- --------------------------------------------------------------------------------
Alliance
Municipal
Trust
- General Portfolio
- --------------------------------------------------------------------------------
AllianceCapital [LOGO](R)
Semi-Annual Report
December 31, 1998
(unaudited)
- --------------------------------------------------------------------------------
<PAGE>
STATEMENT OF NET ASSETS
December 31, 1998 (unaudited) Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
MUNICIPAL BONDS-92.5%
ALABAMA-3.5%
Decatur Solid Waste IDB
(Trico Steel Co. Project)
AMT VRDN
$ 25,000 3/01/26 (b)............. 4.20% $ 25,000,000
Decatur Solid Waste IDB
(Trico Steel Co. Project)
Series '97 AMT VRDN
5,400 1/01/27 (b)............. 4.20 5,400,000
Decatur Solid Waste IDB
(Trico Steel Co. Project)
Series '98 AMT VRDN
17,000 1/01/27 (b)............. 4.20 17,000,000
---------------
47,400,000
---------------
ALASKA-1.2%
Alaska IDA
(Fairbanks Gold Mining
Inc.) Series '97 AMT
VRDN
15,600 5/01/09 (b)............. 4.05 15,600,000
---------------
ARIZONA-0.9%
Flagstaff IDA
(Woodcrest Apts.)
AMT VRDN
7,855 2/01/24 (b)............. 4.20 7,855,000
Phoenix IDA MFHR
(Ventana Palms Apts.)
Series '94 AMT VRDN
5,000 2/01/24 (b)............. 4.20 5,000,000
---------------
12,855,000
---------------
ARKANSAS-3.5%
Arkansas Development
Finance Authority SFMR
(Mortgage Backed
Securities Program)
Series '97 D-B
AMT PPB
3,230 3/01/99 (b)............. 3.70 3,230,000
Arkansas Development
Finance Authority SFMR
(Mortgage Backed
Securities Program)
Series '98-B
AMT PPB
3,495 7/01/99 (b)............. 3.75 3,495,000
Arkansas Hospital
Equipment Finance
Authority
(AHA Pooled Financing
Program)
Series '98A VRDN
4,000 11/01/28 (b)............ 4.00 4,000,000
Clark County Solid Waste
(Reynolds Metals Co.
Project) Series '92 AMT
VRDN
9,900 8/01/22 (b)............. 4.05 9,900,000
Clark County Solid Waste
(Reynolds Metals Co.
Project) Series '93
AMT VRDN
4,900 8/01/22 (b)............. 4.05 4,900,000
Miller County
(Tyson Foods, Inc.
Project) Series '96 AMT
VRDN
7,500 11/01/21 (b)............ 4.15 7,500,000
Union County Solid Waste
(Deltic Timber/Temple
Inland) AMT VRDN
14,500 10/01/27 (b)............ 4.20 14,500,000
---------------
47,525,000
---------------
COLORADO-0.8%
Douglas County MFHR
(Autumn Chase Project)
Series '85 VRDN
10,950 7/01/06 (b)............. 3.85 10,950,000
---------------
DELAWARE-4.1%
Delaware Economic
Development Authority
IDR
(Delaware Clean Power
Project) Series '97A
AMT VRDN
41,800 8/01/29 (b)............. 4.20 41,800,000
Delaware Economic
Development Authority
IDR
(Delmarva Power &
Light) Series '88
AMT VRDN
13,300 10/01/17 (b)............ 4.95 13,300,000
---------------
55,100,000
---------------
1
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
DISTRICT OF COLUMBIA-1.9%
District of Columbia
(Resources for the
Future, Inc.)
Series '98 VRDN
$ 4,000 8/01/29 (b)............. 4.10% $ 4,000,000
District of Columbia
HFA MFHR
(Tyler Housing)
AMT VRDN
17,400 8/01/25 (b)............. 4.30 17,400,000
District of Columbia
HFA SFMR
Home Mortgage Revenue
Series '98B AMT
3,895 6/23/99 ................ 3.80 3,895,000
---------------
25,295,000
---------------
FLORIDA-0.1%
Alachua County IDR
(Florida Rock Industries
Inc.) AMT VRDN
1,500 11/01/22 (b)............ 4.05 1,500,000
---------------
GEORGIA-0.9%
Georgia HFA
Series '98C-2 AMT PPB
4,000 12/01/26 (b)............ 3.25 4,000,000
Gwinett County IDA
(Network Publications
Project) Series '98 AMT
VRDN
1,000 3/01/08 (b)............. 4.15 1,000,000
Savannah Economic
Development Authority
Facility Revenue
(Georgia Kaolin)
Series '97 AMT VRDN
3,000 7/01/27 (b)............. 4.15 3,000,000
Summerville IDA
(Image Industries
Project) Series '97
AMT VRDN
4,000 9/01/17 (b)............. 4.15 4,000,000
---------------
12,000,000
---------------
HAWAII-1.0%
Hawaii Department of
Budget & Finance
(Wailuku River Hydro
Project) Series '91
AMT VRDN
13,500 12/01/21 (b)............ 4.85 13,500,000
---------------
ILLINOIS-10.9%
Aurora, Kane, Du Page,
Will & Kendal
Counties IDR
(A & B Holdings LLC
Project) Series '97A
AMT VRDN
1,240 10/01/27 (b)............ 4.15 1,240,000
Aurora, Kane, Du Page,
Will & Kendal
Counties IDR
(Yeomans Chicago
Project) Series '98
AMT VRDN
5,700 11/01/28 (b)............ 3.90 5,700,000
Chicago Airport Revenue
(Northwest Airlines
Project) Series B
AMT VRDN
16,800 2/01/24 (b)............. 5.00 16,800,000
Chicago Airport Revenue
(O'Hare International
Airport)
Series '84A VRDN
1,550 1/01/15 (b)............. 4.00 1,550,000
Chicago Airport Revenue
(O'Hare International
Airport) Series '88A
AMT VRDN
24,200 1/01/18 (b)............. 4.05 24,200,000
Chicago IDR
(BTI, Inc. Project)
Series A AMT VRDN
3,800 9/01/27 (b)............. 4.35 3,800,000
Elmhurst Hospital
Revenue
(Joint Comm. Health
Org.) Series '88 VRDN
4,000 7/01/18 (b)............. 4.05 4,000,000
Franklin Park IDR
(Maclean-Fogg Co.
Project) Series '95 AMT
VRDN
5,000 2/01/07 (b)............. 4.15 5,000,000
2
<PAGE>
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Illinois Development
Finance Authority
(Tajon Warehousing
Corp.) Series A
AMT VRDN
$ 3,200 1/01/10 (b)............. 4.15% $ 3,200,000
Illinois Development
Finance Authority
(Valspar Corp.)
Series '95 AMT VRDN
6,000 8/01/15 (b)............. 4.20 6,000,000
Illinois Development
Finance Authority IDR
(Landcomp Corp. Project)
Series '98A AMT VRDN
4,699 7/01/18 (b)............. 4.20 4,699,000
Illinois Development
Finance Authority IDR
(R.A. Zweig, Inc. Project)
Series '98 AMT VRDN
7,130 6/01/18 (b)............. 4.10 7,130,000
Illinois Development
Finance Authority MFHR
(Lakeview Partners 1)
Series '98 AMT VRDN
5,350 1/01/28 (b)............. 4.15 5,350,000
Illinois Development
Finance Authority PCR
(Illinois Power Project)
Series '87C AMT
VRDN
24,100 3/01/17 (b)............. 3.75 24,100,000
Illinois Health Facility
Authority
(Healthcorp Affiliates)
Series '85B VRDN
8,000 11/01/15 (b)............ 3.95 8,000,000
Illinois Health Facility
Authority
(Northwest Community
Hospital)
Series '85C VRDN
7,700 10/01/15 (b)............ 3.55 7,700,000
Illinois Housing
Development Authority
(Homeowner Mortgage
Revenue) Series '98D-3
AMT PPB
9,000 2/01/29 (b)............. 3.70 9,000,000
Lake County IDB
(Okamato Corp.)
Series '85 AMT VRDN
3,100 10/01/15 (b)............ 5.10 3,100,000
Madison County PCR
(Shell Oil/Wood River
Project) Series '97
AMT VRDN
3,000 4/01/32 (b)............. 5.20 3,000,000
Rock Island
(Quad City International
Airport Project)
Series '98 VRDN
2,730 12/01/18 (b)............ 3.95 2,730,000
---------------
146,299,000
---------------
INDIANA-4.5%
Columbia City
(Precision Plastics
Project) Series '97 AMT
VRDN
3,700 11/30/17 (b)............ 4.15 3,700,000
Gibson County PCR
(Toyota Motor
Manufacturing Project)
Series '97 AMT VRDN
10,000 10/01/27 (b)............ 4.15 10,000,000
Gibson County PCR
(Toyota Motor
Manufacturing Project)
Series '98 AMT VRDN
8,500 1/01/28 (b)............. 4.15 8,500,000
Indiana Development
Finance Authority
(USX Corp. Project) PPB
9,700 12/01/22 (b)............ 3.00 9,700,000
Indiana Development
Finance Authority IDR
(CC Cook & Son
Lumber Project)
Series '98 AMT VRDN
1,500 4/01/11 (b)............. 4.15 1,500,000
Petersburg
(Indiana Power & Light)
Series C AMT VRDN
23,700 12/01/29 (b)............ 4.20 23,700,000
3
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Princeton IDA
(Orion Denki America,
Inc. Project) Series '87
AMT VRDN
$ 3,545 5/01/17 (b)............. 5.35% $ 3,545,000
---------------
60,645,000
---------------
KENTUCKY-2.2%
Bowling Green IDR
(Woodcraft Industries,
Inc.) Series '95
AMT VRDN
5,400 3/01/25 (b)............. 4.35 5,400,000
Hopkinsville IDR
(American Precision)
AMT VRDN
3,000 5/01/00 (b)............. 5.25 3,000,000
Jefferson County IDR
(Strawberry Lane
Venture) AMT VRDN
2,630 7/01/19 (b)............. 4.20 2,630,000
Kentucky Development
Finance Authority
(Hesco Project)
AMT VRDN
5,800 2/01/08 (b)............. 4.00 5,800,000
Kentucky Rural
Economic Development
Authority
(Heaven Hill Project)
AMT VRDN
2,400 10/01/16 (b)............ 4.20 2,400,000
Louisville & Jefferson
Airport Authority
Series '97AA-1 AMT
VRDN
5,000 6/30/02 (b)............. 4.15 5,000,000
Perry County Solid
Waste Disposal
Revenue
(TJ International Project)
Series '98 AMT
VRDN
3,355 9/01/28 (b)............. 4.25 3,355,000
Warsaw Industrial
Building
(SDI Operating Partners)
Series '88 AMT VRDN
1,650 8/01/09 (b)............. 4.10 1,650,000
---------------
29,235,000
---------------
LOUISIANA-3.6%
Calcasieu Parish IDR
(Hydroserve Westlake)
VRDN
4,400 6/01/25 (b)............. 4.30 4,400,000
Iberville Parish IDR
(Dow Chemical Project)
AMT VRDN
7,500 8/01/01 (b)............. 4.20 7,500,000
Lincoln Parish Solid
Waste
(Willamette Industries
Project) Series '96
AMT VRDN
6,700 4/01/26 (b)............. 4.20 6,700,000
Louisiana Public
Facilities Authority
(Hospital Equipment
Finance Program)
Series '85A VRDN
17,900 12/01/05 (b)............ 4.05 17,900,000
Parish of Lincoln
(Willamette Industries
Project) Series '95
AMT VRDN
11,500 9/01/25 (b)............. 4.20 11,500,000
---------------
48,000,000
---------------
MAINE-0.4%
Maine Finance Authority
(William Arthur, Inc.)
Series '97 AMT VRDN
1,500 10/01/12 (b)............ 4.05 1,500,000
Regional Waste
System SWR
Series 0 AMT VRDN
4,500 7/01/09 (b)............. 4.20 4,500,000
---------------
6,000,000
---------------
MICHIGAN-0.1%
Michigan Strategic Fund
(Donnelly Corp. Project)
Series A AMT VRDN
2,000 3/01/10 (b)............. 4.25 2,000,000
---------------
MISSISSIPPI-0.6%
Mississippi Business
Finance Corp. SWR
(Red Hills Project)
Series '98 AMT VRDN
8,000 10/01/28 (b)............ 4.20 8,000,000
---------------
4
<PAGE>
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
MISSOURI-0.8%
Missouri Housing
Development
Commission SFMR
(Homeownership Loan)
Series '98C AMT
PPB
$ 960 4/01/99 (b)............. 3.90% $ 960,000
St. Louis TRAN
(General Revenue Fund)
Series '98
9,500 6/30/99 ................ 3.65 9,538,851
---------------
10,498,851
---------------
MONTANA-1.2%
Montana Board of
Investments PCR
(Colstrip Project)
Series '89A AMT
VRDN
16,200 12/30/15 (b)............ 4.05 16,200,000
---------------
NEBRASKA-0.9%
Stanton County IDR
(Nucor Corp. Project)
Series '96 AMT
VRDN
8,800 11/01/26 (b)............ 4.20 8,800,000
York County IDR
(Epco Carbondioxide
Products) Series '98
AMT VRDN
3,000 9/01/08 (b)............. 4.25 3,000,000
---------------
11,800,000
---------------
NEVADA-0.7%
Director Department
Business & Industry IDR
(575 Mill St. LLC
Project) Series A
VRDN
3,500 12/01/28 (b)............ 4.25 3,500,000
Nevada Housing
Division
(Multi-unit Housing
Revenue, Cheyenne
Villas Project)
Series I VRDN
6,080 4/01/31 (b)............. 4.05 6,080,000
---------------
9,580,000
---------------
NEW HAMPSHIRE-1.3%
New Hampshire HFA
MFHR
(Countryside Ltd.
Project) Series '94
AMT VRDN
11,605 7/01/24 (b)............. 4.05 11,605,000
New Hampshire IDA
(SCI Manufacturing, Inc.)
Series '89 AMT VRDN
5,700 6/01/14 (b)............. 4.30 5,700,000
---------------
17,305,000
---------------
NEW JERSEY-0.9%
Jersey City BAN
(School Promissory
Notes) Series '98
8,200 9/17/99 ................ 3.44 8,232,032
Jersey City BAN
(Water Notes) Series '98
4,500 9/17/99 ................ 3.44 4,517,578
---------------
12,749,610
---------------
NORTH CAROLINA-0.6%
Agricultural Finance
Authority
(Cittero USA Corp.)
Series '98 AMT
VRDN
5,000 3/01/13 (b)............. 4.15 5,000,000
Johnston County IDA
(Mebane Packaging
Corp.) Series '92
AMT VRDN
2,700 6/01/03 (b)............. 4.15 2,700,000
---------------
7,700,000
---------------
NORTH DAKOTA-1.1%
North Dakota HFA
SFMR
Home Mortgage Revenue
Series '98D AMT
15,000 11/01/99 ............... 3.80 15,121,782
---------------
OHIO-2.0%
Ohio Air Quality
Development Authority
PCR
(JMG Funding
Partnership) Series '94B
AMT VRDN
12,000 4/01/28 (b)............. 4.25 12,000,000
5
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Ohio Housing Finance
Agency
Residential Mortgage
Revenue Series '98A-3
AMT PPB
$ 7,375 3/01/99 (b)............. 3.80% $ 7,375,000
Ohio Water Development
Authority
(Phillips Morris Co.)
Series '97 VRDN
7,500 9/01/18 (b)............. 4.05 7,500,000
---------------
26,875,000
---------------
OKLAHOMA-0.1%
Broken Arrow
(Paragon Films Project)
AMT VRDN
1,000 8/01/04 (b)............. 4.38 1,000,000
---------------
OREGON-2.6%
Oregon Economic
Development Authority
(Toyo Tanso USA)
Series CXLVII
AMT VRDN
3,000 2/01/12 (b)............. 4.38 3,000,000
Oregon Economic
Development Authority
IDR
(JAE Oregon Inc.
Project) Series '89
AMT VRDN
5,500 3/01/99 (b)............. 4.38 5,500,000
Oregon Economic
Development Corp. IDR
(McFarland Cascade
Project) AMT VRDN
1,690 11/01/16 (b)............ 4.25 1,690,000
Oregon HFA SFMR
Mortgage Revenue
Series '98I AMT PPB
4,350 12/01/99 (b)............ 3.15 4,350,000
Port of Portland IDR
(Portland Bulk Terminals)
Series '96 AMT
VRDN
20,000 10/01/25 (b)............ 4.10 20,000,000
---------------
34,540,000
---------------
PENNSYLVANIA-5.3%
Cambria County IDA
(Cambria Cogen Co.
Project) Series '98A-1
AMT VRDN
27,000 12/01/28 (b)............ 4.05 27,000,000
Delaware County IDA
COP
(Cliff House Assisted)
Series '97 AMT
VRDN
11,000 8/01/12 (b)............. 4.30 11,000,000
Montgomery County
(PA Higher Education &
Health Loan)
Series '96A VRDN
16,870 4/01/17 (b)............. 4.10 16,870,000
Philadelphia TRAN
17,000 6/30/99 ................ 3.64 17,049,683
---------------
71,919,683
---------------
SOUTH CAROLINA-5.1%
Berkeley County IDB
(Nucor Corp. Project)
Series '95 AMT
VRDN
16,500 9/01/28 (b)............. 4.20 16,500,000
Berkeley County IDB
(Nucor Corp. Project)
Series '96 AMT
VRDN
25,000 3/01/29 (b)............. 4.20 25,000,000
Berkeley County IDR
(Nucor Corp. Project)
Series '97 AMT
VRDN
5,000 4/01/30 (b)............. 4.20 5,000,000
Berkeley County IDR
(Nucor Corp. Project)
Series '97 AMT
VRDN
7,500 4/01/31 (b)............. 4.20 7,500,000
Marlboro County Solid
Waste Revenue
(Willamette Industries)
Series '96 AMT
VRDN
15,000 8/01/15 (b)............. 4.20 15,000,000
---------------
69,000,000
---------------
6
<PAGE>
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
TENNESSEE-6.9%
Fayetteville & Lincoln
County IDR
(V.A.W. of America
Project) Series '97
AMT VRDN
$ 2,800 10/01/12 (b)............ 4.20% $ 2,800,000
Memphis-Shelby County
Airport Revenue
Series '96B AMT
VRDN
28,700 3/01/14 (b)............. 4.15 28,700,000
Memphis-Shelby
County Airport
Revenue
Series '96B-2 AMT
VRDN
5,700 3/01/10 (b)............. 4.15 5,700,000
Volunteer State
Student Loan
(Student Funding Corp.)
Series '87A-2 AMT
VRDN
4,300 12/01/17 (b)............ 4.50 4,300,000
Volunteer State
Student Loan
(Student Funding Corp.)
Series '87A-3 AMT
VRDN
46,300 12/01/17 (b)............ 4.50 46,300,000
Volunteer State
Student Loan
(Student Funding Corp.)
Series '88A-2 AMT
VRDN
5,100 12/01/23 (b)............ 4.10 5,100,000
---------------
92,900,000
---------------
TEXAS-5.1%
Austin Airport System
Revenue
Series '95A AMT
VRDN
2,500 11/15/17 (b)............ 3.95 2,500,000
Brazos River Authority
(Dow Chemical Co.
Project) Series '96
AMT VRDN
1,000 4/01/26 (b)............. 5.30 1,000,000
Calhoun County IDA
(Formosa Plastics Corp.)
Series '94 AMT
VRDN
4,000 11/01/15 (b)............ 4.00 4,000,000
Galveston IDR
(Mitchell Project)
Series '93A AMT
VRDN
5,200 9/01/13 (b)............. 4.15 5,200,000
Gulf Coast IDA
(Gruma Corp. Project)
AMT VRDN
6,440 11/01/09 (b)............ 4.10 6,440,000
Midlothian Industrial
Development PCR
(Box-Crow Cement Co.)
VRDN
9,500 12/01/09 (b)............ 4.20 9,500,000
Panhandle Plains
Student Loan Revenue
Series '97Y AMT
VRDN
6,700 10/01/02 (b)............ 3.95 6,700,000
Port Beaumont IDR
(EPCO Carbondioxide
Products) Series '98
AMT VRDN
5,000 5/01/08 (b)............. 4.25 5,000,000
San Antonio IDA
(Gruma Corp. Project)
AMT VRDN
4,095 11/01/09 (b)............ 4.10 4,095,000
Texas TRAN
24,000 8/31/99 ................ 2.98 24,231,846
---------------
68,666,846
---------------
UTAH-5.1%
Clinton City MFHR
(Country Pines)
Series '97 AMT
VRDN
2,900 8/01/19 (b)............. 4.10 2,900,000
Salt Lake City Airport
Revenue
Series '96A AMT
VRDN
27,632 6/27/01 (b)............. 4.10 27,632,000
7
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Salt Lake County IDR
(SPS Technologies Inc.
Project)
AMT VRDN
$ 4,500 12/01/12 (b)............ 4.20% $ 4,500,000
Salt Lake County
Solid Waste
(Kennecott Copper)
AMT VRDN
7,200 8/01/30 (b)............. 4.20 7,200,000
Utah HFA SFMR
Series '98-2 AMT
VRDN
12,245 7/01/32 (b)............. 4.15 12,245,000
Utah HFA SFMR
Series 4 AMT VRDN
13,900 7/01/32 (b)............. 4.15 13,900,000
---------------
68,377,000
---------------
VERMONT-0.4%
Vermont HEFA
(Capital Asset Finance
Program) Series '97-2
VRDN
5,920 6/01/27 (b)............. 4.10 5,920,000
---------------
VIRGINIA-2.2%
Henrico County IDA
(White Oak
Semiconductor-A)
AMT VRDN
10,844 10/01/27 (b)............ 4.20 10,844,000
Henrico County IDA
(White Oak
Semiconductor-B)
AMT VRDN
10,000 10/01/27 (b)............ 4.20 10,000,000
King George County
Solid Waste
(Garnet of Virginia, Inc.)
Series '96 AMT
VRDN
8,790 9/01/21 (b)...... 4.05 8,790,000
---------------
29,634,000
---------------
WASHINGTON-6.5%
Port of Port Angeles IDR
(Daishowa America
Project) Series '91 AMT
VRDN
11,200 6/01/06 (b)............. 4.10 11,200,000
Port of Port Angeles
IDR
(Daishowa America
Project) Series '92 AMT
VRDN
14,550 12/01/07 (b)............ 4.10 14,550,000
Port of Port Angeles IDR
(Daishowa America
Project) Series '92B
AMT VRDN
5,500 8/01/07 (b)............. 4.10 5,500,000
Washington HFA MFHR
(Larkin Place Apts.)
Series '96 AMT VRDN
5,565 7/01/28 (b)............. 4.00 5,565,000
Washington HFA MFHR
(LTC Properties Inc.
Project) AMT VRDN
2,095 12/01/15 (b)............ 4.10 2,095,000
Washington HFA MFHR
(Marketplace Apts.)
Series '97A AMT
VRDN
6,020 7/01/29 (b)............. 4.00 6,020,000
Washington HFA MFHR
(Merrill Gardens Apts.)
Series '97A AMT
VRDN
2,000 7/01/22 (b)............. 4.30 2,000,000
Washington Housing
Authority HFA MFHR
(Twin Ponds) Series '98A
AMT VRDN
4,515 2/01/28 (b)............. 4.00 4,515,000
Washington Housing
Finance Commission
MFHR
(Assisted Living
Concepts)
AMT VRDN
6,400 1/01/17 (b)............. 4.10 6,400,000
Washington Housing
Finance Commission
MFHR
(Brittany Park Project)
Series A AMT VRDN
5,000 10/01/21 (b)............ 4.10 5,000,000
8
<PAGE>
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Washington Housing
Finance Commission
MFHR
(Evergreen Ridge Apts.
Project) AMT VRDN
$ 2,355 12/01/24 (b)............ 4.30% $ 2,355,000
Washington Housing
Finance Commission
MFHR
(Hamilton Place)
AMT VRDN
3,000 7/01/28 (b)............. 4.00 3,000,000
Washington Housing
Finance Commission
MFHR
(Heatherstone Apts.)
Series '95 AMT
VRDN
9,435 7/01/25 (b)............. 4.00 9,435,000
Washington Housing
Finance Commission
MFHR
(Oxford Square Apts.)
Series '98A AMT
VRDN
2,250 12/01/28 (b)............ 4.10 2,250,000
Washington Housing
Finance Commission
MFHR
(Pacific Inns Apts.
Project) Series A AMT
VRDN
2,575 5/01/28 (b)............. 4.10 2,575,000
Washington Housing
Finance Commission
MFHR
(Sherwood Springs Apts.)
AMT VRDN
3,720 9/01/27 (b)............. 4.30 3,720,000
Yakima County IDR
(Can-Am Millwork, Ltd.)
AMT VRDN
1,315 12/01/14 (b)............ 4.25 1,315,000
---------------
87,495,000
---------------
WEST VIRGINIA-1.9%
Marion County
(Grant Town Cogeneration
Project) AMT VRDN
5,900 10/01/17 (b)............ 4.00 5,900,000
Marion County Solid
Waste
(Grant Town Cogeneration
Project) Series '92A
AMT VRDN
7,200 10/01/17 (b)............ 4.20 7,200,000
Putnam County Solid
Waste
(Toyota Motor
Manufacturing Project)
Series '98 A AMT
VRDN
12,600 6/01/28 (b)............. 4.15 12,600,000
---------------
25,700,000
---------------
WISCONSIN-1.1%
Ladysmith Solid Waste
(Cityforest Corp. Project)
Series '98 AMT VRDN
7,500 3/01/28 (b)............. 4.10 7,500,000
Manitowoc IDR
(THT Enterprise)
Series '97 AMT VRDN
5,000 5/01/17 (b)............. 4.20 5,000,000
Onalaska IDR
(Empire Screen Printing)
Series '98 AMT VRDN
2,200 5/01/18 (b)............. 4.20 2,200,000
---------------
14,700,000
---------------
WYOMING-0.5%
Wyoming Community
Development Authority
MFHR
(Mountainside) Series A
FSA AMT VRDN
7,300 9/01/28 (b)............. 4.05 7,300,000
---------------
Total Municipal Bonds
(amortized cost
$1,246,886,772)......... 1,246,886,772
---------------
COMMERCIAL PAPER-8.5%
ARIZONA-2.3%
Maricopa County PCR
(Southern California
Edison Project) Series F
15,000 1/13/99 ................ 3.60 14,999,231
9
<PAGE>
STATEMENT OF NET ASSETS (continued)
Alliance Municipal Trust - General Portfolio
================================================================================
Principal
Amount
(000) Security(a) Yield Value
- --------------------------------------------------------------------------------
Salt River Agricultural
(Improvement & Power
District)
$ 16,200 3/01/99 ................ 3.00% $ 16,200,000
---------------
31,199,231
---------------
COLORADO-0.4%
Denver County Airport
Revenue
Series A AMT
5,400 4/09/99 ................ 3.00 5,400,000
---------------
ILLINOIS-1.8%
Illinois Educational
Facility Authority
(Pooled Financing
Authority)
5,700 4/08/99 ................ 3.05 5,700,000
Illinois Health Facility
Authority
(Victory Health) Series '97
18,550 1/11/99 ................ 3.50 18,550,000
---------------
24,250,000
---------------
MISSOURI-0.8%
Missouri Health &
Educational Facilities
(Stowers Institute) Series '98
10,000 1/13/99 ................ 3.30 10,000,000
---------------
SOUTH CAROLINA-0.7%
South Carolina Public
Service Authority
9,700 2/26/99 ................ 3.05 9,700,000
---------------
TEXAS-2.5%
Calhoun County
19,500 2/23/99 ................ 3.05 19,500,000
City of Austin GO
Series A
10,000 2/01/99 ................ 3.45 10,000,000
Dallas Area Rapid Transit
(Sales Tax Revenue)
Series A
4,665 4/01/99 ................ 3.00 4,665,000
---------------
34,165,000
---------------
Total Commercial Paper
(amortized cost
$114,714,231)........... 114,714,231
---------------
TOTAL INVESTMENTS-101.0%
(amortized cost
$1,361,601,003)......... 1,361,601,003
Other assets less
liabilities-(1.0%)...... (13,845,794)
---------------
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
1,349,672,999 shares
outstanding)............ $ 1,347,755,209
===============
- --------------------------------------------------------------------------------
(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:
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
COP Certificate of Participation
FSA Financial Security Assurance
GO General Obligation
HEFA Housing & Educational Facility Authority
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
SWR Solid Waste Revenue
TRAN Tax & Revenue Anticipation Note
See notes to financial statements.
10
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1998 (unaudited)
Alliance Municipal Trust - General Portfolio
================================================================================
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Interest............................................................. $ 23,664,260
EXPENSES
Advisory fee (Note B)................................................ $ 3,352,956
Distribution assistance and administrative service (Note C).......... 2,747,576
Transfer agency (Note B)............................................. 279,594
Registration fees.................................................... 153,207
Custodian fees....................................................... 108,402
Printing............................................................. 53,706
Audit and legal fees................................................. 12,906
Trustees' fees....................................................... 1,840
Miscellaneous........................................................ 3,980
--------------
Total expenses....................................................... 6,714,167
--------------
NET INCREASE IN NET ASSETS FROM OPERATIONS.............................. $ 16,950,093
==============
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements.
11
<PAGE>
STATEMENT OF CHANGES
IN NET ASSETS Alliance Municipal Trust - General Portfolio
================================================================================
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1998 Year Ended
(unaudited) June 30, 1998
---------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income................................................ $ 16,950,093 $ 33,462,474
Net realized gain on investment transactions......................... -0- 81
Net change in unrealized appreciation of investments................. -0- (6,527)
-------------- --------------
Net increase in net assets from operations........................... 16,950,093 33,456,028
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income................................................ (16,950,093) (33,462,474)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E)................................................ 151,787,328 216,455,594
-------------- --------------
Total increase....................................................... 151,787,328 216,449,148
NET ASSETS
Beginning of year.................................................... 1,195,967,881 979,518,733
-------------- --------------
End of period........................................................ $1,347,755,209 $1,195,967,881
============== ==============
</TABLE>
- --------------------------------------------------------------------------------
See notes to financial statements.
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 (unaudited) Alliance Municipal Trust - General Portfolio
================================================================================
NOTE A: Significant Accounting Policies
Alliance Municipal Trust (the "Fund") is registered under the Investment Company
Act of 1940 as an open-end investment company. The Fund operates as a series
company currently consisting of: Alliance Municipal Trust-General Portfolio (the
"Portfolio"), Alliance Municipal Trust-New York Portfolio, Alliance Municipal
Trust-California Portfolio, Alliance Municipal Trust-Connecticut Portfolio,
Alliance Municipal Trust-New Jersey Portfolio, Alliance Municipal Trust-Virginia
Portfolio, Alliance Municipal Trust-Florida Portfolio and Alliance Municipal
Trust-Massachusetts Portfolio. Each series is considered to be a separate entity
for financial reporting and tax purposes. The Portfolio pursues its objectives
by maintaining a portfolio of high-quality money market securities all of which,
at the time of investment, have remaining maturities of 397 days or less. The
financial statements have been prepared in conformity with generally accepted
accounting principles which require management to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities in the
financial statements and amounts of income and expenses during the reporting
period. Actual results could differ from those estimates. The following is a
summary of significant accounting policies followed by the Portfolio.
1. Valuation of Securities
Securities in which the Portfolio invests are traded primarily in the
over-the-counter market and are valued at amortized cost, under which method a
portfolio instrument is valued at cost and any premium or discount is amortized
on a constant basis to maturity. Amortization of premium is charged to income.
Accretion of market discount is credited to unrealized gains.
2. Taxes
It is the policy of the Portfolio to meet the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its investment company taxable income and net realized gains, if any, to
shareholders.
Therefore, no provisions for federal income or excise taxes are required.
3. Dividends
The Portfolio declares dividends daily from net investment income and
automatically reinvests such dividends in additional shares at net asset value.
Net realized capital gains on investments, if any, are expected to be
distributed near year end. Dividends paid from net investment income for the six
months ended December 31, 1998, 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, 1998.
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 $99,969 for the six months ended December 31,
1998.
13
<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 up to .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, 1998, the distribution fee amounted to $1,678,542. 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, 1998, such payments by the
Portfolio amounted to $1,069,034 of which $54,000 was paid to the Adviser.
- --------------------------------------------------------------------------------
NOTE D: Investment Transactions
At December 31, 1998, the cost of investments for federal income tax purposes
was the same as the cost for financial reporting purposes. At June 30, 1998 the
Portfolio had a capital loss carryforward of $1,907,790, of which $1,127 expires
in 2001, $134,924 expires in 2002, $4,619 expires in 2003 and $1,767,120 expires
in the year 2004.
- --------------------------------------------------------------------------------
NOTE E: Transactions in Shares of Beneficial Interest
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1998, capital paid-in aggregated $1,349,662,999. Transactions, all at $1.00 per
share, were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1998 June 30,
(unaudited) 1998
---------------- ----------------
<S> <C> <C>
Shares sold............................................................. 1,412,235,675 4,949,415,097
Shares issued on reinvestments of dividends............................. 16,950,093 33,462,474
Shares redeemed......................................................... (1,277,398,440) (4,766,421,977)
-------------- --------------
Net increase............................................................ 151,787,328 216,455,594
============== ==============
</TABLE>
14
<PAGE>
FINANCIAL HIGHLIGHTS Alliance Municipal Trust - General Portfolio
================================================================================
Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each
Period
<TABLE>
<CAPTION>
Six Months
Ended
December 31, Year Ended June 30,
1998 -------------------------------------------------
(unaudited) 1998 1997 1996 1995 1994
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income From Investment Operations
Net investment income .................... .013 .028 .028 .029 .028(a) .018(a)
Net realized and unrealized loss on
investments ........................... -0- -0- -0- -0- (.003) -0-
------ ------ ------ ------ ------ ------
Net increase in net asset value from
operations ............................ .013 .028 .028 .029 .025 .018
------ ------ ------ ------ ------ ------
Add: Capital Contributions
Capital contributed by the Adviser ....... -0- -0- -0- -0- .003 -0-
------ ------ ------ ------ ------ ------
Less: Dividends
Dividends from net investment income ..... (.013) (.028) (.028) (.029) (.028) (.018)
------ ------ ------ ------ ------ ------
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) ....................... 2.54%(c) 2.85% 2.81% 2.93% 2.83%(d) 1.81%
Ratios/Supplemental Data
Net assets, end of period (in millions) .. $1,348 $1,196 $980 $1,148 $1,189 $1,134
Ratios to average net assets of:
Expenses, net of waivers and
reimbursements ...................... 1.00%(c) .98% .94% .95% .94% .92%
Expenses, before waivers and
reimbursements ...................... 1.00%(c) .98% .94% .95% .95% .94%
Net investment income ................. 2.52%(c) 2.81% 2.76% 2.90% 2.78%(a) 1.80%(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.
(c) Annualized.
(d) The capital contribution by the Adviser had no effect on total return.
15
<PAGE>
-----------------
BULK RATE
Alliance Municipal Trust - General Portfolio U.S. POSTAGE
1345 Avenue of the Americas, New York, NY 10105 PAID
Toll free 1 (800) 221-5672 New York, NY
Permit No. 7131
-----------------
Yields. For current recorded yield information on Alliance Municipal Trust,
call on a touch-tone telephone toll-free (800) 251-0539 and press the following
sequence of keys:
|1| |#| |1| |#| |6| |4| |#|
For non-touch-tone telephones, call toll-free (800) 221-9513
- ------------------------------------------------------------
AllianceCapital [LOGO](R)
Distribution of this report other than to shareholders must be preceded or
accompanied by the Fund's current prospectus, which contains further information
about the Fund.
(R) These registered service marks used under license from the owner, Alliance
Capital Management L.P.
AMTSR
