ALLIANCE MUNICIPAL TRUST-FLORIDA PORTFOLIO
ALLIANCECAPITAL
SEMI-ANNUAL REPORT
DECEMBER 31, 1995
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ----------------------------------------------------------------------------
MUNICIPAL BONDS-63.5%
FLORIDA-63.5%
ALACHUA INDUSTRIAL DEVELOPMENT
(Sabine Inc. Project) Series '95 AMT VRDN*
$ 2,365 9/01/15 5.15% $2,365,000
BROWARD COUNTY BOND
(Environmentally-Sensitive Land)
1,000 7/01/96 3.63 1,013,515
BROWARD COUNTY HFA MFHR
(Harbour Town Jacaranda Proj.)
Series '95B VRDN*
1,400 12/01/25 5.20 1,400,000
BROWARD COUNTY HFA MFHR
(Parkview Partnership Ltd.) VRDN*
2,400 12/01/10 5.25 2,400,000
BROWARD COUNTY HFA MFHR
(Sawgrass Pines Apts.)
Series '93A AMT VRDN*
5,000 11/01/23 5.50 5,000,000
DADE COUNTY AVIATION REVENUE
Series '84A VRDN*
2,800 10/01/09 5.30 2,800,000
DADE COUNTY IDA
(DNS Manufacturing Project)
Series '89 AMT VRDN*
3,475 11/01/09 5.50 3,475,000
DADE COUNTY IDA
(Dolphins Stadium Project) Series A VRDN*
2,000 1/01/16 5.25 2,000,000
DADE COUNTY IDB
(Oates-Schneider & Reiff Pharmaceuticals)
AMT VRDN*
750 12/01/06 6.00 750,000
DADE COUNTY IDR
(Montenay-Dade Ltd.) Series '90A AMT VRDN*
9,000 12/01/13 5.10 9,000,000
EUSTIS HEALTH FACILITIES AUTHORITY REVENUE
(Waterman Medical Center) VRDN*
1,600 12/01/15 5.05 1,600,000
FLORIDA HFA MFHR
(Ashley Lake II) Series J VRDN*
200 12/01/11 5.20 200,000
FLORIDA HFA MFHR
(Banyan Bay Apts.) Series '95L VRDN*
5,275 1/01/25 5.59 5,275,000
FLORIDA HFA MFHR
(EEE-Carlton Arms II) VRDN*
500 12/01/08 5.35 500,000
FLORIDA HFA MFHR
(Oaks at Mill Creek Proj.)
Series '85 VRDN*
200 11/01/07 5.15 200,000
FLORIDA HFA MFHR
(Sunpointe Cove Proj.) VRDN*
2,500 6/15/25 4.80 2,500,000
FLORIDA HFA MFHR
(Village Place Project) Series '85 VRDN*
800 11/01/07 5.15 800,000
FLORIDA STATE BOARD OF EDUCATION BOND
(Dept. of Natural Resources Preservation)
AMBAC
1,000 7/01/96 3.72 1,011,585
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
HILLSBOROUGH COUNTY PCR
(Tampa Electric Co.) Series '93 AMT VRDN*
$ 600 11/01/20 5.95% $ 600,000
INDIAN TRACE COMMUNITY DEVELOPMENT
Basin 1 Water Management
Series A MBIA VRDN*
170 11/01/99 4.90 170,000
JACKSONVILLE HEALTH FACILITIES
(Baptist Medical Center Proj.) VRDN*
400 7/01/14 4.80 400,000
JACKSONVILLE HOSPITAL REVENUE
(University Medical Center Proj.)
Series '88 VRDN*
2,200 2/01/18 5.20 2,200,000
JACKSONVILLE HOSPITAL REVENUE
(University Medical Center Proj.)
Series '89 VRDN*
1,100 2/01/19 5.20 1,100,000
LADY LAKE CAPITAL IMPROVEMENT BOND
AMBAC
425 10/01/96 3.90 425,000
MANITEE COUNTY FLORIDA SCHOOL DISTRICT
-SALES TAX REVENUE
1,500 8/01/96 3.55 1,500,000
MARION COUNTY HFA MFHR
(Paddock Place Project) Series '85F VRDN*
3,500 12/01/07 5.20 3,500,000
MARION COUNTY HFA MFHR
(Summer Trace Project) Series '85D VRDN*
4,200 12/01/07 5.20 4,200,000
MARTIN COUNTY SOLID WASTE
(Florida Power & Light)
Series '93 AMT VRDN*
600 1/01/27 5.95 600,000
ORANGE COUNTY HEALTH FACILITIES AUTHORITY
(Adventist Health Systems) VRDN*
400 11/15/14 5.05 400,000
ORANGE COUNTY HFA MFHR
(Sundown Assoc. II) Series B VRDN*
900 6/01/04 5.20 900,000
ORANGE COUNTY SCHOOL DISTRICT TAN
Series '95
600 10/16/96 3.80 603,193
ORLANDO UTILITIES COMMISSION
(Water & Electric Revenue) Series '91 VRDN*
150 12/10/96 5.00 150,000
OSCEOLA COUNTY
School Board Educ. Loan AMBAC
800 6/01/96 3.75 800,000
PINELLAS COUNTY HEALTH FACILITIES AUTHORITY
(Mease Manor, Inc.) Series '95 VRDN*
8,600 11/01/15 5.35 8,600,000
PINELLAS COUNTY HFA MFHR
(Foxbridge Apt. Project) Series '95A VRDN*
900 6/15/25 4.80 900,000
PINELLAS COUNTY WATER REVENUE
AMBAC
1,000 10/01/96 3.75 1,005,446
2
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
ST. LUCIE PCR
(Florida Power & Light)
Series '93 AMT VRDN*
$ 4,900 1/01/27 5.95% $ 4,900,000
UNIVERSITY OF NORTH FLORIDA CAPITAL
IMPROVEMENT
VRDN*
5,500 11/01/24 5.00 5,500,000
Total Municipal Bonds
(amortized cost $80,743,739) 80,743,739
COMMERCIAL PAPER-20.8%
FLORIDA-20.8%
ALACHUA COUNTY HEALTH FACILITIES AUTHORITY
(Academic Research Building Proj.)
1,050 3/08/96 3.65 1,050,000
FLORIDA LOCAL GOVERNMENT AUTHORITY
1,000 2/22/96 3.75 1,000,000
FLORIDA MUNICIPAL POWER AGENCY
Series A
3,405 3/11/96 3.60 3,405,258
FLORIDA MUNICIPAL POWER AGENCY
Series A
1,000 2/09/96 3.90 1,000,000
HILLSBOROUGH COUNTY
(Tampa Intl. Airport) Series '94 AMT
4,000 2/12/96 3.90 4,000,000
JACKSONVILLE POLLUTION CONTROL
(Florida Power & Light) Series '94
500 3/05/96 3.65 500,000
JACKSONVILLE POLLUTION CONTROL
(Florida Power & Light) Series '94
1,000 2/23/96 3.75 1,000,000
SARASOTA HOSPITAL DISTRICT
Hospital Rev. (Sarasota Memorial Hospital)
Series A
$ 2,960 1/29/96 3.70% 2,959,793
SARASOTA HOSPITAL DISTRICT
Hospital Rev. (Sarasota Memorial Hospital)
Series B
2,000 2/09/96 3.80 1,999,964
SARASOTA HOSPITAL DISTRICT
Hospital Rev. (Sarasota Memorial Hospital)
Series C
495 2/08/96 3.60 495,000
SARASOTA HOSPITAL DISTRICT
Hospital Rev. (Sarasota Memorial Hospital)
Series C
1,200 2/09/96 3.80 1,199,978
ST. LUCIE PCR
(Florida Power & Light) Series '94A
1,000 3/12/96 3.65 1,000,000
ST. LUCIE PCR
(Florida Power & Light)
Series '94A
1,000 3/28/96 3.65 1,000,000
SUNSHINE STATE GOVERNMENT
FINANCE COMM.
Series '86
1,000 3/29/96 3.40 1,000,000
SUNSHINE STATE GOVERNMENT FINANCE COMM.
Series '86
1,500 1/22/96 3.65 1,500,000
SUNSHINE STATE GOVERNMENT FINANCE COMM.
Series '86
1,000 2/08/96 3.75 1,000,000
WEST ORANGE MEMORIAL HOSPITAL
Revenue Bonds
1,400 2/28/96 3.60 1,400,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- -----------------------------------------------------------------------------
WEST ORANGE MEMORIAL HOSPITAL
Revenue Bonds
$ 900 1/30/96 3.65% $ 900,000
Total Commercial Paper
(amortized cost $26,409,957) 26,409,993
TOTAL INVESTMENTS-84.3%
(amortized cost $107,153,696) $107,153,732
Other assets less liabilities-15.7% 19,899,102
NET ASSETS-100%
(offering and redemption price of $1.00
per share; 127,054,775 shares outstanding) $127,052,834
+ All securities either mature or their interest rate changes in one year or
less.
* Variable Rate Demand Notes (VRDN) are instruments whose interest rates
change on a specified date (such as a 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
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
TAN Tax Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
4
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
ASSETS
Investments in securities, at value (cost $107,153,696) $107,153,732
Cash 19,510,382
Interest receivable 442,335
Deferred organization expense 19,800
Receivable from investment adviser 8,408
Receivable for capital stock sold 1,908
Total assets 127,136,565
LIABILITIES
Distribution fee payable 8,038
Payable for capital stock redeemed 7,331
Dividends payable 113
Accrued expenses 68,249
Total liabilities 83,731
NET ASSETS $127,052,834
COMPOSITION OF NET ASSETS
Capital shares $127,054,775
Accumulated net realized loss on investments (1,977)
Net unrealized appreciation of investments 36
$127,052,834
See notes to financial statements.
5
STATEMENT OF OPERATIONS
JULY 28, 1995*TO DECEMBER 31, 1995 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $446,929
EXPENSES
Advisory fee (Note B) $ 53,122
Distribution assistance and administrative service(Note C) 80,285
Custodian fees 25,658
Audit and legal fees 9,566
Transfer agency 9,251
Registration fees 3,895
Printing 3,443
Amortization of organizational expense 1,865
Trustees fees 1,788
Miscellaneous 1,749
Total expenses 190,622
Less: expense reimbursement and fee waiver (153,667)
36,955
Net investment income 409,974
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investments (1,977)
Net change in unrealized appreciation of investments 36
Net loss on investments (1,941)
NET INCREASE IN NET ASSETS FROM OPERATIONS $408,033
* Commencement of operations.
See notes to financial statements.
6
STATEMENT OF CHANGES IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
JULY 28, 1995 * TO
DECEMBER 31, 1995
(UNAUDITED)
------------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 409,974
Net realized loss on investments (1,977)
Net change in unrealized appreciation of investments 36
Net increase in net assets from operations 408,033
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (409,974)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase 127,054,775
Total increase 127,052,834
NET ASSETS
Beginning of period -0-
End of period $127,052,834
* Commencement of operations.
See notes to financial statements.
7
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Municipal Trust (the 'Fund') is registered under the Investment
Company Act of 1940, as amended, as an open-end investment company. The Fund
operates as a series company currently issuing seven classes of shares of
beneficial interest: 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, Alliance Municipal Trust-Virginia Portfolio and
Alliance Municipal Trust-Florida Portfolio (the 'Portfolio'). Each series is
considered to be a separate entity for financial reporting and tax purposes.
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 are being amortized against income
on a straight-line basis through July, 2000.
3. TAXES
It is the Portfolio's policy to comply with 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 applicable,
to its 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 investment income for the
period ended December 31, 1995, are exempt from federal income taxes. However,
certain shareholders may be subject to the alternative minimum tax (AMT).
5. GENERAL
Interest income is accrued daily. Security transactions are recorded on the
date securities are purchased or sold. Realized gain (loss) from security
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 of 1% on the first $1.25 billion of average daily
net assets; .49 of 1% on the next $.25 billion; .48 of 1% on the next $.25
billion; .47 of 1% on the next $.25 billion; .46 of 1% on the next $1 billion;
and .45 of 1% 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. The Adviser also voluntarily agreed to reimburse the Portfolio for
all expenses from July 28, 1995 (commencement of operations) to September 10,
1995, from September 11, 1995 to October 22, 1995 for expenses exceeding .20 of
1% of its average daily net assets and from October 23, 1995 to December 31,
1995 for expenses exceeding .40 of 1% of its average daily net assets. For the
period ended December 31, 1995, the reimbursement amounted to $143,042. The
Portfolio compensates Alliance Fund Services, Inc. (a wholly-owned subsidiary
of the Adviser) for providing personnel and facilities to perform transfer
agency services for the Portfolio. Such compensation amounted to $5,135 for the
period ended December 31, 1995.
8
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
NOTE C: DISTRIBUTION ASSISTANCE AND ADMINISTRATIVE SERVICES PLAN
Under this Plan, the Portfolio pays a distribution fee to the Adviser at an
annual rate of up to .25% of 1% of the Portfolio's average daily net assets.
The Plan provides that the Adviser will use such payments in their entirety for
distribution assistance and promotional activities.
For the period ended December 31, 1995, the distribution fee amounted to
$26,561 of which $10,625 was waived. In addition, the Portfolio reimbursed
certain broker-dealers for administrative costs incurred in connection with
providing shareholder services, accounting, bookkeeping, legal and compliance
support. For the period ended December 31, 1995, such payments by the Portfolio
amounted to $53,724 of which no payment was paid to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At December 31, 1995, the cost of securities for federal income tax purposes
was the same as the cost for financial reporting purposes.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1995, capital paid-in aggregated $127,054,775. Transactions, all at $1.00 per
share, were as follows:
JULY 28, 1995(A)
THROUGH
DECEMBER 31, 1995
(UNAUDITED)
-----------------
Shares sold 164,459,533
Shares issued on reinvestments of dividends 409,974
Shares redeemed (37,814,732)
Net increase 127,054,775
(a) Commencement of operations.
9
NOTES TO FINANCIAL STATEMENTS (CONT.)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
NOTE F: FINANCIAL HIGHLIGHTS
Per share operating performance for a share outstanding throughout the period.
JULY 28, 1995(A)
THROUGH
DECEMBER 31,
1995
(UNAUDITED)
----------------
Net asset value, beginning of period $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .016
LESS DISTRIBUTIONS
Dividends from net investment income (.016)
Net asset value, end of period $ 1.00
TOTAL RETURNS
Total investment return based on net asset value (b)(c) 3.66%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $127,053
Ratio to average net assets of:
Expenses, net of waivers and reimbursements (c) .35%
Expenses, before waivers and reimbursements (c) 1.79%
Net investment income (c)(d) 3.86%
(a) Commencement of operations.
(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) Net of expenses reimbursed or waived by the Adviser.
10
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
TRUSTEES
DAVE H. WILLIAMS, CHAIRMAN
JOHN D. CARIFA
SAM Y. CROSS
CHARLES H.P. DUELL
WILLIAM H. FOULK, JR.
ELIZABETH J. MCCORMACK
DAVID K. STORRS
SHELBY WHITE
JOHN WINTHROP
OFFICERS
RONALD M. WHITEHILL, PRESIDENT
JOHN R. BONCZEK, SENIOR VICE PRESIDENT
KATHLEEN A. CORBET, SENIOR VICE PRESIDENT
ROBERT I. KURZWEIL, SENIOR VICE PRESIDENT
WAYNE D. LYSKI, SENIOR VICE PRESIDENT
PATRICIA NETTER, SENIOR VICE PRESIDENT
RONALD R. VALEGGIA, SENIOR VICE PRESIDENT
DREW BIEGEL, VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
WILLIAM J. FAGAN, VICE PRESIDENT
JOSEPH R. LASPINA, VICE PRESIDENT
LINDA D. NEIL, VICE PRESIDENT
WILLIAM E. OLIVER, VICE PRESIDENT
RAYMOND J. PAPERA, VICE PRESIDENT
EDMUND P. BERGAN, JR., SECRETARY
MARK D. GERSTEN, TREASURER & CHIEF FINANCIAL OFFICER
JOSEPH J. MANTINEO, CONTROLLER
CUSTODIAN
STATE STREET BANK AND TRUST COMPANY
P.O. Box 1912
Boston, MA 02105
LEGAL COUNSEL
SEWARD & KISSEL
One Battery Park Plaza
New York, NY 10004
AUDITORS
MCGLADREY & PULLEN, LLP
555 Fifth Avenue
New York, NY 10017
TRANSFER AGENT
ALLIANCE FUND SERVICES, INC.
P.O. Box 1520
Secaucus, NJ 07096-1520
DISTRIBUTOR
ALLIANCE FUND DISTRIBUTORS, INC.
1345 Avenue of the Americas
New York, NY 10105
11
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
1345 Avenue of the Americas, Florida, NY 10105
Toll free 1 (800) 221-5672
YIELDS. For current recorded yield information on Alliance
Municipal Trust, call on a touch-tone telephone toll-free
(800) 251-0539 and press the following sequence of keys:
1 # 1 # 6 6 #
For non-touch-tone telephones, call toll-free (800) 221-9513
ALLIANCECAPITAL
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.
ALC601037
AFLSR
