ALLIANCE MUNICIPAL TRUST
- -NEW YORK PORTFOLIO
ALLIANCECAPITAL
SEMI-ANNUAL REPORT
DECEMBER 31, 1995
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
MUNICIPAL BONDS-82.8%
NEW YORK-82.8%
DUTCHESS COUNTY IDR
(Toys 'R' Us/NYTEX) Series '84 VRDN*
$ 1,000 11/01/19 5.13% $ 1,000,000
ERIE COUNTY RAN
Series '95
7,500 9/20/96 3.85 7,533,722
FRANKLIN COUNTY IDR
(KES Chateaugay L.P.)
Series '91A AMT VRDN*
13,900 7/01/21 5.20 13,900,000
HALF HOLLOW HILLS TAN
(Central School District) Series '95
1,000 6/28/96 3.75 1,003,534
ISLIP IDA
(Radiation Dynamics)
Series '88A AMT VRDN*
3,000 1/01/09 5.23 3,000,000
ISLIP IDR
(Erin Associates) Series '85 VRDN*
598 8/01/02 5.53 598,388
METROPOLITAN TRANSPORT AUTHORITY
(Commuter Facilities Revenue)
Series '91 VRDN*
9,300 7/01/21 5.00 9,300,000
NEW YORK AIRPORT REV.
(Nippon Cargo Air Project)
Series '92 AMT VRDN*
19,500 11/01/15 6.25 19,500,000
NEW YORK CITY CULTURAL RES.
(Solomon Guggenheim Foundation)
Series '90B VRDN*
3,200 12/01/15 5.90 3,200,000
NEW YORK CITY CULTURAL RES.
(The Jewish Museum) Series '92 VRDN*
6,700 12/01/21 5.25 6,700,000
NEW YORK CITY HOUSING DEVELOPMENT
CORP.
(400 West 59th Street Dev.)
Series A-1 AMT VRDN*
10,000 11/01/30 5.20 10,000,000
NEW YORK CITY HOUSING DEVELOPMENT
CORP. MFHR
(Columbus Gardens Project)
Series '93A VRDN*
7,200 2/01/07 4.75 7,200,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(East 96th Street Project) VRDN*
11,000 8/01/15 5.10 11,000,000
NEW YORK CITY HOUSING DEVELOPMENT
CORP. MFHR
(James Tower Dev.) Series A VRDN*
2,200 7/01/05 5.10 2,200,000
NEW YORK CITY HOUSING DEVELOPMENT
CORP. MFHR
(Queenswood Apts. Project)
Series '89A VRDN*
2,200 2/01/17 5.25 2,200,000
NEW YORK CITY HOUSING DEVELOPMENT
CORP. MFHR
(Upper Fifth Avenue Project)
Series A VRDN*
4,500 1/01/16 4.70 4,500,000
NEW YORK CITY IDA
(Berkeley Carroll School Project)
Series '93 VRDN*
1,126 6/30/23 5.25 1,126,000
NEW YORK CITY IDA
(National Audobon Society) VRDN*
1,300 12/01/14 5.90 1,300,000
NEW YORK CITY IDA
(Stroheim & Romann Inc. Project)
Series '85 VRDN*
1,500 12/01/15 5.15 1,500,000
NEW YORK GO
Series '95F-3 VRDN*
4,000 2/15/13 5.50 4,000,000
NEW YORK GO
Series '95F-5 VRDN*
4,500 2/15/16 5.50 4,500,000
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
NEW YORK GO
Series '95F-7 VRDN*
$ 4,000 2/15/12 5.00% $ 4,000,000
NEW YORK GO
Subseries B-10 VRDN*
2,600 8/15/24 5.00 2,600,000
NEW YORK GO RAN
Series A
5,000 4/11/96 3.92 5,007,711
NEW YORK IDR
(Madelaine Chocolate Novelties)
Series '86 VRDN*
566 4/01/01 5.53 565,670
NEW YORK IDR
(Madelaine Chocolate Novelties)
Series '86 VRDN*
239 6/10/99 5.53 238,982
NEW YORK IDR
(Western Carpet & Linoleum) VRDN*
742 6/10/00 5.53 742,486
NEW YORK STATE
DORMITORY AUTHORITY
(Beverwyck Inc. Project)
Series '95 VRDN*
4,000 7/01/25 5.05 4,000,000
NEW YORK STATE ERDA PCR
(Central Hudson Gas & Electric)
Series '87A AMT VRDN*
6,700 6/01/27 5.00 6,700,000
NEW YORK STATE ERDA PCR
(Long Island Lighting Co.)
Series A PPB*
5,000 3/01/16 4.70 5,006,566
NEW YORK STATE ERDA PCR
(Rochester Gas & Electric)
Series '84 VRDN*
2,000 10/01/14 3.55 2,000,000
NEW YORK STATE ERDA UTIL. REV.
(Rochester Gas & Electric)
Series '85 PPB*
5,000 11/15/96 3.75 5,000,000
NEW YORK STATE HFA
(Normandie Court II)
Series '87A VRDN*
9,800 11/01/02 4.95 9,800,000
NEW YORK STATE JOB DEV. AUTH.
Series '86A-1 AMT VRDN*
2,120 3/01/00 4.40 2,120,000
NEW YORK STATE JOB DEV. AUTH.
Series '86C-1 AMT VRDN*
895 3/01/00 4.40 895,000
NEW YORK STATE JOB DEV. AUTH.
Series A AMT VRDN*
5,650 3/01/07 5.90 5,650,000
NEW YORK STATE JOB DEV. AUTH.
Series B-1 to B-9 AMT VRDN*
2,000 3/01/03 5.90 2,000,000
NEW YORK STATE LOCAL GOVERNMENT
ASSIST. CORP.
Series '95C VRDN*
1,500 4/01/25 4.85 1,500,000
NEW YORK STATE LOCAL GOVERNMENT
ASSIST. CORP.
Series '95D VRDN*
2,000 4/01/25 4.90 2,000,000
NEW YORK STATE LOCAL GOVERNMENT
ASSIST. CORP.
Series '95E VRDN*
1,500 4/01/25 4.90 1,500,000
NEW YORK STATE LOCAL GOVERNMENT
ASSIST. CORP.
Series '95G VRDN*
5,700 4/01/25 4.90 5,700,000
NEW YORK STATE MEDICAL CARE
FACILITIES AUTH.
Eagle Trust Series 953202
(New York Hospital) VRDN* AMBAC
14,000 8/15/24 5.20 14,000,000
NEW YORK STATE MEDICAL CARE
FACILITIES FINANCE AGENCY FHA
(St. Lukes Hosp.) Series '93 VRDN*
2,900 5/12/05 5.10 2,900,000
NEW YORK URBAN DEVELOPMENT CORP. BOND
Series '91
1,000 4/01/96 3.60 1,008,180
2
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
NORTHPORT-EAST NORTHPORT TAN
(Unified School District) Series '95
$ 5,000 6/28/96 3.60% $ 5,012,384
ONTARIO COUNTY IDR
(Ultrafab Inc.) Series '95 AMT VRDN*
2,200 12/01/15 6.00 2,200,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY
(Versatile Structure) AMT VRDN*
11,200 8/01/28 6.15 11,200,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY
Series 3 (Versatile Structure) VRDN*
3,300 6/01/20 5.90 3,300,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY
Series 3 Util Rev.:
(KIAC Partners Project) AMT VRDN*
1,000 10/01/14 5.10 1,000,000
ROCHESTER GO BAN
Series I
2,400 10/31/96 3.80 2,413,470
ROCHESTER GO BAN
Series I
5,000 3/12/96 4.45 5,007,334
SACHEM TAN
(Central School District) Series '95
4,000 6/27/96 3.70 4,007,958
SMITHTOWN TAN
(Central School District) Series '95
3,700 6/27/96 3.70 3,709,535
SUFFOLK COUNTY IDR
(Nissequogue Cogen Partners)
Series '93 AMT VRDN*
1,200 12/15/23 5.20 1,200,000
SYOSSET TAN
(Central School District) Series '95
5,000 6/27/96 3.65 5,008,186
SYRACUSE IDA
(Syracuse University) VRDN*
3,200 3/01/23 5.90 3,200,000
TRIBOROUGH BRIDGE & TUNNEL AUTHORITY
(General Purpose)
Series I Pre-Refunded
4,500 1/01/96 4.20 4,590,000
Total Municipal Bonds
(amortized cost $252,045,043) 252,045,106
COMMERCIAL PAPER-17.2%
NEW YORK-14.6%
NEW YORK MUNICIPAL WATER AUTHORITY
Series 3
2,000 3/07/96 3.65 2,000,000
NEW YORK MUNICIPAL WATER AUTHORITY
Series 3
8,000 5/01/96 3.70 8,000,000
NEW YORK MUNICIPAL WATER AUTHORITY
Series 4
2,000 6/12/96 3.70 2,000,000
NEW YORK STATE DORMITORY AUTHORITY
(Sloan Kettering Memorial)
Series '89A
1,700 3/19/96 3.55 1,700,000
NEW YORK STATE DORMITORY AUTHORITY
(Sloan-Kettering Memorial)
3,750 2/21/96 3.65 3,750,000
NEW YORK STATE DORMITORY AUTHORITY
(Sloan-Kettering Memorial)
Series '89B
2,000 2/16/96 3.65 2,000,000
NEW YORK STATE ENVIRONMENTAL FACILITY
(General Electric Co.)
Series '92A AMT
5,000 2/21/96 3.60 5,000,000
NIAGARA COUNTY SEWER REV. IDA
(American Ref-Fuel Co.)
Series '94C AMT
1,500 3/15/96 3.60 1,500,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY+ YIELD VALUE
- ---------------------------------------------------------------------------
NIAGARA COUNTY SEWER REV. IDA
(American Ref-Fuel Co.) Series'94B AMT
$ 8,000 2/06/96 3.75% $ 8,000,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY AMT
5,775 3/15/96 3.45 5,775,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY AMT
2,560 3/01/96 3.55 2,560,000
PORT AUTHORITY OF NEW YORK AND
NEW JERSEY AMT
2,000 3/12/96 3.60 2,000,000
------------
44,285,000
PUERTO RICO-2.6%
PUERTO RICO GOVERNMENT DEVELOPMENT BANK
4,000 3/08/96 3.65 4,000,000
PUERTO RICO GOVERNMENT DEVELOPMENT BANK
4,000 2/08/96 3.75 4,000,000
------------
8,000,000
Total Commercial Paper
(amortized cost $52,285,000) 52,285,000
TOTAL INVESTMENTS-100.0%
(amortized cost $304,330,043) 304,330,106
Other assets less liabilities-0.0% (52,387)
NET ASSETS-100%
(offering and redemption price of $1.00 per
share; 304,341,961 shares outstanding) $304,277,719
+ 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
BAN Bond Anticipation Note
ERDA Energy Research & Development Authority
FHA Federal Housing Administration
GO General Obligation
HFA Housing Finance Agency/Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
PPB Periodic Put Bond
RAN Revenue Anticipation Note
TAN Tax Anticipation Note
VRDN Variable Rate Demand Note
See notes to financial statements.
4
STATEMENT OF OPERATIONS
SIX MONTHS ENDED DECEMBER 31, 1995 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $4,444,385
EXPENSES
Advisory fee (Note B) $ 571,782
Distribution assistance and administrative service
(Note C) 371,084
Transfer agency 98,984
Custodian fees 34,559
Audit and legal fees 15,976
Registration fees 14,245
Printing 7,175
Trustees' fees 2,024
Miscellaneous 3,864
Total expenses 1,119,693
Less: expense reimbursement and fee waiver (147,663)
972,030
Net investment income 3,472,355
UNREALIZED GAIN ON INVESTMENTS
Net change in unrealized appreciation of investments 63
NET INCREASE IN NET ASSETS FROM OPERATIONS $3,472,418
See notes to financial statements.
5
STATEMENT OF CHANGES
IN NET ASSETS ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DECEMBER 31,1995 YEAR ENDED
(UNAUDITED) JUNE 30,1995
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 3,472,355 $ 4,645,810
Net realized loss on investments -0- (13,089)
Net change in unrealized appreciation of
investments 63 (4,676)
Net increase in net assets from operations 3,472,418 4,628,045
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (3,472,355) (4,645,810)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase 127,023,817 14,432,230
Total increase 127,023,880 14,414,465
NET ASSETS
Beginning of period 177,253,839 162,839,374
End of period $304,277,719 $177,253,839
See notes to financial statements.
6
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 (UNAUDITED) ALLIANCE MUNICIPAL TRUST - NEW YORK 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 (the '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. 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. 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.
3. 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).
4. 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. For the six months ended December 31, 1995, the Adviser also
voluntarily agreed to reimburse the Portfolio for expenses exceeding .85 of 1%
of its average daily net assets. For the six months ended December 31, 1995,
the reimbursement amounted to $33,306. 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 $62,589 for the six months ended December 31,
1995.
7
NOTES TO FINANCIAL STATEMENTS
(CONTINUED) ALLIANCE MUNICIPAL TRUST - NEW YORK 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 fee amounted to
$285,892 of which $114,357 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 $85,192 of which $48,000 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 $20,905, of which $7,816
expires in the year 2002 and $13,089 expires in the year 2003.
NOTE E: TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
An unlimited number of shares ($.01 par value) are authorized. At December 31,
1995, capital paid-in aggregated $304,341,961. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31,1995 JUNE 30,
(UNAUDITED) 1995
---------------- -------------
Shares sold 597,323,808 660,452,860
Shares issued on reinvestments of dividends 3,472,355 4,645,810
Shares redeemed (473,772,346) (650,666,440)
Net increase 127,023,817 14,432,230
8
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
NOTE F: FINANCIAL HIGHLIGHTS
Per share operating performance for a share outstanding throughout each period.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
DECEMBER 31, YEAR ENDED JUNE 30,
1995 -----------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991
------------ --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income .015 .028 .018 .019 .034 .042
LESS DISTRIBUTIONS
Dividends from net investment income (.015) (.028) (.018) (.019) (.034) (.042)
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURNS
Total investment return based on net
asset value (a) 3.02%(b) 2.84% 1.77% 1.94% 3.47% 4.32%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period(000's omitted) $304,278 $177,254 $162,839 $100,529 $100,476 $71,748
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .85%(b) .85% .84% .80% .80% .80%
Expenses, before waivers and
reimbursements .98%(b) 1.03% 1.08% 1.06% 1.12% 1.15%
Net investment income (c) 3.04%(b) 2.81% 1.77% 1.91% 3.35% 4.20%
</TABLE>
(a) 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.
(b) Annualized.
(c) Net of expenses reimbursed or waived by the Adviser.
9
ALLIANCE MUNICIPAL TRUST - NEW YORK 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
10
ALLIANCE MUNICIPAL TRUST - NEW YORK 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 # 4 9 #
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.
ALC601035
ANYSR
