AB Impact Municipal Income Shares ABIMX Strategy

The investment seeks to earn the highest level of current income, exempt from federal taxation, that is available consistent with what the Adviser considers to be an appropriate level of risk. The fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities of any credit quality that (i) are deemed by the Adviser to have an environmental or social impact in underserved or low socio-economic communities and (ii) score highly on the Adviser’s environmental, social and governance (“ESG”) criteria.