Fund Description

The fund was incepted in May 2003 and is managed by Alliance Capital Management L.P. The fund seeks to provide safety of principal and a moderate rate of income that is subject to taxes. The fund invests at least 80% of its total assets in securities rated A or better by national rating agencies and comparably rated commercial paper and notes. The fund may invest up to 20% of its total assets in fixed-income foreign securities in developed or emerging-market countries and up to 20% of its total assets in fixed-income securities rated BB or B by national rating agencies, which are not investment-grade. The fund distributes dividends monthly. There is no fixed schedule for capital gains distributions.