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ALLIANCEBERNSTEIN MUNICIPAL INCOME FUND INC
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High Income Municipal Portfolio
INVESTMENT OBJECTIVE:
The investment objective of the Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available consistent with what the Adviser considers to be an appropriate level of risk.
NEW YORK PORTFOLIO
FEES AND EXPENSES OF THE PORTFOLIO:
INVESTMENT OBJECTIVE:
The investment objective of the Portfolio is to earn the highest level of current income exempt from both federal income tax and New York State and City income tax that is available without assuming what the Adviser considers to be undue risk to principal or income.
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AllianceBernstein Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Portfolios—Sales Charge Reduction Programs for Class A Shares on page 75 of this Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 149 of the Portfolio's SAI.
National Portfolio
FEES AND EXPENSES OF THE PORTFOLIO:
INVESTMENT OBJECTIVE:
Shareholder Fees (fees paid directly from your investment)
The investment objective of the Portfolio is to earn the highest level of current income, exempt from federal income tax, that is available without assuming what the Adviser considers to be undue risk to principal or income.
FEES AND EXPENSES OF THE PORTFOLIO:
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AllianceBernstein Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Portfolios—Sales Charge Reduction Programs for Class A Shares on page 75 of this Prospectus and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 149 of the Portfolio's Statement of Additional Information ("SAI").
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AllianceBernstein Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Portfolios—Sales Charge Reduction Programs for Class A Shares on page 75 of this Prospectus, and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 149 of the Portfolio's SAI.
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You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AllianceBernstein Mutual Funds.
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The investment objective of the Portfolio is to earn the highest level of current income, exempt from federal income tax and California personal income tax, that is available without assuming what the Adviser considers to be undue risk to income or principal.
FEES AND EXPENSES OF THE PORTFOLIO:
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AllianceBernstein Mutual Funds. More information about these and other discounts is available from your financial intermediary and in Investing in the Portfolios—Sales Charge Reduction Programs for Class A Shares on page 75 of this Prospectus, and in Purchase of Shares—Sales Charge Reduction Programs for Class A Shares on page 149 of the Portfolio's SAI.
Shareholder Fees (fees paid directly from your investment)
The Examples are intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Portfolio for the time periods indicated. The Examples also assume that your investment has a 5% return each year, that the Portfolio's operating expenses stay the same and that the fee waiver remains in effect for only the first year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Examples
The Examples are intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Portfolio's operating expenses stay the same and that the fee waiver remains in effect for only one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys or sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Examples, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 23% of the average value of its portfolio.
PRINCIPAL STRATEGIES:
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The Portfolio pursues its objective by investing principally in high-yielding, predominantly investment grade municipal securities. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal AMT for certain taxpayers. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities of California or municipal securities with interest that is otherwise exempt from California state income tax.<br/><br/>The Portfolio may also invest in:<ul type="square"><li> forward commitments;</li></ul> <ul type="square"><li>TOBs;</li></ul> <ul type="square"><li>zero-coupon municipal securities and variable, floating and inverse floating rate municipal securities; and</li></ul> <ul type="square"><li>derivatives, such as options, futures, forwards and swaps.</li></ul>
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PRINCIPAL RISKS:
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Examples
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The Examples are intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Portfolio's operating expenses stay the same and that the fee waiver remains in effect for only one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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For the share classes listed below, you would pay the following expenses if you did not redeem your shares at the end of the period:
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You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AllianceBernstein Mutual Funds.
January 31, 2014
Portfolio Turnover
Restated to reflect current fee waiver and/or expense reimbursement.
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The Portfolio will pay transaction costs, such as commissions, when it buys or sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Examples, affect the Portfolio's performance. During the most recent fiscal period, the Portfolio's portfolio turnover rate was 14% of the average value of its portfolio.
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Examples
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PRINCIPAL STRATEGIES:
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The Examples are intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year and that the Portfolio's operating expenses stay the same and that the fee waiver remains in effect for only one year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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The Portfolio pursues its objective by investing principally in high-yielding municipal securities that may be non-investment grade or investment grade. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal AMT for certain taxpayers.<br /><br /> The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio's other holdings.<br /><br /> The Portfolio may invest without limit in lower-rated securities ("junk bonds"), which may include securities having the lowest rating, and in unrated securities that, in the Adviser's judgment, would be lower-rated securities if rated. The Portfolio may invest in fixed-income securities with any maturity or duration. The Portfolio will seek to increase income for shareholders by investing in longer-maturity bonds. Consistent with its objective of seeking a higher level of income, the Portfolio may experience greater volatility and a higher risk of loss of principal than other municipal funds.<br /><br /> The Portfolio may also invest in: <ul type="square"><li> forward commitments; </li></ul><ul type="square"><li> zero-coupon municipal securities and variable, floating and inverse floating rate municipal securities; </li></ul><ul type="square"><li>certain types of mortgage-related securities; and </li></ul><ul type="square"><li>derivatives, such as options, futures, forwards and swaps.</li></ul> The Portfolio may make short sales of securities or maintain a short position, and may use other investment techniques. The Portfolio may use leverage for investment purposes to increase income through the use of TOBs and derivative instruments, such as interest rate swaps.
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PRINCIPAL RISKS:
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<ul type="square"><li>MARKET RISK: The value of the Portfolio's assets will fluctuate as the bond market fluctuates. The value of the Portfolio's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. </li></ul><ul type="square"><li>CREDIT RISK: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. </li></ul><ul type="square"><li>BELOW INVESTMENT GRADE SECURITIES RISK: Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative performance of the junk bond market generally and less secondary market liquidity. </li></ul><ul type="square"><li>MUNICIPAL MARKET RISK: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolio's investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. To the extent that the Portfolio invests more of its assets in a particular state's municipal securities, the Portfolio may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism and catastrophic natural disasters, such as hurricanes or earthquakes. The Portfolio's investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities. </li></ul><ul type="square"><li>TAX RISK: There is no guarantee that all of the Portfolio's income will remain exempt from federal or state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolio by increasing taxes on that income. In such event, the Portfolio's NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of Portfolio shares as investors anticipate adverse effects on the Portfolio or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolio would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolio's yield. </li></ul><ul type="square"><li>INTEREST RATE RISK: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. </li></ul><ul type="square"><li>DURATION RISK: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. </li></ul><ul type="square"><li>INFLATION RISK: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio's assets can decline as can the value of the Portfolio's distributions. This risk is significantly greater for fixed-income securities with longer maturities. </li></ul><ul type="square"><li>LEVERAGE RISK: To the extent the Portfolio uses leveraging techniques, such as TOBs, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio's investments. </li></ul><ul type="square"><li>LIQUIDITY RISK: Liquidity risk exists when particular investments, such as lower-rated securities, are difficult to purchase or sell, possibly preventing the Portfolio from selling out of these illiquid securities at an advantageous price. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk. The Portfolio is subject to liquidity risk because the market for municipal securities is generally smaller than many other markets. </li></ul><ul type="square"><li>DERIVATIVES RISK: Investments in derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments. </li></ul><ul type="square"><li>MANAGEMENT RISK: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.</li></ul> As with all investments, you may lose money by investing in the Portfolio.
BAR CHART AND PERFORMANCE INFORMATION:
For the share classes listed below, you would pay the following expenses if you did not redeem your shares at the end of the period:
154
154
The bar chart and performance information provide an indication of the historical risk of an investment in the Portfolio by showing: <ul type="square"><li> how the Portfolio's performance changed over the life of the Portfolio; and </li></ul><ul type="square"><li> how the Portfolio's average annual returns for one year and since inception compare to those of a broad-based securities market index.</li></ul> You may obtain updated performance information on the Portfolio's website at www.AllianceBernstein.com (click on "Individuals—U.S." then "Products & Performance").<br /><br /> The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
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Bar Chart
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Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys or sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Examples, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 14% of the average value of its portfolio.
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The annual returns in the bar chart is for the Portfolio's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
PRINCIPAL STRATEGIES:
Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys or sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Portfolio Operating Expenses or in the Examples, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 11% of the average value of its portfolio.
The Portfolio pursues its objective by investing principally in high-yielding, predominantly investment grade municipal securities. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal AMT for certain taxpayers. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities of New York or municipal securities with interest that is otherwise exempt from New York state income tax.<br/><br/> The Portfolio may also invest in: <ul type="square"><li>forward commitments;</li></ul> <ul type="square"><li>zero-coupon municipal securities and variable, floating and inverse floating rate municipal securities; and</li></ul> <ul type="square"><li>derivatives, such as options, futures, forwards and swaps.</li></ul>
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PRINCIPAL STRATEGIES:
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PRINCIPAL RISKS:
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Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.</li></ul> <ul type="square"><li>MUNICIPAL MARKET RISK: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolio's investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The Portfolio's investments in New York municipal securities may be vulnerable to events adversely affecting its economy. New York's economy, while diverse, has a relatively large share of the nation's financial activities. With the financial services sector contributing over one-fifth of the state's wages, the state's economy is especially vulnerable to adverse events affecting the financial markets such as occurred in 2008-2009. The Portfolio's investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.</li></ul> <ul type="square"><li>TAX RISK: There is no guarantee that all of the Portfolio's income will remain exempt from federal or state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolio by increasing taxes on that income. In such event, the Portfolio's NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of Portfolio shares as investors anticipate adverse effects on the Portfolio or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolio would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolio's yield.</li></ul> <ul type="square"><li>INTEREST RATE RISK: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.</li></ul> <ul type="square"><li>DURATION RISK: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed–income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed–income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.</li></ul> <ul type="square"><li>INFLATION RISK: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio's assets can decline as can the value of the Portfolio's distributions. This risk is significantly greater for fixed-income securities with longer maturities.</li></ul> <ul type="square"><li>LIQUIDITY RISK: Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Portfolio from selling out of these illiquid securities at an advantageous price. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk. The Portfolio is subject to liquidity risk because the market for municipal securities is generally smaller than many other markets.</li></ul> <ul type="square"><li>DERIVATIVES RISK: Investments in derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.</li></ul> <ul type="square"><li>MANAGEMENT RISK: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.</li></ul> As with all investments, you may lose money by investing in the Portfolio.
As with all investments, you may lose money by investing in the Portfolio.
0.0487
BAR CHART AND PERFORMANCE INFORMATION:
0.0483
0.0472
0.0475
0.0475
0.0581
0.0591
The Portfolio pursues its objective by investing principally in high-yielding, predominantly investment grade municipal securities. As a matter of fundamental policy, the Portfolio invests, under normal circumstances, at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax ("AMT") for certain taxpayers. The Portfolio may invest more than 25% of its assets in a single state. <br/><br/>The Portfolio may also invest in: <ul type="square"><li> forward commitments; </li></ul><ul type="square"><li> tender option bonds ("TOBs"); </li></ul><ul type="square"><li> zero-coupon municipal securities and variable, floating and inverse floating rate municipal securities; and </li></ul><ul type="square"><li> derivatives, such as options, futures, forwards and swaps.</li></ul>
PRINCIPAL RISKS:
0.0464
0.0461
0.0456
0.0453
0.0423
0.0528
0.051
<ul type="square"><li>how the Portfolio's performance changed from year to year over ten years; and</li></ul> <ul type="square"><li>how the Portfolio's average annual returns for one, five and ten years compare to those of a broad-based securities market index.</li></ul>
www.AllianceBernstein.com
The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
Bar Chart
The annual returns in the bar chart are for the Portfolio's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
<ul type="square"><li>MARKET RISK: The value of the Portfolio's assets will fluctuate as the bond market fluctuates. The value of the Portfolio's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.</li></ul><ul type="square"><li>CREDIT RISK: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations. </li></ul><ul type="square"><li>MUNICIPAL MARKET RISK: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolio's investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. To the extent that the Portfolio invests more of its assets in a particular state's municipal securities, the Portfolio may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism and catastrophic natural disasters, such as hurricanes or earthquakes. The Portfolio's investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities. </li></ul><ul type="square"><li>TAX RISK: There is no guarantee that all of the Portfolio's income will remain exempt from federal or state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolio by increasing taxes on that income. In such event, the Portfolio's net asset value, or NAV, could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of Portfolio shares as investors anticipate adverse effects on the Portfolio or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolio would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolio's yield. </li></ul><ul type="square"><li>INTEREST RATE RISK: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. </li></ul><ul type="square"><li>DURATION RISK: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. </li></ul><ul type="square"><li>INFLATION RISK: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio's assets can decline as can the value of the Portfolio's distributions. This risk is significantly greater for fixed-income securities with longer maturities. </li></ul><ul type="square"><li>LIQUIDITY RISK: Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Portfolio from selling out of these illiquid securities at an advantageous price. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk. The Portfolio is subject to liquidity risk because the market for municipal securities is generally smaller than many other markets. </li></ul><ul type="square"><li>DERIVATIVES RISK: Investments in derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments. </li></ul><ul type="square"><li>MANAGEMENT RISK: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.</li></ul>As with all investments, you may lose money by investing in the Portfolio.
The annual returns in the bar chart are for the Portfolio's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
0.03
0
0
0
0
0.03
0.01
0
0
0
0
0
As with all investments, you may lose money by investing in the Portfolio.
0.0608
0.0524
0.0417
0.0501
0.0263
-0.0469
0.13
0.0267
0.0956
0.0641
California Portfolio
Calendar Year End (%)<br/><br/> During the period shown in the bar chart, the Portfolio's:<br/><br/>BEST QUARTER WAS UP 6.36%, 3RD QUARTER , 2009; AND WORST QUARTER WAS DOWN -3.73%, 4TH QUARTER, 2010.
The bar chart and performance information provide an indication of the historical risk of an investment in the Portfolio by showing: <ul type="square"><li> how the Portfolio's performance changed from year to year over ten years; and </li></ul><ul type="square"><li> how the Portfolio's average annual returns for one, five and ten years compare to those of a broad-based securities market index. </li></ul>You may obtain updated performance information on the Portfolio's website at www.AllianceBernstein.com (click on "Individuals—U.S." then "Products & Performance"). <br/><br/>The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
BAR CHART AND PERFORMANCE INFORMATION:
</ul><ul type="square"><li> how the Portfolio's performance changed from year to year over ten years; and </li></ul><ul type="square"><li> how the Portfolio's average annual returns for one, five and ten years compare to those of a broad-based securities market index. </li></ul>
www.AllianceBernstein.com
BEST QUARTER
2009-09-30
0.0636
WORST QUARTER
2010-12-31
-0.0373
Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
BAR CHART AND PERFORMANCE INFORMATION:
The bar chart and performance information provide an indication of the historical risk of an investment in the Portfolio by showing: <ul type="square"><li>how the Portfolio's performance changed from year to year over ten years; and</li></ul> <ul type="square"><li>how the Portfolio's average annual returns for one, five and ten years compare to those of a broad-based securities market index.</li></ul> You may obtain updated performance information on the Portfolio's website at www.AllianceBernstein.com (click on "Individuals—U.S." then "Products & Performance").<br/><br/> The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
Performance Table<br/>Average Annual Total Returns<br/>(For the periods ended December 31, 2012)
The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
Bar Chart
Bar Chart
The annual returns in the bar chart are for the Portfolio's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
The annual returns in the bar chart are for the Portfolio's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
The annual returns in the bar chart are for the Portfolio's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
0.0325
0.0321
0.0334
0.0268
0.0477
0.0673
0.0678
0.0458
0.0456
0.0449
0.0445
0.045
0.0553
0.0591
0.046
0.0459
0.0453
0.0448
0.042
0.0523
0.051
0.0741
0.0485
Performance Table <br/>Average Annual Total Returns<br/>(For the periods ended December 31, 2012)
0.046
0.0551
0.019
-0.0941
100000
0.1686
You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AllianceBernstein Mutual Funds.
Restated to reflect current fee waiver and/or expense reimbursement.
0.0354
0.1071
January 31, 2014
0.23
0.0848
As with all investments, you may lose money by investing in the Portfolio.
www.AllianceBernstein.com
<ul type="square"><li>how the Portfolio's performance changed from year to year over ten years; and</ul></li> <ul type="square"><li>how the Portfolio's average annual returns for one, five and ten years compare to those of a broad-based securities market index.</ul></li>
The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
The annual returns in the bar chart are for the Portfolio's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
BEST QUARTER
2009-09-30
0.0864
-0.0433
2010-12-31
WORST QUARTER
Calendar Year End (%)<br/><br/>During the period shown in the bar chart, the Portfolio's:<br/><br/>BEST QUARTER WAS UP 7.66%, 3RD QUARTER, 2009; AND WORST QUARTER WAS DOWN -4.69%, 4TH QUARTER, 2008.
Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes;
Are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
After-tax Returns: - Are shown for Class A shares only and will vary for Class B and C shares because these Classes have higher expense ratios;
Class B shares automatically convert to Class A shares after six years. The CDSC decreases over time. For Class B shares the CDSC decreases 1.00% annually to 0% after the third year. For Class C shares, the CDSC is 0% after the first year.
0.0526
0.0525
0.0473
0.0485
0.0673
0.0881
0.0678
0.0501
0.0499
0.0486
0.0493
0.0492
0.0597
0.0591
0.0492
0.0489
0.0482
0.0481
0.0452
0.0556
0.051
For the share classes listed below, you would pay the following expenses if you did not redeem your shares at the end of the period:
(not currently offered to new investors)
0.0006
0.0006
0.0006
0.0006
The bar chart and performance information provide an indication of the historical risk of an investment in the Portfolio by showing: <ul type="square"><li>how the Portfolio's performance changed from year to year over ten years; and</li></ul><ul type="square"><li>how the Portfolio's average annual returns for one, five and ten years compare to those of a broad-based securities market index.</li></ul> You may obtain updated performance information on the Portfolio's website at www.AllianceBernstein.com (click on "Individuals-U.S." then "Products & Performance").<br/><br/> The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
Performance Table<br/>Average Annual Total Returns<br/>(For the periods ended December 31, 2012)
2008-08-06
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualPortfolioOperatingExpensesNationalPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleExpenseExampleNationalPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleExpenseExampleNoRedemptionNationalPortfolio column period compact * ~</div>
2008-08-06
After-tax Returns: - Are shown for Class A shares only and will vary for Class B and C shares because these Classes have higher expense ratios;
Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes
Are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
2008-08-06
0.1292
0.1661
Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes;
Are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
After-tax Returns: - Are shown for Class A shares only and will vary for Class B and C shares because these Classes have higher expense ratios;
Calendar Year End (%)<br/><br/> During the period shown in the bar chart, the Portfolio's:<br/><br/>BEST QUARTER WAS UP 6.20%, 2ND QUARTER, 2011; AND WORST QUARTER WAS DOWN -0.81%, 1ST QUARTER, 2011.
Calendar Year End (%)<br/><br/> During the period shown in the bar chart, the Portfolio's:<br/><br/>BEST QUARTER WAS UP 8.64%, 3RD QUARTER, 2009; AND WORST QUARTER WAS DOWN -4.33%, 4TH QUARTER, 2010.
Performance Table<br />Average Annual Total Returns<br />(For the periods ended December 31, 2012)
BEST QUARTER
2011-06-30
0.062
WORST QUARTER
2011-03-31
-0.0081
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleShareholderFeesCaliforniaPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualPortfolioOperatingExpensesCaliforniaPortfolio column period compact * ~</div>
0.1313
0.1303
0.1026
0.1491
0.1698
0.0678
0.097
0.0952
0.0891
0.1009
0.1116
0.0652
2010-01-26
2010-01-26
2010-01-26
2010-01-26
2010-01-26
2010-01-26
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleExpenseExampleCaliforniaPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleExpenseExampleNoRedemptionCaliforniaPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualTotalReturnsCaliforniaPortfolioBarChart column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAverageAnnualTotalReturnsTransposedCaliforniaPortfolio column period compact * ~</div>
January 31, 2014
0.14
You may qualify for sales charge reductions if you and members of your family invest, or agree to invest in the future, at least $100,000 in AllianceBernstein Mutual Funds.
<ul type="square"><li>MARKET RISK: The value of the Portfolio's assets will fluctuate as the bond market fluctuates. The value of the Portfolio's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.</li></ul><ul type="square"><li>CREDIT RISK: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations. </li></ul><ul type="square"><li>MUNICIPAL MARKET RISK: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Portfolio's investments in municipal securities. These factors include economic conditions, political or legislative changes, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. The Portfolio's investments in California municipal securities may be vulnerable to events adversely affecting its economy. California's economy, the largest of the 50 states, is relatively diverse, which makes it less vulnerable to events affecting a particular industry. Its economy, however, continues to be affected by serious fiscal conditions as a result of voter-passed initiatives that limit the ability of state and local governments to raise revenues, particularly with respect to real property taxes. In addition, state expenditures are difficult to reduce because of constitutional provisions that require a minimum level of spending, for certain government programs, such as education. California's economy may also be affected by natural disasters, such as earthquakes or fires. The Portfolio's investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.</li></ul><ul type="square"><li>TAX RISK: There is no guarantee that all of the Portfolio's income will remain exempt from federal or state income taxes. From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Portfolio by increasing taxes on that income. In such event, the Portfolio's NAV could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of Portfolio shares as investors anticipate adverse effects on the Portfolio or seek higher yields to offset the potential loss of the tax deduction. As a result, the Portfolio would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Portfolio's yield. </li></ul> <ul type="square"><li>INTEREST RATE RISK: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.</li></ul><ul type="square"><li>DUARTION RISK: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. </li></ul><ul type="square"><li>INFLATION RISK: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio's assets can decline as can the value of the Portfolio's distributions. This risk is significantly greater for fixed-income securities with longer maturities.</li></ul> <ul type="square"><li>LIQUIDITY RISK: Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Portfolio from selling out of these illiquid securities at an advantageous price. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk. The Portfolio is subject to liquidity risk because the market for municipal securities is generally smaller than many other markets. </li></ul> <ul type="square"><li>DERIVATIVES RISK: Investments in derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.</li></ul><ul type="square"><li>MANAGEMENT RISK: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.</li></ul> As with all investments, you may lose money by investing in the Portfolio.
100000
As with all investments, you may lose money by investing in the Portfolio.
<ul type="square"><li> how the Portfolio's performance changed over the life of the Portfolio; and </li></ul><ul type="square"><li> how the Portfolio's average annual returns for one year and since inception compare to those of a broad-based securities market index.</li></ul>
www.AllianceBernstein.com
The Portfolio's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
Class B shares automatically convert to Class A shares after six years. The CDSC decreases over time. For Class B shares the CDSC decreases 1.00% annually to 0% after the third year. For Class C shares, the CDSC is 0% after the first year.
The annual returns in the bar chart is for the Portfolio's Class A shares and do not reflect sales loads. If sales loads were reflected, returns would be less than those shown.
Are an estimate, which is based on the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes
Are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
After-tax Returns: - Are shown for Class A shares only and will vary for Class C shares because Class C shares have higher expense ratios;
0.11
454
592
854
1496
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<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleExpenseExampleAllianceBernsteinHighIncomeMunicipalPortfolio column period compact * ~</div>
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<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualTotalReturnsAllianceBernsteinHighIncomeMunicipalPortfolioBarChart column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAverageAnnualTotalReturnsTransposedAllianceBernsteinHighIncomeMunicipalPortfolio column period compact * ~</div>
BEST QUARTER
2009-09-30
0.0766
WORST QUARTER
2008-12-31
-0.0469
390
264
600
529
827
919
1480
2011
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleShareholderFeesAllianceBernsteinHighIncomeMunicipalPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleShareholderFeesNewYorkPortfolio column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualPortfolioOperatingExpensesNewYorkPortfolio column period compact * ~</div>
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<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAnnualTotalReturnsNewYorkPortfolioBarChart column period compact * ~</div>
<div style="display:none">~ http://www.AllianceBernstein.com/role/ScheduleAverageAnnualTotalReturnsTransposedNewYorkPortfolio column period compact * ~</div>
Restated to reflect current fee waiver and/or expense reimbursement.
Class B shares automatically convert to Class A shares after six years. The contingent deferred sales charge, or CDSC, decreases over time. For Class B shares the CDSC decreases 1.00% annually to 0% after the third year. For Class C shares, the CDSC is 0% after the first year.