ALLIANCE MUNICIPAL TRUST -FLORIDA PORTFOLIO
ALLIANCE CAPITAL
ANNUAL REPORT
JUNE 30, 1997
STATEMENT OF NET ASSETS
JUNE 30, 1997
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
FLORIDA MUNICIPAL BONDS-88.2%
ALACHUA CITY IDA
(Sabine Inc. Project)
Series '95 AMT VRDN(a)
$ 2,365 9/01/15 4.30% $ 2,365,000
BREVARD COUNTY HFA MFHR
(Palm Place Project) VRDN(a)
1,000 12/01/07 4.25 1,000,000
BROWARD COUNTY HFA MFHR
(Harbour Town Jacaranda Project)
Series '95B VRDN(a)
1,400 12/01/25 4.25 1,400,000
BROWARD COUNTY HFA SFMR
Series '97B AMT PPB(a)
2,500 10/01/30 4.05 2,500,000
DADE COUNTY
Capital Asset Series '90 VRDN(a)
1,450 10/01/10 4.45 1,450,000
DADE COUNTY HFA SFMR
(Home Mortgage Revenue)
Series '96 AMT PPB(a)
4,000 4/01/30 4.00 4,000,000
DADE COUNTY IDA
(DNS Manufacturing Project)
Series '89 AMT VRDN(a)
2,625 11/01/09 4.25 2,625,000
DADE COUNTY IDA
(Ivax Laboratories)
Series '88 VRDN(a)
1,600 3/01/08 4.45 1,600,000
DADE COUNTY IDB
(All Interior Supply Inc.)
AMT VRDN(a)
550 12/01/06 4.20 550,000
DADE COUNTY IDB
(Bentley's Luggage Corp.)
AMT VRDN(a)
1,000 12/01/06 4.20 1,000,000
DADE COUNTY IDB
(Pot Company Inc.) AMT VRDN(a)
550 12/01/06 4.20 550,000
DADE COUNTY PUBLIC SERVICE
TAX REVENUE
FSA
1,925 10/01/97 3.96 1,929,931
ESCAMBIA COUNTY SFHR
(Multi County Program)
Series '97 B AMT PPB(a)
4,000 4/01/30 3.75 4,000,000
FLORIDA HFA MFHR
(Ashley Lake ll)
Series J AMT VRDN(a)
3,000 12/01/11 4.20 3,000,000
FLORIDA HFA MFHR
(Banyan Bay Apts.)
Series '95L VRDN(a)
5,275 12/01/25 4.45 5,275,000
FLORIDA HFA MFHR
(Huntington Project) VRDN(a)
1,500 12/01/08 4.30 1,500,000
FLORIDA HFA MFHR
(Lakes of Northdale Project)
Series '84D VRDN(a)
1,000 6/01/07 4.30 1,000,000
FLORIDA HFA MFHR
(Monterey Lake Project) VRDN(a)
2,000 10/01/05 4.30 2,000,000
HILLSBOROUGH COUNTY HFA SFMR
Series '97 AMT PPB(a)
2,500 10/01/30 3.65 2,497,581
HILLSBOROUGH COUNTY IDA
(Seaboard System)
Series '83 VRDN(a)
100 10/15/99 4.10 100,000
HILLSBOROUGH COUNTY IDR
(Semigraphic Arts)
Series '87 AMT VRDN(a)
550 9/01/07 4.20 550,000
HILLSBOROUGH COUNTY PCR
(Tampa Electric Project)
Series '93 AMT VRDN(a)
600 11/01/20 4.30 600,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
JACKSONVILLE HOSPITAL REVENUE
(University Medical Center Project)
Series '88 VRDN(a)
$ 1,500 2/01/18 4.33% $ 1,500,000
JACKSONVILLE HOSPITAL REVENUE
(University Medical Center Project)
Series '89 VRDN(a)
5,000 2/01/19 4.33 5,000,000
JACKSONVILLE IDR
(Columbia Paving Inc.)
AMT VRDN(a)
600 9/01/07 4.15 600,000
JACKSONVILLE IDR
(St. John's Medical Investors)
Series '96 VRDN(a)
2,130 1/01/15 4.25 2,130,000
JACKSONVILLE IDR
(University of Florida
Health Science Center)
Series '89 VRDN(a)
900 7/01/19 4.38 900,000
LATANA WATER & SEWER REVENUE
FGIC
150 10/01/97 4.00 150,359
LEE COUNTY HFA SFMR
(Multi-County Program)
Series '97A AMT PPB(a)
1,400 9/01/30 3.70 1,400,000
LEE COUNTY IDA
(Christian & Missionary Project)
VRDN(a)
2,500 4/01/10 4.25 2,500,000
LEON COUNTY SALES & SEWER TAX REVENUE
(Criminal Detention Facility Project)
AMBAC
400 10/01/97 3.65 401,921
MANATEE COUNTY SCHOOL BOARD COP
Master Lease Program
Series '96 MBIA
1,000 7/01/97 4.25 1,000,000
MARION COUNTY HFA MFHR
(Paddock Place Project)
Series '85F VRDN(a)
1,100 12/01/07 4.25 1,100,000
MARION COUNTY HFA MFHR
(Summer Trace Project)
Series '85D VRDN(a)
2,300 12/01/07 4.25 2,300,000
MONROE COUNTY SALES TAX REVENUE
MBIA
100 4/01/98 4.00 101,091
ORANGE COUNTY HFA MFHR
(Sundown Assoc. II)
Series B VRDN(a)
1,000 6/01/04 4.30 1,000,000
ORANGE COUNTY HFA SFMR
Series '96B AMT PPB(a)
2,000 4/01/29 3.70 2,000,000
PALM BEACH COUNTY SFMR
Series '97B AMT PPB(a)
2,500 10/01/30 3.95 2,500,000
PALM BEACH MFHR
(Lake Crystal)
Series '88A AMT VRDN(a)
1,595 9/01/13 4.30 1,595,000
PINELLAS COUNTY
(Resource Recovery Revenue)
Series '96 MBIA AMT
2,770 10/01/97 3.96 2,773,723
PINELLAS COUNTY
(Resource Recovery Revenue)
Series A MBIA
2,625 10/01/97 3.59 2,642,456
PINELLAS COUNTY HEALTH FACILITIES
(Mease Manor, Inc.)
Series '95 VRDN(a)
4,150 11/01/15 4.30 4,150,000
2
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
POLK COUNTY IDR
(Protel Inc.) AMT VRDN(a)
$ 400 9/01/07 4.20% $ 400,000
SEMINOLE COUNTY SCHOOL DISTRICT RAN
Series '97
1,000 2/17/98 3.65 1,001,366
Total Municipal Bonds
(amortized cost $78,637,637) 78,638,428
COMMERCIAL PAPER-14.5%
FLORIDA-12.8%
CITY OF JACKSONVILLE
3,000 7/24/97 4.00 3,000,000
FLORIDA LOCAL
GOVERNMENT COMMISSION
(Assoc. of Counties)
1,960 7/23/97 3.75 1,960,000
FLORIDA LOCAL
GOVERNMENT COMMISSION
(Assoc. of Counties)
1,000 9/12/97 3.75 1,000,000
HILLSBOROUGH COUNTY
(Tampa Intl. Airport)
Series '94 AMT
2,000 7/16/97 3.90 2,000,000
INDIAN RIVER HOSPITAL DISTRICT
Series '90
3,500 7/25/97 3.70 3,500,000
------------
11,460,000
PUERTO RICO-1.7%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
1,500 7/14/97 3.85 1,500,000
Total Commercial Paper
(amortized cost $12,960,000) 12,960,000
TOTAL INVESTMENTS-102.7%
(amortized cost $91,597,637) 91,598,428
Other assets less liabilities-(2.7%) (2,449,498)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
89,150,116 shares outstanding) $89,148,930
# All securities either mature or their interest rate changes in one year or
less.
(a) 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:
AMBAC American municipal bond assurance corporation
AMT Alternative minimum tax
COP Certificate of participation
FGIC Financial guaranty insurance company
FSA Financial security assurance
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
RAN Revenue anticipation note
SFHR Single family housing revenue
SFMR Single family mortgage revenue
See notes to financial statements.
3
STATEMENT OF OPERATIONS
YEAR ENDED JUNE 30, 1997
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $3,869,205
EXPENSES
Advisory fee (Note B) $ 533,806
Distribution assistance and administrative
service (Note C) 450,269
Custodian fees 71,284
Transfer agency (Note B) 49,505
Printing 33,386
Audit and legal fees 14,096
Registration fees 12,174
Amortization of organization expense 4,329
Trustees' fees 2,950
Miscellaneous 7,611
Total expenses 1,179,410
Less: expense reimbursement and fee waiver (481,813)
Net expenses 697,597
Net investment income 3,171,608
UNREALIZED GAIN ON INVESTMENTS
Net change in unrealized appreciation of investments 791
NET INCREASE IN NET ASSETS FROM OPERATIONS $3,172,399
See notes to financial statements.
4
STATEMENT OF CHANGES
IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
JULY 28,
YEAR ENDED 1995(A) TO
JUNE 30,1997 JUNE 30,1996
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 3,171,608 $ 1,798,513
Net realized loss on investment transactions -0- (1,977)
Net change in unrealized appreciation of
investments 791 -0-
Net increase in net assets from operations 3,172,399 1,796,536
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (3,171,608) (1,798,513)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (Note E) (2,031,246) 91,181,362
Total increase (decrease) (2,030,455) 91,179,385
NET ASSETS
Beginning of period 91,179,385 -0-
End of period $89,148,930 $91,179,385
(a) Commencement of operations
See notes to financial statements.
5
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
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 eight 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,
Alliance Municipal Trust-Florida Portfolio (the "Portfolio") and Alliance
Municipal Trust-Massachusetts Portfolio. Each series is considered to be a
separate entity for financial reporting and tax purposes. 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 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
year ended June 30, 1997, are exempt from federal income taxes. However,
certain shareholders may be subject to the alternative minimum tax.
5. 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 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
from July 1, 1996 to May 31, 1997 for expenses exceeding .65 of 1% of its
average daily net assets and from June 1, 1997 to June 30, 1997 for expenses
exceeding .70 of 1% of its average daily net assets. For the year ended June
30, 1997, the reimbursement amounted to $375,051. 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 $22,601 for the year ended June 30,
1997.
6
ALLIANCE MUNICIPAL TRUST - FLORIDA 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 year
ended June 30, 1997, the distribution fee amounted to $266,904 of which
$106,762 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 year ended June 30,
1997, such payments by the Portfolio amounted to $183,365 of which $92,000 was
paid to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At June 30, 1997, the cost of investments for federal income tax purposes was
the same as the cost for financial reporting purposes. At June 30, 1997 the
Portfolio had a capital loss carry forward 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,
1997, capital paid-in aggregated $89,150,116. Transactions, all at $1.00 per
share, were as follows:
YEAR ENDED JULY 28,1995(A)
JUNE 30, THROUGH
1997 JUNE 30, 1996
------------- ---------------
Shares sold 509,670,004 355,151,881
Shares issued on reinvestments of dividends 3,171,608 1,798,513
Shares redeemed (514,872,858) (265,769,032)
Net increase (decrease) (2,031,246) 91,181,362
(a) Commencement of operations.
7
FINANCIAL HIGHLIGHTS
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
JULY 28,1995(A)
YEAR ENDED THROUGH
JUNE 30, JUNE 30,
1997 1996
--------- --------------
Net asset value, beginning of period $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .030 .030
LESS DIVIDENDS
Dividends from net investment income (.030) (.030)
Net asset value, end of period $ 1.00 $ 1.00
Total investment return based on net asset value (c) 3.03% 3.32%(d)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $89,149 $91,179
Ratio to average net assets of:
Expenses, net of waivers and reimbursements .65% .58%(d)
Expenses, before waivers and reimbursements 1.10% 1.24%(d)
Net investment income (b) 2.97% 3.12%(d)
(a) Commencement of operations.
(b) Net of expenses reimbursed or waived by the Adviser.
(c) 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.
(d) Annualized.
8
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, 1997 and the related
statements of operations, changes in net assets, and financial highlights for
the periods 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 audits 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, 1997, by correspondence with the custodian and brokers.
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 audits provide 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, 1997, and the
results of its operations, changes in its net assets, and its financial
highlights for the periods indicated, in conformity with generally accepted
accounting principles.
McGladrey & Pullen, LLP
New York, New York
July 29, 1997
9
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
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
KENNETH T. CARTY, VICE PRESIDENT
DORIS T. CILIBERTI, VICE PRESIDENT
MARIA R. CONA, 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
VINCENT S. NOTO, 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
10
ALLIANCE MUNICIPAL TRUST - FLORIDA 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 # 6 6 #
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.
AFLAR
