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Alliance
Municipal
Trust
- - New Jersey Portfolio
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AllianceCapital [LOGO]
Semi-Annual Report
December 31, 1999
(unaudited)
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<PAGE>
STATEMENT OF NET ASSETS
December 31, 1999 (unaudited) Alliance Municipal Trust - New Jersey Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
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MUNICIPAL BONDS-90.9%
DELAWARE-0.7%
Delaware Economic Development
Authority IDA
(Delaware Clean Power Project)
Series 97A AMT VRDN
$ 1,500 8/01/29 (b)............................... 5.85% $ 1,500,000
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ILLINOIS-0.3%
Rock Island Metropolitan Airport
(Elliot Aviation Project)
Series 98 AMT VRDN
700 12/01/18 (b).............................. 5.70 700,000
-------------
NEW JERSEY-78.0%
Atlantic City GO
AMBAC Series 98
2,250 8/15/00.................................. 3.71 2,264,110
Bergen County GO
Series 97
1,000 7/15/00.................................. 3.71 1,004,111
Camden County Improvement Authority
(Harvest Village Project)
Series 99A VRDN
6,000 7/01/29 (b).............................. 4.85 6,000,000
Closter GO BAN
Series 99
3,648 8/18/00.................................. 3.62 3,656,318
Gloucester County PCR
(Mobil Oil Co.)
VRDN
2,400 12/01/03 (b)............................. 5.10 2,400,000
Jefferson Township GO BAN
Series 99
2,805 2/17/00.................................. 2.98 2,805,906
Jersey City BAN
Promissory Notes Series 99
3,000 3/02/00.................................. 3.00 3,002,350
Jersey City GO BAN
Series 99
6,000 9/15/00.................................. 3.80 6,018,187
Medford Township Board of Education
BAN
Series 00A
6,293 7/28/00.................................. 4.08 6,294,322
Monmouth County
Improvement Authority
(Pooled Govt. Loan Prog.)
VRDN
18,350 8/01/16.................................. 5.25 18,350,000
Morristown Township GO BAN
Series 99
8,000 5/03/00.................................. 3.15 8,009,229
New Jersey Economic Development Authority
(Bergen Community Blood Center)
Series 97 VRDN
1,965 12/01/12 (b).......................... 5.35 1,965,000
New Jersey Economic Development Authority
(Colonial Wire & Cable)
Series B-1 AMT VRDN
1,160 10/01/00 (b)............................. 5.60 1,160,000
New Jersey Economic Development Authority
(Curtiss Wright Flight)
VRDN
2,047 1/01/02 (b).............................. 4.75 2,047,000
New Jersey Economic Development Authority
(Economic Growth E-1)
Series 94E AMT VRDN
1,575 8/01/14 (b).............................. 5.05 1,575,000
New Jersey Economic Development Authority
(Economic Growth)
Series 94F VRDN
600 8/01/14 (b).............................. 4.95 600,000
New Jersey Economic Development Authority
(Economic Growth)
Series 96C VRDN
2,535 11/01/11 (b)............................. 5.40 2,535,000
New Jersey Economic Development Authority
(Economic Growth)
Series B AMT VRDN
2,020 8/01/04 (b).............................. 5.10 2,020,000
<PAGE>
STATEMENT OF NET ASSETS
(continued) Alliance Municipal Trust - New Jersey Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
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New Jersey Economic Development Authority
(Economic Growth-Kirker Ent.)
Series 96 AMT VRDN
$ 1,500 1/01/05 (b).............................. 5.40% $ 1,500,000
New Jersey Economic Development Authority
(Economic Growth-Mona Industries)
Series 96 AMT VRDN
2,400 1/01/16 (b).............................. 5.40 2,400,000
New Jersey Economic Development Authority
(Fujinon Inc. Project)
Series 86 VRDN
2,000 3/01/01 (b).............................. 5.65 2,000,000
New Jersey Economic Development Authority
(General Motors Corp.)
Series 85 VRDN
4,835 10/01/00 (b)............................. 5.25 4,835,000
New Jersey Economic Development Authority
(Hoffman-LA Roche Inc.)
VRDN
2,800 2/01/05 (b).............................. 5.00 2,800,000
New Jersey Economic Development Authority
(Job Haines Home Project)
Series 98 VRDN
2,000 2/01/28 (b).............................. 5.35 2,000,000
New Jersey Economic Development Authority
(Kinder-Care Learning Centers)
Series D VRDN
390 10/01/00 (b)............................. 5.50 390,000
New Jersey Economic Development Authority
(Market Transition Fac)
MBIA Series 94A
1,000 7/01/00.................................. 3.50 1,007,785
New Jersey Economic Development Authority
(Merck & Co.)
Series 82 VRDN
1,300 10/01/22 (b)........ .................... 5.25 1,300,000
New Jersey Economic Development Authority
(Russ Berrie & Co., Inc.)
Series 83 VRDN
1,000 12/01/13 (b)............................. 4.50 1,000,000
New Jersey Economic Development Authority
(Thermal Energy Ltd.)
AMT VRDN
6,500 12/01/31 (b)............................. 5.20 6,500,000
New Jersey GO
Series 96
2,000 7/15/00.................................. 3.35 2,017,041
New Jersey Health Care Facilities
(Atlantic City Medical Center)
Series 98A-1 VRDN
4,500 7/01/28 (b).............................. 5.25 4,500,000
New Jersey Health Care Facilities
(Beth Israel Hospital)
Series 99A-1 VRDN
13,300 7/01/14 (b).............................. 5.30 13,300,000
New Jersey Health Care Facilities
(Christ Hospital)
Series 98A-2 VRDN
7,100 7/01/13 (b).............................. 5.25 7,100,000
New Jersey Health Care Facilities
(Holland Christian)
Series 99A-2 VRDN
4,000 7/01/19 (b).............................. 5.30 4,000,000
New Jersey Health Care Facilities
(Hospital Capital Asset Financing)
Series 85B VRDN
8,000 7/01/35 (b).............................. 5.20 8,000,000
New Jersey Health Care Facilities
(Hospital Capital Asset Financing)
Series 85D VRDN
2,000 7/01/35 (b).............................. 5.20 2,000,000
2
<PAGE>
Alliance Municipal Trust - New Jersey Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
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New Jersey Health Care Facilities
(United Methodist Homes)
Series 98 A-6
AMT VRDN
$ 3,700 7/01/07 (b).............................. 5.25% $ 3,700,000
New Jersey State Turnpike Authority
(Turnpike Revenue)
FGIC Series 91D
VRDN
14,400 1/01/18 (b).............................. 5.00 14,400,000
New Jersey Transport Trust
Series 99
2,230 6/15/00.................................. 3.65 2,238,243
New Jersey Wastewater Treatment Trust
MBIA Series 96 C
1,485 5/15/00.................................. 3.25 1,500,835
Northeast Monmouth County
(Regional Sewer Project Notes)
Series 99
2,500 7/21/00.................................. 3.50 2,508,247
Pleasantville Central School District GO
MBIA Series 98
1,000 2/15/00.................................. 2.98 1,002,039
Raritan GO BAN
Series 99
2,300 9/14/00.................................. 3.79 2,307,099
Salem County Pollution Control
(Dupont Corp.)
Series 82A VRDN
2,400 3/01/12 (b).............................. 3.85 2,400,000
Sussex County GO BAN
Series 99
7,000 6/29/00.................................. 3.40 7,011,507
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175,424,329
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SOUTH CAROLINA-1.3%
Berkeley County IDA
(Nucor Corp. Project)
Series 97 AMT VRDN
3,000 4/01/30 (b).............................. 5.80 3,000,000
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TENNESSEE-2.7%
Education Funding of the South
(Student Loan Funding Corp.)
Series 87A-3 AMT
VRDN
6,000 12/01/17 (b)............................. 5.30 6,000,000
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TEXAS-4.3%
Brazos River Harbor Navigation District
(Dow Chemical Co. Project)
Series 99 AMT VRDN
1,400 4/01/29 (b).............................. 5.45 1,400,000
Brazos River Harbor Navigation District
Series 98 AMT VRDN
2,000 9/01/18 (b).............................. 5.40 2,000,000
North Central Health Facility Development
(YMCA MET Dallas Project)
Series 91 VRDN
2,000 6/01/21 (b).............................. 6.50 2,000,000
Panhandle Plains Higher Education
Authority
(Student Loan Revenue)
Series 97Y AMT VRDN
4,400 10/01/02 (b)............................. 5.25 4,400,000
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9,800,000
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VIRGINIA-0.7%
King George County
(Birchwood Power Project)
Series 96 AMT VRDN
1,500 4/01/26 (b).............................. 5.40 1,500,000
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WASHINGTON-2.9%
Port of Port Angeles IDA
(Daishowa America Project)
Series 92 AMT VRDN
2,000 12/01/07 (b)............................. 5.70 2,000,000
3
<PAGE>
STATEMENT OF NET ASSETS
(continued) Alliance Municipal Trust - New Jersey Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
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Washington Public Power Supply System
(Nuclear Project No.1)
Series 93 1A-1 VRDN
$ 4,460 7/01/17 (b).............................. 5.50% $ 4,460,000
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6,460,000
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Total Municipal Bonds
(amortized cost $204,384,329)............ 204,384,329
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COMMERCIAL PAPER-11.2%
NEW JERSEY-9.0%
New Jersey Economic Development Authority
Series 91A AMT
2,500 1/20/00.................................. 3.45 2,500,000
5,400 4/06/00.................................. 3.65 5,400,000
New Jersey Educational Facilities
Authority
(Princeton University)
Series 97A
2,300 4/11/00.................................. 3.65 2,300,000
New Jersey GO TRAN
Series 00A
4,000 3/09/00.................................. 3.55 4,000,000
4,000 3/09/00.................................. 3.75 4,000,000
New Jersey GO TRAN
Series 97A
2,000 4/19/00.................................. 3.75 2,000,000
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20,200,000
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PUERTO RICO-2.2%
Puerto Rico Government Development Bank
5,000 4/11/00.................................. 3.70 5,000,000
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Total Commercial Paper
(amortized cost $25,200,000)............. 25,200,000
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TOTAL INVESTMENTS-102.1%
(amortized cost $229,584,329)............ 229,584,329
Other assets less
liabilities-(2.1%)....................... (4,810,008)
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NET ASSETS-100%
(offering and redemption price of $1.00
per share; 224,770,603 shares
outstanding)............................. $ 224,774,321
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(a) All securities either mature or their interest rate changes in one year or
less.
(b) Variable Rate Demand Notes (VRDN) are instruments whose interest rates
change on a specified date (such as coupon date or interest payment date)
or whose interest rates vary with changes in a designated base rate (such
as the prime interest rate). These instruments are payable on demand and
are secured by letters of credit or other credit support agreements from
major banks. Periodic Put Bonds (PPB) are payable on demand quarterly,
semi-annually or annually and their interest rates change less frequently
than rates on Variable Rate Demand Notes.
Glossary of Terms:
AMBAC -American Municipal Bond Assurance Corporation
AMT -Alternative Minimum Tax
BAN -Bond Anticipation Note
FGIC -Financial Guaranty Insurance Company
GO -General Obligation
IDA -Industrial Development Authority
MBIA -Municipal Bond Investors Assurance
PCR -Pollution Control Revenue
TRAN -Tax & Revenue Anticipation Note
See notes to financial statements.
4
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1999
(unaudited) Alliance Municipal Trust - New Jersey Portfolio
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INVESTMENT INCOME
Interest ....................................... $ 3,989,707
EXPENSES
Advisory fee (Note B) .......................... $ 597,036
Distribution assistance and administrative
service (Note C) ............................. 546,078
Transfer agency (Note B) ....................... 57,862
Custodian fees ................................. 38,909
Printing ....................................... 12,650
Registration fees .............................. 11,254
Audit and legal fees ........................... 7,779
Trustees' fees ................................. 1,401
Amortization of organization expense ........... 132
Miscellaneous .................................. 4,869
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Total expenses ................................. 1,277,970
Less: expense reimbursement .................... (83,898)
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Net expenses ................................... 1,194,072
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NET INCREASE IN NET ASSETS FROM OPERATIONS ........ $ 2,795,635
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See notes to financial statements.
5
<PAGE>
STATEMENT OF CHANGES
IN NET ASSETS Alliance Municipal Trust - New Jersey 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 ......................... $ 2,795,635 $ 4,367,022
Net realized gain on investment transactions .. -0- 5,000
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Net increase in net assets from operations .... 2,795,635 4,372,022
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income ......................... (2,795,635) (4,367,022)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) ...................... 3,908,945 69,243,011
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Total increase ................................ 3,908,945 69,248,011
NET ASSETS
Beginning of year ............................. 220,865,376 151,617,365
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End of period ................................. $ 224,774,321 $ 220,865,376
============= =============
</TABLE>
6
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See notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
December 31, 1999 (unaudited) Alliance Municipal Trust - New Jersey Portfolio
================================================================================
NOTE A: Significant Accounting Policies
Alliance Municipal Trust (the "Fund") is registered under the Investment Company
Act of 1940 as an open-end investment company. The Fund operates as a series
company currently consisting of: Alliance Municipal Trust-General Portfolio,
Alliance Municipal Trust-New York Portfolio, Alliance Municipal Trust-California
Portfolio, Alliance Municipal Trust-Connecticut Portfolio, Alliance Municipal
Trust-New Jersey Portfolio (the "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. Organization Expenses
The organization expenses of the Portfolio were being amortized against income
on a straight-line basis through February, 1999.
3. Taxes
It is the policy of the Portfolio to meet the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its investment company taxable income and net realized gains, if any, to
shareholders. Therefore, no provisions for federal income or excise taxes are
required.
4. Dividends
The Portfolio declares dividends daily from net investment income and
automatically reinvests such dividends in additional shares at net asset value.
Net realized capital gains on investments, if any, are expected to be
distributed near year end. Dividends paid from net in vestment 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.
5. Investment Income and Investment Transactions
Interest income is accrued as earned. Investment transactions are recorded on a
trade date basis. Realized gain (loss) from investment transactions is recorded
on the identified cost basis.
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NOTE B: Advisory Fee and Transactions with an Affiliate of the Adviser
The Portfolio pays its Adviser, Alliance Capital Management L.P., an advisory
fee at the annual rate of .50% on the first $1.25 billion of average daily net
assets; .49% on the next $.25 billion; .48% on the next $.25 billion; .47% on
the next $.25 billion; .46% on the next $1 billion; and .45% in excess of $3
billion. The Adviser has agreed, pursuant to the advisory agreement, to
reimburse the Portfolio to the extent that its annual aggregate expenses
(excluding taxes, brokerage, interest and, where permitted, extraordinary
expenses) exceed 1% of its average daily net assets for any fiscal year. For the
six months ended December 31, 1999, the reimbursement amounted to $83,898.
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 $28,244 for the six months ended December 31,
1999.
For the six months ended December 31, 1999, the Fund's expenses were reduced by
$626 under an expense offset arrangement with Alliance Fund Services, Inc.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(continued) Alliance Municipal Trust - New Jersey 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 $298,518. 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 $247,560, of which $46,500 was paid to the Adviser.
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NOTE D: Investment Transactions
At December 31, 1999, the cost of investments for federal in come tax purposes
was the same as the cost for financial reporting purposes.
NOTE E: Transactions in Shares of Beneficial Interest
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1999, capital paid-in aggregated $224,770,603. Transactions, all at $1.00 per
share, were as follows:
Six Months Ended Year Ended
December 31, 1999 June 30,
(unaudited) 1999
================ =============
Shares sold .................................... 279,495,744 531,409,514
Shares issued on reinvestments of dividends .... 2,795,635 4,367,022
Shares redeemed ................................ (278,382,434) (466,533,525)
------------ ------------
Net increase ................................... 3,908,945 69,243,011
============ ============
8
<PAGE>
FINANCIAL HIGHLIGHTS Alliance Municipal Trust - New Jersey 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 (a).................. .012 .022 .026 .027 .028 .029
------ ------ ------ ------ ------ ------
Less: Dividends
Dividends from net investment income.. (.012) (.022) (.026) (.027) (.028) (.029)
------ ------ ------ ------ ------ ------
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)......................... 1.18% 2.21% 2.67% 2.72% 2.89% 2.93%
Ratios/Supplemental Data
Net assets, end of period (000's omitted).. $224,774 $220,865 $151,617 $123,579 $98,098 $74,133
Ratios to average net assets of:
Expenses, net of waivers and
reimbursements........................ 1.00%(c) 1.00% .94% .85% .82% .74%
Expenses, before waivers and
reimbursements........................ 1.08%(c) 1.09% 1.07% 1.12% 1.19% 1.29%
Net investment income (a)............... 2.37%(c) 2.16% 2.63% 2.68% 2.84% 2.98%
</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 less than one year is not annualized.
(c) Annualized.
9
<PAGE>
CHANGE IN INDEPENDENT ACCOUNTANT Alliance Municipal Trust - New Jersey 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 audit 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.
10
<PAGE>
Alliance Municipal Trust - New Jersey 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.
11
<PAGE>
---------------
BULK RATE
U.S. POSTAGE
PAID
New York, NY
Permit No. 7131
---------------
Alliance Municipal Trust - New Jersey 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 # 9 2 #
For non-touch-tone telephones, call toll-free (800) 221-9513
- --------------------------------------------------------------------------------
AllianceCapital [LOGO]
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.
AMTNJSR1299
