Fund Description

Alliance Municipal Income Fund California Portfolio, A Shares was incepted in December 1986 and is managed by Alliance Capital Management. The objective of the fund is to seek the highest level of income exempt from Federal and California income tax (income may be subject to the alternative minimum tax). The fund invests principally in high-yielding, predominantly medium-quality municipal securities. The dividends, if any, are declared on each first business day and paid on the twentieth day of each month.