The SL(2,R) WZNW-->Liouville reduction leads to a nontrivial phase spa
ce on the classical level both in 0+1 and 1+1. dimensions. To study th
e consequences in the quantum theory, the quantum mechanics of the 0+1
-dimensional, point particle version of the constrained WZNW model is
investigated. The spectrum and the eigenfunctions of the obtained (rat
her nontrivial) theory are given, and the physical connection between
the pieces of the reduced configuration space is discussed in all the
possible cases of the constraint parameters. (C) 1996 American Institu
te of Physics.