ALLIANCE
MUNICIPAL
TRUST
- -FLORIDA PORTFOLIO
ALLIANCECAPITAL
ANNUAL REPORT
JUNE 30, 1996
STATEMENT OF NET ASSETS
JUNE 30, 1996
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
_______________________________________________________________________________
MUNICIPAL BONDS-74.9%
FLORIDA-74.9%
ALACHUA INDUSTRIAL
DEVELOPMENT
(Sabine Inc. Project)
Series '95 AMT VRDN*
$ 2,365 9/01/15 3.50% $ 2,365,000
BROWARD COUNTY
GO BOND
(Environmentally-
Sensitive Land)
1,000 7/01/96 3.63 1,000,000
BROWARD COUNTY HFA
MFHR
(Harbour Town Jacaranda
Proj.) Series '95B VRDN*
1,400 12/01/25 3.60 1,400,000
DADE COUNTY IDA
(DNS Manufacturing
Project)
Series '89 AMT VRDN*
3,475 11/01/09 3.60 3,475,000
DADE COUNTY IDA
(Dolphins Stadium
Project)
Series A VRDN*
2,000 1/01/16 3.35 2,000,000
DADE COUNTY IDB
(All Interior Supply Inc.)
AMT VRDN*
650 12/01/06 3.85 650,000
DADE COUNTY IDB
(Arlington Sales Project)
AMT VRDN*
1,250 6/01/08 3.85 1,250,000
DADE COUNTY IDB
(Bentley's Luggage Corp.)
AMT VRDN*
1,000 12/01/06 3.85 1,000,000
DADE COUNTY IDB
(L. Luria & Sons, Inc.)
AMT VRDN*
1,000 12/01/01 3.85 1,000,000
DADE COUNTY IDB
(Pot Company Inc.)
AMT VRDN*
600 12/01/06 3.85 600,000
ESCAMBIA COUNTY SFMR
(Multi County Program)
Series B AMT PPB*
$ 3,850 4/01/97 3.65% $ 3,850,000
FLORIDA HFA MFHR
(Ashley Lake II)
Series J VRDN*
200 12/01/11 3.55 200,000
FLORIDA HFA MFHR
(Banyan Bay Apts.)
Series '95L VRDN*
5,275 12/01/25 3.55 5,275,000
FLORIDA HFA MFHR
(EEE-Carlton Arms II)
VRDN*
500 12/01/08 3.15 500,000
FLORIDA HFA MFHR
(Parrots Landing Project)
Series '85 VRDN*
3,500 6/15/25 3.30 3,500,000
FLORIDA HFA MFHR
(Sunpointe Cove Project)
VRDN*
2,500 6/15/25 3.30 2,500,000
FLORIDA HFA MFHR
(Village Place Project)
Series '85 VRDN*
900 11/01/07 3.50 900,000
FLORIDA STATE BOARD OF
EDUCATION
(Dept. of Natural
Resources Preservation)
AMBAC
1,000 7/01/96 3.72 1,000,000
HOMESTEAD INSURANCE
ASSESSMENT REVENUE
MBIA
1,175 9/01/96 3.25 1,176,858
JACKSONVILLE HOSPITAL
REVENUE
(University Medical
Center Proj.)
Series '89 VRDN*
600 2/01/19 3.50 600,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
_______________________________________________________________________________
JACKSONVILLE IDR
(Columbia Paving Inc.)
AMT VRDN*
$ 700 9/01/07 3.85% $ 700,000
JACKSONVILLE IDR
(University of Florida
Health Science Center)
Series '89 VRDN*
900 7/01/19 3.70 900,000
LADY LAKE CAPITAL
IMPROVEMENT BOND
AMBAC
425 10/01/96 3.90 425,000
LEE COUNTY COP
(Master Lease Project)
MBIA
775 10/01/96 3.60 775,000
MANATEE COUNTY SCHOOL
BOARD COP
Master Lease Program
Series '96 MBIA
1,000 7/01/97 3.95 1,002,840
MANATEE COUNTY SCHOOL
DISTRICT
Sales Tax Revenue-
AMBAC
1,500 8/01/96 3.55 1,500,000
MARION COUNTY HFA
MFHR
(Paddock Place Project)
Series '85F VRDN*
2,000 12/01/07 3.60 2,000,000
MARION COUNTY HFA
MFHR
(Summer Trace Project)
Series '85D VRDN*
2,500 12/01/07 3.60 2,500,000
MARTIN COUNTY
SOLID WASTE
(Florida Power & Light)
Series '93 AMT VRDN*
350 1/01/27 3.80 350,000
ORANGE COUNTY HFA
MFHR
(Sundown Assoc. II)
Series B VRDN*
$ 900 6/01/04 3.60% $900,000
ORANGE COUNTY
HFA SFMR
Series '96B AMT PPB*
2,500 4/01/97 3.65 2,500,000
ORANGE COUNTY SCHOOL
DISTRICT TAN
Series '95
600 10/16/96 3.80 601,182
PINELLAS COUNTY HEALTH
FACILITIES AUTHORITY
(Mease Manor, Inc.)
Series '95 VRDN*
4,300 11/01/15 3.55 4,300,000
PINELLAS COUNTY HFA
MFHR
(Foxbridge Apt. Project)
Series '95A VRDN*
2,400 6/15/25 3.30 2,400,000
PINELLAS COUNTY MFHR
(Multi County Program)
Series B AMT PPB*
4,500 3/01/97 3.40 4,500,000
PINELLAS COUNTY WATER
REVENUE
AMBAC
1,000 10/01/96 3.75 1,001,829
POLK COUNTY IDR
(Protel Inc.) AMT VRDN*
450 9/01/07 3.85 450,000
ST. LUCIE PCR
(Florida Power & Light)
Series '93 AMT VRDN*
2,600 1/01/27 3.80 2,600,000
ST. LUCIE SCHOOL DISTRICT
Series A
500 2/01/97 3.50 500,854
2
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
_______________________________________________________________________________
WAUCHULA IDR
(Hardee County Center
Project) VRDN*
$ 4,150 12/01/13 3.55% $ 4,150,000
Total Municipal Bonds
(amortized
cost $68,298,563) 68,298,563
COMMERCIAL PAPER-26.0%
FLORIDA-22.2%
ALACHUA COUNTY HEALTH
FACILITIES AUTHORITY
(Academic Research
Building Proj.)
1,050 8/19/96 3.75 1,050,000
FLORIDA LOCAL
GOVERNMENT COMM.
(Assoc. of Counties)
1,000 8/20/96 3.50 1,000,000
FLORIDA MUNICIPAL
POWER AGENCY
Series A
3,605 8/22/96 3.40 3,605,000
HILLSBOROUGH COUNTY
(Tampa Intl. Airport)
Series '94 AMT
2,600 8/16/96 3.70 2,600,000
HILLSBOROUGH COUNTY
(Tampa Intl. Airport)
Series '94 AMT
2,200 8/23/96 3.70 2,200,000
JACKSONVILLE POLLUTION
CONTROL
(Florida Power & Light)
Series '92
440 7/08/96 3.55 440,000
JACKSONVILLE POLLUTION
CONTROL
(Florida Power & Light)
Series '94
500 7/08/96 3.55 500,000
SARASOTA HOSPITAL
REVENUE
(Sarasota Memorial
Hospital) Series A
$ 2,000 8/08/96 3.80% $ 2,000,000
SARASOTA HOSPITAL
REVENUE
(Sarasota Memorial
Hospital) Series C
550 7/26/96 3.55 550,000
SARASOTA HOSPITAL
REVENUE
(Sarasota Memorial
Hospital) Series C
800 7/22/96 3.80 800,000
SUNSHINE STATE
GOVERNMENT
FINANCE AGENCY
Series '86
1,000 7/12/96 3.50 1,000,000
SUNSHINE STATE
GOVERNMENT
FINANCE AGENCY
Series '86
700 7/12/96 3.55 700,000
WEST ORANGE MEMORIAL
HOSPITAL
Tax Revenue Bonds
Series 1991A-1
1,000 7/26/96 3.65 1,000,000
WEST ORANGE MEMORIAL
HOSPITAL
Tax Revenue Bonds
Series 1991A-2
600 7/11/96 3.60 600,000
WEST ORANGE MEMORIAL
HOSPITAL
Tax Revenue Bonds
Series 1991A-2
1,150 7/26/96 3.65 1,150,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
_______________________________________________________________________________
WEST ORANGE MEMORIAL
HOSPITAL
Tax Revenue Bonds
Series 1991A-2
$ 1,050 8/14/96 3.65% $ 1,050,000
20,245,000
PUERTO RICO-3.8%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
3,500 8/21/96 3.70 3,500,000
Total Commercial Paper
(amortized
cost $23,745,000) 23,745,000
TOTAL INVESTMENTS-100.9%
(amortized
cost $92,043,563) $92,043,563
Other assets less
liabilities-(0.9%) (864,178)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
91,181,362 shares
outstanding) $91,179,385
+ 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
COP Certificate of Participation
GO General Obligation
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
PPB Periodic Put Bond
SFMR Single Family Mortgage Revenue
TAN Tax Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
4
STATEMENT OF OPERATIONS
JULY 28, 1995* TO JUNE 30, 1996 ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $2,130,586
EXPENSES
Advisory fee (Note B) $ 288,369
Distribution assistance and administrative
service (Note C) 242,654
Custodian fees 62,397
Registration fees 34,142
Transfer agency (Note B) 31,058
Audit and legal fees 22,791
Printing 19,044
Amortization of organizational expense 4,021
Trustees fees 3,430
Miscellaneous 4,388
Total expenses 712,294
Less: expense reimbursement and fee waiver (380,221)
332,073
Net investment income 1,798,513
REALIZED LOSS ON INVESTMENTS
Net realized loss on investments (1,977)
NET INCREASE IN NET ASSETS FROM OPERATIONS $1,796,536
* Commencement of operations
See notes to financial statements.
5
STATEMENT OF CHANGES IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
JULY 28, 1995*
TO
JUNE 30, 1996
--------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 1,798,513
Net realized loss on investments (1,977)
Net increase in net assets from operations 1,796,536
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,798,513)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) 91,181,362
Total increase 91,179,385
NET ASSETS
Beginning of period -0-
End of period $91,179,385
* Commencement of operations
See notes to financial statements.
6
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996 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. As
a matter of fundamental policy, each 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
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 June 30, 1996, 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, from October 23, 1995 to January 2, 1996
for expenses exceeding .40 of 1% of its average daily net assets, from January
3, 1996 to March 3, 1996 for expenses exceeding .60 of 1% of its average daily
net assets and from March 4, 1996 to June 30, 1996 for expenses exceeding .65
of 1% of its average daily net assets. For the period ended June 30, 1996, the
reimbursement amounted to $322,547. 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 $18,539 for the period ended June 30, 1996.
7
NOTES TO FINANCIAL STATEMENTS (CONT.)
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 June 30, 1996, the distribution fee amounted to $144,185
of which $57,674 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 June 30, 1996, such payments by the Portfolio amounted to
$98,469 of which $46,000 was paid to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At June 30, 1996, the cost of securities for federal income tax purposes was
the same as the cost for financial reporting purposes. At June 30, 1996 the
Portfolio had a capital loss carryforward of $1,977 which expires in the year
2004.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At June 30,
1996, capital paid-in aggregated $91,181,362. Transactions, all at $1.00 per
share, were as follows:
JULY 28, 1995(A)
THROUGH
JUNE 30, 1996
----------------
Shares sold 355,151,881
Shares issued on reinvestments of dividends 1,798,513
Shares redeemed (265,769,032)
Net increase 91,181,362
(a) Commencement of operations.
8
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
JUNE 30,
1996
---------
Net asset value, beginning of period $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .030
LESS DISTRIBUTIONS
Dividends from net investment income (.030)
Net asset value, end of period $1.00
Total investment return based on net asset value (b)(c) 3.32%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $91,179
Ratio to average net assets of:
Expenses, net of waivers and reimbursements (c) .58%
Expenses, before waivers and reimbursements (c) 1.24%
Net investment income (c)(d) 3.12%
(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.
9
INDEPENDENT AUDITOR'S REPORT ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
We have audited the accompanying statement of net assets of the Florida
Portfolio of Alliance Municipal Trust as of June 30, 1996 and the related
statements of operations, changes in net assets, and financial highlights for
the period indicated in the accompanying financial statements. These financial
statements and financial highlights are the responsibility of the Portfolio's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1996, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Florida Portfolio of Alliance Municipal Trust as of June 30, 1996, and the
results of its operations, changes in its net assets, and its financial
highlights for the period indicated, in conformity with generally accepted
accounting principles.
McGladrey & Pullen, LLP
New York, New York
July 26, 1996
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
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, New York, NY 10105
Toll free 1 (800) 221-5672
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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
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