AB Municipal Income Shares N MISNX

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 principally in high-yielding municipal securities that may be non‑investment grade (“junk bonds”) or investment grade. As a matter of fundamental policy, the fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities that pay interest that is exempt from U.S. federal income tax. The fund is non-diversified.