .... 3,812,699 2,992,273
Shares redeemed ................................ (290,286,921) (225,822,069)
------------ ------------
Net increase (decrease) ........................ 17,995,524 (9,889,578)
============ ============
8
<PAGE>
FINANCIAL HIGHLIGHTS Alliance Municipal Trust - Virginia Portfolio
===============================================================================
Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
Year Ended June 30,
--------------------------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period .....$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income From Investment Operations
Net investment income (a) ......028 .023 .029 .028 .029
-------- -------- -------- -------- --------
Less: Dividends
Dividends from net
investment income .........(.028) (.023) (.029) (.028) (.029)
-------- -------- -------- -------- --------
Net asset value,
end of period ..........$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return
Total investment return
based on net
asset value (b) 2.84% 2.34% 2.90% 2.83% 2.97%
Ratios/Supplemental Data
Net assets, end of period
(000's omitted) ........$131,928 $113,932 $123,822 $ 78,775 $ 89,557
Ratios to average net assets of:
Expenses, net of waivers
and reimbursements .... 1.00% 1.00% .93% .80% .78%
Expenses, before waivers
and reimbursements .... 1.07% 1.07% 1.03% 1.15% 1.15%
Net investment income (a) 2.81% 2.34% 2.86% 2.78% 2.91%
</TABLE>
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(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. Total investment return
calculated for a period of less than one year is not annualized.
9
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS Alliance Municipal Trust - Virginia Portfolio
===============================================================================
To the Board of Trustees and Shareholders of Alliance Municipal Trust -
Virginia Portfolio
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Alliance Municipal Trust - Virginia Portfolio (the "Fund") at June 30, 2000,
and the results of its operations, the changes in its net assets and the
financial highlights for the year then ended, in conformity with accounting
principles generally accepted in the United States. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Fund's management; our responsibility is to express
an opinion on these financial statements based on our audit. We conducted our
audit of these financial statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audit, which included confirmation of
securities at June 30, 2000, by correspondence with the custodian and brokers,
provides a reasonable basis for the opinion expressed above. The financial
statements for the year ended June 30, 1999, including the financial highlights
for each of the four years in the period then ended, were audited by other
independent accountants whose report dated July 23, 1999, expressed an
unqualified opinion on those financial statements.
PricewaterhouseCoopers LLP
New York, New York
July 28, 2000
10
<PAGE>
Alliance Municipal Trust - Virginia Portfolio
===============================================================================
Alliance Municipal Trust
1345 Avenue of the Americas
New York, NY 10105
Toll-free 1(800)221-5672
TRUSTEES
Dave H. Williams, Chairman
John D. Carifa
Sam Y. Cross (1)
Charles H.P. Duell (1)
William H. Foulk, Jr. (1)
David K. Storrs (1)
Shelby White (1)
OFFICERS
Dave H. Willliams, Chairman
Ronald M. Whitehill, President
Kathleen A. Corbet, Senior Vice President
Drew Biegel, Senior Vice President
John R. Bonczek, Senior Vice President
Doris T. Ciliberti, Senior Vice President
Robert I. Kurzweil, Senior Vice President
Wayne D. Lyski, Senior Vice President
Patricia Ittner, Senior Vice President
William E. Oliver, Senior Vice President
Raymond J. Papera, Senior Vice President
Frances M. Dunn, Vice President
William J. Fagan, Vice President
Linda D. Kelley, Vice President
Joseph R. LaSpina, Vice President
Eileen M. Murphy, Vice President
Maria C. Sazon, Vice President
Edmund P. Bergan, Jr., Secretary
Mark D. Gersten, Treasurer and Chief Financial Officer
Vincent S. Noto, Controller
CUSTODIAN
State Street Bank and Trust Company
P.O. Box 1912
Boston, MA 02105
DISTRIBUTOR
Alliance Fund Distributors, Inc.
1345 Avenue of the Americas
New York, NY 10105
TRANSFER AGENT
Alliance Fund Services
P.O. Box 1520
Secaucus, NJ 07096-1520
Toll-Free 1-(800) 221-5672
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
LEGAL COUNSEL
Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004
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(1) Members of the Audit Committee.
11
<PAGE>
Alliance Municipal Trust - Virginia Portfolio ---------------
1345 Avenue of the Americas, New York, NY 10105 BULK RATE
Toll free 1 (800) 221-5672 U.S. POSTAGE
PAID
Yields. For current recorded yield information on New York, NY
Alliance Municipal Trust, call on a touch-tone Permit No. 7131
telephone toll-free (800) 251-0539 and press the ---------------
following sequence of keys:
|*| |*| |1| |2| |2| |1| |#|
For non-touch-tone telephones, call toll-free (800) 221-9513
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AllianceCapital [LOGO](R)
(R) These registered service marks used under license from the owner, Alliance
Capital Management L.P.
AMTVAAR600
