- --------------------------------------------------------------------------------
Alliance
Municipal
Trust
- General Portfolio
- --------------------------------------------------------------------------------
Alliance Capital [LOGO](R)
Semi-Annual Report
December 31, 1999
(unaudited)
- --------------------------------------------------------------------------------
<PAGE>
STATEMENT OF NET ASSETS
December 31, 1999 (unaudited) Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
MUNICIPAL BONDS-93.7%
ALABAMA-2.9%
Decatur IDA
(Trico Steel Co.
Project) Series 98
AMT VRDN
$ 17,000 1/01/27 (b)............ 5.60% $ 17,000,000
Mobile IDA
(Hosea O. Weaver &
Sons Project)
Series 99 AMT VRDN
5,000 3/01/09 (b)............ 5.70 5,000,000
Montgomery IDA
(Alcool Inc. Project)
Series 99 AMT VRDN
2,460 2/01/07 (b)............ 5.70 2,460,000
Tuscaloosa County
PCR (Tuscaloosa
Steel Project)
Series 95 AMT VRDN
13,500 9/01/20 (b)............ 5.80 13,500,000
------------
37,960,000
------------
ALASKA-1.1%
Alaska IDA
(Fairbanks Gold
Mining Inc.)
Series 97 AMT VRDN
14,600 5/01/09 (b)............ 5.60 14,600,000
------------
ARIZONA-1.4%
Flagstaff IDA
(Woodcrest Apartments)
AMT VRDN
7,855 2/01/24 (b)............ 5.70 7,855,000
Phoenix Civic
Improvement
Authority
(Sub Excise Tax)
Series 95 AMT VRDN
9,850 6/01/20 (b)............ 5.80 9,850,000
------------
17,705,000
------------
ARKANSAS-1.7%
Miller County
(Tyson Foods, Inc.
Project)
Series 96 AMT VRDN
7,500 11/01/21 (b)........... 5.80 7,500,000
Union County
Solid Waste
(Deltic Timber/
Temple Inland)
AMT VRDN
14,500 10/01/27 (b)........... 5.60% 14,500,000
------------
22,000,000
------------
DELAWARE-5.0%
Delaware Economic
Development Authority
(Delaware Clean Power
Project)
Series 97A AMT
VRDN
59,800 8/01/29 (b)............ 5.85 59,800,000
Delaware Economic
Development Authority
(Delmarra Power &
Light)
Series 99B VRDN
5,500 7/01/24 (b)............ 5.75 5,500,000
------------
65,300,000
------------
DISTRICT OF
COLUMBIA-0.6%
District of Columbia
HFA SFMR (Home
Mortgage Revenue)
Series 99B AMT
8,000 6/15/00................ 3.30 8,000,000
------------
GEORGIA-4.3%
Gwinett County IDA
(Network Publications
Project)
Series 98 AMT VRDN
900 3/01/08 (b)............ 5.50 900,000
Richmond County
SWDR
(Evergreen Nylon
Recycling Project)
Series 98 AMT VRDN
27,000 7/01/32 (b)............ 5.30 27,000,000
Richmond County
SWDR
(Evergreen Nylon
Recycling Project)
Series 99 AMT VRDN
11,800 7/01/32 (b)............ 5.30 11,800,000
1
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Savannah Economic
Development Authority
(Georgia Kaolin)
Series 97 AMT VRDN
$ 3,000 7/01/27 (b)............ 5.50% $ 3,000,000
Summerville IDA
(Image Industries
Project)
Series 97 AMT VRDN
8,000 9/01/17 (b)............ 5.50 8,000,000
Tattnall County IDA
(Rotary Corp. Project)
Series 99 AMT VRDN
5,000 9/01/11 (b)............ 5.50 5,000,000
------------
55,700,000
------------
HAWAII-1.0%
Hawaii Department
of Budget & Finance
(Wailuku River Hydro
Project)
Series 91 AMT VRDN
13,313 12/01/21 (b)........... 5.20 13,312,500
------------
ILLINOIS-10.8%
Aurora, Kane,
Du Page, Will &
Kendal Counties IDA
(A & B Holdings LLC
Project)
Series 97A AMT VRDN
1,170 10/01/27 (b)........... 5.70 1,170,000
Aurora, Kane,
Du Page, Will &
Kendal Counties IDA
(Yeomans Chicago
Project)
Series 98 AMT VRDN
6,000 11/01/28 (b)........... 5.70 6,000,000
Chicago Airport
Revenue
(Northwest Airlines
Project)
Series B AMT VRDN
16,800 2/01/24 (b)............ 6.55 16,800,000
Chicago Airport
Revenue
(O'Hare International
Airport)
AMT VRDN
7,200 1/01/18 (b)............ 5.60 7,200,000
Chicago Airport
Revenue
(O'Hare International
Airport)
Series 88A AMT
VRDN
28,900 1/01/18 (b)............ 5.60% 28,900,000
Franklin Park IDA
(Maclean-Fogg Co.
Project)
Series 95 AMT VRDN
5,000 2/01/07 (b)............ 5.70 5,000,000
Illinois Development
Finance Authority
(Landcomp Corp.
Project)
Series 98A AMT
VRDN
4,699 7/01/18 (b)............ 5.70 4,699,000
Illinois Development
Finance Authority
(R.A. Zweig, Inc.
Project)
Series 98 AMT VRDN
6,770 6/01/18 (b)............ 5.60 6,770,000
Illinois Development
Finance Authority
(Tajon Warehousing
Corp.)
Series A AMT VRDN
3,100 1/01/10 (b)............ 5.65 3,100,000
Illinois Development
Finance Authority
(Valspar Corp.)
Series 95 AMT VRDN
6,000 8/01/15 (b)............ 5.60 6,000,000
Illinois Development
Finance Authority
MFHR (Butterfield
Creek Assoc.) Series 99
AMT VRDN
6,000 4/01/39 (b)............ 5.70 6,000,000
Illinois Development
Finance Authority
MFHR
(Lakeview Partners 1)
Series 98 AMT VRDN
5,290 1/01/28 (b)............ 5.70 5,290,000
2
<PAGE>
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Illinois Development
Finance Authority PCR
(Illinois Power Co.
Project)
Series 87C AMT VRDN
$ 10,000 3/01/17 (b)............ 5.50% $ 10,000,000
Illinois Housing
Development Authority
SFMR
Series 98 A-2 AMT
PPB
14,000 7/20/00 (b)............ 3.90 14,000,000
Illinois Housing
Development Authority
SFMR
Series A AMT
9,000 6/22/00................ 4.05 9,000,000
Illinois Toll Highway
Revenue
MBIA Series 93B
6,000 1/01/10................ 5.15 6,000,000
Lake County IDA
(Okamato Corp.)
Series 85 AMT VRDN
3,100 10/01/15 (b)........... 5.75 3,100,000
Rock Island
Metropolitan Airport
Authority (Quad City
International
Airport Project)
Series 98 AMT VRDN
2,730 12/01/18 (b)........... 5.70 2,730,000
------------
141,759,000
------------
INDIANA-2.7%
Columbia City
(Precision Plastics
Project)
Series 97 AMT VRDN
3,700 11/30/17 (b)........... 5.60 3,700,000
Gibson County PCR
(Toyota Motor
Manufacturing Project)
Series 98 AMT VRDN
6,000 1/01/28 (b)............ 5.55 6,000,000
Series 99A AMT
VRDN
10,000 1/01/29 (b)............ 5.55 10,000,000
Petersburg SWDR
(Indianapolis Power &
Light) Series 94A AMT
VRDN
6,700 12/01/24 (b)........... 5.75% 6,700,000
Princeton IDA
(Orion Denki America,
Inc. Project)
Series 87 AMT VRDN
3,545 5/01/17 (b)............ 6.35 3,545,000
Valparaiso IDA
(Block Heavy &
Highway Products)
Series 99 AMT VRDN
5,200 5/01/19 (b)............ 5.70 5,200,000
------------
35,145,000
------------
KANSAS-0.7%
Lenexa Health Care
Facility
(Lakeview Village)
Series A VRDN
9,160 5/15/26 (b)............ 5.55 9,160,000
------------
KENTUCKY-2.5%
Bowling Green IDA
(Woodcraft Industries,
Inc.)
Series 95 AMT VRDN
5,400 3/01/25 (b)............ 5.70 5,400,000
Hopkinsville IDA
(American Precision)
AMT VRDN
3,000 5/01/00 (b)............ 6.25 3,000,000
Jefferson County IDA
(Strawberry Lane
Venture)
AMT VRDN
2,500 7/01/19 (b)............ 5.65 2,500,000
Kentucky Development
Finance Authority
(Hesco Project)
AMT VRDN
5,800 2/01/08 (b)............ 5.40 5,800,000
Kentucky Rural
Economic Development
Authority
(Heaven Hill Project)
AMT VRDN
2,400 10/01/16 (b)........... 5.65 2,400,000
3
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Louisville & Jefferson
Regional Airport
Authority
Series 97AA-1 AMT
VRDN
$ 5,000 6/30/02 (b)............ 5.60% $ 5,000,000
Montgomery County
(Conn Fineblanking
Corp. Project)
Series 96 AMT VRDN
5,500 8/01/15 (b)............ 5.70 5,500,000
Perry County SWDR
(TJ International
Project) Series 98
AMT VRDN
3,355 9/01/28 (b)............ 5.70 3,355,000
------------
32,955,000
------------
LOUISIANA-1.6%
Calcasieu Parish IDA
(Hydroserve Westlake)
Series 98 AMT VRDN
4,400 6/01/25 (b)............ 5.80 4,400,000
Jefferson Parish
SFMR
(Home Mortgage
Revenue)
Series 99B-2 AMT
5,000 6/30/00................ 3.65 5,000,000
Lincoln Parish IDA
(Willamette Industries)
Series 95 AMT VRDN
9,100 9/01/25 (b)............ 5.80 9,100,000
Louisiana Offshore
Terminal Authority
(Deepwater Port)
Series 99 VRDN
3,000 10/01/19 (b)........... 5.60 3,000,000
------------
21,500,000
------------
MARYLAND-3.1%
Maryland State
Community Development
Administration
(Housing & Community
Development)
Series 99G AMT
35,000 8/30/00................ 3.65 35,000,000
Maryland State
Community Development
Administration
(Housing & Community
Development)
Series 99I AMT
5,000 12/14/00............... 4.05% 5,000,000
------------
40,000,000
------------
MICHIGAN-0.2%
Michigan State Hospital
Finance Authority
(Hospital Equipment)
Series 98A VRDN
1,000 12/01/23 (b)........... 5.65 1,000,000
Michigan Strategic
Fund
(Donnelly Corp.
Project)
Series A AMT VRDN
2,000 3/01/10 (b)............ 5.70 2,000,000
------------
3,000,000
------------
MISSISSIPPI-2.2%
Mississippi Business
Finance Corp. SWDR
(Choctaw Project)
Series 98 AMT VRDN
13,000 10/01/28 (b)........... 5.75 13,000,000
Mississippi Home
Corp. MFHR
(Summer Park Apts.)
Series 99D-1 AMT
VRDN
9,800 10/01/29 (b)........... 5.70 9,800,000
Prentiss County IDA
(Heidelberg Eastern)
AMT VRDN
6,650 10/01/17 (b)........... 4.45 6,650,000
------------
29,450,000
------------
MISSOURI-0.4%
St. Louis IDA
(Hammert's Iron
Works, Inc.)
Series 99 AMT VRDN
4,900 6/01/09 (b)............ 5.50 4,900,000
------------
4
<PAGE>
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
MONTANA-1.1%
Montana Board of
Investments
(Colstrip Project)
Series 89A AMT PPB
$ 14,800 5/31/00 (b)............ 3.25% $ 14,800,000
------------
NEBRASKA-1.3%
Stanton County IDA
(Nucor Corp. Project)
Series 96 AMT VRDN
8,800 11/01/26 (b)........... 5.80 8,800,000
Stanton County IDA
(Nucor Corp. Project)
Series 98 AMT VRDN
5,700 6/01/28 (b)............ 5.80 5,700,000
York County IDA
(Epco Carbondioxide
Products)
Series 98 AMT VRDN
2,700 9/01/08 (b)............ 5.70 2,700,000
------------
17,200,000
------------
NEVADA-1.5%
Clark County
(Airport System)
Series 99B-2 AMT PPB
10,400 3/01/00 (b)............ 3.75 10,400,000
Nevada Business &
Industry Dept. IDA
(575 Mill St. LLC
Project)
Series A VRDN
3,500 12/01/28 (b)........... 5.70 3,500,000
Nevada Housing
Division MFHR
(Cheyenne Villas
Project)
Series I AMT VRDN
6,080 4/01/31 (b)............ 5.65 6,080,000
------------
19,980,000
------------
NEW HAMPSHIRE-1.3%
New Hampshire HFA
MFHR
(Countryside Ltd.
Project)
Series 94 AMT VRDN
8,430 7/01/24 (b)............ 5.65 8,430,000
New Hampshire
Housing Development
Authority SFMR
(Mortgage Revenue)
Series 99D AMT
3,000 12/01/00............... 4.00% 3,000,000
New Hampshire IDA
(SCI Manufacturing,
Inc.) Series 89
AMT VRDN
5,700 6/01/14 (b)............ 6.10 5,700,000
------------
17,130,000
------------
NEW MEXICO-0.2%
New Mexico Mortgage
Finance Authority
SFMR
(Mortgage Revenue)
Series 99-5 AMT
3,000 6/15/00................ 4.05 3,000,000
------------
NEW YORK-2.4%
New York City Housing
Development Corp. (W.
54th St. Development)
Series 99A AMT VRDN
10,000 12/01/32 (b)........... 5.50 10,000,000
New York State HFA
(101 West End Avenue
Project)
Series 98A AMT VRDN
7,300 11/01/31 (b)........... 5.20 7,300,000
Niagara County IDA
(American Ref-Fuel)
Series 96D AMT
VRDN
14,000 11/15/26 (b)........... 6.50 14,000,000
------------
31,300,000
------------
NORTH CAROLINA-1.7%
Johnston County IDA
(Mebane Packaging
Corp.)
Series 92 AMT VRDN
3,700 6/01/03 (b)............ 5.50 3,700,000
North Carolina
Agricultural Finance
Authority
(Cittero USA Corp.)
Series 98 AMT VRDN
4,700 3/01/13 (b)............ 5.50 4,700,000
5
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Wake County Industrial
Facilities & Pollution
Control Financing
Authority
(Carolina Power &
Light Co.)
Series 85C VRDN
$ 13,900 10/01/15 (b)........... 5.20% $ 13,900,000
------------
22,300,000
------------
NORTH DAKOTA-2.4%
Hebron IDA
(Dacco Inc. Project)
Series 98 AMT VRDN
3,000 3/01/15 (b)............ 5.65 3,000,000
North Dakota HFA
SFMR
(Mortgage Revenue)
Series 99E AMT
29,000 9/29/00................ 3.80 29,000,000
------------
32,000,000
------------
OHIO-2.2%
Clinton County
Hospital Revenue
(Ohio Hospital
Capital Inc.)
Series 99 VRDN
6,000 7/01/29 (b)............ 5.60 6,000,000
Ohio Air Quality
Development Authority
(JMG Funding Ltd.
Partnership)
Series 95A AMT VRDN
5,200 4/01/29 (b)............ 5.55 5,200,000
Ohio Air Quality
Development Authority
(JMG Funding
Partnership)
Series 94B AMT VRDN
5,500 4/01/28 (b)............ 5.75 5,500,000
Ohio Water
Development Authority
(Philip Morris Co.)
Series 97 VRDN
12,500 9/01/18 (b)............ 5.65 12,500,000
------------
29,200,000
------------
OKLAHOMA-0.1%
Broken Arrow
Economic Development
Authority
(Paragon Films Project)
AMT VRDN
1,000 8/01/04 (b)............ 5.38% 1,000,000
------------
OREGON-2.3%
Oregon Economic
Development Authority
(Toyo Tanso USA)
Series CXLVII AMT
VRDN
3,000 2/01/12 (b)............ 5.38 3,000,000
Oregon Economic
Development Corp.
(McFarland Cascade
Project)
AMT VRDN
1,690 11/01/16 (b)........... 5.65 1,690,000
Port of Portland
(Portland Bulk
Terminals Project)
Series 96 AMT VRDN
20,000 10/01/25 (b)........... 5.30 20,000,000
Series 99 AMT VRDN
6,000 10/01/25 (b)........... 5.30 6,000,000
------------
30,690,000
------------
RHODE ISLAND-0.7%
Rhode Island
(Student Loan Revenue)
Series 95-1 AMT
VRDN
4,200 7/01/19 (b)............ 5.30 4,200,000
Rhode Island
(Student Loan Revenue)
Series 96J-2 AMT
VRDN
5,000 6/01/26 (b)............ 5.30 5,000,000
------------
9,200,000
------------
SOUTH CAROLINA-3.3%
Berkeley County IDA
(Nucor Corp. Project)
Series 95 AMT VRDN
18,900 9/01/28 (b)............ 5.80 18,900,000
6
<PAGE>
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Berkeley County IDA
(Nucor Corp. Project)
Series 96 AMT VRDN
$ 25,000 3/01/29 (b)............. 5.80% $ 25,000,000
------------
43,900,000
------------
TENNESSEE-7.6%
Fayetteville & Lincoln
County IDA
(V.A.W. of America
Project)
Series 97 AMT VRDN
2,800 10/01/12 (b)........... 5.55 2,800,000
Knox County Health
Educational & Housing
Facilities Board
(Tha Solutions Group)
Series 99 VRDN
10,000 5/01/29 (b)............ 5.60 10,000,000
Stewart County IDA
(Standard Gypsum
Project)
Series 99 AMT VRDN
32,150 5/01/34 (b)............ 5.60 32,150,000
Volunteer State
Student Loan
(Student Funding
Corp.) Series 87A-2
AMT VRDN
13,600 12/01/17 (b)........... 5.30 13,600,000
Volunteer State
Student Loan
(Student Funding
Corp.) Series 87A-3
AMT VRDN
26,300 12/01/17 (b)........... 5.30 26,300,000
Volunteer State
Student Loan
(Student Funding
Corp.) Series 88A-2
AMT VRDN
8,900 12/01/23 (b)........... 5.60 8,900,000
Volunteer State
Student Loan
(Student Loan
Revenue) Series
87A-1 AMT VRDN
5,900 12/01/17 (b)........... 5.30 5,900,000
------------
99,650,000
------------
TEXAS-7.7%
Brazos River Harbor
Navigation District
(Dow Chemical Project)
Series 92A AMT VRDN
1,600 12/01/18 (b)........... 5.45 1,600,000
Series 93 AMT VRDN
3,600 5/01/23 (b)............ 5.45 3,600,000
Brazos River Harbor
Navigation District
(Dow Chemical Project)
Series 96 AMT VRDN
10,700 4/01/26 (b)............ 5.45 10,700,000
Series 97 AMT VRDN
6,400 5/01/27 (b)............ 5.45 6,400,000
Series 98 AMT VRDN
6,100 3/01/28 (b)............ 5.45 6,100,000
Calhoun County IDA
(Formosa Plastics Corp.)
Series 94 AMT VRDN
4,000 11/01/15 (b)........... 5.30 4,000,000
Corpus Christi IDA
(De Deitrich Inc.)
AMT VRDN
5,000 11/01/08 (b)........... 5.35 5,000,000
Gulf Coast IDA
(Air Products Project)
AMT VRDN
13,700 6/01/34 (b)............ 5.60 13,700,000
Gulf Coast IDA
(Citgo Petroleum Corp.)
Series 94 AMT VRDN
6,800 4/01/26 (b)............ 5.40 6,800,000
Gulf Coast IDA
(Gruma Corp. Project)
AMT VRDN
6,440 11/01/09 (b)........... 5.45 6,440,000
Panhandle Plains
Student Loan Revenue
Series 97Y AMT VRDN
4,000 10/01/02 (b)........... 5.25 4,000,000
Port Beaumont IDA
(EPCO Carbondioxide
Products)
Series 98 AMT VRDN
4,500 5/01/08 (b)............ 5.70 4,500,000
San Antonio IDA
(Gruma Corp. Project)
AMT VRDN
4,095 11/01/09 (b)........... 5.45 4,095,000
7
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Texas State TRAN
Series 99A
$ 23,600 8/31/00................ 3.71% $ 23,718,864
------------
100,653,864
------------
UTAH-1.7%
Clinton City MFHR
(Country Pines)
Series 97 AMT VRDN
2,900 8/01/19 (b)............ 5.55 2,900,000
Salt Lake County IDA
(SPS Technologies
Inc. Project)
AMT VRDN
4,500 12/01/12 (b)........... 5.65 4,500,000
Salt Lake County
SWDR
(Kennecott Copper)
AMT VRDN
7,200 8/01/30 (b)............ 5.70 7,200,000
Utah HFA
(Single Family
Mortgage Revenue)
Series 99-4 AMT
VRDN
7,235 7/01/32 (b)............ 5.55 7,235,000
------------
21,835,000
------------
VERMONT-0.8%
Vermont HEFA
(Capital Asset
Finance Program)
Series 97-2 VRDN
5,235 6/01/27 (b)............ 5.75 5,235,000
Vermont HFA
(Single Family
Housing)
Series 11B AMT
5,000 9/07/00................ 3.70 5,000,000
------------
10,235,000
------------
VIRGINIA-2.8%
Chesterfield IDA
(Phillip Morris Co.)
VRDN
15,000 4/01/09 (b)............ 5.65 15,000,000
Henrico County IDA
(White Oak
Semiconductor-B)
AMT VRDN
13,000 10/01/27 (b)........... 5.60 13,000,000
King George County
Solid Waste
(Garnet of Virginia,
Inc.) Series 96
AMT VRDN
4,290 9/01/21 (b)............ 5.50 4,290,000
Suffolk Redevelopment
& Housing Authority
MFHR
(Oak Springs Apts.)
Series 99 VRDN
4,000 12/01/19 (b)........... 5.10 4,000,000
------------
36,290,000
------------
WASHINGTON-6.3%
Port of Port Angeles
IDA (Daishowa
America Project)
Series 91 AMT VRDN
6,400 6/01/06 (b)............ 5.70 6,400,000
Port of Port Angeles
IDA (Daishowa America
Project) Series 92
AMT VRDN
9,550 12/01/07 (b)........... 5.70 9,550,000
Port of Port Angeles
IDA (Daishowa America
Project)
Series 92B AMT VRDN
6,000 8/01/07 (b)............ 5.70 6,000,000
Washington Housing
Finance Commission
MFHR
(Assisted Living
Concepts)
AMT VRDN
6,175 1/01/17 (b)............ 5.65 6,175,000
Washington Housing
Finance Commission
MFHR
(Brittany Park Project)
Series A AMT VRDN
5,000 10/01/21 (b)........... 5.65 5,000,000
Washington Housing
Finance Commission
MFHR
(Evergreen Ridge Apts.
Project)
AMT VRDN
2,300 12/01/24 (b)........... 5.65 2,300,000
8
<PAGE>
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Washington Housing
Finance Commission
MFHR
(Hamilton Place)
AMT VRDN
$ 2,960 7/01/28 (b)............ 5.55% $ 2,960,000
Washington Housing
Finance Commission
MFHR
(Heatherstone Apts.)
Series 95 AMT VRDN
9,235 7/01/25 (b)............ 5.55 9,235,000
Washington Housing
Finance Commission
MFHR (Larkin Place
Apts.) Series 96 AMT
VRDN
5,490 7/01/28 (b)............ 5.55 5,490,000
Washington Housing
Finance Commission
MFHR (LTC Properties
Inc. Project)
AMT VRDN
1,985 12/01/15 (b)........... 5.70 1,985,000
Washington Housing
Finance Commission
MFHR (Marketplace Apts.)
Series 97A AMT VRDN
6,020 7/01/29 (b)............ 5.55 6,020,000
Washington Housing
Finance Commission
MFHR
(Merrill Gardens Apts.)
Series 97A AMT
VRDN
2,550 7/01/22 (b)............ 5.55 2,550,000
Washington Housing
Finance Commission
MFHR
(Oxford Square Apts.)
Series 98A AMT
VRDN
2,250 12/01/28 (b)........... 5.65 2,250,000
Washington Housing
Finance Commission
MFHR
(Pacific Inns Apts.
Project)
Series A AMT VRDN
2,575 5/01/28 (b)............ 5.65 2,575,000
Washington Housing
Finance Commission
MFHR (Sherwood
Springs Apts.)
AMT VRDN
3,720 9/01/27 (b)............ 5.65 3,720,000
Washington Housing
Finance Commission
MFHR (Twin Ponds)
Series 98A AMT VRDN
4,515 2/01/28 (b)............ 5.55 4,515,000
Yakima County
Public Corp.
(Can-Am Millwork Ltd.)
AMT VRDN
1,315 12/01/14 (b)........... 6.00 1,315,000
Yakima County
Public Corp.
(John I. Haas Project)
Series 99 AMT VRDN
4,000 4/01/22 (b)............ 5.70 4,000,000
------------
82,040,000
------------
WEST VIRGINIA-2.8%
Marion County
Solid Waste
(Grant Town
Cogeneration Project)
AMT VRDN
9,100 10/01/17 (b)........... 5.65 9,100,000
Marion County
Solid Waste
(Grant Town
Cogeneration Project)
Series 92A AMT VRDN
8,500 10/01/17 (b)........... 5.60 8,500,000
Putnam County SWDR
(Toyota Motor
Manufacturing Project)
Series 98 A AMT VRDN
12,600 6/01/28 (b)............ 5.55 12,600,000
9
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Putnam County SWDR
(Toyota Motor
Manufacturing)
AMT VRDN
$ 5,900 8/01/29 (b)............ 5.55% $ 5,900,000
--------------
36,100,000
--------------
WISCONSIN-0.7%
Ladysmith SWDR
(Cityforest Corp.
Project) Series 98
AMT VRDN
7,500 3/01/28 (b)............ 5.90 7,500,000
Onalaska IDA
(Empire Screen Printing)
Series 98 AMT VRDN
2,200 5/01/18 (b)............ 5.70 2,200,000
--------------
9,700,000
--------------
WYOMING-0.6%
Wyoming Community
Development Authority
MFHR
(Mountainside)
Series A FSA AMT
VRDN
7,300 9/01/28 (b)............ 5.60 7,300,000
--------------
Total Municipal Bonds
(amortized cost
$1,227,950,364)..... 1,227,950,364
--------------
COMMERCIAL PAPER-5.2%
COLORADO-1.6%
Denver System
Airport Revenue
20,900 3/09/00................ 3.70 20,900,000
--------------
INDIANA-1.5%
Indiana Health
Facility
(Ascension Health)
Series 99B
20,000 2/09/00................ 3.80 20,000,000
--------------
TEXAS-1.7%
Calhoun County
(British Petroleum)
19,500 1/26/00................ 3.65 19,500,000
Calhoun County
(British Petroleum)
3,000 1/26/00............. 3.70 3,000,000
--------------
22,500,000
--------------
VERMONT-0.4%
Vermont Economic
Development Authority
(Capitalization
Program) Series A
5,335 4/17/00................ 3.85 5,335,000
--------------
Total Commercial Paper
(amortized cost
$68,735,000)........... 68,735,000
--------------
TOTAL INVESTMENTS-98.9%
(amortized cost
$1,296,685,364)........ 1,296,685,364
Other assets less
liabilities-1.1%....... 14,320,513
--------------
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
1,312,917,417 shares
outstanding)........... $1,311,005,877
==============
- --------------------------------------------------------------------------------
(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.
Glossary of Terms:
AMT - Alternative Minimum Tax
FSA - Financial Security Assurance
HEFA - Housing & Educational Facility Authority
HFA - Housing Finance Agency/Authority
IDA - Industrial Development Authority
MBIA - Municipal Bond Investor Assurance
MFHR - Multi-Family Housing Revenue
PCR - Pollution Control Revenue
SFMR - Single Family Mortgage Revenue
SWDR - Solid Waste Disposal Revenue
TRAN - Tax & Revenue Anticipation Note
See notes to financial statements.
10
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1999 (unaudited)
Alliance Municipal Trust - General Portfolio
================================================================================
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest .................................................. $22,936,270
EXPENSES
Advisory fee (Note B) ..................................... $ 3,188,869
Distribution assistance and administrative service (Note C) 2,661,250
Transfer agency (Note B) .................................. 213,710
Registration fees ......................................... 103,689
Custodian fees ............................................ 95,565
Printing .................................................. 62,710
Audit and legal fees ...................................... 13,424
Trustees' fees ............................................ 1,613
Miscellaneous ............................................. 8,060
-----------
Total expenses ............................................ 6,348,890
-----------
Net investment income ..................................... 16,587,380
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions .............. 6,250
-----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ................... $16,593,630
===========
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements.
11
<PAGE>
STATEMENT OF CHANGES
IN NET ASSETS Alliance Municipal Trust - General Portfolio
================================================================================
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1999 Year Ended
(unaudited) June 30, 1999
--------------- ---------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income ...................... $ 16,587,380 $ 31,388,640
Net realized gain on investment transactions 6,250 -0-
--------------- ---------------
Net increase in net assets from operations . 16,593,630 31,388,640
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income ...................... (16,587,380) (31,388,640)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (Note E) ........... 142,900,644 (27,868,898)
--------------- ---------------
Total increase (decrease) .................. 142,906,894 (27,868,898)
NET ASSETS
Beginning of year .......................... 1,168,098,983 1,195,967,881
--------------- ---------------
End of period .............................. $ 1,311,005,877 $ 1,168,098,983
=============== ===============
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements.
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS
December 31, 1999 (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 an open-end investment company. The Fund operates as a series
company currently consisting of: 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 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 the six
months ended December 31, 1999, 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. No
reimbursement was required for the six months ended December 31, 1999.
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 $79,677 for the six months ended December 31,
1999.
For the six months ended December 31, 1999, the Fund's expenses were reduced by
$2,435 under an expense offset arrangement with Alliance Fund Services, Inc.
13
<PAGE>
Alliance Municipal Trust - General 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 six
months ended December 31, 1999, the distribution fee amounted to $1,587,223. 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, 1999, such payments by the
Portfolio amounted to $1,074,027 of which $54,500 was paid to the Adviser.
- --------------------------------------------------------------------------------
NOTE D: Investment Transactions
At December 31, 1999, the cost of investments for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1999 the
Portfolio had a capital loss carryforward of $1,907,790, of which $1,127 expires
in 2001, $134,924 expires in 2002, $4,619 expires in 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,
1999, capital paid-in aggregated $1,312,927,427. Transactions, all at $1.00 per
share, were as follows:
Six Months Ended Year Ended
December 31, 1999 June 30,
(unaudited) 1999
----------------- --------------
Shares sold ............................... 1,389,690,406 2,838,180,843
Shares issued on reinvestments of dividends 16,587,380 31,388,640
Shares redeemed ........................... (1,263,377,142) (2,897,438,381)
-------------- --------------
Net increase (decrease) ................... 142,900,644 (27,868,898)
============== ==============
14
<PAGE>
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,
1999 ----------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year .... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income From Investment Operations
Net investment income ................. .013 .024 .028 .028 .029 .028(a)
Net realized and unrealized loss on
investments ........................ -0- -0- -0- -0- -0- (.003)
------ ------ ------ ------ ------ ------
Net increase in net asset value from
operations ......................... .013 .024 .028 .028 .029 .025
------ ------ ------ ------ ------ ------
Add: Capital Contributions
Capital contributed by the Adviser .... -0- -0- -0- -0- -0- .003
------ ------ ------ ------ ------ ------
Less: Dividends
Dividends from net investment income .. (.013) (.024) (.028) (.028) (.029) (.028)
------ ------ ------ ------ ------ ------
Net asset value, end of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return
Total investment return based on net
asset value (b) .................... 1.31% 2.42% 2.85% 2.81% 2.93% 2.83%(d)
Ratios/Supplemental Data
Net assets, end of period (in millions) $1,311 $1,168 $1,196 $ 980 $1,148 $1,189
Ratios to average net assets of:
Expenses, net of waivers and
reimbursements ................... 1.00%(c) 1.00% .98% .94% .95% .94%
Expenses, before waivers and
reimbursements ................... 1.00%(c) 1.00% .98% .94% .95% .95%
Net investment income .............. 2.64%(c) 2.38% 2.81% 2.76% 2.90% 2.78%(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. Total investment return
calculated for a period less than one year is not annualized.
(c) Annualized.
(d) The capital contribution by the Adviser had no effect on total return.
15
<PAGE>
CHANGE IN INDEPENDENT ACCOUNTANT Alliance Municipal Trust - General Portfolio
================================================================================
McGladrey & Pullen, LLP ("McGladrey") resigned as independent auditors of the
Fund pursuant to an agreement by PricewaterhouseCoopers LLP ("PwC") to acquire
McGladrey's investment company practice. The McGladrey partners and
professionals serving the Fund at the time of the acquisition joined PwC.
The reports of McGladrey on the financial statements of the Fund during the past
two fiscal years contained no adverse opinion or disclaimer of opinion, and were
not qualified or modified as to uncertainty, audit scope or accounting
principles.
In connection with its audits for the two most recent fiscal years and through
August 27, 1999, there were no disagreements with McGladrey on any matter of
accounting principle or practices, financial statement disclosure, or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction of
McGladrey would have caused it to make reference to the subject matter of
disagreement in connection with its report.
On September 25, 1999, the Fund, with the approval of its Trustees and its Audit
Committee, engaged PwC as its independent auditors.
16
<PAGE>
Alliance Municipal Trust - General 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
Ronald M. Whitehill, President
Kathleen A. Corbet, Senior Vice President
Drew A. Biegel, Senior Vice President
John R. Bonczek, Senior Vice President
Patricia Ittner, Senior Vice President
Robert I. Kurzweil, Senior Vice President
Wayne D. Lyski, Senior Vice President
Raymond J. Papera, Senior Vice President
Doris T. Ciliberti, 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
William E. Oliver, Vice President
Edmund P. Bergan, Jr., Secretary
Mark D. Gersten, Treasurer & 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.
17
<PAGE>
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<PAGE>
(This page left intentionally blank.)
<PAGE>
---------------
BULK RATE
U.S. POSTAGE
PAID
New York, NY
Permit No. 7131
---------------
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[LOGO](R)
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.
AMTSR1299
