ALLIANCE MUNICIPAL TRUST -CALIFORNIA PORTFOLIO
ALLIANCE CAPITAL
SEMI-ANNUAL REPORT
DECEMBER 31, 1999
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1999 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
MUNICIPAL BONDS-91.4%
CALIFORNIA-89.5%
ABAG FINANCE
AUTHORITY COP
(Harker School
Foundation)
Series 98 VRDN
$ 2,820 1/01/23 (b) 5.05% $ 2,820,000
ALAMEDA CONTRA-COSTA
SCHOOL FINANCE
AUTHORITY COP
Series C VRDN
5,930 7/01/25 (b) 4.70 5,930,000
ALAMEDA COUNTY
HFA MFHR
(Berkeleyan Project)
Series 98A AMT VRDN
6,000 4/01/28 (b) 5.25 6,000,000
ALAMEDA COUNTY IDA
(Heat & Control Inc.
Project)
Series 95A AMT
VRDN
4,900 11/01/25 (b) 5.25 4,900,000
ALAMEDA COUNTY IDA
(JMS Family Partnership
Project)
Series 95A AMT
VRDN
2,930 10/01/25 (b) 5.25 2,930,000
ALAMEDA COUNTY IDA
(Meskimen Family Trust)
Series 98 AMT VRDN
4,000 4/01/28 (b) 5.25 4,000,000
ALAMEDA COUNTY IDA
(Ream Enterprises
Project)
Series A AMT VRDN
1,665 11/01/20 (b) 5.25 1,665,000
ALAMEDA COUNTY TRAN
7,000 7/07/00 3.32 7,023,400
BIG BEAR LAKE IDA
(Southwest Gas Corp.)
Series 93A AMT VRDN
15,000 12/01/28 (b) 5.00 15,000,000
CALIFORNIA COUNTY IDA
(S&P Investment Project)
Series 98A AMT VRDN
965 9/01/08 (b) 5.50 965,000
CALIFORNIA ECONOMIC
DEVELOPMENT AUTHORITY
(Marko Foam Products Inc.)
Series 96 AMT VRDN
2,810 10/01/26 (b) 5.80 2,810,000
CALIFORNIA ECONOMIC
DEVELOPMENT FINANCE
AUTHORITY
(Valley Plating Works
Inc.)
Series 95 AMT VRDN
5,505 10/01/20 (b) 5.80 5,505,000
CALIFORNIA EDUCATIONAL
FACILITIES AUTHORITY
REVENUE
(University of Judaism)
Series 98A VRDN
4,500 12/01/28 (b) 4.80 4,500,000
CALIFORNIA HEALTH
FACILITIES
(Adventist Health
System)
Series 91A VRDN
9,800 8/01/21 (b) 4.70 9,800,000
CALIFORNIA HFA
(Home Mortgage
Revenue)
Series D AMT
5,000 4/30/00 3.02 5,000,000
CALIFORNIA HFA
(Home Mortgage
Revenue)
Series E AMT
13,265 8/01/00 3.40 13,265,000
CALIFORNIA HFA
(Multifamily Housing III)
AMT VRDN
6,500 8/01/33 (b) 4.85 6,500,000
CALIFORNIA HFA
(Single Family Mortgage
Program)
Series 99B AMT PPB
2,255 2/01/00 (b) 3.00 2,255,000
CALIFORNIA INFRASTRUCTURE
AND ECONOMIC
DEVELOPMENT BANK
(Nelson Name Plate Co.
Project)
Series 99 AMT VRDN
3,000 5/01/14 (b) 4.55 3,000,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Athens Disposal Co.,
Inc. Project)
Series 95A AMT
VRDN
$ 4,300 1/01/16 (b) 5.10% $ 4,300,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Blue Line Transfer Inc.)
Series 99A AMT VRDN
5,000 8/01/19 (b) 5.10 5,000,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Burrtec Waste Industries)
Series 98A AMT VRDN
1,800 5/01/05 (b) 5.15 1,800,000
Series 97B AMT VRDN
1,900 7/01/12 (b) 6.10 1,900,000
Series A AMT VRDN
1,700 10/01/02 (b) 5.15 1,700,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Calsan Inc. Project)
Series 96A AMT VRDN
5,905 12/01/11 (b) 5.10 5,905,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Contra Costa Waste
Services)
Series A AMT VRDN
5,225 12/01/10 (b) 5.10 5,225,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(CR & R Inc. Project)
Series 95A AMT VRDN
1,935 10/01/10 (b) 5.05 1,935,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Edco Disposal Corp.
Project)
Series 96A AMT
VRDN
2,885 10/01/16 (b) 5.10 2,885,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Escondido/Jemco
Equipment)
Series 98A AMT
VRDN
3,000 7/01/13 (b) 5.10 3,000,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Gilton Solid Waste
Management)
Series 95A AMT
VRDN
1,800 12/01/05 (b) 4.50 1,800,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Greenteam of San Jose
Project)
Series 97A AMT
VRDN
3,375 8/01/12 (b) 5.10 3,375,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Homestake Mining)
Series 84A VRDN
3,300 5/01/04 (b) 5.00 3,300,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Homestake Mining)
Series 84B VRDN
3,100 5/01/04 (b) 5.00 3,100,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(New United Motor
Manufacturing)
Series 98A AMT VRDN
2,000 4/01/18 (b) 4.50 2,000,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Pacific Electric & Gas)
Series 96B AMT
VRDN
10,000 12/01/16 (b) 5.25 10,000,000
2
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Pacific Electric & Gas)
Series 96G VRDN
$ 9,600 2/01/16 (b) 4.45% $ 9,600,000
Series 97B AMT
VRDN
13,800 11/01/26 (b) 4.45 13,800,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Santa Clara Valley
Industries)
Series 98A VRDN
2,000 3/01/18 (b) 5.15 2,000,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Santa Fe Geothermal
Inc.)
Series 83 VRDN
2,400 9/01/13 (b) 3.50 2,400,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Shell Martinez Refining)
Series 96A AMT VRDN
4,000 10/01/31 (b) 4.40 4,000,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Shell Oil Co.)
Series 94 AMT VRDN
2,100 10/01/24 (b) 4.40 2,100,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Southern California
Edison)
Series 86A VRDN
11,700 2/28/08 (b) 4.10 11,700,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Taormina Industries)
Series 94A AMT
VRDN
3,160 8/01/14 (b) 4.50 3,160,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Zanker Road Landfill)
Series 99C AMT
VRDN
6,370 6/01/14 (b) 5.15 6,370,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY
(Colmac Energy Project)
Series 90A AMT
VRDN
10,600 12/01/16 (b) 4.95 10,600,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY SOLID WASTE
(Atlas Disposal
Industries LLC)
Series 99A AMT
VRDN
2,400 5/01/19 (b) 5.15 2,400,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY SOLID WASTE
(BLT Enterprises)
Series 99A AMT
VRDN
4,000 4/01/14 (b) 5.10 4,000,000
CALIFORNIA POLLUTION
CONTROL FINANCE
AUTHORITY SOLID WASTE
(Browing Ferris
Industries)
Series A AMT VRDN
10,000 9/01/19 (b) 5.10 10,000,000
CALIFORNIA POLLUTION
CONTROL FINANCING
AUTHORITY
(Stanislaus Waste Energy)
Series 87A AMT VRDN
3,045 12/01/17 (b) 4.40 3,045,000
CALIFORNIA SCHOOL CASH
RESERVE PROGRAM
AUTHORITY
Series 99A
30,000 7/03/00 3.47 30,103,773
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Aegis of Aptos Project)
Series 98Y AMT VRDN
$ 5,500 6/01/33 (b) 4.45% $ 5,500,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Artefex Project)
Series 97E AMT VRDN
2,265 7/01/17 (b) 5.05 2,265,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Biocol Investments)
Series 97B AMT VRDN
1,375 5/01/22 (b) 5.05 1,375,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Chino Basin Municipal
Water Project)
Series 90 AMT VRDN
3,540 8/01/10 (b) 5.50 3,540,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Contech Construction)
Series 89 AMT VRDN
1,200 5/01/09 (b) 5.50 1,200,000
CALIFORNIA STATEWIDE
COMMUNITY DEVELOPMENT
AUTHORITY
(Delaware Mesa Farms
Project)
Series 99A AMT VRDN
2,500 5/01/19 (b) 4.50 2,500,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Grundfos Pumps Corp.
Project)
Series 89 VRDN
6,000 5/01/09 (b) 4.85 6,000,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Integrated Rolling Co.)
Series 99A AMT VRDN
2,950 7/01/09 (b) 4.55 2,950,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Kennerly-Spratling Project)
Series 95A AMT VRDN
2,470 6/01/20 (b) 5.50 2,470,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Lance Camper Project)
Series 94B AMT VRDN
2,920 12/01/14 (b) 5.50 2,920,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Lesaint Limited Partners)
Series 98B VRDN
2,660 3/01/18 (b) 5.50 2,660,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Pacific Bearings Co. Project)
Series 96L AMT VRDN
2,050 10/01/06 (b) 5.05 2,050,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Primary Color Project)
Series 97F AMT VRDN
1,930 7/01/17 (b) 5.05 1,930,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(S.V.D.P. Management Inc.
Project)
VRDN
5,000 2/01/28 (b) 5.15 5,000,000
CALIFORNIA STATEWIDE
COMMUNITY DEVELOPMENT
AUTHORITY
(Sunrise of Moraga)
Series 97G VRDN
3,600 7/01/27 (b) 5.25 3,600,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
(Tri-Valley Growers
Project)
Series 95E AMT
VRDN
5,500 12/01/10 (b) 4.85 5,500,000
4
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
IDR
(Dix Metals Project)
Series 98 AMT VRDN
$ 5,475 9/01/23 (b) 5.50% $ 5,475,000
CALIFORNIA STATEWIDE
COMMUNITY
DEVELOPMENT AUTHORITY
MFHR
(Terrace at Park Marino)
Series 97I AMT VRDN
7,655 7/01/27 (b) 4.80 7,655,000
CALIFORNIA STATEWIDE
ECONOMIC DEVELOPMENT
AUTHORITY
(Pioneer Converting Inc.)
AMT VRDN
1,850 4/01/16 (b) 5.25 1,850,000
CALIFORNIA STATEWIDE
ECONOMIC DEVELOPMENT
AUTHORITY
(Serra Micro Chassis
Project)
Series 97B AMT
VRDN
2,000 8/01/27 (b) 4.45 2,000,000
CALIFORNIA STATEWIDE
ECONOMIC DEVELOPMENT
AUTHORITY
(Serra Mission)
Series 97A AMT VRDN
1,300 8/01/27 (b) 4.45 1,300,000
CHULA VISTA IDA
(San Diego G&E Co.
Project)
Series 92B AMT VRDN
11,000 12/01/27 (b) 5.10 11,000,000
CHULA VISTA IDA
(Sutherland/Palumbo
Project)
AMT VRDN
2,635 12/01/21 (b) 5.80 2,635,000
CHULA VISTA PCR
(San Diego G&E Project)
Series 96B AMT VRDN
6,150 12/01/21 (b) 4.25 6,150,000
CITY OF WEST HOLLYWOOD
COP
Public Facilities Corp.
Series 98 VRDN
3,340 2/01/25 (b) 5.30 3,340,000
COMMERCE JOINT POWERS
(Precision Wire
Productions)
AMT VRDN
2,170 11/01/14 (b) 5.25 2,170,000
CONTRA COSTA BOARD OF
EDUCATION TRAN
20,450 6/30/00 3.58 20,462,588
CONTRA COSTA COP
(Concord Healthcare
Center)
AMT VRDN
3,315 12/01/12 (b) 5.20 3,315,000
CONTRA COSTA COUNTY
HFA MFHR
(Park Regency Partners)
Series 92A AMT VRDN
25,300 8/01/32 (b) 5.05 25,300,000
CORONA HFA MFHR
(Country Hills Project)
Series 95B
VRDN
3,000 2/01/20 (b) 4.70 3,000,000
FAIRFIELD IDA
(Aitchison Family
Partnership)
VRDN
3,500 4/01/12 (b) 5.25 3,500,000
FILLMORE COP
(Water Systems Refing &
Capital Project)
Series 97 VRDN
7,345 5/01/29 (b) 5.00 7,345,000
HACIENDA LA PUENTE
UNIFIED SCHOOL DISTRICT
COP
(Adult Education Facility
Financing Project)
VRDN
1,785 10/01/09 (b) 4.80 1,785,000
INDIO HFA MFHR
(Olive Courts Apts.)
Series 96 AMT VRDN
500 12/01/26 (b) 4.70 500,000
5
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
INDIO HFA MFHR
(Smoketree Apts.)
Series A VRDN
$ 9,050 12/01/07 (b) 4.90% $ 9,050,000
IRVINE ASSESSMENT
DISTRICT
Series 85-7 VRDN
6,950 9/02/11 (b) 5.15 6,950,000
IRVINE RANCH
(Water District)
Series 85B VRDN
2,300 10/01/09 (b) 4.00 2,300,000
LONG BEACH
(Southeast Facility
Lease Revenue)
Series 95A VRDN
10,756 12/01/18 (b) 5.00 10,756,000
Series 95B AMT VRDN
12,819 12/01/18 (b) 5.05 12,819,000
LOS ANGELES COUNTY
HFA MFHR
(Canyon Country Villas)
Series 85H VRDN
15,000 12/01/07 (b) 4.50 15,000,000
(Diamond Park Apts.
Project)
Series 87A AMT VRDN
14,200 2/01/09 (b) 4.80 14,200,000
LOS ANGELES COUNTY
HFA MFHR
(Valencia Village
Project)
Series 84 VRDN
17,300 10/01/14 (b) 3.15 17,300,000
LOS ANGELES COUNTY
TRAN
10,100 6/30/00 3.32 10,132,493
LOS ANGELES IDA
(Delta Tav Data
Systems Inc.)
Series 98 AMT VRDN
3,800 8/01/23 (b) 5.30 3,800,000
LOS ANGELES MFHR
(Mission Village Apts.)
Series 97D AMT VRDN
3,540 7/01/27 (b) 5.00 3,540,000
LOS ANGELES MFHR
(Promenade Towers)
VRDN
3,400 4/01/09 (b) 4.30 3,400,000
MARIN COUNTY HFA
MFHR
(Crest Marin II Apts.)
Series A AMT VRDN
11,000 4/15/29 (b) 4.80 11,000,000
MISSION VIEJO COMMUNITY
DEVELOPMENT AUTHORITY
(Mission Viejo Mall
Improvement)
Series 99A VRDN
10,000 9/01/28 (b) 5.15 10,000,000
MONROVIA
REDEVELOPMENT AGENCY
(Holiday Inn Hotel
Project)
Series 84 VRDN
4,200 12/01/14 (b) 4.25 4,200,000
OCEANSIDE HFA MFHR
(Riverview Springs Apts.)
Series 90A AMT VRDN
16,700 7/01/20 (b) 5.00 16,700,000
PANAMA-BUENA VISTA
(Unified School District
Capital Improvement
Financing Project)
VRDN
5,000 6/01/24 (b) 5.75 5,000,000
PETALUMA HFA MFHR
(Oakmont at Petaluma)
Series 96A AMT VRDN
800 4/01/26 (b) 5.35 800,000
PLEASANT HILL
REDEVELOPMENT AGENCY
MFHR
(Chateau III Project)
Series 96A AMT VRDN
2,260 8/01/26 (b) 5.25 2,260,000
REDONDO BEACH
REDEVELOPMENT AGENCY
MFHR
(McCandless Housing
Project)
Series 95A VRDN
3,550 12/01/25 (b) 5.55 3,550,000
6
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
RIVERSIDE COUNTY IDA
(Advanced Business Forms)
Series 89 AMT VRDN
$ 1,400 4/05/14 (b) 4.95% $ 1,400,000
RIVERSIDE COUNTY IDR
(Cryogenic Partners)
Series 89 AMT VRDN
1,400 7/05/14 (b) 4.95 1,400,000
ROSEVILLE COUNTY HIGH
SCHOOL DISTRICT COP
(Northwest Roseville
Land Project)
Series 91 VRDN
2,635 8/01/06 (b) 5.15 2,635,000
SACRAMENTO COUNTY
AIRPORT FACILITY
(Cessna Aircraft Co.)
Series 98 AMT VRDN
3,700 11/01/28 (b) 5.30 3,700,000
SACRAMENTO COUNTY COP
(Administration Center &
Courthouse Project)
Series 90 VRDN
5,885 6/01/20 (b) 4.70 5,885,000
SAN BERNARDINO
CALIFORNIA CITY UNIFIED
SCHOOL DISTRICT TRAN
12,000 12/07/00 3.79 12,049,707
SAN BERNARDINO HOUSING
COUNTY HFA MFHR
(Mountain View Apts.)
Series 97A VRDN
6,000 3/01/27 (b) 4.90 6,000,000
SAN DIEGO AREA LOCAL
GOVERNMENTS COP
Series 99A
10,000 6/30/00 3.15 10,040,263
SAN DIEGO HFA MFHR
(Nobel Court Apts.)
Series 85I VRDN
10,000 12/01/22 (b) 4.85 10,000,000
SAN DIEGO HFA MFHR
(Paseo Point Apts.)
Series A VRDN
14,250 12/01/22 (b) 3.95 14,250,000
SAN DIMAS COMMUNITY
REDEVELOPMENT AGENCY
(San Dimas Commerce
Center)
Series 83 VRDN
110 12/01/13 (b) 3.55 110,000
SAN FRANCISCO
REDEVELOPMENT AGENCY
MFHR
(Third & Mission)
Series 99C AMT VRDN
14,500 7/01/34 (b) 5.05 14,500,000
SAN JOSE HFA MFHR
(Timberwood Apts.)
VRDN
5,360 2/01/20 (b) 4.70 5,360,000
SAN JOSE REDEVELOPMENT
AGENCY MFHR
(San Fernando Apts.)
Series 98A AMT VRDN
8,000 12/01/28 (b) 4.50 8,000,000
SANTA CLARA COUNTY
(Refunding Equipment
Trust)
AMBAC Series 85A
VRDN
19,925 6/01/15 (b) 4.65 19,925,000
SANTA CLARA COUNTY
HOSPITAL FACILITIES
(Aces El Comino
Hospital District)
Series B VRDN
21,220 8/01/15 (b) 4.55 21,220,000
SANTA FE SPRINGS IDA
(Metal Center Inc.
Project)
Series 89A AMT VRDN
2,400 7/01/14 (b) 4.50 2,400,000
SIMI VALLEY HFA
MFHR
(Shadowridge Apts.)
Series 89 VRDN
5,000 9/01/19 (b) 4.70 5,000,000
SOUTH COAST LOCAL
EDUCATION TRAN
MBIA Series 99
10,000 6/30/00 3.35 10,030,749
UPLAND COMMUNITY
REDEVELOPMENT AGENCY
MFHR
(Northwoods 156)
Series A VRDN
5,800 3/01/14 (b) 5.30 5,800,000
7
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY(A) YIELD VALUE
- -------------------------------------------------------------------------------
UPLAND COMMUNITY
REDEVELOPMENT AGENCY
MFHR
(Northwoods 168)
Series B VRDN
$ 3,185 3/01/14 (b) 5.30% $ 3,185,000
-------------
762,262,973
PUERTO RICO-1.9%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
MBIA Series 85 VRDN
4,200 12/01/15 (b) 4.95 4,200,000
PUERTO RICO HIGHWAY &
TRANSPORTATION
AMBAC Series 98A VRDN
11,900 7/01/28 (b) 5.00 11,900,000
-------------
16,100,000
Total Municipal Bonds
(amortized cost
$778,362,973) 778,362,973
COMMERCIAL PAPER-4.5%
PUERTO RICO-4.5%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
12,000 4/07/00 3.70 12,000,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
15,000 4/10/00 3.80 15,000,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
11,500 4/11/00 3.70 11,500,000
Total Commercial Paper
(amortized cost
$38,500,000) 38,500,000
TOTAL INVESTMENTS-95.9%
(amortized cost
$816,862,973) 816,862,973
Other assets less
liabilities-4.1% 35,316,403
NET ASSETS-100%
(OFFERING AND REDEMPTION
PRICE OF $1.00 PER SHARE;
852,248,302 SHARES
OUTSTANDING) 852,179,376
(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:
AMBAC - American Municipal Bond Assurance Corporation
AMT - Alternative Minimum Tax
COP - Certificate of Participation
HFA - Housing Finance Agency/Authority
IDA - Industrial Development Authority
IDR - Industrial Development Revenue
MBIA - Municipal Bond Investors Assurance
MFHR - Multi-Family Housing Revenue
PCR - Pollution Control Revenue
TRAN - Tax & Revenue Anticipation Note
See notes to financial statements.
8
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1999 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $ 12,920,248
EXPENSES
Advisory fee (Note B) $ 2,017,143
Distribution assistance and
administrative service (Note C) 1,541,962
Transfer agency (Note B) 204,920
Custodian fees 97,543
Registration fees 41,335
Printing 30,153
Audit and legal fees 8,989
Trustees' fees 1,646
Miscellaneous 8,309
Total expenses 3,952,000
Net investment income 8,968,248
REALIZED LOSS ON INVESTMENTS
Net realized loss on investment transactions (44,929)
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 8,923,319
See notes to financial statements.
9
STATEMENT OF CHANGES
IN NET ASSETS ALLIANCE MUNICIPAL TRUST - CALIFORNIA PORTFOLIO
_______________________________________________________________________________
Six Months Ended
December 31, 1999 Year Ended
(unaudited) June 30, 1999
----------------- -------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income $ 8,968,248 $ 11,303,674
Net realized loss on investment
transactions (44,929) -0-
Net increase in net assets from
operations 8,923,319 11,303,674
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (8,968,248) (11,303,671)
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST
Net increase (Note E) 196,580,702 233,179,409
Total increase 196,535,773 233,179,412
NET ASSETS
Beginning of year 655,643,603 422,464,191
End of period $ 852,179,376 $ 655,643,603
See notes to financial statements.
10
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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 (the "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 $59,098 for the six months ended December 31,
1999.
For the six months ended December 31, 1999, the Fund's expenses were reduced by
$872 under an expense offset arrangement with Alliance Fund Services, Inc.
11
NOTES TO FINANCIAL STATEMENTS
(CONTINUED) ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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 $1,008,163. 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 $533,799, of which $48,000 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 $23,997, of which $6,132
expires in 2000, $13,804 expires in 2002, $3,239 expires in 2003 and $822
expires in the year 2004.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1999, capital paid-in aggregated $852,248,302. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 1999 JUNE 30,
(UNAUDITED) 1999
----------------- -----------------
Shares sold 1,602,498,262 1,644,768,715
Shares issued on
reinvestments
of dividends 8,968,248 11,303,674
Shares redeemed (1,414,885,808) (1,422,892,980)
Net increase 196,580,702 233,179,409
12
FINANCIAL HIGHLIGHTS ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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 .011 .022 .027(a) .027(a) .029(a) .027(a)
LESS: DIVIDENDS
Dividends from net investment income (.011) (.022) (.027) (.027) (.029) (.027)
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) 1.11% 2.20% 2.74% 2.76% 2.91% 2.78%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $852,179 $655,644 $422,464 $357,148 $297,862 $236,479
Ratios to average net assets of:
Expenses, net of waivers and
reimbursements .98%(c) .98% .96% .93% .93% .93%
Expenses, before waivers and
reimbursements .98%(c) .98% .97% .96% .94% 1.01%
Net investment income 2.25%(c) 2.18% 2.71%(a) 2.73%(a) 2.86%(a) 2.75%(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.
13
CHANGE IN INDEPENDENT ACCOUNTANT
ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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.
14
ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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.
15
ALLIANCE MUNICIPAL TRUST - CALIFORNIA 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 # 3 0 #
For non-touch-tone telephones, call toll-free (800) 221-9513
ALLIANCE CAPITAL
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.
AMTCASR1299
