ALLIANCE MUNICIPAL TRUST
- -NEW JERSEY PORTFOLIO
ALLIANCECAPITAL
SEMI-ANNUAL REPORT
DECEMBER 31, 1995
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
MUNICIPAL BONDS-82.2%
NEW JERSEY-76.2%
BRICK TOWNSHIP BAN
$ 1,179 3/29/96 3.50% $ 1,179,702
ESSEX COUNTY IMPROVEMENT AUTH.
Series '95 VRDN*
3,500 12/01/25 4.75 3,500,000
FREEHOLD TOWNSHIP GO BOND
FGIC
550 9/01/96 3.85 552,846
GLOUCESTER COUNTY BOND
1,500 9/01/96 3.90 1,497,987
GLOUCESTER COUNTY BOND
MBIA
190 11/01/96 3.82 191,733
GLOUCESTER COUNTY PCR
(Mobil Oil Co.) VRDN*
2,000 12/01/13 4.50 2,000,000
HACKENSACK BAN
2,958 12/19/96 3.50 2,964,875
HUNTERDON COUNTY BAN
3,500 5/24/96 3.94 3,500,124
JERSEY CITY BAN
1,500 9/27/96 3.90 1,509,046
JERSEY CITY BAN
1,500 9/27/96 3.90 1,501,057
MIDDLESEX COUNTY BOND
Pre-refunded
2,250 7/15/96 3.80 2,327,021
MIDDLESEX COUNTY NEW JERSEY UTILITY
BOND
Series A MBIA
500 2/15/96 3.40 500,933
MONTGOMERY TOWNSHIP BAN
School District Series '95
3,000 3/01/96 3.70-4.70 3,004,291
MORRIS COUNTY BOND
County College Series '95
1,000 7/15/96 3.62 1,009,779
MORRIS COUNTY BOND
General Improvement Series '95
1,226 7/15/96 3.62 1,237,990
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY
(Epitaxx, Inc.) Series '91 AMT VRDN*
5,000 8/01/16 5.25 5,000,000
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY
(Hillcrest Health Services)
Series '95 VRDN*
3,800 1/01/22 5.20 3,800,000
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY
(Kinder-Care Learning
Centers) Series D VRDN*
390 10/01/00 5.35 390,000
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY
(Preston Trucking Co.) VRDN*
2,600 9/01/14 3.55 2,600,000
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY
Issue '92 Series U AMT VRDN*
2,140 12/01/02 5.15 2,140,000
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY IDR
(Economic Growth) Series B AMT VRDN*
1,600 8/01/04 5.05 1,600,000
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY IDR
(Sound Design Corp.) Series '84 VRDN*
2,525 12/31/99 5.53 2,524,500
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY IDR
(STP Company Project) Series '92 VRDN*
2,885 7/01/06 5.05 2,884,999
NEW JERSEY HFA SFMR
Eagle Trust (Home Owner Mtg.) Series C-D
MBIA VRDN*
5,500 10/01/15 5.25 5,500,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
NEW JERSEY SPORTS & EXPOSITION
AUTHORITY
Series '92C MBIA VRDN*
$ 3,700 9/01/24 4.75% $ 3,700,000
NEW JERSEY STATE TURNPIKE AUTHORITY
BOND
Series A
3,000 1/01/96 3.84 3,000,000
OCEAN COUNTY UTILITIES AUTHORITY
(Wastewater Revenue)
FGIC Pre-refunded
1,000 1/01/96 4.30 1,000,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY
(Versatile Structure) Series 1
AMT VRDN*
4,000 8/01/28 6.15 4,000,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY
Series 3 Util Rev: (KIAC Partners
Project) AMT VRDN*
2,000 10/01/14 5.10 2,000,000
VERONA BAN
1,054 4/10/96 3.80 1,054,334
VOORHEES TOWNSHIP WATER & SEWER BOND
MBIA
300 10/15/96 3.86 302,262
WOODBRIDGE TOWNSHIP BAN
1,000 7/03/96 3.75 999,384
------------
68,972,863
PUERTO RICO-6.0%
PUERTO RICO GOVERNMENT DEVELOPMENT BANK
Series '85 VRDN*
1,000 12/01/15 4.50 1,000,000
PUERTO RICO HIGHWAY & TRANSPORTATION
AUTHORITY
Series X VRDN*
2,500 7/01/99 4.50 2,500,000
PUERTO RICO INDUSTRIAL, MEDICAL &
ENVIROMENTAL PCR
(Key Pharmaceuticals) PPB*
1,900 12/01/13 3.80 1,901,671
------------
5,401,671
Total Municipal Bonds
(amortized cost $74,373,958) 74,374,534
COMMERCIAL PAPER-21.3%
NEW JERSEY-12.7%
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY
(Chambers Cogeneration)
Series '91 AMT
1,000 2/15/96 3.75 1,000,000
NEW JERSEY ECONOMIC DEVELOPMENT
AUTHORITY
(Keystone-1992 Project) AMT
3,500 3/27/96 3.60 3,500,000
NEW JERSEY GO TRAN
Series '96A
3,500 2/14/96 3.30 3,500,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY
Series B AMT
3,530 2/21/96 3.70 3,530,000
------------
11,530,000
PUERTO RICO-8.6%
PUERTO RICO GOVERNMENT DEVELOPMENT BANK
4,300 3/08/96 3.65 4,300,212
PUERTO RICO INDUSTRIAL, TOURIST,
EDUCATIONAL, MEDICAL & ENVIRONMENTAL
(Inter-American University
of Puerto Rico) Series '88
2,000 2/16/96 3.30 2,000,000
2
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
PUERTO RICO INDUSTRIAL, TOURIST,
EDUCATIONAL, MEDICAL & ENVIRONMENTAL
(Inter-American University of Puerto
Rico) Series '94A
$ 1,500 3/05/96 3.55% $ 1,500,000
7,800,212
Total Commercial Paper
(amortized cost $19,330,212) 19,330,212
TOTAL INVESTMENTS-103.5%
(amortized cost $93,704,170) $93,704,746
Other assets less liabilities-(3.5%) (3,175,987)
NET ASSETS-100%
(offering and redemption price of $1.00
per share; 90,529,433 shares outstanding) $90,528,759
+ 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:
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
FGIC Financial Guaranty Insurance Company
GO General Obligation
HFA Housing Finance Agency/Authority
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
PCR Pollution Control Revenue
PPB Periodic Put Bond
SFMR Single Family Mortgage Revenue
TRAN Tax & Revenue Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
3
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1995 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $1,566,920
EXPENSES
Advisory fee (Note B) $204,208
Distribution assistance and administrative service
(Note C) 152,857
Transfer agency 58,633
Custodian fees 29,429
Registration fees 10,653
Audit and legal fees 10,551
Printing 6,340
Trustees' fees 1,935
Amortization of organization expense 1,021
Miscellaneous 2,632
Total expenses 478,259
Less: expense reimbursement and fee waiver (151,526)
326,733
Net investment income 1,240,187
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments 1
Net change in unrealized appreciation of investments 576
NET INCREASE IN NET ASSETS FROM OPERATIONS $1,240,764
See notes to financial statements.
4
STATEMENTS OF CHANGES
IN NET ASSETS ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DECEMBER 31,1995 YEAR ENDED
(UNAUDITED) JUNE 30,1995
-------------- ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 1,240,187 $ 1,736,484
Net realized gain (loss) on investments 1 (1,251)
Net changes in unrealized appreciation of
investments 576 -0-
Net increase in net assets from operations 1,240,764 1,735,233
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,240,187) (1,736,484)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase 16,395,478 37,225,371
Total increase 16,396,055 37,224,120
NET ASSETS
Beginning of period 74,132,704 36,908,584
End of period $90,528,759 $74,132,704
See notes to financial statements.
5
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
NOTE A: SIGNIFICANT ACCOUNTING POLICIES
Alliance Municipal Trust (the 'Fund') is registered under the Investment
Company Act of 1940, as 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 (the 'Portfolio'), Alliance Municipal Trust-Virginia
Portfolio and Alliance Municipal Trust-Florida 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 February 7, 1999.
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
six months 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
the six months ending December 31, 1995 for expenses exceeding .80 of 1% of its
average daily net assets. For the six months ended December 31, 1995, the
reimbursement amounted to $110,684. 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 $35,942 for the six months ended December 31,
1995.
6
ALLIANCE MUNICIPAL TRUST - NEW JERSEY 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 six months ended December 31, 1995, the distribution amounted to
$102,105 of which $40,842 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 six months ended December 31, 1995, such payments by the
Portfolio amounted to $50,752 of which $47,000 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. At June 30, 1995 the
Portfolio had a capital loss carryforward of $1,251 which expires in 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1995, capital paid-in aggregated $90,529,433. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31,1995 JUNE 30,
(UNAUDITED) 1995
---------------- --------------
Shares sold 175,481,125 365,818,445
Shares issued on reinvestments of dividends 1,240,187 1,736,484
Shares redeemed (160,325,834) (330,329,558)
Net increase 16,395,478 37,225,371
7
NOTES TO FINANCIAL STATEMENTS
(CONTINUED) ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
NOTE F: FINANCIAL HIGHLIGHTS
Per share operating performance for a share outstanding throughout each period.
FEBRUARY 7,
SIX MONTHS ENDED YEAR ENDED 1994(A)
DECEMBER 31,1995 JUNE 30, THROUGH
(UNAUDITED) 1995 JUNE 30,1994
------------ --------- -----------
Net asset value, beginning of period $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .015 .029 .008
LESS DISTRIBUTIONS
Dividends from net investment income (.015) (.029) (.008)
Net asset value, end of period $1.00 $1.00 $1.00
TOTAL RETURNS
Total investment return based on net
asset value (b) 3.05%(c) 2.93% 2.08%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $90,529 $74,133 $36,909
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .80%(c) .74% .70%(c)
Expenses, before waivers and
reimbursements 1.17%(c) 1.29% 1.93%(c)
Net investment income (d) 3.04%(c) 2.98% 2.07%(c)
(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.
8
ALLIANCE MUNICIPAL TRUST - NEW JERSEY 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
9
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
1345 Avenue of the Americas, New Jersey, NY 10105
Toll free 1 (800) 221-5672
YIELDS. For current recorded yield information on Alliance
Municipal Trust, call on a touch-tone telephone toll-free
(800) 251-0539 and press the following sequence of keys:
1 # 1 # 9 2 #
For non-touch-tone telephones, call toll-free (800) 221-9513
ALLIANCECAPITAL
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.
ALC601039
ANJSR
