Objective

Seeks to provide high current income exempt from regular federal income tax

Investment Strategy

  • A nationally diversified municipal bond portfolio with a focus on after-tax income and total return
  • Approach leverages the firm’s in-depth research to build a portfolio with what we believe to be the best combination of risk and return
  • The portfolio’s risk level is adjusted depending on how well investors are being compensated-we seek extra income during favorable markets, while we seek to reduce risk in times of caution
  • A consistent and repeatable investment process that combines quantitative and fundamental research to build what we believe are effective bond portfolios

Primary Investments

  • Invests substantially all of its assets in municipal bonds that pay interest that is exempt from Federal income tax (a portion of which may be subject to the alternative minimum tax)
  • Invests at least 75% of its net assets in investment grade municipal bonds
  • Invests up to 25% of its net assets in high yield municipals
  • May invest 25% or more of the Fund’s net assets in municipal securities from issuers located in any single state

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Management Team

Terrance T. Hults

Portfolio Manager—Tax-Exempt Fixed-Income Investment Policy Group

Matthew Norton

Chief Investment Officer—Municipal Bonds

Daryl Clements

Municipal Bond Portfolio Manager—Municipal Fixed Income

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Pricing & Performance

The performance shown represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Performance assumes reinvestment of distributions and does not account for taxes.

Total Returns
Peer Comparison

Fees & Expenses

Net expense ratio, if applicable, reflects the contractual waiver of a portion of the Advisor’s fee and/or reimbursement of a portion of the Fund’s operating expenses. This waiver and/or reimbursement extends through a particular date, as specified in the Fund’s current prospectus, and may be further extended or terminated by the Advisor, as set forth in the prospectus. Absent waivers and/or reimbursements, performance would have been lower.

Yields & Distributions

Distribution yield is calculated on a 30-day rolling basis by annualizing the average of the dividends distributed over the most recent 30-day period and dividing that figure by the current NAV. For the AB Bond Inflation Strategy Fund and the AB Municipal Bond Inflation Strategy Fund, distribution yield is calculated by annualizing the most recent monthly dividend distribution and dividing that figure by the current NAV. The distribution yield calculation does not include long-term or short-term capital gains distributions.

The reinvest price is the net asset value (NAV) price. The NAV price is the value of one share of the Fund as of the Ex Date. The NAV does not take into account any sales charges that may apply when shares are purchased or redeemed.

Holdings and characteristics shown include underlying investments of pooled vehicles.

The Fund’s/Portfolio’s holdings (including derivatives) are expressed as a percentage of total investments and may vary over time. They are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Literature

Investors should consider the investment objectives, risks, charges and expenses of the Fund/Portfolio carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit our Literature Center or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the manager of the funds.

AB mutual funds may be offered only to persons in the United States and by way of a prospectus. This website should not be considered a solicitation or offering of any investment products or services to investors residing outside of the United States.

Investment Products Offered:

Are Not FDIC Insured | May Lose Value | Are Not Bank Guaranteed

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

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