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Alliance
Municipal
Trust
- General Portfolio
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Alliance Capital [LOGO](R)
Annual Report
June 30, 2000
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<PAGE>
LETTER TO SHAREHOLDERS Alliance Municipal Trust - General Portfolio
=============================================================================
August 2, 2000
Dear Shareholder:
We are pleased to provide you with an update of Alliance Municipal Trust-
General 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-General 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 - General Portfolio
==============================================================================
Principal
Amount
(000) Security(a) Yield Value
-------------------------------------------------------------------------------
MUNICIPAL BONDS-81.8%
ALABAMA-2.1%
Alabama IDA
(Homeland Vinyl Products)
Series 94
AMT
$ 6,295 11/01/14 (b).............. .. 4.95% $ 6,295,000
Alabama Special Care
Facilities Authority
(Ascension Health Credit)
Series 99B
5,500 11/15/39 (b)........................ 5.10 5,500,000
Decatur IDA
(Trico Steel Co. Project)
Series 98
AMT
7,000 1/01/27 (b)......................... 4.90 7,000,000
Mobile IDA
(Hosea O. Weaver &
Sons Project)
Series 99
AMT
4,500 3/01/09 (b)......................... 5.05 4,500,000
Montgomery IDA
(Alcool Inc. Project)
Series 99
AMT
2,165 2/01/07 (b)......................... 4.95 2,165,000
-------------
25,460,000
----------
ALASKA-1.1%
Alaska IDA
(Fairbanks Gold Mining
Inc.)
Series 97
AMT
13,500 5/01/09 (b)......................... 5.05 13,500,000
-------------
ARIZONA-1.5%
Flagstaff IDA
(Woodcrest Apartments)
AMT
7,855 2/01/24 (b)......................... 4.95 7,855,000
Phoenix Civic
Improvement Authority
(Sub Excise Tax)
Series 95
AMT
10,000 6/01/20 (b)......................... 4.85 10,000,000
-------------
17,855,000
-------------
ARKANSAS-1.2%
Union County
Solid Waste
(Deltic Timber/Temple
Inland)
AMT
14,500 10/01/27 (b)........................ 4.90% 14,500,000
-------------
DELAWARE-4.6%
Delaware Economic
Development Authority
(Delaware Clean Power
Project)
Series 97A
AMT
40,000 8/01/29 (b)......................... 4.95 40,000,000
Delaware Economic
Development Authority
(Delmarva Power & Light)
Series 99B
5,500 7/01/24 (b)......................... 4.95 5,500,000
Delaware Economic
Development Authority
IDR PCR
(Star Enterprise Project)
Series 97B
AMT
10,000 8/01/29 (b)......................... 4.80 10,000,000
-------------
55,500,000
-------------
GEORGIA-2.3%
Gwinett County IDA
(Network Publications
Project)
Series 98
AMT
800 3/01/08 (b).......................... 4.85 800,000
Richmond County
SWDR
(Evergreen Nylon
Recycling Project)
Series 98
AMT
10,000 7/01/32 (b)...................... ... 4.90 10,000,000
Savannah Economic
Development Authority
(Georgia Kaolin)
Series 97
AMT
6,000 7/01/27 (b)...................... ... 4.85 6,000,000
2
<PAGE>
Alliance Municipal Trust - General Portfolio
===============================================================================
Principal
Amount
(000) Security(a) Yield Value
-------------------------------------------------------------------------------
Summerville IDA
(Image Industries Project)
Series 97
AMT
$ 3,000 9/01/17 (b)........................... 4.90% $ 3,000,000
Tattnall County IDA
(Rotary Corp. Project)
Series 99
AMT
5,000 9/01/11 (b)........................... 4.85 5,000,000
Thomaston-Upson
County IDR
(De Ster Production Corp.)
Series A
AMT
3,300 10/01/09 (b)......................... 4.95 3,300,000
-------------
28,100,000
-------------
HAWAII-1.1%
Hawaii Department of
Budget & Finance
(Wailuku River Hydro
Project)
Series 91
AMT
13,045 12/01/21 (b).......................... 5.35 13,045,250
-------------
ILLINOIS-9.3%
Aurora, Kane, Du Page,
Will & Kendal Counties
IDA
(A & B Holdings LLC
Project)
Series 97A
AMT
1,170 10/01/27 (b)........................ 4.95 1,170,000
Aurora, Kane, Du Page,
Will & Kendal Counties
IDA
(Yeomans Chicago Project)
Series 98
AMT
6,000 11/01/28 (b).......................... 4.95 6,000,000
Chicago Airport Revenue
(Northwest Airlines Project)
Series B
AMT
16,800 2/01/24 (b)........................... 5.75 16,800,000
Chicago Airport Revenue
(O'Hare International
Airport)
AMT
7,200 1/01/18 (b).......................... 5.05% 7,200,000
Chicago Airport Revenue
(O'Hare International
Airport)
Series 88A
AMT
28,900 1/01/18 (b).......................... 5.05 28,900,000
Chicago Gas Supply
(Peoples Gas Light &
Coke)
Series 00D
AMT
7,000 3/01/30 (b).......................... 4.80 7,000,000
Illinois Development
Finance Authority
(Landcomp Corp. Project)
Series 98A
AMT
4,699 7/01/18 (b).......................... 4.95 4,699,000
Illinois Development
Finance Authority
(Tajon Warehousing Corp.)
Series A
AMT
3,100 1/01/10 (b).......................... 4.90 3,100,000
Illinois Development
Finance Authority
(Valspar Corp.)
Series 95
AMT
6,000 8/01/15 (b).......................... 4.90 6,000,000
Illinois Development
Finance Authority MFHR
(Butterfield Creek Assoc.)
Series 99
AMT
6,000 4/01/39 (b).......................... 4.95 6,000,000
Illinois Development
Finance Authority MFHR
(Lakeview Partners 1)
Series 98
AMT
5,225 1/01/28 (b).......................... 4.95 5,225,000
3
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
==============================================================================
Principal
Amount
(000) Security(a) Yield Value
-------------------------------------------------------------------------------
Lake County IDA
(Okamato Corp.)
Series 85
AMT
$ 2,200 10/01/15 (b)......................... 5.10% $ 2,200,000
Madison County
Environmental
Improvement
(Shell Wood River
Refining Co. Project)
Series 97A
AMT
7,100 3/01/33 (b)............................ 4.70 7,100,000
Madison County PCR
(Shell Oil Wood River
Project)
Series 97A
AMT
2,000 3/01/33 (b)............................ 4.70 2,000,000
Rock Island Metropolitan
Airport Authority
(Quad City International
Airport Project)
Series 98
AMT
2,730 12/01/18 (b)......................... 4.95 2,730,000
Southwestern Illinios
SWDR
(Shell Oil Wood River
Project)
Series 92
AMT
6,400 4/01/22 (b).......................... 4.70 6,400,000
-------------
112,524,000
-------------
INDIANA-5.4%
Gibson County PCR
(Toyota Motor
Manufacturing Project)
Series 99A
AMT
10,000 1/01/29 (b).......................... 4.90 10,000,000
Indiana Health Facility
Financing Authority
(Ascension Health)
Series 99B
36,000 11/15/39 (b)......................... 5.10 36,000,000
Indiana State Educational
Facilities Authority
(Bethel College)
Series B
4,000 9/01/17 (b)........................... 4.75% 4,000,000
Princeton IDA
(Orion Denki America, Inc.
Project)
Series 87
AMT
3,845 5/01/17 (b).......................... 5.30 3,845,000
Valparaiso IDA
(Block Heavy &
Highway Products)
Series 99
AMT
4,950 5/01/19 (b).......................... 4.95 4,950,000
Westfield IDR
(PL porter Project)
Series 89
AMT
5,300 12/01/09 (b)......................... 4.97 5,300,000
Whitting PCR
(Amoco Oil Project)
Series 99
AMT
1,100 1/01/26 (b).......................... 4.70 1,100,000
-------------
65,195,000
-------------
KANSAS-0.9%
Dodge City IDR
(Farmland National Beef
Packing Co.)
Series 00
AMT
5,000 3/01/15 (b).......................... 5.05 5,000,000
Liberal IDR
(Farmland National Beef
Packing Co.)
Series 00
AMT
5,850 10/01/09 (b)......................... 5.05 5,850,000
-------------
10,850,000
-------------
KENTUCKY-2.5%
Bowling Green IDA
(Woodcraft Industries,
Inc.)
Series 95
AMT
5,400 3/01/25 (b)........................... 4.90 5,400,000
4
<PAGE>
Alliance Municipal Trust - General Portfolio
=============================================================================
Principal
Amount
(000) Security(a) Yield Value
-----------------------------------------------------------------------------
Jefferson County IDA
(Strawberry Lane Venture)
AMT
$ 2,280 7/01/19 (b).......................... 4.95% $ 2,280,000
Kentucky Development
Finance Authority
(Hesco Project)
AMT
5,800 2/01/08 (b).......................... 4.95 5,800,000
Kentucky Rural Economic
Development Authority
(Heaven Hill Project)
AMT
2,400 10/01/16 (b)......................... 4.95 2,400,000
Louisville & Jefferson
Regional Airport Authority
Series 97AA-1
AMT
5,000 6/30/02 (b).......................... 4.90 5,000,000
Montgomery County
(Conn Fineblanking Corp.
Project)
Series 96
AMT
5,500 8/01/15 (b).......................... 4.95 5,500,000
Perry County SWDR
(TJ International Project)
Series 98
AMT
3,355 9/01/28 (b).......................... 4.90 3,355,000
-------------
29,735,000
-------------
LOUISIANA-3.8%
Lake Charles
(Harbor & Terminal Port
Improvement)
AMT
5,000 1/01/19 (b).......................... 4.85 5,000,000
Lincoln Parish IDA
(Willamette Industries)
Series 95
AMT
12,600 9/01/25 (b).......................... 4.95 12,600,000
Parish of Calcasieu
(Hydroserve Westlake)
Series 98
AMT
4,400 6/01/25 (b).......................... 4.95 4,400,000
St. Charles Parish PCR
(Shell Oil Co. Project)
Series 93
AMT
3,600 9/01/23 (b).......................... 4.70% 3,600,000
St. Charles Parish PCR
(Shell Oil Co.)
Series 91
AMT
10,000 11/01/21 (b)......................... 4.70 10,000,000
West Baton Rouge IDR
(Dow Chemical #3)
Series 94B
7,600 12/01/16 (b)......................... 4.65 7,600,000
West Baton Rouge IDR
(Dow Chemical Co.
Project)
Series 94A
AMT
2,600 12/01/24 (b)......................... 4.75 2,600,000
-------------
45,800,000
-------------
MAINE-0.4%
Biddeford
(DK Associates & Volk
Packaging)
Series 97
AMT
4,600 7/01/17 (b).......................... 4.95 4,600,000
-------------
MARYLAND-4.2%
Maryland Energy
Financing Administration
(Cimenteries Project)
Series 00
AMT
8,000 5/01/35 (b)........................... 4.70 8,000,000
Maryland Health &
Education Authority
(Pooled Loan Program)
Series 85A
3,250 4/01/35 (b).......................... 4.80 3,250,000
Maryland State
Community Development
Administration
(Housing & Community
Development)
Series 9G
AMT
35,000 8/30/00.............................. 3.65 35,000,000
5
<PAGE>
STATEMENT OF NET ASSETS (continued) Alliance Municipal Trust -
General Portfolio
===============================================================================
Principal
Amount
(000) Security(a) Yield Value
-------------------------------------------------------------------------------
Maryland State
Community Development
Administration
(Housing & Community
Development)
Series 99I
AMT
$ 5,000 12/14/00............................. 4.05% $ 5,000,000
-------------
51,250,000
-------------
MICHIGAN-0.2%
Michigan Strategic Fund
(Donnelly Corp. Project)
Series A
AMT
2,000 3/01/10 (b)........................... 4.95 2,000,000
-------------
MISSISSIPPI-1.9%
Mississippi Home Corp.
MFHR
(Summer Park Apts.)
Series 99D-1
AMT
9,800 10/01/29 (b).......................... 5.00 9,800,000
Mississippi Hospital
Equipment & Facilities
(Mississippi Baptist
Medical Center)
5,900 7/01/12 (b).......................... 4.85 5,900,000
Prentiss County IDA
(Heidelberg Eastern)
AMT
6,650 10/01/17 (b)......................... 4.80 6,650,000
-------------
22,350,000
-------------
MISSOURI-0.4%
St. Louis IDA
(Hammert's Iron Works,
Inc.)
Series 99
AMT
4,400 6/01/09 (b).......................... 4.85 4,400,000
-------------
NEBRASKA-1.4%
Stanton County IDA
(Nucor Corp. Project)
Series 96
AMT
8,800 11/01/26 (b)......................... 5.00 8,800,000
Stanton County IDA
(Nucor Corp. Project)
Series 98
AMT
5,700 6/01/28 (b).......................... 5.00% 5,700,000
York County IDA
(Epco Carbondioxide
Products)
Series 98
AMT
2,700 9/01/08 (b).......................... 4.95 2,700,000
-------------
17,200,000
-------------
NEVADA-1.8%
Director Business &
Industry PCR
(Barrick Goldstrike Mines)
AMT
12,500 6/01/29 (b).......................... 4.90 12,500,000
Nevada Business & Industry
(575 Mill St. Project)
Series 98A
3,500 12/01/28 (b)................. ....... 4.95 3,500,000
Nevada Housing Division
MFHR
(Cheyenne Villas Project)
Series I 98
AMT
6,080 4/01/31 (b).......................... 4.90 6,080,000
-------------
22,080,000
-------------
NEW HAMPSHIRE-0.9%
New Hampshire HFA MFHR
(Countryside Ltd. Project)
Series 94
AMT
8,430 7/01/24 (b)......................... 4.90 8,430,000
New Hampshire Housing
Development Authority SFMR
(Mortgage Revenue)
Series 99D
AMT
3,000 12/01/00............................. 4.00 3,000,000
-------------
11,430,000
-------------
NEW MEXICO-0.4%
New Mexico Mortgage
Finance Authority SFMR
(Mortgage Revenue)
Series 00-1
AMT
5,000 10/01/00............................ 4.20 5,000,000
-------------
6
<PAGE>
Alliance Municipal Trust - General Portfolio
=============================================================================
Principal
Amount
(000) Security(a) Yield Value
-----------------------------------------------------------------------------
NORTH CAROLINA-0.7%
Johnston County IDA
(Mebane Packaging Corp.)
AMT
$ 3,700 6/01/03 (b).......................... 4.85% $ 3,700,000
North Carolina
Agricultural Finance
Authority
(Cittero USA Corp.)
Series 98
AMT
4,400 3/01/13 (b).......................... 4.85 4,400,000
-------------
8,100,000
-------------
NORTH DAKOTA-2.6%
Hebron IDA
(Dacco Inc. Project)
Series 98
AMT
2,900 3/01/15 (b).......................... 4.90 2,900,000
North Dakota HFA SFMR
(Mortgage Revenue)
Series 99E
AMT
29,000 9/29/00.............................. 3.80 29,000,000
-------------
31,900,000
-------------
OKLAHOMA-0.1%
Broken Arrow Economic
Development Authority
(Paragon Films Project)
AMT
1,000 8/01/04 (b).......................... 5.17 1,000,000
-------------
OREGON-2.5%
Oregon Economic
Development Authority
(Toyo Tanso USA)
Series CXLVII
AMT
3,000 2/01/12 (b).......................... 5.17 3,000,000
Oregon Economic
Development Corp.
(McFarland Cascade
Project)
AMT
1,690 11/01/16 (b)......................... 4.90 1,690,000
Port of Portland
(Portland Bulk Terminals
Project) Series 96
AMT
20,000 10/01/25 (b)......................... 4.85 20,000,000
Port of Portland
(Portland Bulk Terminals
Project)
Series 99
AMT
6,000 10/01/25 (b)......................... 4.85% 6,000,000
-------------
30,690,000
-------------
RHODE ISLAND-0.8%
Rhode Island
(Student Loan Revenue)
Series 95-1
AMT
4,200 7/01/19 (b).......................... 4.85 4,200,000
Rhode Island
(Student Loan Revenue)
Series 96J-2
AMT
5,000 6/01/26 (b)......................... 4.85 5,000,000
-------------
9,200,000
-------------
SOUTH CAROLINA-2.9%
Berkeley County IDA
(Nucor Corp. Project)
Series 95
AMT
18,900 9/01/28 (b)......................... 5.00 18,900,000
Berkeley County IDR
(Amoco Chemical Project)
Series 97
AMT
2,600 4/01/27 (b).......................... 4.70 2,600,000
Berkeley County IDR
(Nucor Corp. Project)
Series 98
AMT
5,700 4/01/31 (b).......................... 5.00 5,700,000
Florence County PCR
(Roche Carolina, Inc.
Project)
Series 98
AMT
8,400 4/01/28 (b).......................... 4.70 8,400,000
-------------
35,600,000
-------------
TENNESSEE-3.0%
Fayetteville & Lincoln
County IDA
(V.A.W. of America Project)
Series 97
AMT
2,800 10/01/12 (b)......................... 4.90 2,800,000
7
<PAGE>
STATEMENT OF NET ASSETS (continued) Alliance Municipal Trust -
General Portfolio
==============================================================================
Principal
Amount
(000) Security(a) Yield Value
-----------------------------------------------------------------------------
Knox County Health
Educational & Housing
Facilities Board
(Tha Solutions Group)
Series 99
$10,000 5/01/29 (b).......................... 4.85% $ 10,000,000
Stewart County IDA
(Standard Gypsum Project)
Series 99
AMT
6,000 5/01/34 (b).......................... 5.00 6,000,000
Volunteer State
Student Loan
(Student Funding Corp.)
Series 87A-2
AMT
9,000 12/01/17 (b)......................... 4.85 9,000,000
Volunteer State
Student Loan
(Student Funding Corp.)
Series 88A-2
AMT
8,900 12/01/23 (b)......................... 4.70 8,900,000
-------------
36,700,000
-------------
TEXAS-7.0%
Brazos River
(Dow Chemical Project)
Series 96
AMT
3,400 4/01/26 (b).......................... 4.75 3,400,000
Brazos River Harbor
Navigation District
(Dow Chemical Project)
Series 97
AMT
2,400 5/01/27 (b).......................... 4.75 2,400,000
Brazos River Harbor
Navigation District
(Dow Chemical Project)
Series 98
AMT
1,200 3/01/28.............................. 4.75 1,200,000
Brazos River Harbor
Navigation District
Series 98
AMT
2,900 9/01/18.............................. 4.75 2,900,000
Calhoun County IDA
(Formosa Plastics Corp.)
Series 94
AMT
12,700 11/01/15 (b)......................... 4.85% 12,700,000
Camp County IDA
(Pilgrims Pride Corp.)
Series 99
AMT
3,000 7/01/29 (b).......................... 4.90 3,000,000
Corpus Christi IDA
(De Dietrich Inc.)
AMT
5,000 11/01/08 (b)......................... 4.95 5,000,000
Gulf Coast IDA
(Air Products Project)
Series 99
AMT
13,700 6/01/34 (b).......................... 4.90 13,700,000
Gulf Coast PCR
(Amoco Oil Co.)
Series 94
AMT
2,200 6/01/24 (b).......................... 4.70 2,200,000
Gulf Coast SWDR
(Amoco Oil Co.)
Series 95
AMT
10,300 7/01/27 (b).......................... 4.70 10,300,000
Port Beaumont IDA
(EPCO Carbondioxide
Products)
Series 98
AMT
4,500 5/01/08 (b).......................... 4.95 4,500,000
Texas State Project
TRAN
Series 99A
23,600 8/31/00.............................. 4.50 23,630,086
-------------
84,930,086
-------------
UTAH-1.8%
Clinton City MFHR
(Country Pines)
Series 97
AMT
2,900 8/01/19 (b).......................... 4.95 2,900,000
Salt Lake County IDA
(SPS Technologies Inc.
Project)
AMT
4,500 12/01/12 (b)......................... 4.95 4,500,000
8
<PAGE>
Alliance Municipal Trust - General Portfolio
==============================================================================
Principal
Amount
(000) Security(a) Yield Value
-----------------------------------------------------------------------------
Salt Lake County SWDR.
(Kennecott Copper)
AMT
$ 7,200 8/01/30 (b).......................... 5.15% $ 7,200,000
Utah HFA
(Single Family Mortgage
Revenue)
Series 99-4
AMT
7,235 7/01/32 (b).......................... 4.90 7,235,000
-------------
21,835,000
-------------
VERMONT-0.4%
Vermont HFA
(Single Family Housing)
Series 11B
AMT
5,000 9/07/00.............................. 3.70 5,000,000
-------------
VIRGINIA-1.2%
Chesterfield IDA
(Phillip Morris Co.)
14,000 4/01/09 (b).......................... 4.90 14,000,000
-------------
WASHINGTON-6.9%
Port of Port Angeles IDA
(Daishowa America Project)
Series 91
AMT
6,400 6/01/06 (b).................. ....... 4.95 6,400,000
Port of Port Angeles IDA
(Daishowa America Project)
Series 92
AMT
11,550 12/01/07 (b)......................... 4.95 11,550,000
Port of Port Angeles IDA
(Daishowa America Project)
Series 92B
AMT
6,000 8/01/07 (b).......................... 4.95 6,000,000
Washington Housing
Finance Commission
MFHR
(Assisted Living Concepts)
AMT
6,175 1/01/17 (b).......................... 4.90 6,175,000
Washington Housing
Finance Commission
MFHR
(Brittany Park Project)
Series A
AMT
5,000 10/01/21 (b)......................... 4.90 5,000,000
Washington Housing
Finance Commission
MFHR
(Evergreen Ridge Apts.
Project)
AMT
2,300 12/01/24 (b)......................... 4.90% 2,300,000
Washington Housing
Finance Commission
MFHR
(Hamilton Place)
AMT
2,915 7/01/28 (b).......................... 4.85 2,915,000
Washington Housing
Finance Commission
MFHR
(Heatherstone Apts.)
Series 95
AMT
9,020 7/01/25 (b).......................... 4.85 9,020,000
Washington Housing
Finance Commission
MFHR
(Larkin Place Apts.)
Series 96
AMT
5,410 7/01/28 (b).......................... 4.85 5,410,000
Washington Housing
Finance Commission
MFHR
(LTC Properties Inc.
Project)
AMT
1,985 12/01/15 (b)......................... 4.90 1,985,000
Washington Housing
Finance Commission
MFHR
(Marketplace Apts.)
Series 97A
AMT
6,020 7/01/29 (b).......................... 4.85 6,020,000
Washington Housing
Finance Commission
MFHR
(Merrill Gardens Apts.)
Series 97A
AMT
3,150 7/01/22 (b).......................... 4.85 3,150,000
9
<PAGE>
STATEMENT OF NET ASSETS (continued) Alliance Municipal Trust -
General Portfolio
=============================================================================
Principal
Amount
(000) Security(a) Yield Value
-----------------------------------------------------------------------------
Washington Housing
Finance Commission
MFHR
(Oxford Square Apts.)
Series 98A
AMT
$ 2,250 12/01/28 (b)......................... 4.90% $ 2,250,000
Washington Housing
Finance Commission
MFHR
(Pacific Inns Apts.
Project)
Series A
AMT
2,575 5/01/28 (b).......................... 4.90 2,575,000
Washington Housing
Finance Commission
MFHR
(Sherwood Springs Apts.)
AMT
3,720 9/01/27 (b).......................... 4.90 3,720,000
Washington Housing
Finance Commission
MFHR
(Twin Ponds)
Series 98A
AMT
4,515 2/01/28 (b).......................... 4.85 4,515,000
Yakima County Public
Corp.
(John I. Haas Project)
Series 99
AMT
4,000 4/01/22 (b).......................... 4.95 4,000,000
-------------
82,985,000
-------------
WEST VIRGINIA-2.7%
Marion County
Solid Waste
(Grant Town Cogeneration
Project)
Series 90
AMT
9,100 10/01/17 (b)......................... 4.70 9,100,000
Marion County Solid Waste
(Grant Town Cogeneration
Project)
Series 92A
AMT
8,500 10/01/17 (b)......................... 4.90 8,500,000
Putnam County
(Toyota Motor
Manufacturing Project)
Series 00A
AMT
15,500 4/01/30 (b).......................... 4.90% 15,500,000
-------------
33,100,000
-------------
WISCONSIN-1.8%
Ladysmith SWDR
(Cityforest Corp. Project)
Series 98
AMT
7,500 3/01/28 (b).......................... 5.20 7,500,000
Milwaukee County
(Milwakee Public
Museum)
4,200 4/01/35 (b).......................... 4.75 4,200,000
Milwaukee IDR
(Goodwill Industries)
Series 99
7,290 7/01/19 (b).......................... 4.80 7,290,000
Onalaska IDA
(Empire Screen Printing)
Series 98
AMT
2,200 5/01/18 (b).......................... 4.95 2,200,000
-------------
21,190,000
-------------
Total Municipal Bonds
(amortized cost
$988,604,336)....................... 988,604,336
-------------
COMMERCIAL
PAPER-20.6%
ARIZONA-2.7%
Salt River Project
(Agricultural Improvement
& Power District)
3,800 8/11/00............................. 4.25 3,800,000
Salt River Project
(Agricultural Improvement
& Power District)
21,000 9/08/00.............................. 4.25 21,000,000
Salt River Project
(Agricultural Improvement
& Power District)
8,500 8/08/00.............................. 4.20 8,500,000
-------------
33,300,000
-------------
10
<PAGE>
Alliance Municipal Trust - General Portfolio
=============================================================================
Principal
Amount
(000) Security(a) Yield Value
-----------------------------------------------------------------------------
COLORADO-2.6%
Denver System Airport
Revenue
Series 00A
AMT
$21,500 8/23/00.............................. 4.30% $ 21,500,000
Denver System Airport
Revenue
Series 97A
AMT
9,500 8/21/00.............................. 4.30 9,500,000
-------------
31,000,000
-------------
FLORIDA-1.7%
Jacksonville PCR
(Florida Power &
Light Co.)
Series 94
7,000 8/25/00.............................. 4.25 7,000,000
Orlando Utilities
Commission BAN
(Water & Electric
Revenue)
Series 99A
13,500 8/10/00.............................. 4.20 13,500,000
-------------
20,500,000
-------------
GEORGIA-1.2%
Municipal Electric
Authority
(Project #1) Series 85A
5,100 9/07/00.............................. 4.25 5,100,000
Municipal Electric
Authority BAN
(Project #1) Series B
9,000 9/07/00.............................. 4.25 9,000,000
-------------
14,100,000
-------------
INDIANA-0.2%
Sullivan Cooperative
Finance Corp.
(Hoosier Energy Rural
Electric)
Series 85L-6
2,000 8/21/00.............................. 4.25 2,000,000
-------------
KANSAS-0.5%
Burlington PCR
(Kansas City Power &
Light Co.)
Series 85B
5,965 9/11/00.............................. 4.20 5,965,000
-------------
KENTUCKY-0.8%
Pendleton County
Kentucky Multi County
(Lease Revenue)
10,000 9/11/00.............................. 4.20% 10,000,000
-------------
MICHIGAN-0.6%
Michigan Strategic Fund
(Dow Chemical Co.)
Series 88
7,500 8/22/00.............................. 4.30 7,500,000
-------------
NEVADA-1.7%
Clark County PCR
(Southern California
Edison Project)
Series 87A
AMT
15,000 7/25/00......................... .... 4.40 15,000,000
Clark County PCR
(Southern California
Edison Project)
Series 87A
AMT
6,000 7/26/00.............................. 4.75 6,000,000
-------------
21,000,000
-------------
PENNSYLVANIA-1.9%
Carbon County
(Panther Creek Project)
Series 1992
AMT
8,000 7/13/00.............................. 4.80 8,000,000
Philadelphia
(Gas Works Revenue
Notes)
Series C
15,000 9/06/00.............................. 4.30 15,000,000
-------------
23,000,000
-------------
SOUTH CAROLINA-1.1%
South Carolina
Public Service Authority
13,500 9/08/00.............................. 4.25 13,500,000
-------------
TEXAS-3.1%
Brazos River Authority
PCR
(Texas Utilities Project)
Series 94B
AMT
9,300 8/09/00.............................. 4.20 9,300,000
11
<PAGE>
STATEMENT OF NET ASSETS (continued) Alliance Municipal Trust -
General Portfolio
=============================================================================
Principal
Amount
(000) Security(a) Yield Value
-----------------------------------------------------------------------------
Brazos River Harbor
Navigation District
(Dow Chemical)
Series 88
AMT
$14,500 9/11/00.............................. 4.30% $ 14,500,000
Dallas Rapid Transit
(Sales Tax Revenue)
Series A
3,900 9/06/00.............................. 4.30 3,900,000
Harris County GO
Series C
4,000 9/15/00.............................. 4.30 4,000,000
Texas Public Finance
Authority
Series B
6,000 8/28/00.............................. 4.25 6,000,000
-------------
37,700,000
-------------
VERMONT-0.4%
Vermont Economic
Development Authority
(Capitalization Program)
Series B
AMT
5,360 7/19/00.............................. 4.30 5,360,000
-------------
VIRGINIA-1.1%
Norfolk Hospital
Revenue IDA
(Sentara Hospital)
2,500 9/06/00.............................. 4.30 2,500,000
Norfolk Hospital
Revenue IDA
(Sentara Hospital)
10,500 9/11/00.............................. 4.25% 10,500,000
-------------
13,000,000
-------------
WISCONSIN-1.0%
Wisconsin Transportation
Revenue
Series 97A
12,000 8/07/00.............................. 4.20 12,000,000
-------------
Total Commercial Paper
(amortized cost $249,925,000).......... 249,925,000
-------------
TOTAL
INVESTMENTS-102.4%
(amortized cost
$1,238,529,336)........................ 1,238,529,336
Other assets less
liabilities-(2.4%)..................... (29,591,885)
-------------
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
1,210,848,991 shares
outstanding)........................... $1,208,937,451
==============
-----------------------------------------------------------------------------
(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
BAN - Bond Anticipation Note
GO - General Obligation
HFA - Housing Finance Agency/Authority
IDA - Industrial Development Authority
IDB - Industrial Development Board
IDR - Industrial Development Revenue
MFHR - Multi-Family Housing Revenue
PCR - Pollution Control Revenue
SFMR - Single Family Mortgage Revenue
SWDR - Solid Waste Disposal Revenue
TRAN - Tax & Revenue Anticipation Note
See notes to financial statements.
12
<PAGE>
STATEMENT OF OPERATIONS
Year Ended June 30, 2000 Alliance Municipal Trust - General Portfolio
=============================================================================
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest................................................... $ 50,583,864
EXPENSES
Advisory fee (Note B) ......................................$ 6,536,878
Distribution assistance and administrative service (Note C). 5,338,431
Transfer agency (Note B).................................... 426,821
Registration fees........................................... 314,997
Custodian fees.............................................. 258,691
Printing.................................................... 158,988
Audit and legal fees........................................ 32,372
Trustees' fees.............................................. 3,986
Miscellaneous............................................... 14,302
--------------
Total expenses.............................................. 13,085,466
--------------
Net investment income....................................... 37,498,398
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions.. 6,250
--------------
NET INCREASE IN NET ASSETS FROM OPERATIONS.....................$ 37,504,648
==============
</TABLE>
---------------------------------------------------------------------------
See notes to financial statements.
13
<PAGE>
STATEMENT OF CHANGES
IN NET ASSETS Alliance Municipal Trust - General Portfolio
=============================================================================
<TABLE>
<CAPTION>
Year Ended Year Ended
June 30, 2000 June 30, 1999
---------------- ---------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income.................... $ 37,498,398 $ 31,388,640
Net realized gain on investment
transactions........................... 6,250 -0-
-------------- --------------
Net increase in net assets from
operations............................... 37,504,648 31,388,640
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income.................... (37,498,398) (31,388,640)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (Note E)......... 40,832,218 (27,868,898)
-------------- --------------
Total increase (decrease) ............... 40,838,468 (27,868,898)
NET ASSETS
Beginning of period...................... 1,168,098,983 1,195,967,881
-------------- --------------
End of period............................ $1,208,937,451 $1,168,098,983
============== ==============
</TABLE>
-------------------------------------------------------------------------------
See notes to financial statements.
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS
June 30, 2000 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
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. No
reimbursement was required for the year ended June 30, 2000.
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 $188,820 for the year ended June 30, 2000.
For the year ended June 30, 2000, the Fund's expenses were reduced by $2,908
under an expense offset arrangement with Alliance Fund Services, Inc.
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(continued) 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 year
ended June 30, 2000, the distribution fee amounted to $3,271,367. 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
$2,067,064, 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 $1,901,540, of which $129,801
expires in 2002, $4,619 expires in 2003 and $1,767,120 expires in the year 2004.
To the extent that any net capital loss carryforward is used to offset future
capital gains, it is probable these gains will not be distributed to
shareholders. The Portfolio utilized $6,250 of capital loss carryforward in the
current year.
-----------------------------------------------------------------------------
NOTE E: Transactions in Shares of Beneficial Interest
An unlimited number of shares ($.01 par value) are authorized. At June 30,
2000, capital paid-in aggregated $1,210,838,991. Transactions, all at $1.00 per
share, were as follows:
Year Ended Year Ended
June 30, June 30,
2000 1999
--------------- ---------------
Shares sold................................... 3,121,686,030 2,838,180,843
Shares issued on reinvestments of dividends... 37,498,398 31,388,640
Shares redeemed............................... (3,118,352,210) (2,897,438,381)
-------------- --------------
Net increase (decrease)....................... 40,832,218 (27,868,898
============== ==============
16
<PAGE>
FINANCIAL HIGHLIGHTS Alliance Municipal Trust - General 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............. 029 .024 .028 .028 .029
---------- --------- --------- --------- ---------
Less: Dividends
Dividends from net investment
income......................... (.029) (.024) (.028) (.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 (a) ..... 2.89% 2.42% 2.85% 2.81% 2.93%
Ratios/Supplemental Data
Net assets, end of period
(in millions) ................ $ 1,209 $ 1,168 $ 1,196 $ 980 $ 1,148
Ratios to average net assets of:
Expenses, net of waivers
and reimbursements.......... 1.00% 1.00% .98% .94% .95%
Expenses, before waivers
and reimbursements.......... 1.00% 1.00% .98% .94% .95%
Net investment income ........ 2.87% 2.38% 2.81% 2.76% 2.90%
</TABLE>
-----------------------------------------------------------------------------
(a) 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.
17
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
Alliance Municipal Trust - General Portfolio
=============================================================================
To the Board of Trustees and Shareholders of
Alliance Municipal Trust-General 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-General 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 orrespondence with the custodian and brokers,
provides a reasonable basis for he opinion expressed above. The financial
statements for the year ended June 0, 1999, including the financial highlights
for each of the four years in the eriod then ended, were audited by other
independent accountants whose report ated July 23, 1999, expressed an
unqualified opinion on those financial tatements.
PricewaterhouseCoopers LLP
New York, New York
July 28, 2000
18
<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
Dave H. Williams, 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 & 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.
19
<PAGE>
Alliance Municipal Trust - General 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 6 4 #
- - - - - - -
For non-touch-tone telephones, call toll-free (800) 221-9513
------------------------------------------------------------
AllianceCapital [LOGO](R)
(R) These registered service marks used under license from the owner, Alliance
Capital Management L.P.
AMTAR600
