--------------------------------------------------------------------------------
Alliance
Municipal
Trust
- New York Portfolio
--------------------------------------------------------------------------------
Alliance Capital [LOGO](R)
Annual Report
June 30, 2000
--------------------------------------------------------------------------------
<PAGE>
LETTER TO SHAREHOLDERS Alliance Municipal Trust - New York Portfolio
================================================================================
August 2, 2000
Dear Shareholder:
We are pleased to provide you with an update of Alliance Municipal Trust-New
York 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-New
York Portfolio and look forward to reporting further investment progress in the
coming period.
Sincerely,
/s/ Ronald M. Whitehill
Ronald M. Whitehill
President
1
<PAGE>
STATEMENT OF NET ASSETS
June 30, 2000 Alliance Municipal Trust - New York Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
--------------------------------------------------------------------------------
MUNICIPAL BONDS- 89.6%
NEW YORK-87.1%
Albany IDA
(Davies Office
Refurbishing Inc.)
Series 95
AMT
$ 2,210 9/01/15 (b) .............................. 4.75% $ 2,210,000
Albany IDA
(Davies Office
Refurbishing Inc.)
Series 97
AMT
1,750 2/01/17 (b) .............................. 4.75 1,750,000
Albany IDA
(Institute of History & Art)
Series 99A
2,130 6/01/04 (b) .............................. 4.65 2,130,000
Bath Central School
District BAN
Series 99
7,125 7/21/00 .................................. 3.60 7,126,503
Cambridge Central
School District BAN
Series 99
8,576 9/08/00 .................................. 3.73 8,581,755
Dutchess County IDA
(Samuel F.B. Morse
Historic)
Series 99
4,000 2/01/29 (b) .............................. 4.75 4,000,000
Harborfields Central
School District TAN
Series 00 WI
6,000 6/28/01 .................................. 4.71 6,014,940
Highland Central
School District BAN
Series 99
4,881 11/10/00 ................................. 3.90 4,886,915
Lindenhurst Union Free
School District TAN
Series 00 WI
8,500 6/28/01 .................................. 4.40 8,519,635
Lindenhurst Union Free
School District TAN
Series 00 WI
6,500 6/28/01 .................................. 4.41 6,536,010
Long Island Power
Authority
(Electric System Revenue)
Series 98-1
12,000 5/01/33 (b) .............................. 4.65 12,000,000
Long Island Power
Authority
(Electric System Revenue)
Series 98-5
8,200 5/01/33 (b) .............................. 4.40 8,200,000
Long Island Power
Authority
(Electric System Revenue)
Series 98-6
13,500 5/01/33 (b) .............................. 4.45 13,500,000
Massapequa Park BAN
Series 95D
4,000 9/22/00 .................................. 3.75 4,002,183
Monroe County IDA
(Canal Ponds Park)
Series 95D
2,000 6/15/16 (b) .............................. 4.60 2,000,000
New York City GO
FGIC Series 92D
19,200 2/01/20 (b)(c) ........................... 4.75 19,200,000
New York City GO
Series 94C
8,550 10/01/23 (b)(c) .......................... 4.75 8,550,000
New York City GO
Series 95F-6
17,300 2/15/18 (b) .............................. 4.60 17,300,000
New York City GO
Series F-2
11,450 2/15/12 (b) .............................. 4.70 11,450,000
New York City Housing
Development Corp.
(Related Broadway)
Series 98
AMT
24,500 12/01/31 (b) ............................. 4.70 24,500,000
New York City Housing
Development Corp.
(West 54th Street)
Series 99A
AMT
20,000 12/01/32 (b) ............................. 4.70 20,000,000
2
<PAGE>
Alliance Municipal Trust - New York Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
--------------------------------------------------------------------------------
New York City Housing
Development Corp.
MFHR
(Brook Avenue)
Series 99A
AMT
$ 5,900 7/01/31 (b) ............................. 4.70% $ 5,900,000
New York City Housing
Development Corp.
MFHR
(Gerard Court)
Series 97
AMT
8,100 12/01/29 (b) ............................ 4.70 8,100,000
New York City Housing
Development Corp.
MFHR
(Upper 5th Avenue
Project)
Series A
3,600 1/01/16 (b) ............................. 4.60 3,600,000
New York City Housing
Development Corp. MFHR
(Westmont Apartments)
Series 00A
7,200 7/01/30 (b) ............................. 4.58 7,200,000
New York City IDA
(American Civil
Liberties Union)
Series 97
2,557 6/01/12 (b) ............................. 4.65 2,557,000
New York City IDA
(Council on International
Educational Exchange)
Series 00
4,560 2/01/20 (b) ............................. 4.78 4,560,000
New York City IDA
(Korean Airlines Co.)
Series 97A
AMT
38,300 11/01/24 (b) ............................ 4.70 38,300,000
New York City IDA
(Korean Airlines Co.)
Series 97B
AMT
9,100 11/01/24 (b) ............................ 4.70 9,100,000
New York City IDA
(Korean Airlines Co.)
Series 97C
AMT
13,400 11/01/24 (b) ............................ 4.70 13,400,000
New York City
Transitional Finance
Authority
(Future Tax Secured)
Series 98 A-1
6,005 11/15/26 (b) ............................ 4.65% 6,005,000
New York City
Transitional Finance
Authority
(Future Tax Secured)
Series 98 A-2
1,950 11/15/21 (b) ............................ 4.40 1,950,000
New York City
Water Finance
Authority
(Water & Sewer System
Revenue)
FGIC Series G
26,750 6/15/24 (b) ............................. 4.40 26,750,000
New York City
Water Finance
Authority
(Water & Sewer System
Revenue)
Series 95A
10,000 6/15/25 (b) ............................. 4.75 10,000,000
New York State
Dormitory Authority
(FFT Senior Community
Inc.)
Series 00A
5,300 7/01/10 (b) ............................. 4.55 5,300,000
New York State
Dormitory Authority
(Memorial
Sloan-Kettering)
Series 89B
2,700 7/01/19 (b) ............................. 4.55 2,700,000
New York State
Dormitory Authority
(Memorial
Sloan-Kettering)
Series 96
7,000 7/01/26 (b) ............................. 4.50 7,000,000
New York State
Dormitory Authority
(NY Foundling
Charitable)
5,270 7/01/12 (b) ............................. 4.80 5,270,000
3
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - New York Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
--------------------------------------------------------------------------------
New York State ERDA
(Niagara Mohawk Corp.)
AMT
$ 9,325 7/01/27 (b) ........................... 4.80% $ 9,325,000
New York State ERDA
(Niagara Mohawk Corp.)
Series 85A
13,400 7/01/15 (b) ........................... 4.75 13,400,000
New York State ERDA
(Niagara Mohawk Corp.)
Series 88A
AMT
5,500 12/01/23 (b) .......................... 4.80 5,500,000
New York State ERDA
(Niagara Mohawk Power
Corp.)
Series 85C
3,100 12/01/25 (b) .......................... 4.55 3,100,000
New York State ERDA
PCR
(Niagara Mohawk Corp.)
Series 86A
AMT
20,400 12/01/26 (b) .......................... 4.65 20,400,000
New York State HFA
(101 West End Avenue
Project)
Series 98A
AMT
15,300 11/01/31 (b) .......................... 4.70 15,300,000
New York State HFA
(101 West End Avenue
Project)
Series 99A
AMT
32,350 11/01/31 (b) .......................... 4.70 32,350,000
New York State HFA
(150 East 44th Street
Project)
Series 00A
AMT
14,000 11/01/32 (b) .......................... 4.70 14,000,000
New York State HFA
(345 East 94th Street
Housing)
Series 98A
AMT
8,400 11/01/31 (b) .......................... 4.70 8,400,000
New York State HFA
(345 East 94th Street
Housing)
Series 99A
AMT
4,300 11/01/31 (b) .......................... 4.70 4,300,000
New York State HFA
(Theatre Row Tower
Housing)
Series 00A
AMT
5,000 11/01/32 (b) .......................... 4.45 5,000,000
New York State HFA
MFHR
(Saxony Apartments)
Series 97A
AMT
31,900 11/01/30 (b) .......................... 4.75 31,900,000
New York State
Job Development
Authority
Series A1-25
AMT
3,100 3/01/07 (b) ........................... 4.50 3,100,000
New York State
Local Government
Assistance Corp.
Series 93A
1,945 4/01/22 (b) ........................... 4.35 1,945,000
New York State
Local Government
Assistance Corp.
Series 94B
10,000 4/01/23 (b) ........................... 4.35 10,000,000
New York State
Local Government
Assistance Corp.
Series 95E
2,500 4/01/25 (b) ........................... 4.40 2,500,000
New York State
Local Government
Assistance Corp.
Series 95F
1,350 4/01/25 (b) ........................... 4.30 1,350,000
New York State
Local Government
Assistance Corp.
Series 95G
2,900 4/01/25 (b) ........................... 4.40 2,900,000
4
<PAGE>
Alliance Municipal Trust - New York Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
--------------------------------------------------------------------------------
Niagara County IDA
(American Ref-Fuel)
Series 94C
AMT
$ 5,000 11/15/24 (b) .................... 4.70% $ 5,000,000
Niagara County IDA
(American Ref-Fuel)
Series 94A
10,000 11/15/24 (b) .................... 4.70 10,000,000
Niagara County IDA
(American Ref-Fuel)
Series 96D
AMT
3,000 11/15/26 (b) .................... 4.70 3,000,000
Niagara County IDA
(American Ref-Fuel)
Series 97B
AMT
20,795 11/15/24 (b) .................... 4.80 20,795,000
Oneida County IDA
(Champion Home
Builders Co.)
Series 99
6,820 6/01/29 (b) ..................... 4.85 6,820,000
Ontario County IDA
(Ultrafab Inc.)
Series 95
AMT
1,900 12/01/15 (b) .................... 4.90 1,900,000
Port Authority of
New York & New Jersey
(Versatile Structure)
AMT
11,500 4/01/24 (b) ..................... 4.40 11,500,000
Port Authority of
New York & New Jersey
FGIC Series 118th
6,500 9/15/00 ......................... 3.75 6,500,000
Rensselaer County IDA
(Rensselaer Polytechnic
Institute Project)
Series 97A
4,100 2/01/22 (b) ..................... 4.70 4,100,000
Southeast IDA
(The Rawplug Project)
Series 96
AMT
2,000 5/01/21 (b) ..................... 4.70 2,000,000
St. Lawrence County IDA
(Alcoa)
Series 99B
2,500 1/01/22 (b) ..................... 4.67 2,500,000
Suffolk County IDA
(ADP Inc. Project)
Series 97
3,785 4/01/18 (b) ..................... 4.85 3,785,000
Suffolk County IDA
(Bio-Botanica Inc.)
Series 99
4,200 12/01/19 (b) .................... 4.78 4,200,000
Westchester County IDA
(Music Conservatory of
Westchester)
Series 99
4,500 7/01/29 (b) ..................... 4.80 4,500,000
Westchester County IDA
(Rye Country Day School)
Series 99
4,800 5/01/29 (b) ..................... 4.80 4,800,000
Westchester County IDA
(Rye Country Day School)
Series 99
5,000 5/01/04 (b) ..................... 4.80 5,000,000
York Central School
District BAN
Series 99
5,000 7/26/00 ......................... 3.62 5,001,250
------------
636,321,191
------------
PUERTO RICO-2.5%
Puerto Rico Highway &
Transportation
Series 98A AMBAC
18,000 7/01/28 (b) ..................... 4.25 18,000,000
------------
Total Municipal Bonds
(amortized cost
$654,321,191) ................... 654,321,191
------------
COMMERCIAL PAPER- 10.3%
NEW YORK-10.3%
Long Island Power
Authority
(Electric System Revenue)
Series 98
10,000 9/13/00 ......................... 4.71 10,000,000
5
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - New York Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
--------------------------------------------------------------------------------
Metropolitan Transit
Authority BAN
(Transit Facility Special
Obligation)
Series CP-1B
$ 6,500 8/07/00 ........................... 4.66% $ 6,500,000
Metropolitan Transit
Authority BAN
(Transit Facility Special
Obligation)
Series CP-1B
5,000 9/06/00 ........................... 4.21 5,000,000
Metropolitan Transit
Authority BAN
(Transit Facility Special
Obligation)
Series CP-1B
9,000 9/06/00 ........................... 4.71 9,000,000
Metropolitan Transit
Authority BAN
(Transit Facility Special
Obligation)
Series CP-1B
13,000 9/07/00 ........................... 4.35 13,000,000
New York State Power
Authority
13,000 8/08/00 ........................... 4.21 13,000,000
New York State Power
Authority
4,900 8/08/00 ........................... 4.30 4,900,000
New York State Power
Authority
4,000 8/08/00 ........................... 4.71 4,000,000
New York Thruway
Authority
Series 00CP-1
10,000 9/07/00 ........................... 4.10 10,000,000
------------
75,400,000
------------
Total Commercial Paper
(amortized cost
$75,400,000) ...................... 75,400,000
------------
TOTAL INVESTMENTS-99.9%
(amortized cost
$729,721,191) ..................... 729,721,191
Other assets less
liabilities-0.1% .................. 1,048,054
------------
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
730,833,192 shares
outstanding) ...................... $730,769,245
============
--------------------------------------------------------------------------------
(a) All securities either mature or their interest rate changes in 397 days 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.
(c) Securities, or portion thereof, with an aggregate market value of
$27,750,000, have been segregated to collateralize when issued securities.
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
HFA - Housing Financing Agency/Authority
IDA - Industrial Development Authority
MFHR - Multi-Family Housing Revenue
PCR - Pollution Control Revenue
TAN - Tax Anticipation Note
WI - When Issued
See notes to financial statements.
6
<PAGE>
STATEMENT OF OPERATIONS
Year Ended June 30, 2000 Alliance Municipal Trust - New York Portfolio
================================================================================
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME
Interest............................................................. $ 24,381,096
EXPENSES
Advisory fee (Note B)................................................ $ 3,322,529
Distribution assistance and administrative service (Note C).......... 2,642,916
Transfer agency (Note B)............................................. 465,774
Custodian fees....................................................... 146,893
Printing............................................................. 82,378
Registration fees.................................................... 76,728
Audit and legal fees................................................. 24,130
Trustees' fees....................................................... 3,500
Miscellaneous........................................................ 6,334
--------------
Total expenses....................................................... 6,771,182
Less: expense reimbursement.......................................... (126,125)
--------------
Net expenses......................................................... 6,645,057
--------------
NET INCREASE IN NET ASSETS FROM OPERATIONS.............................. $ 17,736,039
==============
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Year Ended Year Ended
June 30, 2000 June 30,1999
---------------- ----------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income................................................ $ 17,736,039 $ 12,618,378
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income................................................ (17,736,039) (12,618,378)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E)................................................ 146,538,578 63,669,113
-------------- --------------
Total increase....................................................... 146,538,578 63,669,113
NET ASSETS
Beginning of period.................................................. 584,230,667 520,561,554
-------------- --------------
End of period........................................................ $ 730,769,245 $ 584,230,667
============== ==============
</TABLE>
--------------------------------------------------------------------------------
See notes to financial statements.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
June 30, 2000 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 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 (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
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. 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.
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 year
ended June 30, 2000, 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% 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
year ended June 30, 2000, the reimbursement amounted to $126,125.
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 $263,280 for year ended June 30, 2000.
For year ended June 30, 2000, the Fund's expenses were reduced by $5,692 under
an expense offset arrangement with Alliance Fund Services, Inc.
8
<PAGE>
Alliance Municipal Trust - New York 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 year ended
June 30, 2000, the distribution fee amounted to $1,661,264. 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 year ended
June 30, 2000, such payments by the Portfolio amounted to $981,652 a substantial
portion of which was paid to the Adviser and its affiliates.
--------------------------------------------------------------------------------
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 $20,548, of which $7,459 expires in
2002 and $13,089 expires in the year 2003. To the extent that any net capital
loss carryforward is used to offset future capital gains, it is probable that
these gains will not be distributed to shareholders.
--------------------------------------------------------------------------------
NOTE E: Transactions in Shares of Beneficial Interest
An unlimited number of shares ($.01 par value) are authorized. At June 30, 2000,
capital paid-in aggregated $730,789,793. Transactions, all at $1.00 per share,
were as follows:
--------------------------------------------------------------------------------
Year Ended Year Ended
June 30, June 30,
2000 1999
-------------- --------------
Shares sold.................................. 1,974,622,345 1,417,305,305
Shares issued on reinvestments of dividends.. 17,736,039 12,618,378
Shares redeemed.............................. (1,845,819,806) (1,366,254,570)
-------------- --------------
Net increase.............................. 146,538,578 63,669,113
============== ==============
9
<PAGE>
FINANCIAL HIGHLIGHTS Alliance Municipal Trust - New York 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) ............... .027 .022 .027 .027 .028
------------ ------------ ------------ ------------ ------------
Less: Dividends
Dividends from net investment income .... (.027) (.022) (.027) (.027) (.028)
------------ ------------ ------------ ------------ ------------
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) ...................... 2.69% 2.24% 2.74% 2.77% 2.87%
Ratios/Supplemental Data
Net assets, end of period (000's omitted) $ 730,769 $ 584,231 $ 520,562 $ 355,461 $ 330,984
Ratios to average net assets of:
Expenses, net of waivers and
reimbursements ..................... 1.00% 1.00% .93% .85% .85%
Expenses, before waivers and
reimbursements ..................... 1.02% 1.04% 1.01% 1.04% 1.03%
Net investment income (a) ............ 2.67% 2.21% 2.69% 2.73% 2.82%
</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.
10
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS Alliance Municipal Trust - New York Portfolio
================================================================================
To the Board of Trustees and Shareholders of
Alliance Municipal Trust - New York 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 - New York 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
11
<PAGE>
Alliance Municipal Trust - New York 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
--------------------------------------------------------------------------------
(1) Members of the Audit Committee.
12
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---------------
BULK RATE
U.S. POSTAGE
PAID
New York, NY
Permit No. 7131
---------------
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 2 4 9 #
- - - - - - -
For non-touch-tone telephones, call toll-free (800) 221-9513
--------------------------------------------------------------------------------
Alliance Capital[LOGO](R)
(R) These registered service marks used under license from the owner, Alliance
Capital Management L.P.
AMTNYAR600
