ALLIANCE MUNICIPAL TRUST -NEW YORK PORTFOLIO
SEMI-ANNUAL REPORT
DECEMBER 31, 1996
(UNAUDITED)
STATEMENT OF NET ASSETS
DECEMBER 31, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
MUNICIPAL BONDS-80.4%
NEW YORK-80.4%
BROOME COUNTY GO BAN
Series '96
$ 3,090 4/18/97 3.69% $ 3,093,796
BUFFALO RAN
Series A
1,300 7/15/97 3.60 1,304,431
CLINTON COUNTY GO BAN
5,200 9/26/97 3.95 5,210,996
COBLESKILL-RICHMONDVILLE
(Central School District) FSA
600 6/15/97 3.65 603,064
DUTCHESS COUNTY IDR
(Toys 'R' Us/NYTEX)
Series '84 VRDN*
1,000 11/01/19 4.13 1,000,000
ERIE COUNTY RAN
Series B
5,000 11/19/97 3.60 5,027,644
FRANKLIN COUNTY IDR
(KES Chateaugay L.P.)
Series '91A AMT VRDN*
14,900 7/01/21 4.05 14,900,000
HEMPSTEAD BAN
Series '96A
8,100 2/28/97 3.49 8,099,577
ISLIP GO BAN
Series '96
3,720 7/25/97 3.98 3,725,411
ISLIP IDA
(Radiation Dynamics)
Series '88A AMT VRDN*
6,000 1/01/09 4.38 6,000,000
LANSING CENTRAL SCHOOL DISTRICT BAN
9,500 10/08/97 4.03 9,532,867
LONG BEACH BOND
AMBAC
325 9/01/97 3.75 327,622
NEW YORK CITY GO
Series '95F-6 VRDN*
19,200 2/15/18 4.05 19,200,000
NEW YORK CITY GO RAN
Series B
10,000 6/30/97 3.74 10,036,546
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(400 West 59th Street Dev.)
Series A-1 AMT VRDN*
8,000 11/01/30 4.00 8,000,000
NEW YORK CITY HOUSING
DEVELOPMENT CORP. MFHR
(Queenswood Apts. Project)
Series '89A VRDN*
3,465 2/01/17 3.95 3,465,000
NEW YORK CITY IDA
(Brooklyn Navy Yard)
Series '95A AMT VRDN*
3,900 7/01/29 4.15 3,900,000
NEW YORK CITY IDA
(Brooklyn Navy Yard)
Series '95B AMT VRDN*
25,500 7/01/29 4.20 25,500,000
NEW YORK CITY IDA
(Nippon Cargo Air Project)
Series '92 AMT VRDN*
16,300 11/01/15 5.05 16,300,000
NEW YORK CITY RAN
Series A
2,500 4/15/97 3.70 2,505,588
NEW YORK CITY TRUST
CULTURAL RESOURCES
(Carnegie Hall) VRDN*
2,175 12/01/15 4.60 2,175,000
NEW YORK CITY TRUST
CULTURAL RESOURCES
(Solomon Guggenheim Foundation)
Series '90B VRDN*
2,200 12/01/15 4.80 2,200,000
NEW YORK STATE ERDA PCR
(Central Hudson Gas & Electric)
Series '87A AMT VRDN*
3,000 6/01/27 3.90 3,000,000
NEW YORK STATE ERDA PCR
(Long Island Lighting Co.)
Series A PPB*
4,800 3/01/97 3.29 4,799,664
1
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
NEW YORK STATE ERDA PCR
(Long Island Lighting Co.)
Series B PPB*
$ 10,000 3/01/97 3.25% $10,000,000
NEW YORK STATE ERDA PCR
(New York State Gas & Electric)
Series '85 PPB*
10,000 3/15/97 3.30 10,000,000
NEW YORK STATE ERDA PCR
(New York State Gas & Electric)
Series '85B PPB*
4,000 10/15/97 3.85 4,000,000
NEW YORK STATE ERDA PCR
(Niagara Mohawk Corp.)
Series '85B VRDN*
8,000 12/01/25 4.90 8,000,000
NEW YORK STATE ERDA PCR
(Niagara Mohawk Corp.)
Series '85C VRDN*
4,500 12/01/25 4.90 4,500,000
NEW YORK STATE ERDA PCR
(Niagara Mohawk Corp.)
Series '86A AMT VRDN*
2,300 12/01/26 4.95 2,300,000
NEW YORK STATE ERDA PCR
(Rochester Gas & Electric)
Series '84 VRDN*
2,000 10/01/14 3.40 2,000,000
NEW YORK STATE HFA
(Normandie Court Housing Project)
Series '91A VRDN*
9,000 5/15/15 4.00 9,000,000
NEW YORK STATE JOB
DEVELOPMENT AUTHORITY
Series '86A-1 AMT VRDN*
1,995 3/01/00 3.75 1,995,000
NEW YORK STATE JOB
DEVELOPMENT AUTHORITY
Series '86C-1 AMT VRDN*
835 3/01/00 3.75 835,000
NEW YORK STATE LOCAL
GOVERNMENT ASSIST. CORP.
Series '94B VRDN*
7,300 4/01/23 4.00 7,300,000
NEW YORK STATE LOCAL
GOVERNMENT ASSIST. CORP.
Series '95E VRDN*
7,000 4/01/25 4.00 7,000,000
NEW YORK STATE MEDICAL CARE
FACILITIES FINANCE AGENCY
(Equipment Loan Program)
Series '94A VRDN*
7,200 11/01/03 3.90 7,200,000
NEW YORK STATE MEDICAL CARE
FACILITIES FINANCE AGENCY
(St. Luke's Roosevelt)
Series '93A FHA
500 8/15/97 3.70 500,738
NEW YORK STATE MEDICAL CARE
FACILITIES FINANCE AGENCY
Eagle Trust Series 953202
(New York Hospital) AMBAC VRDN*
14,000 8/15/24 4.21 14,000,000
NEW YORK STATE MEDICAL CARE
FACILITIES FINANCE AGENCY
FHA Pre-Refunded
2,000 8/15/97 3.50 2,093,691
NEWBURGH IDA
(Mt. St. Mary College Civic Fac.)
Series '91 VRDN*
1,500 10/01/11 4.10 1,500,000
NIAGARA COUNTY IDA
(Pyron Corp. Project)
Series '89 AMT VRDN*
2,478 11/01/04 4.15 2,478,000
ONTARIO COUNTY IDA
(Ultrafab Inc.)
Series '95 AMT VRDN*
2,200 12/01/15 4.35 2,200,000
2
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
SOUTHEAST NEW YORK IDA
(The Rawplug Project)
Series '96 AMT VRDN*
$ 2,300 5/01/21 4.30% $ 2,300,000
SUFFOLK COUNTY IDA
(Nissequogue Cogen Partners)
Series '93 AMT VRDN*
1,200 12/15/23 4.00 1,200,000
SYOSSET CENTRAL SCHOOL DISTRICT BAN
Series '96
4,500 7/18/97 3.92 4,507,738
SYOSSET CENTRAL SCHOOL DISTRICT TAN
Series '96
9,600 6/26/97 3.92 9,614,439
TRIBOROUGH BRIDGE & TUNNEL AUTHORITY
VRDN*
200 1/01/24 4.00 200,000
WESTCHESTER COUNTY IDR
(Hitachi America) VRDN*
1,500 7/01/98 4.00 1,500,000
YONKERS IDA
(Consumer Union Facility)
Series '91 VRDN*
1,700 7/01/21 3.90 1,700,000
YONKERS IDA
(Consumers Union Facility)
Series '91 VRDN*
600 7/01/19 3.90 600,000
Total Municipal Bonds
(amortized cost $278,429,785) 278,431,812
COMMERCIAL PAPER-21.1%
NEW YORK-14.9%
NEW YORK CITY GO
Series '96J-2
1,000 3/13/97 3.60 1,000,000
NEW YORK CITY MUNICIPAL
WATER FINANCE AUTHORITY
5,000 4/07/97 3.60 5,000,000
NEW YORK CITY MUNICIPAL
WATER FINANCE AUTHORITY
Series 3
8,000 2/19/97 3.45 8,000,000
NEW YORK STATE DORMITORY AUTHORITY
(Memorial Sloan-Kettering
Cancer Center)
Series '89A
1,000 2/19/97 3.40 1,000,000
NEW YORK STATE DORMITORY AUTHORITY
(Memorial Sloan-Kettering
Cancer Center)
Series '89A
3,200 2/12/97 3.40 3,200,000
NEW YORK STATE DORMITORY AUTHORITY
(Memorial Sloan-Kettering
Cancer Center)
Series '89A
4,000 3/14/97 3.55 4,000,000
NEW YORK STATE DORMITORY AUTHORITY
(Memorial Sloan-Kettering
Cancer Center)
Series '96
4,500 3/11/97 3.40 4,500,000
NEW YORK STATE DORMITORY AUTHORITY
Second Short-term Rev Notes
Series '89A
5,838 2/19/97 3.55 5,838,000
NEW YORK STATE DORMITORY AUTHORITY
Second Short-term Rev Notes
Series '89A
598 3/12/97 3.60 598,000
NEW YORK STATE
ENVIRONMENTAL FACILITY
(General Electric Co.)
Series '87A
1,500 2/28/97 3.50 1,500,000
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
AMT
2,000 2/12/97 3.40 2,000,000
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
AMT
6,000 3/21/97 3.50 6,000,000
3
STATEMENT OF NET ASSETS (CONTINUED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
PRINCIPAL
AMOUNT
(000) SECURITY# YIELD VALUE
- ------------------------------------------------------------------------
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
AMT
$ 3,000 3/10/97 3.55% $ 3,000,000
PORT AUTHORITY OF NEW
YORK AND NEW JERSEY
AMT
6,000 2/25/97 3.60 6,000,000
51,636,000
PUERTO RICO-6.2%
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
4,500 3/07/97 3.50 4,500,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
2,000 3/10/97 3.50 2,000,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
5,000 4/07/97 3.55 5,000,000
PUERTO RICO GOVERNMENT
DEVELOPMENT BANK
Series '96
10,000 2/14/97 3.65 10,000,000
-------------
21,500,000
Total Commercial Paper
(amortized cost $73,136,000) 73,136,000
TOTAL INVESTMENTS-101.5%
(amortized cost $351,565,785) 351,567,812
Other assets less liabilities-(1.5%) (5,170,607)
NET ASSETS-100%
(offering and redemption
price of $1.00 per share;
346,459,178 shares outstanding) $346,397,205
# 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.
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 Authority
FSA Financial Security Assurance
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, 1996 (UNAUDITED)
ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
INVESTMENT INCOME
Interest $6,433,983
EXPENSES
Advisory fee (Note B) $ 917,826
Distribution assistance and administrative service
(Note C) 547,572
Transfer agency (Note B) 275,116
Custodian fees 54,572
Printing 35,235
Registration fees 33,434
Audit and legal fees 10,360
Trustees' fees 1,963
Miscellaneous 5,149
Total expenses 1,881,227
Less: expense reimbursement and fee waiver (320,923) 1,560,304
Net investment income 4,873,679
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized loss on investments (3)
Net change in unrealized appreciation of investments (304)
Net loss on investments (307)
NET INCREASE IN NET ASSETS FROM OPERATIONS $4,873,372
See notes to financial statements.
5
STATEMENTS OF CHANGES
IN NET ASSETS ALLIANCE MUNICIPAL TRUST - NEW YORK PORTFOLIO
_______________________________________________________________________________
SIX MONTHS ENDED
DEC. 31, 1996 YEAR ENDED
(UNAUDITED) JUNE 30,1996
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income $ 4,873,679 $ 7,827,518
Net realized gain (loss) on investments (3) 308
Net change in unrealized appreciation of
investments (304) 2,331
Net increase in net assets from operations 4,873,372 7,830,157
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (4,873,679) (7,827,518)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase (Note E) 15,413,681 153,727,353
Total increase 15,413,374 153,729,992
NET ASSETS
Beginning of period 330,983,831 177,253,839
End of period $346,397,205 $330,983,831
See notes to financial statements.
6
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 (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. 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. 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, 1996, are exempt from federal income taxes.
However, certain shareholders may be subject to the alternative minimum tax.
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, 1996, 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, 1996,
the reimbursement amounted to $137,358. 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 $167,368 for the six months ended December 31,
1996.
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 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
$458,913 of which $183,565 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 $88,659 of which
$47,000 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 $20,597, of which $7,508
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,
1996, capital paid-in aggregated $346,415,780. Transactions, all at $1.00 per
share, were as follows:
SIX MONTHS ENDED YEAR ENDED
DEC. 31, 1996 JUNE 30,
(UNAUDITED) 1996
--------------- ---------------
Shares sold 645,406,453 1,218,028,397
Shares issued on reinvestments of dividends 4,873,679 7,827,518
Shares redeemed (634,866,451) (1,072,128,562)
Net increase 15,413,681 153,727,353
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,
1996 --------------------------------------------------------------
(UNAUDITED) 1996 1995 1994 1993 1992
------------- ----------- ----------- ----------- ----------- ----------
<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 .013 .028 .028 .018 .019 .034
LESS DISTRIBUTIONS
Dividends from net investment income (.013) (.028) (.028) (.018) (.019) (.034)
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) 2.67%(b) 2.87% 2.84% 1.77% 1.94% 3.47%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) $346,397 $330,984 $177,254 $162,839 $100,529 $100,476
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements .85%(b) .85% .85% .84% .80% .80%
Expenses, before waivers and
reimbursements 1.02%(b) 1.03% 1.03% 1.08% 1.06% 1.12%
Net investment income (c) 2.66%(b) 2.82% 2.81% 1.77% 1.91% 3.35%
</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
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
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
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.
ANYSR
ALC49PR01
