ALLIANCE MUNICIPAL TRUST -FLORIDA PORTFOLIO
ALLIANCE CAPITAL
SEMI-ANNUAL REPORT
DECEMBER 31, 1997
(UNAUDITED)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1997 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
MUNICIPAL BONDS-75.5%
FLORIDA-75.5%
ALACHUA CITY IDA
(Sabine Inc. Project)
Series '95 AMT VRDN (a)
$ 2,145 9/01/15 4.30% $ 2,145,000
ALACHUA COUNTY IDR
(Florida Rock Industries Inc.)
VRDN (a)
9,000 11/01/22 4.15 9,000,000
BREVARD COUNTY HFA MFHR
(Palm Place Project) VRDN (a)
5,500 12/01/07 3.70 5,500,000
BROWARD COUNTY HFA MFHR
(Harbour Town Jacaranda Project)
Series '95B VRDN (a)
1,400 12/01/25 3.70 1,400,000
BROWARD COUNTY HFA MFHR
(Margate Investments Project)
VRDN (a)
2,200 11/01/05 3.70 2,200,000
BROWARD COUNTY HFA SFMR
Series '97B AMT PPB (a)
2,500 10/01/30 4.05 2,500,000
BROWARD COUNTY IDR
(Education Resident and
Training Authority)
Series '97 VRDN (a)
1,000 8/01/04 4.25 1,000,000
DADE COUNTY
Capital Asset
Series '90 VRDN (a)
7,330 10/01/10 4.20 7,330,000
DADE COUNTY HOSPITAL REVENUE
(Miami Childrens Hospital)
Series '90 VRDN (a)
3,700 9/01/20 5.20 3,700,000
DADE COUNTY IDA
(Florida Power & Light)
Series '93 VRDN (a)
2,700 6/01/21 4.60 2,700,000
DADE COUNTY IDA
(Ivax Laboratories)
Series '88 VRDN (a)
1,600 3/01/08 4.35 1,600,000
DADE COUNTY IDB
(All Interior Supply Inc.)
AMT VRDN (a)
500 12/01/06 5.00 500,000
DADE COUNTY IDB
(Bentley's Luggage Corp.)
AMT VRDN (a)
900 12/01/06 5.00 900,000
DADE COUNTY IDB
(Pot Company Inc.)
AMT VRDN (a)
500 12/01/06 5.00 500,000
FLORIDA HFA MFHR
(Ashley Lake ll)
Series '89J AMT VRDN (a)
3,000 12/01/11 3.95 3,000,000
FLORIDA HFA MFHR
(Banyan Bay Apts.)
Series '95L AMT VRDN (a)
5,275 12/01/25 4.20 5,275,000
FLORIDA HFA MFHR
(EEE-Carlton Arms II) VRDN (a)
1,545 12/01/08 3.85 1,545,000
FLORIDA HFA MFHR
(Huntington Project) VRDN (a)
1,500 12/01/08 4.25 1,500,000
FLORIDA HFA MFHR
(Lakes of Northdale Project)
Series '84D VRDN (a)
1,000 6/01/07 4.10 1,000,000
1
PORTFOLIO OF INVESTMENTS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
FLORIDA HFA MFHR
(Monterey Lake Project) VRDN (a)
$ 2,000 10/01/05 3.70% $ 2,000,000
FLORIDA HFA MFHR
(Oaks at Orange Park Project)
Series '90 VRDN (a)
6,140 7/01/07 3.75 6,140,000
HILLSBOROUGH COUNTY IDA
(Seaboard System)
Series '83 VRDN (a)
100 10/15/99 4.05 100,000
HILLSBOROUGH COUNTY IDA
(Seaboard Tampa) AMT VRDN (a)
6,900 12/01/16 3.70 6,900,000
HILLSBOROUGH COUNTY IDR
(Semigraphic Arts)
Series '87 AMT VRDN (a)
500 9/01/07 5.00 500,000
HILLSBOROUGH COUNTY PCR
(Tampa Electric Project)
Series '93 AMT VRDN (a)
5,200 11/01/20 5.10 5,200,000
JACKSONVILLE HOSPITAL REVENUE
(Genesis Rehabilitation Hospital)
Series '96 VRDN (a)
4,100 5/01/21 5.00 4,100,000
JACKSONVILLE HOSPITAL REVENUE
(University Medical Center Project)
Series '88 VRDN (a)
2,600 2/01/18 4.65 2,600,000
JACKSONVILLE IDR
(Pavilion Associates Project)
Series '96 VRDN (a)
1,000 1/01/15 3.70 1,000,000
JACKSONVILLE IDR
(St. John's Medical Investors)
Series '96 VRDN (a)
2,130 1/01/15 3.70 2,130,000
JACKSONVILLE IDR
(University of Florida
Health Science Center)
Series '89 VRDN (a)
900 7/01/19 4.20 900,000
LEE COUNTY IDA
(Christian & Missionary Project)
VRDN (a)
2,500 4/01/10 4.08 2,500,000
LEE COUNTY IDA
(Cypress Cove Healthpark)
Series '97C VRDN (a)
14,000 10/01/04 3.65 14,000,000
MARION COUNTY HFA MFHR
(Paddock Place Project)
Series '85F VRDN (a)
1,100 12/01/07 4.00 1,100,000
MARION COUNTY HFA MFHR
(Summer Trace Project)
Series '85D VRDN (a)
2,300 12/01/07 4.00 2,300,000
MARTIN COUNTY SOLID WASTE
(Florida Power & Light)
Series '93 AMT VRDN (a)
800 1/01/27 5.10 800,000
MONROE COUNTY SALES TAX REVENUE
MBIA
100 4/01/98 4.00 100,358
ORANGE COUNTY HFA MFHR
(Sundown Assoc. II)
Series B VRDN (a)
1,000 6/01/04 3.80 1,000,000
PALM BEACH COUNTY
(Water & Sewer Revenue) VRDN (a)
3,850 10/01/11 5.00 3,850,000
2
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
PALM BEACH COUNTY SFMR
Series '97B AMT PPB (a)
$ 2,500 10/01/30 3.95% $ 2,500,000
PALM BEACH IDR
(Florida Convalescent Center Project)
AMT VRDN (a)
2,565 11/01/11 4.15 2,565,000
PALM BEACH MFHR
(Lake Crystal)
Series '88A AMT VRDN (a)
4,595 9/01/13 3.80 4,595,000
PINELLAS COUNTY HEALTH FACILITIES
(Mease Manor, Inc.)
Series '95 VRDN (a)
4,150 11/01/15 4.20 4,150,000
PINELLAS COUNTY HFA SFMR
(Multi County Program)
Series D AMT PPB (a)
3,500 9/01/26 4.00 3,500,000
SEMINOLE COUNTY SCHOOL DISTRICT RAN
Series '97
1,000 2/17/98 3.88 1,000,278
ST. LUCIE PCR
(Florida Power & Light)
Series '93 AMT VRDN (a)
6,600 1/01/27 5.10 6,600,000
UNIVERSITY OF FLORIDA
(Athletic Assoc. Stadium Project)
Series '90 VRDN (a)
8,200 2/01/20 4.95 8,200,000
VOLUSIA COUNTY HFA MFHR
(Ocean Oaks Apartments)
Series '97B VRDN (a)
7,295 11/01/37 3.85 7,295,000
Total Municipal Bonds
(amortized cost $150,920,636) 150,920,636
COMMERCIAL PAPER-17.6%
FLORIDA-16.9%
CITY OF JACKSONVILLE
4,400 2/27/98 3.75 4,400,000
CITY OF JACKSONVILLE
1,500 2/26/98 3.80 1,500,000
FLORIDA LOCAL GOVERNMENT COMMISSION
(Assoc. of Counties)
3,492 2/12/98 3.85 3,492,000
FLORIDA MUNICIPAL POWER AGENCY
(Pooled Loan Project) Series A
1,000 1/08/98 3.65 1,000,000
INDIAN RIVER HOSPITAL DISTRICT
Series '90
1,000 4/07/98 3.70 1,000,000
JACKSONVILLE ELECTRIC AUTHORITY
Series A
7,800 1/12/98 3.65 7,800,000
ORANGE COUNTY
Series A
5,000 1/15/98 3.65 5,000,000
SARASOTA HOSPITAL REVENUE
(Sarasota Memorial Hospital)
Series B
1,000 4/09/98 3.75 1,000,000
SARASOTA HOSPITAL REVENUE
(Sarasota Memorial Hospital)
Series B
1,850 1/16/98 3.80 1,850,000
SARASOTA HOSPITAL REVENUE
(Sarasota Memorial Hospital)
Series B
1,200 1/28/98 3.85 1,200,000
3
PORTFOLIO OF INVESTMENTS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- -------------------------------------------------------------------------
SARASOTA HOSPITAL REVENUE
(Sarasota Memorial Hospital)
Series C
$ 2,000 4/08/98 3.75% $ 2,000,000
ST. LUCIE PCR
(Florida Power & Light) Series '94A
3,500 4/09/98 3.75 3,500,000
-------------
33,742,000
PUERTO RICO-0.7%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
1,500 2/12/98 3.75 1,500,000
Total Commercial Paper
(amortized cost $35,242,000) 35,242,000
TOTAL INVESTMENTS-93.1%
(amortized cost $186,162,636) $186,162,636
Other assets less liabilities-6.9% 13,763,806
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
199,926,546 shares outstanding) $199,926,442
# 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:
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
RAN Revenue Anticipation Note
SFMR Single Family Mortgage Revenue
See notes to financial statements.
4
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
ASSETS
Investments in securities, at value (cost $186,162,636) $186,162,636
Cash 13,046,877
Interest receivable 842,955
Deferred organization expense 11,133
Receivable for capital stock sold 2,221
Total assets 200,065,822
LIABILITIES
Advisory fee payable 54,209
Distribution fee payable 28,227
Accrued expenses 56,944
Total liabilities 139,380
NET ASSETS $199,926,442
COMPOSITION OF NET ASSETS
Capital shares $199,926,546
Accumulated net realized loss on investments (104)
$199,926,442
See notes to financial statements.
5
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1997 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $2,050,875
EXPENSES
Advisory fee (Note B) $ 270,134
Distribution assistance and administrative
service (Note C) 212,727
Custodian fees 37,051
Transfer agency (Note B) 26,295
Printing 10,790
Audit and legal fees 7,386
Registration fees 4,813
Amortization of organization expense 2,182
Trustees' fees 1,381
Miscellaneous 3,559
Total expenses 576,318
Less: expense reimbursement and fee waiver (114,949)
Net expenses 461,369
Net investment income 1,589,506
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions 1,873
Net change in unrealized appreciation of investments (791)
Net gain on investments 1,082
NET INCREASE IN NET ASSETS FROM OPERATIONS $1,590,588
See notes to financial statements.
6
STATEMENT OF CHANGES IN NET ASSETS
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DEC. 31, 1997 YEAR ENDED
(UNAUDITED) JUNE 30, 1997
-------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 1,589,506 $ 3,171,608
Net realized gain on investment transactions 1,873 -0-
Net change in unrealized appreciation
of investments (791) 791
Net increase in net assets from operations 1,590,588 3,172,399
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,589,506) (3,171,608)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (decrease) (Note E) 110,776,430 (2,031,246)
Total increase (decrease) 110,777,512 (2,030,455)
NET ASSETS
Beginning of period 89,148,930 91,179,385
End of period $199,926,442 $89,148,930
See notes to financial statements.
7
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997 (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 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 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 financial statements have been prepared in conformity
with generally accepted accounting principles which require management to make
certain estimates and assumptions that affect the reported amounts of assets
and liabilities in the financial statements and amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.
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
six months ended December 31, 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, 1997 to July 31, 1997 for expenses exceeding .75 of 1% of its
average daily net assets, from August 1, 1997 to October 26, 1997 for expenses
exceeding .80 of 1% of its average daily net assets and from October 27, 1997
to November 19, 1997 for expenses exceeding .85 of 1% of its average daily net
assets. For the six months ended December 31, 1997, the reimbursement amounted
to $75,721.
8
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
The Portfolio compensates Alliance Fund Services, Inc., a wholly-owned
subsidiary of the Adviser, under a Transfer Agency Agreement for providing
personnel and facilities to perform transfer agency services for the Portfolio.
Such compensation amounted to $15,653 for the six months ended December 31,
1997.
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, 1997, the distribution fee amounted to $135,067, of
which $39,228 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, 1997, such payments by the Portfolio amounted to $77,660, of which
$46,000 was paid to the Adviser.
NOTE D: INVESTMENT TRANSACTIONS
At December 31, 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 December 31,
1997, capital paid-in aggregated $199,926,546. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DEC. 31, 1997 JUNE 30,
(UNAUDITED) 1997
--------------- --------------
Shares sold 356,085,996 509,670,004
Shares issued on reinvestments of dividends 1,589,506 3,171,608
Shares redeemed (246,899,072) (514,872,858)
Net increase (decrease) 110,776,430 (2,031,246)
9
FINANCIAL HIGHLIGHTS
ALLIANCE MUNICIPAL TRUST - FLORIDA PORTFOLIO
_______________________________________________________________________________
SELECTED DATA FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH
PERIOD
JULY 28,
SIX MONTHS 1995(A)
ENDED YEAR ENDED THROUGH
DEC. 31, 1997 JUNE 30, JUNE 30,
(UNAUDITED) 1997 1996
------------ -------- -----------
Net asset value, beginning of period $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (b) .015 .030 .030
LESS DIVIDENDS
Dividends from net investment income (.015) (.030) (.030)
Net asset value, end of period $1.00 $1.00 $1.00
TOTAL RETURNS
Total investment return based on net
asset value (c) 2.97%(d) 3.03% 3.32%(d)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $199,926 $89,149 $91,179
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .85%(d) .65% .58%(d)
Expenses, before waivers and
reimbursements 1.07%(d) 1.10% 1.24%(d)
Net investment income (b) 2.94%(d) 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.
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.
AFLSR
