ALLIANCE MUNICIPAL TRUST -NEW JERSEY PORTFOLIO
SEMI-ANNUAL REPORT
DECEMBER 31, 1996
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
MUNICIPAL BONDS-76.6%
NEW JERSEY-68.4%
BERGEN COUNTY
Series '95
$ 500 7/15/97 3.50% $ 503,145
CALDWELL GO
FGIC
470 10/01/97 3.95 474,095
CAMDEN COUNTY
MUNICIPAL UTILITY AUTHORITY
Sewer Revenue FGIC
1,500 7/15/97 3.55 1,500,353
ESSEX COUNTY
IMPROVEMENT AUTHORITY
(County Asset Sale Proj.)
Series '95 AMBAC VRDN*
5,500 12/01/25 3.95 5,500,000
FORT LEE
Refunding Notes
2,670 5/23/97 3.70 2,675,557
FORT LEE
Refunding Notes
620 5/23/97 3.75 621,045
GLOUCESTER COUNTY PCR
(Mobil Oil Co.) VRDN*
2,000 12/01/03 3.75 2,000,000
JERSEY CITY
School Promissory Note
2,000 3/07/97 3.60 2,000,677
JERSEY CITY BAN
2,500 9/26/97 4.05 2,507,933
MAHWAH TOWNSHIP SCHOOL DISTRICT
Temporary Notes
3,000 7/25/97 3.95 3,004,853
MANCHESTER TOWNSHIP GO
FGIC
457 12/01/97 3.70 461,266
MERCER COUNTY
IMPROVEMENT AUTHORITY
(Aces Pooled Govt Loan Prog.)
VRDN*
3,100 11/01/98 3.95 3,100,000
NEWARK HEALTHCARE FACILITY REVENUE
(Urban Renewal Corp. Care Fac.)
Series A VRDN*
2,990 6/01/30 4.30 2,990,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Epitaxx, Inc.)
Series '91 AMT VRDN*
4,500 8/01/16 4.25 4,500,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Hillcrest Health Services)
Series '95 VRDN*
8,000 1/01/22 4.05 8,000,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Kinder-Care Learning Centers)
Series D VRDN*
390 10/01/00 4.55 390,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Merck & Co.) Series '82 VRDN*
1,300 10/01/22 4.25 1,300,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
Composite Issue '92
Series U AMT VRDN*
1,835 12/01/02 4.20 1,835,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Economic Growth)
Series B AMT VRDN*
1,435 8/01/04 4.10 1,435,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY IDR
(Fujinon Inc. Project)
Series 86 VRDN*
600 3/01/01 3.95 600,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY IDR
(STP Company Project)
Series '92 VRDN*
2,885 7/01/06 3.90 2,884,999
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY PCR
(Hoffman-LA Roche Inc.) VRDN*
$ 2,800 2/01/05 4.00% $2,800,000
NEW JERSEY HFA SFMR
Eagle Trust
(Home Owner Mortgage)
Series C-D MBIA VRDN*
3,800 10/01/15 4.21 3,800,000
NEW JERSEY STATE
TRANSPORT TRUST FUND AUTHORITY
(Transportation System)
Series A ETM
1,000 6/15/97 3.45 1,002,883
NORTH BERGEN TOWNSHIP
BOARD OF EDUCATION
Promissory Note
4,000 3/14/97 3.30 4,001,527
PLEASANTVILLE SCHOOL DISTRICT
Temporary Notes
4,500 8/28/97 3.93 4,508,951
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
(Versatile Structure)
Series 3 VRDN*
3,800 6/01/20 4.85 3,800,000
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
(Versatile Structure)
Series '96-5 VRDN*
700 8/01/24 4.85 700,000
PRINCETON TOWNSHIP GO
Series '86
500 7/01/97 3.55 508,657
RUTGERS UNIVERSITY
Pre-Refunded Series A
2,000 5/01/97 3.52 2,069,467
SALEM COUNTY PCR
(Dupont Corp.) Series '82A VRDN*
2,100 3/01/12 3.65 2,100,000
SOMERS POINT BOARD OF EDUCATION
FSA
450 3/01/97 3.35 450,956
WEST DEPTFORD GO
Series '96 AMBAC
900 3/01/97 3.50 900,000
WILDWOOD GO
FSA
460 9/15/97 4.00 464,397
WOODBRIDGE TOWNSHIP BAN
4,000 7/02/97 3.85 4,001,140
-----------
79,391,901
NEW HAMPSHIRE-5.2%
NEW HAMPSHIRE BUSINESS
FINANCE AUTHORITY. PCR
(Public Service Co. Project)
Series '92D AMT VRDN*
6,000 5/01/21 4.25 6,000,000
PUERTO RICO-3.0%
PUERTO RICO GO TRAN
Series '97A
2,600 7/30/97 3.43 2,608,372
PUERTO RICO HIGHWAY
AND TRANSPORTATION AUTHORITY
Series X VRDN*
900 7/01/99 3.75 900,000
-----------
3,508,372
Total Municipal Bonds
(amortized cost $88,900,273) 88,900,273
COMMERCIAL PAPER-18.7%
NEW JERSEY-15.2%
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Chamber Cogeneration) Series '91
2,000 3/10/97 3.30 2,000,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Chamber Cogeneration)
Series '91 AMT
1,500 3/21/97 3.40 1,500,000
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Logan-1992 Project) AMT
2,500 3/11/97 3.35 2,500,000
2
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
NEW JERSEY ECONOMIC
DEVELOPMENT AUTHORITY
(Logan-1992 Project) AMT
$ 2,000 3/06/97 3.45% $ 2,000,000
NEW JERSEY GO TRAN
Series '97A
2,500 3/03/97 3.50 2,500,000
NEW JERSEY GO TRAN
Series '97A
2,500 4/01/97 3.50 2,500,000
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
AMT
2,175 3/21/97 3.40 2,175,000
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
AMT
2,500 2/11/97 3.50 2,500,000
------------
17,675,000
PUERTO RICO-3.5%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
1,000 2/06/97 3.55 1,000,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
3,000 2/14/97 3.65 3,000,000
------------
4,000,000
Total Commercial Paper
(amortized cost $21,675,000) 21,675,000
TOTAL INVESTMENTS-95.3%
(amortized cost $110,575,273) 110,575,273
Other assets less liabilities-4.7% 5,418,320
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
115,994,876 shares outstanding) $115,993,593
# 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 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.
Glossary of Terms:
AMBAC American Municipal Bond Assurance Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance
GO General Obligation
HFA Housing Finance Agency/Authority
IDR Industrial Development Revenue
MBIA Municipal Bond Investors Assurance
PCR Pollution Control Revenue
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, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $1,921,496
EXPENSES
Advisory fee (Note B) $ 275,104
Distribution assistance and administrative service
(Note C) 190,504
Transfer agency (Note B) 82,748
Custodian fees 37,319
Printing 10,768
Audit and legal fees 9,601
Registration fees 6,192
Trustees' fees 1,596
Amortization of organization expense 1,021
Miscellaneous 4,264
Total expenses 619,117
Less: expense reimbursement and fee waiver (151,440) 467,677
Net investment income 1,453,819
UNREALIZED LOSS ON INVESTMENTS
Net change in unrealized appreciation of investments (3,305)
NET INCREASE IN NET ASSETS FROM OPERATIONS $1,450,514
See notes to financial statements.
4
STATEMENTS OF CHANGES
IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DEC. 31, 1996 YEAR ENDED
(UNAUDITED) JUNE 30,1996
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 1,453,819 $ 2,562,279
Net realized loss on investments -0- (32)
Net change in unrealized appreciation of
investments (3,305) 3,305
Net increase in net assets from operations 1,450,514 2,565,552
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,453,819) (2,562,279)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) 17,898,605 23,962,316
Total increase 17,895,300 23,965,589
NET ASSETS
Beginning of period 98,098,293 74,132,704
End of period $115,993,593 $98,098,293
See notes to financial statements.
5
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 (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. As
a matter of fundamental policy, each Portfolio, except the Florida 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 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, 1996, are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax.
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 ended December 31, 1996 for expenses exceeding .85 of 1% of its
average daily net assets. For the six months ended December 31, 1996, the
reimbursement amounted to $96,419. 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 $49,111 for the six months ended December 31,
1996.
6
ALLIANCE MUNICIPAL TRUST - NEW JERSEY PORTFOLIO
_______________________________________________________________________________
NOTE C: DISTRIBUTION ASSISTANCE AND ADMINISTRATIVE SERVICES PLAN
Under this Plan, the Portfolio pays the Adviser a distribution fee at the
annual rate of up to .25% of 1% of the average daily value of the Portfolio's
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, 1996, the distribution fee amounted to $137,552 of
which $55,021 was waived. 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, 1996, such payments by the Portfolio amounted to $52,952 of which
$45,500 was paid to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At December 31, 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 $1,283, of which $1,251 expires in
2003 and $32 expires in 2004.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1996, capital paid-in aggregated $115,994,876. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DEC. 31, 1996 JUNE 30,
(UNAUDITED) 1996
------------- -------------
Shares sold 221,078,244 392,300,834
Shares issued on reinvestments of dividends 1,453,819 2,562,279
Shares redeemed (204,633,458) (370,900,797)
Net increase 17,898,605 23,962,316
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.
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED JUNE 30, FEB. 7,1994(A)
DEC. 31, 1996 ------------------------ THROUGH
(UNAUDITED) 1996 1995 JUNE 30, 1994
--------------- ----------- ----------- --------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .013 .028 .029 .008
LESS DISTRIBUTIONS
Dividends from net investment income (.013) (.028) (.029) (.008)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on net
asset value (b) 2.66%(c) 2.89% 2.93% 2.08%(c)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $115,994 $98,098 $74,133 $36,909
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .85%(c) .82% .74% .70%(c)
Expenses, before waivers and
reimbursements 1.13%(c) 1.19% 1.29% 1.93%(c)
Net investment income (d) 2.64%(c) 2.84% 2.98% 2.07%(c)
</TABLE>
(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
OFFICERS
RONALD M. WHITEHILL, PRESIDENT
DREW BIEGEL, SENIOR VICE 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
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 York, NY 10105
Toll free 1 (800) 221-5672
YIELDS. For current recorded yield information on Alliance
Municipal Trust, call on a touch-tone telephone toll-free
(800) 251-0539 and press the following sequence of keys:
1 # 1 # 9 2 #
For non-touch-tone telephones, call toll-free (800) 221-9513
ALLIANCE CAPITAL
DISTRIBUTION OF THIS REPORT OTHER THAN TO SHAREHOLDERS MUST
BE PRECEDED OR ACCOMPANIED BY THE FUND'S CURRENT PROSPECTUS,
WHICH CONTAINS FURTHER INFORMATION ABOUT THE FUND.
R THESE REGISTERED SERVICE MARKS USED UNDER LICENSE FROM
THE OWNER, ALLIANCE CAPITAL MANAGEMENT L.P.
ANJSR
ALC92PR01
